# EDGAR Filing Document

**Accession Number:** 0000751173
**File Stem:** 0001999371-26-000259
**Filing Date:** 2026-1
**Character Count:** 1366920
**Document Hash:** 093bdf769187df574c0ba3fd981f122d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-26-000259.hdr.sgml**: 20260106

**ACCESSION NUMBER**: 0001999371-26-000259

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 64

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260106

**DATE AS OF CHANGE**: 20260106

**EFFECTIVENESS DATE**: 20260106

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MANNING & NAPIER FUND, INC.
- **CENTRAL INDEX KEY:** 0000751173

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04087
- **FILM NUMBER:** 26510451

**BUSINESS ADDRESS:**
- **STREET 1:** 290 WOODCLIFF DRIVE
- **CITY:** FAIRPORT
- **STATE:** NY
- **ZIP:** 14450
- **BUSINESS PHONE:** 585-325-6880

**MAIL ADDRESS:**
- **STREET 1:** 290 WOODCLIFF DRIVE
- **CITY:** FAIRPORT
- **STATE:** NY
- **ZIP:** 14450

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MANNING & NAPIER FUND, INC /NY/
- **DATE OF NAME CHANGE:** 20060929

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** EXETER FUND INC /NY/
- **DATE OF NAME CHANGE:** 19980226

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MANNING & NAPIER FUND INC
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Pro-Blend(R) Conservative Term Series (Series ID: S000003625)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000010083 | Pro-Blend(R) Conservative Term Series Class L | MNCCX           |
| C000010085 | Pro-Blend(R) Conservative Term Series Class R | MNCRX           |
| C000010087 | Pro-Blend(R) Conservative Term Series Class S | EXDAX           |
| C000059952 | Pro-Blend(R) Conservative Term Series Class I | MNCIX           |
| C000206442 | Class W                                       | MNCWX           |

### Pro-Blend(R) Moderate Term Series (Series ID: S000003636)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000010102 | Pro-Blend(R) Moderate Term Series Class L | MNMCX           |
| C000010104 | Pro-Blend(R) Moderate Term Series Class R | MNMRX           |
| C000010106 | Pro-Blend(R) Moderate Term Series Class S | EXBAX           |
| C000059953 | Pro-Blend(R) Moderate Term Series Class I | MNMIX           |
| C000206451 | Class W                                   | MNMWX           |

### Pro-Blend(R) Extended Term Series (Series ID: S000003639)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000010109 | Pro-Blend(R) Extended Term Series Class L | MNECX           |
| C000010111 | Pro-Blend(R) Extended Term Series Class R | MNBRX           |
| C000010113 | Pro-Blend(R) Extended Term Series Class S | MNBAX           |
| C000059954 | Pro-Blend(R) Extended Term Series Class I | MNBIX           |
| C000206456 | Class W                                   | MNBWX           |

### Pro-Blend(R) Maximum Term Series (Series ID: S000003640)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000010114 | Pro-Blend(R) Maximum Term Series Class L | MNHCX           |
| C000010116 | Pro-Blend(R) Maximum Term Series Class R | MNHRX           |
| C000010118 | Pro-Blend(R) Maximum Term Series Class S | EXHAX           |
| C000059955 | Pro-Blend(R) Maximum Term Series Class I | MNHIX           |
| C000206458 | Class W                                  | MNHWX           |

### Equity Series (Series ID: S000003642)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000010124 | Class S      | EXEYX           |
| C000206459 | Class W      | MEYWX           |

### Overseas Series (Series ID: S000003643)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000010125 | Class I      | EXOSX           |
| C000198598 | Class S      | MNOSX           |
| C000198599 | Class Z      | MNOZX           |

### Disciplined Value Series (Series ID: S000023800)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000069982 | Class I      | MNDFX           |
| C000110959 | Class S      | MDFSX           |
| C000206461 | Class Z      | MDVZX           |
| C000206462 | Class W      | MDVWX           |

### Rainier International Discovery Series (Series ID: S000058080)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000190099 | Class I      | RAIIX           |
| C000190100 | Class S      | RISAX           |
| C000190101 | Class Z      | RAIRX           |
| C000206468 | Class W      | RAIWX           |

?xml version='1.0' encoding='ASCII'? Annual Report

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSR** 

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number **811-04087**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Manning & Napier Fund, Inc.** 

------

(Exact name of registrant as specified in charter)

**290 Woodcliff Drive, Fairport, NY 14450**

------

(Address of principal executive offices) (Zip Code)

**Paul J. Battaglia 290 Woodcliff Drive, Fairport, NY 14450**

------

(Name and address of agent for service)

Registrant's telephone number, including area code: **585-325-6880**

------

Date of fiscal year end: **October 31**

------

Date of reporting period: **November 1, 2024 through October 31, 2025** 

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1: Reports to Stockholders.

(a) Include a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1).

#### Manning & Napier Equity Series Tailored Shareholder Report MNEQY-S-10/25-AR
**The Manning & Napier Fund, Inc. is managed by Manning & Napier Advisors, LLC. Manning & Napier Investor Services, Inc., an affiliate of Manning & Napier Advisors, LLC, is the distributor of the Fund shares.**

---

| | |
|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; annual shareholder report** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Series - Class S** <br> ticker: EXEYX <br>| <br> ![logo](d7qy18jf8lx4xgcvm.jpg)  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This annual shareholder report contains important information about Class S of Equity Series, a series of Manning & Napier Fund Inc., for the period of November 1, 2024 to October 31, 2025, **including a description of changes to the Series that occurred during the reporting period.** You can find additional information about the Fund at www.manning-napier.com/products/mutual-funds. You can also request this information by contacting us at (800) 466-3863. Shareholders who own the Fund through a third-party advisor or intermediary platform should contact their financial advisor directly for additional information.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| Class S | $110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.05% |

---

Expenses are equal to Class S shares' annualized expense ratio (for the twelve-month period) multiplied by the average account value over the period. The Class' expenses would have been higher had certain expenses not been waived or reimbursed during the period.

#### Management's Discussion of Fund Performance

#### How did the fund perform last year?
The Series delivered positive returns but underperformed its benchmark, the MSCI USA IMI Index, for the 12-month period ended October 31, 2025.

#### What factors influenced performance?
The Series' positive return benefited from its focus within the U.S. equity market. Asset prices benefited from resilient consumer spending, strong corporate earnings, and optimism surrounding productivity gains from artificial intelligence (AI).

From a relative standpoint, stock selection was the primary driver of underperformance. Limited participation in more speculative areas of the AI ecosystem and select "Magnificent 7" names remained a headwind during the year. In addition, certain portfolio holdings were pressured by market concerns over potential AI-driven disruption. In contrast, select exposure to payment network providers and companies in the aerospace & defense industries contributed positively to relative returns.

#### Positioning
We believe the outlook for economic growth and inflation is relatively balanced, with risks and potential rewards largely offsetting one another. While equity valuations remain elevated by historical standards, they are generally supported by continued earnings growth. Within the equity allocation, we maintain high conviction in a diversified portfolio emphasizing durable themes such as software as a service (SaaS), health care, and an overall quality orientation. Overall, we believe the Series' balanced mix of assets provides a compelling risk/reward profile in an evolving market environment.

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. The graph assumes a $10,000 initial investment in the Fund and an appropriate broad-based securities market index that reflects the market sector in which the Fund invests for the same period.

#### Initial Investment of $10,000
![line](qes1g1s31mja3s9uo.jpg)

The returns are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to net asset values in accordance with accounting principles generally accepted in the United States of America.

The MSCI USA Investable Market Index (IMI) is designed to measure large, mid, and small-cap representation across the US market. The Index returns do not reflect any fees or expenses. The Index is denominated in U.S. dollars. The Index returns are net of withholding taxes. They assume daily reinvestment of net dividends thus accounting for any applicable dividend taxation. Index returns provided by Bloomberg.

#### Average Annual Total Returns
(As of October 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Equity Series - S** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.94% |
| **MSCI USA IMI Index** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.64% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **The Series' past performance is not a good predictor of how the Series will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Series distributions or redemptions of Series shares.** 

Index data referenced herein is the property of MSCI, its affiliates ('MSCI') and/or its third party suppliers and has been licensed for use by Manning & Napier. MSCI and its third party suppliers accept no liability in connection with its use. Data provided is not a representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and none of these parties shall have any liability for any errors, omissions, or interruptions of any index or the data included therein. For additional disclosure information, please see: https://go.manning-napier.com/benchmark-provisions.

#### Manning & Napier Equity Series Tailored Shareholder Report MNEQY-S-10/25-AR
**The Manning & Napier Fund, Inc. is managed by Manning & Napier Advisors, LLC. Manning & Napier Investor Services, Inc., an affiliate of Manning & Napier Advisors, LLC, is the distributor of the Fund shares.**

#### Key Fund Statistics (as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Net Assets** | $66749810 |
| **Number of Holdings** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| **Portfolio Turnover (for the year ended 10/31/25)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59% |
| **Total Advisory Fees Paid (net of reimbursements)** | $327818 |

---

The total net advisory fee represents the aggregate dollar amount of fund level management fees, which includes the impact of waivers and/or expense reimbursements of management fees and other expenses for the period.

#### Sector Allocation (% of net assets)
(as of October 31, 2025)

![pie](qes1kzoc1mi9aq748.jpg)

The Global Industry Classification Standard (GICS) was developed by and is exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor's a division of S&P Global Inc. (S&P), and is licensed for use by Manning & Napier when referencing GICS sectors. Neither MSCI, S&P, nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification, nor shall any such party have any liability therefrom.

#### What did the Fund invest in?
(as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Investment Types**<br>  | **%**<br>  |
| **Cash, short-term investment, and liabilities, less other assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.7 |
| **Common Stocks** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98.3 |

---

Expressed as a percentage of net assets.

#### How has the Fund changed?
This is a summary of certain changes to the Series since October 31, 2024. For more complete information, you may review the Series' prospectus, available at www.manning-napier.com/products/mutual-funds or upon request by contacting us at (800)466-3863.

Effective October 24, 2025 , the portfolio management teams of the Series changed as follows:

James Slentz, CFA**<sup>®</sup>** and Jacob Boak, CFA**<sup>®</sup>** became members of the Series' portfolio management teams.

#### Householding
The Fund may send only one copy of the Series' prospectus and annual and semi-annuals reports to certain shareholders residing at the same "household" for shareholders who have elected this option. This reduces Fund expenses, which benefits you and other shareholders. If you wish to change your "householding" option, please call (800) 466-3863 or contact your financial advisor.

**Additional information about the Series, including its prospectus, financial information, holdings, and proxy information can be obtained at www.manning-napier.com/products/mutual-funds or by calling (800) 466-3863. Shareholders can also elect to receive certain documents via e-delivery. For more information or to sign up for e-delivery, please visit the Fund's website.**

#### Manning & Napier Equity Series Tailored Shareholder Report MNEQY-W-10/25-AR
**The Manning & Napier Fund, Inc. is managed by Manning & Napier Advisors, LLC. Manning & Napier Investor Services, Inc., an affiliate of Manning & Napier Advisors, LLC, is the distributor of the Fund shares.**

---

| | |
|:---|:---|
| **annual shareholder report**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Series - Class W** <br> ticker: MEYWX <br>| <br> ![logo](d7qy18jf8lx4xgcvm.jpg)  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This annual shareholder report contains important information about Class W of Equity Series, a series of Manning & Napier Fund Inc., for the period of November 1, 2024 to October 31, 2025, **including a description of changes to the Series that occurred during the reporting period.** You can find additional information about the Fund at www.manning-napier.com/products/mutual-funds . You can also request this information by contacting us at (800) 466-3863 . Shareholders who own the Fund through a third-party advisor or intermediary platform should contact their financial advisor directly for additional information.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| Class W | $5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.05% |

---

Expenses are equal to Class W shares' annualized expense ratio (for the twelve-month period) multiplied by the average account value over the period. The Class' expenses would have been higher had certain expenses not been waived or reimbursed during the period.

#### Management's Discussion of Fund Performance

#### How did the fund perform last year?
The Series delivered positive returns but underperformed its benchmark, the MSCI USA IMI Index, for the 12-month period ended October 31, 2025.

#### What factors influenced performance?
The Series' positive return benefited from its focus within the U.S. equity market. Asset prices benefited from resilient consumer spending, strong corporate earnings, and optimism surrounding productivity gains from artificial intelligence (AI).

From a relative standpoint, stock selection was the primary driver of underperformance. Limited participation in more speculative areas of the AI ecosystem and select "Magnificent 7" names remained a headwind during the year. In addition, certain portfolio holdings were pressured by market concerns over potential AI-driven disruption. In contrast, select exposure to payment network providers and companies in the aerospace & defense industries contributed positively to relative returns.

#### Positioning
We believe the outlook for economic growth and inflation is relatively balanced, with risks and potential rewards largely offsetting one another. While equity valuations remain elevated by historical standards, they are generally supported by continued earnings growth. Within the equity allocation, we maintain high conviction in a diversified portfolio emphasizing durable themes such as software as a service (SaaS), health care, and an overall quality orientation. Overall, we believe the Series' balanced mix of assets provides a compelling risk/reward profile in an evolving market environment.

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. The graph assumes a $10,000 initial investment in the Fund and an appropriate broad-based securities market index that reflects the market sector in which the Fund invests for the same period.

#### Initial Investment of $10,000
![line](qesc9ld1mja3tj8b.jpg)

The returns are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to net asset values in accordance with accounting principles generally accepted in the United States of America.

For periods through March 1, 2019 (the inception date of the Class W shares), performance for the Class W shares is based on the historical performance of the Class S shares. Because the Class W shares invest in the same portfolio of securities as the Class S shares, performance will be different only to the extent that the Class S shares have a higher expense ratio.

The MSCI USA Investable Market Index (IMI) is designed to measure large, mid, and small-cap representation across the US market. The Index returns do not reflect any fees or expenses. The Index is denominated in U.S. dollars. The Index returns are net of withholding taxes. They assume daily reinvestment of net dividends thus accounting for any applicable dividend taxation. Index returns provided by Bloomberg.

#### Average Annual Total Returns
(As of October 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Equity Series - W** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.70% |
| **MSCI USA IMI Index** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.64% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **The Series' past performance is not a good predictor of how the Series will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Series distributions or redemptions of Series shares.** 

Index data referenced herein is the property of MSCI, its affiliates ('MSCI') and/or its third party suppliers and has been licensed for use by Manning & Napier. MSCI and its third party suppliers accept no liability in connection with its use. Data provided is not a representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and none of these parties shall have any liability for any errors, omissions, or interruptions of any index or the data included therein. For additional disclosure information, please see: https://go.manning-napier.com/benchmark-provisions.

#### Manning & Napier Equity Series Tailored Shareholder Report MNEQY-W-10/25-AR
**The Manning & Napier Fund, Inc. is managed by Manning & Napier Advisors, LLC. Manning & Napier Investor Services, Inc., an affiliate of Manning & Napier Advisors, LLC, is the distributor of the Fund shares.**

#### Key Fund Statistics (as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Net Assets** | $66749810 |
| **Number of Holdings** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| **Portfolio Turnover (for the year ended 10/31/25)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59% |
| **Total Advisory Fees Paid (net of reimbursements)** | $327818 |

---

The total net advisory fee represents the aggregate dollar amount of fund level management fees, which includes the impact of waivers and/or expense reimbursements of management fees and other expenses for the period.

#### Sector Allocation (% of net assets)
(as of October 31, 2025)

![pie](qes1kzoc1mi9aq748.jpg)

The Global Industry Classification Standard (GICS) was developed by and is exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor's a division of S&P Global Inc. (S&P), and is licensed for use by Manning & Napier when referencing GICS sectors. Neither MSCI, S&P, nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification, nor shall any such party have any liability therefrom.

#### What did the Fund invest in?
(as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Investment Types**<br>  | **%**<br>  |
| **Cash, short-term investment, and liabilities, less other assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.7 |
| **Common Stocks** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98.3 |

---

Expressed as a percentage of net assets.

#### How has the Fund changed?
This is a summary of certain changes to the Series since October 31, 2024. For more complete information, you may review the Series' prospectus, available at www.manning-napier.com/products/mutual-funds or upon request by contacting us at (800)466-3863.

Effective October 24, 2025 , the portfolio management teams of the Series changed as follows:

James Slentz, CFA**<sup>®</sup>** and Jacob Boak, CFA**<sup>®</sup>** became members of the Series' portfolio management teams.

#### Householding
The Fund may send only one copy of the Series' prospectus and annual and semi-annuals reports to certain shareholders residing at the same "household" for shareholders who have elected this option. This reduces Fund expenses, which benefits you and other shareholders. If you wish to change your "householding" option, please call (800) 466-3863 or contact your financial advisor.

**Additional information about the Series, including its prospectus, financial information, holdings, and proxy information can be obtained at www.manning-napier.com/products/mutual-funds or by calling (800) 466-3863. Shareholders can also elect to receive certain documents via e-delivery. For more information or to sign up for e-delivery, please visit the Fund's website.**

#### Manning & Napier Overseas Series Tailored Shareholder Report MNOVS-S-10/25-AR
**The Manning & Napier Fund, Inc. is managed by Manning & Napier Advisors, LLC. Manning & Napier Investor Services, Inc., an affiliate of Manning & Napier Advisors, LLC, is the distributor of the Fund shares.**

---

| | |
|:---|:---|
| **annual shareholder report**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Overseas Series - Class S** <br> ticker: MNOSX <br>| <br> ![logo](d7qy18jf8lx4xgcvm.jpg)  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This annual shareholder report contains important information about Class S of Overseas Series, a series of Manning & Napier Fund Inc., for the period of November 1, 2024 to October 31, 2025, **including a description of changes to the Series that occurred during the reporting period.** You can find additional information about the Fund at www.manning-napier.com/products/mutual-funds. You can also request this information by contacting us at (800) 466-3863. Shareholders who own the Fund through a third-party advisor or intermediary platform should contact their financial advisor directly for additional information.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| Class S | $111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.05% |

---

Expenses are equal to Class S shares' annualized expense ratio (for the twelve-month period) multiplied by the average account value over the period. The Class' expenses would have been higher had certain expenses not been waived or reimbursed during the period.

#### Management's Discussion of Fund Performance

#### How did the fund perform last year?
The Series delivered positive returns but underperformed its benchmark, the MSCI ACWI ex USA Index, for the 12-month period ended October 31, 2025.

#### What factors influenced performance?
The Series' positive return was driven primarily by its exposure to foreign stocks. Asset prices benefited from resilient consumer spending, strong corporate earnings, and optimism surrounding productivity gains from artificial intelligence (AI).

From a relative performance standpoint, stock selection was the primary driver of underperformance. Top contributors included Taiwan Semiconductor Manufacturing Company (TSMC) and Tencent Holdings—both beneficiaries of the ongoing AI investment cycle—but their positive impact was more than offset by the lack of exposure to other Technology and AI-related companies. Additionally, select positions in more cyclical areas of the market further weighed on relative returns.

#### Positioning
We continue to observe an attractive economic backdrop for equity markets in many regions outside the U.S. As such, we have continued to position non-U.S. equity portfolios with a degree of economic sensitivity to capture those tailwinds, while simultaneously reflecting a bias toward high-quality businesses with sustainable profitability and inherent drivers of growth.

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. The graph assumes a $10,000 initial investment in the Fund and an appropriate broad-based securities market index that reflects the market sector in which the Fund invests for the same period.

#### Initial Investment of $10,000
![line](qes1g1s31mj21qfmc.jpg)

The returns are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to net asset values in accordance with accounting principles generally accepted in the United States of America.

For periods through September 21, 2018 (the inception date of the Class S shares), performance for the Class S shares is hypothetical and is based on the historical performance of the Class I shares adjusted for the Class S shares' charges and expenses.

The MSCI ACWI ex USA Index (ACWIxUS) is designed to measure large and mid-cap representation across 22 of 23 Developed Markets countries (excluding the U.S.) and 24 Emerging Markets countries. The Index returns do not reflect any fees or expenses. The Index is denominated in U.S. dollars. Index They assume daily reinvestment of net dividends thus accounting for any applicable dividend taxation. Index returns provided by Bloomberg.

#### Average Annual Total Returns
(As of October 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Overseas Series - S** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.68% |
| **MSCI ACWI ex USA Index** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.67% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **The Series' past performance is not a good predictor of how the Series will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Series distributions or redemptions of Series shares.** 

Index data referenced herein is the property of MSCI, its affiliates ('MSCI') and/or its third party suppliers and has been licensed for use by Manning & Napier. MSCI and its third party suppliers accept no liability in connection with its use. Data provided is not a representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and none of these parties shall have any liability for any errors, omissions, or interruptions of any index or the data included therein. For additional disclosure information, please see: https://go.manning-napier.com/benchmark-provisions.

#### Manning & Napier Overseas Series Tailored Shareholder Report MNOVS-S-10/25-AR
**The Manning & Napier Fund, Inc. is managed by Manning & Napier Advisors, LLC. Manning & Napier Investor Services, Inc., an affiliate of Manning & Napier Advisors, LLC, is the distributor of the Fund shares.**

#### Key Fund Statistics (as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Net Assets** | $338059436 |
| **Number of Holdings** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| **Portfolio Turnover (for the year ended 10/31/25)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46% |
| **Total Advisory Fees Paid (net of reimbursements)** | $1853880 |

---

The total net advisory fee represents the aggregate dollar amount of fund level management fees, which includes the impact of waivers and/or expense reimbursements of management fees and other expenses for the period.

#### Sector Allocation (% of net assets)
(as of October 31, 2025)

![pie](qesa1tl41mi9aqach.jpg)

The Global Industry Classification Standard (GICS) was developed by and is exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor's a division of S&P Global Inc. (S&P), and is licensed for use by Manning & Napier when referencing GICS sectors. Neither MSCI, S&P, nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification, nor shall any such party have any liability therefrom.

#### What did the Fund invest in?
(as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Investment Types**<br>  | **%**<br>  |
| **Cash, short-term investment, and other assets, less liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.4 |
| **Common Stocks** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95.6 |

---

Expressed as a percentage of net assets.

#### How has the Fund changed?
This is a summary of certain changes to the Series since October 31, 2024. For more complete information, you may review the Series' prospectus, available at https://www.manning-napier.com/products/mutual-funds or upon request by contacting us at (800)466-3863.

Effective as of close of business on May 29, 2025, Overseas Class W shares were liquidated and closed.

Effective October 24, 2025 , the portfolio management teams of the Series changed as follows:

James Slentz, CFA**<sup>®</sup>** and Jacob Boak, CFA**<sup>®</sup>** became members of the Series' portfolio management teams.

#### Householding
The Fund may send only one copy of the Series' prospectus and annual and semi-annuals reports to certain shareholders residing at the same "household" for shareholders who have elected this option. This reduces Fund expenses, which benefits you and other shareholders. If you wish to change your "householding" option, please call (800) 466-3863 or contact your financial advisor.

**Additional information about the Series, including its prospectus, financial information, holdings, and proxy information can be obtained at www.manning-napier.com/products/mutual-funds or by calling (800) 466-3863. Shareholders can also elect to receive certain documents via e-delivery. For more information or to sign up for e-delivery, please visit the Fund's website.**

#### Manning & Napier Overseas Series Tailored Shareholder Report MNOVS-I-10/25-AR
**The Manning & Napier Fund, Inc. is managed by Manning & Napier Advisors, LLC. Manning & Napier Investor Services, Inc., an affiliate of Manning & Napier Advisors, LLC, is the distributor of the Fund shares.**

---

| | |
|:---|:---|
| **annual shareholder report**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Overseas Series - Class I** <br> ticker: EXOSX <br>| <br> ![logo](d7qy18jf8lx4xgcvm.jpg)  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This annual shareholder report contains important information about Class I of Overseas Series, a series of Manning & Napier Fund Inc., for the period of November 1, 2024 to October 31, 2025, **including a description of changes to the Series that occurred during the reporting period.** You can find additional information about the Fund at www.manning-napier.com/products/mutual-funds. You can also request this information by contacting us at (800) 466-3863. Shareholders who own the Fund through a third-party advisor or intermediary platform should contact their financial advisor directly for additional information.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| Class I | $79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75% |

---

Expenses are equal to Class I shares' annualized expense ratio (for the twelve-month period) multiplied by the average account value over the period. The Class' expenses would have been higher had certain expenses not been waived or reimbursed during the period.

#### Management's Discussion of Fund Performance

#### How did the fund perform last year?
The Series delivered positive returns but underperformed its benchmark, the MSCI ACWI ex USA Index, for the 12-month period ended October 31, 2025.

#### What factors influenced performance?
The Series' positive return was driven primarily by its exposure to foreign stocks. Asset prices benefited from resilient consumer spending, strong corporate earnings, and optimism surrounding productivity gains from artificial intelligence (AI).

From a relative performance standpoint, stock selection was the primary driver of underperformance. Top contributors included Taiwan Semiconductor Manufacturing Company (TSMC) and Tencent Holdings—both beneficiaries of the ongoing AI investment cycle—but their positive impact was more than offset by the lack of exposure to other Technology and AI-related companies. Additionally, select positions in more cyclical areas of the market further weighed on relative returns.

#### Positioning
We continue to observe an attractive economic backdrop for equity markets in many regions outside the U.S. As such, we have continued to position non-U.S. equity portfolios with a degree of economic sensitivity to capture those tailwinds, while simultaneously reflecting a bias toward high-quality businesses with sustainable profitability and inherent drivers of growth.

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. The graph assumes a $10,000 initial investment in the Fund and an appropriate broad-based securities market index that reflects the market sector in which the Fund invests for the same period.

#### Initial Investment of $10,000
![line](qes1g1s31mj21nnc6.jpg)

The returns are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to net asset values in accordance with accounting principles generally accepted in the United States of America.

The MSCI ACWI ex USA Index (ACWIxUS) is designed to measure large and mid-cap representation across 22 of 23 Developed Markets countries (excluding the U.S.) and 24 Emerging Markets countries. The Index returns do not reflect any fees or expenses. The Index is denominated in U.S. dollars. Index They assume daily reinvestment of net dividends thus accounting for any applicable dividend taxation. Index returns provided by Bloomberg.

#### Average Annual Total Returns
(As of October 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Overseas Series - I** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00% |
| **MSCI ACWI ex USA Index** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.67% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **The Series' past performance is not a good predictor of how the Series will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Series distributions or redemptions of Series shares.** 

Index data referenced herein is the property of MSCI, its affiliates ('MSCI') and/or its third party suppliers and has been licensed for use by Manning & Napier. MSCI and its third party suppliers accept no liability in connection with its use. Data provided is not a representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and none of these parties shall have any liability for any errors, omissions, or interruptions of any index or the data included therein. For additional disclosure information, please see: https://go.manning-napier.com/benchmark-provisions.

#### Manning & Napier Overseas Series Tailored Shareholder Report MNOVS-I-10/25-AR
**The Manning & Napier Fund, Inc. is managed by Manning & Napier Advisors, LLC. Manning & Napier Investor Services, Inc., an affiliate of Manning & Napier Advisors, LLC, is the distributor of the Fund shares.**

#### Key Fund Statistics (as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Net Assets** | $338059436 |
| **Number of Holdings** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| **Portfolio Turnover (for the year ended 10/31/25)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46% |
| **Total Advisory Fees Paid (net of reimbursements)** | $1853880 |

---

The total net advisory fee represents the aggregate dollar amount of fund level management fees, which includes the impact of waivers and/or expense reimbursements of management fees and other expenses for the period.

#### Sector Allocation (% of net assets)
(as of October 31, 2025)

![pie](qesa1tl41mi9aqach.jpg)

The Global Industry Classification Standard (GICS) was developed by and is exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor's a division of S&P Global Inc. (S&P), and is licensed for use by Manning & Napier when referencing GICS sectors. Neither MSCI, S&P, nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification, nor shall any such party have any liability therefrom.

#### What did the Fund invest in?
(as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Investment Types**<br>  | **%**<br>  |
| **Cash, short-term investment, and other assets, less liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.4 |
| **Common Stocks** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95.6 |

---

Expressed as a percentage of net assets.

#### How has the Fund changed?
This is a summary of certain changes to the Series since October 31, 2024. For more complete information, you may review the Series' prospectus, available at https://www.manning-napier.com/products/mutual-funds or upon request by contacting us at (800)466-3863.

Effective as of close of business on May 29, 2025, Overseas Class W shares were liquidated and closed.

Effective October 24, 2025 , the portfolio management teams of the Series changed as follows:

James Slentz, CFA**<sup>®</sup>** and Jacob Boak, CFA**<sup>®</sup>** became members of the Series' portfolio management teams.

#### Householding
The Fund may send only one copy of the Series' prospectus and annual and semi-annuals reports to certain shareholders residing at the same "household" for shareholders who have elected this option. This reduces Fund expenses, which benefits you and other shareholders. If you wish to change your "householding" option, please call (800) 466-3863 or contact your financial advisor.

**Additional information about the Series, including its prospectus, financial information, holdings, and proxy information can be obtained at www.manning-napier.com/products/mutual-funds or by calling (800) 466-3863. Shareholders can also elect to receive certain documents via e-delivery. For more information or to sign up for e-delivery, please visit the Fund's website.**

#### Manning & Napier Overseas Series Tailored Shareholder Report MNOVS-Z-10/25-AR
**The Manning & Napier Fund, Inc. is managed by Manning & Napier Advisors, LLC. Manning & Napier Investor Services, Inc., an affiliate of Manning & Napier Advisors, LLC, is the distributor of the Fund shares.**

---

| | |
|:---|:---|
| **annual shareholder report**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Overseas Series - Class Z** <br> ticker: MNOZX <br>| <br> ![logo](d7qy18jf8lx4xgcvm.jpg)  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This annual shareholder report contains important information about Class Z of Overseas Series, a series of Manning & Napier Fund Inc., for the period of November 1, 2024 to October 31, 2025, **including a description of changes to the Series that occurred during the reporting period.** You can find additional information about the Fund at www.manning-napier.com/products/mutual-funds. You can also request this information by contacting us at (800) 466-3863. Shareholders who own the Fund through a third-party advisor or intermediary platform should contact their financial advisor directly for additional information.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| Class Z | $69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.65% |

---

Expenses are equal to Class Z shares' annualized expense ratio (for the twelve-month period) multiplied by the average account value over the period. The Class' expenses would have been higher had certain expenses not been waived or reimbursed during the period.

#### Management's Discussion of Fund Performance

#### How did the fund perform last year?
The Series delivered positive returns but underperformed its benchmark, the MSCI ACWI ex USA Index, for the 12-month period ended October 31, 2025.

#### What factors influenced performance?
The Series' positive return was driven primarily by its exposure to foreign stocks. Asset prices benefited from resilient consumer spending, strong corporate earnings, and optimism surrounding productivity gains from artificial intelligence (AI).

From a relative performance standpoint, stock selection was the primary driver of underperformance. Top contributors included Taiwan Semiconductor Manufacturing Company (TSMC) and Tencent Holdings—both beneficiaries of the ongoing AI investment cycle—but their positive impact was more than offset by the lack of exposure to other Technology and AI-related companies. Additionally, select positions in more cyclical areas of the market further weighed on relative returns.

#### Positioning
We continue to observe an attractive economic backdrop for equity markets in many regions outside the U.S. As such, we have continued to position non-U.S. equity portfolios with a degree of economic sensitivity to capture those tailwinds, while simultaneously reflecting a bias toward high-quality businesses with sustainable profitability and inherent drivers of growth.

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. The graph assumes a $10,000 initial investment in the Fund and an appropriate broad-based securities market index that reflects the market sector in which the Fund invests for the same period.

#### Initial Investment of $10,000
![line](qesdbj1mj224d6d.jpg)

The returns are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to net asset values in accordance with accounting principles generally accepted in the United States of America.

For periods through May 1, 2018 (the inception date of the Class Z shares), performance for the Class Z shares is based on the historical performance of the Class I shares. Because the Class Z shares invest in the same portfolio of securities as the Class I shares, performance will be different only to the extent that the Class I shares have a higher expense ratio.

The MSCI ACWI ex USA Index (ACWIxUS) is designed to measure large and mid-cap representation across 22 of 23 Developed Markets countries (excluding the U.S.) and 24 Emerging Markets countries. The Index returns do not reflect any fees or expenses. The Index is denominated in U.S. dollars. Index They assume daily reinvestment of net dividends thus accounting for any applicable dividend taxation. Index returns provided by Bloomberg.

#### Average Annual Total Returns
(As of October 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Overseas Series - Z** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.09% |
| **MSCI ACWI ex USA Index** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.67% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **The Series' past performance is not a good predictor of how the Series will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Series distributions or redemptions of Series shares.** 

Index data referenced herein is the property of MSCI, its affiliates ('MSCI') and/or its third party suppliers and has been licensed for use by Manning & Napier. MSCI and its third party suppliers accept no liability in connection with its use. Data provided is not a representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and none of these parties shall have any liability for any errors, omissions, or interruptions of any index or the data included therein. For additional disclosure information, please see: https://go.manning-napier.com/benchmark-provisions.

#### Manning & Napier Overseas Series Tailored Shareholder Report MNOVS-Z-10/25-AR
**The Manning & Napier Fund, Inc. is managed by Manning & Napier Advisors, LLC. Manning & Napier Investor Services, Inc., an affiliate of Manning & Napier Advisors, LLC, is the distributor of the Fund shares.**

#### Key Fund Statistics (as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Net Assets** | $338059436 |
| **Number of Holdings** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| **Portfolio Turnover (for the year ended 10/31/25)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46% |
| **Total Advisory Fees Paid (net of reimbursements)** | $1853880 |

---

The total net advisory fee represents the aggregate dollar amount of fund level management fees, which includes the impact of waivers and/or expense reimbursements of management fees and other expenses for the period.

#### Sector Allocation (% of net assets)
(as of October 31, 2025)

![pie](qesa1tl41mi9aqach.jpg)

The Global Industry Classification Standard (GICS) was developed by and is exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor's a division of S&P Global Inc. (S&P), and is licensed for use by Manning & Napier when referencing GICS sectors. Neither MSCI, S&P, nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification, nor shall any such party have any liability therefrom.

#### What did the Fund invest in?
(as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Investment Types**<br>  | **%**<br>  |
| **Cash, short-term investment, and other assets, less liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.4 |
| **Common Stocks** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95.6 |

---

Expressed as a percentage of net assets.

#### How has the Fund changed?
This is a summary of certain changes to the Series since October 31, 2024. For more complete information, you may review the Series' prospectus, available at https://www.manning-napier.com/products/mutual-funds or upon request by contacting us at (800)466-3863.

Effective as of close of business on May 29, 2025, Overseas Class W shares were liquidated and closed.

Effective October 24, 2025 , the portfolio management teams of the Series changed as follows:

James Slentz, CFA**<sup>®</sup>** and Jacob Boak, CFA**<sup>®</sup>** became members of the Series' portfolio management teams.

#### Householding
The Fund may send only one copy of the Series' prospectus and annual and semi-annuals reports to certain shareholders residing at the same "household" for shareholders who have elected this option. This reduces Fund expenses, which benefits you and other shareholders. If you wish to change your "householding" option, please call (800) 466-3863 or contact your financial advisor.

**Additional information about the Series, including its prospectus, financial information, holdings, and proxy information can be obtained at www.manning-napier.com/products/mutual-funds or by calling (800) 466-3863. Shareholders can also elect to receive certain documents via e-delivery. For more information or to sign up for e-delivery, please visit the Fund's website.**

#### Manning & Napier Pro-Blend<sup>®</sup> Conservative Term Series Tailored Shareholder Report MNPBCO-S-10/25-AR
**The Manning & Napier Fund, Inc. is managed by Manning & Napier Advisors, LLC. Manning & Napier Investor Services, Inc., an affiliate of Manning & Napier Advisors, LLC, is the distributor of the Fund shares.**

---

| | |
|:---|:---|
| **annual shareholder report**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pro-Blend<sup>®</sup> Conservative - Class S** <br> ticker: EXDAX <br>| <br> ![logo](d7qy18jf8lx4xgcvm.jpg)  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This annual shareholder report contains important information about Class S of Pro-Blend<sup>®</sup> Conservative Term Series, a series of Manning & Napier Fund Inc., for the period of November 1, 2024 to October 31, 2025, **including a description of changes to the Series that occurred during the reporting period.** You can find additional information about the Fund at www.manning-napier.com/products/mutual-funds. You can also request this information by contacting us at (800) 466-3863. Shareholders who own the Fund through a third-party advisor or intermediary platform should contact their financial advisor directly for additional information.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| Class S | $93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.90% |

---

Expenses are equal to Class S shares' annualized expense ratio (for the twelve-month period) multiplied by the average account value over the period. The Class' expenses would have been higher had certain expenses not been waived or reimbursed during the period.

#### Management's Discussion of Fund Performance

#### How did the fund perform last year?
The Series delivered positive returns but underperformed its blended benchmark for the 12-month period ended October 31, 2025.

#### What factors influenced performance?
The Series' positive return was supported by exposure to both equities and fixed income securities. Asset prices benefited from resilient consumer spending, strong corporate earnings, and optimism surrounding productivity gains from artificial intelligence (AI). Fixed income also contributed positively as the Federal Reserve began cutting interest rates, driving yields lower and bond prices higher. Collectively, easing monetary policy, solid consumer fundamentals, and ongoing AI-related investment created a favorable environment for risk assets.

From a relative standpoint, the Series' near-neutral stock/bond allocation, equity sector positioning, and fixed income decisions had limited impact on performance. Stock selection was the primary driver of relative underperformance. Limited participation in more speculative areas of the AI ecosystem and select "Magnificent 7" names remained a headwind during the year. In addition, certain portfolio holdings were pressured by market concerns over potential AI-driven disruption. In contrast, select exposure to payment network providers and companies in the aerospace & defense industries contributed positively to relative returns.

#### Positioning
We believe the outlook for economic growth and inflation is relatively balanced, with risks and potential rewards largely offsetting one another. While equity valuations remain elevated by historical standards, they are generally supported by continued earnings growth. Within the equity allocation, we maintain high conviction in a diversified portfolio emphasizing durable themes such as software as a service (SaaS), health care, and an overall quality orientation. On the fixed income side, we continue to favor securitized debt, particularly senior tranches backed by strong fundamentals and low credit risk, while remaining cautious on corporate credit given elevated valuations. Overall, we believe the Series' balanced mix of assets provides a compelling risk/reward profile in an evolving market environment.

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. The graph assumes a $10,000 initial investment in the Fund, an appropriate broad-based securities market index and a blended index that reflects the market sector in which the Fund invests for the same period.

#### Initial Investment of $10,000
![line](qes33ley1mjbikuts.jpg)

The returns are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to net asset values in accordance with accounting principles generally accepted in the United States of America.

The Bloomberg U.S. Aggregate Bond Index is an unmanaged, market-value weighted index of U.S. domestic investment-grade debt issues, including government, corporate, asset-backed, and mortgage-backed securities, with maturities of one year or more. Index returns do not reflect any fees or expenses. Index returns provided by Intercontinental Exchange (ICE). The Conservative Term Composite Benchmark is a blend of 15% MSCI USA Investable Market Index (IMI), 5% MSCI ACWI ex USA Index (ACWIxUS), and 80% Bloomberg U.S. Intermediate Aggregate Bond Index (BIAB) beginning 01/01/2022. Prior to this, the Composite Benchmark shown consisted of 22% IMI, 8% ACWIxUS, and 70% BIAB from 06/01/2012 - 12/31/2021, and 15% IMI, 5% ACWIxUS, and 80% BIAB prior to 06/01/2012. IMI is designed to measure large, mid, and small-cap representation across the US market. The Index is denominated in U.S. dollars. The Index returns are net of withholding taxes. They assume daily reinvestment of net dividends thus accounting for any applicable dividend taxation. Index returns provided by Bloomberg.ACWIxUS is designed to measure large and mid-cap representation across 22 of 23 Developed Markets countries (excluding the U.S.) and 24 Emerging Markets countries. The Index is denominated in U.S. dollars. The Index returns are net of withholding taxes. They assume daily reinvestment of net dividends thus accounting for any applicable dividend taxation. Index returns provided by Bloomberg. BIAB is an unmanaged, market value-weighted index of U.S. domestic investment-grade debt issues, including government, corporate, asset-backed, and mortgage-backed securities with maturities of greater than one year but less than ten years. Index returns provided by Intercontinental Exchange (ICE) . The returns of the indices do not reflect any fees or expenses. Returns provided are calculated monthly using a blended allocation. Because the fund's asset allocation will vary over time, the composition of the fund's portfolio may not match the composition of the Conservative Term Composite Benchmark.

#### Manning & Napier Pro-Blend<sup>®</sup> Conservative Term Series Tailored Shareholder Report MNPBCO-S-10/25-AR
**The Manning & Napier Fund, Inc. is managed by Manning & Napier Advisors, LLC. Manning & Napier Investor Services, Inc., an affiliate of Manning & Napier Advisors, LLC, is the distributor of the Fund shares.**

#### Average Annual Total Returns
(As of October 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Pro-Blend<sup>®</sup> Conservative Term Series - S** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38% |
| **Bloomberg U.S. Aggregate Bond Index** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.16% | -0.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.9% |
| **Conservative Term Composite Benchmark** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.76% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **The Series' past performance is not a good predictor of how the Series will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Series distributions or redemptions of Series shares.** 

Index data referenced herein is the property of each index sponsor (MSCI and Bloomberg), their affiliates ('Index Sponsors') and/or their third-party suppliers and has been licensed for use by Manning & Napier. The Index Sponsors and their third-party suppliers accept no liability in connection with its use. Data provided is not a representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and none of these parties shall have any liability for any errors, omissions, or interruptions of any index or the data included therein. For additional disclosure information, please see: https://go.manning-napier.com/benchmark-provisions.

#### Key Fund Statistics (as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Net Assets** | $295742409 |
| **Number of Holdings** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 233 |
| **Portfolio Turnover (for the year ended 10/31/25)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48% |
| **Total Advisory Fees Paid (net of reimbursements)** | $1248576 |

---

The total net advisory fee represents the aggregate dollar amount of fund level management fees, which includes the impact of waivers and/or expense reimbursements of management fees and other expenses for the period and recoupments by the advisor of previously waived and/or reimbursed fees.

#### Sector Allocation (% of net assets)
(as of October 31, 2025)

![pie](qes1kzoc1mi9app3m.jpg)

The Global Industry Classification Standard (GICS) was developed by and is exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor's a division of S&P Global Inc. (S&P), and is licensed for use by Manning & Napier when referencing GICS sectors. Neither MSCI, S&P, nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification, nor shall any such party have any liability therefrom.

#### What did the Fund invest in?
(as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Investment Types**<br>  | **%**<br>  |
| **Common Stocks** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21.2 |
| **Corporate Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18.6 |
| **U.S. Treasury Notes** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26.1 |
| **Asset-Backed Securities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.0 |
| **Commercial Mortgage-Backed Securities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.1 |
| **Foreign Government Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.9 |
| **Municipal Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.1 |
| **U.S. Government Agencies** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.6 |
| **Cash, short-term investment, and other assets, less liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.4 |

---

Expressed as a percentage of net assets.

#### How has the Fund changed?
This is a summary of certain changes to the Series since October 31, 2024. For more complete information, you may review the Series' prospectus, available at www.manning-napier.com/products/mutual-funds or upon request by contacting us at (800)466-3863.

Effective October 24, 2025 , the portfolio management teams of the Series changed as follows:

James Slentz, CFA**<sup>®</sup>** and Jacob Boak, CFA**<sup>®</sup>** became members of the Series' portfolio management teams.

#### Householding
The Fund may send only one copy of the Series' prospectus and annual and semi-annuals reports to certain shareholders residing at the same "household" for shareholders who have elected this option. This reduces Fund expenses, which benefits you and other shareholders. If you wish to change your "householding" option, please call (800) 466-3863 or contact your financial advisor.

**Additional information about the Series, including its prospectus, financial information, holdings, and proxy information can be obtained at www.manning-napier.com/products/mutual-funds or by calling (800) 466-3863. Shareholders can also elect to receive certain documents via e-delivery. For more information or to sign up for e-delivery, please visit the Fund's website.**

#### Manning & Napier Pro-Blend<sup>®</sup> Conservative Term Series Tailored Shareholder Report MNPBCO-I-10/25-AR
**The Manning & Napier Fund, Inc. is managed by Manning & Napier Advisors, LLC. Manning & Napier Investor Services, Inc., an affiliate of Manning & Napier Advisors, LLC, is the distributor of the Fund shares.**

---

| | |
|:---|:---|
| **annual shareholder report**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pro-Blend<sup>®</sup> Conservative - Class I** <br> ticker: MNCIX <br>| <br> ![logo](d7qy18jf8lx4xgcvm.jpg)  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This annual shareholder report contains important information about Class I of Pro-Blend<sup>®</sup> Conservative Term Series, a series of Manning & Napier Fund Inc., for the period of November 1, 2024 to October 31, 2025, **including a description of changes to the Series that occurred during the reporting period.** You can find additional information about the Fund at www.manning-napier.com/products/mutual-funds. You can also request this information by contacting us at (800) 466-3863. Shareholders who own the Fund through a third-party advisor or intermediary platform should contact their financial advisor directly for additional information.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| Class I | $67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.65% |

---

Expenses are equal to Class I shares' annualized expense ratio (for the twelve-month period) multiplied by the average account value over the period. The Class' expenses would have been higher had certain expenses not been waived or reimbursed during the period.

#### Management's Discussion of Fund Performance

#### How did the fund perform last year?
The Series delivered positive returns but underperformed its blended benchmark for the 12-month period ended October 31, 2025.

#### What factors influenced performance?
The Series' positive return was supported by exposure to both equities and fixed income securities. Asset prices benefited from resilient consumer spending, strong corporate earnings, and optimism surrounding productivity gains from artificial intelligence (AI). Fixed income also contributed positively as the Federal Reserve began cutting interest rates, driving yields lower and bond prices higher. Collectively, easing monetary policy, solid consumer fundamentals, and ongoing AI-related investment created a favorable environment for risk assets.

From a relative standpoint, the Series' near-neutral stock/bond allocation, equity sector positioning, and fixed income decisions had limited impact on performance. Stock selection was the primary driver of relative underperformance. Limited participation in more speculative areas of the AI ecosystem and select "Magnificent 7" names remained a headwind during the year. In addition, certain portfolio holdings were pressured by market concerns over potential AI-driven disruption. In contrast, select exposure to payment network providers and companies in the aerospace & defense industries contributed positively to relative returns.

#### Positioning
We believe the outlook for economic growth and inflation is relatively balanced, with risks and potential rewards largely offsetting one another. While equity valuations remain elevated by historical standards, they are generally supported by continued earnings growth. Within the equity allocation, we maintain high conviction in a diversified portfolio emphasizing durable themes such as software as a service (SaaS), health care, and an overall quality orientation. On the fixed income side, we continue to favor securitized debt, particularly senior tranches backed by strong fundamentals and low credit risk, while remaining cautious on corporate credit given elevated valuations. Overall, we believe the Series' balanced mix of assets provides a compelling risk/reward profile in an evolving market environment.

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. The graph assumes a $10,000 initial investment in the Fund, an appropriate broad-based securities market index and a blended index that reflects the market sector in which the Fund invests for the same period.

#### Initial Investment of $10,000
![line](qesjsoa1mjbinp44.jpg)

The returns are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to net asset values in accordance with accounting principles generally accepted in the United States of America.

The Bloomberg U.S. Aggregate Bond Index is an unmanaged, market-value weighted index of U.S. domestic investment-grade debt issues, including government, corporate, asset-backed, and mortgage-backed securities, with maturities of one year or more. Index returns do not reflect any fees or expenses. Index returns provided by Intercontinental Exchange (ICE). The Conservative Term Composite Benchmark is a blend of 15% MSCI USA Investable Market Index (IMI), 5% MSCI ACWI ex USA Index (ACWIxUS), and 80% Bloomberg U.S. Intermediate Aggregate Bond Index (BIAB) beginning 01/01/2022. Prior to this, the Composite Benchmark shown consisted of 22% IMI, 8% ACWIxUS, and 70% BIAB from 06/01/2012 - 12/31/2021, and 15% IMI, 5% ACWIxUS, and 80% BIAB prior to 06/01/2012. IMI is designed to measure large, mid, and small-cap representation across the US market. The Index is denominated in U.S. dollars. The Index returns are net of withholding taxes. They assume daily reinvestment of net dividends thus accounting for any applicable dividend taxation. Index returns provided by Bloomberg.ACWIxUS is designed to measure large and mid-cap representation across 22 of 23 Developed Markets countries (excluding the U.S.) and 24 Emerging Markets countries. The Index is denominated in U.S. dollars. The Index returns are net of withholding taxes. They assume daily reinvestment of net dividends thus accounting for any applicable dividend taxation. Index returns provided by Bloomberg. BIAB is an unmanaged, market value-weighted index of U.S. domestic investment-grade debt issues, including government, corporate, asset-backed, and mortgage-backed securities with maturities of greater than one year but less than ten years. Index returns provided by Intercontinental Exchange (ICE) . The returns of the indices do not reflect any fees or expenses. Returns provided are calculated monthly using a blended allocation. Because the fund's asset allocation will vary over time, the composition of the fund's portfolio may not match the composition of the Conservative Term Composite Benchmark.

#### Manning & Napier Pro-Blend<sup>®</sup> Conservative Term Series Tailored Shareholder Report MNPBCO-I-10/25-AR
**The Manning & Napier Fund, Inc. is managed by Manning & Napier Advisors, LLC. Manning & Napier Investor Services, Inc., an affiliate of Manning & Napier Advisors, LLC, is the distributor of the Fund shares.**

#### Average Annual Total Returns
(As of October 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Pro-Blend<sup>®</sup> Conservative Term Series - I** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63% |
| **Bloomberg U.S. Aggregate Bond Index** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.16% | -0.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.9% |
| **Conservative Term Composite Benchmark** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.76% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **The Series' past performance is not a good predictor of how the Series will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Series distributions or redemptions of Series shares.** 

Index data referenced herein is the property of each index sponsor (MSCI and Bloomberg), their affiliates ('Index Sponsors') and/or their third-party suppliers and has been licensed for use by Manning & Napier. The Index Sponsors and their third-party suppliers accept no liability in connection with its use. Data provided is not a representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and none of these parties shall have any liability for any errors, omissions, or interruptions of any index or the data included therein. For additional disclosure information, please see: https://go.manning-napier.com/benchmark-provisions.

#### Key Fund Statistics (as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Net Assets** | $295742409 |
| **Number of Holdings** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 233 |
| **Portfolio Turnover (for the year ended 10/31/25)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48% |
| **Total Advisory Fees Paid (net of reimbursements)** | $1248576 |

---

The total net advisory fee represents the aggregate dollar amount of fund level management fees, which includes the impact of waivers and/or expense reimbursements of management fees and other expenses for the period and recoupments by the advisor of previously waived and/or reimbursed fees.

#### Sector Allocation (% of net assets)
(as of October 31, 2025)

![pie](qes1kzoc1mi9app3m.jpg)

The Global Industry Classification Standard (GICS) was developed by and is exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor's a division of S&P Global Inc. (S&P), and is licensed for use by Manning & Napier when referencing GICS sectors. Neither MSCI, S&P, nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification, nor shall any such party have any liability therefrom.

#### What did the Fund invest in?
(as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Investment Types**<br>  | **%**<br>  |
| **Common Stocks** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21.2 |
| **Corporate Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18.6 |
| **U.S. Treasury Notes** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26.1 |
| **Asset-Backed Securities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.0 |
| **Commercial Mortgage-Backed Securities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.1 |
| **Foreign Government Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.9 |
| **Municipal Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.1 |
| **U.S. Government Agencies** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.6 |
| **Cash, short-term investment, and other assets, less liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.4 |

---

Expressed as a percentage of net assets.

#### How has the Fund changed?
This is a summary of certain changes to the Series since October 31, 2024. For more complete information, you may review the Series' prospectus, available at www.manning-napier.com/products/mutual-funds or upon request by contacting us at (800)466-3863.

Effective October 24, 2025 , the portfolio management teams of the Series changed as follows:

James Slentz, CFA**<sup>®</sup>** and Jacob Boak, CFA**<sup>®</sup>** became members of the Series' portfolio management teams.

#### Householding
The Fund may send only one copy of the Series' prospectus and annual and semi-annuals reports to certain shareholders residing at the same "household" for shareholders who have elected this option. This reduces Fund expenses, which benefits you and other shareholders. If you wish to change your "householding" option, please call (800) 466-3863 or contact your financial advisor.

**Additional information about the Series, including its prospectus, financial information, holdings, and proxy information can be obtained at www.manning-napier.com/products/mutual-funds or by calling (800) 466-3863. Shareholders can also elect to receive certain documents via e-delivery. For more information or to sign up for e-delivery, please visit the Fund's website.**

#### Manning & Napier Pro-Blend<sup>®</sup> Conservative Term Series Tailored Shareholder Report MNPBCO-R-10/25-AR
**The Manning & Napier Fund, Inc. is managed by Manning & Napier Advisors, LLC. Manning & Napier Investor Services, Inc., an affiliate of Manning & Napier Advisors, LLC, is the distributor of the Fund shares.**

---

| | |
|:---|:---|
| **annual shareholder report**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pro-Blend<sup>®</sup> Conservative - Class R** <br> ticker: MNCRX <br>| <br> ![logo](d7qy18jf8lx4xgcvm.jpg)  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This annual shareholder report contains important information about Class R of Pro-Blend<sup>®</sup> Conservative Term Series, a series of Manning & Napier Fund Inc., for the period of November 1, 2024 to October 31, 2025, **including a description of changes to the Series that occurred during the reporting period.** You can find additional information about the Fund at www.manning-napier.com/products/mutual-funds. You can also request this information by contacting us at (800) 466-3863. Shareholders who own the Fund through a third-party advisor or intermediary platform should contact their financial advisor directly for additional information.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| Class R | $114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.10% |

---

Expenses are equal to Class R shares' annualized expense ratio (for the twelve-month period) multiplied by the average account value over the period. The Class' expenses would have been higher had certain expenses not been waived or reimbursed during the period.

#### Management's Discussion of Fund Performance

#### How did the fund perform last year?
The Series delivered positive returns but underperformed its blended benchmark for the 12-month period ended October 31, 2025.

#### What factors influenced performance?
The Series' positive return was supported by exposure to both equities and fixed income securities. Asset prices benefited from resilient consumer spending, strong corporate earnings, and optimism surrounding productivity gains from artificial intelligence (AI). Fixed income also contributed positively as the Federal Reserve began cutting interest rates, driving yields lower and bond prices higher. Collectively, easing monetary policy, solid consumer fundamentals, and ongoing AI-related investment created a favorable environment for risk assets.

From a relative standpoint, the Series' near-neutral stock/bond allocation, equity sector positioning, and fixed income decisions had limited impact on performance. Stock selection was the primary driver of relative underperformance. Limited participation in more speculative areas of the AI ecosystem and select "Magnificent 7" names remained a headwind during the year. In addition, certain portfolio holdings were pressured by market concerns over potential AI-driven disruption. In contrast, select exposure to payment network providers and companies in the aerospace & defense industries contributed positively to relative returns.

#### Positioning
We believe the outlook for economic growth and inflation is relatively balanced, with risks and potential rewards largely offsetting one another. While equity valuations remain elevated by historical standards, they are generally supported by continued earnings growth. Within the equity allocation, we maintain high conviction in a diversified portfolio emphasizing durable themes such as software as a service (SaaS), health care, and an overall quality orientation. On the fixed income side, we continue to favor securitized debt, particularly senior tranches backed by strong fundamentals and low credit risk, while remaining cautious on corporate credit given elevated valuations. Overall, we believe the Series' balanced mix of assets provides a compelling risk/reward profile in an evolving market environment.

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. The graph assumes a $10,000 initial investment in the Fund, an appropriate broad-based securities market index and a blended index that reflects the market sector in which the Fund invests for the same period.

#### Initial Investment of $10,000
![line](qes33ley1mjbimkd0.jpg)

The returns are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to net asset values in accordance with accounting principles generally accepted in the United States of America.

The Bloomberg U.S. Aggregate Bond Index is an unmanaged, market-value weighted index of U.S. domestic investment-grade debt issues, including government, corporate, asset-backed, and mortgage-backed securities, with maturities of one year or more. Index returns do not reflect any fees or expenses. Index returns provided by Intercontinental Exchange (ICE). The Conservative Term Composite Benchmark is a blend of 15% MSCI USA Investable Market Index (IMI), 5% MSCI ACWI ex USA Index (ACWIxUS), and 80% Bloomberg U.S. Intermediate Aggregate Bond Index (BIAB) beginning 01/01/2022. Prior to this, the Composite Benchmark shown consisted of 22% IMI, 8% ACWIxUS, and 70% BIAB from 06/01/2012 - 12/31/2021, and 15% IMI, 5% ACWIxUS, and 80% BIAB prior to 06/01/2012. IMI is designed to measure large, mid, and small-cap representation across the US market. The Index is denominated in U.S. dollars. The Index returns are net of withholding taxes. They assume daily reinvestment of net dividends thus accounting for any applicable dividend taxation. Index returns provided by Bloomberg.ACWIxUS is designed to measure large and mid-cap representation across 22 of 23 Developed Markets countries (excluding the U.S.) and 24 Emerging Markets countries. The Index is denominated in U.S. dollars. The Index returns are net of withholding taxes. They assume daily reinvestment of net dividends thus accounting for any applicable dividend taxation. Index returns provided by Bloomberg. BIAB is an unmanaged, market value-weighted index of U.S. domestic investment-grade debt issues, including government, corporate, asset-backed, and mortgage-backed securities with maturities of greater than one year but less than ten years. Index returns provided by Intercontinental Exchange (ICE) . The returns of the indices do not reflect any fees or expenses. Returns provided are calculated monthly using a blended allocation. Because the fund's asset allocation will vary over time, the composition of the fund's portfolio may not match the composition of the Conservative Term Composite Benchmark.

#### Manning & Napier Pro-Blend<sup>®</sup> Conservative Term Series Tailored Shareholder Report MNPBCO-R-10/25-AR
**The Manning & Napier Fund, Inc. is managed by Manning & Napier Advisors, LLC. Manning & Napier Investor Services, Inc., an affiliate of Manning & Napier Advisors, LLC, is the distributor of the Fund shares.**

#### Average Annual Total Returns
(As of October 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Pro-Blend<sup>®</sup> Conservative Term Series - R** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15% |
| **Bloomberg U.S. Aggregate Bond Index** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.16% | -0.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.9% |
| **Conservative Term Composite Benchmark** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.76% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **The Series' past performance is not a good predictor of how the Series will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Series distributions or redemptions of Series shares.** 

Index data referenced herein is the property of each index sponsor (MSCI and Bloomberg), their affiliates ('Index Sponsors') and/or their third-party suppliers and has been licensed for use by Manning & Napier. The Index Sponsors and their third-party suppliers accept no liability in connection with its use. Data provided is not a representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and none of these parties shall have any liability for any errors, omissions, or interruptions of any index or the data included therein. For additional disclosure information, please see: https://go.manning-napier.com/benchmark-provisions.

#### Key Fund Statistics (as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Net Assets** | $295742409 |
| **Number of Holdings** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 233 |
| **Portfolio Turnover (for the year ended 10/31/25)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48% |
| **Total Advisory Fees Paid (net of reimbursements)** | $1248576 |

---

The total net advisory fee represents the aggregate dollar amount of fund level management fees, which includes the impact of waivers and/or expense reimbursements of management fees and other expenses for the period and recoupments by the advisor of previously waived and/or reimbursed fees.

#### Sector Allocation (% of net assets)
(as of October 31, 2025)

![pie](qes1kzoc1mi9app3m.jpg)

The Global Industry Classification Standard (GICS) was developed by and is exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor's a division of S&P Global Inc. (S&P), and is licensed for use by Manning & Napier when referencing GICS sectors. Neither MSCI, S&P, nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification, nor shall any such party have any liability therefrom.

#### What did the Fund invest in?
(as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Investment Types**<br>  | **%**<br>  |
| **Common Stocks** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21.2 |
| **Corporate Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18.6 |
| **U.S. Treasury Notes** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26.1 |
| **Asset-Backed Securities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.0 |
| **Commercial Mortgage-Backed Securities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.1 |
| **Foreign Government Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.9 |
| **Municipal Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.1 |
| **U.S. Government Agencies** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.6 |
| **Cash, short-term investment, and other assets, less liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.4 |

---

Expressed as a percentage of net assets.

#### How has the Fund changed?
This is a summary of certain changes to the Series since October 31, 2024. For more complete information, you may review the Series' prospectus, available at www.manning-napier.com/products/mutual-funds or upon request by contacting us at (800)466-3863.

Effective October 24, 2025 , the portfolio management teams of the Series changed as follows:

James Slentz, CFA**<sup>®</sup>** and Jacob Boak, CFA**<sup>®</sup>** became members of the Series' portfolio management teams.

#### Householding
The Fund may send only one copy of the Series' prospectus and annual and semi-annuals reports to certain shareholders residing at the same "household" for shareholders who have elected this option. This reduces Fund expenses, which benefits you and other shareholders. If you wish to change your "householding" option, please call (800) 466-3863 or contact your financial advisor.

**Additional information about the Series, including its prospectus, financial information, holdings, and proxy information can be obtained at www.manning-napier.com/products/mutual-funds or by calling (800) 466-3863. Shareholders can also elect to receive certain documents via e-delivery. For more information or to sign up for e-delivery, please visit the Fund's website.**

#### Manning & Napier Pro-Blend<sup>®</sup> Conservative Term Series Tailored Shareholder Report MNPBCO-L-10/25-AR
**The Manning & Napier Fund, Inc. is managed by Manning & Napier Advisors, LLC. Manning & Napier Investor Services, Inc., an affiliate of Manning & Napier Advisors, LLC, is the distributor of the Fund shares.**

---

| | |
|:---|:---|
| **annual shareholder report**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pro-Blend<sup>®</sup> Conservative - Class L** <br> ticker: MNCCX <br>| <br> ![logo](d7qy18jf8lx4xgcvm.jpg)  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This annual shareholder report contains important information about Class L of Pro-Blend<sup>®</sup> Conservative Term Series, a series of Manning & Napier Fund Inc., for the period of November 1, 2024 to October 31, 2025, **including a description of changes to the Series that occurred during the reporting period.** You can find additional information about the Fund at www.manning-napier.com/products/mutual-funds. You can also request this information by contacting us at (800) 466-3863. Shareholders who own the Fund through a third-party advisor or intermediary platform should contact their financial advisor directly for additional information.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| Class L | $167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.62% |

---

Expenses are equal to Class L shares' annualized expense ratio (for the twelve-month period) multiplied by the average account value over the period. The Class' expenses would have been higher had certain expenses not been waived or reimbursed during the period.

#### Management's Discussion of Fund Performance

#### How did the fund perform last year?
The Series delivered positive returns but underperformed its blended benchmark for the 12-month period ended October 31, 2025.

#### What factors influenced performance?
The Series' positive return was supported by exposure to both equities and fixed income securities. Asset prices benefited from resilient consumer spending, strong corporate earnings, and optimism surrounding productivity gains from artificial intelligence (AI). Fixed income also contributed positively as the Federal Reserve began cutting interest rates, driving yields lower and bond prices higher. Collectively, easing monetary policy, solid consumer fundamentals, and ongoing AI-related investment created a favorable environment for risk assets.

From a relative standpoint, the Series' near-neutral stock/bond allocation, equity sector positioning, and fixed income decisions had limited impact on performance. Stock selection was the primary driver of relative underperformance. Limited participation in more speculative areas of the AI ecosystem and select "Magnificent 7" names remained a headwind during the year. In addition, certain portfolio holdings were pressured by market concerns over potential AI-driven disruption. In contrast, select exposure to payment network providers and companies in the aerospace & defense industries contributed positively to relative returns.

#### Positioning
We believe the outlook for economic growth and inflation is relatively balanced, with risks and potential rewards largely offsetting one another. While equity valuations remain elevated by historical standards, they are generally supported by continued earnings growth. Within the equity allocation, we maintain high conviction in a diversified portfolio emphasizing durable themes such as software as a service (SaaS), health care, and an overall quality orientation. On the fixed income side, we continue to favor securitized debt, particularly senior tranches backed by strong fundamentals and low credit risk, while remaining cautious on corporate credit given elevated valuations. Overall, we believe the Series' balanced mix of assets provides a compelling risk/reward profile in an evolving market environment.

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. The graph assumes a $10,000 initial investment in the Fund, an appropriate broad-based securities market index and a blended index that reflects the market sector in which the Fund invests for the same period.

#### Initial Investment of $10,000
![line](qesjsoa1mjbioud6.jpg)

The returns are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to net asset values in accordance with accounting principles generally accepted in the United States of America.

The Bloomberg U.S. Aggregate Bond Index is an unmanaged, market-value weighted index of U.S. domestic investment-grade debt issues, including government, corporate, asset-backed, and mortgage-backed securities, with maturities of one year or more. Index returns do not reflect any fees or expenses. Index returns provided by Intercontinental Exchange (ICE). The Conservative Term Composite Benchmark is a blend of 15% MSCI USA Investable Market Index (IMI), 5% MSCI ACWI ex USA Index (ACWIxUS), and 80% Bloomberg U.S. Intermediate Aggregate Bond Index (BIAB) beginning 01/01/2022. Prior to this, the Composite Benchmark shown consisted of 22% IMI, 8% ACWIxUS, and 70% BIAB from 06/01/2012 - 12/31/2021, and 15% IMI, 5% ACWIxUS, and 80% BIAB prior to 06/01/2012. IMI is designed to measure large, mid, and small-cap representation across the US market. The Index is denominated in U.S. dollars. The Index returns are net of withholding taxes. They assume daily reinvestment of net dividends thus accounting for any applicable dividend taxation. Index returns provided by Bloomberg.ACWIxUS is designed to measure large and mid-cap representation across 22 of 23 Developed Markets countries (excluding the U.S.) and 24 Emerging Markets countries. The Index is denominated in U.S. dollars. The Index returns are net of withholding taxes. They assume daily reinvestment of net dividends thus accounting for any applicable dividend taxation. Index returns provided by Bloomberg. BIAB is an unmanaged, market value-weighted index of U.S. domestic investment-grade debt issues, including government, corporate, asset-backed, and mortgage-backed securities with maturities of greater than one year but less than ten years. Index returns provided by Intercontinental Exchange (ICE) . The returns of the indices do not reflect any fees or expenses. Returns provided are calculated monthly using a blended allocation. Because the fund's asset allocation will vary over time, the composition of the fund's portfolio may not match the composition of the Conservative Term Composite Benchmark.

#### Manning & Napier Pro-Blend<sup>®</sup> Conservative Term Series Tailored Shareholder Report MNPBCO-L-10/25-AR
**The Manning & Napier Fund, Inc. is managed by Manning & Napier Advisors, LLC. Manning & Napier Investor Services, Inc., an affiliate of Manning & Napier Advisors, LLC, is the distributor of the Fund shares.**

#### Average Annual Total Returns
(As of October 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Pro-Blend<sup>®</sup> Conservative Term Series - L** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.61% |
| **Bloomberg U.S. Aggregate Bond Index** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.16% | -0.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.9% |
| **Conservative Term Composite Benchmark** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.76% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **The Series' past performance is not a good predictor of how the Series will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Series distributions or redemptions of Series shares.** 

Index data referenced herein is the property of each index sponsor (MSCI and Bloomberg), their affiliates ('Index Sponsors') and/or their third-party suppliers and has been licensed for use by Manning & Napier. The Index Sponsors and their third-party suppliers accept no liability in connection with its use. Data provided is not a representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and none of these parties shall have any liability for any errors, omissions, or interruptions of any index or the data included therein. For additional disclosure information, please see: https://go.manning-napier.com/benchmark-provisions.

#### Key Fund Statistics (as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Net Assets** | $295742409 |
| **Number of Holdings** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 233 |
| **Portfolio Turnover (for the year ended 10/31/25)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48% |
| **Total Advisory Fees Paid (net of reimbursements)** | $1248576 |

---

The total net advisory fee represents the aggregate dollar amount of fund level management fees, which includes the impact of waivers and/or expense reimbursements of management fees and other expenses for the period and recoupments by the advisor of previously waived and/or reimbursed fees.

#### Sector Allocation (% of net assets)
(as of October 31, 2025)

![pie](qes1kzoc1mi9app3m.jpg)

The Global Industry Classification Standard (GICS) was developed by and is exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor's a division of S&P Global Inc. (S&P), and is licensed for use by Manning & Napier when referencing GICS sectors. Neither MSCI, S&P, nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification, nor shall any such party have any liability therefrom.

#### What did the Fund invest in?
(as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Investment Types**<br>  | **%**<br>  |
| **Common Stocks** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21.2 |
| **Corporate Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18.6 |
| **U.S. Treasury Notes** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26.1 |
| **Asset-Backed Securities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.0 |
| **Commercial Mortgage-Backed Securities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.1 |
| **Foreign Government Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.9 |
| **Municipal Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.1 |
| **U.S. Government Agencies** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.6 |
| **Cash, short-term investment, and other assets, less liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.4 |

---

Expressed as a percentage of net assets.

#### How has the Fund changed?
This is a summary of certain changes to the Series since October 31, 2024. For more complete information, you may review the Series' prospectus, available at www.manning-napier.com/products/mutual-funds or upon request by contacting us at (800)466-3863.

Effective October 24, 2025 , the portfolio management teams of the Series changed as follows:

James Slentz, CFA**<sup>®</sup>** and Jacob Boak, CFA**<sup>®</sup>** became members of the Series' portfolio management teams.

#### Householding
The Fund may send only one copy of the Series' prospectus and annual and semi-annuals reports to certain shareholders residing at the same "household" for shareholders who have elected this option. This reduces Fund expenses, which benefits you and other shareholders. If you wish to change your "householding" option, please call (800) 466-3863 or contact your financial advisor.

**Additional information about the Series, including its prospectus, financial information, holdings, and proxy information can be obtained at www.manning-napier.com/products/mutual-funds or by calling (800) 466-3863. Shareholders can also elect to receive certain documents via e-delivery. For more information or to sign up for e-delivery, please visit the Fund's website.**

#### Manning & Napier Pro-Blend<sup>®</sup> Conservative Term Series Tailored Shareholder Report MNPBCO-W-10/25-AR
**The Manning & Napier Fund, Inc. is managed by Manning & Napier Advisors, LLC. Manning & Napier Investor Services, Inc., an affiliate of Manning & Napier Advisors, LLC, is the distributor of the Fund shares.**

---

| | |
|:---|:---|
| **annual shareholder report**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pro-Blend<sup>®</sup> Conservative - Class W** <br> ticker: MNCWX <br>| <br> ![logo](d7qy18jf8lx4xgcvm.jpg)  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This annual shareholder report contains important information about Class W of Pro-Blend<sup>®</sup> Conservative Term Series, a series of Manning & Napier Fund Inc., for the period of November 1, 2024 to October 31, 2025, **including a description of changes to the Series that occurred during the reporting period.** You can find additional information about the Fund at www.manning-napier.com/products/mutual-funds. You can also request this information by contacting us at (800) 466-3863. Shareholders who own the Fund through a third-party advisor or intermediary platform should contact their financial advisor directly for additional information.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| Class W | $10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10% |

---

Expenses are equal to Class W shares' annualized expense ratio (for the twelve-month period) multiplied by the average account value over the period. The Class' expenses would have been higher had certain expenses not been waived or reimbursed during the period.

#### Management's Discussion of Fund Performance

#### How did the fund perform last year?
The Series delivered positive returns but underperformed its blended benchmark for the 12-month period ended October 31, 2025.

#### What factors influenced performance?
The Series' positive return was supported by exposure to both equities and fixed income securities. Asset prices benefited from resilient consumer spending, strong corporate earnings, and optimism surrounding productivity gains from artificial intelligence (AI). Fixed income also contributed positively as the Federal Reserve began cutting interest rates, driving yields lower and bond prices higher. Collectively, easing monetary policy, solid consumer fundamentals, and ongoing AI-related investment created a favorable environment for risk assets.

From a relative standpoint, the Series' near-neutral stock/bond allocation, equity sector positioning, and fixed income decisions had limited impact on performance. Stock selection was the primary driver of relative underperformance. Limited participation in more speculative areas of the AI ecosystem and select "Magnificent 7" names remained a headwind during the year. In addition, certain portfolio holdings were pressured by market concerns over potential AI-driven disruption. In contrast, select exposure to payment network providers and companies in the aerospace & defense industries contributed positively to relative returns.

#### Positioning
We believe the outlook for economic growth and inflation is relatively balanced, with risks and potential rewards largely offsetting one another. While equity valuations remain elevated by historical standards, they are generally supported by continued earnings growth. Within the equity allocation, we maintain high conviction in a diversified portfolio emphasizing durable themes such as software as a service (SaaS), health care, and an overall quality orientation. On the fixed income side, we continue to favor securitized debt, particularly senior tranches backed by strong fundamentals and low credit risk, while remaining cautious on corporate credit given elevated valuations. Overall, we believe the Series' balanced mix of assets provides a compelling risk/reward profile in an evolving market environment.

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. The graph assumes a $10,000 initial investment in the Fund, an appropriate broad-based securities market index and a blended index that reflects the market sector in which the Fund invests for the same period.

#### Initial Investment of $10,000
![line](qes33ley1mjbiikwc.jpg)

The returns are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to net asset values in accordance with accounting principles generally accepted in the United States of America.

For periods through April 1, 2019 (the inception date of the Class W shares), performance for the Class W shares is based on the historical performance of the Class S shares. Because the Class W shares invest in the same portfolio of securities as the Class S shares, performance will be different only to the extent that the Class S shares have a higher expense ratio.

The Bloomberg U.S. Aggregate Bond Index is an unmanaged, market-value weighted index of U.S. domestic investment-grade debt issues, including government, corporate, asset-backed, and mortgage-backed securities, with maturities of one year or more. Index returns do not reflect any fees or expenses. Index returns provided by Intercontinental Exchange (ICE). The Conservative Term Composite Benchmark is a blend of 15% MSCI USA Investable Market Index (IMI), 5% MSCI ACWI ex USA Index (ACWIxUS), and 80% Bloomberg U.S. Intermediate Aggregate Bond Index (BIAB) beginning 01/01/2022. Prior to this, the Composite Benchmark shown consisted of 22% IMI, 8% ACWIxUS, and 70% BIAB from 06/01/2012 - 12/31/2021, and 15% IMI, 5% ACWIxUS, and 80% BIAB prior to 06/01/2012. IMI is designed to measure large, mid, and small-cap representation across the US market. The Index is denominated in U.S. dollars. The Index returns are net of withholding taxes. They assume daily reinvestment of net dividends thus accounting for any applicable dividend taxation. Index returns provided by Bloomberg.ACWIxUS is designed to measure large and mid-cap representation across 22 of 23 Developed Markets countries (excluding the U.S.) and 24 Emerging Markets countries. The Index is denominated in U.S. dollars. The Index returns are net of withholding taxes. They assume daily reinvestment of net dividends thus accounting for any applicable dividend taxation. Index returns provided by Bloomberg. BIAB is an unmanaged, market value-weighted index of U.S. domestic investment-grade debt issues, including government, corporate, asset-backed, and mortgage-backed securities with maturities of greater than one year but less than ten years. Index returns provided by Intercontinental Exchange (ICE) . The returns of the indices do not reflect any fees or expenses. Returns provided are calculated monthly using a blended allocation. Because the fund's asset allocation will vary over time, the composition of the fund's portfolio may not match the composition of the Conservative Term Composite Benchmark

.

#### Manning & Napier Pro-Blend<sup>®</sup> Conservative Term Series Tailored Shareholder Report MNPBCO-W-10/25-AR
**The Manning & Napier Fund, Inc. is managed by Manning & Napier Advisors, LLC. Manning & Napier Investor Services, Inc., an affiliate of Manning & Napier Advisors, LLC, is the distributor of the Fund shares.**

#### Average Annual Total Returns
(As of October 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Pro-Blend<sup>®</sup> Conservative Term Series - W** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.94% |
| **Bloomberg U.S. Aggregate Bond Index** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.16% | -0.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.9% |
| **Conservative Term Composite Benchmark** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.76% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **The Series' past performance is not a good predictor of how the Series will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Series distributions or redemptions of Series shares.** 

Index data referenced herein is the property of each index sponsor (MSCI and Bloomberg), their affiliates ('Index Sponsors') and/or their third-party suppliers and has been licensed for use by Manning & Napier. The Index Sponsors and their third-party suppliers accept no liability in connection with its use. Data provided is not a representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and none of these parties shall have any liability for any errors, omissions, or interruptions of any index or the data included therein. For additional disclosure information, please see: https://go.manning-napier.com/benchmark-provisions.

#### Key Fund Statistics (as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Net Assets** | $295742409 |
| **Number of Holdings** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 233 |
| **Portfolio Turnover (for the year ended 10/31/25)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48% |
| **Total Advisory Fees Paid (net of reimbursements)** | $1248576 |

---

The total net advisory fee represents the aggregate dollar amount of fund level management fees, which includes the impact of waivers and/or expense reimbursements of management fees and other expenses for the period and recoupments by the advisor of previously waived and/or reimbursed fees.

#### Sector Allocation (% of net assets)
(as of October 31, 2025)

![pie](qes1kzoc1mi9app3m.jpg)

The Global Industry Classification Standard (GICS) was developed by and is exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor's a division of S&P Global Inc. (S&P), and is licensed for use by Manning & Napier when referencing GICS sectors. Neither MSCI, S&P, nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification, nor shall any such party have any liability therefrom.

#### What did the Fund invest in?
(as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Investment Types**<br>  | **%**<br>  |
| **Common Stocks** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21.2 |
| **Corporate Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18.6 |
| **U.S. Treasury Notes** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26.1 |
| **Asset-Backed Securities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.0 |
| **Commercial Mortgage-Backed Securities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.1 |
| **Foreign Government Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.9 |
| **Municipal Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.1 |
| **U.S. Government Agencies** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.6 |
| **Cash, short-term investment, and other assets, less liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.4 |

---

Expressed as a percentage of net assets.

#### How has the Fund changed?
This is a summary of certain changes to the Series since October 31, 2024. For more complete information, you may review the Series' prospectus, available at www.manning-napier.com/products/mutual-funds or upon request by contacting us at (800)466-3863.

Effective October 24, 2025 , the portfolio management teams of the Series changed as follows:

James Slentz, CFA**<sup>®</sup>** and Jacob Boak, CFA**<sup>®</sup>** became members of the Series' portfolio management teams.

#### Householding
The Fund may send only one copy of the Series' prospectus and annual and semi-annuals reports to certain shareholders residing at the same "household" for shareholders who have elected this option. This reduces Fund expenses, which benefits you and other shareholders. If you wish to change your "householding" option, please call (800) 466-3863 or contact your financial advisor.

**Additional information about the Series, including its prospectus, financial information, holdings, and proxy information can be obtained at www.manning-napier.com/products/mutual-funds or by calling (800) 466-3863. Shareholders can also elect to receive certain documents via e-delivery. For more information or to sign up for e-delivery, please visit the Fund's website.**

#### Manning & Napier Pro-Blend<sup>®</sup> Moderate Term Series Tailored Shareholder Report MNPBMO-S-10/25-AR
**The Manning & Napier Fund, Inc. is managed by Manning & Napier Advisors, LLC. Manning & Napier Investor Services, Inc., an affiliate of Manning & Napier Advisors, LLC, is the distributor of the Fund shares.**

---

| | |
|:---|:---|
| **annual shareholder report**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pro-Blend<sup>®</sup> Moderate - Class S** <br> ticker: EXBAX <br>| <br> ![logo](d7qy18jf8lx4xgcvm.jpg)  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This annual shareholder report contains important information about Class S of Pro-Blend<sup>®</sup> Moderate Term Series, a series of Manning & Napier Fund Inc., for the period of November 1, 2024 to October 31, 2025, **including a description of changes to the Series that occurred during the reporting period.** You can find additional information about the Fund at www.manning-napier.com/products/mutual-funds . You can also request this information by contacting us at (800) 466-3863 . Shareholders who own the Fund through a third-party advisor or intermediary platform should contact their financial advisor directly for additional information.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| Class S | $111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.07% |

---

Expenses are equal to Class S shares' annualized expense ratio (for the twelve-month period) multiplied by the average account value over the period. The Class' expenses would have been higher had certain expenses not been waived or reimbursed during the period.

#### Management's Discussion of Fund Performance

#### How did the fund perform last year?
The Series delivered positive returns but underperformed its blended benchmark for the 12-month period ended October 31, 2025.

#### What factors influenced performance?
The Series' positive return was supported by exposure to both equities and fixed income securities. Asset prices benefited from resilient consumer spending, strong corporate earnings, and optimism surrounding productivity gains from artificial intelligence (AI). Fixed income also contributed positively as the Federal Reserve began cutting interest rates, driving yields lower and bond prices higher. Collectively, easing monetary policy, solid consumer fundamentals, and ongoing AI-related investment created a favorable environment for risk assets.

From a relative standpoint, the Series' near-neutral stock/bond allocation, equity sector positioning, and fixed income decisions had limited impact on performance. Stock selection was the primary driver of relative underperformance. Limited participation in more speculative areas of the AI ecosystem and select "Magnificent 7" names remained a headwind during the year. In addition, certain portfolio holdings were pressured by market concerns over potential AI-driven disruption. In contrast, select exposure to payment network providers and companies in the aerospace & defense industries contributed positively to relative returns.

#### Positioning
We believe the outlook for economic growth and inflation is relatively balanced, with risks and potential rewards largely offsetting one another. While equity valuations remain elevated by historical standards, they are generally supported by continued earnings growth. Within the equity allocation, we maintain high conviction in a diversified portfolio emphasizing durable themes such as software as a service (SaaS), health care, and an overall quality orientation. On the fixed income side, we continue to favor securitized debt, particularly senior tranches backed by strong fundamentals and low credit risk, while remaining cautious on corporate credit given elevated valuations. Overall, we believe the Series' balanced mix of assets provides a compelling risk/reward profile in an evolving market environment.

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. The graph assumes a $10,000 initial investment in the Fund, an appropriate broad-based securities market index and a blended index that reflects the market sector in which the Fund invests for the same period.

#### Initial Investment of $10,000
![line](qes55d1mjboq7rj.jpg)

The returns are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to net asset values in accordance with accounting principles generally accepted in the United States of America.

The Bloomberg U.S. Aggregate Bond Index is an unmanaged, market-value weighted index of U.S. domestic investment-grade debt issues, including government, corporate, asset-backed, and mortgage-backed securities, with maturities of one year or more. Index returns do not reflect any fees or expenses. Index returns provided by Intercontinental Exchange (ICE).

The MSCI 30/10/30/30 Blended Benchmark is 30% MSCI USA Investable Market Index (IMI), 10% MSCI ACWI ex USA Index (ACWIxUS), 30% Bloomberg U.S. Aggregate Bond Index (BAB), and 30% Bloomberg U.S. Intermediate Aggregate Bond Index (BIAB) IMI is designed to measure large, mid, and small-cap representation across the US market. The Index is denominated in U.S. dollars. The Index returns are net of withholding taxes. They assume daily reinvestment of net dividends thus accounting for any applicable dividend taxation. Index returns provided by Bloomberg. ACWIxUS is designed to measure large and mid-cap representation across 22 of 23 Developed Markets countries (excluding the U.S.) and 24 Emerging Markets countries. The Index is denominated in U.S. dollars. The Index returns are net of withholding taxes. They assume daily reinvestment of net dividends thus accounting for any applicable dividend taxation. Index returns provided by Bloomberg. BAB is an unmanaged, market value-weighted index of U.S. domestic investment-grade debt issues, including government, corporate, asset-backed and mortgage-backed securities with maturities of one year or more. Index returns provided by Intercontinental Exchange (ICE). BIAB is an unmanaged, market value-weighted index of U.S. domestic investment-grade debt issues, including government, corporate, asset-backed, and mortgage-backed securities with maturities of greater than one year but less than ten years. Index returns provided by Intercontinental Exchange (ICE). The returns of the indices do not reflect any fees or expenses. Returns provided are calculated monthly using a blended allocation. Because the fund's asset allocation will vary over time, the composition of the fund's portfolio may not match the composition of the comparative Indices.

#### Manning & Napier Pro-Blend<sup>®</sup> Moderate Term Series Tailored Shareholder Report MNPBMO-S-10/25-AR
**The Manning & Napier Fund, Inc. is managed by Manning & Napier Advisors, LLC. Manning & Napier Investor Services, Inc., an affiliate of Manning & Napier Advisors, LLC, is the distributor of the Fund shares.**

#### Average Annual Total Returns
(As of October 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Pro-Blend<sup>®</sup> Moderate Term Series - S** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.42% |
| **Bloomberg U.S. Aggregate Bond Index** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.16% | -0.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.9% |
| **30/10/30/30 Blended Index** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.16% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **The Series' past performance is not a good predictor of how the Series will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Series distributions or redemptions of Series shares.** 

Index data referenced herein is the property of each index sponsor (MSCI and Bloomberg), their affiliates ('Index Sponsors') and/or their third party suppliers and has been licensed for use by Manning & Napier. The Index Sponsors and their third party suppliers accept no liability in connection with its use. Data provided is not a representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and none of these parties shall have any liability for any errors, omissions, or interruptions of any index or the data included therein. For additional disclosure information, please see: https://go.manning-napier.com/benchmark-provisions.

#### Key Fund Statistics (as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Net Assets** | $299692543 |
| **Number of Holdings** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 217 |
| **Portfolio Turnover (for the year ended 10/31/25)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70% |
| **Total Advisory Fees Paid (net of reimbursements)** | $1831997 |

---

The total net advisory fee represents the aggregate dollar amount of fund level management fees, which includes the impact of waivers and/or expense reimbursements of management fees and other expenses for the period.

#### Sector Allocation (% of net assets)
(as of October 31, 2025)

![pie](qes1kzoc1mi9apu8n.jpg)

The Global Industry Classification Standard (GICS) was developed by and is exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor's a division of S&P Global Inc. (S&P), and is licensed for use by Manning & Napier when referencing GICS sectors. Neither MSCI, S&P, nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification, nor shall any such party have any liability therefrom.

#### What did the Fund invest in?
(as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Investment Types**<br>  | **%**<br>  |
| **Common Stocks** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43.9 |
| **Corporate Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.5 |
| **U.S. Treasury Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.7 |
| **U.S. Treasury Notes** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.6 |
| **Asset-Backed Securities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.7 |
| **Commercial Mortgage-Backed Securities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.4 |
| **Foreign Government Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.7 |
| **Municipal Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.3 |
| **U.S. Government Agencies** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.0 |
| **Cash, short-term investment, and other assets, less liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.2 |

---

Expressed as a percentage of net assets.

#### How has the Fund changed?
This is a summary of certain changes to the Series since October 31, 2024. For more complete information, you may review the Series' prospectus, available at www.manning-napier.com/products/mutual-funds or upon request by contacting us at (800)466-3863.

Effective October 24, 2025 , the portfolio management teams of the Series changed as follows:

James Slentz, CFA**<sup>®</sup>** and Jacob Boak, CFA**<sup>®</sup>** became members of the Series' portfolio management teams.

#### Householding
The Fund may send only one copy of the Series' prospectus and annual and semi-annuals reports to certain shareholders residing at the same "household" for shareholders who have elected this option. This reduces Fund expenses, which benefits you and other shareholders. If you wish to change your "householding" option, please call (800) 466-3863 or contact your financial advisor.

**Additional information about the Series, including its prospectus, financial information, holdings, and proxy information can be obtained at www.manning-napier.com/products/mutual-funds or by calling (800) 466-3863. Shareholders can also elect to receive certain documents via e-delivery. For more information or to sign up for e-delivery, please visit the Fund's website.**

#### Manning & Napier Pro-Blend<sup>®</sup> Moderate Term Series Tailored Shareholder Report MNPBMO-I-10/25-AR
**The Manning & Napier Fund, Inc. is managed by Manning & Napier Advisors, LLC. Manning & Napier Investor Services, Inc., an affiliate of Manning & Napier Advisors, LLC, is the distributor of the Fund shares.**

---

| | |
|:---|:---|
| **annual shareholder report**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pro-Blend<sup>®</sup> Moderate - Class I** <br> ticker: MNMIX <br>| <br> ![logo](d7qy18jf8lx4xgcvm.jpg)  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This annual shareholder report contains important information about Class I of Pro-Blend<sup>®</sup> Moderate Term Series, a series of Manning & Napier Fund Inc., for the period of November 1, 2024 to October 31, 2025, **including a description of changes to the Series that occurred during the reporting period.** You can find additional information about the Fund at www.manning-napier.com/products/mutual-funds. You can also request this information by contacting us at (800) 466-3863. Shareholders who own the Fund through a third-party advisor or intermediary platform should contact their financial advisor directly for additional information.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| Class I | $88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.85% |

---

Expenses are equal to Class I shares' annualized expense ratio (for the twelve-month period) multiplied by the average account value over the period. The Class' expenses would have been higher had certain expenses not been waived or reimbursed during the period.

#### Management's Discussion of Fund Performance

#### How did the fund perform last year?
The Series delivered positive returns but underperformed its blended benchmark for the 12-month period ended October 31, 2025.

#### What factors influenced performance?
The Series' positive return was supported by exposure to both equities and fixed income securities. Asset prices benefited from resilient consumer spending, strong corporate earnings, and optimism surrounding productivity gains from artificial intelligence (AI). Fixed income also contributed positively as the Federal Reserve began cutting interest rates, driving yields lower and bond prices higher. Collectively, easing monetary policy, solid consumer fundamentals, and ongoing AI-related investment created a favorable environment for risk assets.

From a relative standpoint, the Series' near-neutral stock/bond allocation, equity sector positioning, and fixed income decisions had limited impact on performance. Stock selection was the primary driver of relative underperformance. Limited participation in more speculative areas of the AI ecosystem and select "Magnificent 7" names remained a headwind during the year. In addition, certain portfolio holdings were pressured by market concerns over potential AI-driven disruption. In contrast, select exposure to payment network providers and companies in the aerospace & defense industries contributed positively to relative returns.

#### Positioning
We believe the outlook for economic growth and inflation is relatively balanced, with risks and potential rewards largely offsetting one another. While equity valuations remain elevated by historical standards, they are generally supported by continued earnings growth. Within the equity allocation, we maintain high conviction in a diversified portfolio emphasizing durable themes such as software as a service (SaaS), health care, and an overall quality orientation. On the fixed income side, we continue to favor securitized debt, particularly senior tranches backed by strong fundamentals and low credit risk, while remaining cautious on corporate credit given elevated valuations. Overall, we believe the Series' balanced mix of assets provides a compelling risk/reward profile in an evolving market environment.

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. The graph assumes a $10,000 initial investment in the Fund, an appropriate broad-based securities market index and a blended index that reflects the market sector in which the Fund invests for the same period.

#### Initial Investment of $10,000
![line](qes33ley1mjbotckz.jpg)

The returns are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to net asset values in accordance with accounting principles generally accepted in the United States of America.

The Bloomberg U.S. Aggregate Bond Index is an unmanaged, market-value weighted index of U.S. domestic investment-grade debt issues, including government, corporate, asset-backed, and mortgage-backed securities, with maturities of one year or more. Index returns do not reflect any fees or expenses. Index returns provided by Intercontinental Exchange (ICE).

The MSCI 30/10/30/30 Blended Benchmark is 30% MSCI USA Investable Market Index (IMI), 10% MSCI ACWI ex USA Index (ACWIxUS), 30% Bloomberg U.S. Aggregate Bond Index (BAB), and 30% Bloomberg U.S. Intermediate Aggregate Bond Index (BIAB) IMI is designed to measure large, mid, and small-cap representation across the US market. The Index is denominated in U.S. dollars. The Index returns are net of withholding taxes. They assume daily reinvestment of net dividends thus accounting for any applicable dividend taxation. Index returns provided by Bloomberg. ACWIxUS is designed to measure large and mid-cap representation across 22 of 23 Developed Markets countries (excluding the U.S.) and 24 Emerging Markets countries. The Index is denominated in U.S. dollars. The Index returns are net of withholding taxes. They assume daily reinvestment of net dividends thus accounting for any applicable dividend taxation. Index returns provided by Bloomberg. BAB is an unmanaged, market value-weighted index of U.S. domestic investment-grade debt issues, including government, corporate, asset-backed and mortgage-backed securities with maturities of one year or more. Index returns provided by Intercontinental Exchange (ICE). BIAB is an unmanaged, market value-weighted index of U.S. domestic investment-grade debt issues, including government, corporate, asset-backed, and mortgage-backed securities with maturities of greater than one year but less than ten years. Index returns provided by Intercontinental Exchange (ICE). The returns of the indices do not reflect any fees or expenses. Returns provided are calculated monthly using a blended allocation. Because the fund's asset allocation will vary over time, the composition of the fund's portfolio may not match the composition of the comparative Indices.

#### Manning & Napier Pro-Blend<sup>®</sup> Moderate Term Series Tailored Shareholder Report MNPBMO-I-10/25-AR
**The Manning & Napier Fund, Inc. is managed by Manning & Napier Advisors, LLC. Manning & Napier Investor Services, Inc., an affiliate of Manning & Napier Advisors, LLC, is the distributor of the Fund shares.**

#### Average Annual Total Returns
(As of October 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Pro-Blend<sup>®</sup> Moderate Term Series - I** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.67% |
| **Bloomberg U.S. Aggregate Bond Index** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.16% | -0.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.9% |
| **30/10/30/30 Blended Index** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.16% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **The Series' past performance is not a good predictor of how the Series will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Series distributions or redemptions of Series shares.** 

Index data referenced herein is the property of each index sponsor (MSCI and Bloomberg), their affiliates ('Index Sponsors') and/or their third party suppliers and has been licensed for use by Manning & Napier. The Index Sponsors and their third party suppliers accept no liability in connection with its use. Data provided is not a representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and none of these parties shall have any liability for any errors, omissions, or interruptions of any index or the data included therein. For additional disclosure information, please see: https://go.manning-napier.com/benchmark-provisions.

#### Key Fund Statistics (as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Net Assets** | $299692543 |
| **Number of Holdings** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 217 |
| **Portfolio Turnover (for the year ended 10/31/25)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70% |
| **Total Advisory Fees Paid (net of reimbursements)** | $1831997 |

---

The total net advisory fee represents the aggregate dollar amount of fund level management fees, which includes the impact of waivers and/or expense reimbursements of management fees and other expenses for the period.

#### Sector Allocation (% of net assets)
(as of October 31, 2025)

![pie](qes1kzoc1mi9apu8n.jpg)

The Global Industry Classification Standard (GICS) was developed by and is exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor's a division of S&P Global Inc. (S&P), and is licensed for use by Manning & Napier when referencing GICS sectors. Neither MSCI, S&P, nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification, nor shall any such party have any liability therefrom.

#### What did the Fund invest in?
(as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Investment Types**<br>  | **%**<br>  |
| **Common Stocks** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43.9 |
| **Corporate Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.5 |
| **U.S. Treasury Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.7 |
| **U.S. Treasury Notes** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.6 |
| **Asset-Backed Securities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.7 |
| **Commercial Mortgage-Backed Securities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.4 |
| **Foreign Government Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.7 |
| **Municipal Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.3 |
| **U.S. Government Agencies** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.0 |
| **Cash, short-term investment, and other assets, less liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.2 |

---

Expressed as a percentage of net assets.

#### How has the Fund changed?
This is a summary of certain changes to the Series since October 31, 2024. For more complete information, you may review the Series' prospectus, available at www.manning-napier.com/products/mutual-funds or upon request by contacting us at (800)466-3863.

Effective October 24, 2025 , the portfolio management teams of the Series changed as follows:

James Slentz, CFA**<sup>®</sup>** and Jacob Boak, CFA**<sup>®</sup>** became members of the Series' portfolio management teams.

#### Householding
The Fund may send only one copy of the Series' prospectus and annual and semi-annuals reports to certain shareholders residing at the same "household" for shareholders who have elected this option. This reduces Fund expenses, which benefits you and other shareholders. If you wish to change your "householding" option, please call (800) 466-3863 or contact your financial advisor.

**Additional information about the Series, including its prospectus, financial information, holdings, and proxy information can be obtained at www.manning-napier.com/products/mutual-funds or by calling (800) 466-3863. Shareholders can also elect to receive certain documents via e-delivery. For more information or to sign up for e-delivery, please visit the Fund's website.**

#### Manning & Napier Pro-Blend<sup>®</sup> Moderate Term Series Tailored Shareholder Report MNPBMO-R-10/25-AR
**The Manning & Napier Fund, Inc. is managed by Manning & Napier Advisors, LLC. Manning & Napier Investor Services, Inc., an affiliate of Manning & Napier Advisors, LLC, is the distributor of the Fund shares.**

---

| | |
|:---|:---|
| **annual shareholder report**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pro-Blend<sup>®</sup> Moderate - Class R** <br> ticker: MNMRX <br>| <br> ![logo](d7qy18jf8lx4xgcvm.jpg)  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This annual shareholder report contains important information about Class R of Pro-Blend<sup>®</sup> Moderate Term Series, a series of Manning & Napier Fund Inc., for the period of November 1, 2024 to October 31, 2025, **including a description of changes to the Series that occurred during the reporting period.** You can find additional information about the Fund at www.manning-napier.com/products/mutual-funds. You can also request this information by contacting us at (800) 466-3863. Shareholders who own the Fund through a third-party advisor or intermediary platform should contact their financial advisor directly for additional information.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| Class R | $136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.31% |

---

Expenses are equal to Class R shares' annualized expense ratio (for the twelve-month period) multiplied by the average account value over the period. The Class' expenses would have been higher had certain expenses not been waived or reimbursed during the period.

#### Management's Discussion of Fund Performance

#### How did the fund perform last year?
The Series delivered positive returns but underperformed its blended benchmark for the 12-month period ended October 31, 2025.

#### What factors influenced performance?
The Series' positive return was supported by exposure to both equities and fixed income securities. Asset prices benefited from resilient consumer spending, strong corporate earnings, and optimism surrounding productivity gains from artificial intelligence (AI). Fixed income also contributed positively as the Federal Reserve began cutting interest rates, driving yields lower and bond prices higher. Collectively, easing monetary policy, solid consumer fundamentals, and ongoing AI-related investment created a favorable environment for risk assets.

From a relative standpoint, the Series' near-neutral stock/bond allocation, equity sector positioning, and fixed income decisions had limited impact on performance. Stock selection was the primary driver of relative underperformance. Limited participation in more speculative areas of the AI ecosystem and select "Magnificent 7" names remained a headwind during the year. In addition, certain portfolio holdings were pressured by market concerns over potential AI-driven disruption. In contrast, select exposure to payment network providers and companies in the aerospace & defense industries contributed positively to relative returns.

#### Positioning
We believe the outlook for economic growth and inflation is relatively balanced, with risks and potential rewards largely offsetting one another. While equity valuations remain elevated by historical standards, they are generally supported by continued earnings growth. Within the equity allocation, we maintain high conviction in a diversified portfolio emphasizing durable themes such as software as a service (SaaS), health care, and an overall quality orientation. On the fixed income side, we continue to favor securitized debt, particularly senior tranches backed by strong fundamentals and low credit risk, while remaining cautious on corporate credit given elevated valuations. Overall, we believe the Series' balanced mix of assets provides a compelling risk/reward profile in an evolving market environment.

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. The graph assumes a $10,000 initial investment in the Fund, an appropriate broad-based securities market index and a blended index that reflects the market sector in which the Fund invests for the same period.

#### Initial Investment of $10,000
![line](qes33ley1mjbootzf.jpg)

The returns are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to net asset values in accordance with accounting principles generally accepted in the United States of America.

The Bloomberg U.S. Aggregate Bond Index is an unmanaged, market-value weighted index of U.S. domestic investment-grade debt issues, including government, corporate, asset-backed, and mortgage-backed securities, with maturities of one year or more. Index returns do not reflect any fees or expenses. Index returns provided by Intercontinental Exchange (ICE).

The MSCI 30/10/30/30 Blended Benchmark is 30% MSCI USA Investable Market Index (IMI), 10% MSCI ACWI ex USA Index (ACWIxUS), 30% Bloomberg U.S. Aggregate Bond Index (BAB), and 30% Bloomberg U.S. Intermediate Aggregate Bond Index (BIAB) IMI is designed to measure large, mid, and small-cap representation across the US market. The Index is denominated in U.S. dollars. The Index returns are net of withholding taxes. They assume daily reinvestment of net dividends thus accounting for any applicable dividend taxation. Index returns provided by Bloomberg. ACWIxUS is designed to measure large and mid-cap representation across 22 of 23 Developed Markets countries (excluding the U.S.) and 24 Emerging Markets countries. The Index is denominated in U.S. dollars. The Index returns are net of withholding taxes. They assume daily reinvestment of net dividends thus accounting for any applicable dividend taxation. Index returns provided by Bloomberg. BAB is an unmanaged, market value-weighted index of U.S. domestic investment-grade debt issues, including government, corporate, asset-backed and mortgage-backed securities with maturities of one year or more. Index returns provided by Intercontinental Exchange (ICE). BIAB is an unmanaged, market value-weighted index of U.S. domestic investment-grade debt issues, including government, corporate, asset-backed, and mortgage-backed securities with maturities of greater than one year but less than ten years. Index returns provided by Intercontinental Exchange (ICE). The returns of the indices do not reflect any fees or expenses. Returns provided are calculated monthly using a blended allocation. Because the fund's asset allocation will vary over time, the composition of the fund's portfolio may not match the composition of the comparative Indices.

#### Manning & Napier Pro-Blend<sup>®</sup> Moderate Term Series Tailored Shareholder Report MNPBMO-R-10/25-AR
**The Manning & Napier Fund, Inc. is managed by Manning & Napier Advisors, LLC. Manning & Napier Investor Services, Inc., an affiliate of Manning & Napier Advisors, LLC, is the distributor of the Fund shares.**

#### Average Annual Total Returns
(As of October 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Pro-Blend<sup>®</sup> Moderate Term Series - R** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.18% |
| **Bloomberg U.S. Aggregate Bond Index** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.16% | -0.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.9% |
| **30/10/30/30 Blended Index** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.16% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **The Series' past performance is not a good predictor of how the Series will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Series distributions or redemptions of Series shares.** 

Index data referenced herein is the property of each index sponsor (MSCI and Bloomberg), their affiliates ('Index Sponsors') and/or their third party suppliers and has been licensed for use by Manning & Napier. The Index Sponsors and their third party suppliers accept no liability in connection with its use. Data provided is not a representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and none of these parties shall have any liability for any errors, omissions, or interruptions of any index or the data included therein. For additional disclosure information, please see: https://go.manning-napier.com/benchmark-provisions.

#### Key Fund Statistics (as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Net Assets** | $299692543 |
| **Number of Holdings** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 217 |
| **Portfolio Turnover (for the year ended 10/31/25)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70% |
| **Total Advisory Fees Paid (net of reimbursements)** | $1831997 |

---

The total net advisory fee represents the aggregate dollar amount of fund level management fees, which includes the impact of waivers and/or expense reimbursements of management fees and other expenses for the period.

#### Sector Allocation (% of net assets)
(as of October 31, 2025)

![pie](qes1kzoc1mi9apu8n.jpg)

The Global Industry Classification Standard (GICS) was developed by and is exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor's a division of S&P Global Inc. (S&P), and is licensed for use by Manning & Napier when referencing GICS sectors. Neither MSCI, S&P, nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification, nor shall any such party have any liability therefrom.

#### What did the Fund invest in?
(as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Investment Types**<br>  | **%**<br>  |
| **Common Stocks** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43.9 |
| **Corporate Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.5 |
| **U.S. Treasury Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.7 |
| **U.S. Treasury Notes** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.6 |
| **Asset-Backed Securities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.7 |
| **Commercial Mortgage-Backed Securities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.4 |
| **Foreign Government Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.7 |
| **Municipal Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.3 |
| **U.S. Government Agencies** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.0 |
| **Cash, short-term investment, and other assets, less liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.2 |

---

Expressed as a percentage of net assets.

#### How has the Fund changed?
This is a summary of certain changes to the Series since October 31, 2024. For more complete information, you may review the Series' prospectus, available at www.manning-napier.com/products/mutual-funds or upon request by contacting us at (800)466-3863.

Effective October 24, 2025 , the portfolio management teams of the Series changed as follows:

James Slentz, CFA**<sup>®</sup>** and Jacob Boak, CFA**<sup>®</sup>** became members of the Series' portfolio management teams.

#### Householding
The Fund may send only one copy of the Series' prospectus and annual and semi-annuals reports to certain shareholders residing at the same "household" for shareholders who have elected this option. This reduces Fund expenses, which benefits you and other shareholders. If you wish to change your "householding" option, please call (800) 466-3863 or contact your financial advisor.

**Additional information about the Series, including its prospectus, financial information, holdings, and proxy information can be obtained at www.manning-napier.com/products/mutual-funds or by calling (800) 466-3863. Shareholders can also elect to receive certain documents via e-delivery. For more information or to sign up for e-delivery, please visit the Fund's website.**

#### Manning & Napier Pro-Blend<sup>®</sup> Moderate Term Series Tailored Shareholder Report MNPBMO-L-10/25-AR
**The Manning & Napier Fund, Inc. is managed by Manning & Napier Advisors, LLC. Manning & Napier Investor Services, Inc., an affiliate of Manning & Napier Advisors, LLC, is the distributor of the Fund shares.**

---

| | |
|:---|:---|
| **annual shareholder report**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pro-Blend<sup>®</sup> Moderate - Class L** <br> ticker: MNMCX <br>| <br> ![logo](d7qy18jf8lx4xgcvm.jpg)  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This annual shareholder report contains important information about Class L of Pro-Blend<sup>®</sup> Moderate Term Series, a series of Manning & Napier Fund Inc., for the period of November 1, 2024 to October 31, 2025, **including a description of changes to the Series that occurred during the reporting period.** You can find additional information about the Fund at www.manning-napier.com/products/mutual-funds. You can also request this information by contacting us at (800) 466-3863. Shareholders who own the Fund through a third-party advisor or intermediary platform should contact their financial advisor directly for additional information.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| Class L | $188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.82% |

---

Expenses are equal to Class L shares' annualized expense ratio (for the twelve-month period) multiplied by the average account value over the period. The Class' expenses would have been higher had certain expenses not been waived or reimbursed during the period.

#### Management's Discussion of Fund Performance

#### How did the fund perform last year?
The Series delivered positive returns but underperformed its blended benchmark for the 12-month period ended October 31, 2025.

#### What factors influenced performance?
The Series' positive return was supported by exposure to both equities and fixed income securities. Asset prices benefited from resilient consumer spending, strong corporate earnings, and optimism surrounding productivity gains from artificial intelligence (AI). Fixed income also contributed positively as the Federal Reserve began cutting interest rates, driving yields lower and bond prices higher. Collectively, easing monetary policy, solid consumer fundamentals, and ongoing AI-related investment created a favorable environment for risk assets.

From a relative standpoint, the Series' near-neutral stock/bond allocation, equity sector positioning, and fixed income decisions had limited impact on performance. Stock selection was the primary driver of relative underperformance. Limited participation in more speculative areas of the AI ecosystem and select "Magnificent 7" names remained a headwind during the year. In addition, certain portfolio holdings were pressured by market concerns over potential AI-driven disruption. In contrast, select exposure to payment network providers and companies in the aerospace & defense industries contributed positively to relative returns.

#### Positioning
We believe the outlook for economic growth and inflation is relatively balanced, with risks and potential rewards largely offsetting one another. While equity valuations remain elevated by historical standards, they are generally supported by continued earnings growth. Within the equity allocation, we maintain high conviction in a diversified portfolio emphasizing durable themes such as software as a service (SaaS), health care, and an overall quality orientation. On the fixed income side, we continue to favor securitized debt, particularly senior tranches backed by strong fundamentals and low credit risk, while remaining cautious on corporate credit given elevated valuations. Overall, we believe the Series' balanced mix of assets provides a compelling risk/reward profile in an evolving market environment.

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. The graph assumes a $10,000 initial investment in the Fund, an appropriate broad-based securities market index and a blended index that reflects the market sector in which the Fund invests for the same period.

#### Initial Investment of $10,000
![line](qes33ley1mjbomyjv.jpg)

The returns are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to net asset values in accordance with accounting principles generally accepted in the United States of America.

The Bloomberg U.S. Aggregate Bond Index is an unmanaged, market-value weighted index of U.S. domestic investment-grade debt issues, including government, corporate, asset-backed, and mortgage-backed securities, with maturities of one year or more. Index returns do not reflect any fees or expenses. Index returns provided by Intercontinental Exchange (ICE).

The MSCI 30/10/30/30 Blended Benchmark is 30% MSCI USA Investable Market Index (IMI), 10% MSCI ACWI ex USA Index (ACWIxUS), 30% Bloomberg U.S. Aggregate Bond Index (BAB), and 30% Bloomberg U.S. Intermediate Aggregate Bond Index (BIAB) IMI is designed to measure large, mid, and small-cap representation across the US market. The Index is denominated in U.S. dollars. The Index returns are net of withholding taxes. They assume daily reinvestment of net dividends thus accounting for any applicable dividend taxation. Index returns provided by Bloomberg. ACWIxUS is designed to measure large and mid-cap representation across 22 of 23 Developed Markets countries (excluding the U.S.) and 24 Emerging Markets countries. The Index is denominated in U.S. dollars. The Index returns are net of withholding taxes. They assume daily reinvestment of net dividends thus accounting for any applicable dividend taxation. Index returns provided by Bloomberg. BAB is an unmanaged, market value-weighted index of U.S. domestic investment-grade debt issues, including government, corporate, asset-backed and mortgage-backed securities with maturities of one year or more. Index returns provided by Intercontinental Exchange (ICE). BIAB is an unmanaged, market value-weighted index of U.S. domestic investment-grade debt issues, including government, corporate, asset-backed, and mortgage-backed securities with maturities of greater than one year but less than ten years. Index returns provided by Intercontinental Exchange (ICE). The returns of the indices do not reflect any fees or expenses. Returns provided are calculated monthly using a blended allocation. Because the fund's asset allocation will vary over time, the composition of the fund's portfolio may not match the composition of the comparative Indices.

#### Manning & Napier Pro-Blend<sup>®</sup> Moderate Term Series Tailored Shareholder Report MNPBMO-L-10/25-AR
**The Manning & Napier Fund, Inc. is managed by Manning & Napier Advisors, LLC. Manning & Napier Investor Services, Inc., an affiliate of Manning & Napier Advisors, LLC, is the distributor of the Fund shares.**

#### Average Annual Total Returns
(As of October 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Pro-Blend<sup>®</sup> Moderate Term Series - L** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.66% |
| **Bloomberg U.S. Aggregate Bond Index** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.16% | -0.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.9% |
| **30/10/30/30 Blended Index** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.16% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **The Series' past performance is not a good predictor of how the Series will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Series distributions or redemptions of Series shares.** 

Index data referenced herein is the property of each index sponsor (MSCI and Bloomberg), their affiliates ('Index Sponsors') and/or their third party suppliers and has been licensed for use by Manning & Napier. The Index Sponsors and their third party suppliers accept no liability in connection with its use. Data provided is not a representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and none of these parties shall have any liability for any errors, omissions, or interruptions of any index or the data included therein. For additional disclosure information, please see: https://go.manning-napier.com/benchmark-provisions.

#### Key Fund Statistics (as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Net Assets** | $299692543 |
| **Number of Holdings** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 217 |
| **Portfolio Turnover (for the year ended 10/31/25)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70% |
| **Total Advisory Fees Paid (net of reimbursements)** | $1831997 |

---

The total net advisory fee represents the aggregate dollar amount of fund level management fees, which includes the impact of waivers and/or expense reimbursements of management fees and other expenses for the period.

#### Sector Allocation (% of net assets)
(as of October 31, 2025)

![pie](qes1kzoc1mi9apu8n.jpg)

The Global Industry Classification Standard (GICS) was developed by and is exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor's a division of S&P Global Inc. (S&P), and is licensed for use by Manning & Napier when referencing GICS sectors. Neither MSCI, S&P, nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification, nor shall any such party have any liability therefrom.

#### What did the Fund invest in?
(as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Investment Types**<br>  | **%**<br>  |
| **Common Stocks** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43.9 |
| **Corporate Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.5 |
| **U.S. Treasury Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.7 |
| **U.S. Treasury Notes** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.6 |
| **Asset-Backed Securities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.7 |
| **Commercial Mortgage-Backed Securities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.4 |
| **Foreign Government Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.7 |
| **Municipal Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.3 |
| **U.S. Government Agencies** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.0 |
| **Cash, short-term investment, and other assets, less liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.2 |

---

Expressed as a percentage of net assets.

#### How has the Fund changed?
This is a summary of certain changes to the Series since October 31, 2024. For more complete information, you may review the Series' prospectus, available at www.manning-napier.com/products/mutual-funds or upon request by contacting us at (800)466-3863.

Effective October 24, 2025 , the portfolio management teams of the Series changed as follows:

James Slentz, CFA**<sup>®</sup>** and Jacob Boak, CFA**<sup>®</sup>** became members of the Series' portfolio management teams.

#### Householding
The Fund may send only one copy of the Series' prospectus and annual and semi-annuals reports to certain shareholders residing at the same "household" for shareholders who have elected this option. This reduces Fund expenses, which benefits you and other shareholders. If you wish to change your "householding" option, please call (800) 466-3863 or contact your financial advisor.

**Additional information about the Series, including its prospectus, financial information, holdings, and proxy information can be obtained at www.manning-napier.com/products/mutual-funds or by calling (800) 466-3863. Shareholders can also elect to receive certain documents via e-delivery. For more information or to sign up for e-delivery, please visit the Fund's website.**

#### Manning & Napier Pro-Blend<sup>®</sup> Moderate Term Series Tailored Shareholder Report MNPBMO-W-10/25-AR
**The Manning & Napier Fund, Inc. is managed by Manning & Napier Advisors, LLC. Manning & Napier Investor Services, Inc., an affiliate of Manning & Napier Advisors, LLC, is the distributor of the Fund shares.**

---

| | |
|:---|:---|
| **annual shareholder report**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pro-Blend<sup>®</sup> Moderate - Class W** <br> ticker: MNMWX <br>| <br> ![logo](d7qy18jf8lx4xgcvm.jpg)  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This annual shareholder report contains important information about Class W of Pro-Blend<sup>®</sup> Moderate Term Series, a series of Manning & Napier Fund Inc., for the period of November 1, 2024 to October 31, 2025, **including a description of changes to the Series that occurred during the reporting period.** You can find additional information about the Fund at www.manning-napier.com/products/mutual-funds. You can also request this information by contacting us at (800) 466-3863. Shareholders who own the Fund through a third-party advisor or intermediary platform should contact their financial advisor directly for additional information.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| Class W | $10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10% |

---

Expenses are equal to Class W shares' annualized expense ratio (for the twelve-month period) multiplied by the average account value over the period. The Class' expenses would have been higher had certain expenses not been waived or reimbursed during the period.

#### Management's Discussion of Fund Performance

#### How did the fund perform last year?
The Series delivered positive returns but underperformed its blended benchmark for the 12-month period ended October 31, 2025.

#### What factors influenced performance?
The Series' positive return was supported by exposure to both equities and fixed income securities. Asset prices benefited from resilient consumer spending, strong corporate earnings, and optimism surrounding productivity gains from artificial intelligence (AI). Fixed income also contributed positively as the Federal Reserve began cutting interest rates, driving yields lower and bond prices higher. Collectively, easing monetary policy, solid consumer fundamentals, and ongoing AI-related investment created a favorable environment for risk assets.

From a relative standpoint, the Series' near-neutral stock/bond allocation, equity sector positioning, and fixed income decisions had limited impact on performance. Stock selection was the primary driver of relative underperformance. Limited participation in more speculative areas of the AI ecosystem and select "Magnificent 7" names remained a headwind during the year. In addition, certain portfolio holdings were pressured by market concerns over potential AI-driven disruption. In contrast, select exposure to payment network providers and companies in the aerospace & defense industries contributed positively to relative returns.

#### Positioning
We believe the outlook for economic growth and inflation is relatively balanced, with risks and potential rewards largely offsetting one another. While equity valuations remain elevated by historical standards, they are generally supported by continued earnings growth. Within the equity allocation, we maintain high conviction in a diversified portfolio emphasizing durable themes such as software as a service (SaaS), health care, and an overall quality orientation. On the fixed income side, we continue to favor securitized debt, particularly senior tranches backed by strong fundamentals and low credit risk, while remaining cautious on corporate credit given elevated valuations. Overall, we believe the Series' balanced mix of assets provides a compelling risk/reward profile in an evolving market environment.

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. The graph assumes a $10,000 initial investment in the Fund, an appropriate broad-based securities market index and a blended index that reflects the market sector in which the Fund invests for the same period.

#### Initial Investment of $10,000
![line](qesjsoa1mjbouhlt.jpg)

The returns are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to net asset values in accordance with accounting principles generally accepted in the United States of America.

For periods through April 1, 2019 (the inception date of the Class W shares), performance for the Class W shares is based on the historical performance of the Class S shares. Because the Class W shares invest in the same portfolio of securities as the Class S shares, performance will be different only to the extent that the Class S shares have a higher expense ratio.

The Bloomberg U.S. Aggregate Bond Index is an unmanaged, market-value weighted index of U.S. domestic investment-grade debt issues, including government, corporate, asset-backed, and mortgage-backed securities, with maturities of one year or more. Index returns do not reflect any fees or expenses. Index returns provided by Intercontinental Exchange (ICE).

The MSCI 30/10/30/30 Blended Benchmark is 30% MSCI USA Investable Market Index (IMI), 10% MSCI ACWI ex USA Index (ACWIxUS), 30% Bloomberg U.S. Aggregate Bond Index (BAB), and 30% Bloomberg U.S. Intermediate Aggregate Bond Index (BIAB) IMI is designed to measure large, mid, and small-cap representation across the US market. The Index is denominated in U.S. dollars. The Index returns are net of withholding taxes. They assume daily reinvestment of net dividends thus accounting for any applicable dividend taxation. Index returns provided by Bloomberg. ACWIxUS is designed to measure large and mid-cap representation across 22 of 23 Developed Markets countries (excluding the U.S.) and 24 Emerging Markets countries. The Index is denominated in U.S. dollars. The Index returns are net of withholding taxes. They assume daily reinvestment of net dividends thus accounting for any applicable dividend taxation. Index returns provided by Bloomberg. BAB is an unmanaged, market value-weighted index of U.S. domestic investment-grade debt issues, including government, corporate, asset-backed and mortgage-backed securities with maturities of one year or more. Index returns provided by Intercontinental Exchange (ICE). BIAB is an unmanaged, market value-weighted index of U.S. domestic investment-grade debt issues, including government, corporate, asset-backed, and mortgage-backed securities with maturities of greater than one year but less than ten years. Index returns provided by Intercontinental Exchange (ICE). The returns of the indices do not reflect any fees or expenses. Returns provided are calculated monthly using a blended allocation. Because the fund's asset allocation will vary over time, the composition of the fund's portfolio may not match the composition of the comparative Indices.

#### Manning & Napier Pro-Blend<sup>®</sup> Moderate Term Series Tailored Shareholder Report MNPBMO-W-10/25-AR
**The Manning & Napier Fund, Inc. is managed by Manning & Napier Advisors, LLC. Manning & Napier Investor Services, Inc., an affiliate of Manning & Napier Advisors, LLC, is the distributor of the Fund shares.**

#### Average Annual Total Returns
(As of October 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Pro-Blend<sup>®</sup> Moderate Term Series - W** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.09% |
| **Bloomberg U.S. Aggregate Bond Index** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.16% | -0.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.9% |
| **30/10/30/30 Blended Index** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.16% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **The Series' past performance is not a good predictor of how the Series will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Series distributions or redemptions of Series shares.** 

Index data referenced herein is the property of each index sponsor (MSCI and Bloomberg), their affiliates ('Index Sponsors') and/or their third party suppliers and has been licensed for use by Manning & Napier. The Index Sponsors and their third party suppliers accept no liability in connection with its use. Data provided is not a representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and none of these parties shall have any liability for any errors, omissions, or interruptions of any index or the data included therein. For additional disclosure information, please see: https://go.manning-napier.com/benchmark-provisions.

#### Key Fund Statistics (as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Net Assets** | $299692543 |
| **Number of Holdings** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 217 |
| **Portfolio Turnover (for the year ended 10/31/25)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70% |
| **Total Advisory Fees Paid (net of reimbursements)** | $1831997 |

---

The total net advisory fee represents the aggregate dollar amount of fund level management fees, which includes the impact of waivers and/or expense reimbursements of management fees and other expenses for the period.

#### Sector Allocation (% of net assets)
(as of October 31, 2025)

![pie](qes1kzoc1mi9apu8n.jpg)

The Global Industry Classification Standard (GICS) was developed by and is exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor's a division of S&P Global Inc. (S&P), and is licensed for use by Manning & Napier when referencing GICS sectors. Neither MSCI, S&P, nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification, nor shall any such party have any liability therefrom.

#### What did the Fund invest in?
(as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Investment Types**<br>  | **%**<br>  |
| **Common Stocks** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43.9 |
| **Corporate Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.5 |
| **U.S. Treasury Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.7 |
| **U.S. Treasury Notes** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.6 |
| **Asset-Backed Securities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.7 |
| **Commercial Mortgage-Backed Securities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.4 |
| **Foreign Government Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.7 |
| **Municipal Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.3 |
| **U.S. Government Agencies** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.0 |
| **Cash, short-term investment, and other assets, less liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.2 |

---

Expressed as a percentage of net assets.

#### How has the Fund changed?
This is a summary of certain changes to the Series since October 31, 2024. For more complete information, you may review the Series' prospectus, available at www.manning-napier.com/products/mutual-funds or upon request by contacting us at (800)466-3863.

Effective October 24, 2025 , the portfolio management teams of the Series changed as follows:

James Slentz, CFA**<sup>®</sup>** and Jacob Boak, CFA**<sup>®</sup>** became members of the Series' portfolio management teams.

#### Householding
The Fund may send only one copy of the Series' prospectus and annual and semi-annuals reports to certain shareholders residing at the same "household" for shareholders who have elected this option. This reduces Fund expenses, which benefits you and other shareholders. If you wish to change your "householding" option, please call (800) 466-3863 or contact your financial advisor.

**Additional information about the Series, including its prospectus, financial information, holdings, and proxy information can be obtained at www.manning-napier.com/products/mutual-funds or by calling (800) 466-3863. Shareholders can also elect to receive certain documents via e-delivery. For more information or to sign up for e-delivery, please visit the Fund's website.**

#### Manning & Napier Pro-Blend<sup>®</sup> Extended Term Series Tailored Shareholder Report MNPBEX-S-10/25-AR
**The Manning & Napier Fund, Inc. is managed by Manning & Napier Advisors, LLC. Manning & Napier Investor Services, Inc., an affiliate of Manning & Napier Advisors, LLC, is the distributor of the Fund shares.**

---

| | |
|:---|:---|
| **annual shareholder report**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pro-Blend<sup>®</sup> Extended - Class S** <br> ticker: MNBAX <br>| <br> ![logo](d7qy18jf8lx4xgcvm.jpg)  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This annual shareholder report contains important information about Class S of Pro-Blend<sup>®</sup> Extended Term Series, a series of Manning & Napier Fund Inc., for the period of November 1, 2024 to October 31, 2025, **including a description of changes to the Series that occurred during the reporting period.** You can find additional information about the Fund at www.manning-napier.com/products/mutual-funds. You can also request this information by contacting us at (800) 466-3863. Shareholders who own the Fund through a third-party advisor or intermediary platform should contact their financial advisor directly for additional information.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| Class S | $107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.03% |

---

Expenses are equal to Class S shares' annualized expense ratio (for the twelve-month period) multiplied by the average account value over the period. The Class' expenses would have been higher had certain expenses not been waived or reimbursed during the period.

#### Management's Discussion of Fund Performance

#### How did the fund perform last year?
The Series delivered positive returns but underperformed its blended benchmark for the 12-month period ended October 31, 2025.

#### What factors influenced performance?
The Series' positive return was supported by exposure to both equities and fixed income securities. Asset prices benefited from resilient consumer spending, strong corporate earnings, and optimism surrounding productivity gains from artificial intelligence (AI). Fixed income also contributed positively as the Federal Reserve began cutting interest rates, driving yields lower and bond prices higher. Collectively, easing monetary policy, solid consumer fundamentals, and ongoing AI-related investment created a favorable environment for risk assets.

From a relative standpoint, the Series' near-neutral stock/bond allocation, equity sector positioning, and fixed income decisions had limited impact on performance. Stock selection was the primary driver of relative underperformance. Limited participation in more speculative areas of the AI ecosystem and select "Magnificent 7" names remained a headwind during the year. In addition, certain portfolio holdings were pressured by market concerns over potential AI-driven disruption. In contrast, select exposure to payment network providers and companies in the aerospace & defense industries contributed positively to relative returns.

#### Positioning
We believe the outlook for economic growth and inflation is relatively balanced, with risks and potential rewards largely offsetting one another. While equity valuations remain elevated by historical standards, they are generally supported by continued earnings growth. Within the equity allocation, we maintain high conviction in a diversified portfolio emphasizing durable themes such as software as a service (SaaS), health care, and an overall quality orientation. On the fixed income side, we continue to favor securitized debt, particularly senior tranches backed by strong fundamentals and low credit risk, while remaining cautious on corporate credit given elevated valuations. Overall, we believe the Series' balanced mix of assets provides a compelling risk/reward profile in an evolving market environment.

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. The graph assumes a $10,000 initial investment in the Fund, an appropriate broad-based securities market index and a blended index that reflects the market sector in which the Fund invests for the same period.

#### Initial Investment of $10,000
![line](qes55d1mjbp1hiy.jpg)

The returns are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to net asset values in accordance with accounting principles generally accepted in the United States of America.

The MSCI USA Investable Market Index (IMI) is designed to measure large, mid, and small-cap representation across the US market. The Index returns do not reflect any fees or expenses. The Index is denominated in U.S. dollars. The Index returns are net of withholding taxes. They assume daily reinvestment of net dividends thus accounting for any applicable dividend taxation. Index returns provided by Bloomberg.

The MSCI 40/15/45 Blended Benchmark is 40% MSCI USA Investable Market Index (IMI), 15% MSCI ACWI ex USA Index (ACWIxUS), and 45% Bloomberg U.S. Aggregate Bond Index (BAB), IMI is designed to measure large, mid, and small-cap representation across the US market. The Index is denominated in U.S. dollars. The Index returns are net of withholding taxes. They assume daily reinvestment of net dividends thus accounting for any applicable dividend taxation. Index returns provided by Bloomberg. ACWIxUS is designed to measure large and mid-cap representation across 22 of 23 Developed Markets countries (excluding the U.S.) and 24 Emerging Markets countries. The Index is denominated in U.S. dollars. The Index returns are net of withholding taxes. They assume daily reinvestment of net dividends thus accounting for any applicable dividend taxation. Index returns provided by Bloomberg. Index returns provided by Bloomberg. BAB is an unmanaged, market value-weighted index of U.S. domestic investment-grade debt issues, including government, corporate, asset-backed and mortgage-backed securities with maturities of one year or more. Index returns provided by Intercontinental Exchange (ICE). The MSCI USA Index is a free float-adjusted market capitalization index designed to measure the performance of large and mid-cap segments of the U.S. market. The Index is denominated in U.S. dollars. Index returns provided by Bloomberg. The returns of the indices do not reflect any fees or expenses. Returns provided are calculated monthly using a blended allocation. Because the fund's asset allocation will vary over time, the composition of the fund's portfolio may not match the composition of the comparative Indices.

#### Manning & Napier Pro-Blend<sup>®</sup> Extended Term Series Tailored Shareholder Report MNPBEX-S-10/25-AR
**The Manning & Napier Fund, Inc. is managed by Manning & Napier Advisors, LLC. Manning & Napier Investor Services, Inc., an affiliate of Manning & Napier Advisors, LLC, is the distributor of the Fund shares.**

#### Average Annual Total Returns
(As of October 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Pro-Blend<sup>®</sup> Extended Term Series - S** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.60% |
| **MSCI USA IMI Index** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.64% |
| **40/15/45 Blended Index** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.62% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **The Series' past performance is not a good predictor of how the Series will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Series distributions or redemptions of Series shares.** 

Index data referenced herein is the property of each index sponsor (MSCI and Bloomberg), their affiliates ('Index Sponsors') and/or their third party suppliers and has been licensed for use by Manning & Napier. The Index Sponsors and their third party suppliers accept no liability in connection with its use. Data provided is not a representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and none of these parties shall have any liability for any errors, omissions, or interruptions of any index or the data included therein. For additional disclosure information, please see: https://go.manning-napier.com/benchmark-provisions.

#### Key Fund Statistics (as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Net Assets** | $450170259 |
| **Number of Holdings** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 208 |
| **Portfolio Turnover (for the year ended 10/31/25)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78% |
| **Total Advisory Fees Paid (net of reimbursements)** | $3167735 |

---

The total net advisory fee represents the aggregate dollar amount of fund level management fees, which includes the impact of waivers and/or expense reimbursements of management fees and other expenses for the period.

#### Sector Allocation (% of net assets)
(as of October 31, 2025)

![pie](qes1kzoc1mi9apzfj.jpg)

The Global Industry Classification Standard (GICS) was developed by and is exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor's a division of S&P Global Inc. (S&P), and is licensed for use by Manning & Napier when referencing GICS sectors. Neither MSCI, S&P, nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification, nor shall any such party have any liability therefrom.

#### What did the Fund invest in?
(as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Investment Types**<br>  | **%**<br>  |
| **Common Stocks** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57.8 |
| **Corporate Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.0 |
| **U.S. Treasury Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.4 |
| **U.S. Treasury Notes** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.9 |
| **Asset-Backed Securities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.5 |
| **Commercial Mortgage-Backed Securities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.8 |
| **Foreign Government Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.6 |
| **Municipal Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.1 |
| **U.S. Government Agencies** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.9 |
| **Cash, short-term investment, and other assets, less liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.0 |

---

Expressed as a percentage of net assets.

#### How has the Fund changed?
This is a summary of certain changes to the Series since October 31, 2024. For more complete information, you may review the Series' prospectus, available at www.manning-napier.com/products/mutual-funds or upon request by contacting us at (800)466-3863.

Effective October 24, 2025 , the portfolio management teams of the Series changed as follows:

James Slentz, CFA**<sup>®</sup>** and Jacob Boak, CFA**<sup>®</sup>** became members of the Series' portfolio management teams.

#### Householding
The Fund may send only one copy of the Series' prospectus and annual and semi-annuals reports to certain shareholders residing at the same "household" for shareholders who have elected this option. This reduces Fund expenses, which benefits you and other shareholders. If you wish to change your "householding" option, please call (800) 466-3863 or contact your financial advisor.

**Additional information about the Series, including its prospectus, financial information, holdings, and proxy information can be obtained at www.manning-napier.com/products/mutual-funds or by calling (800) 466-3863. Shareholders can also elect to receive certain documents via e-delivery. For more information or to sign up for e-delivery, please visit the Fund's website.**

#### Manning & Napier Pro-Blend<sup>®</sup> Extended Term Series Tailored Shareholder Report MNPBEX-I-10/25-AR
**The Manning & Napier Fund, Inc. is managed by Manning & Napier Advisors, LLC. Manning & Napier Investor Services, Inc., an affiliate of Manning & Napier Advisors, LLC, is the distributor of the Fund shares.**

---

| | |
|:---|:---|
| **annual shareholder report**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pro-Blend<sup>®</sup> Extended - Class I** <br> ticker: MNBIX <br>| <br> ![logo](d7qy18jf8lx4xgcvm.jpg)  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This annual shareholder report contains important information about Class I of Pro-Blend<sup>®</sup> Extended Term Series, a series of Manning & Napier Fund Inc., for the period of November 1, 2024 to October 31, 2025, **including a description of changes to the Series that occurred during the reporting period.** You can find additional information about the Fund at www.manning-napier.com/products/mutual-funds. You can also request this information by contacting us at (800) 466-3863. Shareholders who own the Fund through a third-party advisor or intermediary platform should contact their financial advisor directly for additional information.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| Class I | $82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.79% |

---

Expenses are equal to Class I shares' annualized expense ratio (for the twelve-month period) multiplied by the average account value over the period. The Class' expenses would have been higher had certain expenses not been waived or reimbursed during the period.

#### Management's Discussion of Fund Performance

#### How did the fund perform last year?
The Series delivered positive returns but underperformed its blended benchmark for the 12-month period ended October 31, 2025.

#### What factors influenced performance?
The Series' positive return was supported by exposure to both equities and fixed income securities. Asset prices benefited from resilient consumer spending, strong corporate earnings, and optimism surrounding productivity gains from artificial intelligence (AI). Fixed income also contributed positively as the Federal Reserve began cutting interest rates, driving yields lower and bond prices higher. Collectively, easing monetary policy, solid consumer fundamentals, and ongoing AI-related investment created a favorable environment for risk assets.

From a relative standpoint, the Series' near-neutral stock/bond allocation, equity sector positioning, and fixed income decisions had limited impact on performance. Stock selection was the primary driver of relative underperformance. Limited participation in more speculative areas of the AI ecosystem and select "Magnificent 7" names remained a headwind during the year. In addition, certain portfolio holdings were pressured by market concerns over potential AI-driven disruption. In contrast, select exposure to payment network providers and companies in the aerospace & defense industries contributed positively to relative returns.

#### Positioning
We believe the outlook for economic growth and inflation is relatively balanced, with risks and potential rewards largely offsetting one another. While equity valuations remain elevated by historical standards, they are generally supported by continued earnings growth. Within the equity allocation, we maintain high conviction in a diversified portfolio emphasizing durable themes such as software as a service (SaaS), health care, and an overall quality orientation. On the fixed income side, we continue to favor securitized debt, particularly senior tranches backed by strong fundamentals and low credit risk, while remaining cautious on corporate credit given elevated valuations. Overall, we believe the Series' balanced mix of assets provides a compelling risk/reward profile in an evolving market environment.

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. The graph assumes a $10,000 initial investment in the Fund, an appropriate broad-based securities market index and a blended index that reflects the market sector in which the Fund invests for the same period.

#### Initial Investment of $10,000
![line](qes33ley1mjbozd6k.jpg)

The returns are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to net asset values in accordance with accounting principles generally accepted in the United States of America.

The MSCI USA Investable Market Index (IMI) is designed to measure large, mid, and small-cap representation across the US market. The Index returns do not reflect any fees or expenses. The Index is denominated in U.S. dollars. The Index returns are net of withholding taxes. They assume daily reinvestment of net dividends thus accounting for any applicable dividend taxation. Index returns provided by Bloomberg.

The MSCI 40/15/45 Blended Benchmark is 40% MSCI USA Investable Market Index (IMI), 15% MSCI ACWI ex USA Index (ACWIxUS), and 45% Bloomberg U.S. Aggregate Bond Index (BAB), IMI is designed to measure large, mid, and small-cap representation across the US market. The Index is denominated in U.S. dollars. The Index returns are net of withholding taxes. They assume daily reinvestment of net dividends thus accounting for any applicable dividend taxation. Index returns provided by Bloomberg. ACWIxUS is designed to measure large and mid-cap representation across 22 of 23 Developed Markets countries (excluding the U.S.) and 24 Emerging Markets countries. The Index is denominated in U.S. dollars. The Index returns are net of withholding taxes. They assume daily reinvestment of net dividends thus accounting for any applicable dividend taxation. Index returns provided by Bloomberg. Index returns provided by Bloomberg. BAB is an unmanaged, market value-weighted index of U.S. domestic investment-grade debt issues, including government, corporate, asset-backed and mortgage-backed securities with maturities of one year or more. Index returns provided by Intercontinental Exchange (ICE). The MSCI USA Index is a free float-adjusted market capitalization index designed to measure the performance of large and mid-cap segments of the U.S. market. The Index is denominated in U.S. dollars. Index returns provided by Bloomberg. The returns of the indices do not reflect any fees or expenses. Returns provided are calculated monthly using a blended allocation. Because the fund's asset allocation will vary over time, the composition of the fund's portfolio may not match the composition of the comparative Indices.

#### Manning & Napier Pro-Blend<sup>®</sup> Extended Term Series Tailored Shareholder Report MNPBEX-I-10/25-AR
**The Manning & Napier Fund, Inc. is managed by Manning & Napier Advisors, LLC. Manning & Napier Investor Services, Inc., an affiliate of Manning & Napier Advisors, LLC, is the distributor of the Fund shares.**

#### Average Annual Total Returns
(As of October 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Pro-Blend<sup>®</sup> Extended Term Series - I** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.85% |
| **MSCI USA IMI Index** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.64% |
| **40/15/45 Blended Index** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.62% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **The Series' past performance is not a good predictor of how the Series will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Series distributions or redemptions of Series shares.** 

Index data referenced herein is the property of each index sponsor (MSCI and Bloomberg), their affiliates ('Index Sponsors') and/or their third party suppliers and has been licensed for use by Manning & Napier. The Index Sponsors and their third party suppliers accept no liability in connection with its use. Data provided is not a representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and none of these parties shall have any liability for any errors, omissions, or interruptions of any index or the data included therein. For additional disclosure information, please see: https://go.manning-napier.com/benchmark-provisions.

#### Key Fund Statistics (as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Net Assets** | $450170259 |
| **Number of Holdings** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 208 |
| **Portfolio Turnover (for the year ended 10/31/25)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78% |
| **Total Advisory Fees Paid (net of reimbursements)** | $3167735 |

---

The total net advisory fee represents the aggregate dollar amount of fund level management fees, which includes the impact of waivers and/or expense reimbursements of management fees and other expenses for the period.

#### Sector Allocation (% of net assets)
(as of October 31, 2025)

![pie](qes1kzoc1mi9apzfj.jpg)

The Global Industry Classification Standard (GICS) was developed by and is exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor's a division of S&P Global Inc. (S&P), and is licensed for use by Manning & Napier when referencing GICS sectors. Neither MSCI, S&P, nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification, nor shall any such party have any liability therefrom.

#### What did the Fund invest in?
(as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Investment Types**<br>  | **%**<br>  |
| **Common Stocks** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57.8 |
| **Corporate Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.0 |
| **U.S. Treasury Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.4 |
| **U.S. Treasury Notes** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.9 |
| **Asset-Backed Securities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.5 |
| **Commercial Mortgage-Backed Securities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.8 |
| **Foreign Government Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.6 |
| **Municipal Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.1 |
| **U.S. Government Agencies** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.9 |
| **Cash, short-term investment, and other assets, less liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.0 |

---

Expressed as a percentage of net assets.

#### How has the Fund changed?
This is a summary of certain changes to the Series since October 31, 2024. For more complete information, you may review the Series' prospectus, available at www.manning-napier.com/products/mutual-funds or upon request by contacting us at (800)466-3863.

Effective October 24, 2025 , the portfolio management teams of the Series changed as follows:

James Slentz, CFA**<sup>®</sup>** and Jacob Boak, CFA**<sup>®</sup>** became members of the Series' portfolio management teams.

#### Householding
The Fund may send only one copy of the Series' prospectus and annual and semi-annuals reports to certain shareholders residing at the same "household" for shareholders who have elected this option. This reduces Fund expenses, which benefits you and other shareholders. If you wish to change your "householding" option, please call (800) 466-3863 or contact your financial advisor.

**Additional information about the Series, including its prospectus, financial information, holdings, and proxy information can be obtained at www.manning-napier.com/products/mutual-funds or by calling (800) 466-3863. Shareholders can also elect to receive certain documents via e-delivery. For more information or to sign up for e-delivery, please visit the Fund's website.**

#### Manning & Napier Pro-Blend<sup>®</sup> Extended Term Series Tailored Shareholder Report MNPBEX-R-10/25-AR
**The Manning & Napier Fund, Inc. is managed by Manning & Napier Advisors, LLC. Manning & Napier Investor Services, Inc., an affiliate of Manning & Napier Advisors, LLC, is the distributor of the Fund shares.**

---

| | |
|:---|:---|
| **annual shareholder report**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pro-Blend<sup>®</sup> Extended - Class R** <br> ticker: MNBRX <br>| <br> ![logo](d7qy18jf8lx4xgcvm.jpg)  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This annual shareholder report contains important information about Class R of Pro-Blend<sup>®</sup> Extended Term Series, a series of Manning & Napier Fund Inc., for the period of November 1, 2024 to October 31, 2025, **including a description of changes to the Series that occurred during the reporting period.** You can find additional information about the Fund at www.manning-napier.com/products/mutual-funds. You can also request this information by contacting us at (800) 466-3863. Shareholders who own the Fund through a third-party advisor or intermediary platform should contact their financial advisor directly for additional information.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| Class R | $133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.28% |

---

Expenses are equal to Class R shares' annualized expense ratio (for the twelve-month period) multiplied by the average account value over the period. The Class' expenses would have been higher had certain expenses not been waived or reimbursed during the period.

#### Management's Discussion of Fund Performance

#### How did the fund perform last year?
The Series delivered positive returns but underperformed its blended benchmark for the 12-month period ended October 31, 2025.

#### What factors influenced performance?
The Series' positive return was supported by exposure to both equities and fixed income securities. Asset prices benefited from resilient consumer spending, strong corporate earnings, and optimism surrounding productivity gains from artificial intelligence (AI). Fixed income also contributed positively as the Federal Reserve began cutting interest rates, driving yields lower and bond prices higher. Collectively, easing monetary policy, solid consumer fundamentals, and ongoing AI-related investment created a favorable environment for risk assets.

From a relative standpoint, the Series' near-neutral stock/bond allocation, equity sector positioning, and fixed income decisions had limited impact on performance. Stock selection was the primary driver of relative underperformance. Limited participation in more speculative areas of the AI ecosystem and select "Magnificent 7" names remained a headwind during the year. In addition, certain portfolio holdings were pressured by market concerns over potential AI-driven disruption. In contrast, select exposure to payment network providers and companies in the aerospace & defense industries contributed positively to relative returns.

#### Positioning
We believe the outlook for economic growth and inflation is relatively balanced, with risks and potential rewards largely offsetting one another. While equity valuations remain elevated by historical standards, they are generally supported by continued earnings growth. Within the equity allocation, we maintain high conviction in a diversified portfolio emphasizing durable themes such as software as a service (SaaS), health care, and an overall quality orientation. On the fixed income side, we continue to favor securitized debt, particularly senior tranches backed by strong fundamentals and low credit risk, while remaining cautious on corporate credit given elevated valuations. Overall, we believe the Series' balanced mix of assets provides a compelling risk/reward profile in an evolving market environment.

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. The graph assumes a $10,000 initial investment in the Fund, an appropriate broad-based securities market index and a blended index that reflects the market sector in which the Fund invests for the same period.

#### Initial Investment of $10,000
![line](qes55d1mjbp2nz2.jpg)

The returns are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to net asset values in accordance with accounting principles generally accepted in the United States of America.

The MSCI USA Investable Market Index (IMI) is designed to measure large, mid, and small-cap representation across the US market. The Index returns do not reflect any fees or expenses. The Index is denominated in U.S. dollars. The Index returns are net of withholding taxes. They assume daily reinvestment of net dividends thus accounting for any applicable dividend taxation. Index returns provided by Bloomberg.

The MSCI 40/15/45 Blended Benchmark is 40% MSCI USA Investable Market Index (IMI), 15% MSCI ACWI ex USA Index (ACWIxUS), and 45% Bloomberg U.S. Aggregate Bond Index (BAB), IMI is designed to measure large, mid, and small-cap representation across the US market. The Index is denominated in U.S. dollars. The Index returns are net of withholding taxes. They assume daily reinvestment of net dividends thus accounting for any applicable dividend taxation. Index returns provided by Bloomberg. ACWIxUS is designed to measure large and mid-cap representation across 22 of 23 Developed Markets countries (excluding the U.S.) and 24 Emerging Markets countries. The Index is denominated in U.S. dollars. The Index returns are net of withholding taxes. They assume daily reinvestment of net dividends thus accounting for any applicable dividend taxation. Index returns provided by Bloomberg. Index returns provided by Bloomberg. BAB is an unmanaged, market value-weighted index of U.S. domestic investment-grade debt issues, including government, corporate, asset-backed and mortgage-backed securities with maturities of one year or more. Index returns provided by Intercontinental Exchange (ICE). The MSCI USA Index is a free float-adjusted market capitalization index designed to measure the performance of large and mid-cap segments of the U.S. market. The Index is denominated in U.S. dollars. Index returns provided by Bloomberg. The returns of the indices do not reflect any fees or expenses. Returns provided are calculated monthly using a blended allocation. Because the fund's asset allocation will vary over time, the composition of the fund's portfolio may not match the composition of the comparative Indices.

#### Manning & Napier Pro-Blend<sup>®</sup> Extended Term Series Tailored Shareholder Report MNPBEX-R-10/25-AR
**The Manning & Napier Fund, Inc. is managed by Manning & Napier Advisors, LLC. Manning & Napier Investor Services, Inc., an affiliate of Manning & Napier Advisors, LLC, is the distributor of the Fund shares.**

#### Average Annual Total Returns
(As of October 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Pro-Blend<sup>®</sup> Extended Term Series - R** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.33% |
| **MSCI USA IMI Index** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.64% |
| **40/15/45 Blended Index** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.62% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **The Series' past performance is not a good predictor of how the Series will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Series distributions or redemptions of Series shares.** 

Index data referenced herein is the property of each index sponsor (MSCI and Bloomberg), their affiliates ('Index Sponsors') and/or their third party suppliers and has been licensed for use by Manning & Napier. The Index Sponsors and their third party suppliers accept no liability in connection with its use. Data provided is not a representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and none of these parties shall have any liability for any errors, omissions, or interruptions of any index or the data included therein. For additional disclosure information, please see: https://go.manning-napier.com/benchmark-provisions.

#### Key Fund Statistics (as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Net Assets** | $450170259 |
| **Number of Holdings** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 208 |
| **Portfolio Turnover (for the year ended 10/31/25)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78% |
| **Total Advisory Fees Paid (net of reimbursements)** | $3167735 |

---

The total net advisory fee represents the aggregate dollar amount of fund level management fees, which includes the impact of waivers and/or expense reimbursements of management fees and other expenses for the period.

#### Sector Allocation (% of net assets)
(as of October 31, 2025)

![pie](qes1kzoc1mi9apzfj.jpg)

The Global Industry Classification Standard (GICS) was developed by and is exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor's a division of S&P Global Inc. (S&P), and is licensed for use by Manning & Napier when referencing GICS sectors. Neither MSCI, S&P, nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification, nor shall any such party have any liability therefrom.

#### What did the Fund invest in?
(as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Investment Types**<br>  | **%**<br>  |
| **Common Stocks** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57.8 |
| **Corporate Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.0 |
| **U.S. Treasury Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.4 |
| **U.S. Treasury Notes** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.9 |
| **Asset-Backed Securities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.5 |
| **Commercial Mortgage-Backed Securities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.8 |
| **Foreign Government Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.6 |
| **Municipal Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.1 |
| **U.S. Government Agencies** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.9 |
| **Cash, short-term investment, and other assets, less liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.0 |

---

Expressed as a percentage of net assets.

#### How has the Fund changed?
This is a summary of certain changes to the Series since October 31, 2024. For more complete information, you may review the Series' prospectus, available at www.manning-napier.com/products/mutual-funds or upon request by contacting us at (800)466-3863.

Effective October 24, 2025 , the portfolio management teams of the Series changed as follows:

James Slentz, CFA**<sup>®</sup>** and Jacob Boak, CFA**<sup>®</sup>** became members of the Series' portfolio management teams.

#### Householding
The Fund may send only one copy of the Series' prospectus and annual and semi-annuals reports to certain shareholders residing at the same "household" for shareholders who have elected this option. This reduces Fund expenses, which benefits you and other shareholders. If you wish to change your "householding" option, please call (800) 466-3863 or contact your financial advisor.

**Additional information about the Series, including its prospectus, financial information, holdings, and proxy information can be obtained at www.manning-napier.com/products/mutual-funds or by calling (800) 466-3863. Shareholders can also elect to receive certain documents via e-delivery. For more information or to sign up for e-delivery, please visit the Fund's website.**

#### Manning & Napier Pro-Blend<sup>®</sup> Extended Term Series Tailored Shareholder Report MNPBEX-L-10/25-AR
**The Manning & Napier Fund, Inc. is managed by Manning & Napier Advisors, LLC. Manning & Napier Investor Services, Inc., an affiliate of Manning & Napier Advisors, LLC, is the distributor of the Fund shares.**

---

| | |
|:---|:---|
| **annual shareholder report**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pro-Blend<sup>®</sup> Extended - Class L** <br> ticker: MNECX <br>| <br> ![logo](d7qy18jf8lx4xgcvm.jpg)  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This annual shareholder report contains important information about Class L of Pro-Blend<sup>®</sup> Extended Term Series, a series of Manning & Napier Fund Inc., for the period of November 1, 2024 to October 31, 2025, **including a description of changes to the Series that occurred during the reporting period.** You can find additional information about the Fund at www.manning-napier.com/products/mutual-funds. You can also request this information by contacting us at (800) 466-3863. Shareholders who own the Fund through a third-party advisor or intermediary platform should contact their financial advisor directly for additional information.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| Class L | $186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.80% |

---

Expenses are equal to Class L shares' annualized expense ratio (for the twelve-month period) multiplied by the average account value over the period. The Class' expenses would have been higher had certain expenses not been waived or reimbursed during the period.

#### Management's Discussion of Fund Performance

#### How did the fund perform last year?
The Series delivered positive returns but underperformed its blended benchmark for the 12-month period ended October 31, 2025.

#### What factors influenced performance?
The Series' positive return was supported by exposure to both equities and fixed income securities. Asset prices benefited from resilient consumer spending, strong corporate earnings, and optimism surrounding productivity gains from artificial intelligence (AI). Fixed income also contributed positively as the Federal Reserve began cutting interest rates, driving yields lower and bond prices higher. Collectively, easing monetary policy, solid consumer fundamentals, and ongoing AI-related investment created a favorable environment for risk assets.

From a relative standpoint, the Series' near-neutral stock/bond allocation, equity sector positioning, and fixed income decisions had limited impact on performance. Stock selection was the primary driver of relative underperformance. Limited participation in more speculative areas of the AI ecosystem and select "Magnificent 7" names remained a headwind during the year. In addition, certain portfolio holdings were pressured by market concerns over potential AI-driven disruption. In contrast, select exposure to payment network providers and companies in the aerospace & defense industries contributed positively to relative returns.

#### Positioning
We believe the outlook for economic growth and inflation is relatively balanced, with risks and potential rewards largely offsetting one another. While equity valuations remain elevated by historical standards, they are generally supported by continued earnings growth. Within the equity allocation, we maintain high conviction in a diversified portfolio emphasizing durable themes such as software as a service (SaaS), health care, and an overall quality orientation. On the fixed income side, we continue to favor securitized debt, particularly senior tranches backed by strong fundamentals and low credit risk, while remaining cautious on corporate credit given elevated valuations. Overall, we believe the Series' balanced mix of assets provides a compelling risk/reward profile in an evolving market environment.

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. The graph assumes a $10,000 initial investment in the Fund, an appropriate broad-based securities market index and a blended index that reflects the market sector in which the Fund invests for the same period.

#### Initial Investment of $10,000
![line](qes55d1mjbp3rlj.jpg)

The returns are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to net asset values in accordance with accounting principles generally accepted in the United States of America.

The MSCI USA Investable Market Index (IMI) is designed to measure large, mid, and small-cap representation across the US market. The Index returns do not reflect any fees or expenses. The Index is denominated in U.S. dollars. The Index returns are net of withholding taxes. They assume daily reinvestment of net dividends thus accounting for any applicable dividend taxation. Index returns provided by Bloomberg.

The MSCI 40/15/45 Blended Benchmark is 40% MSCI USA Investable Market Index (IMI), 15% MSCI ACWI ex USA Index (ACWIxUS), and 45% Bloomberg U.S. Aggregate Bond Index (BAB), IMI is designed to measure large, mid, and small-cap representation across the US market. The Index is denominated in U.S. dollars. The Index returns are net of withholding taxes. They assume daily reinvestment of net dividends thus accounting for any applicable dividend taxation. Index returns provided by Bloomberg. ACWIxUS is designed to measure large and mid-cap representation across 22 of 23 Developed Markets countries (excluding the U.S.) and 24 Emerging Markets countries. The Index is denominated in U.S. dollars. The Index returns are net of withholding taxes. They assume daily reinvestment of net dividends thus accounting for any applicable dividend taxation. Index returns provided by Bloomberg. Index returns provided by Bloomberg. BAB is an unmanaged, market value-weighted index of U.S. domestic investment-grade debt issues, including government, corporate, asset-backed and mortgage-backed securities with maturities of one year or more. Index returns provided by Intercontinental Exchange (ICE). The MSCI USA Index is a free float-adjusted market capitalization index designed to measure the performance of large and mid-cap segments of the U.S. market. The Index is denominated in U.S. dollars. Index returns provided by Bloomberg. The returns of the indices do not reflect any fees or expenses. Returns provided are calculated monthly using a blended allocation. Because the fund's asset allocation will vary over time, the composition of the fund's portfolio may not match the composition of the comparative Indices.

#### Manning & Napier Pro-Blend<sup>®</sup> Extended Term Series Tailored Shareholder Report MNPBEX-L-10/25-AR
**The Manning & Napier Fund, Inc. is managed by Manning & Napier Advisors, LLC. Manning & Napier Investor Services, Inc., an affiliate of Manning & Napier Advisors, LLC, is the distributor of the Fund shares.**

#### Average Annual Total Returns
(As of October 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Pro-Blend<sup>®</sup> Extended Term Series - L** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.79% |
| **MSCI USA IMI Index** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.64% |
| **40/15/45 Blended Index** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.62% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **The Series' past performance is not a good predictor of how the Series will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Series distributions or redemptions of Series shares.** 

Index data referenced herein is the property of each index sponsor (MSCI and Bloomberg), their affiliates ('Index Sponsors') and/or their third party suppliers and has been licensed for use by Manning & Napier. The Index Sponsors and their third party suppliers accept no liability in connection with its use. Data provided is not a representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and none of these parties shall have any liability for any errors, omissions, or interruptions of any index or the data included therein. For additional disclosure information, please see: https://go.manning-napier.com/benchmark-provisions.

#### Key Fund Statistics (as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Net Assets** | $450170259 |
| **Number of Holdings** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 208 |
| **Portfolio Turnover (for the year ended 10/31/25)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78% |
| **Total Advisory Fees Paid (net of reimbursements)** | $3167735 |

---

The total net advisory fee represents the aggregate dollar amount of fund level management fees, which includes the impact of waivers and/or expense reimbursements of management fees and other expenses for the period.

#### Sector Allocation (% of net assets)
(as of October 31, 2025)

![pie](qes1kzoc1mi9apzfj.jpg)

The Global Industry Classification Standard (GICS) was developed by and is exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor's a division of S&P Global Inc. (S&P), and is licensed for use by Manning & Napier when referencing GICS sectors. Neither MSCI, S&P, nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification, nor shall any such party have any liability therefrom.

#### What did the Fund invest in?
(as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Investment Types**<br>  | **%**<br>  |
| **Common Stocks** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57.8 |
| **Corporate Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.0 |
| **U.S. Treasury Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.4 |
| **U.S. Treasury Notes** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.9 |
| **Asset-Backed Securities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.5 |
| **Commercial Mortgage-Backed Securities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.8 |
| **Foreign Government Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.6 |
| **Municipal Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.1 |
| **U.S. Government Agencies** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.9 |
| **Cash, short-term investment, and other assets, less liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.0 |

---

Expressed as a percentage of net assets.

#### How has the Fund changed?
This is a summary of certain changes to the Series since October 31, 2024. For more complete information, you may review the Series' prospectus, available at www.manning-napier.com/products/mutual-funds or upon request by contacting us at (800)466-3863.

Effective October 24, 2025 , the portfolio management teams of the Series changed as follows:

James Slentz, CFA**<sup>®</sup>** and Jacob Boak, CFA**<sup>®</sup>** became members of the Series' portfolio management teams.

#### Householding
The Fund may send only one copy of the Series' prospectus and annual and semi-annuals reports to certain shareholders residing at the same "household" for shareholders who have elected this option. This reduces Fund expenses, which benefits you and other shareholders. If you wish to change your "householding" option, please call (800) 466-3863 or contact your financial advisor.

**Additional information about the Series, including its prospectus, financial information, holdings, and proxy information can be obtained at www.manning-napier.com/products/mutual-funds or by calling (800) 466-3863. Shareholders can also elect to receive certain documents via e-delivery. For more information or to sign up for e-delivery, please visit the Fund's website.**

#### Manning & Napier Pro-Blend<sup>®</sup> Extended Term Series Tailored Shareholder Report MNPBEX-W-10/25-AR
**The Manning & Napier Fund, Inc. is managed by Manning & Napier Advisors, LLC. Manning & Napier Investor Services, Inc., an affiliate of Manning & Napier Advisors, LLC, is the distributor of the Fund shares.**

---

| | |
|:---|:---|
| **annual shareholder report**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pro-Blend<sup>®</sup> Extended - Class W** <br> ticker: MNBWX <br>| <br> ![logo](d7qy18jf8lx4xgcvm.jpg)  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This annual shareholder report contains important information about Class W of Pro-Blend<sup>®</sup> Extended Term Series, a series of Manning & Napier Fund Inc., for the period of November 1, 2024 to October 31, 2025, **including a description of changes to the Series that occurred during the reporting period.** You can find additional information about the Fund at www.manning-napier.com/products/mutual-funds. You can also request this information by contacting us at (800) 466-3863. Shareholders who own the Fund through a third-party advisor or intermediary platform should contact their financial advisor directly for additional information.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| Class W | $10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10% |

---

Expenses are equal to Class W shares' annualized expense ratio (for the twelve-month period) multiplied by the average account value over the period. The Class' expenses would have been higher had certain expenses not been waived or reimbursed during the period.

#### Management's Discussion of Fund Performance

#### How did the fund perform last year?
The Series delivered positive returns but underperformed its blended benchmark for the 12-month period ended October 31, 2025.

#### What factors influenced performance?
The Series' positive return was supported by exposure to both equities and fixed income securities. Asset prices benefited from resilient consumer spending, strong corporate earnings, and optimism surrounding productivity gains from artificial intelligence (AI). Fixed income also contributed positively as the Federal Reserve began cutting interest rates, driving yields lower and bond prices higher. Collectively, easing monetary policy, solid consumer fundamentals, and ongoing AI-related investment created a favorable environment for risk assets.

From a relative standpoint, the Series' near-neutral stock/bond allocation, equity sector positioning, and fixed income decisions had limited impact on performance. Stock selection was the primary driver of relative underperformance. Limited participation in more speculative areas of the AI ecosystem and select "Magnificent 7" names remained a headwind during the year. In addition, certain portfolio holdings were pressured by market concerns over potential AI-driven disruption. In contrast, select exposure to payment network providers and companies in the aerospace & defense industries contributed positively to relative returns.

#### Positioning
We believe the outlook for economic growth and inflation is relatively balanced, with risks and potential rewards largely offsetting one another. While equity valuations remain elevated by historical standards, they are generally supported by continued earnings growth. Within the equity allocation, we maintain high conviction in a diversified portfolio emphasizing durable themes such as software as a service (SaaS), health care, and an overall quality orientation. On the fixed income side, we continue to favor securitized debt, particularly senior tranches backed by strong fundamentals and low credit risk, while remaining cautious on corporate credit given elevated valuations. Overall, we believe the Series' balanced mix of assets provides a compelling risk/reward profile in an evolving market environment.

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. The graph assumes a $10,000 initial investment in the Fund, an appropriate broad-based securities market index and a blended index that reflects the market sector in which the Fund invests for the same period.

#### Initial Investment of $10,000
![line](qes33ley1mjboy0v0.jpg)

The returns are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to net asset values in accordance with accounting principles generally accepted in the United States of America.

For periods through April 1, 2019 (the inception date of the Class W shares), performance for the Class W shares is based on the historical performance of the Class S shares. Because the Class W shares invest in the same portfolio of securities as the Class S shares, performance will be different only to the extent that the Class S shares have a higher expense ratio.

The MSCI USA Investable Market Index (IMI) is designed to measure large, mid, and small-cap representation across the US market. The Index returns do not reflect any fees or expenses. The Index is denominated in U.S. dollars. The Index returns are net of withholding taxes. They assume daily reinvestment of net dividends thus accounting for any applicable dividend taxation. Index returns provided by Bloomberg.

The MSCI 40/15/45 Blended Benchmark is 40% MSCI USA Investable Market Index (IMI), 15% MSCI ACWI ex USA Index (ACWIxUS), and 45% Bloomberg U.S. Aggregate Bond Index (BAB), IMI is designed to measure large, mid, and small-cap representation across the US market. The Index is denominated in U.S. dollars. The Index returns are net of withholding taxes. They assume daily reinvestment of net dividends thus accounting for any applicable dividend taxation. Index returns provided by Bloomberg. ACWIxUS is designed to measure large and mid-cap representation across 22 of 23 Developed Markets countries (excluding the U.S.) and 24 Emerging Markets countries. The Index is denominated in U.S. dollars. The Index returns are net of withholding taxes. They assume daily reinvestment of net dividends thus accounting for any applicable dividend taxation. Index returns provided by Bloomberg. Index returns provided by Bloomberg. BAB is an unmanaged, market value-weighted index of U.S. domestic investment-grade debt issues, including government, corporate, asset-backed and mortgage-backed securities with maturities of one year or more. Index returns provided by Intercontinental Exchange (ICE). The MSCI USA Index is a free float-adjusted market capitalization index designed to measure the performance of large and mid-cap segments of the U.S. market. The Index is denominated in U.S. dollars. Index returns provided by Bloomberg. The returns of the indices do not reflect any fees or expenses. Returns provided are calculated monthly using a blended allocation. Because the fund's asset allocation will vary over time, the composition of the fund's portfolio may not match the composition of the comparative Indices.

#### Manning & Napier Pro-Blend<sup>®</sup> Extended Term Series Tailored Shareholder Report MNPBEX-W-10/25-AR
**The Manning & Napier Fund, Inc. is managed by Manning & Napier Advisors, LLC. Manning & Napier Investor Services, Inc., an affiliate of Manning & Napier Advisors, LLC, is the distributor of the Fund shares.**

#### Average Annual Total Returns
(As of October 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Pro-Blend<sup>®</sup> Extended Term Series - W** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.24% |
| **MSCI USA IMI Index** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.64% |
| **40/15/45 Blended Index** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.62% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **The Series' past performance is not a good predictor of how the Series will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Series distributions or redemptions of Series shares.** 

Index data referenced herein is the property of each index sponsor (MSCI and Bloomberg), their affiliates ('Index Sponsors') and/or their third party suppliers and has been licensed for use by Manning & Napier. The Index Sponsors and their third party suppliers accept no liability in connection with its use. Data provided is not a representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and none of these parties shall have any liability for any errors, omissions, or interruptions of any index or the data included therein. For additional disclosure information, please see: https://go.manning-napier.com/benchmark-provisions.

#### Key Fund Statistics (as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Net Assets** | $450170259 |
| **Number of Holdings** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 208 |
| **Portfolio Turnover (for the year ended 10/31/25)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78% |
| **Total Advisory Fees Paid (net of reimbursements)** | $3167735 |

---

The total net advisory fee represents the aggregate dollar amount of fund level management fees, which includes the impact of waivers and/or expense reimbursements of management fees and other expenses for the period.

#### Sector Allocation (% of net assets)
(as of October 31, 2025)

![pie](qes1kzoc1mi9apzfj.jpg)

The Global Industry Classification Standard (GICS) was developed by and is exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor's a division of S&P Global Inc. (S&P), and is licensed for use by Manning & Napier when referencing GICS sectors. Neither MSCI, S&P, nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification, nor shall any such party have any liability therefrom.

#### What did the Fund invest in?
(as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Investment Types**<br>  | **%**<br>  |
| **Common Stocks** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57.8 |
| **Corporate Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.0 |
| **U.S. Treasury Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.4 |
| **U.S. Treasury Notes** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.9 |
| **Asset-Backed Securities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.5 |
| **Commercial Mortgage-Backed Securities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.8 |
| **Foreign Government Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.6 |
| **Municipal Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.1 |
| **U.S. Government Agencies** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.9 |
| **Cash, short-term investment, and other assets, less liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.0 |

---

Expressed as a percentage of net assets.

#### How has the Fund changed?
This is a summary of certain changes to the Series since October 31, 2024. For more complete information, you may review the Series' prospectus, available at www.manning-napier.com/products/mutual-funds or upon request by contacting us at (800)466-3863.

Effective October 24, 2025 , the portfolio management teams of the Series changed as follows:

James Slentz, CFA**<sup>®</sup>** and Jacob Boak, CFA**<sup>®</sup>** became members of the Series' portfolio management teams.

#### Householding
The Fund may send only one copy of the Series' prospectus and annual and semi-annuals reports to certain shareholders residing at the same "household" for shareholders who have elected this option. This reduces Fund expenses, which benefits you and other shareholders. If you wish to change your "householding" option, please call (800) 466-3863 or contact your financial advisor.

**Additional information about the Series, including its prospectus, financial information, holdings, and proxy information can be obtained at www.manning-napier.com/products/mutual-funds or by calling (800) 466-3863. Shareholders can also elect to receive certain documents via e-delivery. For more information or to sign up for e-delivery, please visit the Fund's website.**

#### Manning & Napier Pro-Blend<sup>®</sup> Maximum Term Series Tailored Shareholder Report MNPBMA-S-10/25-AR
**The Manning & Napier Fund, Inc. is managed by Manning & Napier Advisors, LLC. Manning & Napier Investor Services, Inc., an affiliate of Manning & Napier Advisors, LLC, is the distributor of the Fund shares.**

---

| | |
|:---|:---|
| **annual shareholder report**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pro-Blend<sup>®</sup> Maximum - Class S** <br> ticker: EXHAX <br>| <br> ![logo](d7qy18jf8lx4xgcvm.jpg)  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This annual shareholder report contains important information about Class S of Pro-Blend<sup>®</sup> Maximum Term Series, a series of Manning & Napier Fund Inc., for the period of November 1, 2024 to October 31, 2025, **including a description of changes to the Series that occurred during the reporting period.** You can find additional information about the Fund at www.manning-napier.com/products/mutual-funds. You can also request this information by contacting us at (800) 466-3863. Shareholders who own the Fund through a third-party advisor or intermediary platform should contact their financial advisor directly for additional information.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| Class S | $116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.10% |

---

Expenses are equal to Class S shares' annualized expense ratio (for the twelve-month period) multiplied by the average account value over the period. The Class' expenses would have been higher had certain expenses not been waived or reimbursed during the period.

#### Management's Discussion of Fund Performance

#### How did the fund perform last year?
The Series delivered positive returns but underperformed its blended benchmark for the 12-month period ended October 31, 2025.

#### What factors influenced performance?
The Series' positive return was supported by exposure to both equities and fixed income securities. Asset prices benefited from resilient consumer spending, strong corporate earnings, and optimism surrounding productivity gains from artificial intelligence (AI). Fixed income also contributed positively as the Federal Reserve began cutting interest rates, driving yields lower and bond prices higher. Collectively, easing monetary policy, solid consumer fundamentals, and ongoing AI-related investment created a favorable environment for risk assets.

From a relative standpoint, the Series' near-neutral stock/bond allocation, equity sector positioning, and fixed income decisions had limited impact on performance. Stock selection was the primary driver of relative underperformance. Limited participation in more speculative areas of the AI ecosystem and select "Magnificent 7" names remained a headwind during the year. In addition, certain portfolio holdings were pressured by market concerns over potential AI-driven disruption. In contrast, select exposure to payment network providers and companies in the aerospace & defense industries contributed positively to relative returns.

#### Positioning
We believe the outlook for economic growth and inflation is relatively balanced, with risks and potential rewards largely offsetting one another. While equity valuations remain elevated by historical standards, they are generally supported by continued earnings growth. Within the equity allocation, we maintain high conviction in a diversified portfolio emphasizing durable themes such as software as a service (SaaS), health care, and an overall quality orientation. On the fixed income side, we continue to favor securitized debt, particularly senior tranches backed by strong fundamentals and low credit risk, while remaining cautious on corporate credit given elevated valuations. Overall, we believe the Series' balanced mix of assets provides a compelling risk/reward profile in an evolving market environment.

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. The graph assumes a $10,000 initial investment in the Fund, an appropriate broad-based securities market index and a blended index that reflects the market sector in which the Fund invests for the same period.

#### Initial Investment of $10,000
![line](qesjsoa1mjbp8g91.jpg)

The returns are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to net asset values in accordance with accounting principles generally accepted in the United States of America.

The MSCI USA Investable Market Index (IMI) is designed to measure large, mid, and small-cap representation across the US market. The Index returns do not reflect any fees or expenses. The Index is denominated in U.S. dollars. The Index returns are net of withholding taxes. They assume daily reinvestment of net dividends thus accounting for any applicable dividend taxation. Index returns provided by Bloomberg.

The MSCI 65/20/15 Blended Benchmark is 65% MSCI USA Investable Market Index (IMI), 20% MSCI ACWI ex USA Index (ACWIxUS), and 15% Bloomberg U.S. Aggregate Bond Index (BAB). IMI is designed to measure large, mid, and small-cap representation across the US market. The Index is denominated in U.S. dollars. The Index returns are net of withholding taxes. They assume daily reinvestment of net dividends thus accounting for any applicable dividend taxation. Index returns provided by Bloomberg. ACWIxUS is designed to measure large and mid-cap representation across 22 of 23 Developed Markets countries (excluding the U.S.) and 24 Emerging Markets countries. The Index is denominated in U.S. dollars. The Index returns are net of withholding taxes. They assume daily reinvestment of net dividends thus accounting for any applicable dividend taxation. Index returns provided by Bloomberg. BAB is an unmanaged, market value-weighted index of U.S. domestic investment-grade debt issues, including government, corporate, asset-backed, and mortgage-backed securities with maturities of one year or more. Index returns provided by Intercontinental Exchange (ICE). The returns of the indices do not reflect any fees or expenses. Returns provided are calculated monthly using a blended allocation. Because the fund's asset allocation will vary over time, the composition of the fund's portfolio may not match the composition of the comparative Indices.

#### Manning & Napier Pro-Blend<sup>®</sup> Maximum Term Series Tailored Shareholder Report MNPBMA-S-10/25-AR
**The Manning & Napier Fund, Inc. is managed by Manning & Napier Advisors, LLC. Manning & Napier Investor Services, Inc., an affiliate of Manning & Napier Advisors, LLC, is the distributor of the Fund shares.**

#### Average Annual Total Returns
(As of October 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Pro-Blend<sup>®</sup> Maximum Term Series - S** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75% |
| **MSCI USA IMI** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.64% |
| **MSCI 65/20/15 Blended Index** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.79% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **The Series' past performance is not a good predictor of how the Series will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Series distributions or redemptions of Series shares.** 

Index data referenced herein is the property of each index sponsor (MSCI and Bloomberg), their affiliates ('Index Sponsors') and/or their third party suppliers and has been licensed for use by Manning & Napier. The Index Sponsors and their third party suppliers accept no liability in connection with its use. Data provided is not a representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and none of these parties shall have any liability for any errors, omissions, or interruptions of any index or the data included therein. For additional disclosure information, please see: https://go.manning-napier.com/benchmark-provisions.

#### Key Fund Statistics (as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Net Assets** | $453940542 |
| **Number of Holdings** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134 |
| **Portfolio Turnover (for the year ended 10/31/25)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86% |
| **Total Advisory Fees Paid (net of reimbursements)** | $2694423 |

---

The total net advisory fee represents the aggregate dollar amount of fund level management fees, which includes the impact of waivers and/or expense reimbursements of management fees and other expenses for the period.

#### Sector Allocation (% of net assets)
(as of October 31, 2025)

![pie](qes1kzoc1mi9aq4vd.jpg)

The Global Industry Classification Standard (GICS) was developed by and is exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor's a division of S&P Global Inc. (S&P), and is licensed for use by Manning & Napier when referencing GICS sectors. Neither MSCI, S&P, nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification, nor shall any such party have any liability therefrom.

#### What did the Fund invest in?
(as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Investment Types**<br>  | **%**<br>  |
| **Common Stocks** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87.4 |
| **Corporate Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.0 |
| **U.S. Treasury Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.4 |
| **U.S. Treasury Notes** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.1 |
| **Foreign Government Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.1 |
| **Commercial Mortgage-Backed Securities¹** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0 |
| **Asset-Backed Securities¹** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0 |
| **U.S. Government Agencies¹** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0 |
| **Cash, short-term investment, and liabilities, less other assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.0 |

---

Expressed as a percentage of net assets.

---

| | |
|:---|:---|
| ¹ | Less than 0.1%. |

---

#### How has the Fund changed?
This is a summary of certain changes to the Series since October 31, 2024. For more complete information, you may review the Series' prospectus, available at www.manning-napier.com/products/mutual-funds or upon request by contacting us at (800)466-3863.

Effective October 24, 2025 , the portfolio management teams of the Series changed as follows:

James Slentz, CFA**<sup>®</sup>** and Jacob Boak, CFA**<sup>®</sup>** became members of the Series' portfolio management teams.

#### Householding
The Fund may send only one copy of the Series' prospectus and annual and semi-annuals reports to certain shareholders residing at the same "household" for shareholders who have elected this option. This reduces Fund expenses, which benefits you and other shareholders. If you wish to change your "householding" option, please call (800) 466-3863 or contact your financial advisor.

**Additional information about the Series, including its prospectus, financial information, holdings, and proxy information can be obtained at www.manning-napier.com/products/mutual-funds or by calling (800) 466-3863. Shareholders can also elect to receive certain documents via e-delivery. For more information or to sign up for e-delivery, please visit the Fund's website.**

#### Manning & Napier Pro-Blend<sup>®</sup> Maximum Term Series Tailored Shareholder Report MNPBMA-I-10/25-AR
**The Manning & Napier Fund, Inc. is managed by Manning & Napier Advisors, LLC. Manning & Napier Investor Services, Inc., an affiliate of Manning & Napier Advisors, LLC, is the distributor of the Fund shares.**

---

| | |
|:---|:---|
| **annual shareholder report**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pro-Blend<sup>®</sup> Maximum - Class I** <br> ticker: MNHIX <br>| <br> ![logo](d7qy18jf8lx4xgcvm.jpg)  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This annual shareholder report contains important information about Class I of Pro-Blend<sup>®</sup> Maximum Term Series, a series of Manning & Napier Fund Inc., for the period of November 1, 2024 to October 31, 2025, **including a description of changes to the Series that occurred during the reporting period.** You can find additional information about the Fund at www.manning-napier.com/products/mutual-funds. You can also request this information by contacting us at (800) 466-3863. Shareholders who own the Fund through a third-party advisor or intermediary platform should contact their financial advisor directly for additional information.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| Class I | $90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.85% |

---

Expenses are equal to Class I shares' annualized expense ratio (for the twelve-month period) multiplied by the average account value over the period. The Class' expenses would have been higher had certain expenses not been waived or reimbursed during the period.

#### Management's Discussion of Fund Performance

#### How did the fund perform last year?
The Series delivered positive returns but underperformed its blended benchmark for the 12-month period ended October 31, 2025.

#### What factors influenced performance?
The Series' positive return was supported by exposure to both equities and fixed income securities. Asset prices benefited from resilient consumer spending, strong corporate earnings, and optimism surrounding productivity gains from artificial intelligence (AI). Fixed income also contributed positively as the Federal Reserve began cutting interest rates, driving yields lower and bond prices higher. Collectively, easing monetary policy, solid consumer fundamentals, and ongoing AI-related investment created a favorable environment for risk assets.

From a relative standpoint, the Series' near-neutral stock/bond allocation, equity sector positioning, and fixed income decisions had limited impact on performance. Stock selection was the primary driver of relative underperformance. Limited participation in more speculative areas of the AI ecosystem and select "Magnificent 7" names remained a headwind during the year. In addition, certain portfolio holdings were pressured by market concerns over potential AI-driven disruption. In contrast, select exposure to payment network providers and companies in the aerospace & defense industries contributed positively to relative returns.

#### Positioning
We believe the outlook for economic growth and inflation is relatively balanced, with risks and potential rewards largely offsetting one another. While equity valuations remain elevated by historical standards, they are generally supported by continued earnings growth. Within the equity allocation, we maintain high conviction in a diversified portfolio emphasizing durable themes such as software as a service (SaaS), health care, and an overall quality orientation. On the fixed income side, we continue to favor securitized debt, particularly senior tranches backed by strong fundamentals and low credit risk, while remaining cautious on corporate credit given elevated valuations. Overall, we believe the Series' balanced mix of assets provides a compelling risk/reward profile in an evolving market environment.

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. The graph assumes a $10,000 initial investment in the Fund, an appropriate broad-based securities market index and a blended index that reflects the market sector in which the Fund invests for the same period.

#### Initial Investment of $10,000
![line](qes33ley1mjbp72z8.jpg)

The returns are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to net asset values in accordance with accounting principles generally accepted in the United States of America.

The MSCI USA Investable Market Index (IMI) is designed to measure large, mid, and small-cap representation across the US market. The Index returns do not reflect any fees or expenses. The Index is denominated in U.S. dollars. The Index returns are net of withholding taxes. They assume daily reinvestment of net dividends thus accounting for any applicable dividend taxation. Index returns provided by Bloomberg.

The MSCI 65/20/15 Blended Benchmark is 65% MSCI USA Investable Market Index (IMI), 20% MSCI ACWI ex USA Index (ACWIxUS), and 15% Bloomberg U.S. Aggregate Bond Index (BAB). IMI is designed to measure large, mid, and small-cap representation across the US market. The Index is denominated in U.S. dollars. The Index returns are net of withholding taxes. They assume daily reinvestment of net dividends thus accounting for any applicable dividend taxation. Index returns provided by Bloomberg. ACWIxUS is designed to measure large and mid-cap representation across 22 of 23 Developed Markets countries (excluding the U.S.) and 24 Emerging Markets countries. The Index is denominated in U.S. dollars. The Index returns are net of withholding taxes. They assume daily reinvestment of net dividends thus accounting for any applicable dividend taxation. Index returns provided by Bloomberg. BAB is an unmanaged, market value-weighted index of U.S. domestic investment-grade debt issues, including government, corporate, asset-backed, and mortgage-backed securities with maturities of one year or more. Index returns provided by Intercontinental Exchange (ICE). The returns of the indices do not reflect any fees or expenses. Returns provided are calculated monthly using a blended allocation. Because the fund's asset allocation will vary over time, the composition of the fund's portfolio may not match the composition of the comparative Indices.

#### Manning & Napier Pro-Blend<sup>®</sup> Maximum Term Series Tailored Shareholder Report MNPBMA-I-10/25-AR
**The Manning & Napier Fund, Inc. is managed by Manning & Napier Advisors, LLC. Manning & Napier Investor Services, Inc., an affiliate of Manning & Napier Advisors, LLC, is the distributor of the Fund shares.**

#### Average Annual Total Returns
(As of October 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Pro-Blend<sup>®</sup> Maximum Term Series - I** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.03% |
| **MSCI USA IMI Index** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.64% |
| **65/20/15 Blended Index** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.79% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **The Series' past performance is not a good predictor of how the Series will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Series distributions or redemptions of Series shares.** 

Index data referenced herein is the property of each index sponsor (MSCI and Bloomberg), their affiliates ('Index Sponsors') and/or their third party suppliers and has been licensed for use by Manning & Napier. The Index Sponsors and their third party suppliers accept no liability in connection with its use. Data provided is not a representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and none of these parties shall have any liability for any errors, omissions, or interruptions of any index or the data included therein. For additional disclosure information, please see: https://go.manning-napier.com/benchmark-provisions.

#### Key Fund Statistics (as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Net Assets** | $453940542 |
| **Number of Holdings** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134 |
| **Portfolio Turnover (for the year ended 10/31/25)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86% |
| **Total Advisory Fees Paid (net of reimbursements)** | $2694423 |

---

The total net advisory fee represents the aggregate dollar amount of fund level management fees, which includes the impact of waivers and/or expense reimbursements of management fees and other expenses for the period.

#### Sector Allocation (% of net assets)
(as of October 31, 2025)

![pie](qes1kzoc1mi9aq4vd.jpg)

The Global Industry Classification Standard (GICS) was developed by and is exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor's a division of S&P Global Inc. (S&P), and is licensed for use by Manning & Napier when referencing GICS sectors. Neither MSCI, S&P, nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification, nor shall any such party have any liability therefrom.

#### What did the Fund invest in?
(as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Investment Types**<br>  | **%**<br>  |
| **Common Stocks** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87.4 |
| **Corporate Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.0 |
| **U.S. Treasury Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.4 |
| **U.S. Treasury Notes** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.1 |
| **Foreign Government Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.1 |
| **Commercial Mortgage-Backed Securities¹** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0 |
| **Asset-Backed Securities¹** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0 |
| **U.S. Government Agencies¹** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0 |
| **Cash, short-term investment, and liabilities, less other assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.0 |

---

Expressed as a percentage of net assets.

---

| | |
|:---|:---|
| ¹ | Less than 0.1%. |

---

#### How has the Fund changed?
This is a summary of certain changes to the Series since October 31, 2024. For more complete information, you may review the Series' prospectus, available at www.manning-napier.com/products/mutual-funds or upon request by contacting us at (800)466-3863.

Effective October 24, 2025 , the portfolio management teams of the Series changed as follows:

James Slentz, CFA**<sup>®</sup>** and Jacob Boak, CFA**<sup>®</sup>** became members of the Series' portfolio management teams.

#### Householding
The Fund may send only one copy of the Series' prospectus and annual and semi-annuals reports to certain shareholders residing at the same "household" for shareholders who have elected this option. This reduces Fund expenses, which benefits you and other shareholders. If you wish to change your "householding" option, please call (800) 466-3863 or contact your financial advisor.

**Additional information about the Series, including its prospectus, financial information, holdings, and proxy information can be obtained at www.manning-napier.com/products/mutual-funds or by calling (800) 466-3863. Shareholders can also elect to receive certain documents via e-delivery. For more information or to sign up for e-delivery, please visit the Fund's website.**

#### Manning & Napier Pro-Blend<sup>®</sup> Maximum Term Series Tailored Shareholder Report MNPBMA-R-10/25-AR
**The Manning & Napier Fund, Inc. is managed by Manning & Napier Advisors, LLC. Manning & Napier Investor Services, Inc., an affiliate of Manning & Napier Advisors, LLC, is the distributor of the Fund shares.**

---

| | |
|:---|:---|
| **annual shareholder report**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pro-Blend<sup>®</sup> Maximum - Class R** <br> ticker: MNHRX <br>| <br> ![logo](d7qy18jf8lx4xgcvm.jpg)  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This annual shareholder report contains important information about Class R of Pro-Blend<sup>®</sup> Maximum Term Series, a series of Manning & Napier Fund Inc., for the period of November 1, 2024 to October 31, 2025, **including a description of changes to the Series that occurred during the reporting period.** You can find additional information about the Fund at www.manning-napier.com/products/mutual-funds. You can also request this information by contacting us at (800) 466-3863. Shareholders who own the Fund through a third-party advisor or intermediary platform should contact their financial advisor directly for additional information.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| Class R | $138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.31% |

---

Expenses are equal to Class R shares' annualized expense ratio (for the twelve-month period) multiplied by the average account value over the period. The Class' expenses would have been higher had certain expenses not been waived or reimbursed during the period.

#### Management's Discussion of Fund Performance

#### How did the fund perform last year?
The Series delivered positive returns but underperformed its blended benchmark for the 12-month period ended October 31, 2025.

#### What factors influenced performance?
The Series' positive return was supported by exposure to both equities and fixed income securities. Asset prices benefited from resilient consumer spending, strong corporate earnings, and optimism surrounding productivity gains from artificial intelligence (AI). Fixed income also contributed positively as the Federal Reserve began cutting interest rates, driving yields lower and bond prices higher. Collectively, easing monetary policy, solid consumer fundamentals, and ongoing AI-related investment created a favorable environment for risk assets.

From a relative standpoint, the Series' near-neutral stock/bond allocation, equity sector positioning, and fixed income decisions had limited impact on performance. Stock selection was the primary driver of relative underperformance. Limited participation in more speculative areas of the AI ecosystem and select "Magnificent 7" names remained a headwind during the year. In addition, certain portfolio holdings were pressured by market concerns over potential AI-driven disruption. In contrast, select exposure to payment network providers and companies in the aerospace & defense industries contributed positively to relative returns.

#### Positioning
We believe the outlook for economic growth and inflation is relatively balanced, with risks and potential rewards largely offsetting one another. While equity valuations remain elevated by historical standards, they are generally supported by continued earnings growth. Within the equity allocation, we maintain high conviction in a diversified portfolio emphasizing durable themes such as software as a service (SaaS), health care, and an overall quality orientation. On the fixed income side, we continue to favor securitized debt, particularly senior tranches backed by strong fundamentals and low credit risk, while remaining cautious on corporate credit given elevated valuations. Overall, we believe the Series' balanced mix of assets provides a compelling risk/reward profile in an evolving market environment.

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. The graph assumes a $10,000 initial investment in the Fund, an appropriate broad-based securities market index and a blended index that reflects the market sector in which the Fund invests for the same period.

#### Initial Investment of $10,000
![line](qesjsoa1mjbp9zh2.jpg)

The returns are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to net asset values in accordance with accounting principles generally accepted in the United States of America.

The MSCI USA Investable Market Index (IMI) is designed to measure large, mid, and small-cap representation across the US market. The Index returns do not reflect any fees or expenses. The Index is denominated in U.S. dollars. The Index returns are net of withholding taxes. They assume daily reinvestment of net dividends thus accounting for any applicable dividend taxation. Index returns provided by Bloomberg.

The MSCI 65/20/15 Blended Benchmark is 65% MSCI USA Investable Market Index (IMI), 20% MSCI ACWI ex USA Index (ACWIxUS), and 15% Bloomberg U.S. Aggregate Bond Index (BAB). IMI is designed to measure large, mid, and small-cap representation across the US market. The Index is denominated in U.S. dollars. The Index returns are net of withholding taxes. They assume daily reinvestment of net dividends thus accounting for any applicable dividend taxation. Index returns provided by Bloomberg. ACWIxUS is designed to measure large and mid-cap representation across 22 of 23 Developed Markets countries (excluding the U.S.) and 24 Emerging Markets countries. The Index is denominated in U.S. dollars. The Index returns are net of withholding taxes. They assume daily reinvestment of net dividends thus accounting for any applicable dividend taxation. Index returns provided by Bloomberg. BAB is an unmanaged, market value-weighted index of U.S. domestic investment-grade debt issues, including government, corporate, asset-backed, and mortgage-backed securities with maturities of one year or more. Index returns provided by Intercontinental Exchange (ICE). The returns of the indices do not reflect any fees or expenses. Returns provided are calculated monthly using a blended allocation. Because the fund's asset allocation will vary over time, the composition of the fund's portfolio may not match the composition of the comparative Indices.

#### Manning & Napier Pro-Blend<sup>®</sup> Maximum Term Series Tailored Shareholder Report MNPBMA-R-10/25-AR
**The Manning & Napier Fund, Inc. is managed by Manning & Napier Advisors, LLC. Manning & Napier Investor Services, Inc., an affiliate of Manning & Napier Advisors, LLC, is the distributor of the Fund shares.**

#### Average Annual Total Returns
(As of October 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Pro-Blend<sup>®</sup> Maximum Term Series - R** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.51% |
| **MSCI USA IMI Index** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.64% |
| **65/20/15 Blended Index** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.79% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **The Series' past performance is not a good predictor of how the Series will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Series distributions or redemptions of Series shares.** 

Index data referenced herein is the property of each index sponsor (MSCI and Bloomberg), their affiliates ('Index Sponsors') and/or their third party suppliers and has been licensed for use by Manning & Napier. The Index Sponsors and their third party suppliers accept no liability in connection with its use. Data provided is not a representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and none of these parties shall have any liability for any errors, omissions, or interruptions of any index or the data included therein. For additional disclosure information, please see: https://go.manning-napier.com/benchmark-provisions.

#### Key Fund Statistics (as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Net Assets** | $453940542 |
| **Number of Holdings** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134 |
| **Portfolio Turnover (for the year ended 10/31/25)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86% |
| **Total Advisory Fees Paid (net of reimbursements)** | $2694423 |

---

The total net advisory fee represents the aggregate dollar amount of fund level management fees, which includes the impact of waivers and/or expense reimbursements of management fees and other expenses for the period.

#### Sector Allocation (% of net assets)
(as of October 31, 2025)

![pie](qes1kzoc1mi9aq4vd.jpg)

The Global Industry Classification Standard (GICS) was developed by and is exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor's a division of S&P Global Inc. (S&P), and is licensed for use by Manning & Napier when referencing GICS sectors. Neither MSCI, S&P, nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification, nor shall any such party have any liability therefrom.

#### What did the Fund invest in?
(as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Investment Types**<br>  | **%**<br>  |
| **Common Stocks** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87.4 |
| **Corporate Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.0 |
| **U.S. Treasury Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.4 |
| **U.S. Treasury Notes** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.1 |
| **Foreign Government Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.1 |
| **Commercial Mortgage-Backed Securities¹** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0 |
| **Asset-Backed Securities¹** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0 |
| **U.S. Government Agencies¹** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0 |
| **Cash, short-term investment, and liabilities, less other assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.0 |

---

Expressed as a percentage of net assets.

---

| | |
|:---|:---|
| ¹ | Less than 0.1%. |

---

#### How has the Fund changed?
This is a summary of certain changes to the Series since October 31, 2024. For more complete information, you may review the Series' prospectus, available at www.manning-napier.com/products/mutual-funds or upon request by contacting us at (800)466-3863.

Effective October 24, 2025 , the portfolio management teams of the Series changed as follows:

James Slentz, CFA**<sup>®</sup>** and Jacob Boak, CFA**<sup>®</sup>** became members of the Series' portfolio management teams.

#### Householding
The Fund may send only one copy of the Series' prospectus and annual and semi-annuals reports to certain shareholders residing at the same "household" for shareholders who have elected this option. This reduces Fund expenses, which benefits you and other shareholders. If you wish to change your "householding" option, please call (800) 466-3863 or contact your financial advisor.

**Additional information about the Series, including its prospectus, financial information, holdings, and proxy information can be obtained at www.manning-napier.com/products/mutual-funds or by calling (800) 466-3863. Shareholders can also elect to receive certain documents via e-delivery. For more information or to sign up for e-delivery, please visit the Fund's website.**

#### Manning & Napier Pro-Blend<sup>®</sup> Maximum Term Series Tailored Shareholder Report MNPBMA-L-10/25-AR
**The Manning & Napier Fund, Inc. is managed by Manning & Napier Advisors, LLC. Manning & Napier Investor Services, Inc., an affiliate of Manning & Napier Advisors, LLC, is the distributor of the Fund shares.**

---

| | |
|:---|:---|
| **annual shareholder report**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pro-Blend<sup>®</sup> Maximum - Class L** <br> ticker: MNHCX <br>| <br> ![logo](d7qy18jf8lx4xgcvm.jpg)  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This annual shareholder report contains important information about Class L of Pro-Blend<sup>®</sup> Maximum Term Series, a series of Manning & Napier Fund Inc., for the period of November 1, 2024 to October 31, 2025, **including a description of changes to the Series that occurred during the reporting period.** You can find additional information about the Fund at www.manning-napier.com/products/mutual-funds. You can also request this information by contacting us at (800) 466-3863. Shareholders who own the Fund through a third-party advisor or intermediary platform should contact their financial advisor directly for additional information.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| Class L | $192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.83% |

---

Expenses are equal to Class L shares' annualized expense ratio (for the twelve-month period) multiplied by the average account value over the period. The Class' expenses would have been higher had certain expenses not been waived or reimbursed during the period.

#### Management's Discussion of Fund Performance

#### How did the fund perform last year?
The Series delivered positive returns but underperformed its blended benchmark for the 12-month period ended October 31, 2025.

#### What factors influenced performance?
The Series' positive return was supported by exposure to both equities and fixed income securities. Asset prices benefited from resilient consumer spending, strong corporate earnings, and optimism surrounding productivity gains from artificial intelligence (AI). Fixed income also contributed positively as the Federal Reserve began cutting interest rates, driving yields lower and bond prices higher. Collectively, easing monetary policy, solid consumer fundamentals, and ongoing AI-related investment created a favorable environment for risk assets.

From a relative standpoint, the Series' near-neutral stock/bond allocation, equity sector positioning, and fixed income decisions had limited impact on performance. Stock selection was the primary driver of relative underperformance. Limited participation in more speculative areas of the AI ecosystem and select "Magnificent 7" names remained a headwind during the year. In addition, certain portfolio holdings were pressured by market concerns over potential AI-driven disruption. In contrast, select exposure to payment network providers and companies in the aerospace & defense industries contributed positively to relative returns.

#### Positioning
We believe the outlook for economic growth and inflation is relatively balanced, with risks and potential rewards largely offsetting one another. While equity valuations remain elevated by historical standards, they are generally supported by continued earnings growth. Within the equity allocation, we maintain high conviction in a diversified portfolio emphasizing durable themes such as software as a service (SaaS), health care, and an overall quality orientation. On the fixed income side, we continue to favor securitized debt, particularly senior tranches backed by strong fundamentals and low credit risk, while remaining cautious on corporate credit given elevated valuations. Overall, we believe the Series' balanced mix of assets provides a compelling risk/reward profile in an evolving market environment.

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. The graph assumes a $10,000 initial investment in the Fund, an appropriate broad-based securities market index and a blended index that reflects the market sector in which the Fund invests for the same period.

#### Initial Investment of $10,000
![line](qes33ley1mjbpayw8.jpg)

The returns are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to net asset values in accordance with accounting principles generally accepted in the United States of America.

The MSCI USA Investable Market Index (IMI) is designed to measure large, mid, and small-cap representation across the US market. The Index returns do not reflect any fees or expenses. The Index is denominated in U.S. dollars. The Index returns are net of withholding taxes. They assume daily reinvestment of net dividends thus accounting for any applicable dividend taxation. Index returns provided by Bloomberg.

The MSCI 65/20/15 Blended Benchmark is 65% MSCI USA Investable Market Index (IMI), 20% MSCI ACWI ex USA Index (ACWIxUS), and 15% Bloomberg U.S. Aggregate Bond Index (BAB). IMI is designed to measure large, mid, and small-cap representation across the US market. The Index is denominated in U.S. dollars. The Index returns are net of withholding taxes. They assume daily reinvestment of net dividends thus accounting for any applicable dividend taxation. Index returns provided by Bloomberg. ACWIxUS is designed to measure large and mid-cap representation across 22 of 23 Developed Markets countries (excluding the U.S.) and 24 Emerging Markets countries. The Index is denominated in U.S. dollars. The Index returns are net of withholding taxes. They assume daily reinvestment of net dividends thus accounting for any applicable dividend taxation. Index returns provided by Bloomberg. BAB is an unmanaged, market value-weighted index of U.S. domestic investment-grade debt issues, including government, corporate, asset-backed, and mortgage-backed securities with maturities of one year or more. Index returns provided by Intercontinental Exchange (ICE). The returns of the indices do not reflect any fees or expenses. Returns provided are calculated monthly using a blended allocation. Because the fund's asset allocation will vary over time, the composition of the fund's portfolio may not match the composition of the comparative Indices.

#### Manning & Napier Pro-Blend<sup>®</sup> Maximum Term Series Tailored Shareholder Report MNPBMA-L-10/25-AR
**The Manning & Napier Fund, Inc. is managed by Manning & Napier Advisors, LLC. Manning & Napier Investor Services, Inc., an affiliate of Manning & Napier Advisors, LLC, is the distributor of the Fund shares.**

#### Average Annual Total Returns
(As of October 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Pro-Blend<sup>®</sup> Maximum Term Series - L** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.94% |
| **MSCI USA IMI** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.64% |
| **MSCI 65/20/15 Blended Index** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.79% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **The Series' past performance is not a good predictor of how the Series will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Series distributions or redemptions of Series shares.** 

Index data referenced herein is the property of each index sponsor (MSCI and Bloomberg), their affiliates ('Index Sponsors') and/or their third party suppliers and has been licensed for use by Manning & Napier. The Index Sponsors and their third party suppliers accept no liability in connection with its use. Data provided is not a representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and none of these parties shall have any liability for any errors, omissions, or interruptions of any index or the data included therein. For additional disclosure information, please see: https://go.manning-napier.com/benchmark-provisions.

#### Key Fund Statistics (as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Net Assets** | $453940542 |
| **Number of Holdings** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134 |
| **Portfolio Turnover (for the year ended 10/31/25)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86% |
| **Total Advisory Fees Paid (net of reimbursements)** | $2694423 |

---

The total net advisory fee represents the aggregate dollar amount of fund level management fees, which includes the impact of waivers and/or expense reimbursements of management fees and other expenses for the period.

#### Sector Allocation (% of net assets)
(as of October 31, 2025)

![pie](qes1kzoc1mi9aq4vd.jpg)

The Global Industry Classification Standard (GICS) was developed by and is exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor's a division of S&P Global Inc. (S&P), and is licensed for use by Manning & Napier when referencing GICS sectors. Neither MSCI, S&P, nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification, nor shall any such party have any liability therefrom.

#### What did the Fund invest in?
(as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Investment Types**<br>  | **%**<br>  |
| **Common Stocks** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87.4 |
| **Corporate Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.0 |
| **U.S. Treasury Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.4 |
| **U.S. Treasury Notes** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.1 |
| **Foreign Government Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.1 |
| **Commercial Mortgage-Backed Securities¹** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0 |
| **Asset-Backed Securities¹** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0 |
| **U.S. Government Agencies¹** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0 |
| **Cash, short-term investment, and liabilities, less other assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.0 |

---

Expressed as a percentage of net assets.

---

| | |
|:---|:---|
| ¹ | Less than 0.1%. |

---

#### How has the Fund changed?
This is a summary of certain changes to the Series since October 31, 2024. For more complete information, you may review the Series' prospectus, available at www.manning-napier.com/products/mutual-funds or upon request by contacting us at (800)466-3863.

Effective October 24, 2025 , the portfolio management teams of the Series changed as follows:

James Slentz, CFA**<sup>®</sup>** and Jacob Boak, CFA**<sup>®</sup>** became members of the Series' portfolio management teams.

#### Householding
The Fund may send only one copy of the Series' prospectus and annual and semi-annuals reports to certain shareholders residing at the same "household" for shareholders who have elected this option. This reduces Fund expenses, which benefits you and other shareholders. If you wish to change your "householding" option, please call (800) 466-3863 or contact your financial advisor.

**Additional information about the Series, including its prospectus, financial information, holdings, and proxy information can be obtained at www.manning-napier.com/products/mutual-funds or by calling (800) 466-3863. Shareholders can also elect to receive certain documents via e-delivery. For more information or to sign up for e-delivery, please visit the Fund's website.**

#### Manning & Napier Pro-Blend<sup>®</sup> Maximum Term Series Tailored Shareholder Report MNPBMA-W-10/25-AR
**The Manning & Napier Fund, Inc. is managed by Manning & Napier Advisors, LLC. Manning & Napier Investor Services, Inc., an affiliate of Manning & Napier Advisors, LLC, is the distributor of the Fund shares.**

---

| | |
|:---|:---|
| **annual shareholder report**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pro-Blend<sup>®</sup> Maximum - Class W** <br> ticker: MNHWX <br>| <br> ![logo](d7qy18jf8lx4xgcvm.jpg)  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This annual shareholder report contains important information about Class W of Pro-Blend<sup>®</sup> Maximum Term Series, a series of Manning & Napier Fund Inc., for the period of November 1, 2024 to October 31, 2025, **including a description of changes to the Series that occurred during the reporting period.** You can find additional information about the Fund at www.manning-napier.com/products/mutual-funds. You can also request this information by contacting us at (800) 466-3863. Shareholders who own the Fund through a third-party advisor or intermediary platform should contact their financial advisor directly for additional information.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| Class W | $11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10% |

---

Expenses are equal to Class W shares' annualized expense ratio (for the twelve-month period) multiplied by the average account value over the period. The Class' expenses would have been higher had certain expenses not been waived or reimbursed during the period.

#### Management's Discussion of Fund Performance

#### How did the fund perform last year?
The Series delivered positive returns but underperformed its blended benchmark for the 12-month period ended October 31, 2025.

#### What factors influenced performance?
The Series' positive return was supported by exposure to both equities and fixed income securities. Asset prices benefited from resilient consumer spending, strong corporate earnings, and optimism surrounding productivity gains from artificial intelligence (AI). Fixed income also contributed positively as the Federal Reserve began cutting interest rates, driving yields lower and bond prices higher. Collectively, easing monetary policy, solid consumer fundamentals, and ongoing AI-related investment created a favorable environment for risk assets.

From a relative standpoint, the Series' near-neutral stock/bond allocation, equity sector positioning, and fixed income decisions had limited impact on performance. Stock selection was the primary driver of relative underperformance. Limited participation in more speculative areas of the AI ecosystem and select "Magnificent 7" names remained a headwind during the year. In addition, certain portfolio holdings were pressured by market concerns over potential AI-driven disruption. In contrast, select exposure to payment network providers and companies in the aerospace & defense industries contributed positively to relative returns.

#### Positioning
We believe the outlook for economic growth and inflation is relatively balanced, with risks and potential rewards largely offsetting one another. While equity valuations remain elevated by historical standards, they are generally supported by continued earnings growth. Within the equity allocation, we maintain high conviction in a diversified portfolio emphasizing durable themes such as software as a service (SaaS), health care, and an overall quality orientation. On the fixed income side, we continue to favor securitized debt, particularly senior tranches backed by strong fundamentals and low credit risk, while remaining cautious on corporate credit given elevated valuations. Overall, we believe the Series' balanced mix of assets provides a compelling risk/reward profile in an evolving market environment.

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. The graph assumes a $10,000 initial investment in the Fund, an appropriate broad-based securities market index and a blended index that reflects the market sector in which the Fund invests for the same period.

#### Initial Investment of $10,000
![line](qesjsoa1mjbp5qte.jpg)

The returns are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to net asset values in accordance with accounting principles generally accepted in the United States of America.

For periods through April 1, 2019 (the inception date of the Class W shares), performance for the Class W shares is based on the historical performance of the Class S shares. Because the Class W shares invest in the same portfolio of securities as the Class S shares, performance will be different only to the extent that the Class S shares have a higher expense ratio.

The MSCI USA Investable Market Index (IMI) is designed to measure large, mid, and small-cap representation across the US market. The Index returns do not reflect any fees or expenses. The Index is denominated in U.S. dollars. The Index returns are net of withholding taxes. They assume daily reinvestment of net dividends thus accounting for any applicable dividend taxation. Index returns provided by Bloomberg.

The MSCI 65/20/15 Blended Benchmark is 65% MSCI USA Investable Market Index (IMI), 20% MSCI ACWI ex USA Index (ACWIxUS), and 15% Bloomberg U.S. Aggregate Bond Index (BAB). IMI is designed to measure large, mid, and small-cap representation across the US market. The Index is denominated in U.S. dollars. The Index returns are net of withholding taxes. They assume daily reinvestment of net dividends thus accounting for any applicable dividend taxation. Index returns provided by Bloomberg. ACWIxUS is designed to measure large and mid-cap representation across 22 of 23 Developed Markets countries (excluding the U.S.) and 24 Emerging Markets countries. The Index is denominated in U.S. dollars. The Index returns are net of withholding taxes. They assume daily reinvestment of net dividends thus accounting for any applicable dividend taxation. Index returns provided by Bloomberg. BAB is an unmanaged, market value-weighted index of U.S. domestic investment-grade debt issues, including government, corporate, asset-backed, and mortgage-backed securities with maturities of one year or more. Index returns provided by Intercontinental Exchange (ICE). The returns of the indices do not reflect any fees or expenses. Returns provided are calculated monthly using a blended allocation. Because the fund's asset allocation will vary over time, the composition of the fund's portfolio may not match the composition of the comparative Indices.

#### Manning & Napier Pro-Blend<sup>®</sup> Maximum Term Series Tailored Shareholder Report MNPBMA-W-10/25-AR
**The Manning & Napier Fund, Inc. is managed by Manning & Napier Advisors, LLC. Manning & Napier Investor Services, Inc., an affiliate of Manning & Napier Advisors, LLC, is the distributor of the Fund shares.**

#### Average Annual Total Returns
(As of October 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Pro-Blend Maximum Term Series** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.48% |
| **MSCI USA IMI** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.64% |
| **MSCI 65/20/15 Blended Index** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.79% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **The Series' past performance is not a good predictor of how the Series will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Series distributions or redemptions of Series shares.** 

Index data referenced herein is the property of each index sponsor (MSCI and Bloomberg), their affiliates ('Index Sponsors') and/or their third party suppliers and has been licensed for use by Manning & Napier. The Index Sponsors and their third party suppliers accept no liability in connection with its use. Data provided is not a representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and none of these parties shall have any liability for any errors, omissions, or interruptions of any index or the data included therein. For additional disclosure information, please see: https://go.manning-napier.com/benchmark-provisions.

#### Key Fund Statistics (as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Net Assets** | $453940542 |
| **Number of Holdings** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134 |
| **Portfolio Turnover (for the year ended 10/31/25)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86% |
| **Total Advisory Fees Paid (net of reimbursements)** | $2694423 |

---

The total net advisory fee represents the aggregate dollar amount of fund level management fees, which includes the impact of waivers and/or expense reimbursements of management fees and other expenses for the period.

#### Sector Allocation (% of net assets)
(as of October 31, 2025)

![pie](qes1kzoc1mi9aq4vd.jpg)

The Global Industry Classification Standard (GICS) was developed by and is exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor's a division of S&P Global Inc. (S&P), and is licensed for use by Manning & Napier when referencing GICS sectors. Neither MSCI, S&P, nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification, nor shall any such party have any liability therefrom.

#### What did the Fund invest in?
(as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Investment Types**<br>  | **%**<br>  |
| **Common Stocks** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87.4 |
| **Corporate Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.0 |
| **U.S. Treasury Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.4 |
| **U.S. Treasury Notes** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.1 |
| **Foreign Government Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.1 |
| **Commercial Mortgage-Backed Securities¹** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0 |
| **Asset-Backed Securities¹** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0 |
| **U.S. Government Agencies¹** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0 |
| **Cash, short-term investment, and liabilities, less other assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.0 |

---

Expressed as a percentage of net assets.

---

| | |
|:---|:---|
| ¹ | Less than 0.1%. |

---

#### How has the Fund changed?
This is a summary of certain changes to the Series since October 31, 2024. For more complete information, you may review the Series' prospectus, available at www.manning-napier.com/products/mutual-funds or upon request by contacting us at (800)466-3863.

Effective October 24, 2025 , the portfolio management teams of the Series changed as follows:

James Slentz, CFA**<sup>®</sup>** and Jacob Boak, CFA**<sup>®</sup>** became members of the Series' portfolio management teams.

#### Householding
The Fund may send only one copy of the Series' prospectus and annual and semi-annuals reports to certain shareholders residing at the same "household" for shareholders who have elected this option. This reduces Fund expenses, which benefits you and other shareholders. If you wish to change your "householding" option, please call (800) 466-3863 or contact your financial advisor.

**Additional information about the Series, including its prospectus, financial information, holdings, and proxy information can be obtained at www.manning-napier.com/products/mutual-funds or by calling (800) 466-3863. Shareholders can also elect to receive certain documents via e-delivery. For more information or to sign up for e-delivery, please visit the Fund's website.**

#### Manning & Napier Disciplined Value Series Tailored Shareholder Report MNDIV-S-10/25-AR
**The Manning & Napier Fund, Inc. is managed by Manning & Napier Advisors, LLC. Manning & Napier Investor Services, Inc., an affiliate of Manning & Napier Advisors, LLC, is the distributor of the Fund shares.**

---

| | |
|:---|:---|
| **annual shareholder report**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disciplined Value Series - Class S** <br> ticker: MDFSX <br>| <br> ![logo](d7qy18jf8lx4xgcvm.jpg)  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This annual shareholder report contains important information about Class S of Disciplined Value Series, a series of Manning & Napier Fund Inc., for the period of November 1, 2024 to October 31, 2025, **including a description of changes to the Series that occurred during the reporting period.** You can find additional information about the Fund at www.manning-napier.com/products/mutual-funds. You can also request this information by contacting us at (800) 466-3863. Shareholders who own the Fund through a third-party advisor or intermediary platform should contact their financial advisor directly for additional information.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| Class S | $82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.78%  |

---

Expenses are equal to Class S shares' annualized expense ratio (for the twelve-month period) multiplied by the average account value over the period. The Class' expenses would have been higher had certain expenses not been waived or reimbursed during the period.

#### Management's Discussion of Fund Performance

#### How did the fund perform last year?
The Series delivered positive returns and outperformed its benchmark, the MSCI USA Large Value Index, for the 12-month period ending 10/31/2025.

#### What factors influenced performance?
From a factor perspective, the strategy's focus on free cash flow–generating, dividend-paying companies with sustainable payout policies led to exposure to quality-oriented factors, particularly high return on equity (ROE)—a key indicator of profit-generating efficiency. This quality bias proved beneficial over the year, as our analysis indicates that within the large-capitalization value universe, companies in the highest ROE quartile outperformed those in the lowest quartile.

From a sector perspective, however, the market remained growth-led, and the Series' significant underweight to the Information Technology sector detracted from relative performance. Strong stock selection within the Industrials, Materials, and Consumer Discretionary sectors, though, more than offset this headwind.

#### Positioning
The strategy will remain invested in financially sound companies with sustainable dividend policies trading at attractive valuations. The valuation component seeks to identify companies that trade at an attractive price relative to their underlying earnings power (e.g., free cash flow). We believe that investing in companies with both favorable valuations and a commitment to returning capital to shareholders via dividends results in a strategy that not only provides the potential for competitive returns in positive market environments but also offers downside risk management during market downturns.

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. The graph assumes a $10,000 initial investment in the Fund, an appropriate broad-based securities market index and a narrowly based index that reflects the market sector in which the Fund invests for the same period.

#### Initial Investment of $10,000
![line](qesdbj1mj216vs1.jpg)

The returns are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to net asset values in accordance with accounting principles generally accepted in the United States of America.

For periods through the inception of Class S on September 21, 2018 the performance is hypothetical and is based on the historical performance of Class I shares adjusted for Class S shares' charges and expenses.

The MSCI USA Index is a free float-adjusted market capitalization index designed to measure the performance of large and mid-cap segments of the U.S. market. The MSCI USA Value Index is designed to measure large and mid-cap US securities exhibiting overall value style characteristics. The Index returns do not reflect any fees or expenses. The Index is denominated in U.S. dollars. The Index returns are net of withholding taxes. They assume daily reinvestment of net dividends thus accounting for any applicable dividend taxation. Index returns provided by Bloomberg.

#### Average Annual Total Returns
(As of October 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Disciplined Value Series - S** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.12%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.93%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.91%  |
| **MSCI USA Index** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21.43%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16.82%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.05%  |
| **MSCI USA Value Index** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.07%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.19%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.11%  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **The Series' past performance is not a good predictor of how the Series will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Series distributions or redemptions of Series shares.** 

Index data referenced herein is the property of MSCI, its affiliates ('MSCI') and/or its third party suppliers and has been licensed for use by Manning & Napier. MSCI and its third party suppliers accept no liability in connection with its use. Data provided is not a representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and none of these parties shall have any liability for any errors, omissions, or interruptions of any index or the data included therein. For additional disclosure information, please see: https://go.manning-napier.com/benchmark-provisions

#### Manning & Napier Disciplined Value Series Tailored Shareholder Report MNDIV-S-10/25-AR
**The Manning & Napier Fund, Inc. is managed by Manning & Napier Advisors, LLC. Manning & Napier Investor Services, Inc., an affiliate of Manning & Napier Advisors, LLC, is the distributor of the Fund shares.**

#### Key Fund Statistics (as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Net Assets** | $145651739  |
| **Number of Holdings** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112  |
| **Portfolio Turnover (for the year ended 10/31/25)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49% |
| **Total Advisory Fees Paid (net of reimbursements)** | $335953  |

---

The total net advisory fee represents the aggregate dollar amount of fund level management fees, which includes the impact of waivers and/or expense reimbursements of management fees and other expenses for the period.

#### Sector Allocation (% of net assets)
(as of October 31, 2025)

![pie](qes9hxx01mi9aqffg.jpg)

The Global Industry Classification Standard (GICS) was developed by and is exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor's a division of S&P Global Inc. (S&P), and is licensed for use by Manning & Napier when referencing GICS sectors. Neither MSCI, S&P, nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification, nor shall any such party have any liability therefrom.

#### What did the Fund invest in?
(as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Investment Types**<br>  | **%**<br>  |
| **Cash, short-term investment, and liabilities, less other assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.1  |
| **Common Stocks** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98.9  |

---

Expressed as a percentage of net assets.

#### How has the Fund changed?
This is a summary of certain changes to the Series since October 31, 2024. For more complete information, you may review the Series' prospectus, available at www.manning-napier.com/products/mutual-funds or upon request by contacting us at (800)466-3863.

Effective October 23, 2025 , the portfolio management teams of the Series changed as follows:

1. Alex Gurevich, CFA<sup>®</sup> no longer serves as a member of the Series' portfolio management team.

2. Liam McMahon became a member of the Series' portfolio management team.

#### Householding
The Fund may send only one copy of the Series' prospectus and annual and semi-annuals reports to certain shareholders residing at the same "household" for shareholders who have elected this option. This reduces Fund expenses, which benefits you and other shareholders. If you wish to change your "householding" option, please call (800) 466-3863 or contact your financial advisor.

**Additional information about the Series, including its prospectus, financial information, holdings, and proxy information can be obtained at www.manning-napier.com/products/mutual-funds or by calling (800) 466-3863. Shareholders can also elect to receive certain documents via e-delivery. For more information or to sign up for e-delivery, please visit the Fund's website.**

#### Manning & Napier Disciplined Value Series Tailored Shareholder Report MNDIV-I-10/25-AR
**The Manning & Napier Fund, Inc. is managed by Manning & Napier Advisors, LLC. Manning & Napier Investor Services, Inc., an affiliate of Manning & Napier Advisors, LLC, is the distributor of the Fund shares.**

---

| | |
|:---|:---|
| **annual shareholder report**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disciplined Value Series - Class I** <br> ticker: MNDFX <br>| <br> ![logo](d7qy18jf8lx4xgcvm.jpg)  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This annual shareholder report contains important information about Class I of Disciplined Value Series, a series of Manning & Napier Fund Inc., for the period of November 1, 2024 to October 31, 2025, **including a description of changes to the Series that occurred during the reporting period.** You can find additional information about the Fund at www.manning-napier.com/products/mutual-funds. You can also request this information by contacting us at (800) 466-3863. Shareholders who own the Fund through a third-party advisor or intermediary platform should contact their financial advisor directly for additional information.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| Class I | $60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.57%  |

---

Expenses are equal to Class I shares' annualized expense ratio (for the twelve-month period) multiplied by the average account value over the period. The Class' expenses would have been higher had certain expenses not been waived or reimbursed during the period.

#### Management's Discussion of Fund Performance

#### How did the fund perform last year?
The Series delivered positive returns and outperformed its benchmark, the MSCI USA Large Value Index, for the 12-month period ending 10/31/2025.

#### What factors influenced performance?
From a factor perspective, the strategy's focus on free cash flow–generating, dividend-paying companies with sustainable payout policies led to exposure to quality-oriented factors, particularly high return on equity (ROE)—a key indicator of profit-generating efficiency. This quality bias proved beneficial over the year, as our analysis indicates that within the large-capitalization value universe, companies in the highest ROE quartile outperformed those in the lowest quartile.

From a sector perspective, however, the market remained growth-led, and the Series' significant underweight to the Information Technology sector detracted from relative performance. Strong stock selection within the Industrials, Materials, and Consumer Discretionary sectors, though, more than offset this headwind.

#### Positioning
The strategy will remain invested in financially sound companies with sustainable dividend policies trading at attractive valuations. The valuation component seeks to identify companies that trade at an attractive price relative to their underlying earnings power (e.g., free cash flow). We believe that investing in companies with both favorable valuations and a commitment to returning capital to shareholders via dividends results in a strategy that not only provides the potential for competitive returns in positive market environments but also offers downside risk management during market downturns.

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. The graph assumes a $10,000 initial investment in the Fund, an appropriate broad-based securities market index and a narrowly based index that reflects the market sector in which the Fund invests for the same period.

#### Initial Investment of $10,000
![line](qesdbj1mj21ega4.jpg)

The returns are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to net asset values in accordance with accounting principles generally accepted in the United States of America.

The MSCI USA Index is a free float-adjusted market capitalization index designed to measure the performance of large and mid-cap segments of the U.S. market. The MSCI USA Value Index is designed to measure large and mid-cap US securities exhibiting overall value style characteristics. The Index returns do not reflect any fees or expenses. The Index is denominated in U.S. dollars. The Index returns are net of withholding taxes. They assume daily reinvestment of net dividends thus accounting for any applicable dividend taxation. Index returns provided by Bloomberg.

#### Average Annual Total Returns
(As of October 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Disciplined Value Series - I** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.29%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.14%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.15%  |
| **MSCI USA Index** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21.43%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16.82%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.05%  |
| **MSCI USA Value Index** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.07%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.19%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.11%  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **The Series' past performance is not a good predictor of how the Series will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Series distributions or redemptions of Series shares.** 

Index data referenced herein is the property of MSCI, its affiliates ('MSCI') and/or its third party suppliers and has been licensed for use by Manning & Napier. MSCI and its third party suppliers accept no liability in connection with its use. Data provided is not a representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and none of these parties shall have any liability for any errors, omissions, or interruptions of any index or the data included therein. For additional disclosure information, please see: https://go.manning-napier.com/benchmark-provisions

#### Manning & Napier Disciplined Value Series Tailored Shareholder Report MNDIV-I-10/25-AR
**The Manning & Napier Fund, Inc. is managed by Manning & Napier Advisors, LLC. Manning & Napier Investor Services, Inc., an affiliate of Manning & Napier Advisors, LLC, is the distributor of the Fund shares.**

#### Key Fund Statistics (as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Net Assets** | $145651739  |
| **Number of Holdings** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112  |
| **Portfolio Turnover (for the year ended 10/31/25)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49% |
| **Total Advisory Fees Paid (net of reimbursements)** | $335953  |

---

The total net advisory fee represents the aggregate dollar amount of fund level management fees, which includes the impact of waivers and/or expense reimbursements of management fees and other expenses for the period.

#### Sector Allocation (% of net assets)
(as of October 31, 2025)

![pie](qes9hxx01mi9aqffg.jpg)

The Global Industry Classification Standard (GICS) was developed by and is exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor's a division of S&P Global Inc. (S&P), and is licensed for use by Manning & Napier when referencing GICS sectors. Neither MSCI, S&P, nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification, nor shall any such party have any liability therefrom.

#### What did the Fund invest in?
(as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Investment Types**<br>  | **%**<br>  |
| **Cash, short-term investment, and liabilities, less other assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.1  |
| **Common Stocks** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98.9  |

---

Expressed as a percentage of net assets.

#### How has the Fund changed?
This is a summary of certain changes to the Series since October 31, 2024. For more complete information, you may review the Series' prospectus, available at www.manning-napier.com/products/mutual-funds or upon request by contacting us at (800)466-3863.

Effective October 23, 2025 , the portfolio management teams of the Series changed as follows:

1. Alex Gurevich, CFA<sup>®</sup> no longer serves as a member of the Series' portfolio management team.

2. Liam McMahon became a member of the Series' portfolio management team.

#### Householding
The Fund may send only one copy of the Series' prospectus and annual and semi-annuals reports to certain shareholders residing at the same "household" for shareholders who have elected this option. This reduces Fund expenses, which benefits you and other shareholders. If you wish to change your "householding" option, please call (800) 466-3863 or contact your financial advisor.

**Additional information about the Series, including its prospectus, financial information, holdings, and proxy information can be obtained at www.manning-napier.com/products/mutual-funds or by calling (800) 466-3863. Shareholders can also elect to receive certain documents via e-delivery. For more information or to sign up for e-delivery, please visit the Fund's website.**

#### Manning & Napier Disciplined Value Series Tailored Shareholder Report MNDIV-W-10/25-AR
**The Manning & Napier Fund, Inc. is managed by Manning & Napier Advisors, LLC. Manning & Napier Investor Services, Inc., an affiliate of Manning & Napier Advisors, LLC, is the distributor of the Fund shares.**

---

| | |
|:---|:---|
| **annual shareholder report**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disciplined Value Series - Class W** <br> ticker: MDVWX <br>| <br> ![logo](d7qy18jf8lx4xgcvm.jpg)  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This annual shareholder report contains important information about Class W of Disciplined Value Series, a series of Manning & Napier Fund Inc., for the period of November 1, 2024 to October 31, 2025, **including a description of changes to the Series that occurred during the reporting period.** You can find additional information about the Fund at www.manning-napier.com/products/mutual-funds. You can also request this information by contacting us at (800) 466-3863. Shareholders who own the Fund through a third-party advisor or intermediary platform should contact their financial advisor directly for additional information.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| Class W | $16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15%  |

---

Expenses are equal to Class W shares' annualized expense ratio (for the twelve-month period) multiplied by the average account value over the period. The Class' expenses would have been higher had certain expenses not been waived or reimbursed during the period.

#### Management's Discussion of Fund Performance

#### How did the fund perform last year?
The Series delivered positive returns and outperformed its benchmark, the MSCI USA Large Value Index, for the 12-month period ending 10/31/2025.

#### What factors influenced performance?
From a factor perspective, the strategy's focus on free cash flow–generating, dividend-paying companies with sustainable payout policies led to exposure to quality-oriented factors, particularly high return on equity (ROE)—a key indicator of profit-generating efficiency. This quality bias proved beneficial over the year, as our analysis indicates that within the large-capitalization value universe, companies in the highest ROE quartile outperformed those in the lowest quartile.

From a sector perspective, however, the market remained growth-led, and the Series' significant underweight to the Information Technology sector detracted from relative performance. Strong stock selection within the Industrials, Materials, and Consumer Discretionary sectors, though, more than offset this headwind.

#### Positioning
The strategy will remain invested in financially sound companies with sustainable dividend policies trading at attractive valuations. The valuation component seeks to identify companies that trade at an attractive price relative to their underlying earnings power (e.g., free cash flow). We believe that investing in companies with both favorable valuations and a commitment to returning capital to shareholders via dividends results in a strategy that not only provides the potential for competitive returns in positive market environments but also offers downside risk management during market downturns.

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. The graph assumes a $10,000 initial investment in the Fund, an appropriate broad-based securities market index and a narrowly based index that reflects the market sector in which the Fund invests for the same period.

#### Initial Investment of $10,000
![line](qes1g1s31mj20dsqh.jpg)

The returns are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to net asset values in accordance with accounting principles generally accepted in the United States of America.

For periods through March, 1, 2019 (the inception date of the Class W shares), performance for the Class W shares is based on the historical performance of the Class I shares. Because the Class W shares invest in the same portfolio of securities as the Class I shares, performance for the respective shares will be different only to the extent that the Class I shares have a higher expense ratio.

The MSCI USA Index is a free float-adjusted market capitalization index designed to measure the performance of large and mid-cap segments of the U.S. market. The MSCI USA Value Index is designed to measure large and mid-cap US securities exhibiting overall value style characteristics. The Index returns do not reflect any fees or expenses. The Index is denominated in U.S. dollars. The Index returns are net of withholding taxes. They assume daily reinvestment of net dividends thus accounting for any applicable dividend taxation. Index returns provided by Bloomberg.

#### Average Annual Total Returns
(As of October 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Disciplined Value Series - W** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.80%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.61%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.47%  |
| **MSCI USA Index** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21.43%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16.82%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.05%  |
| **MSCI USA Value Index** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.07%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.19%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.11%  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **The Series' past performance is not a good predictor of how the Series will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Series distributions or redemptions of Series shares.** 

Index data referenced herein is the property of MSCI, its affiliates ('MSCI') and/or its third party suppliers and has been licensed for use by Manning & Napier. MSCI and its third party suppliers accept no liability in connection with its use. Data provided is not a representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and none of these parties shall have any liability for any errors, omissions, or interruptions of any index or the data included therein. For additional disclosure information, please see: https://go.manning-napier.com/benchmark-provisions

#### Manning & Napier Disciplined Value Series Tailored Shareholder Report MNDIV-W-10/25-AR
**The Manning & Napier Fund, Inc. is managed by Manning & Napier Advisors, LLC. Manning & Napier Investor Services, Inc., an affiliate of Manning & Napier Advisors, LLC, is the distributor of the Fund shares.**

#### Key Fund Statistics (as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Net Assets** | $145651739  |
| **Number of Holdings** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112  |
| **Portfolio Turnover (for the year ended 10/31/25)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49% |
| **Total Advisory Fees Paid (net of reimbursements)** | $335953  |

---

The total net advisory fee represents the aggregate dollar amount of fund level management fees, which includes the impact of waivers and/or expense reimbursements of management fees and other expenses for the period.

#### Sector Allocation (% of net assets)
(as of October 31, 2025)

![pie](qes9hxx01mi9aqffg.jpg)

The Global Industry Classification Standard (GICS) was developed by and is exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor's a division of S&P Global Inc. (S&P), and is licensed for use by Manning & Napier when referencing GICS sectors. Neither MSCI, S&P, nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification, nor shall any such party have any liability therefrom.

#### What did the Fund invest in?
(as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Investment Types**<br>  | **%**<br>  |
| **Cash, short-term investment, and liabilities, less other assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.1  |
| **Common Stocks** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98.9  |

---

Expressed as a percentage of net assets.

#### How has the Fund changed?
This is a summary of certain changes to the Series since October 31, 2024. For more complete information, you may review the Series' prospectus, available at www.manning-napier.com/products/mutual-funds or upon request by contacting us at (800)466-3863.

Effective October 23, 2025 , the portfolio management teams of the Series changed as follows:

1. Alex Gurevich, CFA<sup>®</sup> no longer serves as a member of the Series' portfolio management team.

2. Liam McMahon became a member of the Series' portfolio management team.

#### Householding
The Fund may send only one copy of the Series' prospectus and annual and semi-annuals reports to certain shareholders residing at the same "household" for shareholders who have elected this option. This reduces Fund expenses, which benefits you and other shareholders. If you wish to change your "householding" option, please call (800) 466-3863 or contact your financial advisor.

**Additional information about the Series, including its prospectus, financial information, holdings, and proxy information can be obtained at www.manning-napier.com/products/mutual-funds or by calling (800) 466-3863. Shareholders can also elect to receive certain documents via e-delivery. For more information or to sign up for e-delivery, please visit the Fund's website.**

#### Manning & Napier Disciplined Value Series Tailored Shareholder Report MNDIV-Z-10/25-AR
**The Manning & Napier Fund, Inc. is managed by Manning & Napier Advisors, LLC. Manning & Napier Investor Services, Inc., an affiliate of Manning & Napier Advisors, LLC, is the distributor of the Fund shares.**

---

| | |
|:---|:---|
| **annual shareholder report**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disciplined Value Series - Class Z** <br> ticker: MDVZX <br>| <br> ![logo](d7qy18jf8lx4xgcvm.jpg)  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This annual shareholder report contains important information about Class Z of Disciplined Value Series, a series of Manning & Napier Fund Inc., for the period of November 1, 2024 to October 31, 2025, **including a description of changes to the Series that occurred during the reporting period.** You can find additional information about the Fund at www.manning-napier.com/products/mutual-funds. You can also request this information by contacting us at (800) 466-3863. Shareholders who own the Fund through a third-party advisor or intermediary platform should contact their financial advisor directly for additional information.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| Class Z | $47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.45%  |

---

Expenses are equal to Class Z shares' annualized expense ratio (for the twelve-month period) multiplied by the average account value over the period. The Class' expenses would have been higher had certain expenses not been waived or reimbursed during the period.

#### Management's Discussion of Fund Performance

#### How did the fund perform last year?
The Series delivered positive returns and outperformed its benchmark, the MSCI USA Large Value Index, for the 12-month period ending 10/31/2025.

#### What factors influenced performance?
From a factor perspective, the strategy's focus on free cash flow–generating, dividend-paying companies with sustainable payout policies led to exposure to quality-oriented factors, particularly high return on equity (ROE)—a key indicator of profit-generating efficiency. This quality bias proved beneficial over the year, as our analysis indicates that within the large-capitalization value universe, companies in the highest ROE quartile outperformed those in the lowest quartile.

From a sector perspective, however, the market remained growth-led, and the Series' significant underweight to the Information Technology sector detracted from relative performance. Strong stock selection within the Industrials, Materials, and Consumer Discretionary sectors, though, more than offset this headwind.

#### Positioning
The strategy will remain invested in financially sound companies with sustainable dividend policies trading at attractive valuations. The valuation component seeks to identify companies that trade at an attractive price relative to their underlying earnings power (e.g., free cash flow). We believe that investing in companies with both favorable valuations and a commitment to returning capital to shareholders via dividends results in a strategy that not only provides the potential for competitive returns in positive market environments but also offers downside risk management during market downturns.

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. The graph assumes a $10,000 initial investment in the Fund, an appropriate broad-based securities market index and a narrowly based index that reflects the market sector in which the Fund invests for the same period.

#### Initial Investment of $10,000
![line](qes1g1s31mj21ahzl.jpg)

The returns are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to net asset values in accordance with accounting principles generally accepted in the United States of America.

For periods through March, 1, 2019 (the inception date of the Class Z shares), performance for the Class Z shares is based on the historical performance of the Class I shares. Because the Class Z shares invest in the same portfolio of securities as the Class I shares, performance for the respective shares will be different only to the extent that the Class I shares have a higher expense ratio.

The MSCI USA Index is a free float-adjusted market capitalization index designed to measure the performance of large and mid-cap segments of the U.S. market. The MSCI USA Value Index is designed to measure large and mid-cap US securities exhibiting overall value style characteristics. The Index returns do not reflect any fees or expenses. The Index is denominated in U.S. dollars. The Index returns are net of withholding taxes. They assume daily reinvestment of net dividends thus accounting for any applicable dividend taxation. Index returns provided by Bloomberg.

#### Average Annual Total Returns
(As of October 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Disciplined Value Series - Z** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.49%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.30%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.25%  |
| **MSCI USA Index** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21.43%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16.82%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.05%  |
| **MSCI USA Value Index** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.07%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.19%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.11%  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **The Series' past performance is not a good predictor of how the Series will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Series distributions or redemptions of Series shares.** 

Index data referenced herein is the property of MSCI, its affiliates ('MSCI') and/or its third party suppliers and has been licensed for use by Manning & Napier. MSCI and its third party suppliers accept no liability in connection with its use. Data provided is not a representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and none of these parties shall have any liability for any errors, omissions, or interruptions of any index or the data included therein. For additional disclosure information, please see: https://go.manning-napier.com/benchmark-provisions

#### Manning & Napier Disciplined Value Series Tailored Shareholder Report MNDIV-Z-10/25-AR
**The Manning & Napier Fund, Inc. is managed by Manning & Napier Advisors, LLC. Manning & Napier Investor Services, Inc., an affiliate of Manning & Napier Advisors, LLC, is the distributor of the Fund shares.**

#### Key Fund Statistics (as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Net Assets** | $145651739  |
| **Number of Holdings** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112  |
| **Portfolio Turnover (for the year ended 10/31/25)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49% |
| **Total Advisory Fees Paid (net of reimbursements)** | $335953  |

---

The total net advisory fee represents the aggregate dollar amount of fund level management fees, which includes the impact of waivers and/or expense reimbursements of management fees and other expenses for the period.

#### Sector Allocation (% of net assets)
(as of October 31, 2025)

![pie](qes9hxx01mi9aqffg.jpg)

The Global Industry Classification Standard (GICS) was developed by and is exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor's a division of S&P Global Inc. (S&P), and is licensed for use by Manning & Napier when referencing GICS sectors. Neither MSCI, S&P, nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification, nor shall any such party have any liability therefrom.

#### What did the Fund invest in?
(as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Investment Types**<br>  | **%**<br>  |
| **Cash, short-term investment, and liabilities, less other assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.1  |
| **Common Stocks** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98.9  |

---

Expressed as a percentage of net assets.

#### How has the Fund changed?
This is a summary of certain changes to the Series since October 31, 2024. For more complete information, you may review the Series' prospectus, available at www.manning-napier.com/products/mutual-funds or upon request by contacting us at (800)466-3863.

Effective October 23, 2025 , the portfolio management teams of the Series changed as follows:

1. Alex Gurevich, CFA<sup>®</sup> no longer serves as a member of the Series' portfolio management team.

2. Liam McMahon became a member of the Series' portfolio management team.

#### Householding
The Fund may send only one copy of the Series' prospectus and annual and semi-annuals reports to certain shareholders residing at the same "household" for shareholders who have elected this option. This reduces Fund expenses, which benefits you and other shareholders. If you wish to change your "householding" option, please call (800) 466-3863 or contact your financial advisor.

**Additional information about the Series, including its prospectus, financial information, holdings, and proxy information can be obtained at www.manning-napier.com/products/mutual-funds or by calling (800) 466-3863. Shareholders can also elect to receive certain documents via e-delivery. For more information or to sign up for e-delivery, please visit the Fund's website.**

#### Manning & Napier Rainier International Discovery Series Tailored Shareholder Report MNIDS-S-10/25-AR
**The Manning & Napier Fund, Inc. (the Fund) is managed by Manning & Napier Advisors, LLC (Manning & Napier). Manning & Napier Investor Services, Inc. (MNBD), an affiliate of Manning & Napier, is the distributor of the Fund shares. Manning & Napier has contracted Rainier Investment Management, LLC, an affiliate of Manning & Napier and MNBD, to sub-advise the International Discovery Series.**

---

| | |
|:---|:---|
| **annual shareholder report**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rainier International Discovery Series - Class S** <br> ticker: RISAX <br>| <br> ![logo](d7qy18jf8lx4xgcvm.jpg)  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This annual shareholder report contains important information about Class S of Rainier International Discovery Series, a series of Manning & Napier Fund Inc., for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.manning-napier.com/products/mutual-funds. You can also request this information by contacting us at (800) 466-3863 . Shareholders who own the Fund through a third-party advisor or intermediary platform should contact their financial advisor directly for additional information.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| Class S | $156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.40%  |

---

Expenses are equal to Class S shares' annualized expense ratio (for the twelve-month period) multiplied by the average account value over the period. The Class' expenses would have been higher had certain expenses not been waived or reimbursed during the period.

#### Management's Discussion of Fund Performance

#### How did the fund perform last year?
The Series delivered positive returns for the 12-month period ended 10/31/2025 and outperformed its benchmark, the MSCI ACWI ex USA Small Cap Index.

#### What factors influenced performance?
The Series' positive return was a result of a very strong year of returns for foreign equities. All global stock markets were meaningfully positive during the most recent 12-month period but non-US stocks outperformed their US counterparts. Asset prices around the world benefited from resilient consumer spending, strong corporate earnings, and optimism surrounding productivity gains from artificial intelligence (AI), while foreign markets especially benefited from attractive valuations amid an environment of broader equity returns than had been experienced in prior years.

The Series' outperformance relative to the benchmark was a result of both sector positioning and individual security selection. Underweight allocations to underperforming sectors like Consumer Staples and Real Estate were complemented by strong stock results within the Industrials sector to result in favorable relative returns. From a geographic perspective, underweight exposure to emerging markets, which slightly lagged during the period, was an additional positive driver. On the negative side, stock results within Communication Services, Consumer Discretionary, and Information Technology detracted on net but did not overwhelm the positive contributors mentioned above.

#### Positioning
Despite elevated geopolitical turmoil around the world, the Rainier team continues to see pockets of opportunity. Geographically, the portfolio remains overweight to Europe while exposure to Japan has also continued to steadily increase and is not only the largest absolute weight in the portfolio but also now a relative overweight. Emerging market exposure is underweight relative to market, including both India and Taiwan specifically, though the team is still finding opportunities in emerging countries. The Rainier team continues to believe that non-US markets currently offer robust runways for growth and continue to uncover compelling investment opportunities with strong fundamentals and attractive valuations.

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. The graph assumes a $10,000 initial investment in the Fund, an appropriate broad-based securities market index and a more narrowly based index that reflects the market sector in which the Fund invests for the same period.

#### Initial Investment of $10,000
![line](qes1g1s31mj33r01k.jpg)

The returns are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to net asset values in accordance with accounting principles generally accepted in the United States of America.

The Rainier International Discovery Fund (Predecessor Fund), which was managed by Rainier Investment Management, LLC, was reorganized into the Manning & Napier Fund, Inc. Rainier International Discovery Series on August 21, 2017. For periods between November 30, 2012 and August 21, 2017, performance for Class S is based on the historical performance of the Predecessor Fund's Class A Shares; performance prior to November 30, 2012 is based on the historical performance of the Predecessor Fund's Institutional Shares and adjusted for the Predecessor Fund's Class A Shares expenses. If the sales charges were reflected or if performance had been adjusted to reflect the Class S Shares' expenses, the performance would have been different depending on total expenses incurred by the Predecessor Fund.

The MSCI ACWI ex USA Index (ACWIxUS) is designed to measure large and mid-cap representation across 22 of 23 Developed Markets countries (excluding the U.S.) and 24 Emerging Markets countries.

The MSCI ACWI Small Cap Index is designed to measure small cap representation across 23 Developed Markets and 24 Emerging Markets countries. The Index returns do not reflect any fees or expenses. The Index is denominated in U.S. dollars. The Index returns are net of withholding taxes. They assume daily reinvestment of net dividends thus accounting for any applicable dividend taxation. Index returns provided by Bloomberg.

#### Average Annual Total Returns
(As of October 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Rainier International Discovery Series - S** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23.49%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.93%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.37%  |
| **MSCI ACWI ex USA Index** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24.93%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.18%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.67%  |
| **MSCI ACWI ex USA Small Cap Index** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22.58%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.61%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.77%  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **The Series' past performance is not a good predictor of how the Series will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Series distributions or redemptions of Series shares.** 

Index data referenced herein is the property of MSCI, its affiliates ('MSCI') and/or its third party suppliers and has been licensed for use by Manning & Napier. MSCI and its third party suppliers accept no liability in connection with its use. Data provided is not a representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and none of these parties shall have any liability for any errors, omissions, or interruptions of any index or the data included therein. For additional disclosure information, please see: https://go.manning-napier.com/benchmark-provisions.

#### Manning & Napier Rainier International Discovery Series Tailored Shareholder Report MNIDS-S-10/25-AR
**The Manning & Napier Fund, Inc. (the Fund) is managed by Manning & Napier Advisors, LLC (Manning & Napier). Manning & Napier Investor Services, Inc. (MNBD), an affiliate of Manning & Napier, is the distributor of the Fund shares. Manning & Napier has contracted Rainier Investment Management, LLC, an affiliate of Manning & Napier and MNBD, to sub-advise the International Discovery Series.**

#### Key Fund Statistics (as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Net Assets** | $387364792  |
| **Number of Holdings** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95  |
| **Portfolio Turnover (for the year ended 10/31/25)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64% |
| **Total Advisory Fees Paid (net of reimbursements)** | $3384820  |

---

The total net advisory fee represents the aggregate dollar amount of fund level management fees, which includes the impact of waivers and/or expense reimbursements of management fees and other expenses for the period and recoupments by the advisor of previously waived and/or reimbursed fees.

#### Sector Allocation (% of net assets)
(as of October 31, 2025)

![pie](qesa1tl41mi9aqm2l.jpg)

The Global Industry Classification Standard (GICS) was developed by and is exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor's a division of S&P Global Inc. (S&P), and is licensed for use by Manning & Napier when referencing GICS sectors. Neither MSCI, S&P, nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification, nor shall any such party have any liability therefrom.

#### What did the Fund invest in?
(as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Investment Types**<br>  | **%**<br>  |
| **Cash, short-term investment, and liabilities, less other assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.7  |
| **Common Stocks** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98.3  |

---

Expressed as a percentage of net assets.

#### Householding
The Fund may send only one copy of the Series' prospectus and annual and semi-annuals reports to certain shareholders residing at the same "household" for shareholders who have elected this option. This reduces Fund expenses, which benefits you and other shareholders. If you wish to change your "householding" option, please call (800) 466-3863 or contact your financial advisor.

**Additional information about the Series, including its prospectus, financial information, holdings, and proxy information can be obtained at www.manning-napier.com/products/mutual-funds or by calling (800) 466-3863. Shareholders can also elect to receive certain documents via e-delivery. For more information or to sign up for e-delivery, please visit the Fund's website.**

#### Manning & Napier Rainier International Discovery Series Tailored Shareholder Report MNIDS-I-10/25-AR
**The Manning & Napier Fund, Inc. (the Fund) is managed by Manning & Napier Advisors, LLC (Manning & Napier). Manning & Napier Investor Services, Inc. (MNBD), an affiliate of Manning & Napier, is the distributor of the Fund shares. Manning & Napier has contracted Rainier Investment Management, LLC, an affiliate of Manning & Napier and MNBD, to sub-advise the International Discovery Series.**

---

| | |
|:---|:---|
| **annual shareholder report**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rainier International Discovery Series - Class I** <br> ticker: RAIIX <br>| <br> ![logo](d7qy18jf8lx4xgcvm.jpg)  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This annual shareholder report contains important information about Class I of Rainier International Discovery Series, a series of Manning & Napier Fund Inc., for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.manning-napier.com/products/mutual-funds. You can also request this information by contacting us at (800) 466-3863 . Shareholders who own the Fund through a third-party advisor or intermediary platform should contact their financial advisor directly for additional information.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| Class I | $129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.15%  |

---

Expenses are equal to Class I shares' annualized expense ratio (for the twelve-month period) multiplied by the average account value over the period. The Class' expenses would have been higher had certain expenses not been waived or reimbursed during the period.

#### Management's Discussion of Fund Performance

#### How did the fund perform last year?
The Series delivered positive returns for the 12-month period ended 10/31/2025 and outperformed its benchmark, the MSCI ACWI ex USA Small Cap Index.

#### What factors influenced performance?
The Series' positive return was a result of a very strong year of returns for foreign equities. All global stock markets were meaningfully positive during the most recent 12-month period but non-US stocks outperformed their US counterparts. Asset prices around the world benefited from resilient consumer spending, strong corporate earnings, and optimism surrounding productivity gains from artificial intelligence (AI), while foreign markets especially benefited from attractive valuations amid an environment of broader equity returns than had been experienced in prior years.

The Series' outperformance relative to the benchmark was a result of both sector positioning and individual security selection. Underweight allocations to underperforming sectors like Consumer Staples and Real Estate were complemented by strong stock results within the Industrials sector to result in favorable relative returns. From a geographic perspective, underweight exposure to emerging markets, which slightly lagged during the period, was an additional positive driver. On the negative side, stock results within Communication Services, Consumer Discretionary, and Information Technology detracted on net but did not overwhelm the positive contributors mentioned above.

#### Positioning
Despite elevated geopolitical turmoil around the world, the Rainier team continues to see pockets of opportunity. Geographically, the portfolio remains overweight to Europe while exposure to Japan has also continued to steadily increase and is not only the largest absolute weight in the portfolio but also now a relative overweight. Emerging market exposure is underweight relative to market, including both India and Taiwan specifically, though the team is still finding opportunities in emerging countries. The Rainier team continues to believe that non-US markets currently offer robust runways for growth and continue to uncover compelling investment opportunities with strong fundamentals and attractive valuations.

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. The graph assumes a $10,000 initial investment in the Fund, an appropriate broad-based securities market index and a more narrowly based index that reflects the market sector in which the Fund invests for the same period.

#### Initial Investment of $10,000
![line](qesc9ld1mj284wvf.jpg)

The returns are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to net asset values in accordance with accounting principles generally accepted in the United States of America.

The Rainier International Discovery Fund (Predecessor Fund), which was managed by Rainier Investment Management, LLC, was reorganized into the Manning & Napier Fund, Inc. Rainier International Discovery Series on August 21, 2017. For periods prior to August 21, 2017, performance for the Class I Shares is based on the historical performance of the Predecessor Fund's Institutional Shares, and will differ to the extent that the Predecessor Fund's Institutional Shares had a higher expense ratio.

The MSCI ACWI ex USA Index (ACWIxUS) is designed to measure large and mid-cap representation across 22 of 23 Developed Markets countries (excluding the U.S.) and 24 Emerging Markets countries.

The MSCI ACWI Small Cap Index is designed to measure small cap representation across 23 Developed Markets and 24 Emerging Markets countries. The Index returns do not reflect any fees or expenses. The Index is denominated in U.S. dollars. The Index returns are net of withholding taxes. They assume daily reinvestment of net dividends thus accounting for any applicable dividend taxation. Index returns provided by Bloomberg.

#### Average Annual Total Returns
(As of October 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Rainier International Discovery Series - I** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23.85%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.65%  |
| **MSCI ACWI ex USA Index** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24.93%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.18%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.67%  |
| **MSCI ACWI ex USA Small Cap Index** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22.58%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.61%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.77%  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **The Series' past performance is not a good predictor of how the Series will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Series distributions or redemptions of Series shares.** 

Index data referenced herein is the property of MSCI, its affiliates ('MSCI') and/or its third party suppliers and has been licensed for use by Manning & Napier. MSCI and its third party suppliers accept no liability in connection with its use. Data provided is not a representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and none of these parties shall have any liability for any errors, omissions, or interruptions of any index or the data included therein. For additional disclosure information, please see: https://go.manning-napier.com/benchmark-provisions.

#### Manning & Napier Rainier International Discovery Series Tailored Shareholder Report MNIDS-I-10/25-AR
**The Manning & Napier Fund, Inc. (the Fund) is managed by Manning & Napier Advisors, LLC (Manning & Napier). Manning & Napier Investor Services, Inc. (MNBD), an affiliate of Manning & Napier, is the distributor of the Fund shares. Manning & Napier has contracted Rainier Investment Management, LLC, an affiliate of Manning & Napier and MNBD, to sub-advise the International Discovery Series.**

#### Key Fund Statistics (as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Net Assets** | $387364792  |
| **Number of Holdings** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95  |
| **Portfolio Turnover (for the year ended 10/31/25)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64% |
| **Total Advisory Fees Paid (net of reimbursements)** | $3384820  |

---

The total net advisory fee represents the aggregate dollar amount of fund level management fees, which includes the impact of waivers and/or expense reimbursements of management fees and other expenses for the period and recoupments by the advisor of previously waived and/or reimbursed fees.

#### Sector Allocation (% of net assets)
(as of October 31, 2025)

![pie](qesa1tl41mi9aqm2l.jpg)

The Global Industry Classification Standard (GICS) was developed by and is exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor's a division of S&P Global Inc. (S&P), and is licensed for use by Manning & Napier when referencing GICS sectors. Neither MSCI, S&P, nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification, nor shall any such party have any liability therefrom.

#### What did the Fund invest in?
(as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Investment Types**<br>  | **%**<br>  |
| **Cash, short-term investment, and liabilities, less other assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.7  |
| **Common Stocks** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98.3  |

---

Expressed as a percentage of net assets.

#### Householding
The Fund may send only one copy of the Series' prospectus and annual and semi-annuals reports to certain shareholders residing at the same "household" for shareholders who have elected this option. This reduces Fund expenses, which benefits you and other shareholders. If you wish to change your "householding" option, please call (800) 466-3863 or contact your financial advisor.

**Additional information about the Series, including its prospectus, financial information, holdings, and proxy information can be obtained at www.manning-napier.com/products/mutual-funds or by calling (800) 466-3863. Shareholders can also elect to receive certain documents via e-delivery. For more information or to sign up for e-delivery, please visit the Fund's website.**

#### Manning & Napier Rainier International Discovery Series Tailored Shareholder Report MNIDS-W-10/25-AR
**The Manning & Napier Fund, Inc. (the Fund) is managed by Manning & Napier Advisors, LLC (Manning & Napier). Manning & Napier Investor Services, Inc. (MNBD), an affiliate of Manning & Napier, is the distributor of the Fund shares. Manning & Napier has contracted Rainier Investment Management, LLC, an affiliate of Manning & Napier and MNBD, to sub-advise the International Discovery Series.**

---

| | |
|:---|:---|
| **annual shareholder report**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rainier International Discovery Series - Class W** <br> ticker: RAIWX <br>| <br> ![logo](d7qy18jf8lx4xgcvm.jpg)  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This annual shareholder report contains important information about Class W of Rainier International Discovery Series, a series of Manning & Napier Fund Inc., for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.manning-napier.com/products/mutual-funds. You can also request this information by contacting us at (800) 466-3863 . Shareholders who own the Fund through a third-party advisor or intermediary platform should contact their financial advisor directly for additional information.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| Class W | $11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10%  |

---

Expenses are equal to Class W shares' annualized expense ratio (for the twelve-month period) multiplied by the average account value over the period. The Class' expenses would have been higher had certain expenses not been waived or reimbursed during the period.

#### Management's Discussion of Fund Performance

#### How did the fund perform last year?
The Series delivered positive returns for the 12-month period ended 10/31/2025 and outperformed its benchmark, the MSCI ACWI ex USA Small Cap Index.

#### What factors influenced performance?
The Series' positive return was a result of a very strong year of returns for foreign equities. All global stock markets were meaningfully positive during the most recent 12-month period but non-US stocks outperformed their US counterparts. Asset prices around the world benefited from resilient consumer spending, strong corporate earnings, and optimism surrounding productivity gains from artificial intelligence (AI), while foreign markets especially benefited from attractive valuations amid an environment of broader equity returns than had been experienced in prior years.

The Series' outperformance relative to the benchmark was a result of both sector positioning and individual security selection. Underweight allocations to underperforming sectors like Consumer Staples and Real Estate were complemented by strong stock results within the Industrials sector to result in favorable relative returns. From a geographic perspective, underweight exposure to emerging markets, which slightly lagged during the period, was an additional positive driver. On the negative side, stock results within Communication Services, Consumer Discretionary, and Information Technology detracted on net but did not overwhelm the positive contributors mentioned above.

#### Positioning
Despite elevated geopolitical turmoil around the world, the Rainier team continues to see pockets of opportunity. Geographically, the portfolio remains overweight to Europe while exposure to Japan has also continued to steadily increase and is not only the largest absolute weight in the portfolio but also now a relative overweight. Emerging market exposure is underweight relative to market, including both India and Taiwan specifically, though the team is still finding opportunities in emerging countries. The Rainier team continues to believe that non-US markets currently offer robust runways for growth and continue to uncover compelling investment opportunities with strong fundamentals and attractive valuations.

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. The graph assumes a $10,000 initial investment in the Fund, an appropriate broad-based securities market index and a more narrowly based index that reflects the market sector in which the Fund invests for the same period.

#### Initial Investment of $10,000
![line](qes33ley1mjbxj338.jpg)

The returns are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to net asset values in accordance with accounting principles generally accepted in the United States of America.

For periods through March 1, 2019 (the inception date of the Class W shares), performance for the Class W shares is based on the historical performance of the Class I shares. Because the Class W shares invest in the same portfolio of securities as the Class I shares, performance will be different only to the extent that the Class I shares have a higher expense ratio.

The MSCI ACWI ex USA Index (ACWIxUS) is designed to measure large and mid-cap representation across 22 of 23 Developed Markets countries (excluding the U.S.) and 24 Emerging Markets countries.

The MSCI ACWI Small Cap Index is designed to measure small cap representation across 23 Developed Markets and 24 Emerging Markets countries. The Index returns do not reflect any fees or expenses. The Index is denominated in U.S. dollars. The Index returns are net of withholding taxes. They assume daily reinvestment of net dividends thus accounting for any applicable dividend taxation. Index returns provided by Bloomberg.

#### Average Annual Total Returns
(As of October 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Rainier International Discovery Series - W** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25.11%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.31%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.40%  |
| **MSCI ACWI ex USA Index** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24.93%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.18%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.67%  |
| **MSCI ACWI ex USA Small Cap Index** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22.58%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.61%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.77%  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **The Series' past performance is not a good predictor of how the Series will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Series distributions or redemptions of Series shares.** 

Index data referenced herein is the property of MSCI, its affiliates ('MSCI') and/or its third party suppliers and has been licensed for use by Manning & Napier. MSCI and its third party suppliers accept no liability in connection with its use. Data provided is not a representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and none of these parties shall have any liability for any errors, omissions, or interruptions of any index or the data included therein. For additional disclosure information, please see: https://go.manning-napier.com/benchmark-provisions.

#### Manning & Napier Rainier International Discovery Series Tailored Shareholder Report MNIDS-W-10/25-AR
**The Manning & Napier Fund, Inc. (the Fund) is managed by Manning & Napier Advisors, LLC (Manning & Napier). Manning & Napier Investor Services, Inc. (MNBD), an affiliate of Manning & Napier, is the distributor of the Fund shares. Manning & Napier has contracted Rainier Investment Management, LLC, an affiliate of Manning & Napier and MNBD, to sub-advise the International Discovery Series.**

#### Key Fund Statistics (as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Net Assets** | $387364792  |
| **Number of Holdings** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95  |
| **Portfolio Turnover (for the year ended 10/31/25)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64% |
| **Total Advisory Fees Paid (net of reimbursements)** | $3384820  |

---

The total net advisory fee represents the aggregate dollar amount of fund level management fees, which includes the impact of waivers and/or expense reimbursements of management fees and other expenses for the period and recoupments by the advisor of previously waived and/or reimbursed fees.

#### Sector Allocation (% of net assets)
(as of October 31, 2025)

![pie](qesa1tl41mi9aqm2l.jpg)

The Global Industry Classification Standard (GICS) was developed by and is exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor's a division of S&P Global Inc. (S&P), and is licensed for use by Manning & Napier when referencing GICS sectors. Neither MSCI, S&P, nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification, nor shall any such party have any liability therefrom.

#### What did the Fund invest in?
(as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Investment Types**<br>  | **%**<br>  |
| **Cash, short-term investment, and liabilities, less other assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.7  |
| **Common Stocks** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98.3  |

---

Expressed as a percentage of net assets.

#### Householding
The Fund may send only one copy of the Series' prospectus and annual and semi-annuals reports to certain shareholders residing at the same "household" for shareholders who have elected this option. This reduces Fund expenses, which benefits you and other shareholders. If you wish to change your "householding" option, please call (800) 466-3863 or contact your financial advisor.

**Additional information about the Series, including its prospectus, financial information, holdings, and proxy information can be obtained at www.manning-napier.com/products/mutual-funds or by calling (800) 466-3863. Shareholders can also elect to receive certain documents via e-delivery. For more information or to sign up for e-delivery, please visit the Fund's website.**

#### Manning & Napier Rainier International Discovery Series Tailored Shareholder Report MNIDS-Z-10/25-AR
**The Manning & Napier Fund, Inc. (the Fund) is managed by Manning & Napier Advisors, LLC (Manning & Napier). Manning & Napier Investor Services, Inc. (MNBD), an affiliate of Manning & Napier, is the distributor of the Fund shares. Manning & Napier has contracted Rainier Investment Management, LLC, an affiliate of Manning & Napier and MNBD, to sub-advise the International Discovery Series.**

---

| | |
|:---|:---|
| **annual shareholder report**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rainier International Discovery Series - Class Z** <br> ticker: RAIRX <br>| <br> ![logo](d7qy18jf8lx4xgcvm.jpg)  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This annual shareholder report contains important information about Class Z of Rainier International Discovery Series, a series of Manning & Napier Fund Inc., for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.manning-napier.com/products/mutual-funds. You can also request this information by contacting us at (800) 466-3863 . Shareholders who own the Fund through a third-party advisor or intermediary platform should contact their financial advisor directly for additional information.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| Class Z | $112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00%  |

---

Expenses are equal to Class Z shares' annualized expense ratio (for the twelve-month period) multiplied by the average account value over the period. The Class' expenses would have been higher had certain expenses not been waived or reimbursed during the period.

#### Management's Discussion of Fund Performance

#### How did the fund perform last year?
The Series delivered positive returns for the 12-month period ended 10/31/2025 and outperformed its benchmark, the MSCI ACWI ex USA Small Cap Index.

#### What factors influenced performance?
The Series' positive return was a result of a very strong year of returns for foreign equities. All global stock markets were meaningfully positive during the most recent 12-month period but non-US stocks outperformed their US counterparts. Asset prices around the world benefited from resilient consumer spending, strong corporate earnings, and optimism surrounding productivity gains from artificial intelligence (AI), while foreign markets especially benefited from attractive valuations amid an environment of broader equity returns than had been experienced in prior years.

The Series' outperformance relative to the benchmark was a result of both sector positioning and individual security selection. Underweight allocations to underperforming sectors like Consumer Staples and Real Estate were complemented by strong stock results within the Industrials sector to result in favorable relative returns. From a geographic perspective, underweight exposure to emerging markets, which slightly lagged during the period, was an additional positive driver. On the negative side, stock results within Communication Services, Consumer Discretionary, and Information Technology detracted on net but did not overwhelm the positive contributors mentioned above.

#### Positioning
Despite elevated geopolitical turmoil around the world, the Rainier team continues to see pockets of opportunity. Geographically, the portfolio remains overweight to Europe while exposure to Japan has also continued to steadily increase and is not only the largest absolute weight in the portfolio but also now a relative overweight. Emerging market exposure is underweight relative to market, including both India and Taiwan specifically, though the team is still finding opportunities in emerging countries. The Rainier team continues to believe that non-US markets currently offer robust runways for growth and continue to uncover compelling investment opportunities with strong fundamentals and attractive valuations.

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. The graph assumes a $10,000 initial investment in the Fund, an appropriate broad-based securities market index and a more narrowly based index that reflects the market sector in which the Fund invests for the same period.

#### Initial Investment of $10,000
![line](qes33ley1mjbxkxk3.jpg)

The returns are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to net asset values in accordance with accounting principles generally accepted in the United States of America.

The Rainier International Discovery Fund (Predecessor Fund), which was managed by Rainier Investment Management, LLC, was reorganized into the Manning & Napier Fund, Inc. Rainier International Discovery Series on August 21, 2017. For periods prior to August 21, 2017, performance for the Class Z Shares is based on the historical performance of the Predecessor Fund's Institutional Shares, and will differ to the extent that the Predecessor Fund's Institutional Shares had a higher expense ratio.

The MSCI ACWI ex USA Index (ACWIxUS) is designed to measure large and mid-cap representation across 22 of 23 Developed Markets countries (excluding the U.S.) and 24 Emerging Markets countries.

The MSCI ACWI Small Cap Index is designed to measure small cap representation across 23 Developed Markets and 24 Emerging Markets countries. The Index returns do not reflect any fees or expenses. The Index is denominated in U.S. dollars. The Index returns are net of withholding taxes. They assume daily reinvestment of net dividends thus accounting for any applicable dividend taxation. Index returns provided by Bloomberg.

#### Average Annual Total Returns
(As of October 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Rainier International Discovery Series - Z** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23.99%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.77%  |
| **MSCI ACWI ex USA Index** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24.93%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.18%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.67%  |
| **MSCI ACWI ex USA Small Cap Index** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22.58%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.61%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.77%  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **The Series' past performance is not a good predictor of how the Series will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Series distributions or redemptions of Series shares.** 

Index data referenced herein is the property of MSCI, its affiliates ('MSCI') and/or its third party suppliers and has been licensed for use by Manning & Napier. MSCI and its third party suppliers accept no liability in connection with its use. Data provided is not a representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and none of these parties shall have any liability for any errors, omissions, or interruptions of any index or the data included therein. For additional disclosure information, please see: https://go.manning-napier.com/benchmark-provisions.

#### Manning & Napier Rainier International Discovery Series Tailored Shareholder Report MNIDS-Z-10/25-AR
**The Manning & Napier Fund, Inc. (the Fund) is managed by Manning & Napier Advisors, LLC (Manning & Napier). Manning & Napier Investor Services, Inc. (MNBD), an affiliate of Manning & Napier, is the distributor of the Fund shares. Manning & Napier has contracted Rainier Investment Management, LLC, an affiliate of Manning & Napier and MNBD, to sub-advise the International Discovery Series.**

#### Key Fund Statistics (as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Net Assets** | $387364792  |
| **Number of Holdings** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95  |
| **Portfolio Turnover (for the year ended 10/31/25)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64% |
| **Total Advisory Fees Paid (net of reimbursements)** | $3384820  |

---

The total net advisory fee represents the aggregate dollar amount of fund level management fees, which includes the impact of waivers and/or expense reimbursements of management fees and other expenses for the period and recoupments by the advisor of previously waived and/or reimbursed fees.

#### Sector Allocation (% of net assets)
(as of October 31, 2025)

![pie](qesa1tl41mi9aqm2l.jpg)

The Global Industry Classification Standard (GICS) was developed by and is exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor's a division of S&P Global Inc. (S&P), and is licensed for use by Manning & Napier when referencing GICS sectors. Neither MSCI, S&P, nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification, nor shall any such party have any liability therefrom.

#### What did the Fund invest in?
(as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Investment Types**<br>  | **%**<br>  |
| **Cash, short-term investment, and liabilities, less other assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.7  |
| **Common Stocks** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98.3  |

---

Expressed as a percentage of net assets.

#### Householding
The Fund may send only one copy of the Series' prospectus and annual and semi-annuals reports to certain shareholders residing at the same "household" for shareholders who have elected this option. This reduces Fund expenses, which benefits you and other shareholders. If you wish to change your "householding" option, please call (800) 466-3863 or contact your financial advisor.

**Additional information about the Series, including its prospectus, financial information, holdings, and proxy information can be obtained at www.manning-napier.com/products/mutual-funds or by calling (800) 466-3863. Shareholders can also elect to receive certain documents via e-delivery. For more information or to sign up for e-delivery, please visit the Fund's website.**

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 2: CODE OF ETHICS

&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant has adopted a code of ethics that applies to its principal executive officer, principal financial officer and principal accounting officer.

&nbsp;&nbsp;&nbsp;&nbsp;(c) During the period covered by this report, no amendments were made to the provisions of the code of ethics adopted in 2(a) above.

&nbsp;&nbsp;&nbsp;&nbsp;(d) During the period covered by this report, no implicit or explicit waivers to the provisions of the code of ethics adopted in 2(a) above were granted.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Not applicable to the registrant due to the responses given in 2(c) and 2(d) above.

&nbsp;&nbsp;&nbsp;&nbsp;(f) A copy of the registrant's code of ethics is filed herewith as Exhibit 19(a)(1).

ITEM 3: AUDIT COMMITTEE FINANCIAL EXPERT

All of the members of the Audit committee have been determined by the Registrant's Board of Directors to be Audit Committee Financial Experts as defined in this item. The current members of the Audit Committee are: Eunice K. Chapon, Paul A. Brooke, John M. Glazer, Russell O. Vernon, and Chester N. Watson. All Audit Committee members are independent under applicable rules. This designation will not increase the designee's duties, obligations or liability as compared to their duties, obligations and liability as a member of the Audit Committee and of the Board.

---

| | |
|:---|:---|
| **Item 4:** | **Principal Accountant Fees and Services** |

---

**Principal Accountant Fees and Services**

Aggregate fees for professional services rendered for the Manning & Napier Fund, Inc. (Disciplined Value Series, Equity Series, Overseas Series, Pro-Blend<sup>®</sup> Conservative Term Series, Pro-Blend<sup>®</sup> Moderate Term Series, Pro-Blend<sup>®</sup> Extended Term Series, Pro-Blend<sup>®</sup> Maximum Term Series and Rainier International Discovery Series, collectively the "Fund") by PricewaterhouseCoopers LLP ("PwC") as of and for the years ended October 31, 2025 and 2024 were:

---

| | | |
|:---|:---|:---|
|  | 2025 | 2024 |
| Audit Fees (a) | $393533 | $389212 |
| Audit Related Fees (b) | $0 | $0 |
| Tax Fees (c) | $155260 | $151475 |
| All Other Fees (d) | $0 | $0 |
|  | $548793 | $540687 |

---

 

*(a)* *Audit Fees* 

These fees relate to professional services rendered by PwC for the audit of the Fund's annual financial statements or services normally provided by the accountant in connection with statutory and regulatory filing or engagements. These services include the audits of the financial statements of the Fund, issuance of consents, income tax provision procedures and assistance with review of documents filed with the SEC.

*(b)* *Audit-Related Fees* 

These fees relate to assurance and related services by PwC that are reasonably related to the performance of the audit of the Fund's financial statements and are not reported under "Audit Fees" above.

*(c)* *Tax Fees* 

These fees relate to professional services rendered by PwC for tax compliance, tax advice, tax planning and shareholder reporting.

*(d)* *All Other Fees* 

These fees relate to products and services provided by PwC other than those reported above under "Audit Fees," "Audit-Related Fees," and "Tax Fees" above.

There were no amounts that were approved by the Audit Committee pursuant to the de minimus exception (Rule 2-01(c)(7) of Regulation S-X) for the fiscal years ended October 31, 2025 and 2024.

<u>Non-Audit Services to the Fund's Service Affiliates that were Pre-Approved by the Fund's Audit Committee</u>

The Fund's Audit Committee is required to pre-approve non-audit services which meet both the following criteria:

i) Directly relate to the Fund's operations and financial reporting; and

ii) Rendered by PwC to the Fund's advisor, Manning & Napier Advisors, LLC, and entities in a control relationship with the advisor ("service affiliate") that provide ongoing services to the Fund. For purposes of disclosure, Manning & Napier Investor Services, Inc. is considered to be a service affiliate.

---

| | | |
|:---|:---|:---|
|  | 2025 | 2024 |
| Audit Related Fees | $0 | $0 |
| Tax Fees | $0 | $0 |
|  | $0 | $0 |

---

There were no Audit Related fees for the year ended October 31, 2025 or October 31, 2024.

There were no amounts that were approved by the Audit Committee pursuant to the de minimus exception (Rule 2-01(c)(7) of Regulation S-X) for the fiscal years ended October 31, 2025 and 2024.

<u>Aggregate Fees</u>

Aggregate fees billed to the Fund for non-audit services for 2025 and 2024 were $155,260 and $151,475, respectively. Aggregate fees billed to the Fund's advisor and service affiliates for non-audit services were $0 and $0, respectively. These amounts include fees for non-audit services required to be pre-approved and fees for non-audit services that did not require pre-approval since they did not relate to the Fund's operations and financial reporting.

The Fund's Audit Committee has considered whether the provisions for non-audit services to the Fund's advisor and service affiliates, which did not require pre-approval, are compatible with maintaining PwC's independence.

(i) Not applicable.

(j) Not applicable.

---

| | |
|:---|:---|
| **Item 5:** | **Audit Committee of Listed registrants** |

---

Not applicable.

---

| | |
|:---|:---|
| **Item 6:** | **Investments** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the Financial Statements filed under Item 7 of this form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

---

| | |
|:---|:---|
| **Item 7:** | **Financial Statements and Financial Highlights for Open-End Management Investment Companies.** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) An open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must file its most recent annual or semi-annual financial statements required, and for the periods specified, by Regulation S-X.

The annual financial statements are attached herewith.

![](manning7ancsr001.jpg)

**www.manning-napier.com**

**Manning & Napier Fund, Inc.**

Equity Series

Equity Series

**Investment Portfolio - October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | SHARES | VALUE<br> (NOTE 2) |
| **COMMON STOCKS - 98.3%** | **COMMON STOCKS - 98.3%** | **COMMON STOCKS - 98.3%** |
| **Communication Services - 8.1%** | **Communication Services - 8.1%** | **Communication Services - 8.1%** |
| &nbsp;&nbsp;&nbsp;**Interactive Media & Services - 8.1%** | &nbsp;&nbsp;&nbsp;**Interactive Media & Services - 8.1%** | &nbsp;&nbsp;&nbsp;**Interactive Media & Services - 8.1%** |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | 10419 | $2929719 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | 3836 | 2487070 |
| **Total Communication Services** |  | 5416789 |
| **Consumer Discretionary - 8.1%** | **Consumer Discretionary - 8.1%** | **Consumer Discretionary - 8.1%** |
| &nbsp;&nbsp;&nbsp;**Broadline Retail - 6.4%** | &nbsp;&nbsp;&nbsp;**Broadline Retail - 6.4%** | &nbsp;&nbsp;&nbsp;**Broadline Retail - 6.4%** |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.\* | 17319 | 4229646 |
| &nbsp;&nbsp;&nbsp;**Specialty Retail - 1.7%** | &nbsp;&nbsp;&nbsp;**Specialty Retail - 1.7%** | &nbsp;&nbsp;&nbsp;**Specialty Retail - 1.7%** |
| &nbsp;&nbsp;&nbsp;The TJX Companies, Inc. | 8192 | 1148027 |
| **Total Consumer Discretionary** |  | 5377673 |
| **Financials - 20.9%** | **Financials - 20.9%** | **Financials - 20.9%** |
| &nbsp;&nbsp;&nbsp;**Banks - 2.0%** | &nbsp;&nbsp;&nbsp;**Banks - 2.0%** | &nbsp;&nbsp;&nbsp;**Banks - 2.0%** |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 4370 | 1359595 |
| &nbsp;&nbsp;&nbsp;**Capital Markets - 10.1%** | &nbsp;&nbsp;&nbsp;**Capital Markets - 10.1%** | &nbsp;&nbsp;&nbsp;**Capital Markets - 10.1%** |
| &nbsp;&nbsp;&nbsp;BlackRock, Inc. | 1445 | 1564660 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | 6625 | 969171 |
| &nbsp;&nbsp;&nbsp;Moody's Corp. | 2441 | 1172412 |
| &nbsp;&nbsp;&nbsp;MSCI, Inc. | 1185 | 697432 |
| &nbsp;&nbsp;&nbsp;Nasdaq, Inc. | 14546 | 1243538 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. | 2184 | 1064067 |
|  |  | 6711280 |
| &nbsp;&nbsp;&nbsp;**Financial Services - 6.7%** | &nbsp;&nbsp;&nbsp;**Financial Services - 6.7%** | &nbsp;&nbsp;&nbsp;**Financial Services - 6.7%** |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc. - Class A | 4497 | 2482299 |
| &nbsp;&nbsp;&nbsp;Visa, Inc. - Class A | 5935 | 2022292 |
|  |  | 4504591 |
| &nbsp;&nbsp;&nbsp;**Insurance - 2.1%** | &nbsp;&nbsp;&nbsp;**Insurance - 2.1%** | &nbsp;&nbsp;&nbsp;**Insurance - 2.1%** |
| &nbsp;&nbsp;&nbsp;First American Financial Corp. | 22063 | 1379158 |
| **Total Financials** |  | 13954624 |
| **Health Care - 11.7%** | **Health Care - 11.7%** | **Health Care - 11.7%** |
| &nbsp;&nbsp;&nbsp;**Biotechnology - 2.8%** | &nbsp;&nbsp;&nbsp;**Biotechnology - 2.8%** | &nbsp;&nbsp;&nbsp;**Biotechnology - 2.8%** |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.\* | 4383 | 1865273 |
| &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies - 2.0%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies - 2.0%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies - 2.0%** |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc.\* | 2567 | 1371497 |
| &nbsp;&nbsp;&nbsp;**Health Care Providers & Services - 3.3%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services - 3.3%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services - 3.3%** |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 6413 | 2190424 |
| &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services - 2.3%** | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services - 2.3%** | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services - 2.3%** |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | 2705 | 1534790 |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals - 1.3%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals - 1.3%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals - 1.3%** |
| &nbsp;&nbsp;&nbsp;Zoetis, Inc. | 5961 | 858921 |
| **Total Health Care** |  | 7820905 |
| **Industrials - 11.4%** | **Industrials - 11.4%** | **Industrials - 11.4%** |
| &nbsp;&nbsp;&nbsp;**Aerospace & Defense - 3.6%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense - 3.6%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense - 3.6%** |
| &nbsp;&nbsp;&nbsp;HEICO Corp. - Class A | 3307 | 819243 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | 5496 | 1588894 |
|  |  | 2408137 |
| &nbsp;&nbsp;&nbsp;**Air Freight & Logistics - 2.3%** | &nbsp;&nbsp;&nbsp;**Air Freight & Logistics - 2.3%** | &nbsp;&nbsp;&nbsp;**Air Freight & Logistics - 2.3%** |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Inc. - Class B | 15814 | 1524786 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES | VALUE <br> (NOTE 2) |
| **COMMON STOCKS** (continued) | **COMMON STOCKS** (continued) | **COMMON STOCKS** (continued) |
| **Industrials** (continued) | **Industrials** (continued) | **Industrials** (continued) |
| &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies - 2.6%** | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies - 2.6%** | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies - 2.6%** |
| &nbsp;&nbsp;&nbsp;Rollins, Inc. | 30581 | $1761771 |
| &nbsp;&nbsp;&nbsp;**Professional Services - 2.9%** | &nbsp;&nbsp;&nbsp;**Professional Services - 2.9%** | &nbsp;&nbsp;&nbsp;**Professional Services - 2.9%** |
| &nbsp;&nbsp;&nbsp;TransUnion | 23826 | 1934195 |
| **Total Industrials** |  | 7628889 |
| **Information Technology - 30.2%** | **Information Technology - 30.2%** | **Information Technology - 30.2%** |
| &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components - 1.0%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components - 1.0%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components - 1.0%** |
| &nbsp;&nbsp;&nbsp;Amphenol Corp. - Class A | 4819 | 671480 |
| &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 7.5%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 7.5%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 7.5%** |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 24760 | 5013652 |
| &nbsp;&nbsp;&nbsp;**Software - 21.7%** | &nbsp;&nbsp;&nbsp;**Software - 21.7%** | &nbsp;&nbsp;&nbsp;**Software - 21.7%** |
| &nbsp;&nbsp;&nbsp;Bentley Systems, Inc. - Class B | 26050 | 1324121 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc.\* | 5956 | 2017238 |
| &nbsp;&nbsp;&nbsp;Clearwater Analytics Holdings, Inc. - Class A\* | 87594 | 1612606 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 7726 | 4000600 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc. | 3377 | 879405 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc.\* | 3051 | 2804723 |
| &nbsp;&nbsp;&nbsp;Workday, Inc. - Class A\* | 7499 | 1799160 |
|  |  | 14437853 |
| **Total Information Technology** |  | 20122985 |
| **Materials - 5.1%** | **Materials - 5.1%** | **Materials - 5.1%** |
| &nbsp;&nbsp;&nbsp;**Chemicals - 5.1%** | &nbsp;&nbsp;&nbsp;**Chemicals - 5.1%** | &nbsp;&nbsp;&nbsp;**Chemicals - 5.1%** |
| &nbsp;&nbsp;&nbsp;Albemarle Corp. | 20646 | 2028056 |
| &nbsp;&nbsp;&nbsp;The Sherwin-Williams Co. | 3971 | 1369757 |
| **Total Materials** |  | 3397813 |
| **Real Estate - 2.8%** | **Real Estate - 2.8%** | **Real Estate - 2.8%** |
| &nbsp;&nbsp;&nbsp;**Real Estate Management & Development - 2.8%** | &nbsp;&nbsp;&nbsp;**Real Estate Management & Development - 2.8%** | &nbsp;&nbsp;&nbsp;**Real Estate Management & Development - 2.8%** |
| &nbsp;&nbsp;&nbsp;CBRE Group, Inc. - Class A\* | 12447 | 1897296 |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;(Identified Cost $48,936,798) |  | **65616974** |
| **SHORT-TERM INVESTMENT - 1.9%** | **SHORT-TERM INVESTMENT - 1.9%** | **SHORT-TERM INVESTMENT - 1.9%** |
| &nbsp;&nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 4.00%<sup>1</sup> |  |  |
| &nbsp;&nbsp;&nbsp;(Identified Cost $1,248,001) | 1248001 | **1248001** |
| **TOTAL INVESTMENTS - 100.2%** <br> (Identified Cost $50,184,799) |  | **66864975** |
| **LIABILITIES, LESS OTHER ASSETS - (0.2%)** |  | **(115165)** |
| **NET ASSETS - 100%** |  | $**66749810** |

---

The accompanying notes are an integral part of the financial statements.

**1**

Equity Series

**Investment Portfolio - October 31, 2025**

\*Non-income producing security.

<sup>1</sup>Rate shown is the current yield as of October 31, 2025.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor's, a division of S&P Global Inc. (S&P), and is licensed for use by Manning & Napier when referencing GICS sectors. Neither MSCI, S&P, nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification, nor shall any such party have any liability therefrom.

The accompanying notes are an integral part of the financial statements.

**2**

Equity Series

**Statement of Assets and Liabilities**

October 31, 2025

---

| | |
|:---|:---|
| **ASSETS:** | **ASSETS:** |
| Investments, at value (identified cost $50,184,799) (Note 2) | $66864975 |
| Dividends receivable | 10727 |
| Receivable for fund shares sold | 817 |
| Prepaid expenses | 6125 |
| TOTAL ASSETS | 66882644 |
| **LIABILITIES:** | **LIABILITIES:** |
| Accrued management fees<sup>1</sup> | 26513 |
| Accrued fund accounting and administration fees<sup>1</sup> | 20107 |
| Accrued shareholder services fees (Class S)<sup>1</sup> | 14054 |
| Accrued Chief Compliance Officer service fees<sup>1</sup> | 3086 |
| Accrued transfer agent fees<sup>1</sup> | 2625 |
| Directors' fees payable<sup>1</sup> | 846 |
| Professional fees payable | 51304 |
| Printing fees payable | 12033 |
| Payable for fund shares repurchased | 1042 |
| Other payables and accrued expenses | 1224 |
| TOTAL LIABILITIES | 132834 |
| Commitments and contingent liabilities<sup>1</sup> | Commitments and contingent liabilities<sup>1</sup> |
| **TOTAL NET ASSETS.** | $**66749810** |
| **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** |
| Capital stock | $42430 |
| Additional paid-in-capital | 43432110 |
| Total distributable earnings (loss) | 23275270 |
| **TOTAL NET ASSETS.** | $**66749810** |
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class S** |  |
| &nbsp;&nbsp;&nbsp;($66,742,951/4,242,454 shares) | $**15.73** |
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class W** |  |
| &nbsp;&nbsp;&nbsp;($6,859/578 shares) | $**11.86** |

---

<sup>1</sup> See note 3 in Notes to the Financial Statements.

The accompanying notes are an integral part of the financial statements.

**3**

Equity Series

**Statement of Operations**

For the Year Ended October 31, 2025

**INVESTMENT INCOME:**

---

| | |
|:---|:---|
| Dividends | $645575 |
| **EXPENSES:** |  |
| Management fees (Note 3) | 510079 |
| Shareholder services fees (Class S) (Note 3) | 170010 |
| Fund accounting and administration fees (Note 3) | 49519 |
| Chief Compliance Officer service fees (Note 3) | 9493 |
| Directors' fees (Note 3) | 8199 |
| Professional fees | 54315 |
| Registration and filing fees | 37717 |
| Custodian fees | 3494 |
| Miscellaneous | 53481 |
| Total Expenses | 896307 |
| Less reduction of expenses (Note 3) | (182261) |
| Net Expenses | 714046 |
| NET INVESTMENT LOSS | (68471) |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:** |  |
| Net realized gain (loss) on Investments | 7538093 |
| Net change in unrealized appreciation (depreciation) on investments | (1020827) |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS | 6517266 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $6448795 |

---

The accompanying notes are an integral part of the financial statements.

**4**

Equity Series

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | FOR THE<br> YEAR ENDED<br> 10/31/25 | FOR THE<br> YEAR ENDED<br> 10/31/24 |
| **INCREASE (DECREASE) IN NET ASSETS:** |  |  |
| **OPERATIONS:** |  |  |
| Net investment income (loss) | $(68471) | $83355 |
| Net realized gain (loss) on investments | 7538093 | 8067974 |
| Net change in unrealized appreciation (depreciation) on investments | (1020827) | 9360280 |
| Net increase (decrease) from operations | 6448795 | 17511609 |
| **DISTRIBUTIONS TO SHAREHOLDERS (Note 10):** |  |  |
| Class S | (7676788) | (1990633) |
| Class W | (930) | (447) |
| Total distributions to shareholders | (7677718) | (1991080) |
| **CAPITAL STOCK ISSUED AND REPURCHASED:** |  |  |
| Net increase (decrease) from capital share transactions (Note 6) | (2621490) | (2638336) |
| Net increase (decrease) in net assets | (3850413) | 12882193 |
| **NET ASSETS:** |  |  |
| Beginning of year | 70600223 | 57718030 |
| **End of year** | $66749810 | $70600223 |

---

The accompanying notes are an integral part of the financial statements.

**5**

Equity Series

**Financial Highlights - Class S**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;FOR THE YEAR ENDED | &nbsp;&nbsp;FOR THE YEAR ENDED | | | |
|  | &nbsp;&nbsp;10/31/25 | &nbsp;&nbsp;10/31/24 | &nbsp;&nbsp;10/31/23 | &nbsp;&nbsp;10/31/22 | &nbsp;&nbsp;10/31/21 |
| **Per share data (for a share outstanding throughout each year):** |  |  |  |  |  |
| **Net asset value - Beginning of year** | $15.94 | $12.56 | $13.13 | $18.71 | $14.32 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> | (0.02) | 0.02 | 0.02 | (0.02) | (0.02) |
| Net realized and unrealized gain (loss) on investments | 1.55 | 3.80 | 0.96 | (2.85) | 5.67 |
| Total from investment operations | 1.53 | 3.82 | 0.98 | (2.87) | 5.65 |
| Less distributions to shareholders: |  |  |  |  |  |
| From net investment income | (0.01) | (0.02) |  |  | (0.00)<sup>2</sup> |
| From net realized gain on investments | (1.73) | (0.42) | (1.55) | (2.71) | (1.26) |
| Total distributions to shareholders | (1.74) | (0.44) | (1.55) | (2.71) | (1.26) |
| **Net asset value - End of year** | $**15.73** | $**15.94** | $**12.56** | $**13.13** | $**18.71** |
| **Net assets - End of year** (000's omitted) | $**66743** | $**70594** | $**57710** | $**62848** | $**78687** |
| Total return<sup>3</sup> | 9.87% | 30.90% | 7.84% | (17.78%)<sup>4</sup> | 41.71% |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |
| Expenses\* | 1.05% | 1.05% | 1.05% | 1.05% | 1.05% |
| Net investment income (loss) | (0.10%) | 0.12% | 0.16% | (0.13%) | (0.15%) |
| Series portfolio turnover | 59% | 57% | 35% | 44% | 35% |
| \*The investment advisor did not impose all or a portion of its management and/or other fees during the years, and may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | \*The investment advisor did not impose all or a portion of its management and/or other fees during the years, and may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | \*The investment advisor did not impose all or a portion of its management and/or other fees during the years, and may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | \*The investment advisor did not impose all or a portion of its management and/or other fees during the years, and may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | \*The investment advisor did not impose all or a portion of its management and/or other fees during the years, and may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | \*The investment advisor did not impose all or a portion of its management and/or other fees during the years, and may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: |
|  | 0.27% | 0.23% | 0.31% | 0.26% | 0.24% |

---

<sup>1</sup>Calculated based on average shares outstanding during the years.

<sup>2</sup>Less than $(0.01).

<sup>3</sup>Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been waived or reimbursed during the years.

<sup>4</sup>Includes litigation proceeds. Excluding this amount, the total return would have been (17.84%).

The accompanying notes are an integral part of the financial statements.

**6**

Equity Series

**Financial Highlights - Class W**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;FOR THE YEAR ENDED | &nbsp;&nbsp;FOR THE YEAR ENDED | | | |
|  | &nbsp;&nbsp;10/31/25 | &nbsp;&nbsp;10/31/24 | &nbsp;&nbsp;10/31/23 | &nbsp;&nbsp;10/31/22 | &nbsp;&nbsp;10/31/21 |
| **Per share data (for a share outstanding throughout each year):** |  |  |  |  |  |
| **Net asset value - Beginning of year** | $12.43 | $9.88 | $13.39 | $18.87 | $14.42 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.10 | 0.13 | 0.12 | 0.13 | 0.14 |
| Net realized and unrealized gain (loss) on investments | 1.20 | 2.97 | 0.89 | (2.90) | 5.72 |
| Total from investment operations | 1.30 | 3.10 | 1.01 | (2.77) | 5.86 |
| Less distributions to shareholders: |  |  |  |  |  |
| From net investment income | (0.14) | (0.13) | (2.97) |  | (0.15) |
| From net realized gain on investments | (1.73) | (0.42) | (1.55) | (2.71) | (1.26) |
| Total distributions to shareholders | (1.87) | (0.55) | (4.52) | (2.71) | (1.41) |
| **Net asset value - End of year** | $**11.86** | $**12.43** | $**9.88** | $**13.39** | $**18.87** |
| **Net assets - End of year** (000's omitted) | $**7** | $**6** | $**8** | $**7** | $**480** |
| Total return<sup>2</sup> | 10.98% | 32.21% | 8.98% | (17.00%)<sup>3</sup> | 43.17% |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |
| Expenses\* | 0.05% | 0.05% | 0.05% | 0.05% | 0.05% |
| Net investment income | 0.89% | 1.17% | 1.16% | 0.83% | 0.85% |
| Series portfolio turnover | 59% | 57% | 35% | 44% | 35% |
| \*The investment advisor did not impose all or a portion of its management and/or other fees during the years, and may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | \*The investment advisor did not impose all or a portion of its management and/or other fees during the years, and may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | \*The investment advisor did not impose all or a portion of its management and/or other fees during the years, and may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | \*The investment advisor did not impose all or a portion of its management and/or other fees during the years, and may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | \*The investment advisor did not impose all or a portion of its management and/or other fees during the years, and may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | \*The investment advisor did not impose all or a portion of its management and/or other fees during the years, and may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: |
|  | 1.02% | 0.98% | 1.06% | 1.01% | 0.99% |

---

<sup>1</sup>Calculated based on average shares outstanding during the years.

<sup>2</sup>Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been waived or reimbursed during the years.

<sup>3</sup>Includes litigation proceeds. Excluding this amount, the total return would have been (17.06%).

The accompanying notes are an integral part of the financial statements.

**7**

Equity Series

**Notes to Financial Statements**

&nbsp;&nbsp;&nbsp;&nbsp;1. Organization

Equity Series (the "Series") is a no-load diversified series of Manning & Napier Fund, Inc. (the "Fund"). The Fund is organized in Maryland and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company.

The Series' investment objective is to provide long-term growth of capital.

The Series is authorized to issue two classes of shares (Class S and Class W). Each class of shares is substantially the same, except that Class S shares bear shareholder servicing fees.

The Fund's Advisor is Manning & Napier Advisors, LLC (the "Advisor"). Shares of the Series are offered to investors, clients and employees of the Advisor and its affiliates. The total authorized capital stock of the Fund consists of 15 billion shares of common stock each having a par value of $0.01. As of October 31, 2025, 6.8 billion shares have been designated in total among 15 series, of which 200 million have been designated as Equity Series Class S common stock and 100 million have been designated as Equity Series Class W common stock.

Class W shares represent fiduciary accounts where the Advisor has sole investment discretion.

&nbsp;&nbsp;&nbsp;&nbsp;2. Significant
 Accounting Policies

The following is a summary of significant accounting policies followed by the Series. The Series is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 - Investment Companies, which is part of accounting principles generally accepted in the United States of America ("GAAP").

**Security Valuation**

Portfolio securities, including domestic equities, listed on an exchange other than the NASDAQ Stock Market are valued at the latest quoted sales price of the exchange on which the security is primarily traded. Securities not traded on valuation date or securities not listed on an exchange are valued at the latest quoted bid price provided by the Fund's pricing service. Securities listed on the NASDAQ Stock Market are valued in accordance with the NASDAQ Official Closing Price.

Short-term investments that mature in sixty days or less may be valued at amortized cost, which approximates fair value. Investments in open-end investment companies are valued at their net asset value per share on valuation date.

Volume and level of activity in established markets for an asset or liability are evaluated to determine whether recent transactions and quoted prices are determinative of fair value. Where there have been significant decreases in volume and level of activity, further analysis and adjustment may be necessary to estimate fair value. In these instances, fair value is measured by the use of inputs and valuation techniques which may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry and/or expectation of future cash flows. As a result of trading in relatively thin markets and/or markets that experience significant volatility, the prices used to value these securities may differ from the value that would be realized if these securities were sold, and the differences could be material.

**Fair Value**

The Series' financial instruments are valued at the close of the NYSE and are reported at fair value, which GAAP defines as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Board has designated the Advisor as the Fund's valuation designee (Valuation Designee) to make all fair value determinations with respect to each Series' portfolio investments. Subject to oversight by the Board, the Valuation Designee performs the following functions in performing fair value determinations: assesses and manages valuation risks; establishes and applies fair value methodologies; tests fair value methodologies; and evaluates pricing vendors and pricing agents. The Advisor has adopted and implemented policies and procedures to be followed when making fair value determinations, and it has established a Valuation Committee through which the Advisor makes fair value determinations. The Valuation Designee provides periodic reporting to the Board on valuation matters. The Advisor's determination of a security's fair value price often

 **8**

Equity Series

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;2. Significant
 Accounting Policies (continued)

**Fair Value** (continued)

involves the consideration of a number of subjective factors, and is therefore subject to the unavoidable risk that the value assigned to a security may be higher or lower than the security's value would be if a reliable market quotation for the security was readily available. If trading or events occurring after the close of the principal market in which securities are traded are expected to materially affect the value of those securities, then they may be valued at their fair value, taking this trading or these events into account. The Advisor may use a pricing service to obtain the value of the Fund's portfolio securities where the prices provided by such pricing service are believed to reflect the fair market value of such securities. The methods used by the pricing service and the valuations so established will be reviewed by the Advisor under the general supervision of the Fund's Board of Directors. Several pricing services are available, one or more of which may be used by the Advisor, as approved by the Board. A change in a pricing service or a material change in a pricing methodology for investments with no readily available market quotations will be reported to the Board by the Advisor in accordance with certain requirements.

GAAP establishes the following fair value hierarchy that categorizes the inputs used to measure fair value. Level 1 includes quoted prices (unadjusted) in active markets for identical financial instruments that the Series' can access at the reporting date. Level 2 includes other significant observable inputs (including, but not limited to, quoted prices for similar financial instruments in active markets, quoted prices for identical or similar financial instruments in inactive markets, interest rates and yield curves, implied volatilities, and credit spreads). Level 3 includes unobservable inputs (including the Valuation Designee's own assumptions in determining fair value). A financial instrument's level within the fair value hierarchy is based on the lowest level of any input both individually and in aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the valuation levels used for major security types as of October 31, 2025 in valuing the Series' assets or liabilities carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;DESCRIPTION | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | $5416789 | $5416789 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 5377673 | 5377673 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 13954624 | 13954624 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | 7820905 | 7820905 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 7628889 | 7628889 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 20122985 | 20122985 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 3397813 | 3397813 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate | 1897296 | 1897296 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investment | 1248001 | 1248001 |  |  |
| &nbsp;&nbsp;&nbsp;Total assets | $66864975 | $66864975 | $— | $— |

---

There were no Level 2 or Level 3 securities held by the Series as of October 31, 2024 or October 31, 2025.

**New Accounting Pronouncement**

In December 2023, the FASB issued Accounting Standards Update (ASU), ASU 2023-09, Income Taxes (Topic 740) – Improvements to Income Taxes Disclosures, which enhances the transparency of income tax disclosures. The ASU requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. The amendments under this ASU are required to be applied prospectively and are effective for fiscal years beginning after December 15, 2024. Management expects that adoption of the guidance will not have a material impact on the Series' financial statements.

**Security Transactions, Investment Income and Expenses**

Security transactions are accounted for on trade date. Dividend income is recorded on the ex-dividend date, except that if the ex-dividend date has passed, certain dividends from foreign securities are recorded as soon as the Series is informed of the

 **9**

Equity Series

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;2. Significant
 Accounting Policies (continued)

**Security Transactions, Investment Income and Expenses** (continued)

ex-dividend date. Non-cash dividends, if any, are recorded at the fair value of the securities received. Interest income, including amortization of premium and accretion of discounts using the effective interest method, is earned from settlement date and accrued daily.

Expenses are recorded on an accrual basis. Most expenses of the Fund can be attributed to a specific series. Expenses which cannot be directly attributed are apportioned among the series in the Fund in such a manner as deemed equitable by the Fund's Board, taking into consideration, among other things, the nature and type of expense.

The Series uses the identified cost method for determining realized gain or loss on investments for both financial statement and federal income tax reporting purposes.

**Federal Taxes**

The Series' policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies. The Series is not subject to federal income tax or excise tax to the extent that the Series distributes to shareholders each year its taxable income, including any net realized gains on investments, in accordance with requirements of the Internal Revenue Code. Accordingly, no provision for federal income tax or excise tax has been made in the financial statements.

Management evaluates its tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is required only when the position is "more likely than not" to be sustained assuming examination by taxing authorities. At October 31, 2025, the Series has recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken in future tax returns.

The Series files income tax returns in the U.S. federal jurisdiction, various states and foreign jurisdictions, as required. No income tax returns are currently under investigation. The statute of limitations on the Series' tax returns remains open for the years ended October 31, 2022 through October 31, 2025. The Series is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

**Foreign Taxes**

Based on the Series' understanding of the tax rules and rates related to income, gains and currency purchase/repatriation transactions for foreign jurisdictions in which it invests, the Series will provide for foreign taxes, and where appropriate, deferred foreign tax.

**Distributions of Income and Gains**

Distributions to shareholders of net investment income and net realized gains are made annually. An additional distribution may be necessary to avoid taxation of the Series. Distributions are recorded on the ex-dividend date.

**Indemnifications**

The Fund's organizational documents provide former and current directors and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

**Other**

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the

 **10**

Equity Series

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;2. Significant
 Accounting Policies (continued)

**Other** (continued)

financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

&nbsp;&nbsp;&nbsp;&nbsp;3. Transactions
 with Affiliates and Other Agreements

The Fund has an Investment Advisory Agreement (the "Agreement") with the Advisor, for which the Series pays a fee, computed daily and payable monthly, at an annual rate of 0.75% of the Series' average daily net assets for investment advisory services.

Under the Agreement, personnel of the Advisor are responsible for management of the Series' portfolio, the execution of securities transactions, and generally administer the affairs of the Fund. The Advisor also provides the Fund with necessary office space and fund administration and support services. The salaries of all officers of the Fund (except a percentage of the Fund's Chief Compliance Officer's salary, which is paid by the Fund), and of all Directors who are "affiliated persons" of the Fund, or of the Advisor, and all personnel of the Fund, or of the Advisor, performing services relating to research, statistical and investment activities, are paid by the Advisor. Each "non-affiliated" Director receives an annual stipend, which is allocated among all the active series of the Fund. In addition, these Directors also receive a fee per Board meeting attended plus a fee for each committee meeting attended and are reimbursed for travel and other out-of-pocket expenses incurred by them in connection with attending such meetings. The Fund also has an Audit Committee Chair, Governance & Nominating Committee Chair and Lead Independent Director who each receive an additional annual stipend for these roles.

The Class S shares of the Series are subject to a shareholder services fee in accordance with a shareholder services plan adopted by the Board. The shareholder services fee is intended to compensate financial intermediaries, including affiliates of the Fund, in connection with the provision of direct client service, personal services, maintenance of shareholder accounts and reporting services. For these services, Class S of the Series pay a fee, computed daily and payable monthly, at an annual rate of 0.25% of the average daily net assets of Class S shares. The Fund has a Shareholder Services Agreement with the Advisor, for which the Advisor receives the shareholder services fee as stated above.

The Advisor has contractually agreed to waive the management fee for the Class W shares. The full management fee will be waived under this agreement because Class W shares are only available to discretionary investment accounts and other accounts managed by the Advisor. These clients pay a management fee to the Advisor that is separate from the Series' expenses. In addition, pursuant to a separate expense limitation agreement, the Advisor has contractually agreed to limit its fees and reimburse expenses to the extent necessary so that the total direct annual fund operating expenses, exclusive of the shareholder services fee and waived Class W management fees (collectively, "excluded expenses"), to 0.80% of the average daily net assets of the Class S shares and 0.05% of the average daily net assets of the Class W shares. These contractual waivers are expected to continue indefinitely, and may not be amended or terminated by the Advisor without the approval of the Series' Board of Directors. The Advisor may receive from a Class the difference between the Class's total direct annual fund operating expenses, not including excluded expenses, and the Class's contractual expense limit to recoup all or a portion of its prior fee waivers (other than Class W management fee waivers) or expense reimbursements made during the rolling three-year period preceding the recoupment if at any point the total direct annual fund operating expenses, not including excluded expenses, are below the contractual expense limit (a) at the time of the fee waiver and/or expense reimbursement and (b) at the time of the recoupment.

Pursuant to the advisory fee waiver, the Advisor waived $48 in management fees for Class W shares for the year ended October 31, 2025. In addition, pursuant to the separate expense limitation agreement, the Advisor waived or reimbursed expenses of $182,196 and $17 for Class S and Class W shares, respectively, for the year ended October 31, 2025. These amounts are included as a reduction of expenses on the Statement of Operations. For the year ended October 31, 2025, the Advisor did not recoup any expenses that have been previously waived or reimbursed.

As of October 31, 2025, the class specific waivers or reimbursements subject to possible future recoupment under the expense limitation agreement are as follows:

 **11**

Equity Series

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;3. Transactions
 with Affiliates and Other Agreements (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;CLASS | &nbsp;&nbsp;EXPIRING OCTOBER 31, | &nbsp;&nbsp;EXPIRING OCTOBER 31, |  |  |
|  | &nbsp;&nbsp;2026 | &nbsp;&nbsp;2027 | &nbsp;&nbsp;2028 | &nbsp;&nbsp;TOTAL |
| &nbsp;&nbsp;&nbsp;Class S | $196609 | $159070 | $182196 | $537875 |
| &nbsp;&nbsp;&nbsp;Class W | 25 | 14 | 17 | 56 |

---

Manning & Napier Investor Services, Inc., a registered broker-dealer affiliate of the Advisor, acts as distributor for the Fund's shares. The services of Manning & Napier Investor Services, Inc. are provided at no additional cost to the Series.

Pursuant to a master services agreement, the Fund pays the Advisor an annual fee related to fund accounting and administration of 0.0085% on the first $25 billion of average daily net assets; 0.0075% on the next $15 billion of average daily net assets; and 0.0065% of average daily net assets in excess of $40 billion; plus a base fee of $18,400 per series. Additionally, certain transaction and out-of-pocket expenses, including charges for reporting relating to the Fund's compliance program, are charged. The Advisor has agreements with BNY Mellon Investment Servicing (U.S.) Inc. ("BNY") under which BNY serves as sub-accountant services agent.

&nbsp;&nbsp;&nbsp;&nbsp;4. Segment
 Reporting

In this reporting period, the Series adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the Series' financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Fund's Chief Legal Officer, President and Principal Executive Officer, Vice President, and Principal Financial Officer act as the Series' CODM. The Series represents a single operating segment, as the CODM monitors the operating results of the Series as a whole and the Series' long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Series' portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented in the Series' financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;5. Purchases
 and Sales of Securities

For the year ended October 31, 2025, purchases and sales of securities, other than U.S. Government securities and short-term securities, were $38,854,896 and $48,898,822, respectively. There were no purchases or sales of U.S. Government securities.

&nbsp;&nbsp;&nbsp;&nbsp;6. Capital
 Stock Transactions

Transactions in Class S and Class W shares of Equity Series were:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;CLASS S | FOR THE YEAR ENDED 10/31/25 | FOR THE YEAR ENDED 10/31/25 | FOR THE YEAR ENDED 10/31/24 | FOR THE YEAR ENDED 10/31/24 |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;&nbsp;Sold | 296089 | $4432497 | 485133 | $7155627 |
| &nbsp;&nbsp;&nbsp;Reinvested | 491886 | 7550456 | 142278 | 1979081 |
| &nbsp;&nbsp;&nbsp;Repurchased | (973354) | (14605373) | (792982) | (11769590) |
| &nbsp;&nbsp;&nbsp;Total | (185379) | $(2622420) | (165571) | $(2634882) |

---

 **12**

Equity Series

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;6. Capital
 Stock Transactions (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;CLASS W | FOR THE YEAR ENDED 10/31/25 | FOR THE YEAR ENDED 10/31/25 | FOR THE YEAR ENDED 10/31/24 | FOR THE YEAR ENDED 10/31/24 |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;&nbsp;Sold |  | $— |  | $— |
| &nbsp;&nbsp;&nbsp;Reinvested | 81 | 930 | 41 | 447 |
| &nbsp;&nbsp;&nbsp;Repurchased |  |  | (361) | (3901) |
| &nbsp;&nbsp;&nbsp;Total | 81 | $930 | (320) | $(3454) |

---

At October 31, 2025, the Advisor and its affiliates owned 15% of the Series. Investment activities of these shareholders may have a material effect on the Series.

&nbsp;&nbsp;&nbsp;&nbsp;7. Line
 of Credit

The Fund has entered into a 364-day, $75 million credit agreement (the "line of credit") with Bank of New York Mellon. Each series of the Fund may borrow under the line of credit for temporary or emergency purposes, including funding shareholder redemptions and other short-term liquidity purposes. The Fund pays an annual fee on the unused commitment amount, payable quarterly, and is allocated among all the series of the Fund and included in miscellaneous expenses in the Statement of Operations for each series. The line of credit expires in September 2026 unless extended or renewed. During the year ended October 31, 2025, the Series did not borrow under the line of credit.

&nbsp;&nbsp;&nbsp;&nbsp;8. Financial
 Instruments

The Series may trade in instruments including written and purchased options, forward foreign currency exchange contracts and futures contracts and other derivatives in the normal course of investing activities to assist in managing exposure to various market risks. The Series may be subject to various elements of risk, which may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. These risks include: the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to over the counter derivative counterparties' failure to perform under contract terms; liquidity risk related to the lack of a liquid market for these contracts allowing the fund to close out its position(s); and documentation risk relating to disagreement over contract terms. No such investments were held by the Series as of October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;9. Foreign
 Securities

Investing in securities of foreign companies and foreign governments involves special risks and considerations not typically associated with investing in securities of domestic companies and the U.S. Government. These risks include revaluation of currencies and future adverse political and economic developments. Moreover, securities of foreign companies and foreign governments and their markets may be less liquid and their prices more volatile than those of comparable domestic companies and the U.S. Government.

&nbsp;&nbsp;&nbsp;&nbsp;10. Federal
 Income Tax Information

The amount and characterization of certain income and capital gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to losses deferred due to wash sales and utilization of tax equalization. The Series may periodically make reclassifications among its capital accounts to reflect income and gains available for distribution (or available capital loss carryovers) under income tax regulations, without impacting the Series' net asset value. For the year ended October 31, 2025, amounts were reclassified within the capital accounts to increase Additional Paid in Capital by $840,000 and decrease Total Distributable Earnings by $840,000. Any such reclassifications are not reflected in the financial highlights.

 **13**

Equity Series

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;10. Federal
 Income Tax Information (continued)

The tax character of distributions paid were as follows:

---

| | | |
|:---|:---|:---|
|  | FOR THE YEAR<br> ENDED 10/31/2025 | FOR THE YEAR<br> ENDED 10/31/2024 |
| Ordinary income | $34476 | $91190 |
| Long-term capital gains | 7643242 | 1899890 |

---

At October 31, 2025, the identified cost of investments for federal income tax purposes, the resulting gross unrealized appreciation and depreciation, and the net unrealized appreciation were as follows:

---

| | |
|:---|:---|
| Cost for federal income tax purposes | $50186509 |
| Unrealized appreciation | 17541136 |
| Unrealized depreciation | (862670) |
| Net unrealized appreciation | $16678466 |
| Undistributed long-term capital gains | $6694737 |
| Qualified late-year losses | $97935 |

---

&nbsp;&nbsp;&nbsp;&nbsp;11. Market
 Event

Significant disruptions and volatility in the global financial markets and economies, like the current conditions caused by the Russian invasion of Ukraine, the conflict between Hamas and Israel in the Middle East and the COVID-19 pandemic, could negatively impact the investment performance of the Series. The global market and economic climate may become increasingly uncertain due to numerous factors beyond our control, including but not limited to, impacts on business operations in the U.S. related to the COVID-19 pandemic, such as supply chain disruptions and inflation, concerns related to unpredictable global market and economic factors, uncertainty in U.S. federal fiscal, tax, trade or regulatory policy and the fiscal, tax, trade or regulatory policy of foreign governments, rising interest rates, inflation or deflation, the availability of credit, performance of financial markets, armed conflicts, terrorism, natural or biological catastrophes, public health emergencies, or political uncertainty.

 **14**

Equity Series

**Report of Independent Registered Public Accounting Firm**

To the Board of Directors of Manning & Napier Fund, Inc. and Shareholders of Equity Series

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the investment portfolio, of Equity Series (one of the funds constituting Manning & Napier Fund, Inc., referred to hereafter as the "Fund") as of October 31, 2025, the related statement of operations for the year ended October 31, 2025, the statement of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2025 and the financial highlights for each of the five years in the period ended October 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

![](manning7ancsr002.jpg)

**New York, New York**

**December 18, 2025**

We have served as the auditor of one or more investment companies in Manning & Napier Mutual Funds since 1992.

 **15**

Equity Series

**Supplemental Tax Information**

(unaudited)

All reportings are based on financial information available as of the date of this annual report and, accordingly, are subject to change.

For federal income tax purposes, the Series reports for the current fiscal year $34,476 or, if different, the maximum amount allowable under the tax law, as qualified dividend income.

For corporate shareholders, the percentage of investment income (dividend income plus short-term gains, if any) that qualifies for the dividends received deduction for the current fiscal year is 100.00%

The Series designates $7,911,915 as Long-Term Capital Gain dividends pursuant to Section 852(b) of the Code for the fiscal year ended October 31, 2025.

 **16**

Equity Series

**Renewal of Investment Advisory Agreement**

(unaudited)

At the Manning & Napier Fund, Inc. (the "Fund") Board of Directors' (the "Board") meeting, held on May 20, 2025, the Investment Advisory Agreement between the Fund and Manning & Napier Advisors, LLC (the "Advisor"), and on behalf of the Rainier International Discovery Series (the "Rainier Series"), the Investment Advisory Agreement between the Advisor and the Fund and the Sub-Advisory Agreement between the Advisor and Rainier Investment Management, LLC ("Rainier"), and on behalf of the Callodine Equity Income Series (the "Callodine Series"), the Investment Advisory Agreement between the Advisor and the Fund and the Sub-Advisory Agreement between the Advisor and Callodine Capital Management, LP ("Callodine") (such agreements collectively, the "Agreements"), were considered for renewal by the Board, including all of the Directors who are not "interested persons" ("Independent Directors"), within the meaning of the Investment Company Act of 1940, as amended (the "1940 Act"). In connection with the decision whether to renew the Agreements, a variety of material was provided to the Board in advance of the meeting for their review and consideration. The Board also held a working session on May 7, 2025 to review and discuss information provided to the Board, and for the Board to request additional information.

Representatives of the Advisor attended a portion of the working session and attended the Board meeting. The Advisor provided supplemental information requested by the Board and presented additional oral information to the Board to assist the Board in its considerations. In addition to the information furnished by the Advisor, the Board was provided with a legal memorandum discussing its fiduciary duties related to its approval of the continuation of the Agreements. Independent legal counsel for the Independent Directors discussed with the Board the applicable legal considerations. In addition, the Board received in-person presentations about the Fund throughout the year.

The Independent Directors were advised by independent legal counsel with respect to these matters. The Independent Directors also met separately in an executive session with their legal counsel without any representatives of the Advisor present.

The Directors' determinations at the meeting were made on the basis of each Director's business judgment after consideration of all the information presented. In deciding to recommend the renewal of the Agreements with respect to each Series of the Fund, the Independent Directors did not identify any single or particular piece of information that, in isolation, was the controlling factor. Each Independent Director may also have weighed factors differently. This summary describes the most important, but not all, of the factors considered by the Board and the Independent Directors.

***Nature, Extent and Quality of Services Provided by the Advisor, Rainier and Callodine***

 ****

The Board considered the nature, extent and quality of the services provided by the Advisor, Rainier, and Callodine under the Agreements including, among others: deciding what securities to purchase and sell for each Series; arranging for the purchase and sale of such securities by placing orders with broker-dealers; administering the affairs of the Fund (including the books and records of the Fund not maintained by third party service providers such as the custodian or transfer agent); arranging for the insurance coverage for the Fund; and supervising the preparation of tax returns, SEC filings (including registration statements) and reports to shareholders for the Fund. The Board considered the numerous services performed by the Advisor and its affiliates beyond those stated in the Agreements. The Board also considered the Advisor, Rainier and Callodine's personnel who perform services to the Fund, changes in senior or key personnel, industry trends impacting the mutual fund industry, the strength of the Advisor's compliance infrastructure, policies and procedures relating to compliance with securities regulations, reputation, expertise and resources. The Directors also reviewed the Advisor, Rainier and Callodine's investment and risk management approaches for the Series. The most recent investment adviser registration forms (Form ADV) for the Advisor, Rainier, and Callodine were available to the Board. The Directors also considered other services to be provided to the Series by the Advisor specifically, such as monitoring Rainier and Callodine's adherence to the applicable Series' investment restrictions and monitoring compliance with various Fund policies and procedures and with applicable securities laws and regulations. Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that the nature, extent and quality of the services provided to each Series by the Advisor, Rainier and Callodine supported the renewal of the Agreements.

***Investment Performance of the Advisor, Rainier and Callodine***

 ****

In connection with their consideration of investment performance, the Board was provided with reports – both proprietary to the Advisor or the Fund and generated by independent providers of investment company data – regarding the performance of each Series over various time periods and comparisons against applicable benchmark indexes as well as peer groups of mutual funds. As part of these meetings, the Advisor, Rainier and Callodine and their representatives provided information regarding and, as applicable, led discussions of factors impacting the Advisor, Rainier, and Callodine's performance for the Series, outlining market conditions over

 **17**

Equity Series

**Renewal of Investment Advisory Agreement**

(unaudited)

various time periods and explaining their expectations and strategies for the future. The Directors determined that it was appropriate to take into account its consideration of the Advisor, Rainier and Callodine's performance at the May 7th working session and during prior quarterly board meetings. The Board also considered the Advisor, Rainier and Callodine's investment teams, including changes to the investment teams during the past year, investment team compensation structure and the investment process.

The Directors noted the outperformance of certain Series for various periods as compared to each Series' benchmark and/or peer group. The Directors also expressed concerns about the investment performance of certain Series for various periods, including the Rainier Series and certain other series managed by the Advisor. The Directors emphasized longer-term performance but remained attentive to shorter periods as well. In response to a request from the Independent Directors relating to Series where the Advisor's or Rainier's performance was materially below the performance of a Series' benchmarks and/or peer group, representatives of the Advisor provided a further explanation to the Board regarding the reasons for the underperformance of these Series and discussed the steps taken or expected to be taken by the Advisor in an effort to improve performance. The Directors acknowledged the Advisor's agreement to continue its efforts to improve relative performance for certain Series and asked the Advisor to update the Board on these efforts at future meetings, and further noted the consistent adherence of those Series to their investment mandates as disclosed to shareholders. After discussion, the Directors agreed to continue to remain focused in future meetings on overseeing the Advisor's and Rainier's efforts to address underperformance, emphasizing longer-term performance, while staying attentive to short-term performance. The Directors also considered the outperformance of the Callodine Series as compared to the benchmark index and peer group. After discussion, the Directors concluded, based on the information received and the Advisor's and Rainier's efforts to address the underperformance of certain Series, within the context of its full deliberations, that the consistent strategy and investment results that the Advisor, Rainier and Callodine had been able to achieve for each Series support renewal of the Agreements.

***Costs of Advisory Services, Profitability and Economies of Scale***

The Board considered the fees and expenses of the various Series of the Fund. The Advisor presented the advisory fees and total expenses for each Series, including the advisory fee adjusted for any contractual expense waivers or reimbursements paid by the Advisor.

The Board considered whether the Advisor had achieved economies of scale with respect to its services to the Fund. The Board acknowledged the expense caps incorporated in the Fund's current fee structure, which requires the Advisor to subsidize the expenses of the Series operating above their expense cap, noting that as of December 31, 2024, 11 of 14 Series of the Fund were receiving expense reimbursements from the Advisor. The Directors noted the Advisor's investments in, among other areas, investment and research personnel, IT resources and technology upgrades, noting their expected benefits to the Fund. The Board concluded that the Fund would need to grow in assets before the Advisor would be able to achieve meaningful economies of scale.

The Board considered differential advisory fee waivers related to a Series' Class W shares, which are utilized within the Advisor's separately managed accounts. The Board took into account the Advisor's annual process to determine that a Series' Class W shares do not provide a means for cross-subsidization in contravention of Rule 18f-3 under the 1940 Act, which included an analysis of the advisory fees paid by the separately managed accounts to the Advisor outside of the Series as compared to the advisory fees paid by the Series' other classes to the Advisor. The Board also considered the Advisor's ongoing monitoring performed throughout the year to prevent ineligible investors from purchasing the Series' Class W shares. The Board further took into account that, after completing its annual review, the Advisor concluded that each Series' Class W shares do not provide a means for cross-subsidization in contravention of Rule 18f-3 under the 1940 Act and the Advisor has implemented reasonable measures to monitor the waivers in the Series' Class W Shares to guard against cross-subsidization in the Series. Based on the results of the Advisor's annual review of the differential advisory fee waivers related to the Series' Class W shares and the Advisor's conclusions thereto, the Board made the determination, based on the information and analysis presented to the Board at the meeting, that the Series' Class W shares do not provide a means for cross-subsidization in contravention of Rule 18f-3 under the 1940 Act.

The Advisor provided the Board with information comparing each Series' contractual management fees with the Advisor's standard advisory fees for separate accounts and collective investment trusts. The Board considered that the range of services provided to the Series is more extensive than for the Advisor's other clients due to additional infrastructure, administrative and regulatory requirements related to operating a mutual fund.

The current advisory fees, 12b-1 Distribution and Service Fees, other expenses (e.g. a combination of Shareholder Services Fees, intermediary sub-TA fees, routine operating expenses and Acquired Fund Fees and Expenses for fund-of-fund Series) and total

 **18**

Equity Series

**Renewal of Investment Advisory Agreement**

(unaudited)

expense ratios of each Series and share class were compared and ranked (on both a mean and median basis) against respective peer universes. Respective peer universes included funds of a similar size and with similar investment objectives and expense characteristics as disclosed on the Morningstar database. Representatives of the Advisor discussed with the Board the comparisons and rankings of fees, total expenses and net expense ratios for each class of each Series of the Fund and the methodology behind the comparison. At the request of the Board, the Advisor also provided asset weighted percentile rankings by Series that had been calculated using share class data and AUM as of December 31, 2024, as compared to peers. The Board considered that 9 of 14 Series were below median (with the other 5 above median) compared to peers on an asset weighted basis, with 4 of the Series in the lowest quartile or decile. The Board was also provided with information related to the sub-advisory fees for the Rainier Series and the Callodine Series and applicable comparisons. The Board will continue to monitor the fees and expenses of the Series compared to peer groups. Based on their review of the information provided, the Board concluded that the current fees and expenses of each Series of the Fund were reasonable on a comparative basis.

The Board considered the costs of the Advisor's services and the profits of the Advisor as they relate to the Advisor's services to the Fund, Rainier's services and profits with respect to services provided to the Rainier Series, and Callodine's services and profits with respect to services provided to the Callodine Series, under the Agreements. The Board was provided with information on the Advisor's financial condition and profitability by mutual fund agreement and by Series. The Board discussed the Advisor's revenues generated from the Fund and its expenses associated with providing the services under the Agreements. The Advisor presented the Board with information on firm-wide investment management profitability to provide a comparison of the Advisor's profitability from its Fund activities relative to its profitability from its other investment management business. In addition, the Board reviewed the Advisor's expense allocation methodology used to calculate profitability since many of the Advisor's resources and expenses are shared across the Advisor's various investment management vehicles. The Board noted the Advisor's explanation of the consistent approach taken in calculating profitability, compared to prior periods, including the allocation of expenses as part of that calculation. The Board considered the Advisor's expenses associated with Fund activities outside of the Agreement (such as expense reimbursements pursuant to expense caps and non-distribution related sub-transfer agency, administrative, sub-accounting, and other shareholder services payments above the Board approved fund limits, made by the Advisor, to third party platforms on which shares of the Fund are available for purchase). After discussing the above costs and profits, the Board concluded that the Advisor, Rainier's and Callodine's profit margins relating to their services provided under the applicable Agreements were reasonable. The Board also concluded that the Rainier Series and the Callodine Series would need to grow in assets before Rainier and Callodine, respectively, would be able to achieve meaningful economies of scale. The Board also considered the Advisor's willingness to continue its current expense limitation and fee waiver arrangements with the Series.

The Board also considered the other benefits the Advisor, Rainier and Callodine derive from their relationship with the Fund. Such other benefits include participation in a joint insurance program, sharing of personnel, sharing of compensation expenses for certain shared personnel, relationships with large service providers, the utilization of Series within the Advisor's separately managed accounts and certain research services provided by soft dollars. The Board concluded that these additional benefits to the Advisor, Rainier and Callodine were reasonable.

***Conclusion***

Based on the Board's deliberations and its evaluation of the information described above, the Board, including all of the Independent Directors, concluded that the compensation under the Agreements was fair and reasonable with respect to each Series in light of the services and expenses and such other matters as the Directors considered to be relevant in the exercise of their reasonable judgment, and that the renewal of the Agreements would be in the best interests of each Series and its shareholders. The Board did not indicate that any single factor was determinative of its decision to approve the Agreements, but indicated that the Board based its determination on the total mix of information available to it.

 **19**

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 **20**

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 **21**

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 **22**

Equity Series

**Literature Requests**

(unaudited)

Proxy Voting Policies and Procedures

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, without charge, upon request:

By phone 1-800-466-3863 <br> On the Securities and Exchange <br> Commission's (SEC) web site http://www.sec.gov

Proxy Voting Record

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30th is available, without charge, upon request:

By phone 1-800-466-3863 <br> On the SEC's web site http://www.sec.gov <br> On Manning & Napier's web site www.manning-napier.com

Quarterly Portfolio Holdings

The Series' complete schedule of portfolio holdings for the 1st and 3rd quarters of each fiscal year are provided on Form N-PORT, and are available, without charge, upon request:

By phone 1-800-466-3863 <br> On the SEC's web site http://www.sec.gov

Prospectus and Statement of Additional Information (SAI)

*For more information about any of the Manning & Napier Fund, Inc. Series, you may obtain a prospectus and SAI at www.manning-napier.com or by calling 1-(800) 466-3863. Before investing, carefully consider the objectives, risks, charges and expenses of the investment and read the prospectus carefully as it contains this and other information about the investment company. In addition, this information can be found on the SEC's web site, http://www.sec.gov.*

Additional information available at www.manning-napier.com

&nbsp;&nbsp;&nbsp;&nbsp;1. Fund
 Holdings - Month-End

&nbsp;&nbsp;&nbsp;&nbsp;2. Fund
 Holdings - Quarter-End

&nbsp;&nbsp;&nbsp;&nbsp;3. Shareholder
 Report - Annual

&nbsp;&nbsp;&nbsp;&nbsp;4. Shareholder
 Report - Semi-Annual

&nbsp;&nbsp;&nbsp;&nbsp;5. Financial
 Statement and Other Information - Annual

&nbsp;&nbsp;&nbsp;&nbsp;6. Financial
 Statement and Other Information - Semi-Annual

The Fund also offers electronic notification or "e-delivery" when certain documents are available on-line to be downloaded or reviewed. Direct shareholders can elect to receive electronic notification when shareholder reports, prospectus updates, and/or statements are available. If you do not currently have on-line access to your account, you can establish access by going to www.manning-napier.com, click on "Login" in the top corner of the page, and follow the prompts to self-enroll. Once enrolled, you can set your electronic notification preferences by clicking on the Account Options tab located within the green toolbar and then select E-Delivery Option. Should you have any questions on either how to establish on-line access or how to update your account settings, please contact Investor Services at 1-800-466-3863.

**The Manning & Napier Fund, Inc. is managed by Manning & Napier Advisors, LLC. Manning & Napier Investor Services, Inc., an affiliate of Manning & Napier Advisors, LLC, is the distributor of the Fund shares.**

MNEQY-10/25-AR

 **23**

![](manning7ancsr001.jpg)

**www.manning-napier.com**

**Manning & Napier Fund, Inc.**

Overseas Series

Overseas Series

**Investment Portfolio - October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | SHARES | VALUE <br> (NOTE 2) |
| **COMMON STOCKS - 95.6%** |  |  |
| **Communication Services - 8.4%** |  |  |
| &nbsp;&nbsp;&nbsp;**Interactive Media & Services - 8.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Auto Trader Group plc (United Kingdom)<sup>1</sup> | 1052542 | $10798124 |
| &nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. (China) | 217090 | 17633735 |
| **Total Communication Services** |  | 28431859 |
| **Consumer Discretionary - 16.8%** |  |  |
| &nbsp;&nbsp;&nbsp;**Automobile Components - 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Shoei Co. Ltd. (Japan) | 303200 | 3220638 |
| &nbsp;&nbsp;&nbsp;**Automobiles - 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Ferrari N.V. (Italy) | 20839 | 8417914 |
| &nbsp;&nbsp;&nbsp;**Broadline Retail - 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;MercadoLibre, Inc. (Brazil)<sup>\*</sup> | 4583 | 10665833 |
| &nbsp;&nbsp;&nbsp;**Household Durables - 4.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Bellway plc (United Kingdom) | 145878 | 5034688 |
| &nbsp;&nbsp;&nbsp;Persimmon plc (United Kingdom) | 252160 | 4007609 |
| &nbsp;&nbsp;&nbsp;Taylor Wimpey plc (United Kingdom) | 3335151 | 4613321 |
|  |  | 13655618 |
| &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods - 6.2%** |  |  |
| &nbsp;&nbsp;&nbsp;ANTA Sports Products Ltd. (China) | 867800 | 9058210 |
| &nbsp;&nbsp;&nbsp;Hermes International SCA (France) | 4826 | 11941749 |
|  |  | 20999959 |
| **Total Consumer Discretionary** |  | 56959962 |
| **Consumer Staples - 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;**Personal Care Products - 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;L'Oreal S.A. (France) | 20988 | 8758532 |
| **Financials - 17.0%** |  |  |
| &nbsp;&nbsp;&nbsp;**Banks - 7.9%** |  |  |
| &nbsp;&nbsp;&nbsp;FinecoBank Banca Fineco S.p.A. (Italy) | 153602 | 3514436 |
| &nbsp;&nbsp;&nbsp;HDFC Bank Ltd. - ADR (India) | 309390 | 11206106 |
| &nbsp;&nbsp;&nbsp;NU Holdings Ltd. - Class A (Brazil)<sup>\*</sup> | 744720 | 11997439 |
|  |  | 26717981 |
| &nbsp;&nbsp;&nbsp;**Capital Markets - 6.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Avanza Bank Holding AB (Sweden) | 94657 | 3638101 |
| &nbsp;&nbsp;&nbsp;Deutsche Boerse AG (Germany) | 45782 | 11593841 |
| &nbsp;&nbsp;&nbsp;ICG plc (United Kingdom) | 231579 | 5883009 |
|  |  | 21114951 |
| &nbsp;&nbsp;&nbsp;**Insurance - 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Admiral Group plc (United Kingdom) | 225811 | 9722795 |
| **Total Financials** |  | 57555727 |
| **Health Care - 11.7%** |  |  |
| &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services - 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Lonza Group AG (Switzerland) | 15629 | 10792323 |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals - 8.5%** |  |  |
| &nbsp;&nbsp;&nbsp;AstraZeneca plc - ADR (United Kingdom) | 169871 | 13997370 |
| &nbsp;&nbsp;&nbsp;GSK plc - ADR (United States) | 116228 | 5446444 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES | VALUE <br> (NOTE 2) |
| **COMMON STOCKS** (continued) |  |  |
| **Health Care** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Roche Holding AG (United States) | 28545 | $9246309 |
|  |  | 28690123 |
| **Total Health Care** |  | 39482446 |
| **Industrials - 8.5%** |  |  |
| &nbsp;&nbsp;&nbsp;**Aerospace & Defense - 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;BAE Systems plc (United Kingdom) | 385794 | 9503452 |
| &nbsp;&nbsp;&nbsp;**Air Freight & Logistics - 3.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Deutsche Post AG (Germany) | 267975 | 12312481 |
| &nbsp;&nbsp;&nbsp;**Professional Services - 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Experian plc (United States) | 148102 | 6908247 |
| **Total Industrials** |  | 28724180 |
| **Information Technology - 17.4%** |  |  |
| &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components - 6.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Halma plc (United Kingdom) | 190542 | 8878963 |
| &nbsp;&nbsp;&nbsp;Keyence Corp. (Japan) | 30800 | 11430952 |
|  |  | 20309915 |
| &nbsp;&nbsp;&nbsp;**IT Services - 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Softcat plc (United Kingdom) | 521875 | 10996695 |
| &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 6.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. - ADR (Taiwan) | 67218 | 20194304 |
| &nbsp;&nbsp;&nbsp;**Software - 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Atlassian Corp. - Class A (United States)<sup>\*</sup> | 43046 | 7292853 |
| **Total Information Technology** |  | 58793767 |
| **Materials - 11.1%** |  |  |
| &nbsp;&nbsp;&nbsp;**Chemicals - 6.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Air Liquide S.A. (France) | 53259 | 10307689 |
| &nbsp;&nbsp;&nbsp;Sociedad Quimica y Minera de Chile S.A. - ADR (Chile)<sup>\*</sup> | 250553 | 12274592 |
|  |  | 22582281 |
| &nbsp;&nbsp;&nbsp;**Metals & Mining - 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Pilbara Minerals Ltd. (Australia)<sup>\*</sup> | 1977328 | 4254787 |
| &nbsp;&nbsp;&nbsp;**Paper & Forest Products - 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;West Fraser Timber Co. Ltd. (Canada) | 174318 | 10638922 |
| **Total Materials** |  | 37475990 |
| **Utilities - 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;**Water Utilities - 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Cia de Saneamento Basico do Estado de Sao Paulo SABESP - ADR (Brazil) | 284672 | 6985851 |
| **TOTAL COMMON STOCKS** <br> (Identified Cost $274,086,076) |  | **323168314** |

---

The accompanying notes are an integral part of the financial statements.

**1**

Overseas Series

**Investment Portfolio - October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | SHARES | VALUE <br> (NOTE 2) |
| **SHORT-TERM INVESTMENT - 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 4.00%<sup>2</sup> |  |  |
| &nbsp;&nbsp;&nbsp;(Identified Cost $11,587,754) | 11587754 | $**11587754** |
| **TOTAL INVESTMENTS - 99.0%** <br> (Identified Cost $285,673,830) |  | **334756068** |
| **OTHER ASSETS, LESS LIABILITIES - 1.0%** |  | **3303368** |
| **NET ASSETS - 100%** |  | $**338059436** |

---

ADR - American Depositary Receipt

\*Non-income producing security.

<sup>1</sup>Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act") and determined to be liquid under the Fund's Liquidity Risk Management Program. The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2025 was $10,798,124, which represented 3.2% of the Series' Net Assets.

<sup>2</sup>Rate shown is the current yield as of October 31, 2025.

The Series' portfolio holds, as a percentage of net assets, greater than 10% in the following country:

United Kingdom - 24.7%.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor's, a division of S&P Global Inc. (S&P), and is licensed for use by Manning & Napier when referencing GICS sectors. Neither MSCI, S&P, nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification, nor shall any such party have any liability therefrom.

The accompanying notes are an integral part of the financial statements.

**2**

Overseas Series

**Statement of Assets and Liabilities**

October 31, 2025

---

| | |
|:---|:---|
| **ASSETS:** | **ASSETS:** |
| Investments, at value (identified cost $285,673,830) (Note 2) | $334756068 |
| Foreign currency, at value (identified cost $2,468) | 2686 |
| Receivable for securities sold | 2579876 |
| Foreign tax reclaims receivable | 1910822 |
| Dividends receivable | 519496 |
| Receivable for fund shares sold | 10723 |
| Prepaid expenses | 1483 |
| TOTAL ASSETS | 339781154 |
| **LIABILITIES:** | **LIABILITIES:** |
| Accrued management fees<sup>1</sup> | 245727 |
| Accrued sub-transfer agent fees<sup>1</sup> | 100100 |
| Accrued fund accounting and administration fees<sup>1</sup> | 40119 |
| Accrued distribution and service (Rule 12b-1) fees (Class S)<sup>1</sup> | 35728 |
| Directors' fees payable<sup>1</sup> | 4541 |
| Accrued Chief Compliance Officer service fees<sup>1</sup> | 3086 |
| Payable for securities purchased | 969505 |
| Payable for fund shares repurchased | 210932 |
| Distributions payable | 16 |
| Other payables and accrued expenses | 111964 |
| TOTAL LIABILITIES | 1721718 |
| Commitments and contingent liabilities<sup>1</sup> | Commitments and contingent liabilities<sup>1</sup> |
| **TOTAL NET ASSETS:** | $**338059436** |
| **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** |
| Capital stock | $92605 |
| Additional paid-in-capital | 624492929 |
| Total distributable earnings (loss) | (286526098) |
| **TOTAL NET ASSETS** | $**338059436** |
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class S** <br> ($164,964,563/4,521,987 shares) | $**36.48** |
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class I** <br> ($73,206,094/2,006,841 shares) | $**36.48** |
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class Z** <br> ($99,888,779/2,731,631 shares) | $**36.57** |

---

<sup>1</sup> See note 3 in Notes to the Financial Statements.

The accompanying notes are an integral part of the financial statements.

**3**

Overseas Series

**Statement of Operations**

For the Year Ended October 31, 2025

**INVESTMENT INCOME:**

---

| | |
|:---|:---|
| Dividends (net of foreign taxes withheld, $538,585) | $7090837 |
| **EXPENSES:** |  |
| Management fees (Note 3) | 2561443 |
| Distribution and service (Rule 12b-1) fees (Class S) (Note 3) | 419339 |
| Sub-transfer agent fees (Note 3) | 291257 |
| Fund accounting and administration fees (Note 3) | 102216 |
| Directors' fees (Note 3) | 46281 |
| Chief Compliance Officer service fees (Note 3) | 9493 |
| Custodian fees | 59404 |
| Miscellaneous | 266533 |
| Total Expenses | 3755966 |
| Less reduction of expenses (Note 3) | (707563) |
| Net Expenses | 3048403 |
| NET INVESTMENT INCOME | 4042434 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:** |  |
| Net realized gain (loss) on- |  |
| &nbsp;&nbsp;&nbsp;Investments (net of foreign capital gains tax of $16,487) | 53450716 |
| &nbsp;&nbsp;&nbsp;Foreign currency and translation of other assets and liabilities | (69442) |
| &nbsp;&nbsp;&nbsp;Payments by affiliate | 334195 |
|  | 53715469 |
| Net change in unrealized appreciation (depreciation) on- |  |
| &nbsp;&nbsp;&nbsp;Investments | (19126600) |
| &nbsp;&nbsp;&nbsp;Foreign currency and translation of other assets and liabilities | 76892 |
|  | (19049708) |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY | 34665761 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $38708195 |

---

The accompanying notes are an integral part of the financial statements.

**4**

Overseas Series

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | FOR THE | FOR THE |
|  | YEAR ENDED | YEAR ENDED |
|  | 10/31/25 | 10/31/24 |
| **INCREASE (DECREASE) IN NET ASSETS:** |  |  |
| **OPERATIONS:** |  |  |
| Net investment income | $4042434 | $7913343 |
| Net realized gain (loss) on investments and foreign currency Payments by affiliate | 53715469 | 25159625 |
| Net change in unrealized appreciation (depreciation) on investments and foreign currency | (19049708) | 97331581 |
| Net increase (decrease) from operations | 38708195 | 130404549 |
| **DISTRIBUTIONS TO SHAREHOLDERS (Note 10):** |  |  |
| Class S | (1616198) | (1550005) |
| Class I | (865869) | (979237) |
| Class W | (5272188) | (5175956) |
| Class Z | (1442300) | (1775039) |
| Total distributions to shareholders | (9196555) | (9480237) |
| **CAPITAL STOCK ISSUED AND REPURCHASED:** |  |  |
| Net increase (decrease) from capital share transactions (Note 6) | (315378007) | (60303546) |
| Net increase (decrease) in net assets | (285866367) | 60620766 |
| **NET ASSETS:** |  |  |
| Beginning of year | 623925803 | 563305037 |
| **End of year** | $338059436 | $623925803 |

---

The accompanying notes are an integral part of the financial statements.

**5**

Overseas Series

**Financial Highlights - Class S**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | 10/31/25 | 10/31/24 | 10/31/23 | 10/31/22 | 10/31/21 |
| **Per share data (for a share outstanding throughout each year):** |  |  |  |  |  |
| **Net asset value - Beginning of year** | $33.32 | $27.42 | $24.91 | $37.19 | $27.36 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.27 | 0.22 | 0.28 | 0.26 | 0.18 |
| Net realized and unrealized gain (loss) on investments | 3.22 | 5.97 | 2.36 | (12.02) | 9.83 |
| Total from investment operations | 3.49 | 6.19 | 2.64 | (11.76) | 10.01 |
| Less distributions to shareholders: |  |  |  |  |  |
| From net investment income | (0.33) | (0.29) | (0.13) | (0.52) | (0.18) |
| **Net asset value - End of year** | $**36.48** | $**33.32** | $**27.42** | $**24.91** | $**37.19** |
| **Net assets - End of year** (000's omitted) | $**164965** | $**167624** | $**146351** | $**147439** | $**222471** |
| Total return<sup>2</sup> | 10.55%<sup>3</sup> | 22.68% | 10.58% | (32.00%)<sup>4</sup> | 36.72% |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |
| Expenses\* | 1.05% | 1.05% | 1.05% | 1.05% | 1.05% |
| Net investment income | 0.76% | 0.68% | 0.97% | 0.87% | 0.53% |
| Series portfolio turnover | 46% | 57% | 49% | 40% | 47% |

---

\*The investment advisor did not impose all or a portion of its management and/or other fees during the years, and may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts:

0.05 % 0.01 % 0.08 % 0.04 % 0.03 %

<sup>1</sup>Calculated based on average shares outstanding during the years.

<sup>2</sup>Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been waived or reimbursed during the years.

<sup>3</sup>Includes payment received from an affiliate. Excluding this amount total return would have been 10.49%.

<sup>4</sup>Includes litigation proceeds. Excluding this amount, the total return would have been (32.32%).

The accompanying notes are an integral part of the financial statements.

**6**

Overseas Series

**Financial Highlights - Class I**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | 10/31/25 | 10/31/24 | 10/31/23 | 10/31/22 | 10/31/21 |
| **Per share data (for a share outstanding throughout each year):** |  |  |  |  |  |
| **Net asset value - Beginning of year** | $33.31 | $27.42 | $24.92 | $37.24 | $27.39 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.37 | 0.33 | 0.37 | 0.35 | 0.28 |
| Net realized and unrealized gain (loss) on investments | 3.21 | 5.96 | 2.35 | (12.02) | 9.85 |
| Total from investment operations | 3.58 | 6.29 | 2.72 | (11.67) | 10.13 |
| Less distributions to shareholders: |  |  |  |  |  |
| From net investment income | (0.41) | (0.40) | (0.22) | (0.65) | (0.28) |
| **Net asset value - End of year** | $**36.48** | $**33.31** | $**27.42** | $**24.92** | $**37.24** |
| **Net assets - End of year** (000's omitted) | $**73206** | $**70301** | $**66756** | $**85187** | $**117732** |
| Total return<sup>2</sup> | 10.89%<sup>3</sup> | 23.06% | 10.90% | (31.79%)<sup>4</sup> | 37.16% |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |
| Expenses\* | 0.75% | 0.75% | 0.75% | 0.75%<sup>5</sup> | 0.75%<sup>5</sup> |
| Net investment income | 1.06% | 1.02% | 1.27% | 1.16% | 0.81% |
| Series portfolio turnover | 46% | 57% | 49% | 40% | 47% |

---

\*For certain years presented, the investment advisor did not impose all or a portion of its management and/or other fees, and in some years may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts:

0.04 % 0.03 % 0.04 % 0.02 % N/A

<sup>1</sup>Calculated based on average shares outstanding during the years.

<sup>2</sup>Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been waived or reimbursed during certain years.

<sup>3</sup>Includes payment received from an affiliate. Excluding this amount total return would have been 10.83%.

<sup>4</sup>Includes litigation proceeds. Excluding this amount, the total return would have been (32.10%).

<sup>5</sup>Includes recoupment of past waived and/or reimbursed fees with no impact to the expense ratio.

The accompanying notes are an integral part of the financial statements.

**7**

Overseas Series

**Financial Highlights - Class Z**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | 10/31/25 | 10/31/24 | 10/31/23 | 10/31/22 | 10/31/21 |
| **Per share data (for a share outstanding throughout each year):** |  |  |  |  |  |
| **Net asset value - Beginning of year** | $33.38 | $27.47 | $24.96 | $37.29 | $27.41 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.41 | 0.36 | 0.40 | 0.38 | 0.33 |
| Net realized and unrealized gain (loss) on investments | 3.22 | 5.97 | 2.35 | (12.04) | 9.85 |
| Total from investment operations | 3.63 | 6.33 | 2.75 | (11.66) | 10.18 |
| Less distributions to shareholders: |  |  |  |  |  |
| From net investment income | (0.44) | (0.42) | (0.24) | (0.67) | (0.30) |
| **Net asset value - End of year** | $**36.57** | $**33.38** | $**27.47** | $**24.96** | $**37.29** |
| **Net assets - End of year** (000's omitted) | $**99889** | $**109628** | $**111622** | $**80456** | $**119148** |
| Total return<sup>2</sup> | 11.02%<sup>3</sup> | 23.20% | 11.01% | (31.75%)<sup>4</sup> | 37.31% |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |
| Expenses\* | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
| Net investment income | 1.18% | 1.13% | 1.37% | 1.27% | 0.94% |
| Series portfolio turnover | 46% | 57% | 49% | 40% | 47% |

---

\*The investment advisor did not impose all or a portion of its management and/or other fees during the years, and may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts:

0.06 % 0.05 % 0.07 % 0.05 % 0.04 %

<sup>1</sup>Calculated based on average shares outstanding during the years.

<sup>2</sup>Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been waived or reimbursed during the years.

<sup>3</sup>Includes payment received from an affiliate. Excluding this amount total return would have been 10.96%.

<sup>4</sup>Includes litigation proceeds. Excluding this amount, the total return would have been (32.05%).

The accompanying notes are an integral part of the financial statements.

**8**

Overseas Series

**Notes to Financial Statements**

1. Organization

Overseas Series (the "Series") is a no-load diversified series of Manning & Napier Fund, Inc. (the "Fund"). The Fund is organized in Maryland and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company.

The Series' investment objective is to provide long-term growth.

The Series is authorized to issue three classes of shares (Class I, S, and Z). Each class of shares is substantially the same, except that class-specific distribution and shareholder servicing expenses are borne by the specific class of shares to which they relate.

The Fund's Advisor is Manning & Napier Advisors, LLC (the "Advisor"). Shares of the Series are offered to investors, clients and employees of the Advisor and its affiliates. The total authorized capital stock of the Fund consists of 15 billion shares of common stock each having a par value of $0.01. As of October 31, 2025, 6.8 billion shares have been designated in total among 15 series, of which 200 million have been designated as Overseas Series Class I common stock, 400 million have been designated as Overseas Series Class S common stock, and 100 million have been designated as Overseas Series Class Z common stock. Effective as of close of business on May 29, 2025, the Overseas Series Class W shares were liquidated and closed.

2. Significant
Accounting Policies

The following is a summary of significant accounting policies followed by the Series. The Series is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 - Investment Companies, which is part of accounting principles generally accepted in the United States of America ("GAAP").

**Security Valuation**

Portfolio securities, including domestic equities, foreign equities, warrants and options, listed on an exchange other than the NASDAQ Stock Market are valued at the latest quoted sales price of the exchange on which the security is primarily traded. Securities not traded on valuation date or securities not listed on an exchange are valued at the latest quoted bid price provided by the Fund's pricing service. Securities listed on the NASDAQ Stock Market are valued in accordance with the NASDAQ Official Closing Price.

Short-term investments that mature in sixty days or less may be valued at amortized cost, which approximates fair value. Investments in open-end investment companies are valued at their net asset value per share on valuation date.

Volume and level of activity in established markets for an asset or liability are evaluated to determine whether recent transactions and quoted prices are determinative of fair value. Where there have been significant decreases in volume and level of activity, further analysis and adjustment may be necessary to estimate fair value. In these instances, fair value is measured by the use of inputs and valuation techniques which may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry and/or expectation of future cash flows. As a result of trading in relatively thin markets and/or markets that experience significant volatility, the prices used to value these securities may differ from the value that would be realized if these securities were sold, and the differences could be material.

**Fair Value**

The Series' financial instruments are valued at the close of the NYSE and are reported at fair value, which GAAP defines as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Board has designated the Advisor as the Fund's valuation designee (Valuation Designee) to make all fair value determinations with respect to each Series' portfolio investments. Subject to oversight by the Board, the Valuation Designee performs the following functions in performing fair value determinations: assesses and manages valuation risks; establishes and applies fair value methodologies; tests fair value methodologies; and evaluates pricing vendors and pricing agents. The Advisor has adopted and implemented policies and procedures to be followed when making fair value determinations, and it has established a Valuation Committee through which the Advisor makes fair value determinations. The Valuation Designee

**9**

Overseas Series

**Notes to Financial Statements (continued)**

2. Significant
Accounting Policies (continued)

**Fair Value** (continued)

provides periodic reporting to the Board on valuation matters. The Advisor's determination of a security's fair value price often involves the consideration of a number of subjective factors, and is therefore subject to the unavoidable risk that the value assigned to a security may be higher or lower than the security's value would be if a reliable market quotation for the security was readily available. If trading or events occurring after the close of the principal market in which securities are traded are expected to materially affect the value of those securities, then they may be valued at their fair value, taking this trading or these events into account. The Advisor may use a pricing service to obtain the value of the Fund's portfolio securities where the prices provided by such pricing service are believed to reflect the fair market value of such securities. The methods used by the pricing service and the valuations so established will be reviewed by the Advisor under the general supervision of the Fund's Board of Directors. Several pricing services are available, one or more of which may be used by the Advisor, as approved by the Board. A change in a pricing service or a material change in a pricing methodology for investments with no readily available market quotations will be reported to the Board by the Advisor in accordance with certain requirements.

GAAP establishes the following fair value hierarchy that categorizes the inputs used to measure fair value. Level 1 includes quoted prices (unadjusted) in active markets for identical financial instruments that the Series' can access at the reporting date. Level 2 includes other significant observable inputs (including, but not limited to, quoted prices for similar financial instruments in active markets, quoted prices for identical or similar financial instruments in inactive markets, interest rates and yield curves, implied volatilities, and credit spreads). Level 3 includes unobservable inputs (including the Valuation Designee's own assumptions in determining fair value). A financial instrument's level within the fair value hierarchy is based on the lowest level of any input both individually and in aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the valuation levels used for major security types as of October 31, 2025 in valuing the Series' assets or liabilities carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;DESCRIPTION | TOTAL | LEVEL 1 | LEVEL 2<sup>#</sup> | LEVEL 3 |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | $28431859 | $— | $28431859 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 56959962 | 19083747 | 37876215 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | 8758532 |  | 8758532 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 57555727 | 23203545 | 34352182 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | 39482446 | 19443814 | 20038632 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 28724180 |  | 28724180 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 58793767 | 27487157 | 31306610 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 37475990 | 22913514 | 14562476 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 6985851 | 6985851 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investment | 11587754 | 11587754 |  |  |
| &nbsp;&nbsp;&nbsp;Total assets | $334756068 | $130705382 | $204050686 | $— |

---

#Includes certain foreign equity securities for which a factor from a third party vendor was applied to determine the securities' fair value following the close of local trading.

There were no Level 3 securities held by the Series as of October 31, 2024 or October 31, 2025.

**New Accounting Pronouncement**

In December 2023, the FASB issued Accounting Standards Update (ASU), ASU 2023-09, Income Taxes (Topic 740) – Improvements to Income Taxes Disclosures, which enhances the transparency of income tax disclosures. The ASU requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. The amendments under this ASU are required to be applied prospectively and

**10**

Overseas Series

**Notes to Financial Statements (continued)**

2. Significant
Accounting Policies (continued)

**New Accounting Pronouncement** (continued)

are effective for fiscal years beginning after December 15, 2024. Management expects that adoption of the guidance will not have a material impact on the Series' financial statements.

**Security Transactions, Investment Income and Expenses**

Security transactions are accounted for on trade date. Dividend income is recorded on the ex-dividend date, except that if the ex-dividend date has passed, certain dividends from foreign securities are recorded as soon as the Series is informed of the ex-dividend date. Non-cash dividends, if any, are recorded at the fair value of the securities received. Interest income, including amortization of premium and accretion of discounts using the effective interest method, is earned from settlement date and accrued daily.

Expenses are recorded on an accrual basis. Most expenses of the Fund can be attributed to a specific series. Expenses which cannot be directly attributed are apportioned among the series in the Fund in such a manner as deemed equitable by the Fund's Board, taking into consideration, among other things, the nature and type of expense.

The Series uses the identified cost method for determining realized gain or loss on investments for both financial statement and federal income tax reporting purposes.

**Foreign Currency Translation**

The books and records of the Series are maintained in U.S. dollars. Foreign currencies, investments and other assets and liabilities are translated into U.S. dollars at the current exchange rates. Purchases and sales of investment securities and income and expenses are translated on the respective dates of such transactions. The Series does not isolate realized and unrealized gains and losses attributable to changes in the exchange rates from gains and losses that arise from changes in the fair value of investments. Such fluctuations are included with net realized and unrealized gain or loss on investments. Net realized foreign currency gains and losses represent foreign currency gains and losses between trade date and settlement date on securities transactions, gains and losses on disposition of foreign currencies and the difference between the amount of income and foreign withholding taxes recorded on the books of the Series and the amounts actually received or paid.

**Federal Taxes**

The Series' policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies. The Series is not subject to federal income tax or excise tax to the extent that the Series distributes to shareholders each year its taxable income, including any net realized gains on investments, in accordance with requirements of the Internal Revenue Code. Accordingly, no provision for federal income tax or excise tax has been made in the financial statements.

Management evaluates its tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is required only when the position is "more likely than not" to be sustained assuming examination by taxing authorities. At October 31, 2025, the Series has recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken in future tax returns.

The Series files income tax returns in the U.S. federal jurisdiction, various states and foreign jurisdictions, as required. No income tax returns are currently under investigation. The statute of limitations on the Series' tax returns remains open for the years ended October 31, 2022 through October 31, 2025. The Series is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

**Foreign Taxes**

Based on the Series' understanding of the tax rules and rates related to income, gains and currency purchase/repatriation transactions for foreign jurisdictions in which it invests, the Series will provide for foreign taxes, and where appropriate, deferred foreign tax.

**11**

Overseas Series

**Notes to Financial Statements (continued)**

2. Significant
Accounting Policies (continued)

**Distributions of Income and Gains**

Distributions to shareholders of net investment income and net realized gains are made annually. An additional distribution may be necessary to avoid taxation of the Series. Distributions are recorded on the ex-dividend date.

**Indemnifications**

The Fund's organizational documents provide former and current directors and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

**Other**

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

3. Transactions
with Affiliates and Other Agreements

The Fund has an Investment Advisory Agreement (the "Agreement") with the Advisor, for which the Series pays a fee, computed daily and payable monthly, at an annual rate of 0.60% of the Series' average daily net assets for investment advisory services.

Under the Agreement, personnel of the Advisor are responsible for management of the Series' portfolio, the execution of securities transactions, and generally administer the affairs of the Fund. The Advisor also provides the Fund with necessary office space and fund administration and support services. The salaries of all officers of the Fund (except a percentage of the Fund's Chief Compliance Officer's salary, which is paid by the Fund), and of all Directors who are "affiliated persons" of the Fund, or of the Advisor, and all personnel of the Fund, or of the Advisor, performing services relating to research, statistical and investment activities, are paid by the Advisor. Each "non-affiliated" Director receives an annual stipend, which is allocated among all the active series of the Fund. In addition, these Directors also receive a fee per Board meeting attended plus a fee for each committee meeting attended and are reimbursed for travel and other out-of-pocket expenses incurred by them in connection with attending such meetings. The Fund also has an Audit Committee Chair, Governance & Nominating Committee Chair and Lead Independent Director who each receive an additional annual stipend for these roles.

The Fund may enter into agreements with financial intermediaries pursuant to which the Fund may pay financial intermediaries for non-distribution related sub-transfer agency, administrative, sub-accounting, and other shareholder services in an annual amount not to exceed 0.15% of the average daily net assets of the Class I and Class S shares of the Series. Payments made pursuant to such agreements are generally based on the current assets and/or number of accounts of the Series attributable to the financial intermediary. Any payments made pursuant to such agreements may be in addition to, rather than in lieu of, any Distribution and Shareholder Services Fee payable under the Rule 12b-1 plan of the Fund.

The Advisor has contractually agreed to waive the management fee for the Class W shares. The full management fee will be waived under this agreement because Class W shares are only available to discretionary investment accounts and other accounts managed by the Advisor. These clients pay a management fee to the Advisor that is separate from the Series' expenses. In addition, pursuant to a separate expense limitation agreement, the Advisor has contractually agreed to limit its fees and reimburse expenses to the extent necessary so that the total direct annual fund operating expenses, exclusive of distribution and service (12b-1) fees and waived Class W management fees (collectively, "excluded expenses"), to 0.75% of the average daily net assets of the Class I shares, 0.80% of the average daily net assets of the Class S shares, 0.65% of the average daily net assets of the Class Z shares, and 0.05% of the average daily net assets of the Class W shares. These contractual waivers are expected to continue indefinitely, and may not be amended or terminated by the Advisor without the approval of the Series' Board of Directors. The Advisor may receive from a Class the difference between the Class's total direct annual fund operating expenses,

**12**

Overseas Series

**Notes to Financial Statements (continued)**

3. Transactions
with Affiliates and Other Agreements (continued)

not including excluded expenses, and the Class's contractual expense limit to recoup all or a portion of its prior fee waivers (other than Class W management fee waivers) or expense reimbursements made during the rolling three-year period preceding the recoupment if at any point the total direct annual fund operating expenses, not including excluded expenses, are below the contractual expense limit (a) at the time of the fee waiver and/or expense reimbursement and (b) at the time of the recoupment.

Pursuant to the advisory fee waiver, the Advisor waived $469,674 in management fees for Class W shares for the period ended October 31, 2025. In addition, pursuant to the separate expense limitation agreement, the Advisor waived or reimbursed expenses of $79,834, $27,987, $64,082 and $65,986 for Class S, Class I, Class W and Class Z shares, respectively, for the year ended October 31, 2025. These amounts are included as a reduction of expenses on the Statement of Operations. For the year ended October 31, 2025, the Advisor did not recoup any expenses that have been previously waived or reimbursed.

As of October 31, 2025, the class specific waivers or reimbursements subject to possible future recoupment under the expense limitation agreement are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;CLASS | EXPIRING OCTOBER 31, |  |  |  |
|  | 2026 | 2027 | 2028 | TOTAL |
| &nbsp;&nbsp;&nbsp;Class S | $132790 | $23890 | $79834 | $236514 |
| &nbsp;&nbsp;&nbsp;Class I | 33490 | 26010 | 27987 | 87487 |
| &nbsp;&nbsp;&nbsp;Class Z | 68734 | 68943 | 65986 | 203663 |

---

Manning & Napier Investor Services, Inc., a registered broker-dealer affiliate of the Advisor, acts as distributor for the Fund's shares. The Series compensates the distributor for distributing and servicing the Series' Class S shares pursuant to a distribution plan adopted under Rule 12b-1 of the 1940 Act, regardless of expenses actually incurred. Under the agreement, the Series pays distribution and service fees to the distributor at an annual rate of 0.25% of average daily net assets attributable to Class S shares. There are no distribution and service fees on the Class I, Class W or Class Z shares. The fees are accrued daily and paid monthly.

Pursuant to a master services agreement, the Fund pays the Advisor an annual fee related to fund accounting and administration of 0.0085% on the first $25 billion of average daily net assets; 0.0075% on the next $15 billion of average daily net assets; and 0.0065% of average daily net assets in excess of $40 billion; plus a base fee of $18,400 per series. Additionally, certain transaction and out-of-pocket expenses, including charges for reporting relating to the Fund's compliance program, are charged. The Advisor has agreements with BNY Mellon Investment Servicing (U.S.) Inc. ("BNY") under which BNY serves as sub-accountant services agent.

Overseas Series was reimbursed $334,195 by the Advisor, which is included in payments by affiliates in the Statements of Operations, related to an operational error that occurred during the year ended October 31, 2025.

4. Segment
Reporting

In this reporting period, the Series adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the Series' financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Fund's Chief Legal Officer, President and Principal Executive Officer, Vice President, and Principal Financial Officer act as the Series' CODM. The Series represents a single operating segment, as the CODM monitors the operating results of the Series as a whole and the Series' long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Series' portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented in the Series' financial statements.

**13**

Overseas Series

**Notes to Financial Statements (continued)**

5. Purchases
and Sales of Securities

For the year ended October 31, 2025, purchases and sales of securities, other than U.S. Government securities and short-term securities, were $193,211,943 and $501,125,188, respectively. There were no purchases or sales of U.S. Government securities.

6. Capital
Stock Transactions

Transactions in Class S, Class I, Class W and Class Z shares of Overseas Series were:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;CLASS S | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | 10/31/25 |  | 10/31/24 |  |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;&nbsp;Sold | 172199 | $6010721 | 302401 | $9882227 |
| &nbsp;&nbsp;&nbsp;Reinvested | 47965 | 1595314 | 49813 | 1529265 |
| &nbsp;&nbsp;&nbsp;Repurchased | (728702) | (25517917) | (659843) | (21248345) |
| &nbsp;&nbsp;&nbsp;Total | (508538) | $(17911882) | (307629) | $(9836853) |
| &nbsp;&nbsp;&nbsp;CLASS I | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | 10/31/25 |  | 10/31/24 |  |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;&nbsp;Sold | 192530 | $6763904 | 270068 | $8608287 |
| &nbsp;&nbsp;&nbsp;Reinvested | 26094 | 865536 | 31980 | 978917 |
| &nbsp;&nbsp;&nbsp;Repurchased | (322336) | (11244220) | (626243) | (20440679) |
| &nbsp;&nbsp;&nbsp;Total | (103712) | $(3614780) | (324195) | $(10853475) |
| &nbsp;&nbsp;&nbsp;CLASS W | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | 10/31/25 |  | 10/31/24 |  |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;&nbsp;Sold | 75419 | $2532108 | 387090 | $12584260 |
| &nbsp;&nbsp;&nbsp;Reinvested | 155509 | 5176879 | 165989 | 5097523 |
| &nbsp;&nbsp;&nbsp;Repurchased | (8448819) | (281731461) | (955929) | (30840652) |
| &nbsp;&nbsp;&nbsp;Total | (8217891) | $(274022474) | (402850) | $(13158869) |
| &nbsp;&nbsp;&nbsp;CLASS Z | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | 10/31/25 |  | 10/31/24 |  |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;&nbsp;Sold | 458539 | $15377780 | 231163 | $7134503 |
| &nbsp;&nbsp;&nbsp;Reinvested | 43385 | 1441248 | 57276 | 1755505 |
| &nbsp;&nbsp;&nbsp;Repurchased | (1054099) | (36647899) | (1067380) | (35344357) |
| &nbsp;&nbsp;&nbsp;Total | (552175) | $(19828871) | (778941) | $(26454349) |

---

At October 31, 2025, one shareholder owned 26.1% of the Series. In addition, the Advisor and its affiliates owned 1.1% of the Series.

7. Line
of Credit

The Fund has entered into a 364-day, $75 million credit agreement (the "line of credit") with Bank of New York Mellon. Each series of the Fund may borrow under the line of credit for temporary or emergency purposes, including funding shareholder redemptions and other short-term liquidity purposes. The Fund pays an annual fee on the unused commitment amount, payable quarterly, and

**14**

Overseas Series

**Notes to Financial Statements (continued)**

7. Line
of Credit (continued)

is allocated among all the series of the Fund and included in miscellaneous expenses in the Statement of Operations for each series. The line of credit expires in September 2026 unless extended or renewed. During the year ended October 31, 2025, the Series did not borrow under the line of credit.

8. Financial
Instruments

The Series may trade in instruments including written and purchased options, forward foreign currency exchange contracts and futures contracts and other derivatives in the normal course of investing activities to assist in managing exposure to various market risks. The Series may be subject to various elements of risk, which may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. These risks include: the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to over the counter derivative counterparties' failure to perform under contract terms; liquidity risk related to the lack of a liquid market for these contracts allowing the fund to close out its position(s); and documentation risk relating to disagreement over contract terms. No such investments were held by the Series as of October 31, 2025.

9. Foreign
Securities

Investing in securities of foreign companies and foreign governments involves special risks and considerations not typically associated with investing in securities of domestic companies and the U.S. Government. These risks include revaluation of currencies and future adverse political and economic developments. Moreover, securities of foreign companies and foreign governments and their markets may be less liquid and their prices more volatile than those of comparable domestic companies and the U.S. Government.

10. Federal
Income Tax Information

The amount and characterization of certain income and capital gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to losses deferred due to wash sales, foreign currency gains and losses, and passive foreign investment companies (PFICs). The Series may periodically make reclassifications among its capital accounts to reflect income and gains available for distribution (or available capital loss carryovers) under income tax regulations, without impacting the Series' net asset value. Any such reclassifications are not reflected in the financial highlights.

The tax character of distributions paid were as follows:

---

| | | |
|:---|:---|:---|
|  | FOR THE YEAR | FOR THE YEAR |
|  | ENDED 10/31/2025 | ENDED 10/31/2024 |
| Ordinary income | $9196555 | $9480237 |

---

At October 31, 2025, the identified cost of investments for federal income tax purposes, the resulting gross unrealized appreciation and depreciation, and the net unrealized appreciation were as follows:

---

| | |
|:---|:---|
| Cost for federal income tax purposes | $286323510 |
| Unrealized appreciation | 58112618 |
| Unrealized depreciation | (9680060) |
| Net unrealized appreciation | $48432558 |
| Undistributed ordinary income | $3230066 |
| Capital loss carryforwards | $(338264433) |

---

At October 31, 2025, the Series had net short-term capital loss carryforwards of $24,489,737 and net long-term capital loss carryforwards of $313,774,696, which may be carried forward indefinitely.

For the year ended October 31, 2025, the capital loss carryover utilized was $53,892,977.

**15**

Overseas Series

**Notes to Financial Statements (continued)**

11. Market
Event

Significant disruptions and volatility in the global financial markets and economies, like the current conditions caused by the Russian invasion of Ukraine, the conflict between Hamas and Israel in the Middle East and the COVID-19 pandemic, could negatively impact the investment performance of the Series. The global market and economic climate may become increasingly uncertain due to numerous factors beyond our control, including but not limited to, impacts on business operations in the U.S. related to the COVID-19 pandemic, such as supply chain disruptions and inflation, concerns related to unpredictable global market and economic factors, uncertainty in U.S. federal fiscal, tax, trade or regulatory policy and the fiscal, tax, trade or regulatory policy of foreign governments, rising interest rates, inflation or deflation, the availability of credit, performance of financial markets, armed conflicts, terrorism, natural or biological catastrophes, public health emergencies, or political uncertainty.

**16**

Overseas Series

**Report of Independent Registered Public Accounting Firm**

To the Board of Directors of Manning & Napier Fund, Inc. and Shareholders of Overseas Series

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the investment portfolio, of Overseas Series (one of the funds constituting Manning & Napier Fund, Inc., referred to hereafter as the "Fund") as of October 31, 2025, the related statement of operations for the year ended October 31, 2025, the statement of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2025 and the financial highlights for each of the five years in the period ended October 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

![](manning7ancsr002.jpg)

**New York, New York**

**December 18, 2025**

We have served as the auditor of one or more investment companies in Manning & Napier Mutual Funds since 1992.

**17**

Overseas Series

**Supplemental Tax Information**

(unaudited)

All reportings are based on financial information available as of the date of this annual report and, accordingly, are subject to change.

For federal income tax purposes, the Series reports for the current fiscal year $9,248,168 or, if different, the maximum amount allowable under the tax law, as qualified dividend income.

The Series has elected to pass through to its shareholders, foreign source income of $6,819,879 and foreign taxes paid of $433,977 for the year ended October 31, 2025.

**18**

Overseas Series

**Renewal of Investment Advisory Agreement**

(unaudited)

At the Manning & Napier Fund, Inc. (the "Fund") Board of Directors' (the "Board") meeting, held on May 20, 2025, the Investment Advisory Agreement between the Fund and Manning & Napier Advisors, LLC (the "Advisor"), and on behalf of the Rainier International Discovery Series (the "Rainier Series"), the Investment Advisory Agreement between the Advisor and the Fund and the Sub-Advisory Agreement between the Advisor and Rainier Investment Management, LLC ("Rainier"), and on behalf of the Callodine Equity Income Series (the "Callodine Series"), the Investment Advisory Agreement between the Advisor and the Fund and the Sub-Advisory Agreement between the Advisor and Callodine Capital Management, LP ("Callodine") (such agreements collectively, the "Agreements"), were considered for renewal by the Board, including all of the Directors who are not "interested persons" ("Independent Directors"), within the meaning of the Investment Company Act of 1940, as amended (the "1940 Act"). In connection with the decision whether to renew the Agreements, a variety of material was provided to the Board in advance of the meeting for their review and consideration. The Board also held a working session on May 7, 2025 to review and discuss information provided to the Board, and for the Board to request additional information.

Representatives of the Advisor attended a portion of the working session and attended the Board meeting. The Advisor provided supplemental information requested by the Board and presented additional oral information to the Board to assist the Board in its considerations. In addition to the information furnished by the Advisor, the Board was provided with a legal memorandum discussing its fiduciary duties related to its approval of the continuation of the Agreements. Independent legal counsel for the Independent Directors discussed with the Board the applicable legal considerations. In addition, the Board received in-person presentations about the Fund throughout the year.

The Independent Directors were advised by independent legal counsel with respect to these matters. The Independent Directors also met separately in an executive session with their legal counsel without any representatives of the Advisor present.

The Directors' determinations at the meeting were made on the basis of each Director's business judgment after consideration of all the information presented. In deciding to recommend the renewal of the Agreements with respect to each Series of the Fund, the Independent Directors did not identify any single or particular piece of information that, in isolation, was the controlling factor. Each Independent Director may also have weighed factors differently. This summary describes the most important, but not all, of the factors considered by the Board and the Independent Directors.

***Nature, Extent and Quality of Services Provided by the Advisor, Rainier and Callodine***

The Board considered the nature, extent and quality of the services provided by the Advisor, Rainier, and Callodine under the Agreements including, among others: deciding what securities to purchase and sell for each Series; arranging for the purchase and sale of such securities by placing orders with broker-dealers; administering the affairs of the Fund (including the books and records of the Fund not maintained by third party service providers such as the custodian or transfer agent); arranging for the insurance coverage for the Fund; and supervising the preparation of tax returns, SEC filings (including registration statements) and reports to shareholders for the Fund. The Board considered the numerous services performed by the Advisor and its affiliates beyond those stated in the Agreements. The Board also considered the Advisor, Rainier and Callodine's personnel who perform services to the Fund, changes in senior or key personnel, industry trends impacting the mutual fund industry, the strength of the Advisor's compliance infrastructure, policies and procedures relating to compliance with securities regulations, reputation, expertise and resources. The Directors also reviewed the Advisor, Rainier and Callodine's investment and risk management approaches for the Series. The most recent investment adviser registration forms (Form ADV) for the Advisor, Rainier, and Callodine were available to the Board. The Directors also considered other services to be provided to the Series by the Advisor specifically, such as monitoring Rainier and Callodine's adherence to the applicable Series' investment restrictions and monitoring compliance with various Fund policies and procedures and with applicable securities laws and regulations. Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that the nature, extent and quality of the services provided to each Series by the Advisor, Rainier and Callodine supported the renewal of the Agreements.

***Investment Performance of the Advisor, Rainier and Callodine***

In connection with their consideration of investment performance, the Board was provided with reports – both proprietary to the Advisor or the Fund and generated by independent providers of investment company data – regarding the performance of each Series over various time periods and comparisons against applicable benchmark indexes as well as peer groups of mutual funds. As part of these meetings, the Advisor, Rainier and Callodine and their representatives provided information regarding and, as applicable, led discussions of factors impacting the Advisor, Rainier, and Callodine's performance for the Series, outlining market conditions over

**19**

Overseas Series

**Renewal of Investment Advisory Agreement**

(unaudited)

various time periods and explaining their expectations and strategies for the future. The Directors determined that it was appropriate to take into account its consideration of the Advisor, Rainier and Callodine's performance at the May 7th working session and during prior quarterly board meetings. The Board also considered the Advisor, Rainier and Callodine's investment teams, including changes to the investment teams during the past year, investment team compensation structure and the investment process.

The Directors noted the outperformance of certain Series for various periods as compared to each Series' benchmark and/or peer group. The Directors also expressed concerns about the investment performance of certain Series for various periods, including the Rainier Series and certain other series managed by the Advisor. The Directors emphasized longer-term performance but remained attentive to shorter periods as well. In response to a request from the Independent Directors relating to Series where the Advisor's or Rainier's performance was materially below the performance of a Series' benchmarks and/or peer group, representatives of the Advisor provided a further explanation to the Board regarding the reasons for the underperformance of these Series and discussed the steps taken or expected to be taken by the Advisor in an effort to improve performance. The Directors acknowledged the Advisor's agreement to continue its efforts to improve relative performance for certain Series and asked the Advisor to update the Board on these efforts at future meetings, and further noted the consistent adherence of those Series to their investment mandates as disclosed to shareholders. After discussion, the Directors agreed to continue to remain focused in future meetings on overseeing the Advisor's and Rainier's efforts to address underperformance, emphasizing longer-term performance, while staying attentive to short-term performance. The Directors also considered the outperformance of the Callodine Series as compared to the benchmark index and peer group. After discussion, the Directors concluded, based on the information received and the Advisor's and Rainier's efforts to address the underperformance of certain Series, within the context of its full deliberations, that the consistent strategy and investment results that the Advisor, Rainier and Callodine had been able to achieve for each Series support renewal of the Agreements.

***Costs of Advisory Services, Profitability and Economies of Scale***

The Board considered the fees and expenses of the various Series of the Fund. The Advisor presented the advisory fees and total expenses for each Series, including the advisory fee adjusted for any contractual expense waivers or reimbursements paid by the Advisor.

The Board considered whether the Advisor had achieved economies of scale with respect to its services to the Fund. The Board acknowledged the expense caps incorporated in the Fund's current fee structure, which requires the Advisor to subsidize the expenses of the Series operating above their expense cap, noting that as of December 31, 2024, 11 of 14 Series of the Fund were receiving expense reimbursements from the Advisor. The Directors noted the Advisor's investments in, among other areas, investment and research personnel, IT resources and technology upgrades, noting their expected benefits to the Fund. The Board concluded that the Fund would need to grow in assets before the Advisor would be able to achieve meaningful economies of scale.

The Board considered differential advisory fee waivers related to a Series' Class W shares, which are utilized within the Advisor's separately managed accounts. The Board took into account the Advisor's annual process to determine that a Series' Class W shares do not provide a means for cross-subsidization in contravention of Rule 18f-3 under the 1940 Act, which included an analysis of the advisory fees paid by the separately managed accounts to the Advisor outside of the Series as compared to the advisory fees paid by the Series' other classes to the Advisor. The Board also considered the Advisor's ongoing monitoring performed throughout the year to prevent ineligible investors from purchasing the Series' Class W shares. The Board further took into account that, after completing its annual review, the Advisor concluded that each Series' Class W shares do not provide a means for cross-subsidization in contravention of Rule 18f-3 under the 1940 Act and the Advisor has implemented reasonable measures to monitor the waivers in the Series' Class W Shares to guard against cross-subsidization in the Series. Based on the results of the Advisor's annual review of the differential advisory fee waivers related to the Series' Class W shares and the Advisor's conclusions thereto, the Board made the determination, based on the information and analysis presented to the Board at the meeting, that the Series' Class W shares do not provide a means for cross-subsidization in contravention of Rule 18f-3 under the 1940 Act.

The Advisor provided the Board with information comparing each Series' contractual management fees with the Advisor's standard advisory fees for separate accounts and collective investment trusts. The Board considered that the range of services provided to the Series is more extensive than for the Advisor's other clients due to additional infrastructure, administrative and regulatory requirements related to operating a mutual fund.

The current advisory fees, 12b-1 Distribution and Service Fees, other expenses (e.g. a combination of Shareholder Services Fees, intermediary sub-TA fees, routine operating expenses and Acquired Fund Fees and Expenses for fund-of-fund Series) and total

**20**

Overseas Series

**Renewal of Investment Advisory Agreement**

(unaudited)

expense ratios of each Series and share class were compared and ranked (on both a mean and median basis) against respective peer universes. Respective peer universes included funds of a similar size and with similar investment objectives and expense characteristics as disclosed on the Morningstar database. Representatives of the Advisor discussed with the Board the comparisons and rankings of fees, total expenses and net expense ratios for each class of each Series of the Fund and the methodology behind the comparison. At the request of the Board, the Advisor also provided asset weighted percentile rankings by Series that had been calculated using share class data and AUM as of December 31, 2024, as compared to peers. The Board considered that 9 of 14 Series were below median (with the other 5 above median) compared to peers on an asset weighted basis, with 4 of the Series in the lowest quartile or decile. The Board was also provided with information related to the sub-advisory fees for the Rainier Series and the Callodine Series and applicable comparisons. The Board will continue to monitor the fees and expenses of the Series compared to peer groups. Based on their review of the information provided, the Board concluded that the current fees and expenses of each Series of the Fund were reasonable on a comparative basis.

The Board considered the costs of the Advisor's services and the profits of the Advisor as they relate to the Advisor's services to the Fund, Rainier's services and profits with respect to services provided to the Rainier Series, and Callodine's services and profits with respect to services provided to the Callodine Series, under the Agreements. The Board was provided with information on the Advisor's financial condition and profitability by mutual fund agreement and by Series. The Board discussed the Advisor's revenues generated from the Fund and its expenses associated with providing the services under the Agreements. The Advisor presented the Board with information on firm-wide investment management profitability to provide a comparison of the Advisor's profitability from its Fund activities relative to its profitability from its other investment management business. In addition, the Board reviewed the Advisor's expense allocation methodology used to calculate profitability since many of the Advisor's resources and expenses are shared across the Advisor's various investment management vehicles. The Board noted the Advisor's explanation of the consistent approach taken in calculating profitability, compared to prior periods, including the allocation of expenses as part of that calculation. The Board considered the Advisor's expenses associated with Fund activities outside of the Agreement (such as expense reimbursements pursuant to expense caps and non-distribution related sub-transfer agency, administrative, sub-accounting, and other shareholder services payments above the Board approved fund limits, made by the Advisor, to third party platforms on which shares of the Fund are available for purchase). After discussing the above costs and profits, the Board concluded that the Advisor, Rainier's and Callodine's profit margins relating to their services provided under the applicable Agreements were reasonable. The Board also concluded that the Rainier Series and the Callodine Series would need to grow in assets before Rainier and Callodine, respectively, would be able to achieve meaningful economies of scale. The Board also considered the Advisor's willingness to continue its current expense limitation and fee waiver arrangements with the Series.

The Board also considered the other benefits the Advisor, Rainier and Callodine derive from their relationship with the Fund. Such other benefits include participation in a joint insurance program, sharing of personnel, sharing of compensation expenses for certain shared personnel, relationships with large service providers, the utilization of Series within the Advisor's separately managed accounts and certain research services provided by soft dollars. The Board concluded that these additional benefits to the Advisor, Rainier and Callodine were reasonable.

***Conclusion***

Based on the Board's deliberations and its evaluation of the information described above, the Board, including all of the Independent Directors, concluded that the compensation under the Agreements was fair and reasonable with respect to each Series in light of the services and expenses and such other matters as the Directors considered to be relevant in the exercise of their reasonable judgment, and that the renewal of the Agreements would be in the best interests of each Series and its shareholders. The Board did not indicate that any single factor was determinative of its decision to approve the Agreements, but indicated that the Board based its determination on the total mix of information available to it.

**21**

{This page intentionally left blank}

**22**

Overseas Series

**Literature Requests**

(unaudited)

Proxy Voting Policies and Procedures

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, without charge, upon request:

By phone 1-800-466-3863

On the Securities and Exchange

Commission's (SEC) web site http://www.sec.gov

Proxy Voting Record

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30th is available, without charge, upon request:

By phone 1-800-466-3863

On the SEC's web site http://www.sec.gov

On Manning & Napier's web site www.manning-napier.com

Quarterly Portfolio Holdings

The Series' complete schedule of portfolio holdings for the 1st and 3rd quarters of each fiscal year are provided on Form N-PORT, and are available, without charge, upon request:

By phone 1-800-466-3863

On the SEC's web site http://www.sec.gov

Prospectus and Statement of Additional Information (SAI)

*For more information about any of the Manning & Napier Fund, Inc. Series, you may obtain a prospectus and SAI at www.manning-napier.com or by calling 1-(800) 466-3863. Before investing, carefully consider the objectives, risks, charges and expenses of the investment and read the prospectus carefully as it contains this and other information about the investment company. In addition, this information can be found on the SEC's web site, http://www.sec.gov.*

Additional information available at www.manning-napier.com

&nbsp;&nbsp;&nbsp;&nbsp;1. Fund
 Holdings - Month-End

&nbsp;&nbsp;&nbsp;&nbsp;2. Fund
 Holdings - Quarter-End

&nbsp;&nbsp;&nbsp;&nbsp;3. Shareholder
 Report - Annual

&nbsp;&nbsp;&nbsp;&nbsp;4. Shareholder
 Report - Semi-Annual

&nbsp;&nbsp;&nbsp;&nbsp;5. Financial
 Statement and Other Information - Annual

&nbsp;&nbsp;&nbsp;&nbsp;6. Financial
 Statement and Other Information - Semi-Annual

The Fund also offers electronic notification or "e-delivery" when certain documents are available on-line to be downloaded or reviewed. Direct shareholders can elect to receive electronic notification when shareholder reports, prospectus updates, and/or statements are available. If you do not currently have on-line access to your account, you can establish access by going to www.manning-napier.com, click on "Login" in the top corner of the page, and follow the prompts to self-enroll. Once enrolled, you can set your electronic notification preferences by clicking on the Account Options tab located within the green toolbar and then select E-Delivery Option. Should you have any questions on either how to establish on-line access or how to update your account settings, please contact Investor Services at 1-800-466-3863.

**The Manning & Napier Fund, Inc. is managed by Manning & Napier Advisors, LLC. Manning & Napier Investor Services, Inc., an affiliate of Manning & Napier Advisors, LLC, is the distributor of the Fund shares.**

MNOVS-10/25-AR

**23**

![](manning7ancsr001.jpg)

**www.manning-napier.com**

**Manning & Napier Fund, Inc.**

Pro-Blend<sup>®</sup> Conservative Term Series

Pro-Blend<sup>®</sup> Moderate Term Series

Pro-Blend<sup>®</sup> Extended Term Series

Pro-Blend<sup>®</sup> Maximum Term Series

**Investment Portfolio - October 31, 2025**

---

| | | |
|:---|:---|:---|
| PRO-BLEND<sup>®</sup> CONSERVATIVE TERM SERIES | SHARES/ <br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE <br> (NOTE 2) |
| **COMMON STOCKS - 21.2%** | **COMMON STOCKS - 21.2%** | **COMMON STOCKS - 21.2%** |
| **Communication Services - 1.3%** | **Communication Services - 1.3%** | **Communication Services - 1.3%** |
| &nbsp;&nbsp;&nbsp;**Interactive Media & Services - 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | 6213 | $1747033 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | 2568 | 1664963 |
| &nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. - ADR (China) | 6642 | 540460 |
| **Total Communication Services** |  | 3952456 |
| **Consumer Discretionary - 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;**Automobiles - 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Ferrari N.V. (Italy) | 2223 | 897981 |
| &nbsp;&nbsp;&nbsp;**Broadline Retail - 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.\* | 12847 | 3137495 |
| &nbsp;&nbsp;&nbsp;MercadoLibre, Inc. (Brazil)\* | 382 | 889013 |
|  |  | 4026508 |
| &nbsp;&nbsp;&nbsp;**Household Durables - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Persimmon plc - ADR (United Kingdom) | 23433 | 753371 |
| &nbsp;&nbsp;&nbsp;Taylor Wimpey plc - ADR (United Kingdom) | 52527 | 724873 |
|  |  | 1478244 |
| &nbsp;&nbsp;&nbsp;**Specialty Retail - 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;The TJX Companies, Inc. | 3866 | 541781 |
| &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Hermes International SCA - ADR (France) | 6330 | 1565662 |
| **Total Consumer Discretionary** |  | 8510176 |
| **Financials - 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;**Banks - 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;HDFC Bank Ltd. - ADR (India) | 32098 | 1162590 |
| &nbsp;&nbsp;&nbsp;NU Holdings Ltd. - Class A (Brazil)\* | 34568 | 556890 |
|  |  | 1719480 |
| &nbsp;&nbsp;&nbsp;**Capital Markets - 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;BlackRock, Inc. | 403 | 436373 |
| &nbsp;&nbsp;&nbsp;Deutsche Boerse AG - ADR (Germany) | 17734 | 448670 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | 3224 | 471639 |
| &nbsp;&nbsp;&nbsp;Moody's Corp. | 2234 | 1072990 |
| &nbsp;&nbsp;&nbsp;Nasdaq, Inc. | 5985 | 511658 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. | 1719 | 837514 |
|  |  | 3778844 |
| &nbsp;&nbsp;&nbsp;**Financial Services - 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc. - Class A | 3683 | 2032979 |
| &nbsp;&nbsp;&nbsp;Visa, Inc. - Class A | 3984 | 1357508 |
|  |  | 3390487 |
| &nbsp;&nbsp;&nbsp;**Insurance - 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;First American Financial Corp. | 8835 | 552276 |
| **Total Financials** |  | 9441087 |
| **Health Care - 3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;**Biotechnology - 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.\* | 3955 | 1683129 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES/ <br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE <br> (NOTE 2) |
| **COMMON STOCKS** (continued) | **COMMON STOCKS** (continued) | **COMMON STOCKS** (continued) |
| **Health Care** (continued) | **Health Care** (continued) | **Health Care** (continued) |
| &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies - 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc.\* | 2028 | $1083520 |
| &nbsp;&nbsp;&nbsp;**Health Care Providers & Services - 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 6300 | 2151828 |
| &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services - 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Lonza Group AG - ADR (Switzerland) | 8197 | 565347 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | 1975 | 1120595 |
|  |  | 1685942 |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals - 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;AstraZeneca plc - ADR (United Kingdom) | 13286 | 1094766 |
| &nbsp;&nbsp;&nbsp;GSK plc - ADR | 12568 | 588937 |
| &nbsp;&nbsp;&nbsp;Roche Holding AG - ADR | 42635 | 1722454 |
| &nbsp;&nbsp;&nbsp;Zoetis, Inc. | 3466 | 499416 |
|  |  | 3905573 |
| **Total Health Care** |  | 10509992 |
| **Industrials - 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;**Aerospace & Defense - 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;BAE Systems plc - ADR (United Kingdom) | 11066 | 1094538 |
| &nbsp;&nbsp;&nbsp;HEICO Corp. - Class A | 2167 | 536831 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | 5669 | 1638908 |
|  |  | 3270277 |
| &nbsp;&nbsp;&nbsp;**Air Freight & Logistics - 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Deutsche Post AG - ADR (Germany) | 35195 | 1619322 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Inc. - Class B | 8590 | 828247 |
|  |  | 2447569 |
| &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies - 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Rollins, Inc. | 10103 | 582034 |
| &nbsp;&nbsp;&nbsp;**Professional Services - 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;TransUnion | 11533 | 936249 |
| **Total Industrials** |  | 7236129 |
| **Information Technology - 5.4%** |  |  |
| &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Amphenol Corp. - Class A | 4086 | 569343 |
| &nbsp;&nbsp;&nbsp;Halma plc - ADR (United Kingdom) | 5725 | 539294 |
|  |  | 1108637 |
| &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 11480 | 2324585 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. - ADR (Taiwan) | 7662 | 2301895 |
|  |  | 4626480 |
| &nbsp;&nbsp;&nbsp;**Software - 3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Atlassian Corp. - Class A \* | 3305 | 559933 |
| &nbsp;&nbsp;&nbsp;Bentley Systems, Inc. - Class B | 21511 | 1093404 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc.\* | 6781 | 2296657 |

---

The accompanying notes are an integral part of the financial statements.

**1**

**Investment Portfolio - October 31, 2025**

---

| | | |
|:---|:---|:---|
| PRO-BLEND<sup>®</sup> CONSERVATIVE TERM SERIES | SHARES/ <br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE <br> (NOTE 2) |
| **COMMON STOCKS** (continued) | **COMMON STOCKS** (continued) | **COMMON STOCKS** (continued) |
| **Information Technology** (continued) | **Information Technology** (continued) | **Information Technology** (continued) |
| &nbsp;&nbsp;&nbsp;**Software** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Clearwater Analytics Holdings, Inc. - Class A\* | 24877 | $457986 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 5091 | 2636171 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc. | 2182 | 568215 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc.\* | 1755 | 1613336 |
| &nbsp;&nbsp;&nbsp;Workday, Inc. - Class A\* | 4593 | 1101952 |
|  |  | 10327654 |
| **Total Information Technology** |  | 16062771 |
| **Materials - 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;**Chemicals - 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Air Liquide S.A. - ADR (France) | 42400 | 1639608 |
| &nbsp;&nbsp;&nbsp;Albemarle Corp. | 11483 | 1127975 |
| &nbsp;&nbsp;&nbsp;The Sherwin-Williams Co. | 1616 | 557423 |
| &nbsp;&nbsp;&nbsp;Sociedad Quimica y Minera de Chile S.A. - ADR (Chile)\* | 25461 | 1247335 |
|  |  | 4572341 |
| &nbsp;&nbsp;&nbsp;**Paper & Forest Products - 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;West Fraser Timber Co. Ltd. (Canada) | 15378 | 938058 |
| **Total Materials** |  | 5510399 |
| **Real Estate - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;**Real Estate Management & Development - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;CBRE Group, Inc. - Class A\* | 6908 | 1052986 |
| **Utilities - 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;**Water Utilities - 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Cia de Saneamento Basico do Estado de Sao Paulo SABESP - ADR (Brazil) | 22624 | 555193 |
| **TOTAL COMMON STOCKS** <br> (Identified Cost $52,478,864) |  | 62831189 |
| **CORPORATE BONDS - 18.6%** |  |  |
| **Non-Convertible Corporate Bonds- 18.6%** |  |  |
| **Communication Services - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;**Entertainment - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;The Walt Disney Co., 6.65%, 11/15/2037 | 920000 | 1063587 |
| &nbsp;&nbsp;&nbsp;**Media - 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Open Infra U.S. Assets AB, 11.00%, 2/22/2027 | 400000 | 396856 |
| **Total Communication Services** |  | 1460443 |
| **Consumer Discretionary - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;**Household Durables - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;DR Horton, Inc., 4.85%, 10/15/2030 | 1160000 | 1182945 |
| &nbsp;&nbsp;&nbsp;**Specialty Retail - 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc., 1.875%, 4/15/2031 | 380000 | 331937 |
| **Total Consumer Discretionary** |  | 1514882 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES/ <br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE <br> (NOTE 2) |
| **CORPORATE BONDS** (continued) | **CORPORATE BONDS** (continued) | **CORPORATE BONDS** (continued) |
| **Non-Convertible Corporate Bonds** (continued) | **Non-Convertible Corporate Bonds** (continued) | **Non-Convertible Corporate Bonds** (continued) |
| **Energy - 2.4%** | **Energy - 2.4%** | **Energy - 2.4%** |
| &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels - 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Brooge Petroleum and Gas Investment Co. FZE (United Arab Emirates), 8.50%, 11/30/2025 (Acquired 09/10/2020-09/24/2025, cost $384,819)<sup>2</sup> | 389843 | $369834 |
| &nbsp;&nbsp;&nbsp;Cameron LNG LLC, 3.302%, 1/15/2035<sup>3</sup> | 735000 | 644684 |
| &nbsp;&nbsp;&nbsp;Cenovus Energy, Inc. (Canada), 6.75%, 11/15/2039 | 1810000 | 1998408 |
| &nbsp;&nbsp;&nbsp;Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.375%, 2/1/2031<sup>3</sup> | 1250000 | 1302034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 2/1/2042 | 1890000 | 1987046 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan, Inc., 4.80%, 2/1/2033 | 920000 | 920192 |
| &nbsp;&nbsp;&nbsp;New Fortress Energy, Inc., 8.75%, 3/15/2029 (Acquired 03/05/2024-03/06/2024, cost $346,094)<sup>2</sup> | 345000 | 34494 |
| **Total Energy** |  | 7256692 |
| **Financials - 9.2%** |  |  |
| &nbsp;&nbsp;&nbsp;**Banks - 5.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Bank of America Corp., (U.S. Secured Overnight Financing Rate + 1.320%), 2.687%, 4/22/2032<sup>4</sup> | 2050000 | 1873575 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc., (U.S. Secured Overnight Financing Rate + 0.770%), 1.462%, 6/9/2027<sup>4</sup> | 1870000 | 1838837 |
| &nbsp;&nbsp;&nbsp;Citizens Bank NA, (U.S. Secured Overnight Financing Rate + 2.000%), 4.575%, 8/9/2028<sup>4</sup> | 1220000 | 1226726 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp, (U.S. Secured Overnight Financing Index + 2.192%), 6.361%, 10/27/2028<sup>4</sup> | 545000 | 566619 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc., 2.55%, 2/4/2030 | 1420000 | 1315508 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., (3 mo. U.S. Secured Overnight Financing Rate + 3.790%), 4.493%, 3/24/2031<sup>4</sup> | 3050000 | 3079255 |
| &nbsp;&nbsp;&nbsp;The PNC Financial Services Group, Inc., (U.S. Secured Overnight Financing Rate + 1.333%), 4.899%, 5/13/2031<sup>4</sup> | 1800000 | 1835820 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp., (U.S. Secured Overnight Financing Rate + 0.862%), 1.887%, 6/7/2029<sup>4</sup> | 1970000 | 1855469 |
| &nbsp;&nbsp;&nbsp;U.S. Bancorp, (U.S. Secured Overnight Financing Rate + 1.230%), 4.653%, 2/1/2029<sup>4</sup> | 1890000 | 1908772 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co., (U.S. Secured Overnight Financing Rate + 1.070%), 5.707%, 4/22/2028<sup>4</sup> | 1840000 | 1880033 |
|  |  | 17380614 |

---

The accompanying notes are an integral part of the financial statements.

**2**

**Investment Portfolio - October 31, 2025**

---

| | | |
|:---|:---|:---|
| PRO-BLEND<sup>®</sup> CONSERVATIVE TERM SERIES | SHARES/ <br> PRINCIPAL<br> AMOUNT<sup>1</sup> | VALUE <br> (NOTE 2) |
| **CORPORATE BONDS** (continued) | **CORPORATE BONDS** (continued) | **CORPORATE BONDS** (continued) |
| **Non-Convertible Corporate Bonds** (continued) | **Non-Convertible Corporate Bonds** (continued) | **Non-Convertible Corporate Bonds** (continued) |
| **Financials** (continued) | **Financials** (continued) | **Financials** (continued) |
| &nbsp;&nbsp;&nbsp;**Capital Markets - 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;The Depository Trust & Clearing Corp., (5 yr. U.S. Treasury Yield Curve Rate T Note Constant Maturity + 2.606%), 3.375%<sup>3,4,5</sup> | 500000 | $491204 |
| &nbsp;&nbsp;&nbsp;Icahn Enterprises LP - Icahn Enterprises Finance Corp., 10.00%, 11/15/2029<sup>3</sup> | 330000 | 331256 |
| &nbsp;&nbsp;&nbsp;Jefferies Financial Group, Inc., 6.20%, 4/14/2034 | 2720000 | 2854348 |
|  |  | 3676808 |
| &nbsp;&nbsp;&nbsp;**Consumer Finance - 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp., (U.S. Secured Overnight Financing Rate + 2.860%), 6.377%, 6/8/2034<sup>4</sup> | 2250000 | 2435083 |
| &nbsp;&nbsp;&nbsp;**Financial Services - 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Golden Pear Funding HoldCo LLC, 10.00%, 3/2/2028 | 230000 | 243852 |
| &nbsp;&nbsp;&nbsp;U.S. Claims Litigation Funding LLC, 10.25%, 3/17/2028 (Acquired 03/14/2023, cost $250,000)<sup>2</sup> | 250000 | 215054 |
|  |  | 458906 |
| &nbsp;&nbsp;&nbsp;**Insurance - 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;MassMutual Global Funding II, 4.85%, 1/17/2029<sup>3</sup> | 660000 | 673108 |
| &nbsp;&nbsp;&nbsp;Metropolitan Life Global Funding I, 4.85%, 1/8/2029<sup>3</sup> | 660000 | 673555 |
| &nbsp;&nbsp;&nbsp;New York Life Global Funding, 4.70%, 1/29/2029<sup>3</sup> | 660000 | 671487 |
| &nbsp;&nbsp;&nbsp;SiriusPoint Ltd. (Sweden), 7.00%, 4/5/2029 | 1220000 | 1286555 |
|  |  | 3304705 |
| **Total Financials** |  | 27256116 |
| **Health Care - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;180 Medical, Inc. (United Kingdom), 3.875%, 10/15/2029<sup>3</sup> | 1160000 | 1121187 |
| **Industrials - 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;**Ground Transportation - 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;BNSF Funding Trust I, (3 mo. CME Term U.S. Secured Overnight Financing Rate + 2.350%), 6.613%, 12/15/2055<sup>4</sup> | 680000 | 682478 |
| &nbsp;&nbsp;&nbsp;**Passenger Airlines - 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;United Airlines Pass-Through Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-1, Class B, 4.60%, 3/1/2026 | 45071 | 44972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-2, Class B, 3.50%, 5/1/2028 | 227803 | 220406 |
|  |  | 265378 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES/<br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE <br> (NOTE 2) |
| **CORPORATE BONDS** (continued) | **CORPORATE BONDS** (continued) | **CORPORATE BONDS** (continued) |
| **Non-Convertible Corporate Bonds** (continued) | **Non-Convertible Corporate Bonds** (continued) | **Non-Convertible Corporate Bonds** (continued) |
| **Industrials** (continued) | **Industrials** (continued) | **Industrials** (continued) |
| &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC - AerCap Global Aviation Trust (Ireland), 3.00%, 10/29/2028 | 1280000 | $1235692 |
| **Total Industrials** |  | 2183548 |
| **Materials - 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;**Metals & Mining - 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;ACG Holdco 1 plc (United Kingdom), 14.75%, 1/13/2029 | 150000 | 163608 |
| &nbsp;&nbsp;&nbsp;Newcastle Coal Infrastructure Group Pty Ltd. (Australia), 4.40%, 9/29/2027<sup>3</sup> | 1585813 | 1579000 |
| &nbsp;&nbsp;&nbsp;Northwest Acquisitions ULC - Dominion Finco, Inc., 7.125%, 11/1/2022 (Acquired 10/10/2017-05/13/2020, cost $212,263)<sup>2,6</sup> | 880000 | 9 |
| **Total Materials** |  | 1742617 |
| **Real Estate - 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;**Industrial REITs - 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;IIP Operating Partnership LP, 5.50%, 5/25/2026 | 460000 | 455009 |
| &nbsp;&nbsp;&nbsp;**Retail REITs - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Simon Property Group LP, 2.65%, 2/1/2032 | 1625000 | 1457519 |
| &nbsp;&nbsp;&nbsp;**Specialized REITs - 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Pelorus Fund REIT LLC, 7.00%, 9/30/2026 (Acquired 07/08/2022, cost $399,500)<sup>2</sup> | 470000 | 469743 |
| &nbsp;&nbsp;&nbsp;Safehold GL Holdings LLC, 6.10%, 4/1/2034 | 1221000 | 1286747 |
| &nbsp;&nbsp;&nbsp;SBA Tower Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.599%, 1/15/2028<sup>3</sup> | 1810000 | 1853416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.831%, 10/15/2029<sup>3</sup> | 990000 | 992661 |
|  |  | 4602567 |
| **Total Real Estate** |  | 6515095 |
| **Utilities - 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;**Electric Utilities - 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Alexander Funding Trust II, 7.467%, 7/31/2028<sup>3</sup> | 1230000 | 1309981 |
| &nbsp;&nbsp;&nbsp;Duke Energy Florida LLC, 6.40%, 6/15/2038 | 2100000 | 2366207 |
|  |  | 3676188 |
| &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers - 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Palomino Funding Trust I, 7.233%, 5/17/2028<sup>3</sup> | 2290000 | 2423522 |
| **Total Utilities** |  | 6099710 |
| **TOTAL CORPORATE BONDS** <br> (Identified Cost $54,655,520) |  | **55150290** |

---

The accompanying notes are an integral part of the financial statements.

**3**

**Investment Portfolio - October 31, 2025**

---

| | | |
|:---|:---|:---|
| PRO-BLEND<sup>®</sup> CONSERVATIVE TERM SERIES | SHARES/ <br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE <br> (NOTE 2) |
| **U.S. TREASURY SECURITIES - 26.1%** | **U.S. TREASURY SECURITIES - 26.1%** | **U.S. TREASURY SECURITIES - 26.1%** |
| **U.S. Treasury Notes - 26.1%** |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Floating Rate Note (3 mo. U.S. Treasury Bill Yield + 0.159%), 3.925%, 7/31/2027<sup>7</sup> | 4444000 | $4443564 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125%, 11/15/2028 | 9910000 | 9773738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 11/15/2029 | 4113000 | 3826375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.875%, 11/15/2030 | 14236000 | 12399778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.375%, 11/15/2031 | 14226000 | 12368840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 11/15/2032 | 9266000 | 9400647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 11/15/2033 | 11785000 | 12217730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 11/15/2034 | 12658000 | 12851826 |
| **TOTAL U.S. TREASURY SECURITIES** <br> (Identified Cost $76,336,511) |  | **77282498** |
| **ASSET-BACKED SECURITIES - 8.0%** |  |  |
| &nbsp;&nbsp;&nbsp;ALLO Issuer LLC, Series 2023-1A, Class A2, 6.20%, 6/20/2053<sup>3</sup> | 1550000 | 1570589 |
| &nbsp;&nbsp;&nbsp;Capteris Equipment Finance LLC, Series 2024-1A, Class A2, 5.58%, 7/20/2032<sup>3</sup> | 906830 | 921490 |
| &nbsp;&nbsp;&nbsp;CF Hippolyta Issuer LLC, Series 2020-1, Class B1, 2.28%, 7/15/2060<sup>3</sup> | 2698356 | 1864178 |
| &nbsp;&nbsp;&nbsp;Cogent Ipv4 LLC, Series 2024-1A, Class A2, 7.924%, 5/25/2054<sup>3</sup> | 850000 | 884278 |
| &nbsp;&nbsp;&nbsp;Commonbond Student Loan Trust, Series 2019-AGS, Class A1, 2.54%, 1/25/2047<sup>3</sup> | 516517 | 477578 |
| &nbsp;&nbsp;&nbsp;DataBank Issuer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2A, Class A2, 2.40%, 10/25/2051<sup>3</sup> | 1630000 | 1586008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A, Class A2, 5.116%, 2/25/2053<sup>3</sup> | 1500000 | 1496543 |
| &nbsp;&nbsp;&nbsp;ECMC Group Student Loan Trust, Series 2025-2A, Class A, (U.S. Secured Overnight Financing Rate 30 Day Average + 1.050%), 0%, 11/25/2074<sup>3,7</sup> | 1500000 | 1502946 |
| &nbsp;&nbsp;&nbsp;Flexential Issuer, Series 2021-1A, Class A2, 3.25%, 11/27/2051<sup>3</sup> | 2600000 | 2533039 |
| &nbsp;&nbsp;&nbsp;Hageman Capital Issuer Trust, Series 2025-1, Class A, 6.40%, 8/9/2056<sup>3</sup> | 940000 | 932639 |
| &nbsp;&nbsp;&nbsp;Navient Education Loan Trust, Series 2025-A, Class A, 5.02%, 7/15/2055<sup>3</sup> | 1118796 | 1128365 |
| &nbsp;&nbsp;&nbsp;Nelnet Student Loan Trust, Series 2006-2, Class A7, (U.S. Secured Overnight Financing Rate 90 Day Average + 0.842%), 5.155%, 1/26/2037<sup>3,7</sup> | 1331470 | 1315296 |
| &nbsp;&nbsp;&nbsp;Oxford Finance Credit Fund III LP, Series 2024-A, Class A2, 6.675%, 1/14/2032<sup>3</sup> | 220000 | 222304 |
| &nbsp;&nbsp;&nbsp;Oxford Finance Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A, Class A2, 3.602%, 2/15/2030<sup>3</sup> | 1491071 | 1477343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A, Class A2, 6.716%, 2/15/2031<sup>3</sup> | 1983615 | 1992988 |
| &nbsp;&nbsp;&nbsp;PEAR LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1, Class A, 2.60%, 1/15/2034<sup>3</sup> | 251255 | 250164 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES/ <br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE <br> (NOTE 2) |
| **ASSET-BACKED SECURITIES** (continued) | **ASSET-BACKED SECURITIES** (continued) | **ASSET-BACKED SECURITIES** (continued) |
| &nbsp;&nbsp;&nbsp;PEAR LLC (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1, Class A, 7.42%, 7/15/2035<sup>3</sup> | 922398 | $943661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1, Class A, 6.95%, 2/15/2036<sup>3</sup> | 404635 | 408370 |
| &nbsp;&nbsp;&nbsp;Store Master Funding I-VII and XIV, Series 2019-1, Class A1, 2.82%, 11/20/2049<sup>3</sup> | 2066352 | 2022652 |
| **TOTAL ASSET-BACKED SECURITIES** <br> (Identified Cost $24,292,810) |  | **23530431** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES - 8.1%** |  |  |
| &nbsp;&nbsp;&nbsp;BMO Mortgage Trust, Series 2024-5C7, Class A3, 5.566%, 11/15/2057<sup>8</sup> | 570000 | 591894 |
| &nbsp;&nbsp;&nbsp;CIM Trust, Series 2019-INV1, Class A1, 4.00%, 2/25/2049<sup>3,8</sup> | 37568 | 35973 |
| &nbsp;&nbsp;&nbsp;Credit Suisse Mortgage Capital Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-IVR3, Class A1, 2.50%, 5/25/2043<sup>3,8</sup> | 246475 | 222000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-TH1, Class A1, 2.13%, 2/25/2043<sup>3,8</sup> | 142973 | 126480 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMICS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-13, Class PA, 3.00%, 3/25/2048 | 1431632 | 1286459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-31, Class KP, 3.50%, 7/25/2047 | 20350 | 20175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-69, Class WJ, 1.50%, 10/25/2050 | 961744 | 840184 |
| &nbsp;&nbsp;&nbsp;Finance of America Structured Securities Trust, Series 2022-S6, Class A1, 3.00%, 7/25/2061<sup>3</sup> | 1066721 | 1063343 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMICS, Series 5189, Class CP, 2.50%, 6/25/2049 | 1555297 | 1387131 |
| &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1, Class A9, (U.S. Secured Overnight Financing Rate 30 Day Average + 0.850%), 5.00%, 12/25/2051<sup>3,7</sup> | 1276623 | 1188334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-PJ6, Class A8, 2.50%, 11/25/2051<sup>3,8</sup> | 986309 | 886606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-PJ9, Class A8, 2.50%, 2/26/2052<sup>3,8</sup> | 998107 | 895167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-PJ1, Class A8, 2.50%, 5/28/2052<sup>3,8</sup> | 1558019 | 1390759 |
| &nbsp;&nbsp;&nbsp;Imperial Fund Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM3, Class A1, 1.595%, 11/25/2056<sup>3,8</sup> | 1085979 | 930168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM1, Class A1, 2.493%, 2/25/2067<sup>3,8</sup> | 1924872 | 1763931 |
| &nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-2, Class 1A1, 3.00%, 6/25/2029<sup>3,8</sup> | 72910 | 71502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-3, Class 1A3, 3.50%, 8/25/2047<sup>3,8</sup> | 24349 | 22333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-6, Class A3, 3.50%, 12/25/2048<sup>3,8</sup> | 55182 | 50281 |

---

The accompanying notes are an integral part of the financial statements.

**4**

**Investment Portfolio - October 31, 2025**

---

| | | |
|:---|:---|:---|
| PRO-BLEND<sup>®</sup> CONSERVATIVE TERM SERIES | SHARES/ <br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE <br> (NOTE 2) |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES** (continued) | **COMMERCIAL MORTGAGE-BACKED SECURITIES** (continued) | **COMMERCIAL MORTGAGE-BACKED SECURITIES** (continued) |
| &nbsp;&nbsp;&nbsp;New Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-3A, Class AFX3, 3.75%, 11/25/2054<sup>3,8</sup> | 228286 | $219708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-2A, Class A1, 3.75%, 8/25/2055<sup>3,8</sup> | 213871 | 208299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-4A, Class A1, 3.75%, 11/25/2056<sup>3,8</sup> | 310058 | 298427 |
| &nbsp;&nbsp;&nbsp;NYMT Loan Trust, Series 2022-CP1, Class A1, 2.042%, 7/25/2061<sup>3</sup> | 1038488 | 980885 |
| &nbsp;&nbsp;&nbsp;OBX Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-INV1, Class A1, 3.00%, 12/25/2051<sup>3,8</sup> | 1873356 | 1633716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-NQM1, Class A1, 5.928%, 11/25/2063<sup>3,9</sup> | 920844 | 926068 |
| &nbsp;&nbsp;&nbsp;PCG LLC, Series 2023-1, (1 mo. U.S. Secured Overnight Financing Rate + 6.000%), 9.991%, 7/25/2029 (Acquired 07/24/2023, cost $172,566)<sup>2,7</sup> | 172566 | 172550 |
| &nbsp;&nbsp;&nbsp;PMT Loan Trust, Series 2013-J1, Class A9, 3.50%, 9/25/2043<sup>3,8</sup> | 514834 | 480664 |
| &nbsp;&nbsp;&nbsp;Provident Funding Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2, Class A2A, 2.00%, 4/25/2051<sup>3,8</sup> | 1246437 | 1081782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1, Class A1, 2.50%, 8/25/2051<sup>3,8</sup> | 2154709 | 1800679 |
| &nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-2, Class A, 1.874%, 2/25/2043<sup>8</sup> | 115019 | 100383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-6, Class A2, 3.00%, 5/25/2043<sup>8</sup> | 945174 | 859987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-7, Class A2, 3.00%, 6/25/2043<sup>8</sup> | 140573 | 127845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-8, Class A1, 3.00%, 6/25/2043<sup>8</sup> | 181922 | 165820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1, Class A1, 3.50%, 2/25/2050<sup>3,8</sup> | 53748 | 48866 |
| &nbsp;&nbsp;&nbsp;Starwood Retail Property Trust, Series 2014-STAR, Class A, (Prime Rate + 0.000%), 7.25%, 11/15/2027<sup>3,7</sup> | 1036548 | 611515 |
| &nbsp;&nbsp;&nbsp;Sutherland Commercial Mortgage Trust, Series 2019-SBC8, Class A, 2.86%, 4/25/2041<sup>3,8</sup> | 1097613 | 1050242 |
| &nbsp;&nbsp;&nbsp;Towd Point Mortgage Trust, Series 2019-HY1, Class A1, (1 mo. U.S. Secured Overnight Financing Rate + 1.114%), 5.106%, 10/25/2048<sup>3,7</sup> | 243106 | 243355 |
| &nbsp;&nbsp;&nbsp;WinWater Mortgage Loan Trust, Series 2015-1, Class A1, 3.50%, 1/20/2045<sup>3,8</sup> | 86971 | 81871 |
| **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** <br> (Identified Cost $26,514,239) |  | **23865382** |
| **FOREIGN GOVERNMENT BONDS - 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Eagle Funding Luxco S.A.R.L (Mexico), 5.50%, 8/17/2030<sup>3</sup> | 1375000 | 1396716 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES/<br> PRINCIPAL <br> AMOUNT<sup>1</sup> | SHARES/<br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE <br> (NOTE 2) |
| **FOREIGN GOVERNMENT BONDS** (continued) | **FOREIGN GOVERNMENT BONDS** (continued) | **FOREIGN GOVERNMENT BONDS** (continued) | **FOREIGN GOVERNMENT BONDS** (continued) |
| &nbsp;&nbsp;&nbsp;Japan Government Two Year Bond, Series 456, (Japan), 0.10%, 1/1/2026 | JPY | 200000000 | $1297030 |
| &nbsp;&nbsp;&nbsp;Mexican Bonos, Series M, (Mexico), 7.75%, 5/29/2031 | MXN | 908000 | 47741 |
| **TOTAL FOREIGN GOVERNMENT BONDS** <br> (Identified Cost $2,790,615) |  |  | **2741487** |
| **MUNICIPAL BONDS - 1.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;South Carolina Public Service Authority, Series B, Revenue Bond, 1.852%, 12/1/2026 <br> (Identified Cost $3,460,000) |  | 3460000 | **3375922** |
| **U.S. GOVERNMENT AGENCIES - 12.6%** |  |  |  |
| **Mortgage-Backed Securities - 12.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Fannie Mae |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA1834, UMBS, 4.50%, 2/1/2034 |  | 172638 | 174031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA1903, UMBS, 4.50%, 5/1/2034 |  | 155575 | 156821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #886904, UMBS, 6.50%, 9/1/2036 |  | 24328 | 26115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #933521, UMBS, 5.00%, 1/1/2038 |  | 5040 | 5148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #889260, UMBS, 5.00%, 4/1/2038 |  | 4997 | 5105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #889576, UMBS, 6.00%, 4/1/2038 |  | 121098 | 128238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #975840, UMBS, 5.00%, 5/1/2038 |  | 17402 | 17788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #995196, UMBS, 6.00%, 7/1/2038 |  | 149572 | 157884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #986458, UMBS, 6.00%, 8/1/2038 |  | 2038 | 2158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #987831, UMBS, 6.00%, 9/1/2038 |  | 7798 | 8261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #990897, UMBS, 6.00%, 9/1/2038 |  | 11797 | 12496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AD0220, UMBS, 6.00%, 10/1/2038 |  | 20865 | 22024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #257497, UMBS, 6.00%, 12/1/2038 |  | 5305 | 5618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #971022, UMBS, 5.00%, 1/1/2039 |  | 10034 | 10257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AA1810, UMBS, 5.00%, 1/1/2039 |  | 28631 | 29267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #983686, UMBS, 5.00%, 2/1/2039 |  | 12075 | 12343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AE0604, UMBS, 6.00%, 7/1/2039 |  | 137656 | 145306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AA6788, UMBS, 6.00%, 8/1/2039 |  | 100745 | 106914 |

---

The accompanying notes are an integral part of the financial statements.

**5**

**Investment Portfolio - October 31, 2025**

---

| | | |
|:---|:---|:---|
| PRO-BLEND<sup>®</sup> CONSERVATIVE TERM SERIES | SHARES/ <br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE <br> (NOTE 2) |
| **U.S. GOVERNMENT AGENCIES** (continued) | **U.S. GOVERNMENT AGENCIES** (continued) | **U.S. GOVERNMENT AGENCIES** (continued) |
| **Mortgage-Backed Securities** (continued) | **Mortgage-Backed Securities** (continued) | **Mortgage-Backed Securities** (continued) |
| &nbsp;&nbsp;&nbsp;Fannie Mae (continued) | &nbsp;&nbsp;&nbsp;Fannie Mae (continued) | &nbsp;&nbsp;&nbsp;Fannie Mae (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AC0463, UMBS, 5.00%, 11/1/2039 | 11147 | $11385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AC5111, UMBS, 5.00%, 11/1/2039 | 19561 | 19978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA0258, UMBS, 4.50%, 12/1/2039 | 228987 | 229516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA0259, UMBS, 5.00%, 12/1/2039 | 13946 | 14244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AC8573, UMBS, 5.00%, 1/1/2040 | 17673 | 18051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AL1595, UMBS, 6.00%, 1/1/2040 | 138627 | 146800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AE0061, UMBS, 6.00%, 2/1/2040 | 58466 | 61926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AL0152, UMBS, 6.00%, 6/1/2040 | 240251 | 254415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA4203, UMBS, 2.50%, 12/1/2040 | 1935890 | 1754709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AI5172, UMBS, 4.00%, 8/1/2041 | 126365 | 123479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AL1410, UMBS, 4.50%, 12/1/2041 | 266475 | 266519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AB4300, UMBS, 3.50%, 1/1/2042 | 60892 | 57903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA4633, UMBS, 3.50%, 6/1/2042 | 991353 | 942404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA4687, UMBS, 4.00%, 6/1/2042 | 2387772 | 2336894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA4934, UMBS, 5.00%, 2/1/2043 | 1337447 | 1356258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #FS4616, UMBS, 5.00%, 5/1/2043 | 2859567 | 2901642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AL7729, UMBS, 4.00%, 6/1/2043 | 138986 | 135811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #BC8677, UMBS, 4.00%, 5/1/2046 | 72884 | 70438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #BD6997, UMBS, 4.00%, 10/1/2046 | 92513 | 89411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #BE3812, UMBS, 4.00%, 12/1/2046 | 105160 | 101635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #BE7845, UMBS, 4.50%, 2/1/2047 | 118920 | 118146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AL8674, 5.624%, 1/1/2049 | 392541 | 410104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #FS9332, UMBS, 3.00%, 3/1/2050 | 1897161 | 1724865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA4020, UMBS, 3.00%, 5/1/2050 | 3561211 | 3197166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #FS4339, UMBS, 3.00%, 12/1/2050 | 1555648 | 1402543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #FS4511, UMBS, 4.00%, 8/1/2051 | 3147980 | 3026630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #FS2998, UMBS, 3.50%, 4/1/2052 | 1139589 | 1062030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #FS4925, UMBS, 3.50%, 4/1/2052 | 3322969 | 3096813 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES/ <br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE <br> (NOTE 2) |
| **U.S. GOVERNMENT AGENCIES** (continued) | **U.S. GOVERNMENT AGENCIES** (continued) | **U.S. GOVERNMENT AGENCIES** (continued) |
| **Mortgage-Backed Securities** (continued) | **Mortgage-Backed Securities** (continued) | **Mortgage-Backed Securities** (continued) |
| &nbsp;&nbsp;&nbsp;Fannie Mae (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA4807, UMBS, 5.50%, 11/1/2052 | 782439 | $794969 |
| &nbsp;&nbsp;&nbsp;Freddie Mac |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #C91746, 4.50%, 12/1/2033 | 24640 | 24869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #C91762, 4.50%, 5/1/2034 | 242025 | 244313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #G03926, 6.00%, 2/1/2038 | 98872 | 104833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #G05906, 6.00%, 4/1/2040 | 14292 | 15154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #G06789, 6.00%, 5/1/2040 | 79541 | 84337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #A92889, 4.50%, 7/1/2040 | 378577 | 380346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #RB5167, UMBS, 3.50%, 7/1/2042 | 1025286 | 975169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #RB5188, UMBS, 4.00%, 10/1/2042 | 2030096 | 1990943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #SD8044, UMBS, 3.00%, 2/1/2050 | 2662149 | 2393442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #SD1360, UMBS, 5.50%, 7/1/2052. | 3053814 | 3104945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #SD8276, UMBS, 5.00%, 12/1/2052 | 1092233 | 1092376 |
| &nbsp;&nbsp;&nbsp;Ginnie Mae Pool #671161, 5.50%, 11/15/2037 | 22308 | 22939 |
| **TOTAL U.S. GOVERNMENT AGENCIES** <br> (Identified Cost $37,125,429) |  | **37186124** |
| **SHORT-TERM INVESTMENT - 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 4.00%<sup>10</sup> |  |  |
| &nbsp;&nbsp;&nbsp;(Identified Cost $8,134,307) | 8134307 | **8134307** |
| **TOTAL INVESTMENTS - 99.4%** <br> (Identified Cost $285,788,295) |  | **294097630** |
| **OTHER ASSETS, LESS LIABILITIES - 0.6%** |  | **1644779** |
| **NET ASSETS - 100%** |  | $**295742409** |

---

The accompanying notes are an integral part of the financial statements.

**6**

**Investment Portfolio - October 31, 2025**

ADR - American Depositary Receipt

JPY - Japanese Yen

MXN - Mexican Peso

REIT - Real Estate Investment Trust

REMICS - Real Estate Mortgage Investment Conduits

UMBS - Uniform Mortgage-Backed Securities

\*Non-income producing security.

<sup>1</sup>Amount is stated in USD unless otherwise noted.

<sup>2</sup>Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act") and determined to be illiquid under the Fund's Liquidity Risk Management Program. The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of such securities at October 31, 2025 was $1,261,684, or 0.4% of the Series' Net Assets.

<sup>3</sup>Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act") and determined to be liquid under the Fund's Liquidity Risk Management Program. The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2025 was $57,307,196, which represented 19.4% of the Series' Net Assets.

<sup>4</sup>Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of October 31, 2025.

<sup>5</sup>Security is perpetual in nature and has no stated maturity date.

<sup>6</sup>Issuer filed for bankruptcy and/or is in default of interest payments.

<sup>7</sup>Floating rate security. Rate shown is the rate in effect as of October 31, 2025.

<sup>8</sup>Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of October 31, 2025.

<sup>9</sup>Represents a step-up bond that pays initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate shown reflects the current coupon as of October 31, 2025.

<sup>10</sup>Rate shown is the current yield as of October 31, 2025.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor's, a division of S&P Global Inc. (S&P), and is licensed for use by Manning & Napier when referencing GICS sectors. Neither MSCI, S&P, nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification, nor shall any such party have any liability therefrom.

The accompanying notes are an integral part of the financial statements.

**7**

**Statement of Assets and Liabilities - Pro-Blend<sup>®</sup> Conservative Term Series**

---

| | |
|:---|:---|
| **ASSETS:** | **ASSETS:** |
| Investments in securities, at value (identified cost $285,788,295) (Note 2) | $294097630 |
| Foreign currency, at value (identified cost $46) | 47 |
| Interest receivable | 1928121 |
| Receivable for fund shares sold | 261338 |
| Dividends receivable | 72400 |
| Foreign tax reclaims receivable | 71372 |
| Prepaid expenses | 9755 |
| TOTAL ASSETS | 296440663 |
| **LIABILITIES:** | **LIABILITIES:** |
| Due to custodian | 3442 |
| Accrued management fees<sup>1</sup> | 121389 |
| Accrued sub-transfer agent fees<sup>1</sup> | 91764 |
| Accrued distribution and service (Rule 12b-1) fees (Class S) (Class R) (Class L)<sup>1</sup> | 88786 |
| Accrued fund accounting and administration fees<sup>1</sup> | 40817 |
| Directors' fees payable<sup>1</sup> | 3771 |
| Accrued Chief Compliance Officer service fees<sup>1</sup> | 3086 |
| Payable for fund shares repurchased | 218325 |
| Professional fees payable | 89871 |
| Other payables and accrued expenses | 37003 |
| TOTAL LIABILITIES | 698254 |
| Commitments and contingent liabilities<sup>1</sup> | Commitments and contingent liabilities<sup>1</sup> |
| **TOTAL NET ASSETS** | $**295742409** |
| **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** |
| Capital stock | $215326 |
| Additional paid-in-capital | 280899418 |
| Total distributable earnings (loss) | 14627665 |
| **TOTAL NET ASSETS** | $**295742409** |

---

<sup>1</sup> See note 3 in Notes to the Financial Statements.

The accompanying notes are an integral part of the financial statements.

**8**

**Statement of Assets and Liabilities - Pro-Blend<sup>®</sup> Conservative Term Series**

---

| | |
|:---|:---|
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class S** | |
| &nbsp;&nbsp;&nbsp;($157,397,430/11,470,204 shares) | $**13.72** |
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class I** |  |
| &nbsp;&nbsp;&nbsp;($64,073,551/4,660,445 shares) | $**13.75** |
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class R** |  |
| &nbsp;&nbsp;&nbsp;($13,129,232/955,169 shares) | $**13.75** |
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class L** |  |
| &nbsp;&nbsp;&nbsp;($59,223,617/4,307,911 shares) | $**13.75** |
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class W** |  |
| &nbsp;&nbsp;&nbsp;($1,918,579/138,873 shares) | $**13.82** |

---

The accompanying notes are an integral part of the financial statements.

**9**

**Statement of Operations - Pro-Blend<sup>®</sup> Conservative Term Series**

For the Year Ended October 31, 2025

**INVESTMENT INCOME:**

---

| | |
|:---|:---|
| Interest | $11046278 |
| Dividends (net of foreign taxes withheld, $48,757) | 949611 |
| Total Investment Income | 11995889 |
| **EXPENSES:** |  |
| Management fees (Note 3) | 1258977 |
| Distribution and service (Rule 12b-1) fees (Class L) (Note 3) | 583167 |
| Distribution and service (Rule 12b-1) fees (Class S) (Note 3) | 424225 |
| Distribution and service (Rule 12b-1) fees (Class R) (Note 3) | 66704 |
| Sub-transfer agent fees (Note 3) | 265923 |
| Fund accounting and administration fees (Note 3) | 108692 |
| Directors' fees (Note 3) | 36886 |
| Chief Compliance Officer service fees (Note 3) | 9493 |
| Transfer agent fees | 99186 |
| Professional fees | 94912 |
| Custodian fees | 22258 |
| Recoupment of past waived and/or reimbursed fees (Note 3) | 642 |
| Miscellaneous | 126962 |
| Total Expenses | 3098027 |
| Less reduction of expenses (Note 3) | (11043) |
| Net Expenses | 3086984 |
| NET INVESTMENT INCOME | 8908905 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:** |  |
| Net realized gain (loss) on- |  |
| &nbsp;&nbsp;&nbsp;Investments (net of foreign capital gains tax of $5,899) | 6491020 |
| &nbsp;&nbsp;&nbsp;Foreign currency and translation of other assets and liabilities | (2600) |
|  | 6488420 |
| Net change in unrealized appreciation (depreciation) on- |  |
| &nbsp;&nbsp;&nbsp;Investments in securities | 4237135 |
| &nbsp;&nbsp;&nbsp;Foreign currency and translation of other assets and liabilities | (65) |
|  | 4237070 |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY | 10725490 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $19634395 |

---

The accompanying notes are an integral part of the financial statements.

**10**

**Statements of Changes in Net Assets - Pro-Blend<sup>®</sup> Conservative Term Series**

---

| | | |
|:---|:---|:---|
|  | FOR THE | FOR THE |
|  | YEAR ENDED | YEAR ENDED |
|  | 10/31/25 | 10/31/24 |
| **INCREASE (DECREASE) IN NET ASSETS:** |  |  |
| **OPERATIONS:** |  |  |
| Net investment income | $8908905 | $10425914 |
| Net realized gain (loss) on investments and foreign currency | 6488420 | 1759956 |
| Net change in unrealized appreciation (depreciation) on investments and foreign currency | 4237070 | 27916560 |
| Net increase (decrease) from operations | 19634395 | 40102430 |
| **DISTRIBUTIONS TO SHAREHOLDERS (Note 10):** |  |  |
| Class S | (5785683) | (5295197) |
| Class I | (2508355) | (2061217) |
| Class R | (427912) | (398984) |
| Class L | (1468644) | (1539000) |
| Class W | (72152) | (54109) |
| Total distributions to shareholders | (10262746) | (9348507) |
| **CAPITAL STOCK ISSUED AND REPURCHASED:** |  |  |
| Net increase (decrease) from capital share transactions (Note 6) | (46414909) | (37844161) |
| Net increase (decrease) in net assets | (37043260) | (7090238) |
| **NET ASSETS:** |  |  |
| Beginning of year | 332785669 | 339875907 |
| **End of year** | $295742409 | $332785669 |

---

The accompanying notes are an integral part of the financial statements.

**11**

**Financial Highlights - Pro-Blend<sup>®</sup> Conservative Term Series - Class S**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | 10/31/25 | 10/31/24 | 10/31/23 | 10/31/22 | 10/31/21 |
| **Per share data (for a share outstanding throughout each year):** |  |  |  |  |  |
| **Net asset value - Beginning of year** | $13.30 | $12.16 | $12.11 | $14.61 | $14.47 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.39 | 0.40 | 0.34 | 0.16 | 0.17 |
| Net realized and unrealized gain (loss) on investments | 0.46 | 1.09 | 0.09 | (1.94) | 1.34 |
| Total from investment operations | 0.85 | 1.49 | 0.43 | (1.78) | 1.51 |
| Less distributions to shareholders: |  |  |  |  |  |
| From net investment income | (0.43) | (0.35) | (0.20) | (0.08) | (0.19) |
| From net realized gain on investments |  |  | (0.18) | (0.64) | (1.18) |
| Total distributions to shareholders | (0.43) | (0.35) | (0.38) | (0.72) | (1.37) |
| **Net asset value - End of year** | $**13.72** | $**13.30** | $**12.16** | $**12.11** | $**14.61** |
| **Net assets - End of year** (000's omitted) | $**157397** | $**181829** | $**189940** | $**218606** | $**291698** |
| Total return<sup>2</sup> | 6.56% | 12.39% | 3.49% | (12.77%) | 10.99% |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |
| Expenses\* | 0.90%<sup>3</sup> | 0.90%<sup>4</sup> | 0.90% | 0.88% | 0.87% |
| Net investment income | 2.91% | 3.12% | 2.74% | 1.23% | 1.15% |
| Series portfolio turnover | 48% | 59% | 59% | 79% | 73% |
| \*For certain years presented, the investment advisor did not impose all or a portion of its management and/or other fees, and in some years may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | \*For certain years presented, the investment advisor did not impose all or a portion of its management and/or other fees, and in some years may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | \*For certain years presented, the investment advisor did not impose all or a portion of its management and/or other fees, and in some years may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | \*For certain years presented, the investment advisor did not impose all or a portion of its management and/or other fees, and in some years may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | \*For certain years presented, the investment advisor did not impose all or a portion of its management and/or other fees, and in some years may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | \*For certain years presented, the investment advisor did not impose all or a portion of its management and/or other fees, and in some years may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: |
|  | N/A | N/A | 0.03% | N/A | N/A |

---

<sup>1</sup>Calculated based on average shares outstanding during the years.

<sup>2</sup>Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been waived or reimbursed during certain years.

<sup>3</sup>Includes recoupment of past waived and/or reimbursed fees with no impact to the expense ratio.

<sup>4</sup>Includes recoupment of past waived and/or reimbursed fees. Excluding this amount, the expense ratio (to average net assets) would have been 0.88%.

The accompanying notes are an integral part of the financial statements.

**12**

**Financial Highlights - Pro-Blend<sup>®</sup> Conservative Term Series - Class I**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | 10/31/25 | 10/31/24 | 10/31/23 | 10/31/22 | 10/31/21 |
| **Per share data (for a share outstanding throughout each year):** |  |  |  |  |  |
| **Net asset value - Beginning of year** | $13.32 | $12.17 | $12.14 | $14.95 | $15.43 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.42 | 0.44 | 0.37 | 0.20 | 0.20 |
| Net realized and unrealized gain (loss) on investments | 0.47 | 1.08 | 0.09 | (1.93) | 1.40 |
| Total from investment operations | 0.89 | 1.52 | 0.46 | (1.73) | 1.60 |
| Less distributions to shareholders: |  |  |  |  |  |
| From net investment income | (0.46) | (0.37) | (0.25) | (0.16) | (0.38) |
| From net realized gain on investments |  |  | (0.18) | (0.92) | (1.70) |
| Total distributions to shareholders | (0.46) | (0.37) | (0.43) | (1.08) | (2.08) |
| **Net asset value - End of year** | $**13.75** | $**13.32** | $**12.17** | $**12.14** | $**14.95** |
| **Net assets - End of year** (000's omitted) | $**64074** | $**73614** | $**68157** | $**85498** | $**115216** |
| Total return<sup>2</sup> | 6.90% | 12.65% | 3.73% | (12.50%) | 11.16% |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |
| Expenses\* | 0.65% | 0.65%<sup>3</sup> | 0.65% | 0.63% | 0.62% |
| Net investment income | 3.16% | 3.37% | 2.98% | 1.48% | 1.40% |
| Series portfolio turnover | 48% | 59% | 59% | 79% | 73% |
| \*For certain years presented, the investment advisor did not impose all or a portion of its management and/or other fees, and in some years may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | \*For certain years presented, the investment advisor did not impose all or a portion of its management and/or other fees, and in some years may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | \*For certain years presented, the investment advisor did not impose all or a portion of its management and/or other fees, and in some years may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | \*For certain years presented, the investment advisor did not impose all or a portion of its management and/or other fees, and in some years may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | \*For certain years presented, the investment advisor did not impose all or a portion of its management and/or other fees, and in some years may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | \*For certain years presented, the investment advisor did not impose all or a portion of its management and/or other fees, and in some years may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: |
|  | 0.00%<sup>4</sup> | N/A | 0.02% | N/A | N/A |

---

<sup>1</sup>Calculated based on average shares outstanding during the years.

<sup>2</sup>Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been waived or reimbursed during certain years.

<sup>3</sup>Includes recoupment of past waived and/or reimbursed fees. Excluding this amount, the expense ratio (to average net assets) would have been 0.63%. 

<sup>4</sup>Less than 0.01%.

The accompanying notes are an integral part of the financial statements.

**13**

**Financial Highlights - Pro-Blend<sup>®</sup> Conservative Term Series - Class R**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | 10/31/25 | 10/31/24 | 10/31/23 | 10/31/22 | 10/31/21 |
| **Per share data (for a share outstanding throughout each year):** |  |  |  |  |  |
| **Net asset value - Beginning of year** | $13.32 | $12.18 | $12.13 | $15.05 | $15.63 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.36 | 0.38 | 0.31 | 0.14 | 0.14 |
| Net realized and unrealized gain (loss) on investments | 0.47 | 1.09 | 0.08 | (1.95) | 1.44 |
| Total from investment operations | 0.83 | 1.47 | 0.39 | (1.81) | 1.58 |
| Less distributions to shareholders: |  |  |  |  |  |
| From net investment income | (0.40) | (0.33) | (0.16) | (0.12) | (0.35) |
| From net realized gain on investments |  |  | (0.18) | (0.99) | (1.81) |
| Total distributions to shareholders | (0.40) | (0.33) | (0.34) | (1.11) | (2.16) |
| **Net asset value - End of year** | $**13.75** | $**13.32** | $**12.18** | $**12.13** | $**15.05** |
| **Net assets - End of year** (000's omitted) | $**13129** | $**14382** | $**14923** | $**18808** | $**23527** |
| Total return<sup>2</sup> | 6.38% | 12.25% | 3.17% | (12.93%) | 10.81% |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |
| Expenses | 1.10% | 1.10% | 1.12% | 1.08% | 1.05% |
| Net investment income | 2.71% | 2.92% | 2.51% | 1.03% | 0.96% |
| Series portfolio turnover | 48% | 59% | 59% | 79% | 73% |

---

<sup>1</sup>Calculated based on average shares outstanding during the years.

<sup>2</sup>Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions.

The accompanying notes are an integral part of the financial statements.

**14**

**Financial Highlights - Pro-Blend<sup>®</sup> Conservative Term Series - Class L**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | 10/31/25 | 10/31/24 | 10/31/23 | 10/31/22 | 10/31/21 |
| **Per share data (for a share outstanding throughout each year):** |  |  |  |  |  |
| **Net asset value - Beginning of year** | $13.31 | $12.21 | $12.12 | $15.07 | $15.64 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.29 | 0.31 | 0.25 | 0.08 | 0.06 |
| Net realized and unrealized gain (loss) on investments | 0.48 | 1.09 | 0.09 | (1.97) | 1.45 |
| Total from investment operations | 0.77 | 1.40 | 0.34 | (1.89) | 1.51 |
| Less distributions to shareholders: |  |  |  |  |  |
| From net investment income | (0.33) | (0.30) | (0.07) | (0.08) | (0.26) |
| From net realized gain on investments |  |  | (0.18) | (0.98) | (1.82) |
| Total distributions to shareholders | (0.33) | (0.30) | (0.25) | (1.06) | (2.08) |
| **Net asset value - End of year** | $**13.75** | $**13.31** | $**12.21** | $**12.12** | $**15.07** |
| **Net assets - End of year** (000's omitted) | $**59224** | $**61116** | $**65223** | $**73165** | $**94971** |
| Total return<sup>2</sup> | 5.87% | 11.55% | 2.71% | (13.44%) | 10.26% |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |
| Expenses | 1.62% | 1.61% | 1.63% | 1.59% | 1.58% |
| Net investment income | 2.19% | 2.41% | 2.00% | 0.52% | 0.44% |
| Series portfolio turnover | 48% | 59% | 59% | 79% | 73% |

---

<sup>1</sup>Calculated based on average shares outstanding during the years.

<sup>2</sup>Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions.

The accompanying notes are an integral part of the financial statements.

**15**

**Financial Highlights - Pro-Blend<sup>®</sup> Conservative Term Series - Class W**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED | FOR THE YEAR ENDED | | | |
|  | 10/31/25 | 10/31/24 | 10/31/23 | 10/31/22 | 10/31/21 |
| **Per share data (for a share outstanding throughout each year):** |  |  |  |  |  |
| **Net asset value - Beginning of year** | $13.38 | $12.19 | $12.18 | $14.64 | $14.52 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.49 | 0.51 | 0.44 | 0.27 | 0.28 |
| Net realized and unrealized gain (loss) on investments | 0.48 | 1.08 | 0.09 | (1.94) | 1.35 |
| Total from investment operations | 0.97 | 1.59 | 0.53 | (1.67) | 1.63 |
| Less distributions to shareholders: |  |  |  |  |  |
| From net investment income | (0.53) | (0.40) | (0.34) | (0.15) | (0.33) |
| From net realized gain on investments |  |  | (0.18) | (0.64) | (1.18) |
| Total distributions to shareholders | (0.53) | (0.40) | (0.52) | (0.79) | (1.51) |
| **Net asset value - End of year** | $**13.82** | $**13.38** | $**12.19** | $**12.18** | $**14.64** |
| **Net assets - End of year** (000's omitted) | $**1919** | $**1845** | $**1633** | $**1623** | $**1985** |
| Total return<sup>2</sup> | 7.46% | 13.29% | 4.32% | (12.07%) | 11.84% |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |
| Expenses\* | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
| Net investment income | 3.71% | 3.92% | 3.55% | 2.03% | 1.92% |
| Series portfolio turnover | 48% | 59% | 59% | 79% | 73% |
| \*The investment advisor did not impose all or a portion of its management and/or other fees during the years, and may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | \*The investment advisor did not impose all or a portion of its management and/or other fees during the years, and may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | \*The investment advisor did not impose all or a portion of its management and/or other fees during the years, and may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | \*The investment advisor did not impose all or a portion of its management and/or other fees during the years, and may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | \*The investment advisor did not impose all or a portion of its management and/or other fees during the years, and may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | \*The investment advisor did not impose all or a portion of its management and/or other fees during the years, and may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: |
|  | 0.46% | 0.46% | 0.47% | 0.44% | 0.42% |

---

<sup>1</sup>Calculated based on average shares outstanding during the years.

<sup>2</sup>Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been waived or reimbursed during the years.

The accompanying notes are an integral part of the financial statements.

**16**

**Investment Portfolio - October 31, 2025**

---

| | | |
|:---|:---|:---|
| PRO-BLEND<sup>®</sup> MODERATE TERM<br> SERIES | SHARES/ <br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE <br> (NOTE 2) |
| **COMMON STOCKS - 43.9%** |  |  |
| **Communication Services - 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;**Interactive Media & Services - 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | 13858 | $3896731 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | 5678 | 3681331 |
| &nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. - ADR (China) | 15249 | 1240811 |
| **Total Communication Services** |  | 8818873 |
| **Consumer Discretionary - 6.1%** |  |  |
| &nbsp;&nbsp;&nbsp;**Automobiles - 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Ferrari N.V. (Italy) | 4810 | 1942999 |
| &nbsp;&nbsp;&nbsp;**Broadline Retail - 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.<sup>\*</sup> | 25707 | 6278164 |
| &nbsp;&nbsp;&nbsp;MercadoLibre, Inc. (Brazil)<sup>\*</sup> | 763 | 1775699 |
|  |  | 8053863 |
| &nbsp;&nbsp;&nbsp;**Household Durables - 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Persimmon plc - ADR (United Kingdom) | 55263 | 1776705 |
| &nbsp;&nbsp;&nbsp;Taylor Wimpey plc - ADR (United Kingdom) | 126597 | 1747039 |
|  |  | 3523744 |
| &nbsp;&nbsp;&nbsp;**Specialty Retail - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;The TJX Companies, Inc. | 9125 | 1278778 |
| &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods - 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Hermes International SCA - ADR (France) | 14406 | 3563180 |
| **Total Consumer Discretionary** |  | 18362564 |
| **Financials - 6.3%** |  |  |
| &nbsp;&nbsp;&nbsp;**Banks - 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;HDFC Bank Ltd. - ADR (India) | 61960 | 2244191 |
| &nbsp;&nbsp;&nbsp;NU Holdings Ltd. - Class A (Brazil)<sup>\*</sup> | 71071 | 1144954 |
|  |  | 3389145 |
| &nbsp;&nbsp;&nbsp;**Capital Markets - 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;BlackRock, Inc. | 801 | 867331 |
| &nbsp;&nbsp;&nbsp;Deutsche Boerse AG - ADR (Germany) | 34812 | 880744 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | 6149 | 899537 |
| &nbsp;&nbsp;&nbsp;Moody's Corp | 4800 | 2305440 |
| &nbsp;&nbsp;&nbsp;Nasdaq, Inc. | 11864 | 1014253 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. | 3386 | 1649693 |
|  |  | 7616998 |
| &nbsp;&nbsp;&nbsp;**Financial Services - 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc. - Class A | 7229 | 3990335 |
| &nbsp;&nbsp;&nbsp;Visa, Inc. - Class A | 7820 | 2664587 |
|  |  | 6654922 |
| &nbsp;&nbsp;&nbsp;**Insurance - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;First American Financial Corp | 18966 | 1185565 |
| **Total Financials** |  | 18846630 |
| **Health Care - 7.4%** |  |  |
| &nbsp;&nbsp;&nbsp;**Biotechnology - 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.<sup>\*</sup> | 8846 | 3764592 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES/ <br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE <br> (NOTE 2) |
| **COMMON STOCKS** (continued) |  |  |
| **Health Care** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies - 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc.<sup>\*</sup> | 4408 | $2355106 |
| &nbsp;&nbsp;&nbsp;**Health Care Providers & Services - 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 12600 | 4303656 |
| &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services - 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Lonza Group AG - ADR (Switzerland) | 16185 | 1116280 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | 4061 | 2304171 |
|  |  | 3420451 |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals - 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;AstraZeneca plc - ADR (United Kingdom) | 30335 | 2499604 |
| &nbsp;&nbsp;&nbsp;GSK plc - ADR | 28662 | 1343101 |
| &nbsp;&nbsp;&nbsp;Roche Holding AG - ADR | 84856 | 3428183 |
| &nbsp;&nbsp;&nbsp;Zoetis, Inc. | 7702 | 1109781 |
|  |  | 8380669 |
| **Total HealthCare** |  | 22224474 |
| **Industrials - 5.0%** |  |  |
| &nbsp;&nbsp;&nbsp;**Aerospace & Defense - 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;BAE Systems plc - ADR (United Kingdom) | 23827 | 2356728 |
| &nbsp;&nbsp;&nbsp;HEICO Corp. - Class A | 4263 | 1056073 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | 11338 | 3277816 |
|  |  | 6690617 |
| &nbsp;&nbsp;&nbsp;**Air Freight & Logistics - 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Deutsche Post AG - ADR (Germany) | 74667 | 3435429 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Inc. - Class B | 17661 | 1702873 |
|  |  | 5138302 |
| &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Rollins, Inc. | 19688 | 1134226 |
| &nbsp;&nbsp;&nbsp;**Professional Services - 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Trans Union | 24349 | 1976652 |
| **Total Industrials** |  | 14939797 |
| **Information Technology - 11.3%** |  |  |
| &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components - 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Amphenol Corp. - Class A | 8402 | 1170735 |
| &nbsp;&nbsp;&nbsp;Halma plc - ADR (United Kingdom) | 12833 | 1208866 |
|  |  | 2379601 |
| &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp | 24901 | 5042204 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. - ADR (Taiwan) | 15324 | 4603789 |
|  |  | 9645993 |
| &nbsp;&nbsp;&nbsp;**Software - 7.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Atlassian Corp. - Class A <sup>\*</sup> | 6581 | 1114953 |
| &nbsp;&nbsp;&nbsp;Bentley Systems, Inc. - Class B | 43123 | 2191942 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc.<sup>\*</sup> | 13505 | 4574008 |

---

The accompanying notes are an integral part of the financial statements.

**17** 

**Investment Portfolio - October 31, 2025**

---

| | | |
|:---|:---|:---|
| PRO-BLEND<sup>®</sup> MODERATE TERM<br> SERIES | SHARES/ <br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE <br> (NOTE 2) |
| **COMMON STOCKS** (continued) |  |  |
| **Information Technology** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;**Software** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Clearwater Analytics Holdings, Inc. - Class A<sup>\*</sup> | 58553 | $1077961 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 10986 | 5688661 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc. | 4761 | 1239812 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc.<sup>\*</sup> | 3964 | 3644026 |
| &nbsp;&nbsp;&nbsp;Workday, Inc. - Class A<sup>\*</sup> | 9556 | 2292675 |
|  |  | 21824038 |
| **Total Information Technology** |  | 33849632 |
| **Materials - 3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;**Chemicals - 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Air Liquide S.A. - ADR (France) | 81781 | 3162471 |
| &nbsp;&nbsp;&nbsp;Albemarle Corp. | 23609 | 2319112 |
| &nbsp;&nbsp;&nbsp;The Sherwin-Williams Co. | 3362 | 1159688 |
| &nbsp;&nbsp;&nbsp;Sociedad Quimica y Minera de Chile S.A. - ADR (Chile)<sup>\*</sup> | 49843 | 2441809 |
|  |  | 9083080 |
| &nbsp;&nbsp;&nbsp;**Paper & Forest Products - 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;West Fraser Timber Co. Ltd. (Canada) | 30715 | 1873615 |
| **Total Materials** |  | 10956695 |
| **Real Estate - 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;**Real Estate Management & Development - 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;CBRE Group, Inc. - Class A<sup>\*</sup> | 15218 | 2319680 |
| **Utilities - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;**Water Utilities - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Cia de Saneamento Basico do Estado de Sao Paulo SABESP - ADR (Brazil) | 53098 | 1303025 |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;(Identified Cost $109,428,172) |  | **131621370** |
| **CORPORATE BONDS - 13.5%** |  |  |
| **Non-Convertible Corporate Bonds- 13.5%** |  |  |
| **Communication Services - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;**Entertainment - 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;The Walt Disney Co., 6.65%, 11/15/2037 | 620000 | 716765 |
| &nbsp;&nbsp;&nbsp;**Media - 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Open Infra U.S. Assets AB, 11.00%, 2/22/2027 | 400000 | 396857 |
| **Total Communication Services** |  | 1113622 |
| **Consumer Discretionary - 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;**Household Durables - 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;DR Horton, Inc., 4.85%, 10/15/2030 | 780000 | 795429 |
| &nbsp;&nbsp;&nbsp;**Specialty Retail - 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc., 1.875%, 4/15/2031 | 255000 | 222747 |
| **Total Consumer Discretionary** |  | 1018176 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES/ <br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE <br> (NOTE 2) |
| **CORPORATE BONDS** (continued) |  |  |
| **Non-Convertible Corporate Bonds** (continued) |  |  |
| **Energy - 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels - 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Brooge Petroleum and Gas Investment Co. FZE (United Arab Emirates), 8.50%, 11/30/2025 (Acquired 09/10/2020-09/24/2025, cost $288,164)<sup>2</sup> | 319173 | $302791 |
| &nbsp;&nbsp;&nbsp;Cameron LNG LLC, 3.302%, 1/15/2035<sup>3</sup> | 510000 | 447332 |
| &nbsp;&nbsp;&nbsp;Cenovus Energy, Inc. (Canada), 6.75%, 11/15/2039 | 1290000 | 1424279 |
| &nbsp;&nbsp;&nbsp;Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.375%, 2/1/2031<sup>3</sup> | 890000 | 927048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 2/1/2042 | 1350000 | 1419318 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan, Inc., 4.80%, 2/1/2033 | 620000 | 620130 |
| &nbsp;&nbsp;&nbsp;New Fortress Energy, Inc., 8.75%, 3/15/2029 (Acquired 03/05/2024- 03/06/2024, cost $335,863)<sup>2</sup> | 335000 | 33495 |
| **Total Energy** |  | 5174393 |
| **Financials - 6.6%** |  |  |
| &nbsp;&nbsp;&nbsp;**Banks - 4.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Bank of America Corp., (U.S. Secured Overnight Financing Rate + 1.320%), 2.687%, 4/22/2032<sup>4</sup> | 1470000 | 1343491 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc., (U.S. Secured Overnight Financing Rate + 0.770%), 1.462%, 6/9/2027<sup>4</sup> | 1370000 | 1347169 |
| &nbsp;&nbsp;&nbsp;Citizens Bank NA, (U.S. Secured Overnight Financing Rate + 2.000%), 4.575%, 8/9/2028<sup>4</sup> | 960000 | 965292 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp, (U.S. Secured Overnight Financing Index + 2.192%), 6.361%, 10/27/2028<sup>4</sup> | 330000 | 343090 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc., 2.55%, 2/4/2030 | 980000 | 907886 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., (3 mo. U.S. Secured Overnight Financing Rate + 3.790%), 4.493%, 3/24/2031<sup>4</sup> | 2220000 | 2241294 |
| &nbsp;&nbsp;&nbsp;The PNC Financial Services Group, Inc., (U.S. Secured Overnight Financing Rate + 1.333%), 4.899%, 5/13/2031<sup>4</sup> | 1300000 | 1325870 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp., (U.S. Secured Overnight Financing Rate + 0.862%), 1.887%, 6/7/2029<sup>4</sup> | 1440000 | 1356282 |
| &nbsp;&nbsp;&nbsp;U.S. Bancorp, (U.S. Secured Overnight Financing Rate + 1.230%), 4.653%, 2/1/2029<sup>4</sup> | 1320000 | 1333111 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co., (U.S. Secured Overnight Financing Rate + 1.070%), 5.707%, 4/22/2028<sup>4</sup> | 1290000 | 1318066 |
|  |  | 12481551 |

---

The accompanying notes are an integral part of the financial statements.

**18** 

**Investment Portfolio - October 31, 2025**

---

| | | |
|:---|:---|:---|
| PRO-BLEND<sup>®</sup> MODERATE TERM<br> SERIES | SHARES/ <br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE <br> (NOTE 2) |
| **CORPORATE BONDS** (continued) | **CORPORATE BONDS** (continued) | **CORPORATE BONDS** (continued) |
| **Non-Convertible Corporate Bonds** (continued) | **Non-Convertible Corporate Bonds** (continued) | **Non-Convertible Corporate Bonds** (continued) |
| **Financials** (continued) | **Financials** (continued) | **Financials** (continued) |
| &nbsp;&nbsp;&nbsp;**Capital Markets - 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;The Depository Trust & Clearing Corp., (5 yr. U.S. Treasury Yield Curve Rate T Note Constant Maturity + 2.606%), 3.375%<sup>3,4,5</sup> | 500000 | $491204 |
| &nbsp;&nbsp;&nbsp;Icahn Enterprises LP - Icahn Enterprises Finance Corp., 10.00%, 11/15/2029<sup>3</sup> | 325000 | 326237 |
| &nbsp;&nbsp;&nbsp;Jefferies Financial Group, Inc., 6.20%, 4/14/2034 | 1890000 | 1983352 |
|  |  | 2800793 |
| &nbsp;&nbsp;&nbsp;**Consumer Finance - 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp., (U.S. Secured Overnight Financing Rate + 2.860%), 6.377%, 6/8/2034<sup>4</sup> | 1640000 | 1774905 |
| &nbsp;&nbsp;&nbsp;**Financial Services - 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Golden Pear Funding HoldCo LLC, 10.00%, 3/2/2028 | 230000 | 243852 |
| &nbsp;&nbsp;&nbsp;U.S. Claims Litigation Funding LLC, 10.25%, 3/17/2028 (Acquired 03/14/2023, cost $250,000)<sup>2</sup> | 250000 | 215054 |
|  |  | 458906 |
| &nbsp;&nbsp;&nbsp;**Insurance - 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;MassMutual Global Funding II, 4.85%, 1/17/2029<sup>3</sup> | 470000 | 479334 |
| &nbsp;&nbsp;&nbsp;Metropolitan Life Global Funding I, 4.85%, 1/8/2029<sup>3</sup> | 470000 | 479653 |
| &nbsp;&nbsp;&nbsp;New York Life Global Funding, 4.70%, 1/29/2029<sup>3</sup> | 470000 | 478181 |
| &nbsp;&nbsp;&nbsp;SiriusPoint Ltd. (Sweden), 7.00%, 4/5/2029 | 860000 | 906916 |
|  |  | 2344084 |
| **Total Financials** |  | 19860239 |
| **Health Care - 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies - 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;180 Medical, Inc. (United Kingdom), 3.875%, 10/15/2029<sup>3</sup> | 800000 | 773232 |
| **Industrials - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;**Ground Transportation - 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;BNSF Funding Trust I, (3 mo. CME Term U.S. Secured Overnight Financing Rate + 2.350%), 6.613%, 12/15/2055<sup>4</sup> | 300000 | 301093 |
| &nbsp;&nbsp;&nbsp;**Passenger Airlines - 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;United Airlines Pass-Through Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2018-1, Class B, 4.60%, 3/1/2026 | 41604 | 41513 |
| &nbsp;&nbsp;&nbsp;Series 2019-2, Class B, 3.50%, 5/1/2028 | 246441 | 238439 |
|  |  | 279952 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES/ <br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE <br> (NOTE 2) | VALUE <br> (NOTE 2) |
| **CORPORATE BONDS** (continued) |  |  |  |
| **Non-Convertible Corporate Bonds** (continued) |  |  |  |
| **Industrials** (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors - 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC - AerCap Global Aviation Trust (Ireland), 3.00%, 10/29/2028 | 1020000 | $| 984692 |
| **Total Industrials** |  |  | 1565737 |
| **Materials - 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Metals & Mining - 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;ACG Holdco 1 plc (United Kingdom), 14.75%, 1/13/2029 | 150000 |  | 163608 |
| &nbsp;&nbsp;&nbsp;Newcastle Coal Infrastructure Group Pty Ltd. (Australia), 4.40%, 9/29/2027<sup>3</sup> | 1237708 |  | 1232390 |
| &nbsp;&nbsp;&nbsp;Northwest Acquisitions ULC - Dominion Finco, Inc., 7.125%, 11/1/2022 (Acquired 10/10/2017-09/18/2020, cost $89,149)<sup>2,6</sup> | 497000 |  | 5 |
| **Total Materials** |  |  | 1396003 |
| **Real Estate - 1.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Industrial REITs - 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;IIP Operating Partnership LP, 5.50%, 5/25/2026 | 490000 |  | 484684 |
| &nbsp;&nbsp;&nbsp;**Retail REITs - 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Simon Property Group LP, 2.65%, 2/1/2032 | 1167000 |  | 1046723 |
| &nbsp;&nbsp;&nbsp;**Specialized REITs - 1.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Safehold GL Holdings LLC, 6.10%, 4/1/2034 | 885000 |  | 932654 |
| &nbsp;&nbsp;&nbsp;SBA Tower Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.884%, 1/15/2026<sup>3</sup> | 520000 |  | 517204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.599%, 1/15/2028<sup>3</sup> | 1270000 |  | 1300463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.831%, 10/15/2029<sup>3</sup> | 710000 |  | 711909 |
|  |  |  | 3462230 |
| **Total Real Estate** |  |  | 4993637 |
| **Utilities - 1.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Electric Utilities - 0.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Alexander Funding Trust II, 7.467%, 7/31/2028<sup>3</sup> | 880000 |  | 937222 |
| &nbsp;&nbsp;&nbsp;Duke Energy Florida LLC, 6.40%, 6/15/2038 | 1460000 |  | 1645077 |
|  |  |  | 2582299 |
| &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers - 0.6%** | &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers - 0.6%** | &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers - 0.6%** | &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers - 0.6%** |
| &nbsp;&nbsp;&nbsp;Palomino Funding Trust I, 7.233%, 5/17/2028<sup>3</sup> | 1780000 |  | 1883786 |
| **Total Utilities** |  |  | 4466085 |
| **TOTAL CORPORATE BONDS**<br> (Identified Cost $40,036,717) |  |  | **40361124** |

---

The accompanying notes are an integral part of the financial statements.

**19** 

**Investment Portfolio - October 31, 2025**

---

| | | |
|:---|:---|:---|
| PRO-BLEND<sup>®</sup> MODERATE TERM<br> SERIES | SHARES/ <br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE <br> (NOTE 2) |
| **U.S. TREASURY SECURITIES - 19.3%** |  |  |
| **U.S. Treasury Bonds - 3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 5/15/2047 | 4043000 | $3111847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625%, 2/15/2053 | 9495000 | 7926841 |
| **Total U.S. Treasury Bonds** |  |  |
| &nbsp;&nbsp;&nbsp;(Identified Cost $11,499,545) |  | 11038688 |
| **U.S. Treasury Notes - 15.6%** |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125%, 11/15/2028 | 6609000 | 6518126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 11/15/2029 | 7132000 | 6634989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.875%, 11/15/2030 | 10183000 | 8869552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.375%, 11/15/2031 | 7165000 | 6229632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 11/15/2032 | 6104000 | 6192699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 11/15/2033 | 6101000 | 6325021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 11/15/2034 | 6058000 | 6150763 |
| **Total U.S. Treasury Notes** |  |  |
| &nbsp;&nbsp;&nbsp;(Identified Cost $46,165,288) |  | 46920782 |
| **TOTAL U.S. TREASURY SECURITIES** |  |  |
| &nbsp;&nbsp;&nbsp; (Identified Cost $57,664,833) |  | **57959470** |
| **ASSET-BACKED SECURITIES - 5.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Capteris Equipment Finance LLC, Series 2024-1A, Class A2, 5.58%, 7/20/2032<sup>3</sup> | 649433 | 659932 |
| &nbsp;&nbsp;&nbsp;CF Hippolyta Issuer LLC, Series 2020-1, Class A1, 1.69%, 7/15/2060<sup>3</sup> | 915491 | 783072 |
| &nbsp;&nbsp;&nbsp;Cogent Ipv4 LLC, Series 2024-1A, Class A2, 7.924%, 5/25/2054<sup>3</sup> | 615000 | 639801 |
| &nbsp;&nbsp;&nbsp;Commonbond Student Loan Trust, Series 2019-AGS, Class A1, 2.54%, 1/25/2047<sup>3</sup> | 394767 | 365006 |
| &nbsp;&nbsp;&nbsp;DataBank Issuer, Series 2023-1A, Class A2, 5.116%, 2/25/2053<sup>3</sup> | 1600000 | 1596313 |
| &nbsp;&nbsp;&nbsp;ECMC Group Student Loan Trust, Series 2025-2A, Class A, (U.S. Secured Overnight Financing Rate 30 Day Average + 1.050%), 0%, 11/25/2074<sup>3,7</sup> | 1180000 | 1182317 |
| &nbsp;&nbsp;&nbsp;Flexential Issuer, Series 2021-1A, Class A2, 3.25%, 11/27/2051<sup>3</sup> | 2100000 | 2045916 |
| &nbsp;&nbsp;&nbsp;Goodgreen Trust, Series 2020-1A, Class A, 2.63%, 4/15/2055<sup>3</sup> | 734544 | 607027 |
| &nbsp;&nbsp;&nbsp;Hageman Capital Issuer Trust, Series 2025-1, Class A, 6.40%, 8/9/2056<sup>3</sup> | 670000 | 664753 |
| &nbsp;&nbsp;&nbsp;Hotwire Funding LLC, Series 2021- 1, Class A2, 2.311%, 11/20/2051<sup>3</sup> | 1950000 | 1898298 |
| &nbsp;&nbsp;&nbsp;Navient Education Loan Trust, Series 2025-A, Class A, 5.02%, 7/15/2055<sup>3</sup> | 792480 | 799258 |
| &nbsp;&nbsp;&nbsp;Nelnet Student Loan Trust, Series 2012-3A, Class A, (U.S. Secured Overnight Financing Rate 30 Day Average + 0.814%), 4.997%, 3/26/2040<sup>3,7</sup> | 111769 | 110293 |
| &nbsp;&nbsp;&nbsp;Oxford Finance Credit Fund III LP, Series 2024-A, Class A2, 6.675%, 1/14/2032<sup>3</sup> | 165000 | 166728 |
| &nbsp;&nbsp;&nbsp;Oxford Finance Funding LLC Series 2022-1A, Class A2, 3.602%, 2/15/2030<sup>3</sup> | 1043750 | 1034140 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES/ <br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE <br> (NOTE 2) | VALUE <br> (NOTE 2) |
| **ASSET-BACKED SECURITIES** (continued) | **ASSET-BACKED SECURITIES** (continued) | **ASSET-BACKED SECURITIES** (continued) | **ASSET-BACKED SECURITIES** (continued) |
| &nbsp;&nbsp;&nbsp;Oxford Finance Funding LLC (continued) | &nbsp;&nbsp;&nbsp;Oxford Finance Funding LLC (continued) | &nbsp;&nbsp;&nbsp;Oxford Finance Funding LLC (continued) | &nbsp;&nbsp;&nbsp;Oxford Finance Funding LLC (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A, Class A2, 6.716%, 2/15/2031<sup>3</sup> | 1721778 | $| 1729914 |
| &nbsp;&nbsp;&nbsp;PEAR LLC | &nbsp;&nbsp;&nbsp;PEAR LLC | &nbsp;&nbsp;&nbsp;PEAR LLC | &nbsp;&nbsp;&nbsp;PEAR LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1, Class A, 2.60%, 1/15/2034<sup>3</sup> | 196650 |  | 195796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1, Class A, 7.42%, 7/15/2035<sup>3</sup> | 633336 |  | 647937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1, Class A, 6.95%, 2/15/2036<sup>3</sup> | 313450 |  | 316343 |
| &nbsp;&nbsp;&nbsp;SLM Student Loan Trust, Series 2012-7, Class A3, (U.S. Secured Overnight Financing Rate 30 Day Average + 0.764%), 4.947%, 5/26/2026<sup>7</sup> | 1587277 |  | 1555841 |
| **TOTAL ASSET-BACKED SECURITIES**<br> (Identified Cost $17,252,481) |  |  | **16998685** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES - 5.4%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 5.4%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 5.4%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 5.4%** |
| &nbsp;&nbsp;&nbsp;Brean Asset Backed Securities Trust, Series 2021-RM2, Class A, 1.75%, 10/25/2061<sup><sup>3,8</sup></sup> | 1024609 |  | 996904 |
| &nbsp;&nbsp;&nbsp;CIM Trust, Series 2019-INV1, Class A1, 4.00%, 2/25/2049<sup><sup>3,8</sup></sup> | 19318 |  | 18497 |
| &nbsp;&nbsp;&nbsp;Citigroup Mortgage Loan Trust, Inc., Series 2021-INV1, Class A3A, 2.50%, 5/25/2051<sup><sup>3,8</sup></sup> | 559250 |  | 468142 |
| &nbsp;&nbsp;&nbsp;Credit Suisse Mortgage Capital Trust | &nbsp;&nbsp;&nbsp;Credit Suisse Mortgage Capital Trust | &nbsp;&nbsp;&nbsp;Credit Suisse Mortgage Capital Trust | &nbsp;&nbsp;&nbsp;Credit Suisse Mortgage Capital Trust |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-7, Class A6, 3.50%, 8/25/2043<sup><sup>3,8</sup></sup> | 104498 |  | 97317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-IVR2, Class A2, 3.00%, 4/25/2043<sup><sup>3,8</sup></sup> | 249153 |  | 227620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-IVR3, Class A1, 2.50%, 5/25/2043<sup><sup>3,8</sup></sup> | 214352 |  | 193067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-TH1, Class A1, 2.13%, 2/25/2043<sup><sup>3,8</sup></sup> | 127288 |  | 112605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-IVR3, Class A1, 3.50%, 7/25/2044<sup><sup>3,8</sup></sup> | 40485 |  | 38189 |
| &nbsp;&nbsp;&nbsp;Deephaven Residential Mortgage Trust, Series 2021-3, Class A1, 1.194%, 8/25/2066<sup><sup>3,8</sup></sup> | 788522 |  | 694925 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMICS | &nbsp;&nbsp;&nbsp;Fannie Mae REMICS | &nbsp;&nbsp;&nbsp;Fannie Mae REMICS | &nbsp;&nbsp;&nbsp;Fannie Mae REMICS |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-31, Class KP, 3.50%, 7/25/2047 | 10582 |  | 10491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-69, Class WJ, 1.50%, 10/25/2050 | 750372 |  | 655528 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMICS, Series 5189, Class CP, 2.50%, 6/25/2049 | 1727311 |  | 1540547 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 2017-54, Class AH, 2.60%, 12/16/2056 | 135543 |  | 127121 |
| &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust | &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust | &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust | &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1, Class A9, (U.S. Secured Overnight Financing Rate 30 Day Average + 0.850%), 5.00%, 12/25/2051<sup>3,7</sup> | 1015075 |  | 944874 |

---

The accompanying notes are an integral part of the financial statements.

**20** 

**Investment Portfolio - October 31, 2025**

---

| | | |
|:---|:---|:---|
| PRO-BLEND<sup>®</sup> MODERATE TERM<br> SERIES | SHARES/ <br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE <br> (NOTE 2) |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES** (continued) | **COMMERCIAL MORTGAGE-BACKED SECURITIES** (continued) | **COMMERCIAL MORTGAGE-BACKED SECURITIES** (continued) |
| &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust (continued) | &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust (continued) | &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-PJ6, Class A8, 2.50%, 11/25/2051<sup><sup>3,8</sup></sup> | 745354 | $670008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-PJ9, Class A8, 2.50%, 2/26/2052<sup><sup>3,8</sup></sup> | 765215 | 686295 |
| &nbsp;&nbsp;&nbsp;Imperial Fund Mortgage Trust, Series 2021-NQM3, Class A1, 1.595%, 11/25/2056<sup><sup>3,8</sup></sup> | 842051 | 721238 |
| &nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust | &nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust | &nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-2, Class 1A1, 3.00%, 6/25/2029<sup><sup>3,8</sup></sup> | 63119 | 61901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-2, Class A3, 3.50%, 5/25/2047<sup><sup>3,8</sup></sup> | 9795 | 8905 |
| &nbsp;&nbsp;&nbsp;JP Morgan Seasoned Mortgage Trust, Series 2025-1, Class A3, 3.692%, 1/25/2063<sup><sup>3,8</sup></sup> | 1241859 | 1123567 |
| &nbsp;&nbsp;&nbsp;New Residential Mortgage Loan Trust | &nbsp;&nbsp;&nbsp;New Residential Mortgage Loan Trust | &nbsp;&nbsp;&nbsp;New Residential Mortgage Loan Trust |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-3A, Class AFX3, 3.75%, 11/25/2054<sup><sup>3,8</sup></sup> | 182613 | 175751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-2A, Class A1, 3.75%, 8/25/2055<sup><sup>3,8</sup></sup> | 200472 | 195249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-4A, Class A1, 3.75%, 11/25/2056<sup><sup>3,8</sup></sup> | 232014 | 223311 |
| &nbsp;&nbsp;&nbsp;OBX Trust, Series 2024-NQM1, Class A1, 5.928%, 11/25/2063<sup>3,9</sup> | 677843 | 681689 |
| &nbsp;&nbsp;&nbsp;PCG LLC, Series 2023-1, (1 mo. U.S. Secured Overnight Financing Rate + 6.000%), 9.991%, 7/25/2029 (Acquired 07/24/2023, cost $132,434)<sup>2,7</sup> | 132434 | 132422 |
| &nbsp;&nbsp;&nbsp;PMT Loan Trust, Series 2013-J1, Class A9, 3.50%, 9/25/2043<sup><sup>3,8</sup></sup> | 748483 | 698807 |
| &nbsp;&nbsp;&nbsp;Provident Funding Mortgage Trust | &nbsp;&nbsp;&nbsp;Provident Funding Mortgage Trust | &nbsp;&nbsp;&nbsp;Provident Funding Mortgage Trust |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2, Class A2A, 2.00%, 4/25/2051<sup><sup>3,8</sup></sup> | 925090 | 802885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1, Class A1, 2.50%, 8/25/2051<sup><sup>3,8</sup></sup> | 1645414 | 1375064 |
| &nbsp;&nbsp;&nbsp;RCKT Mortgage Trust, Series 2021-6, Class A1, 2.50%, 12/25/2051<sup>3,8</sup> | 1039722 | 870443 |
| &nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust | &nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust | &nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-2, Class A, 1.874%, 2/25/2043<sup>8</sup> | 172314 | 150388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-6, Class A2, 3.00%, 5/25/2043<sup>8</sup> | 338594 | 308076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-7, Class A2, 3.00%, 6/25/2043<sup>8</sup> | 120110 | 109235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-8, Class A1, 3.00%, 6/25/2043<sup>8</sup> | 157426 | 143492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-6, Class A19, 3.50%, 9/25/2047<sup><sup>3,8</sup></sup> | 63252 | 57208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1, Class A1, 3.50%, 2/25/2050<sup><sup>3,8</sup></sup> | 61427 | 55847 |
| &nbsp;&nbsp;&nbsp;Starwood Retail Property Trust, Series 2014-STAR, Class A, (Prime Rate + 0.000%), 7.25%, 11/15/2027<sup>3,7</sup> | 884317 | 521706 |
| &nbsp;&nbsp;&nbsp;Sutherland Commercial Mortgage Trust, Series 2019-SBC8, Class A, 2.86%, 4/25/2041<sup><sup>3,8</sup></sup> | 102341 | 97924 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | SHARES/ <br> PRINCIPAL <br> AMOUNT<sup>1</sup> | SHARES/ <br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE <br> (NOTE 2) | VALUE <br> (NOTE 2) |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES** (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Towd Point Mortgage Trust, Series 2019- HY1, Class A1, (1 mo. U.S. Secured Overnight Financing Rate + 1.114%), 5.106%, 10/25/2048<sup>3,7</sup> |  | 127679 | $| 127810 |
| &nbsp;&nbsp;&nbsp;WinWater Mortgage Loan Trust, Series 2015-1, Class A1, 3.50%, 1/20/2045<sup><sup>3,8</sup></sup> |  | 71639 |  | 67438 |
| **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** <br> (Identified Cost $18,011,787) |  |  |  | **16192486** |
| **FOREIGN GOVERNMENT BONDS - 0.7%** | **FOREIGN GOVERNMENT BONDS - 0.7%** | **FOREIGN GOVERNMENT BONDS - 0.7%** | **FOREIGN GOVERNMENT BONDS - 0.7%** | **FOREIGN GOVERNMENT BONDS - 0.7%** |
| &nbsp;&nbsp;&nbsp;Eagle Funding Luxco S.A.R.L (Mexico), 5.50%, 8/17/2030<sup>3</sup> |  | 1005000 |  | 1020873 |
| &nbsp;&nbsp;&nbsp;Japan Government Two Year Bond, Series 456, (Japan), 0.10%, 1/1/2026 | JPY | 165000000 |  | 1070050 |
| &nbsp;&nbsp;&nbsp;Mexican Bonos, Series M, (Mexico), 7.75%, 5/29/2031 | MXN | 1081000 |  | 56837 |
| **TOTAL FOREIGN GOVERNMENT BONDS** <br> (Identified Cost $2,199,459) |  |  |  | **2147760** |
| **MUNICIPAL BONDS - 0.3%** | **MUNICIPAL BONDS - 0.3%** | **MUNICIPAL BONDS - 0.3%** | **MUNICIPAL BONDS - 0.3%** | **MUNICIPAL BONDS - 0.3%** |
| &nbsp;&nbsp;&nbsp;South Carolina Public Service Authority, Series B, Revenue Bond, 2.329%, 12/1/2028<br> (Identified Cost $955,000) |  | 955000 |  | **903865** |
| **U.S. GOVERNMENT AGENCIES - 9.0%** | **U.S. GOVERNMENT AGENCIES - 9.0%** | **U.S. GOVERNMENT AGENCIES - 9.0%** | **U.S. GOVERNMENT AGENCIES - 9.0%** | **U.S. GOVERNMENT AGENCIES - 9.0%** |
| **Mortgage-Backed Securities - 9.0%** | **Mortgage-Backed Securities - 9.0%** | **Mortgage-Backed Securities - 9.0%** | **Mortgage-Backed Securities - 9.0%** | **Mortgage-Backed Securities - 9.0%** |
| &nbsp;&nbsp;&nbsp;Fannie Mae | &nbsp;&nbsp;&nbsp;Fannie Mae | &nbsp;&nbsp;&nbsp;Fannie Mae | &nbsp;&nbsp;&nbsp;Fannie Mae | &nbsp;&nbsp;&nbsp;Fannie Mae |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA3463, UMBS, 4.00%, 9/1/2033 |  | 210158 |  | 209335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA1834, UMBS, 4.50%, 2/1/2034 |  | 166699 |  | 168044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA1903, UMBS, 4.50%, 5/1/2034 |  | 116926 |  | 117863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #889576, UMBS, 6.00%, 4/1/2038 |  | 121208 |  | 128354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA3412, UMBS, 3.50%, 7/1/2038 |  | 214425 |  | 207546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #995196, UMBS, 6.00%, 7/1/2038 |  | 249699 |  | 263575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AD0207, UMBS, 6.00%, 10/1/2038 |  | 44488 |  | 47111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AD0220, UMBS, 6.00%, 10/1/2038 |  | 13784 |  | 14550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA0258, UMBS, 4.50%, 12/1/2039 |  | 221335 |  | 221846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AL1595, UMBS, 6.00%, 1/1/2040 |  | 155664 |  | 164841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AL0152, UMBS, 6.00%, 6/1/2040 |  | 240469 |  | 254646 |

---

The accompanying notes are an integral part of the financial statements.

**21** 

**Investment Portfolio - October 31, 2025**

---

| | | |
|:---|:---|:---|
| PRO-BLEND<sup>®</sup> MODERATE TERM<br> SERIES | SHARES/ <br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE <br> (NOTE 2) |
| **U.S. GOVERNMENT AGENCIES** (continued) | **U.S. GOVERNMENT AGENCIES** (continued) | **U.S. GOVERNMENT AGENCIES** (continued) |
| **Mortgage-Backed Securities** (continued) | **Mortgage-Backed Securities** (continued) | **Mortgage-Backed Securities** (continued) |
| &nbsp;&nbsp;&nbsp;Fannie Mae (continued) | &nbsp;&nbsp;&nbsp;Fannie Mae (continued) | &nbsp;&nbsp;&nbsp;Fannie Mae (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA4203, UMBS, 2.50%, 12/1/2040 | 1609298 | $1458682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA4687, UMBS, 4.00%, 6/1/2042 | 1680284 | 1644481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AL7068, UMBS, 4.50%, 9/1/2042 | 72975 | 73143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA4934, UMBS, 5.00%, 2/1/2043 | 2006171 | 2034387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AX5234, UMBS, 4.50%, 11/1/2044 | 275911 | 274246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #BD1381, UMBS, 3.50%, 6/1/2046 | 32714 | 30761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #BE7845, UMBS, 4.50%, 2/1/2047 | 53083 | 52737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AL8674, 5.624%, 1/1/2049 | 585488 | 611683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #FS1179, UMBS, 3.50%, 12/1/2049 | 823505 | 772095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #FS9332, UMBS, 3.00%, 3/1/2050 | 1704695 | 1549879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA4020, UMBS, 3.00%, 5/1/2050 | 2779141 | 2495043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #FS4339, UMBS, 3.00%, 12/1/2050 | 2100125 | 1893433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #FS2696, UMBS, 3.00%, 12/1/2051 | 2090337 | 1870506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #FS4925, UMBS, 3.50%, 4/1/2052 | 1879579 | 1751658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA4733, UMBS, 4.50%, 9/1/2052 | 1079852 | 1057754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA4807, UMBS, 5.50%, 11/1/2052 | 955478 | 970780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA4868, UMBS, 5.00%, 1/1/2053 | 1612844 | 1613056 |
| &nbsp;&nbsp;&nbsp;Freddie Mac | &nbsp;&nbsp;&nbsp;Freddie Mac | &nbsp;&nbsp;&nbsp;Freddie Mac |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #C91762, 4.50%, 5/1/2034 | 185358 | 187110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #C91771, 4.50%, 6/1/2034 | 3442 | 3475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #C91780, 4.50%, 7/1/2034 | 4033 | 4070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #G03781, 6.00%, 1/1/2038 | 39464 | 41844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #G03926, 6.00%, 2/1/2038 | 63656 | 67494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #G05900, 6.00%, 3/1/2040 | 35003 | 37114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #G05906, 6.00%, 4/1/2040 | 33223 | 35226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #A92889, 4.50%, 7/1/2040 | 434394 | 436424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #G08772, 4.50%, 7/1/2047 | 47728 | 47381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #ZS4751, UMBS, 3.50%, 1/1/2048 | 96021 | 90026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #SD1360, UMBS, 5.50%, 7/1/2052 | 2385228 | 2425164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #SD8276, UMBS, 5.00%, 12/1/2052 | 1561489 | 1561694 |
| **TOTAL U.S. GOVERNMENT AGENCIES**<br> (Identified Cost $27,147,498) |  | **26889057** |

---

---

| | | |
|:---|:---|:---|
|  | SHARES/ <br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE <br> (NOTE 2) |
| **SHORT-TERM INVESTMENT - 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 4.00%<sup>10</sup> |  |  |
| &nbsp;&nbsp;&nbsp;(Identified Cost $5,413,750) | 5413750 | $**5413750** |
| <sup>–</sup> |  |  |
| **TOTAL INVESTMENTS - 99.6%** <br> (Identified Cost $278,109,697) |  | **298487567** |
| **OTHER ASSETS, LESS LIABILITIES -<br> 0.4%** |  | **1204976** |
| **NET ASSETS - 100%** |  | $**299692543** |

---

The accompanying notes are an integral part of the financial statements.

**22** 

**Investment Portfolio - October 31, 2025**

ADR - American Depositary Receipt

JPY - Japanese Yen

MXN - Mexican Peso

REIT - Real Estate Investment Trust

REMICS - Real Estate Mortgage Investment Conduits

UMBS - Uniform Mortgage-Backed Securities

\*Non-income producing security.

<sup>1</sup>Amount is stated in USD unless otherwise noted.

<sup>2</sup>Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act") and determined to be illiquid under the Fund's Liquidity Risk Management Program. The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of such securities at October 31, 2025 was $683,767, or 0.2% of the Series' Net Assets.

<sup>3</sup>Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act") and determined to be liquid under the Fund's Liquidity Risk Management Program. The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2025 was $40,464,098, which represented 13.5% of the Series' Net Assets.

<sup>4</sup>Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of October 31, 2025.

<sup>5</sup>Security is perpetual in nature and has no stated maturity date.

<sup>6</sup>Issuer filed for bankruptcy and/or is in default of interest payments.

<sup>7</sup>Floating rate security. Rate shown is the rate in effect as of October 31, 2025.

<sup>8</sup>Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of October 31, 2025.

<sup>9</sup>Represents a step-up bond that pays initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate shown reflects the current coupon as of October 31, 2025.

<sup>10</sup>Rate shown is the current yield as of October 31, 2025.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor's, a division of S&P Global Inc. (S&P), and is licensed for use by Manning & Napier when referencing GICS sectors. Neither MSCI, S&P, nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification, nor shall any such party have any liability therefrom.

The accompanying notes are an integral part of the financial statements.

**23** 

**Statement of Assets and Liabilities - Pro-Blend<sup>®</sup> Moderate Term Series**

October 31, 2025

---

| | |
|:---|:---|
| **ASSETS:** | |
| Investments in securities, at value (identified cost $278,109,697) (Note 2) | $298487567 |
| Foreign currency, at value (identified cost $347) | 340 |
| Interest receivable | 1417220 |
| Dividends receivable | 152651 |
| Foreign tax reclaims receivable | 140841 |
| Receivable for fund shares sold | 41088 |
| Prepaid expenses | 9431 |
| TOTAL ASSETS | 300249138 |
| **LIABILITIES:** |  |
| Due to custodian | 2631 |
| Accrued management fees<sup>1</sup> | 161852 |
| Accrued distribution and service (Rule 12b-1) fees (Class S) (Class R) (Class L)<sup>1</sup> | 96122 |
| Accrued sub-transfer agent fees<sup>1</sup> | 67593 |
| Accrued fund accounting and administration fees<sup>1</sup> | 39765 |
| Directors' fees payable<sup>1</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | 3672 |
| Accrued Chief Compliance Officer service fees<sup>1</sup> | 3086 |
| Professional fees payable | 87190 |
| Payable for fund shares repurchased | 55134 |
| Other payables and accrued expenses | 39550 |
| TOTAL LIABILITIES | 556595 |
| Commitments and contingent liabilities<sup>1</sup> |  |
| **TOTAL NET ASSETS** | $**299692543** |
| **NET ASSETS CONSIST OF:** |  |
| Capital stock | $198031 |
| Additional paid-in-capital | 264702917 |
| Total distributable earnings (loss) | 34791595 |
| **TOTAL NET ASSETS** | $**299692543** |

---

<sup>1</sup> See note 3 in Notes to the Financial Statements.

The accompanying notes are an integral part of the financial statements.

**24** 

**Statement of Assets and Liabilities - Pro-Blend<sup>®</sup> Moderate Term Series**

October 31, 2025

---

| | |
|:---|:---|
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class S** | |
| &nbsp;&nbsp;&nbsp;($131,221,574/8,694,519 shares) | $**15.09** |
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class I** |  |
| &nbsp;&nbsp;&nbsp;($78,518,428/5,174,157 shares) | $**15.18** |
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class R** |  |
| &nbsp;&nbsp;&nbsp;($21,151,417/1,395,303 shares) | $**15.16** |
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class L** |  |
| &nbsp;&nbsp;&nbsp;($68,800,738/4,539,063 shares) | $**15.16** |
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class W** |  |
| &nbsp;&nbsp;&nbsp;($386/25 shares) | $**15.29<sup>1</sup>** |

---

 

<sup>1</sup> The net asset value of Class W Shares was calculated using unrounded net assets of $385.61 divided by the unrounded shares outstanding of 25.22.

The accompanying notes are an integral part of the financial statements.

**25** 

**Statement of Operations - Pro-Blend<sup>®</sup> Moderate Term Series**

For the Year Ended October 31, 2025

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** |  |
| Interest | $7973334 |
| Dividends (net of foreign taxes withheld, $97,675) | 1794690 |
| Total Investment Income | 9768024 |
| **EXPENSES:** |  |
| Management fees (Note 3) | 1853943 |
| Distribution and service (Rule 12b-1) fees (Class L) (Note 3) | 719773 |
| Distribution and service (Rule 12b-1) fees (Class S) (Note 3) | 336770 |
| Distribution and service (Rule 12b-1) fees (Class R) (Note 3) | 104796 |
| Sub-transfer agent fees (Note 3) | 192162 |
| Fund accounting and administration fees (Note 3) | 105439 |
| Directors' fees (Note 3) | 36258 |
| Chief Compliance Officer service fees (Note 3) | 9493 |
| Transfer agent fees | 142283 |
| Professional fees | 96747 |
| Custodian fees | 22954 |
| Miscellaneous | 122254 |
| Total Expenses | 3742872 |
| Less reduction of expenses (Note 3) | (21946) |
| Net Expenses | 3720926 |
| NET INVESTMENT INCOME | 6047098 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:** |  |
| Net realized gain (loss) on- |  |
| &nbsp;&nbsp;&nbsp;Investments (net of foreign capital gains tax of $3,256) | 12165505 |
| &nbsp;&nbsp;&nbsp;Foreign currency and translation of other assets and liabilities | (2551) |
|  | 12162954 |
| Net change in unrealized appreciation (depreciation) on- |  |
| &nbsp;&nbsp;&nbsp;Investments in securities | 3036695 |
| &nbsp;&nbsp;&nbsp;Foreign currency and translation of other assets and liabilities | (22) |
|  | 3036673 |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY | 15199627 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $21246725 |

---

The accompanying notes are an integral part of the financial statements.

**26** 

**Statements of Changes in Net Assets - Pro-Blend<sup>®</sup> Moderate Term Series**

---

| | | |
|:---|:---|:---|
|  | FOR THE YEAR ENDED<br> 10/31/25 | FOR THE<br> YEAR ENDED<br> 10/31/24 |
| **INCREASE (DECREASE) IN NET ASSETS:** |  |  |
| **OPERATIONS:** |  |  |
| Net investment income | $6047098 | $7277248 |
| Net realized gain (loss) on investments and foreign currency | 12162954 | 9243656 |
| Net change in unrealized appreciation (depreciation) on investments and foreign currency | 3036673 | 35348342 |
| Net increase (decrease) from operations | 21246725 | 51869246 |
| **DISTRIBUTIONS TO SHAREHOLDERS (Note 10):** |  |  |
| Class S | (6034865) | (2794527) |
| Class I | (3956561) | (1789345) |
| Class R | (876556) | (390780) |
| Class L | (2686254) | (1194217) |
| Class W | (5597) | (2497) |
| Total distributions to shareholders | (13559833) | (6171366) |
| **CAPITAL STOCK ISSUED AND REPURCHASED:** |  |  |
| Net increase (decrease) from capital share transactions (Note 6) | (36601832) | (40700735) |
| Net increase (decrease) in net assets | (28914940) | 4997145 |
| **NET ASSETS:** |  |  |
| Beginning of year. | 328607483 | 323610338 |
| **End of year** | $299692543 | $328607483 |

---

The accompanying notes are an integral part of the financial statements.

**27** 

**Financial Highlights - Pro-Blend<sup>®</sup> Moderate Term Series - Class S**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | 10/31/25 | 10/31/24 | 10/31/23 | 10/31/22 | 10/31/21 |
| **Per share data (for a share outstanding throughout each year):** |  |  |  |  |  |
| **Net asset value - Beginning of year** | $14.69 | $12.80 | $12.47 | $15.88 | $14.57 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.30 | 0.33 | 0.27 | 0.13 | 0.09 |
| Net realized and unrealized gain (loss) on investment | 0.74 | 1.82 | 0.24 | (2.56) | 2.13 |
| Total from investment operations | 1.04 | 2.15 | 0.51 | (2.43) | 2.22 |
| Less distributions to shareholders: |  |  |  |  |  |
| From net investment income | (0.34) | (0.26) | (0.17) | (0.05) | (0.07) |
| From net realized gain on investments. | (0.30) |  | (0.01) | (0.93) | (0.84) |
| Total distributions to shareholders | (0.64) | (0.26) | (0.18) | (0.98) | (0.91) |
| **Net asset value - End of year** | $**15.09** | $**14.69** | $**12.80** | $**12.47** | $**15.88** |
| **Net assets - End of year** (000's omitted) | $**131222** | $**141534** | $**140872** | $**186398** | $**244965** |
| Total return<sup>2</sup> | 7.30% | 16.95% | 4.05% | (16.27%) | 15.78% |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |
| Expenses\* | 1.07% | 1.06%<sup>3</sup> | 1.10% | 1.07% | 1.05% |
| Net investment income | 2.09% | 2.31% | 2.06% | 0.94% | 0.59% |
| Series portfolio turnover | 70% | 59% | 56% | 69% | 74% |

---

\*For certain years presented, the investment advisor did not impose all or a portion of its management and/or other fees, and in some years may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts:

---

| | | | |
|:---|:---|:---|:---|
| N/A | 0.0 | %<sup>4</sup> | N/A |

---

<sup>1</sup> Calculated based on average shares outstanding during the years.

<sup>2</sup> Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been waived or reimbursed during certain years.

<sup>3</sup> Includes recoupment of past waived and/or reimbursed fees with no financial impact to the expense ratios.

<sup>4</sup> Less than 0.01%.

The accompanying notes are an integral part of the financial statements.

**28** 

**Financial Highlights - Pro-Blend<sup>®</sup> Moderate Term Series - Class I**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | 10/31/25 | 10/31/24 | 10/31/23 | 10/31/22 | 10/31/21 |
| **Per share data (for a share outstanding throughout each year):** |  |  |  |  |  |
| **Net asset value - Beginning of year** | $14.77 | $12.85 | $12.53 | $16.44 | $15.49 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.34 | 0.36 | 0.30 | 0.16 | 0.12 |
| Net realized and unrealized gain (loss) on investments | 0.74 | 1.84 | 0.24 | (2.58) | 2.25 |
| Total from investment operations | 1.08 | 2.20 | 0.54 | (2.42) | 2.37 |
| Less distributions to shareholders: |  |  |  |  |  |
| From net investment income | (0.37) | (0.28) | (0.21) | (0.10) | (0.16) |
| From net realized gain on investment | (0.30) |  | (0.01) | (1.39) | (1.26) |
| Total distributions to shareholders | (0.67) | (0.28) | (0.22) | (1.49) | (1.42) |
| **Net asset value - End of year** | $**15.18** | $**14.77** | $**12.85** | $**12.53** | $**16.44** |
| **Net assets - End of year** (000's omitted) | $**78518** | $**88226** | $**84949** | $**98235** | $**127248** |
| Total return<sup>2</sup> | 7.56% | 17.27% | 4.29% | (16.09%) | 16.10% |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |
| Expenses\* | 0.85% | 0.85% | 0.85% | 0.85% | 0.84% |
| Net investment income. . | 2.31% | 2.53% | 2.32% | 1.15% | 0.79% |
| Series portfolio turnover. | 70% | 59% | 56% | 69% | 74% |

---

\*For certain years presented, the investment advisor did not impose all or a portion of its management and/or other fees, and in some years may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts:

0.03 % 0.01 % 0.05 % 0.00 %<sup>3</sup> N/A

<sup>1</sup> Calculated based on average shares outstanding during the years.

<sup>2</sup> Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been waived or reimbursed during certain years.

<sup>3</sup> Less than 0.01%.

The accompanying notes are an integral part of the financial statements.

**29** 

**Financial Highlights - Pro-Blend<sup>®</sup> Moderate Term Series - Class R**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | 10/31/25 | 10/31/24 | 10/31/23 | 10/31/22 | 10/31/21 |
| **Per share data (for a share outstanding throughout each year):** |  |  |  |  |  |
| **Net asset value - Beginning of year** | $14.75 | $12.86 | $12.52 | $16.35 | $15.32 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.27 | 0.30 | 0.25 | 0.11 | 0.06 |
| Net realized and unrealized gain (loss) on investments | 0.74 | 1.84 | 0.23 | (2.58) | 2.23 |
| Total from investment operations | 1.01 | 2.14 | 0.48 | (2.47) | 2.29 |
| Less distributions to shareholders: |  |  |  |  |  |
| From net investment income | (0.30) | (0.25) | (0.13) | (0.07) | (0.10) |
| From net realized gain on investments | (0.30) |  | (0.01) | (1.29) | (1.16) |
| Total distributions to shareholders. | (0.60) | (0.25) | (0.14) | (1.36) | (1.26) |
| **Net asset value - End of year** | $**15.16** | $**14.75** | $**12.86** | $**12.52** | $**16.35** |
| **Net assets - End of year** (000's omitted) | $**21151** | $**21876** | $**20749** | $**21692** | $**28121** |
| Total return<sup>2</sup> | 7.08% | 16.75% | 3.77% | (16.43%) | 15.62% |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |
| Expenses\* | 1.31% | 1.28% | 1.30% | 1.26% | 1.26%<sup>3</sup> |
| Net investment income | 1.85% | 2.09% | 1.87% | 0.74% | 0.39% |
| Series portfolio turnover | 70% | 59% | 56% | 69% | 74% |

---

 

<sup>1</sup> Calculated based on average shares outstanding during the years.

<sup>2</sup> Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions.

<sup>3</sup> Includes recoupment of past waived and/or reimbursed fees. Without recoupment the expense ratio would have been 1.25%.

The accompanying notes are an integral part of the financial statements.

**30** 

**Financial Highlights - Pro-Blend<sup>®</sup> Moderate Term Series - Class L**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | 10/31/25 | 10/31/24 | 10/31/23 | 10/31/22 | 10/31/21 |
| **Per share data (for a share outstanding throughout each year):** |  |  |  |  |  |
| **Net asset value - Beginning of year** | $14.74 | $12.88 | $12.50 | $16.44 | $15.49 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> | 0.20 | 0.22 | 0.18 | 0.03 | (0.01) |
| Net realized and unrealized gain (loss) on investments | 0.74 | 1.84 | 0.23 | (2.57) | 2.23 |
| Total from investment operations | 0.94 | 2.06 | 0.41 | (2.54) | 2.22 |
| Less distributions to shareholders: |  |  |  |  |  |
| From net investment income | (0.22) | (0.20) | (0.02) | (0.03) | (0.03) |
| From net realized gain on investments | (0.30) |  | (0.01) | (1.37) | (1.24) |
| Total distributions to shareholders | (0.52) | (0.20) | (0.03) | (1.40) | (1.27) |
| **Net asset value - End of year** | $**15.16** | $**14.74** | $**12.88** | $**12.50** | $**16.44** |
| **Net assets - End of year** (000's omitted) | $**68801** | $**76858** | $**76944** | $**85200** | $**108544** |
| Total return<sup>2</sup> | 6.56% | 16.14% | 3.27% | (16.89%) | 14.94% |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |
| Expenses | 1.82% | 1.81% | 1.82% | 1.78% | 1.77% |
| Net investment income (loss) | 1.34% | 1.57% | 1.35% | 0.22% | (0.13%) |
| Series portfolio turnover | 70% | 59% | 56% | 69% | 74% |

---

<sup>1</sup> Calculated based on average shares outstanding during the years.

<sup>2</sup> Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions.

The accompanying notes are an integral part of the financial statements.

**31** 

**Financial Highlights - Pro-Blend<sup>®</sup> Moderate Term Series - Class W**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | 10/31/25 | 10/31/24 | 10/31/23 | 10/31/22 | 10/31/21 |
| **Per share data (for a share outstanding throughout each year):** |  |  |  |  |  |
| **Net asset value - Beginning of year** | $14.83 | $12.87 | $12.60 | $15.99 | $14.65 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.45 | 0.44 | 0.40 | 0.26 | 0.24 |
| Net realized and unrealized gain (loss) on investments | 0.74 | 1.85 | 0.25 | (2.58) | 2.15 |
| Total from investment operations | 1.19 | 2.29 | 0.65 | (2.32) | 2.39 |
| Less distributions to shareholders: |  |  |  |  |  |
| From net investment income | (0.43) | (0.33) | (0.37) | (0.14) | (0.21) |
| From net realized gain on investments | (0.30) |  | (0.01) | (0.93) | (0.84) |
| Total distributions to shareholders | (0.73) | (0.33) | (0.38) | (1.07) | (1.05) |
| **Net asset value - End of year** | $**15.29** | $**14.83** | $**12.87** | $**12.60** | $**15.99** |
| **Net assets - End of year** (000's omitted) | $**386<sup>2</sup>** | $**113** | $**97** | $**106** | $**238** |
| Total return<sup>3</sup> | 8.34% | 18.04% | 5.10% | (15.53%) | 16.98% |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |
| Expenses\* | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
| Net investment income | 3.12% | 3.06% | 3.06% | 1.82% | 1.54% |
| Series portfolio turnover | 70% | 59% | 56% | 69% | 74% |

---

\*The investment advisor did not impose all or a portion of its management and/or other fees during the years, and may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts:

0.67 % 0.67 % 0.67 % 0.64 % 0.63 %

<sup>1</sup> Calculated based on average shares outstanding during the years.

<sup>2</sup> Represents the whole number without rounding to the 000s.

<sup>3</sup> Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been waived or reimbursed during the years.

The accompanying notes are an integral part of the financial statements.

**32** 

**Investment Portfolio - October 31, 2025**

---

| | | |
|:---|:---|:---|
| PRO-BLEND<sup>®</sup> EXTENDED TERM SERIES | SHARES/ <br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE <br> (NOTE 2) |
| **COMMON STOCKS - 57.8%** |  |  |
| **Communication Services - 3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;**Interactive Media & Services - 3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | 25656 | $7214211 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | 10795 | 6998938 |
| &nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. - ADR (China) | 27775 | 2260052 |
| **Total Communication Services** |  | 16473201 |
| **Consumer Discretionary - 8.0%** |  |  |
| &nbsp;&nbsp;&nbsp;**Automobiles - 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Ferrari N.V. (Italy) | 11168 | 4511314 |
| &nbsp;&nbsp;&nbsp;**Broadline Retail - 3.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.<sup>\*</sup> | 51602 | 12602240 |
| &nbsp;&nbsp;&nbsp;MercadoLibre, Inc. (Brazil)<sup>\*</sup> | 1511 | 3516490 |
|  |  | 16118730 |
| &nbsp;&nbsp;&nbsp;**Household Durables - 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Persimmon plc - ADR (United Kingdom) | 100396 | 3227731 |
| &nbsp;&nbsp;&nbsp;Taylor Wimpey plc - ADR (United Kingdom) | 239317 | 3302575 |
|  |  | 6530306 |
| &nbsp;&nbsp;&nbsp;**Specialty Retail - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;The TJX Companies, Inc. | 15951 | 2235373 |
| &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods - 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Hermes International SCA - ADR (France) | 26700 | 6603978 |
| **Total Consumer Discretionary** |  | 35999701 |
| **Financials - 8.6%** |  |  |
| &nbsp;&nbsp;&nbsp;**Banks - 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;HDFC Bank Ltd. - ADR (India) | 123564 | 4475488 |
| &nbsp;&nbsp;&nbsp;NU Holdings Ltd. - Class A (Brazil)<sup>\*</sup> | 143341 | 2309223 |
|  |  | 6784711 |
| &nbsp;&nbsp;&nbsp;**Capital Markets - 3.6%** |  |  |
| &nbsp;&nbsp;&nbsp;BlackRock, Inc. | 1615 | 1748738 |
| &nbsp;&nbsp;&nbsp;Deutsche Boerse AG - ADR (Germany) | 80440 | 2035132 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | 14543 | 2127496 |
| &nbsp;&nbsp;&nbsp;Moody's Corp. | 9461 | 4544118 |
| &nbsp;&nbsp;&nbsp;Nasdaq, Inc. | 25708 | 2197777 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. | 7090 | 3454319 |
|  |  | 16107580 |
| &nbsp;&nbsp;&nbsp;**Financial Services - 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc. - Class A | 14700 | 8114253 |
| &nbsp;&nbsp;&nbsp;Visa, Inc. - Class A | 16481 | 5615736 |
|  |  | 13729989 |
| &nbsp;&nbsp;&nbsp;**Insurance - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;First American Financial Corp. | 34647 | 2165784 |
| **Total Financials** |  | 38788064 |
| **Health Care - 9.4%** |  |  |
| &nbsp;&nbsp;&nbsp;**Biotechnology - 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.<sup>\*</sup> | 15943 | 6784862 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES/ <br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE <br> (NOTE 2) |
| **COMMON STOCKS** (continued) |  |  |
| **Health Care** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies - 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc.<sup>\*</sup> | 8334 | $4452690 |
| &nbsp;&nbsp;&nbsp;**Health Care Providers & Services - 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 25267 | 8630197 |
| &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services - 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Lonza Group AG - ADR (Switzerland) | 31493 | 2172072 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | 7982 | 4528907 |
|  |  | 6700979 |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals - 3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;AstraZeneca plc - ADR (United Kingdom) | 54591 | 4498298 |
| &nbsp;&nbsp;&nbsp;GSK plc - ADR | 51579 | 2416992 |
| &nbsp;&nbsp;&nbsp;Roche Holding AG - ADR | 160463 | 6482705 |
| &nbsp;&nbsp;&nbsp;Zoetis, Inc. | 15720 | 2265095 |
|  |  | 15663090 |
| **Total Health Care** |  | 42231818 |
| **Industrials - 6.8%** |  |  |
| &nbsp;&nbsp;&nbsp;**Aerospace & Defense - 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;BAE Systems plc - ADR (United Kingdom) | 45324 | 4482997 |
| &nbsp;&nbsp;&nbsp;HEICO Corp. - Class A | 9217 | 2283328 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | 23344 | 6748750 |
|  |  | 13515075 |
| &nbsp;&nbsp;&nbsp;**Air Freight & Logistics - 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Deutsche Post AG - ADR (Germany) | 149965 | 6899890 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Inc. - Class B | 35474 | 3420403 |
|  |  | 10320293 |
| &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Rollins, Inc. | 40251 | 2318860 |
| &nbsp;&nbsp;&nbsp;**Professional Services - 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;TransUnion | 55336 | 4492176 |
| **Total Industrials** |  | 30646404 |
| **Information Technology - 14.8%** |  |  |
| &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components - 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Amphenol Corp. - Class A | 16846 | 2347322 |
| &nbsp;&nbsp;&nbsp;Halma plc - ADR (United Kingdom) | 24077 | 2268048 |
|  |  | 4615370 |
| &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 4.2%** |  |  |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 47409 | 9599849 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. - ADR (Taiwan) | 31059 | 9331055 |
|  |  | 18930904 |
| &nbsp;&nbsp;&nbsp;**Software - 9.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Atlassian Corp. - Class A <sup>\*</sup> | 13860 | 2348161 |
| &nbsp;&nbsp;&nbsp;Bentley Systems, Inc. - Class B | 88615 | 4504301 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc.<sup>\*</sup> | 27030 | 9154791 |

---

The accompanying notes are an integral part of the financial statements.

**33**

**Investment Portfolio - October 31, 2025**

---

| | | |
|:---|:---|:---|
| PRO-BLEND<sup>®</sup> EXTENDED TERM SERIES | SHARES/ <br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE <br> (NOTE 2) |
| **COMMON STOCKS** (continued) |  |  |
| **Information Technology** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;**Software** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Clearwater Analytics Holdings, Inc. - Class A<sup>\*</sup> | 113527 | $2090032 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 21795 | 11285669 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc. | 8913 | 2321034 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc.<sup>\*</sup> | 7331 | 6739242 |
| &nbsp;&nbsp;&nbsp;Workday, Inc. - Class A<sup>\*</sup> | 18795 | 4509296 |
|  |  | 42952526 |
| **Total Information Technology** |  | 66498800 |
| **Materials - 5.1%** |  |  |
| &nbsp;&nbsp;&nbsp;**Chemicals - 4.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Air Liquide S.A. - ADR (France) | 170645 | 6598842 |
| &nbsp;&nbsp;&nbsp;Albemarle Corp. | 47255 | 4641859 |
| &nbsp;&nbsp;&nbsp;The Sherwin-Williams Co. | 6541 | 2256252 |
| &nbsp;&nbsp;&nbsp;Sociedad Quimica y Minera de Chile S.A. - ADR (Chile)<sup>\*</sup> | 103734 | 5081929 |
|  |  | 18578882 |
| &nbsp;&nbsp;&nbsp;**Paper & Forest Products - 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;West Fraser Timber Co. Ltd. (Canada) | 69923 | 4265303 |
| **Total Materials** |  | 22844185 |
| **Real Estate - 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;**Real Estate Management & Development - 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;CBRE Group, Inc. - Class A<sup>\*</sup> | 27483 | 4189234 |
| **Utilities - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;**Water Utilities - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Cia de Saneamento Basico do Estado de Sao Paulo SABESP - ADR (Brazil) | 94051 | 2308011 |
| **TOTAL COMMON STOCKS** <br> (Identified Cost $219,782,509) |  | **259979418** |
| **CORPORATE BONDS - 9.0%** |  |  |
| **Non-Convertible Corporate Bonds- 9.0%** |  |  |
| **Communication Services - 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;**Entertainment - 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;The Walt Disney Co., 6.65%, 11/15/2037 | 780000 | 901737 |
| &nbsp;&nbsp;&nbsp;**Media - 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Open Infra U.S. Assets AB, 11.00%, 2/22/2027 | 400000 | 396856 |
| **Total Communication Services** |  | 1298593 |
| **Consumer Discretionary - 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;**Household Durables - 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;DR Horton, Inc., 4.85%, 10/15/2030 | 840000 | 856615 |
| &nbsp;&nbsp;&nbsp;**Specialty Retail - 0.0%##** |  |  |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc., 1.875%, 4/15/2031 | 320000 | 279526 |
| **Total Consumer Discretionary** |  | 1136141 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES/ <br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE <br> (NOTE 2) |
| **CORPORATE BONDS** (continued) |  |  |
| **Non-Convertible Corporate Bonds** (continued) |  |  |
| **Energy - 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels - 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Brooge Petroleum and Gas Investment Co. FZE (United Arab Emirates), 8.50%, 11/30/2025 (Acquired 09/10/2020-09/24/2025, cost $444,248)<sup>2</sup> | 500163 | $474492 |
| &nbsp;&nbsp;&nbsp;Cameron LNG LLC, 3.302%, 1/15/2035<sup>3</sup> | 625000 | 548200 |
| &nbsp;&nbsp;&nbsp;Cenovus Energy, Inc. (Canada), 6.75%, 11/15/2039 | 1150000 | 1269707 |
| &nbsp;&nbsp;&nbsp;Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;7.375%, 2/1/2031<sup>3</sup> | 820000 | 854135 |
| &nbsp;&nbsp;&nbsp;6.50%, 2/1/2042. | 1200000 | 1261616 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan, Inc., 4.80%, 2/1/2033 | 780000 | 780163 |
| &nbsp;&nbsp;&nbsp;New Fortress Energy, Inc., 8.75%, 3/15/2029 (Acquired 03/05/2024- 03/06/2024, cost $561,794)<sup>2</sup> | 560000 | 55991 |
| **Total Energy** |  | 5244304 |
| **Financials - 4.5%** |  |  |
| &nbsp;&nbsp;&nbsp;**Banks - 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Bank of America Corp., (U.S. Secured Overnight Financing Rate + 1.320%), 2.687%, 4/22/2032<sup>4</sup> | 1400000 | 1279515 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc., (U.S. Secured Overnight Financing Rate + 0.770%), 1.462%, 6/9/2027<sup>4</sup> | 1310000 | 1288169 |
| &nbsp;&nbsp;&nbsp;Citizens Bank NA, (U.S. Secured Overnight Financing Rate + 2.000%), 4.575%, 8/9/2028<sup>4</sup> | 990000 | 995458 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp, (U.S. Secured Overnight Financing Index + 2.192%), 6.361%, 10/27/2028<sup>4</sup> | 820000 | 852528 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc., 2.55%, 2/4/2030 | 920000 | 852301 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., (3 mo. U.S. Secured Overnight Financing Rate + 3.790%), 4.493%, 3/24/2031<sup>4</sup> | 2120000 | 2140334 |
| &nbsp;&nbsp;&nbsp;The PNC Financial Services Group, Inc., (U.S. Secured Overnight Financing Rate + 1.333%), 4.899%, 5/13/2031<sup>4</sup> | 1260000 | 1285074 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp., (U.S. Secured Overnight Financing Rate + 0.862%), 1.887%, 6/7/2029<sup>4</sup> | 1360000 | 1280933 |
| &nbsp;&nbsp;&nbsp;U.S. Bancorp, (U.S. Secured Overnight Financing Rate + 1.230%), 4.653%, 2/1/2029<sup>4</sup> | 1270000 | 1282614 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co., (U.S. Secured Overnight Financing Rate + 1.070%), 5.707%, 4/22/2028<sup>4</sup> | 1260000 | 1287414 |
|  |  | 12544340 |

---

The accompanying notes are an integral part of the financial statements.

**34**

**Investment Portfolio - October 31, 2025**

---

| | | |
|:---|:---|:---|
| PRO-BLEND<sup>®</sup> EXTENDED TERM SERIES | SHARES/ <br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE <br> (NOTE 2) |
| **CORPORATE BONDS** (continued) |  |  |
| **Non-Convertible Corporate Bonds** (continued) |  |  |
| **Financials** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;**Capital Markets - 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;The Depository Trust & Clearing Corp., (5 yr. U.S. Treasury Yield Curve Rate T Note Constant Maturity + 2.606%), 3.375%<sup>3,4,5</sup> | 500000 | $491204 |
| &nbsp;&nbsp;&nbsp;Icahn Enterprises LP - Icahn Enterprises Finance Corp., 10.00%, 11/15/2029<sup>3</sup> | 550000 | 552093 |
| &nbsp;&nbsp;&nbsp;Jefferies Financial Group, Inc., 6.20%, 4/14/2034 | 2030000 | 2130267 |
|  |  | 3173564 |
| &nbsp;&nbsp;&nbsp;**Consumer Finance - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp., (U.S. Secured Overnight Financing Rate + 2.860%), 6.377%, 6/8/2034<sup>4</sup> | 1580000 | 1709969 |
| &nbsp;&nbsp;&nbsp;**Financial Services - 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Golden Pear Funding HoldCo LLC, 10.00%, 3/2/2028 | 340000 | 360477 |
| &nbsp;&nbsp;&nbsp;U.S. Claims Litigation Funding LLC, 10.25%, 3/17/2028 (Acquired 03/14/2023, cost $275,000)<sup>2</sup> | 275000 | 236559 |
|  |  | 597036 |
| &nbsp;&nbsp;&nbsp;**Insurance - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;MassMutual Global Funding II, 4.85%, 1/17/2029<sup>3</sup> | 400000 | 407944 |
| &nbsp;&nbsp;&nbsp;Metropolitan Life Global Funding I, 4.85%, 1/8/2029<sup>3</sup> | 420000 | 428626 |
| &nbsp;&nbsp;&nbsp;New York Life Global Funding, 4.70%, 1/29/2029<sup>3</sup> | 420000 | 427311 |
| &nbsp;&nbsp;&nbsp;SiriusPoint Ltd. (Sweden), 7.00%, 4/5/2029 | 810000 | 854188 |
|  |  | 2118069 |
| **Total Financials** |  | 20142978 |
| **Health Care - 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies - 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;180 Medical, Inc. (United Kingdom), 3.875%, 10/15/2029<sup>3</sup> | 980000 | 947210 |
| **Industrials - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;**Ground Transportation - 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;BNSF Funding Trust I, (3 mo. CME Term U.S. Secured Overnight Financing Rate + 2.350%), 6.613%, 12/15/2055<sup>4</sup> | 430000 | 431567 |
| &nbsp;&nbsp;&nbsp;**Passenger Airlines - 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;United Airlines Pass-Through Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-1, Class B, 4.60%, 3/1/2026 | 58938 | 58810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-2, Class B, 3.50%, 5/1/2028 | 349988 | 338624 |
|  |  | 397434 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES/ <br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE <br> (NOTE 2) |
| **CORPORATE BONDS** (continued) |  |  |
| **Non-Convertible Corporate Bonds** (continued) |  |  |
| **Industrials** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors - 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC - AerCap Global Aviation Trust (Ireland), 3.00%, 10/29/2028 | 890000 | $859192 |
| **Total Industrials** |  | 1688193 |
| **Materials - 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;**Metals & Mining - 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;ACG Holdco 1 plc (United Kingdom), 14.75%, 1/13/2029 | 300000 | 327216 |
| &nbsp;&nbsp;&nbsp;Newcastle Coal Infrastructure Group Pty Ltd. (Australia), 4.40%, 9/29/2027<sup>3</sup> | 879933 | 876152 |
| &nbsp;&nbsp;&nbsp;Northwest Acquisitions ULC - Dominion Finco, Inc., 7.125%, 11/1/2022 (Acquired 10/10/2017-09/18/2020, cost $118,233)<sup>2,6</sup> | 653000 | 7 |
| **Total Materials** |  | 1203375 |
| **Real Estate - 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;**Industrial REITs - 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;IIP Operating Partnership LP, 5.50%, 5/25/2026 | 700000 | 692405 |
| &nbsp;&nbsp;&nbsp;**Retail REITs - 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Simon Property Group LP, 2.65%, 2/1/2032 | 1460000 | 1309525 |
| &nbsp;&nbsp;&nbsp;**Specialized REITs - 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Pelorus Fund REIT LLC, 7.00%, 9/30/2026 (Acquired 07/08/2022, cost $552,500)<sup>2</sup> | 650000 | 649644 |
| &nbsp;&nbsp;&nbsp;Safehold GL Holdings LLC, 6.10%, 4/1/2034 | 810000 | 853616 |
| &nbsp;&nbsp;&nbsp;SBA Tower Trust, 6.599%, 1/15/2028<sup>3</sup> | 1250000 | 1279984 |
|  |  | 2783244 |
| **Total Real Estate** |  | 4785174 |
| **Utilities - 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;**Electric Utilities - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Alexander Funding Trust II, 7.467%, 7/31/2028<sup>3</sup> | 800000 | 852020 |
| &nbsp;&nbsp;&nbsp;Duke Energy Florida LLC, 6.40%, 6/15/2038 | 1500000 | 1690147 |
|  |  | 2542167 |
| &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Palomino Funding Trust I, 7.233%, 5/17/2028<sup>3</sup> | 1610000 | 1703874 |
| **Total Utilities** |  | 4246041 |
| **TOTAL CORPORATE BONDS** <br> (Identified Cost $40,529,221) |  | **40692009** |

---

The accompanying notes are an integral part of the financial statements.

**35**

**Investment Portfolio - October 31, 2025**

---

| | | |
|:---|:---|:---|
| PRO-BLEND<sup>®</sup> EXTENDED TERM SERIES | SHARES/ <br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE <br> (NOTE 2) |
| **U.S. TREASURY SECURITIES - 16.3%** |  |  |
| **U.S. Treasury Bonds - 6.4%** |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.375%, 2/15/2042 | 6926000 | $5177185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 5/15/2047 | 16381000 | 12608251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625%, 2/15/2053 | 13421000 | 11204438 |
| **Total U.S. Treasury Bonds** <br> (Identified Cost $29,042,725) |  | 28989874 |
| **U.S. Treasury Notes - 9.9%** |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.375%, 11/15/2031 | 22401000 | 19476619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 11/15/2032 | 24638000 | 24996021 |
| **Total U.S. Treasury Notes** <br> (Identified Cost $44,523,909) |  | 44472640 |
| **TOTAL U.S. TREASURY SECURITIES** <br> (Identified Cost $73,566,634) |  | **73462514** |
| **ASSET-BACKED SECURITIES - 4.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Aligned Data Centers Issuer LLC, Series 2021-1A, Class A2, 1.937%, 8/15/2046<sup>3</sup> | 1800000 | 1758283 |
| &nbsp;&nbsp;&nbsp;ALLO Issuer LLC, Series 2023-1A, Class A2, 6.20%, 6/20/2053<sup>3</sup> | 1450000 | 1469261 |
| &nbsp;&nbsp;&nbsp;CF Hippolyta Issuer LLC, Series 2020-1, Class A1, 1.69%, 7/15/2060<sup>3</sup> | 826175 | 706675 |
| &nbsp;&nbsp;&nbsp;Cogent Ipv4 LLC, Series 2024-1A, Class A2, 7.924%, 5/25/2054<sup>3</sup> | 830000 | 863472 |
| &nbsp;&nbsp;&nbsp;Commonbond Student Loan Trust, Series 2019-AGS, Class A1, 2.54%, 1/25/2047<sup>3</sup> | 385912 | 356819 |
| &nbsp;&nbsp;&nbsp;ECMC Group Student Loan Trust, Series 2025-2A, Class A, (U.S. Secured Overnight Financing Rate 30 Day Average + 1.050%), 0%, 11/25/2074<sup>3,7</sup> | 970000 | 971905 |
| &nbsp;&nbsp;&nbsp;Flexential Issuer, Series 2021-1A, Class A2, 3.25%, 11/27/2051<sup>3</sup> | 2150000 | 2094628 |
| &nbsp;&nbsp;&nbsp;Hageman Capital Issuer Trust, Series 2025-1, Class A, 6.40%, 8/9/2056<sup>3</sup> | 870000 | 863187 |
| &nbsp;&nbsp;&nbsp;Hotwire Funding LLC, Series 2023-1A, Class A2, 5.687%, 5/20/2053<sup>3</sup> | 700000 | 705828 |
| &nbsp;&nbsp;&nbsp;Nelnet Student Loan Trust, Series 2012- 3A, Class A, (U.S. Secured Overnight Financing Rate 30 Day Average + 0.814%), 4.997%, 3/26/2040<sup>3,7</sup> | 101102 | 99766 |
| &nbsp;&nbsp;&nbsp;New Economy Assets - Phase 1 Sponsor LLC, Series 2021-1, Class A1, 1.91%, 10/20/2061<sup>3</sup> | 2275000 | 1919544 |
| &nbsp;&nbsp;&nbsp;Oxford Finance Credit Fund III LP, Series 2024-A, Class A2, 6.675%, 1/14/2032<sup>3</sup> | 220000 | 222304 |
| &nbsp;&nbsp;&nbsp;Oxford Finance Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A, Class A2, 3.602%, 2/15/2030<sup>3</sup> | 1070860 | 1061001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A, Class A2, 6.716%, 2/15/2031<sup>3</sup> | 2023288 | 2032848 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES/ <br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE <br> (NOTE 2) |
| **ASSET-BACKED SECURITIES (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;PEAR LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1, Class A, 2.60%, 1/15/2034<sup>3</sup> | 201078 | $200204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1, Class A, 7.42%, 7/15/2035<sup>3</sup> | 1201715 | 1229418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1, Class A, 6.95%, 2/15/2036<sup>3</sup> | 427432 | 431377 |
| &nbsp;&nbsp;&nbsp;Slam Ltd., Series 2021-1A, Class A, (Cayman Islands), 2.434%, 6/15/2046<sup>3</sup><sup>.</sup> | 1310040 | 1244019 |
| &nbsp;&nbsp;&nbsp;SLM Student Loan Trust, Series 2012-7, Class A3, (U.S. Secured Overnight Financing Rate 30 Day Average + 0.764%), 4.947%, 5/26/2026<sup>7</sup> | 2115216 | 2073324 |
| **TOTAL ASSET-BACKED SECURITIES** <br> (Identified Cost $20,810,388) |  | **20303863** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES - 4.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Brean Asset Backed Securities Trust, Series 2021-RM2, Class A, 1.75%, 10/25/2061<sup>3,8</sup> | 1024609 | 996904 |
| &nbsp;&nbsp;&nbsp;CIM Trust, Series 2019-INV1, Class A1, 4.00%, 2/25/2049<sup>3,8</sup> | 18413 | 17631 |
| &nbsp;&nbsp;&nbsp;Citigroup Mortgage Loan Trust, Inc., Series 2021-INV1, Class A3A, 2.50%, 5/25/2051<sup>3,8</sup> | 745667 | 624189 |
| &nbsp;&nbsp;&nbsp;COLT Mortgage Loan Trust, Series 2021-4, Class A1, 1.397%, 10/25/2066<sup>3,8</sup> | 2008548 | 1730086 |
| &nbsp;&nbsp;&nbsp;Credit Suisse Mortgage Capital Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-IVR3, Class A1, 2.50%, 5/25/2043<sup>3,8</sup> | 136066 | 122555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-TH1, Class A1, 2.13%, 2/25/2043<sup>3,8</sup> | 85060 | 75248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-IVR3, Class A1, 3.50%, 7/25/2044<sup>3,8</sup> | 40127 | 37851 |
| &nbsp;&nbsp;&nbsp;Deephaven Residential Mortgage Trust, Series 2021-3, Class A1, 1.194%, 8/25/2066<sup>3,8</sup> | 1779347 | 1568140 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMICS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-31, Class KP, 3.50%, 7/25/2047 | 8140 | 8070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-69, Class WJ, 1.50%, 10/25/2050 | 744735 | 650604 |
| &nbsp;&nbsp;&nbsp;Finance of America Structured Securities Trust, Series 2022-S6, Class A1, 3.00%, 7/25/2061<sup>3</sup> | 973963 | 970878 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMICS, Series 5189, Class CP, 2.50%, 6/25/2049 | 1555297 | 1387132 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 2017-54, Class AH, 2.60%, 12/16/2056 | 136943 | 128434 |
| &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1, Class A9, (U.S. Secured Overnight Financing Rate 30 Day Average + 0.850%), 5.00%, 12/25/2051<sup>3,7</sup> | 1033598 | 962116 |

---

The accompanying notes are an integral part of the financial statements.

**36**

**Investment Portfolio - October 31, 2025**

---

| | | |
|:---|:---|:---|
| PRO-BLEND<sup>®</sup> EXTENDED TERM SERIES | SHARES/ <br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE <br> (NOTE 2) |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES** (continued) | **COMMERCIAL MORTGAGE-BACKED SECURITIES** (continued) | **COMMERCIAL MORTGAGE-BACKED SECURITIES** (continued) |
| &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-PJ6, Class A8, 2.50%, 11/25/2051<sup>3,8</sup> | 735716 | $661344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-PJ9, Class A8, 2.50%, 2/26/2052<sup>3,8</sup> | 765215 | 686295 |
| &nbsp;&nbsp;&nbsp;Imperial Fund Mortgage Trust, Series 2021-NQM3, Class A1, 1.595%, 11/25/2056<sup>3,8</sup> | 862100 | 738410 |
| &nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-2, Class 1A1, 3.00%, 6/25/2029<sup>3,8</sup> | 50114 | 49147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-2, Class A3, 3.50%, 5/25/2047<sup>3,8</sup> | 84363 | 76699 |
| &nbsp;&nbsp;&nbsp;JP Morgan Seasoned Mortgage Trust, Series 2025-1, Class A3, 3.692%, 1/25/2063<sup>3,8</sup> | 1607678 | 1454540 |
| &nbsp;&nbsp;&nbsp;New Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-3A, Class AFX3, 3.75%, 11/25/2054<sup>3,8</sup> | 130997 | 126074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-2A, Class A1, 3.75%, 8/25/2055<sup>3,8</sup> | 168520 | 164130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-4A, Class A1, 3.75%, 11/25/2056<sup>3,8</sup> | 189211 | 182113 |
| &nbsp;&nbsp;&nbsp;OBX Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-INV1, Class A1, 3.00%, 12/25/2051<sup>3,8</sup> | 1217681 | 1061916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-NQM1, Class A1, 5.928%, 11/25/2063<sup>3,9</sup> | 920844 | 926068 |
| &nbsp;&nbsp;&nbsp;PCG LLC, Series 2023-1, (1 mo. U.S. Secured Overnight Financing Rate + 6.000%), 9.991%, 7/25/2029 (Acquired 07/24/2023, cost $152,500)<sup>2,7</sup> | 152500 | 152486 |
| &nbsp;&nbsp;&nbsp;PMT Loan Trust, Series 2013-J1, Class A9, 3.50%, 9/25/2043<sup>3,8</sup> | 765317 | 714523 |
| &nbsp;&nbsp;&nbsp;Provident Funding Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2, Class A2A, 2.00%, 4/25/2051<sup>3,8</sup> | 908860 | 788799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1, Class A1, 2.50%, 8/25/2051<sup>3,8</sup> | 1645414 | 1375064 |
| &nbsp;&nbsp;&nbsp;RCKT Mortgage Trust, Series 2021-6, Class A1, 2.50%, 12/25/2051<sup>3,8</sup> | 1636599 | 1370143 |
| &nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-2, Class A, 1.874%, 2/25/2043<sup>8</sup> | 180104 | 157187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-6, Class A2, 3.00%, 5/25/2043<sup>8</sup> | 372725 | 339132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-7, Class A2, 3.00%, 6/25/2043<sup>8</sup> | 80518 | 73228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-8, Class A1, 3.00%, 6/25/2043<sup>8</sup> | 101328 | 92359 |
| &nbsp;&nbsp;&nbsp;Starwood Retail Property Trust, Series 2014-STAR, Class A, (Prime Rate + 0.000%), 7.25%, 11/15/2027<sup>3,7</sup> | 1103101 | 650779 |
| &nbsp;&nbsp;&nbsp;Sutherland Commercial Mortgage Trust, Series 2019-SBC8, Class A, 2.86%, 4/25/2041<sup>3,8</sup> | 108525 | 103841 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES/ <br> PRINCIPAL <br> AMOUNT<sup>1</sup> | SHARES/ <br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE <br> (NOTE 2) |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES** (continued) | **COMMERCIAL MORTGAGE-BACKED SECURITIES** (continued) | **COMMERCIAL MORTGAGE-BACKED SECURITIES** (continued) | **COMMERCIAL MORTGAGE-BACKED SECURITIES** (continued) |
| &nbsp;&nbsp;&nbsp;Towd Point Mortgage Trust, Series 2019- HY1, Class A1, (1 mo. U.S. Secured Overnight Financing Rate + 1.114%), 5.106%, 10/25/2048<sup>3,7</sup> |  | 158019 | $158181 |
| &nbsp;&nbsp;&nbsp;WinWater Mortgage Loan Trust, Series 2015-1, Class A1, 3.50%, 1/20/2045<sup>3,8</sup> |  | 40598 | 38218 |
| **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** <br> (Identified Cost $23,463,616) |  |  | **21420514** |
| **FOREIGN GOVERNMENT BONDS - 0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Eagle Funding Luxco S.A.R.L (Mexico), 5.50%, 8/17/2030<sup>3</sup> |  | 1305000 | 1325610 |
| &nbsp;&nbsp;&nbsp;Japan Government Two Year Bond, Series 456, (Japan), 0.10%, 1/1/2026 | JPY | 210000000 | 1361882 |
| &nbsp;&nbsp;&nbsp;Mexican Bonos, Series M, (Mexico), 7.75%, 5/29/2031 | MXN | 972000 | 51106 |
| **TOTAL FOREIGN GOVERNMENT BONDS** <br> (Identified Cost $2,793,203) |  |  | **2738598** |
| **MUNICIPAL BONDS - 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;South Carolina Public Service Authority, Series B, Revenue Bond, 2.329%, 12/1/2028 <br> (Identified Cost $230,000) |  | 230000 | **217685** |
| **U.S. GOVERNMENT AGENCIES - 4.9%** |  |  |  |
| **Mortgage-Backed Securities - 4.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Fannie Mae |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA3463, UMBS, 4.00%, 9/1/2033 |  | 130728 | 130216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA1834, UMBS, 4.50%, 2/1/2034 |  | 198347 | 199948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA1903, UMBS, 4.50%, 5/1/2034 |  | 83186 | 83853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #889576, UMBS, 6.00%, 4/1/2038 |  | 80782 | 85545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #889579, UMBS, 6.00%, 5/1/2038 |  | 65556 | 69421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA3412, UMBS, 3.50%, 7/1/2038 |  | 214425 | 207546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #995196, UMBS, 6.00%, 7/1/2038 |  | 3775 | 3984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AD0207, UMBS, 6.00%, 10/1/2038 |  | 211778 | 224263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AD0220, UMBS, 6.00%, 10/1/2038 |  | 6680 | 7051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA0258, UMBS, 4.50%, 12/1/2039 |  | 141106 | 141433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AL1595, UMBS, 6.00%, 1/1/2040 |  | 75863 | 80336 |

---

The accompanying notes are an integral part of the financial statements.

**37**

**Investment Portfolio - October 31, 2025**

---

| | | |
|:---|:---|:---|
| PRO-BLEND<sup>®</sup> EXTENDED TERM SERIES | SHARES/ <br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE <br> (NOTE 2) |
| **U.S. GOVERNMENT AGENCIES** (continued) |  |  |
| **Mortgage-Backed Securities** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Fannie Mae (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AL0152, UMBS, 6.00%, 6/1/2040 | 160267 | $169716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA4203, UMBS, 2.50%, 12/1/2040 | 1599831 | 1450102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AL0241, UMBS, 4.00%, 4/1/2041 | 267328 | 261008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AI5172, UMBS, 4.00%, 8/1/2041 | 162743 | 159026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AL1410, UMBS, 4.50%, 12/1/2041 | 281561 | 281607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA4934, UMBS, 5.00%, 2/1/2043 | 2541149 | 2576890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AL7729, UMBS, 4.00%, 6/1/2043 | 145739 | 142410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AX5234, UMBS, 4.50%, 11/1/2044 | 161703 | 160727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AS4103, UMBS, 4.50%, 12/1/2044 | 233932 | 232521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #BC6764, UMBS, 3.50%, 4/1/2046 | 116687 | 109721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #BD6997, UMBS, 4.00%, 10/1/2046 | 78290 | 75665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #BE7845, UMBS, 4.50%, 2/1/2047 | 89190 | 88609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AL8674, 5.624%, 1/1/2049 | 499923 | 522290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #FS9332, UMBS, 3.00%, 3/1/2050 | 1163959 | 1058251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #FS4339, UMBS, 3.00%, 12/1/2050 | 3305753 | 2980403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #FS2696, UMBS, 3.00%, 12/1/2051 | 2366350 | 2117492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA4807, UMBS, 5.50%, 11/1/2052 | 910338 | 924916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA4868, UMBS, 5.00%, 1/1/2053 | 2983762 | 2984153 |
| &nbsp;&nbsp;&nbsp;Freddie Mac |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #C91762, 4.50%, 5/1/2034 | 124398 | 125574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #C91771, 4.50%, 6/1/2034 | 125587 | 126770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #C91780, 4.50%, 7/1/2034 | 145427 | 146763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #G03926, 6.00%, 2/1/2038 | 31828 | 33747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #G05906, 6.00%, 4/1/2040 | 30667 | 32517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #Q33778, 4.00%, 6/1/2045 | 183741 | 178795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #SD8044, UMBS, 3.00%, 2/1/2050 | 2034672 | 1829300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #SD8276, UMBS, 5.00%, 12/1/2052 | 2022654 | 2022919 |
| **TOTAL U.S. GOVERNMENT AGENCIES** <br> (Identified Cost $22,267,740) |  | **22025488** |

---

---

| | | |
|:---|:---|:---|
|  | SHARES/ <br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE <br> (NOTE 2) |
| **SHORT-TERM INVESTMENT - 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 4.00%<sup>10</sup> |  |  |
| &nbsp;&nbsp;&nbsp;(Identified Cost $8,306,235) | 8306235 | $**8306235** |
| **TOTAL INVESTMENTS - 99.8%** <br> (Identified Cost $411,749,546) |  | **449146324** |
| **OTHER ASSETS, LESS LIABILITIES - 0.2%** |  | **1023935** |
| **NET ASSETS - 100%** |  | $**450170259** |

---

The accompanying notes are an integral part of the financial statements.

**38**

**Investment Portfolio - October 31, 2025**

ADR - American Depositary Receipt

JPY - Japanese Yen

MXN - Mexican Peso

REIT - Real Estate Investment Trust

REMICS - Real Estate Mortgage Investment Conduits

UMBS - Uniform Mortgage-Backed Securities

\*Non-income producing security.

## Less than 0.1%.

<sup>1</sup>Amount is stated in USD unless otherwise noted.

<sup>2</sup>Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act") and determined to be illiquid under the Fund's Liquidity Risk Management Program. The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of such securities at October 31, 2025 was $1,569,179, or 0.3% of the Series' Net Assets.

<sup>3</sup>Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act") and determined to be liquid under the Fund's Liquidity Risk Management Program. The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2025 was $47,356,784, which represented 10.5% of the Series' Net Assets.

<sup>4</sup>Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of October 31, 2025.

<sup>5</sup>Security is perpetual in nature and has no stated maturity date.

<sup>6</sup>Issuer filed for bankruptcy and/or is in default of interest payments.

<sup>7</sup>Floating rate security. Rate shown is the rate in effect as of October 31, 2025.

<sup>8</sup>Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of October 31, 2025.

<sup>9</sup>Represents a step-up bond that pays initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate shown reflects the current coupon as of October 31, 2025.

<sup>10</sup>Rate shown is the current yield as of October 31, 2025.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor's, a division of S&P Global Inc. (S&P), and is licensed for use by Manning & Napier when referencing GICS sectors. Neither MSCI, S&P, nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification, nor shall any such party have any liability therefrom.

The accompanying notes are an integral part of the financial statements.

**39**

**Statement of Assets and Liabilities - Pro-Blend<sup>®</sup> Extended Term Series**

October 31, 2025

ASSETS:

---

| | |
|:---|:---|
| Investments in securities, at value (identified cost $411,749,546) (Note 2) | $449146324 |
| Foreign currency, at value (identified cost $344) | 337 |
| Interest receivable | 1647235 |
| Dividends receivable | 296568 |
| Foreign tax reclaims receivable | 272615 |
| Receivable for fund shares sold | 16695 |
| Prepaid expenses | 9431 |
| TOTAL ASSETS | 451389205 |
| **LIABILITIES:** | **LIABILITIES:** |
| Due to custodian | 101485 |
| Accrued management fees<sup>1</sup> | 252448 |
| Accrued distribution and service (Rule 12b-1) fees (Class S) (Class R) (Class L)<sup>1</sup> | 140592 |
| Accrued sub-transfer agent fees<sup>1</sup> | 70281 |
| Accrued fund accounting and administration fees<sup>1</sup> | 47616 |
| Directors' fees payable<sup>1</sup> | 6472 |
| Accrued Chief Compliance Officer service fees<sup>1</sup> | 3086 |
| Payable for fund shares repurchased | 435273 |
| Professional fees payable | 89781 |
| Distributions payable | 2600 |
| Other payables and accrued expenses | 69312 |
| TOTAL LIABILITIES | 1218946 |
| Commitments and contingent liabilities<sup>1</sup> | Commitments and contingent liabilities<sup>1</sup> |
| **TOTAL NET ASSETS** | $**450170259** |
| **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** |
| Capital stock | $216511 |
| Additional paid-in-capital | 374242880 |
| Total distributable earnings (loss) | 75710868 |
| **TOTAL NET ASSETS** | $**450170259** |

---

<sup>1</sup> See note 3 in Notes to the Financial Statements.

The accompanying notes are an integral part of the financial statements.

**40**

**Statement of Assets and Liabilities - Pro-Blend<sup>®</sup> Extended Term Series**

October 31, 2025

---

| | |
|:---|:---|
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class S** <br> ($245,322,948/11,812,470 shares)** | $**20.77** |
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class I** <br> ($79,639,932/3,818,978 shares)** | $**20.85** |
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class R** <br> ($43,338,902/2,080,661 shares)** | $**20.83** |
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class L** <br> ($81,725,710/3,932,187 shares)** | $**20.78** |
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class W** <br> ($142,767/6,774 shares)** | $**21.07<sup>1</sup>** |

---

<sup>1</sup> The net asset value of Class W Shares was calculated using unrounded net assets of $142,767.02 divided by the unrounded shares outstanding of 6,774.469.

The accompanying notes are an integral part of the financial statements.

**41**

**Statement of Operations - Pro-Blend<sup>®</sup> Extended Term Series**

For the Year Ended October 31, 2025

**INVESTMENT INCOME:**

---

| | |
|:---|:---|
| Interest | $10241308 |
| Dividends (net of foreign taxes withheld, $220,199) | 3930857 |
| Total Investment Income | 14172165 |
| **EXPENSES:** | **EXPENSES:** |
| Management fees (Note 3) | 3168607 |
| Distribution and service (Rule 12b-1) fees (Class L) (Note 3) | 861217 |
| Distribution and service (Rule 12b-1) fees (Class S) (Note 3) | 646740 |
| Distribution and service (Rule 12b-1) fees (Class R) (Note 3) | 222504 |
| Sub-transfer agent fees (Note 3) | 203964 |
| Fund accounting and administration fees (Note 3) | 124865 |
| Directors' fees (Note 3) | 62764 |
| Chief Compliance Officer service fees (Note 3) | 9493 |
| Transfer agent fees | 286860 |
| Professional fees | 103519 |
| Custodian fees | 31142 |
| Miscellaneous | 150954 |
| Total Expenses | 5872629 |
| Less reduction of expenses (Note 3) | (872) |
| Net Expenses | 5871757 |
| NET INVESTMENT INCOME | 8300408 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:** | **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:** |
| Net realized gain (loss) on- | Net realized gain (loss) on- |
| &nbsp;&nbsp;&nbsp;Investments (net of foreign capital gains tax of $5,768) | 40628238 |
| &nbsp;&nbsp;&nbsp;Foreign currency and translation of other assets and liabilities | (3055) |
|  | 40625183 |
| Net change in unrealized appreciation (depreciation) on- | Net change in unrealized appreciation (depreciation) on- |
| &nbsp;&nbsp;&nbsp;Investments in securities | (10238739) |
| &nbsp;&nbsp;&nbsp;Foreign currency and translation of other assets and liabilities | (562) |
|  | (10239301) |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY | 30385882 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $38686290 |

---

The accompanying notes are an integral part of the financial statements.

**42**

**Statements of Changes in Net Assets - Pro-Blend<sup>®</sup> Extended Term Series**

---

| | | |
|:---|:---|:---|
|  | FOR THE | FOR THE |
|  | YEAR ENDED | YEAR ENDED |
|  | 10/31/25 | 10/31/24 |
| **INCREASE (DECREASE) IN NET ASSETS:** | **INCREASE (DECREASE) IN NET ASSETS:** | **INCREASE (DECREASE) IN NET ASSETS:** |
| **OPERATIONS:** | **OPERATIONS:** | **OPERATIONS:** |
| Net investment income | $8300408 | $10618375 |
| Net realized gain (loss) on investments and foreign currency | 40625183 | 21434863 |
| Net change in unrealized appreciation (depreciation) on investments and foreign currency | (10239301) | 68170854 |
| Net increase (decrease) from operations | 38686290 | 100224092 |
| **DISTRIBUTIONS TO SHAREHOLDERS (Note** **10):** |  |  |
| Class S | (10987347) | (4890099) |
| Class I | (5879471) | (2570814) |
| Class R | (1753493) | (702281) |
| Class L | (2896911) | (1190661) |
| Class W | (6428) | (2857) |
| Total distributions to shareholders | (21523650) | (9356712) |
| **CAPITAL STOCK ISSUED AND REPURCHASED:** |  |  |
| Net increase (decrease) from capital share transactions (Note 6) | (123348293) | (56236429) |
| Net increase (decrease) in net assets | (106185653) | 34630951 |
| **NET ASSETS:** |  |  |
| Beginning of year | 556355912 | 521724961 |
| **End of year** | $450170259 | $556355912 |

---

The accompanying notes are an integral part of the financial statements.

**43**

**Financial Highlights - Pro-Blend<sup>®</sup> Extended Term Series - Class S**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | 10/31/25 | 10/31/24 | 10/31/23 | 10/31/22 | 10/31/21 |
| **Per share data (for a share outstanding throughout each year):** |  |  |  |  |  |
| **Net asset value - Beginning of year** | $20.08 | $17.03 | $16.90 | $21.76 | $19.12 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.33 | 0.38 | 0.31 | 0.17 | 0.11 |
| Net realized and unrealized gain (loss) on investments | 1.17 | 2.99 | 0.46 | (3.98) | 3.80 |
| Total from investment operations | 1.50 | 3.37 | 0.77 | (3.81) | 3.91 |
| Less distributions to shareholders: |  |  |  |  |  |
| From net investment income | (0.39) | (0.32) | (0.20) | (0.05) | (0.06) |
| From net realized gain on investments | (0.42) |  | (0.44) | (1.00) | (1.21) |
| Total distributions to shareholders | (0.81) | (0.32) | (0.64) | (1.05) | (1.27) |
| **Net asset value - End of year** | $**20.77** | $**20.08** | $**17.03** | $**16.90** | $**21.76** |
| **Net assets - End of year** (000's omitted) | $**245323** | $**275451** | $**263179** | $**276523** | $**365077** |
| Total return<sup>2</sup> | 7.68% | 19.97% | 4.48% | (18.35%) | 21.19% |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |
| Expenses | 1.03% | 1.02% | 1.04% | 1.02% | 1.01% |
| Net investment income | 1.65% | 1.98% | 1.78% | 0.91% | 0.54% |
| Series portfolio turnover | 78% | 71% | 56% | 66% | 66% |

---

<sup>1</sup>Calculated based on average shares outstanding during the years.

<sup>2</sup>Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions.

The accompanying notes are an integral part of the financial statements.

**44**

**Financial Highlights - Pro-Blend<sup>®</sup> Extended Term Series - Class I**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | 10/31/25 | 10/31/24 | 10/31/23 | 10/31/22 | 10/31/21 |
| **Per share data (for a share outstanding throughout each year):** |  |  |  |  |  |
| **Net asset value - Beginning of year** | $20.16 | $17.08 | $16.96 | $23.33 | $22.09 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.38 | 0.43 | 0.35 | 0.21 | 0.17 |
| Net realized and unrealized gain (loss) on investments | 1.17 | 2.99 | 0.47 | (4.00) | 4.22 |
| Total from investment operations | 1.55 | 3.42 | 0.82 | (3.79) | 4.39 |
| Less distributions to shareholders: |  |  |  |  |  |
| From net investment income | (0.44) | (0.34) | (0.26) | (0.19) | (0.26) |
| From net realized gain on investments | (0.42) |  | (0.44) | (2.39) | (2.89) |
| Total distributions to shareholders | (0.86) | (0.34) | (0.70) | (2.58) | (3.15) |
| **Net asset value - End of year** | $**20.85** | $**20.16** | $**17.08** | $**16.96** | $**23.33** |
| **Net assets - End of year** (000's omitted) | $**79640** | $**142682** | $**130709** | $**137658** | $**192593** |
| Total return<sup>2</sup> | 7.94% | 20.23% | 4.76% | (18.14%) | 21.48% |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |
| Expenses | 0.79% | 0.77% | 0.82% | 0.79% | 0.79% |
| Net investment income | 1.90% | 2.22% | 2.00% | 1.14% | 0.75% |
| Series portfolio turnover | 78% | 71% | 56% | 66% | 66% |

---

<sup>1</sup>Calculated based on average shares outstanding during the years.

<sup>2</sup>Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions.

The accompanying notes are an integral part of the financial statements.

**45**

**Financial Highlights - Pro-Blend<sup>®</sup> Extended Term Series - Class R**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | 10/31/25 | 10/31/24 | 10/31/23 | 10/31/22 | 10/31/21 |
| **Per share data (for a share outstanding throughout each year):** |  |  |  |  |  |
| **Net asset value - Beginning of year** | $20.14 | $17.10 | $16.94 | $22.80 | $21.08 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.28 | 0.33 | 0.27 | 0.13 | 0.08 |
| Net realized and unrealized gain (loss) on investments | 1.17 | 3.00 | 0.46 | (4.00) | 4.05 |
| Total from investment operations | 1.45 | 3.33 | 0.73 | (3.87) | 4.13 |
| Less distributions to shareholders: |  |  |  |  |  |
| From net investment income | (0.34) | (0.29) | (0.13) | (0.10) | (0.13) |
| From net realized gain on investments | (0.42) |  | (0.44) | (1.89) | (2.28) |
| Total distributions to shareholders | (0.76) | (0.29) | (0.57) | (1.99) | (2.41) |
| **Net asset value - End of year** | $**20.83** | $**20.14** | $**17.10** | $**16.94** | $**22.80** |
| **Net assets - End of year** (000's omitted) | $**43339** | $**46372** | $**41368** | $**42104** | $**56058** |
| Total return<sup>2</sup> | 7.40% | 19.66% | 4.27% | (18.48%) | 20.86% |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |
| Expenses | 1.28% | 1.27% | 1.28% | 1.25% | 1.24% |
| Net investment income | 1.41% | 1.73% | 1.54% | 0.68% | 0.31% |
| Series portfolio turnover | 78% | 71% | 56% | 66% | 66% |

---

<sup>1</sup>Calculated based on average shares outstanding during the years.

<sup>2</sup>Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions.

The accompanying notes are an integral part of the financial statements.

**46**

**Financial Highlights - Pro-Blend<sup>®</sup> Extended Term Series - Class L**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | 10/31/25 | 10/31/24 | 10/31/23 | 10/31/22 | 10/31/21 |
| **Per share data (for a share outstanding throughout each year):** |  |  |  |  |  |
| **Net asset value - Beginning of year** | $20.09 | $17.09 | $16.93 | $23.08 | $21.54 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> | 0.18 | 0.23 | 0.18 | 0.03 | (0.04) |
| Net realized and unrealized gain (loss) on investments | 1.16 | 3.01 | 0.45 | (4.03) | 4.15 |
| Total from investment operations | 1.34 | 3.24 | 0.63 | (4.00) | 4.11 |
| Less distributions to shareholders: |  |  |  |  |  |
| From net investment income | (0.23) | (0.24) | (0.03) | (0.04) | (0.02) |
| From net realized gain on investments | (0.42) |  | (0.44) | (2.11) | (2.55) |
| Total distributions to shareholders | (0.65) | (0.24) | (0.47) | (2.15) | (2.57) |
| **Net asset value - End of year** | $**20.78** | $**20.09** | $**17.09** | $**16.93** | $**23.08** |
| **Net assets - End of year** (000's omitted) | $**81726** | $**91719** | $**86349** | $**89871** | $**113582** |
| Total return<sup>2</sup> | 6.82% | 19.08% | 3.67% | (19.03%) | 20.38% |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |
| Expenses | 1.80% | 1.78% | 1.81% | 1.78% | 1.76% |
| Net investment income (loss) | 0.88% | 1.22% | 1.01% | 0.16% | (0.22%) |
| Series portfolio turnover | 78% | 71% | 56% | 66% | 66% |

---

<sup>1</sup>Calculated based on average shares outstanding during the years.

<sup>2</sup>Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions.

The accompanying notes are an integral part of the financial statements.

**47**

**Financial Highlights - Pro-Blend<sup>®</sup> Extended Term Series - Class W**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | 10/31/25 | 10/31/24 | 10/31/23 | 10/31/22 | 10/31/21 |
| **Per share data (for a share outstanding throughout each year):** |  |  |  |  |  |
| **Net asset value - Beginning of year** | $20.36 | $17.19 | $17.04 | $21.85 | $19.18 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.52 | 0.56 | 0.48 | 0.39 | 0.30 |
| Net realized and unrealized gain (loss) on investments | 1.18 | 3.02 | 0.47 | (4.04) | 3.82 |
| Total from investment operations | 1.70 | 3.58 | 0.95 | (3.65) | 4.12 |
| Less distributions to shareholders: |  |  |  |  |  |
| From net investment income | (0.57) | (0.41) | (0.36) | (0.16) | (0.24) |
| From net realized gain on investments | (0.42) |  | (0.44) | (1.00) | (1.21) |
| Total distributions to shareholders | (0.99) | (0.41) | (0.80) | (1.16) | (1.45) |
| **Net asset value - End of year** | $**21.07** | $**20.36** | $**17.19** | $**17.04** | $**21.85** |
| **Net assets - End of year** (000's omitted) | $**143** | $**132** | $**120** | $**118** | $**7** |
| Total return<sup>2</sup> | 8.64% | 21.08% | 5.51% | (17.60%) | 22.34% |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |
| Expenses\* | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
| Net investment income | 2.58% | 2.89% | 2.72% | 2.23% | 1.44% |
| Series portfolio turnover | 78% | 71% | 56% | 66% | 66% |
| \*The investment advisor did not impose all or a portion of its management and/or other fees during the years, and may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | \*The investment advisor did not impose all or a portion of its management and/or other fees during the years, and may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | \*The investment advisor did not impose all or a portion of its management and/or other fees during the years, and may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | \*The investment advisor did not impose all or a portion of its management and/or other fees during the years, and may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | \*The investment advisor did not impose all or a portion of its management and/or other fees during the years, and may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | \*The investment advisor did not impose all or a portion of its management and/or other fees during the years, and may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: |
|  | 0.65% | 0.64% | 0.66% | 0.63% | 0.62% |

---

<sup>1</sup>Calculated based on average shares outstanding during the years.

<sup>2</sup>Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been waived or reimbursed during the years.

The accompanying notes are an integral part of the financial statements.

**48**

**Investment Portfolio - October 31, 2025**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;PRO-BLEND<sup>®</sup> MAXIMUM TERM SERIES | SHARES/ <br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE <br> (NOTE 2) |
| **COMMON STOCKS - 87.4%** | **COMMON STOCKS - 87.4%** | **COMMON STOCKS - 87.4%** |
| **Communication Services - 5.5%** | **Communication Services - 5.5%** | **Communication Services - 5.5%** |
| &nbsp;&nbsp;&nbsp;**Interactive Media & Services - 5.5%** | &nbsp;&nbsp;&nbsp;**Interactive Media & Services - 5.5%** | &nbsp;&nbsp;&nbsp;**Interactive Media & Services - 5.5%** |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | 43006 | $12092857 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | 14575 | 9449702 |
| &nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. - ADR (China) | 41825 | 3403300 |
| **Total Communication Services** |  | 24945859 |
| **Consumer Discretionary - 11.6%** | **Consumer Discretionary - 11.6%** | **Consumer Discretionary - 11.6%** |
| &nbsp;&nbsp;&nbsp;**Automobiles - 1.2%** | &nbsp;&nbsp;&nbsp;**Automobiles - 1.2%** | &nbsp;&nbsp;&nbsp;**Automobiles - 1.2%** |
| &nbsp;&nbsp;&nbsp;Ferrari N.V. (Italy) | 12938 | 5226305 |
| &nbsp;&nbsp;&nbsp;**Broadline Retail - 5.4%** | &nbsp;&nbsp;&nbsp;**Broadline Retail - 5.4%** | &nbsp;&nbsp;&nbsp;**Broadline Retail - 5.4%** |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.<sup>\*</sup> | 78232 | 19105819 |
| &nbsp;&nbsp;&nbsp;MercadoLibre, Inc. (Brazil)<sup>\*</sup> | 2325 | 5410880 |
|  |  | 24516699 |
| &nbsp;&nbsp;&nbsp;**Household Durables - 2.0%** | &nbsp;&nbsp;&nbsp;**Household Durables - 2.0%** | &nbsp;&nbsp;&nbsp;**Household Durables - 2.0%** |
| &nbsp;&nbsp;&nbsp;Persimmon plc - ADR (United Kingdom). | 145268 | 4670366 |
| &nbsp;&nbsp;&nbsp;Taylor Wimpey plc - ADR (United Kingdom) | 325629 | 4493680 |
|  |  | 9164046 |
| &nbsp;&nbsp;&nbsp;**Specialty Retail - 0.8%** | &nbsp;&nbsp;&nbsp;**Specialty Retail - 0.8%** | &nbsp;&nbsp;&nbsp;**Specialty Retail - 0.8%** |
| &nbsp;&nbsp;&nbsp;The TJX Companies, Inc. | 25207 | 3532509 |
| &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods - 2.2%** | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods - 2.2%** | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods - 2.2%** |
| &nbsp;&nbsp;&nbsp;Hermes International SCA - ADR (France) | 41133 | 10173836 |
| **Total Consumer Discretionary** |  | 52613395 |
| **Financials - 12.9%** | **Financials - 12.9%** | **Financials - 12.9%** |
| &nbsp;&nbsp;&nbsp;**Banks - 2.2%** | &nbsp;&nbsp;&nbsp;**Banks - 2.2%** | &nbsp;&nbsp;&nbsp;**Banks - 2.2%** |
| &nbsp;&nbsp;&nbsp;HDFC Bank Ltd. - ADR (India) | 176753 | 6401993 |
| &nbsp;&nbsp;&nbsp;NU Holdings Ltd. - Class A (Brazil)<sup>\*</sup> | 225371 | 3630727 |
|  |  | 10032720 |
| &nbsp;&nbsp;&nbsp;**Capital Markets - 5.3%** | &nbsp;&nbsp;&nbsp;**Capital Markets - 5.3%** | &nbsp;&nbsp;&nbsp;**Capital Markets - 5.3%** |
| &nbsp;&nbsp;&nbsp;BlackRock, Inc. | 2471 | 2675623 |
| &nbsp;&nbsp;&nbsp;Deutsche Boerse AG - ADR (Germany) | 101264 | 2561979 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | 17897 | 2618152 |
| &nbsp;&nbsp;&nbsp;Moody's Corp. | 15096 | 7250609 |
| &nbsp;&nbsp;&nbsp;Nasdaq, Inc. | 44051 | 3765920 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. | 10627 | 5177581 |
|  |  | 24049864 |
| &nbsp;&nbsp;&nbsp;**Financial Services - 4.6%** | &nbsp;&nbsp;&nbsp;**Financial Services - 4.6%** | &nbsp;&nbsp;&nbsp;**Financial Services - 4.6%** |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc. - Class A | 20021 | 11051392 |
| &nbsp;&nbsp;&nbsp;Visa, Inc. - Class A | 28016 | 9546172 |
|  |  | 20597564 |
| &nbsp;&nbsp;&nbsp;**Insurance - 0.8%** | &nbsp;&nbsp;&nbsp;**Insurance - 0.8%** | &nbsp;&nbsp;&nbsp;**Insurance - 0.8%** |
| &nbsp;&nbsp;&nbsp;First American Financial Corp. | 57650 | 3603702 |
| **Total Financials** |  | 58283850 |
| **Health Care - 14.8%** | **Health Care - 14.8%** | **Health Care - 14.8%** |
| &nbsp;&nbsp;&nbsp;**Biotechnology - 2.5%** | &nbsp;&nbsp;&nbsp;**Biotechnology - 2.5%** | &nbsp;&nbsp;&nbsp;**Biotechnology - 2.5%** |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.<sup>\*</sup> | 27106 | 11535500 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES/ <br> PRINCIPAL<br> AMOUNT<sup>1</sup> | VALUE <br> (NOTE 2) |
| **COMMON STOCKS** (continued) | **COMMON STOCKS** (continued) | **COMMON STOCKS** (continued) |
| **Health Care** (continued) | **Health Care** (continued) | **Health Care** (continued) |
| &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies - 1.6%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies - 1.6%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies - 1.6%** |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc.<sup>\*</sup> | 13920 | $7437178 |
| &nbsp;&nbsp;&nbsp;**Health Care Providers & Services - 2.9%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services - 2.9%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services - 2.9%** |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 38170 | 13037345 |
| &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services - 2.4%** | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services - 2.4%** | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services - 2.4%** |
| &nbsp;&nbsp;&nbsp;Lonza Group AG - ADR (Switzerland) | 51405 | 3545403 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | 12805 | 7265429 |
|  |  | 10810832 |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals - 5.4%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals - 5.4%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals - 5.4%** |
| &nbsp;&nbsp;&nbsp;AstraZeneca plc - ADR (United Kingdom) | 87432 | 7204397 |
| &nbsp;&nbsp;&nbsp;GSK plc - ADR | 79143 | 3708641 |
| &nbsp;&nbsp;&nbsp;Roche Holding AG - ADR | 257792 | 10414797 |
| &nbsp;&nbsp;&nbsp;Zoetis, Inc. | 21504 | 3098511 |
|  |  | 24426346 |
| **Total Health Care** |  | 67247201 |
| **Industrials - 10.4%** | **Industrials - 10.4%** | **Industrials - 10.4%** |
| &nbsp;&nbsp;&nbsp;**Aerospace & Defense - 4.6%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense - 4.6%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense - 4.6%** |
| &nbsp;&nbsp;&nbsp;BAE Systems plc - ADR (United Kingdom) | 72946 | 7215089 |
| &nbsp;&nbsp;&nbsp;HEICO Corp. - Class A | 13713 | 3397121 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | 36436 | 10533648 |
|  |  | 21145858 |
| &nbsp;&nbsp;&nbsp;**Air Freight & Logistics - 3.4%** | &nbsp;&nbsp;&nbsp;**Air Freight & Logistics - 3.4%** | &nbsp;&nbsp;&nbsp;**Air Freight & Logistics - 3.4%** |
| &nbsp;&nbsp;&nbsp;Deutsche Post AG - ADR (Germany) | 221421 | 10187580 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Inc. - Class B | 53883 | 5195399 |
|  |  | 15382979 |
| &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies - 0.9%** | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies - 0.9%** | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies - 0.9%** |
| &nbsp;&nbsp;&nbsp;Rollins, Inc. | 69996 | 4032470 |
| &nbsp;&nbsp;&nbsp;**Professional Services - 1.5%** | &nbsp;&nbsp;&nbsp;**Professional Services - 1.5%** | &nbsp;&nbsp;&nbsp;**Professional Services - 1.5%** |
| &nbsp;&nbsp;&nbsp;TransUnion | 81841 | 6643852 |
| **Total Industrials** |  | 47205159 |
| **Information Technology - 22.6%** | **Information Technology - 22.6%** | **Information Technology - 22.6%** |
| &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components - 1.5%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components - 1.5%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components - 1.5%** |
| &nbsp;&nbsp;&nbsp;Amphenol Corp. - Class A | 26642 | 3712296 |
| &nbsp;&nbsp;&nbsp;Halma plc - ADR (United Kingdom) | 31811 | 2996590 |
|  |  | 6708886 |
| &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 6.6%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 6.6%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 6.6%** |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 79715 | 16141490 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. - ADR (Taiwan) | 46423 | 13946862 |
|  |  | 30088352 |
| &nbsp;&nbsp;&nbsp;**Software - 14.5%** | &nbsp;&nbsp;&nbsp;**Software - 14.5%** | &nbsp;&nbsp;&nbsp;**Software - 14.5%** |
| &nbsp;&nbsp;&nbsp;Atlassian Corp. - Class A <sup>\*</sup> | 38039 | 6444567 |
| &nbsp;&nbsp;&nbsp;Bentley Systems, Inc. - Class B | 131933 | 6706154 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc.<sup>\*</sup> | 41080 | 13913385 |

---

The accompanying notes are an integral part of the financial statements.

**49** 

**Investment Portfolio - October 31, 2025**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;PRO-BLEND<sup>®</sup> MAXIMUM TERM SERIES | SHARES/<br> PRINCIPAL<br> AMOUNT<sup>1</sup> | VALUE <br> (NOTE 2) |
| **COMMON STOCKS** (continued) | **COMMON STOCKS** (continued) | **COMMON STOCKS** (continued) |
| **Information Technology** (continued) | **Information Technology** (continued) | **Information Technology** (continued) |
| &nbsp;&nbsp;&nbsp;**Software** (continued) | &nbsp;&nbsp;&nbsp;**Software** (continued) | &nbsp;&nbsp;&nbsp;**Software** (continued) |
| &nbsp;&nbsp;&nbsp;Clearwater Analytics Holdings, Inc. - Class A<sup>\*</sup> | 155878 | 2869714 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 32478 | 16817433 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc. | 10840 | 2822845 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc.<sup>\*</sup> | 11261 | 10352012 |
| &nbsp;&nbsp;&nbsp;Workday, Inc. - Class A<sup>\*</sup> | 24719 | 5930583 |
|  |  | 65856693 |
| **Total Information Technology** |  | 102653931 |
| **Materials - 7.4%** | **Materials - 7.4%** | **Materials - 7.4%** |
| &nbsp;&nbsp;&nbsp;**Chemicals - 6.5%** | &nbsp;&nbsp;&nbsp;**Chemicals - 6.5%** | &nbsp;&nbsp;&nbsp;**Chemicals - 6.5%** |
| &nbsp;&nbsp;&nbsp;Air Liquide S.A. - ADR (France) | 250367 | 9681692 |
| &nbsp;&nbsp;&nbsp;Albemarle Corp. | 71889 | 7061656 |
| &nbsp;&nbsp;&nbsp;The Sherwin-Williams Co. | 11308 | 3900582 |
| &nbsp;&nbsp;&nbsp;Sociedad Quimica y Minera de Chile S.A. - ADR (Chile)\* | 176912 | 8666919 |
|  |  | 29310849 |
| &nbsp;&nbsp;&nbsp;**Paper & Forest Products - 0.9%** | &nbsp;&nbsp;&nbsp;**Paper & Forest Products - 0.9%** | &nbsp;&nbsp;&nbsp;**Paper & Forest Products - 0.9%** |
| &nbsp;&nbsp;&nbsp;West Fraser Timber Co. Ltd. (Canada) | 69552 | 4242672 |
| **Total Materials** |  | 33553521 |
| **Real Estate - 1.4%** | **Real Estate - 1.4%** | **Real Estate - 1.4%** |
| &nbsp;&nbsp;&nbsp;**Real Estate Management & Development - 1.4%** | &nbsp;&nbsp;&nbsp;**Real Estate Management & Development - 1.4%** | &nbsp;&nbsp;&nbsp;**Real Estate Management & Development - 1.4%** |
| &nbsp;&nbsp;&nbsp;CBRE Group, Inc. - Class A\* | 42828 | 6528272 |
| **Utilities - 0.8%** | **Utilities - 0.8%** | **Utilities - 0.8%** |
| &nbsp;&nbsp;&nbsp;**Water Utilities - 0.8%** | &nbsp;&nbsp;&nbsp;**Water Utilities - 0.8%** | &nbsp;&nbsp;&nbsp;**Water Utilities - 0.8%** |
| &nbsp;&nbsp;&nbsp;Cia de Saneamento Basico do Estado de Sao Paulo SABESP - ADR (Brazil). | 142468 | 3496165 |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;(Identified Cost $312,699,620) |  | **396527353** |
| **CORPORATE BONDS - 4.0%** | **CORPORATE BONDS - 4.0%** | **CORPORATE BONDS - 4.0%** |
| **Non-Convertible Corporate Bonds- 4.0%** | **Non-Convertible Corporate Bonds- 4.0%** | **Non-Convertible Corporate Bonds- 4.0%** |
| **Communication Services - 0.1%** | **Communication Services - 0.1%** | **Communication Services - 0.1%** |
| &nbsp;&nbsp;&nbsp;**Entertainment - 0.1%** | &nbsp;&nbsp;&nbsp;**Entertainment - 0.1%** | &nbsp;&nbsp;&nbsp;**Entertainment - 0.1%** |
| &nbsp;&nbsp;&nbsp;The Walt Disney Co., 6.65%, 11/15/2037. | 315000 | 364163 |
| &nbsp;&nbsp;&nbsp;**Media - 0.0%##** | &nbsp;&nbsp;&nbsp;**Media - 0.0%##** | &nbsp;&nbsp;&nbsp;**Media - 0.0%##** |
| &nbsp;&nbsp;&nbsp;Open Infra U.S. Assets AB, 11.00%, 2/22/2027 | 200000 | 198428 |
| **Total Communication Services** |  | 562591 |
| **Consumer Discretionary - 0.1%** | **Consumer Discretionary - 0.1%** | **Consumer Discretionary - 0.1%** |
| &nbsp;&nbsp;&nbsp;**Household Durables - 0.1%** | &nbsp;&nbsp;&nbsp;**Household Durables - 0.1%** | &nbsp;&nbsp;&nbsp;**Household Durables - 0.1%** |
| &nbsp;&nbsp;&nbsp;DR Horton, Inc., 4.85%, 10/15/2030 | 390000 | 397714 |
| &nbsp;&nbsp;&nbsp;**Specialty Retail - 0.0%##** | &nbsp;&nbsp;&nbsp;**Specialty Retail - 0.0%##** | &nbsp;&nbsp;&nbsp;**Specialty Retail - 0.0%##** |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc., 1.875%, 4/15/2031 | 130000 | 113558 |
| **Total Consumer Discretionary** |  | 511272 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES/ <br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE<br> (NOTE 2) |
| **CORPORATE BONDS** (continued) | **CORPORATE BONDS** (continued) | **CORPORATE BONDS** (continued) |
| **Non-Convertible Corporate Bonds** (continued) | **Non-Convertible Corporate Bonds** (continued) | **Non-Convertible Corporate Bonds** (continued) |
| **Energy - 0.5%** | **Energy - 0.5%** | **Energy - 0.5%** |
| &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels - 0.5%** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels - 0.5%** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels - 0.5%** |
| &nbsp;&nbsp;&nbsp;Brooge Petroleum and Gas Investment Co. FZE (United Arab Emirates), 8.50%, 11/30/2025 (Acquired 09/10/2020-09/24/2025, cost $184,474)<sup>2</sup> | 203589 | $193140 |
| &nbsp;&nbsp;&nbsp;Cameron LNG LLC, 3.302%, 1/15/20353. | 285000 | 249979 |
| &nbsp;&nbsp;&nbsp;Cenovus Energy, Inc. (Canada), 6.75%, 11/15/2039 | 560000 | 618292 |
| &nbsp;&nbsp;&nbsp;Energy Transfer LP | &nbsp;&nbsp;&nbsp;Energy Transfer LP | &nbsp;&nbsp;&nbsp;Energy Transfer LP |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.375%, 2/1/2031<sup>3</sup> | 370000 | 385402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 2/1/2042 | 580000 | 609781 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan, Inc., 4.80%, 2/1/2033 | 315000 | 315066 |
| &nbsp;&nbsp;&nbsp;New Fortress Energy, Inc., 8.75%, 3/15/2029 (Acquired 03/05/2024- 03/06/2024, cost $230,731)<sup>2</sup> | 230000 | 22996 |
| **Total Energy** |  | 2394656 |
| **Financials - 2.1%** | **Financials - 2.1%** | **Financials - 2.1%** |
| &nbsp;&nbsp;&nbsp;**Banks - 1.3%** | &nbsp;&nbsp;&nbsp;**Banks - 1.3%** | &nbsp;&nbsp;&nbsp;**Banks - 1.3%** |
| &nbsp;&nbsp;&nbsp;Bank of America Corp., (U.S. Secured Overnight Financing Rate + 1.320%), 2.687%, 4/22/2032<sup>4</sup> | 660000 | 603200 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc., (U.S. Secured Overnight Financing Rate + 0.770%), 1.462%, 6/9/2027<sup>4</sup> | 600000 | 590001 |
| &nbsp;&nbsp;&nbsp;Citizens Bank NA, (U.S. Secured Overnight Financing Rate + 2.000%), 4.575%, 8/9/2028<sup>4</sup> | 500000 | 502757 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp, (U.S. Secured Overnight Financing Index + 2.192%), 6.361%, 10/27/2028<sup>4</sup> | 150000 | 155950 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc., 2.55%, 2/4/2030 | 440000 | 407622 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., (3 mo. U.S. Secured Overnight Financing Rate + 3.790%), 4.493%, 3/24/2031<sup>4</sup> | 990000 | 999496 |
| &nbsp;&nbsp;&nbsp;The PNC Financial Services Group, Inc., (U.S. Secured Overnight Financing Rate + 1.333%), 4.899%, 5/13/2031<sup>4</sup> | 600000 | 611940 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp., (U.S. Secured Overnight Financing Rate + 0.862%), 1.887%, 6/7/2029<sup>4</sup> | 640000 | 602792 |
| &nbsp;&nbsp;&nbsp;U.S. Bancorp, (U.S. Secured Overnight Financing Rate + 1.230%), 4.653%, 2/1/2029<sup>4</sup> | 580000 | 585761 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co., (U.S. Secured Overnight Financing Rate + 1.070%), 5.707%, 4/22/2028<sup>4</sup> | 570000 | 582401 |
|  |  | 5641920 |

---

The accompanying notes are an integral part of the financial statements.

**50** 

**Investment Portfolio - October 31, 2025**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;PRO-BLEND<sup>®</sup> MAXIMUM TERM SERIES | SHARES/<br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE<br> (NOTE 2) |
| **CORPORATE BONDS** (continued) | **CORPORATE BONDS** (continued) | **CORPORATE BONDS** (continued) |
| **Non-Convertible Corporate Bonds** (continued) | **Non-Convertible Corporate Bonds** (continued) | **Non-Convertible Corporate Bonds** (continued) |
| **Financials** (continued) | **Financials** (continued) | **Financials** (continued) |
| &nbsp;&nbsp;&nbsp;**Capital Markets - 0.3%** | &nbsp;&nbsp;&nbsp;**Capital Markets - 0.3%** | &nbsp;&nbsp;&nbsp;**Capital Markets - 0.3%** |
| &nbsp;&nbsp;&nbsp;The Depository Trust & Clearing Corp., (5 yr. U.S. Treasury Yield Curve Rate T Note Constant Maturity + 2.606%), 3.375%<sup>3,4,5</sup> | 250000 | $245602 |
| &nbsp;&nbsp;&nbsp;Icahn Enterprises LP - Icahn Enterprises Finance Corp., 10.00%, 11/15/2029<sup>3</sup> | 240000 | 240913 |
| &nbsp;&nbsp;&nbsp;Jefferies Financial Group, Inc., 6.20%, 4/14/2034 | 980000 | 1028405 |
|  |  | 1514920 |
| &nbsp;&nbsp;&nbsp;**Consumer Finance - 0.2%** | &nbsp;&nbsp;&nbsp;**Consumer Finance - 0.2%** | &nbsp;&nbsp;&nbsp;**Consumer Finance - 0.2%** |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp., (U.S. Secured Overnight Financing Rate + 2.860%), 6.377%, 6/8/2034<sup>4</sup> | 830000 | 898275 |
| &nbsp;&nbsp;&nbsp;**Financial Services - 0.0%##** | &nbsp;&nbsp;&nbsp;**Financial Services - 0.0%##** | &nbsp;&nbsp;&nbsp;**Financial Services - 0.0%##** |
| &nbsp;&nbsp;&nbsp;Golden Pear Funding HoldCo LLC, 10.00%, 3/2/2028 | 135000 | 143131 |
| &nbsp;&nbsp;&nbsp;**Insurance - 0.3%** | &nbsp;&nbsp;&nbsp;**Insurance - 0.3%** | &nbsp;&nbsp;&nbsp;**Insurance - 0.3%** |
| &nbsp;&nbsp;&nbsp;MassMutual Global Funding II, 4.85%, 1/17/2029<sup>3</sup> | 250000 | 254965 |
| &nbsp;&nbsp;&nbsp;Metropolitan Life Global Funding I, 4.85%, 1/8/2029<sup>3</sup> | 250000 | 255135 |
| &nbsp;&nbsp;&nbsp;New York Life Global Funding, 4.70%, 1/29/2029<sup>3</sup> | 190000 | 193307 |
| &nbsp;&nbsp;&nbsp;SiriusPoint Ltd. (Sweden), 7.00%, 4/5/2029 | 380000 | 400730 |
|  |  | 1104137 |
| **Total Financials** |  | 9302383 |
| **Health Care - 0.1%** | **Health Care - 0.1%** | **Health Care - 0.1%** |
| &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies - 0.1%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies - 0.1%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies - 0.1%** |
| &nbsp;&nbsp;&nbsp;180 Medical, Inc. (United Kingdom), 3.875%, 10/15/2029<sup>3</sup> | 430000 | 415612 |
| **Industrials - 0.2%** | **Industrials - 0.2%** | **Industrials - 0.2%** |
| &nbsp;&nbsp;&nbsp;**Ground Transportation - 0.0%##** | &nbsp;&nbsp;&nbsp;**Ground Transportation - 0.0%##** | &nbsp;&nbsp;&nbsp;**Ground Transportation - 0.0%##** |
| &nbsp;&nbsp;&nbsp;BNSF Funding Trust I, (3 mo. CME Term U.S. Secured Overnight Financing Rate + 2.350%), 6.613%, 12/15/2055<sup>4</sup> | 140000 | 140510 |
| &nbsp;&nbsp;&nbsp;**Passenger Airlines - 0.1%** | &nbsp;&nbsp;&nbsp;**Passenger Airlines - 0.1%** | &nbsp;&nbsp;&nbsp;**Passenger Airlines - 0.1%** |
| &nbsp;&nbsp;&nbsp;United Airlines Pass-Through Trust, | &nbsp;&nbsp;&nbsp;United Airlines Pass-Through Trust, | &nbsp;&nbsp;&nbsp;United Airlines Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-1, Class B, 4.60%, 3/1/2026 | 20802 | 20756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-2, Class B, 3.50%, 5/1/2028 | 162775 | 157490 |
|  |  | 178246 |
| &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors - 0.1%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors - 0.1%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors - 0.1%** |
| &nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC - AerCap Global Aviation Trust (Ireland), 3.00%, 10/29/2028 | 410000 | 395808 |
| **Total Industrials** |  | 714564 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES/<br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE <br> (NOTE 2) |
| **CORPORATE BONDS** (continued) | **CORPORATE BONDS** (continued) | **CORPORATE BONDS** (continued) |
| **Non-Convertible Corporate Bonds** (continued) | **Non-Convertible Corporate Bonds** (continued) | **Non-Convertible Corporate Bonds** (continued) |
| **Materials - 0.1%** | **Materials - 0.1%** | **Materials - 0.1%** |
| &nbsp;&nbsp;&nbsp;**Metals & Mining - 0.1%** | &nbsp;&nbsp;&nbsp;**Metals & Mining - 0.1%** | &nbsp;&nbsp;&nbsp;**Metals & Mining - 0.1%** |
| &nbsp;&nbsp;&nbsp;ACG Holdco 1 plc (United Kingdom), 14.75%, 1/13/2029 | 100000 | $109072 |
| &nbsp;&nbsp;&nbsp;Newcastle Coal Infrastructure Group Pty Ltd. (Australia), 4.40%, 9/29/2027<sup>3</sup> | 338436 | 336982 |
| &nbsp;&nbsp;&nbsp;Northwest Acquisitions ULC - Dominion Finco, Inc., 7.125%, 11/1/2022 (Acquired 10/10/2017-09/18/2020, cost $44,437)<sup>2,6</sup> | 220000 | 2 |
| **Total Materials** |  | 446056 |
| **Real Estate - 0.4%** | **Real Estate - 0.4%** | **Real Estate - 0.4%** |
| &nbsp;&nbsp;&nbsp;**Industrial REITs - 0.1%** | &nbsp;&nbsp;&nbsp;**Industrial REITs - 0.1%** | &nbsp;&nbsp;&nbsp;**Industrial REITs - 0.1%** |
| &nbsp;&nbsp;&nbsp;IIP Operating Partnership LP, 5.50%, 5/25/2026 | 230000 | 227504 |
| &nbsp;&nbsp;&nbsp;**Retail REITs - 0.1%** | &nbsp;&nbsp;&nbsp;**Retail REITs - 0.1%** | &nbsp;&nbsp;&nbsp;**Retail REITs - 0.1%** |
| &nbsp;&nbsp;&nbsp;Simon Property Group LP | &nbsp;&nbsp;&nbsp;Simon Property Group LP | &nbsp;&nbsp;&nbsp;Simon Property Group LP |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 1/15/2032 | 180000 | 158118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.65%, 2/1/2032 | 406000 | 364156 |
|  |  | 522274 |
| &nbsp;&nbsp;&nbsp;**Specialized REITs - 0.2%** | &nbsp;&nbsp;&nbsp;**Specialized REITs - 0.2%** | &nbsp;&nbsp;&nbsp;**Specialized REITs - 0.2%** |
| &nbsp;&nbsp;&nbsp;Pelorus Fund REIT LLC, 7.00%, 9/30/2026 (Acquired 07/08/2022, cost $208,250)<sup>2</sup> | 245000 | 244866 |
| &nbsp;&nbsp;&nbsp;Safehold GL Holdings LLC, 6.10%, 4/1/2034 | 417000 | 439454 |
| &nbsp;&nbsp;&nbsp;SBA Tower Trust, 6.599%, 1/15/2028<sup>3</sup> | 405000 | 414715 |
|  |  | 1099035 |
| **Total Real Estate** |  | 1848813 |
| **Utilities - 0.4%** | **Utilities - 0.4%** | **Utilities - 0.4%** |
| &nbsp;&nbsp;&nbsp;**Electric Utilities - 0.3%** | &nbsp;&nbsp;&nbsp;**Electric Utilities - 0.3%** | &nbsp;&nbsp;&nbsp;**Electric Utilities - 0.3%** |
| &nbsp;&nbsp;&nbsp;Alexander Funding Trust II, 7.467%, 7/31/2028<sup>3</sup> | 370000 | 394059 |
| &nbsp;&nbsp;&nbsp;Duke Energy Florida LLC, 6.40%, 6/15/2038 | 790000 | 890145 |
|  |  | 1284204 |
| &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers - 0.1%** | &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers - 0.1%** | &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers - 0.1%** |
| &nbsp;&nbsp;&nbsp;Palomino Funding Trust I, 7.233%, 5/17/2028<sup>3</sup> | 640000 | 677316 |
| **Total Utilities** |  | 1961520 |
| **TOTAL CORPORATE BONDS** |  |  |
| &nbsp;&nbsp;&nbsp;(Identified Cost $17,929,828) |  | **18157467** |
| **U.S. TREASURY SECURITIES - 5.5%** | **U.S. TREASURY SECURITIES - 5.5%** | **U.S. TREASURY SECURITIES - 5.5%** |
| **U.S. Treasury Bonds - 1.4%** | **U.S. Treasury Bonds - 1.4%** | **U.S. Treasury Bonds - 1.4%** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bond, 3.00%, 5/15/2047 | &nbsp;&nbsp;&nbsp;U.S. Treasury Bond, 3.00%, 5/15/2047 | &nbsp;&nbsp;&nbsp;U.S. Treasury Bond, 3.00%, 5/15/2047 |
| &nbsp;&nbsp;&nbsp;(Identified Cost $6,433,016) | 8395000 | 6461526 |

---

The accompanying notes are an integral part of the financial statements.

**51** 

**Investment Portfolio - October 31, 2025**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;PRO-BLEND<sup>®</sup> MAXIMUM TERM SERIES | SHARES/ <br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE <br> (NOTE 2) |
| **U.S. TREASURY SECURITIES** (continued) | **U.S. TREASURY SECURITIES** (continued) | **U.S. TREASURY SECURITIES** (continued) |
| **U.S. Treasury Notes - 4.1%** | **U.S. Treasury Notes - 4.1%** | **U.S. Treasury Notes - 4.1%** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note, 1.375%, 11/15/2031 | &nbsp;&nbsp;&nbsp;U.S. Treasury Note, 1.375%, 11/15/2031 | &nbsp;&nbsp;&nbsp;U.S. Treasury Note, 1.375%, 11/15/2031 |
| &nbsp;&nbsp;&nbsp;(Identified Cost $18,703,153) | 21492000 | $18686287 |
| **TOTAL U.S. TREASURY SECURITIES** |  |  |
| &nbsp;&nbsp;&nbsp;(Identified Cost $25,136,169) |  | **25147813** |
| **ASSET-BACKED SECURITIES - 0.0%##** | **ASSET-BACKED SECURITIES - 0.0%##** | **ASSET-BACKED SECURITIES - 0.0%##** |
| &nbsp;&nbsp;&nbsp;Commonbond Student Loan Trust, Series 2019-AGS, Class A1, 2.54%, 1/25/2047<sup>3</sup> | 3320 | 3070 |
| &nbsp;&nbsp;&nbsp;Nelnet Student Loan Trust, Series 2012- 3A, Class A, (U.S. Secured Overnight Financing Rate 30 Day Average + 0.814%), 4.997%, 3/26/2040<sup>3,7</sup> | 5192 | 5123 |
| &nbsp;&nbsp;&nbsp;Oxford Finance Credit Fund III LP, Series 2024-A, Class A2, 6.675%, 1/14/2032<sup>3</sup> | 50000 | 50524 |
| **TOTAL ASSET-BACKED SECURITIES** |  |  |
| &nbsp;&nbsp;&nbsp;(Identified Cost $58,535) |  | **58717** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.0%##** | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.0%##** | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.0%##** |
| &nbsp;&nbsp;&nbsp;CIM Trust, Series 2019-INV1, Class A1, 4.00%, 2/25/2049<sup>3,8</sup> | 186 | 178 |
| &nbsp;&nbsp;&nbsp;Credit Suisse Mortgage Capital Trust | &nbsp;&nbsp;&nbsp;Credit Suisse Mortgage Capital Trust | &nbsp;&nbsp;&nbsp;Credit Suisse Mortgage Capital Trust |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-IVR3, Class A1, 2.50%, 5/25/2043<sup>3,8</sup> | 1616 | 1456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-IVR3, Class A1, 3.50%, 7/25/2044<sup>3,8</sup> | 2067 | 1950 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 2017-54, Class AH, 2.60%, 12/16/2056 | 1533 | 1438 |
| &nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust | &nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust | &nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-2, Class 1A1, 3.00%, 6/25/2029<sup>3,8</sup> | 595 | 584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-2, Class A3, 3.50%, 5/25/2047<sup>3,8</sup> | 4318 | 3926 |
| &nbsp;&nbsp;&nbsp;New Residential Mortgage Loan Trust | &nbsp;&nbsp;&nbsp;New Residential Mortgage Loan Trust | &nbsp;&nbsp;&nbsp;New Residential Mortgage Loan Trust |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-3A, Class AFX3, 3.75%, 11/25/2054<sup>3,8</sup> | 1564 | 1505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-2A, Class A1, 3.75%, 8/25/2055<sup>3,8</sup> | 2061 | 2008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-4A, Class A1, 3.75%, 11/25/2056<sup>3,8</sup> | 2269 | 2184 |
| &nbsp;&nbsp;&nbsp;PMT Loan Trust, Series 2013-J1, Class A9, 3.50%, 9/25/2043<sup>3,8</sup> | 2730 | 2549 |
| &nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust | &nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust | &nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-2, Class A, 1.874%, 2/25/2043<sup>8</sup> | 920 | 803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-6, Class A2, 3.00%, 5/25/2043<sup>8</sup> | 2719 | 2474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-8, Class A1, 3.00%, 6/25/2043<sup>8</sup> | 1254 | 1143 |
| &nbsp;&nbsp;&nbsp;Starwood Retail Property Trust, Series 2014-STAR, Class A, (Prime Rate + 0.000%), 7.25%, 11/15/2027<sup>3,7</sup> | 13770 | 8123 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES/ <br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE <br> (NOTE 2) |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES** (continued) | **COMMERCIAL MORTGAGE-BACKED SECURITIES** (continued) | **COMMERCIAL MORTGAGE-BACKED SECURITIES** (continued) |
| &nbsp;&nbsp;&nbsp;Sutherland Commercial Mortgage Trust, Series 2019-SBC8, Class A, 2.86%, 4/25/2041<sup>3,8</sup> | 5565 | $5325 |
| &nbsp;&nbsp;&nbsp;Towd Point Mortgage Trust, Series 2019- HY1, Class A1, (1 mo. U.S. Secured Overnight Financing Rate + 1.114%), 5.106%, 10/25/2048<sup>3,7</sup> | 1653 | 1655 |
| **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** |  |  |
| &nbsp;&nbsp;&nbsp;(Identified Cost $45,176) |  | **37301** |
| **FOREIGN GOVERNMENT BONDS - 0.1%** | **FOREIGN GOVERNMENT BONDS - 0.1%** | **FOREIGN GOVERNMENT BONDS - 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eagle Funding Luxco S.A.R.L (Mexico), 5.50%, 8/17/2030 (Identified Cost $508,763)<sup>3</sup> | 510000 | **518055** |
| **U.S. GOVERNMENT AGENCIES - 0.0%##** | **U.S. GOVERNMENT AGENCIES - 0.0%##** | **U.S. GOVERNMENT AGENCIES - 0.0%##** |
| **Mortgage-Backed Securities - 0.0%##** | **Mortgage-Backed Securities - 0.0%##** | **Mortgage-Backed Securities - 0.0%##** |
| &nbsp;&nbsp;&nbsp;Fannie Mae | &nbsp;&nbsp;&nbsp;Fannie Mae | &nbsp;&nbsp;&nbsp;Fannie Mae |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA1834, UMBS, 4.50%, 2/1/2034 | 2393 | 2412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AD0207, UMBS, 6.00%, 10/1/2038 | 2610 | 2763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA0258, UMBS, 4.50%, 12/1/2039 | 1739 | 1743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AL8674, 5.624%, 1/1/2049 | 6136 | 6411 |
| &nbsp;&nbsp;&nbsp;Freddie Mac | &nbsp;&nbsp;&nbsp;Freddie Mac | &nbsp;&nbsp;&nbsp;Freddie Mac |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #C91762, 4.50%, 5/1/2034 | 1556 | 1571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #C91771, 4.50%, 6/1/2034 | 1543 | 1558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #C91780, 4.50%, 7/1/2034 | 1764 | 1780 |
| **TOTAL U.S. GOVERNMENT AGENCIES** |  |  |
| &nbsp;&nbsp;&nbsp;(Identified Cost $19,378) |  | 18238 |
| **SHORT-TERM INVESTMENT - 3.0%** | **SHORT-TERM INVESTMENT - 3.0%** | **SHORT-TERM INVESTMENT - 3.0%** |
| &nbsp;&nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 4.00%<sup>9</sup> |  |  |
| &nbsp;&nbsp;&nbsp;(Identified Cost $13,661,503) | 13661503 | **13661503** |
| **TOTAL INVESTMENTS - 100.0%** <br> (Identified Cost $370,058,972) |  | **454126447** |
| **LIABILITIES, LESS OTHER ASSETS - (0.0%)** |  | **(185905)** |
| **NET ASSETS - 100%** |  | $**453940542** |

---

The accompanying notes are an integral part of the financial statements.

**52** 

**Investment Portfolio - October 31, 2025**

ADR - American Depositary Receipt

REIT - Real Estate Investment Trust

UMBS - Uniform Mortgage-Backed Securities

<sup>\*</sup>Non-income producing security.

## Less than 0.1%.

<sup>1</sup>Amount is stated in USD unless otherwise noted.

<sup>2</sup>Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act") and determined to be illiquid under the Fund's Liquidity Risk Management Program. The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of such securities at October 31, 2025 was $461,004, or 0.1% of the Series' Net Assets.

<sup>3</sup>Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act") and determined to be liquid under the Fund's Liquidity Risk Management Program. The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2025 was $4,672,202, which represented 1.0% of the Series' Net Assets.

<sup>4</sup>Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of October 31, 2025.

<sup>5</sup>Security is perpetual in nature and has no stated maturity date.

<sup>6</sup>Issuer filed for bankruptcy and/or is in default of interest payments.

<sup>7</sup>Floating rate security. Rate shown is the rate in effect as of October 31, 2025.

<sup>8</sup>Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of October 31, 2025.

<sup>9</sup>Rate shown is the current yield as of October 31, 2025.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor's, a division of S&P Global Inc. (S&P), and is licensed for use by Manning & Napier when referencing GICS sectors. Neither MSCI, S&P, nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification, nor shall any such party have any liability therefrom.

The accompanying notes are an integral part of the financial statements.

**53** 

**Statement of Assets and Liabilities - Pro-Blend<sup>®</sup> Maximum Term Series**

October 31, 2025

---

| | |
|:---|:---|
| **ASSETS:** | **ASSETS:** |
| Investments in securities, at value (identified cost $370,058,972) (Note 2) | $454126447 |
| Foreign currency, at value (identified cost $236) | 230 |
| Interest receivable | 488574 |
| Dividends receivable | 395016 |
| Foreign tax reclaims receivable | 312507 |
| Receivable for fund shares sold | 120905 |
| Prepaid expenses | 7516 |
| TOTAL ASSETS | 455451195 |
| **LIABILITIES:** | **LIABILITIES:** |
| Due to custodian | 22 |
| Accrued management fees<sup>1</sup> | 248785 |
| Accrued distribution and service (Rule 12b-1) fees (Class S) (Class R) (Class L)<sup>1</sup> | 121284 |
| Accrued sub-transfer agent fees<sup>1</sup> | 115375 |
| Accrued fund accounting and administration fees<sup>1</sup> | 43093 |
| Directors' fees payable<sup>1</sup> | 5727 |
| Accrued Chief Compliance Officer service fees<sup>1</sup> | 3086 |
| Payable for fund shares repurchased | 816169 |
| Professional fees payable | 76872 |
| Other payables and accrued expenses | 80240 |
| TOTAL LIABILITIES | 1510653 |
| Commitments and contingent liabilities<sup>1</sup> | Commitments and contingent liabilities<sup>1</sup> |
| **TOTAL NET ASSETS** | $**453940542** |
| **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** |
| Capital stock | $166006 |
| Additional paid-in-capital | 326517195 |
| Total distributable earnings (loss) | 127257341 |
| **TOTAL NET ASSETS** | $**453940542** |

---

<sup>1</sup> See note 3 in Notes to the Financial Statements.

The accompanying notes are an integral part of the financial statements.

**54** 

**Statement of Assets and Liabilities - Pro-Blend<sup>®</sup> Maximum Term Series**

October 31, 2025

---

| | |
|:---|:---|
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class S** | |
| &nbsp;&nbsp;($233,886,367/8,561,650 shares) | $**27.32** |
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class I** |  |
| &nbsp;&nbsp;($109,508,148/3,980,700 shares) | $**27.51** |
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class R** |  |
| &nbsp;&nbsp;($48,976,173/1,789,524 shares) | $**27.37** |
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class L** |  |
| &nbsp;&nbsp;($59,488,974/2,194,138 shares) | $**27.11** |
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class W** |  |
| &nbsp;&nbsp;($2,080,880/74,637 shares) | $**27.88** |

---

The accompanying notes are an integral part of the financial statements.

**55**

**Statement of Operations - Pro-Blend<sup>®</sup> Maximum Term Series**

For the Year Ended October 31, 2025

**INVESTMENT INCOME:**

---

| | |
|:---|:---|
| Dividends (net of foreign taxes withheld, $242,423) | $4915986 |
| Interest | 2587112 |
| Total Investment Income | 7503098 |
| **EXPENSES:** |  |
| Management fees (Note 3) | 2774408 |
| Distribution and service (Rule 12b-1) fees (Class S) (Note 3) | 619489 |
| Distribution and service (Rule 12b-1) fees (Class L) (Note 3) | 574244 |
| Distribution and service (Rule 12b-1) fees (Class R) (Note 3) | 241336 |
| Sub-transfer agent fees (Note 3) | 336343 |
| Fund accounting and administration fees (Note 3) | 108952 |
| Directors' fees (Note 3) | 55421 |
| Chief Compliance Officer service fees (Note 3) | 9493 |
| Transfer agent fees | 412981 |
| Professional fees | 85688 |
| Custodian fees | 30241 |
| Miscellaneous | 152529 |
| Total Expenses | 5401125 |
| Less reduction of expenses (Note 3) | (79985) |
| Net Expenses | 5321140 |
| NET INVESTMENT INCOME | 2181958 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:** |  |
| Net realized gain (loss) on- |  |
| &nbsp;&nbsp;&nbsp;Investments (net of foreign capital gains tax of $3,605) | 46930206 |
| &nbsp;&nbsp;&nbsp;Foreign currency and translation of other assets and liabilities | (843) |
|  | 46929363 |
| Net change in unrealized appreciation (depreciation) on- |  |
| &nbsp;&nbsp;&nbsp;Investments | (3384262) |
| &nbsp;&nbsp;&nbsp;Foreign currency and translation of other assets and liabilities | 1371 |
|  | (3382891) |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY | 43546472 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $45728430 |

---

The accompanying notes are an integral part of the financial statements.

**56**

**Statements of Changes in Net Assets - Pro-Blend<sup>®</sup> Maximum Term Series**

---

| | | |
|:---|:---|:---|
|  | FOR THE | FOR THE |
|  | YEAR ENDED | YEAR ENDED |
|  | 10/31/25 | 10/31/24 |
| **INCREASE (DECREASE) IN NET ASSETS:** |  |  |
| **OPERATIONS:** |  |  |
| Net investment income | $2181958 | $3230998 |
| Net realized gain (loss) on investments and foreign currency | 46929363 | 26857571 |
| Net change in unrealized appreciation (depreciation) on investments and foreign currency | (3382891) | 75626297 |
| Net increase (decrease) from operations | 45728430 | 105714866 |
| **DISTRIBUTIONS TO SHAREHOLDERS (Note 10):** |  |  |
| Class S | (15442332) | (5152583) |
| Class I | (6450270) | (2148129) |
| Class R | (2871031) | (881885) |
| Class L | (3179404) | (889260) |
| Class W | (123820) | (41490) |
| Total distributions to shareholders | (28066857) | (9113347) |
| **CAPITAL STOCK ISSUED AND REPURCHASED:** |  |  |
| Net increase (decrease) from capital share transactions (Note 6) | (32985587) | (42596532) |
| Net increase (decrease) in net assets | (15324014) | 54004987 |
| **NET ASSETS:** |  |  |
| Beginning of year | 469264556 | 415259569 |
| **End of year** | $453940542 | $469264556 |

---

The accompanying notes are an integral part of the financial statements.

**57**

**Financial Highlights - Pro-Blend<sup>®</sup> Maximum Term Series - Class S**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | 10/31/25 | 10/31/24 | 10/31/23 | 10/31/22 | 10/31/21 |
| **Per share data (for a share outstanding throughout each year):** |  |  |  |  |  |
| **Net asset value - Beginning of year** | $26.26 | $21.20 | $22.09 | $29.84 | $22.70 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.14 | 0.18 | 0.16 | 0.08 | 0.02 |
| Net realized and unrealized gain (loss) on investments | 2.52 | 5.36 | 1.21 | (6.13) | 7.95 |
| Total from investment operations | 2.66 | 5.54 | 1.37 | (6.05) | 7.97 |
| Less distributions to shareholders: |  |  |  |  |  |
| From net investment income | (0.16) | (0.14) | (0.11) | (0.01) |  |
| From net realized gain on investments | (1.44) | (0.34) | (2.15) | (1.69) | (0.83) |
| Total distributions to shareholders | (1.60) | (0.48) | (2.26) | (1.70) | (0.83) |
| **Net asset value - End of year** | $**27.32** | $**26.26** | $**21.20** | $**22.09** | $**29.84** |
| **Net assets - End of year** (000's omitted) | $**233886** | $**256332** | $**235843** | $**249884** | $**331183** |
| Total return<sup>2</sup> | 10.45% | 26.38% | 6.24% | (21.39%) | 35.82% |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |
| Expenses\* | 1.10% | 1.10%<sup>3</sup> | 1.10% | 1.10% | 1.10% |
| Net investment income | 0.52% | 0.75% | 0.71% | 0.33% | 0.06% |
| Series portfolio turnover | 86% | 60% | 56% | 62% | 49% |

---

\*For certain years presented, the investment advisor did not impose all or a portion of its management and/or other fees, and in some years may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts:

0.01 % N/A 0.06 % 0.03 % 0.00 %<sup>4</sup>

<sup>1</sup>Calculated based on average shares outstanding during the years.

<sup>2</sup>Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been waived or reimbursed during certain years.

<sup>3</sup>Includes recoupment of past waived and/or reimbursed fees. Excluding this amount, the expense ratio (to average net assets) would have been 1.09%.

<sup>4</sup>Less than 0.01%.

The accompanying notes are an integral part of the financial statements.

**58**

**Financial Highlights - Pro-Blend<sup>®</sup> Maximum Term Series - Class I**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | 10/31/25 | 10/31/24 | 10/31/23 | 10/31/22 | 10/31/21 |
| **Per share data (for a share outstanding throughout each year):** |  |  |  |  |  |
| **Net asset value - Beginning of year.** | $26.41 | $21.30 | $22.19 | $33.24 | $26.55 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.20 | 0.25 | 0.21 | 0.14 | 0.09 |
| Net realized and unrealized gain (loss) on investments | 2.54 | 5.39 | 1.20 | (6.23) | 9.03 |
| Total from investment operations | 2.74 | 5.64 | 1.41 | (6.09) | 9.12 |
| Less distributions to shareholders: |  |  |  |  |  |
| From net investment income | (0.20) | (0.19) | (0.15) | (0.17) | (0.08) |
| From net realized gain on investments | (1.44) | (0.34) | (2.15) | (4.79) | (2.35) |
| Total distributions to shareholders | (1.64) | (0.53) | (2.30) | (4.96) | (2.43) |
| **Net asset value - End of year** | $**27.51** | $**26.41** | $**21.30** | $**22.19** | $**33.24** |
| **Net assets - End of year** (000's omitted) | $**109508** | $**105999** | $**86866** | $**86355** | $**120573** |
| Total return<sup>2</sup> | 10.68% | 26.78% | 6.42% | (21.17%) | 36.17% |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |
| Expenses\* | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
| Net investment income | 0.77% | 0.99% | 0.96% | 0.58% | 0.31% |
| Series portfolio turnover | 86% | 60% | 56% | 62% | 49% |

---

\*The investment advisor did not impose all or a portion of its management and/or other fees during the years, and may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts:

0.04 % 0.01 % 0.08 % 0.05 % 0.04 %

<sup>1</sup>Calculated based on average shares outstanding during the years.

<sup>2</sup>Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been waived or reimbursed during the years.

The accompanying notes are an integral part of the financial statements.

**59**

**Financial Highlights - Pro-Blend<sup>®</sup> Maximum Term Series - Class R**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | 10/31/25 | 10/31/24 | 10/31/23 | 10/31/22 | 10/31/21 |
| **Per share data (for a share outstanding throughout each year):** |  |  |  |  |  |
| **Net asset value - Beginning of year** | $26.33 | $21.27 | $22.17 | $31.61 | $24.71 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> | 0.08 | 0.13 | 0.10 | 0.04 | (0.04) |
| Net realized and unrealized gain (loss) on investments | 2.53 | 5.39 | 1.21 | (6.21) | 8.52 |
| Total from investment operations | 2.61 | 5.52 | 1.31 | (6.17) | 8.48 |
| Less distributions to shareholders: |  |  |  |  |  |
| From net investment income | (0.13) | (0.12) | (0.06) | (0.04) | (0.00)<sup>2</sup> |
| From net realized gain on investments | (1.44) | (0.34) | (2.15) | (3.23) | (1.58) |
| Total distributions to shareholders | (1.57) | (0.46) | (2.21) | (3.27) | (1.58) |
| **Net asset value - End of year.** | $**27.37** | $**26.33** | $**21.27** | $**22.17** | $**31.61** |
| **Net assets - End of year** (000's omitted) | $**48976** | $**48685** | $**41847** | $**42363** | $**54899** |
| Total return<sup>3</sup> | 10.19% | 26.18% | 5.96% | (21.59%) | 35.60% |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |
| Expenses | 1.31% | 1.30% | 1.33% | 1.32% | 1.29% |
| Net investment income (loss) | 0.31% | 0.54% | 0.48% | 0.12% | (0.12%) |
| Series portfolio turnover | 86% | 60% | 56% | 62% | 49% |

---

<sup>1</sup>Calculated based on average shares outstanding during the years.

<sup>2</sup>Less than $(0.01).

<sup>3</sup>Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions.

The accompanying notes are an integral part of the financial statements.

**60**

**Financial Highlights - Pro-Blend<sup>®</sup> Maximum Term Series - Class L**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | 10/31/25 | 10/31/24 | 10/31/23 | 10/31/22 | 10/31/21 |
| **Per share data (for a share outstanding throughout each year):** |  |  |  |  |  |
| **Net asset value - Beginning of year** | $26.15 | $21.19 | $22.13 | $32.87 | $26.30 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment loss<sup>1</sup> | (0.05) | 0.00<sup>2</sup> | (0.01) | (0.10) | (0.21) |
| Net realized and unrealized gain (loss) on investments | 2.51 | 5.35 | 1.22 | (6.23) | 8.95 |
| Total from investment operations | 2.46 | 5.35 | 1.21 | (6.33) | 8.74 |
| Less distributions to shareholders: |  |  |  |  |  |
| From net investment income | (0.05) | (0.05) |  |  |  |
| From net realized gain on investments | (1.44) | (0.34) | (2.15) | (4.41) | (2.17) |
| Total distributions to shareholders | (1.49) | (0.39) | (2.15) | (4.41) | (2.17) |
| **Net asset value - End of year** | $**27.11** | $**26.15** | $**21.19** | $**22.13** | $**32.87** |
| **Net assets - End of year** (000's omitted) | $**59489** | $**56335** | $**49439** | $**48415** | $**62765** |
| Total return<sup>3</sup> | 9.62% | 25.44% | 5.49% | (21.99%) | 34.77% |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |
| Expenses\* | 1.83% | 1.84%<sup>4</sup> | 1.85% | 1.84% | 1.82% |
| Net investment income (loss) | (0.21%) | 0.01% | (0.04%) | (0.41%) | (0.65%) |
| Series portfolio turnover | 86% | 60% | 56% | 62% | 49% |

---

\*For certain years presented, the investment advisor did not impose all or a portion of its management and/or other fees, and in some years may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts:

---

| | | | |
|:---|:---|:---|:---|
| N/A | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | % | N/A |

---

<sup>1</sup>Calculated based on average shares outstanding during the years.

<sup>2</sup>Less than $0.01.

<sup>3</sup>Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been waived or reimbursed during certain years.

<sup>4</sup>Includes recoupment of past waived and/or reimbursed fees. Excluding this amount, the expense ratio (to average net assets) would have been 1.82%.

The accompanying notes are an integral part of the financial statements.

**61**

**Financial Highlights - Pro-Blend<sup>®</sup> Maximum Term Series - Class W**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | 10/31/25 | 10/31/24 | 10/31/23 | 10/31/22 | 10/31/21 |
| **Per share data (for a share outstanding throughout each year):** |  |  |  |  |  |
| **Net asset value - Beginning of year** | $26.65 | $21.48 | $22.33 | $30.11 | $22.84 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.40 | 0.43 | 0.38 | 0.34 | 0.29 |
| Net realized and unrealized gain (loss) on investments | 2.57 | 5.43 | 1.22 | (6.19) | 8.01 |
| Total from investment operations | 2.97 | 5.86 | 1.60 | (5.85) | 8.30 |
| Less distributions to shareholders: |  |  |  |  |  |
| From net investment income | (0.30) | (0.35) | (0.30) | (0.24) | (0.20) |
| From net realized gain on investments | (1.44) | (0.34) | (2.15) | (1.69) | (0.83) |
| Total distributions to shareholders | (1.74) | (0.69) | (2.45) | (1.93) | (1.03) |
| **Net asset value - End of year** | $**27.88** | $**26.65** | $**21.48** | $**22.33** | $**30.11** |
| **Net assets - End of year** (000's omitted) | $**2081** | $**1914** | $**1264** | $**1273** | $**825** |
| Total return<sup>2</sup> | 11.51% | 27.66% | 7.30% | (20.58%) | 37.19% |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |
| Expenses\* | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
| Net investment income | 1.52% | 1.72% | 1.71% | 1.34% | 1.06% |
| Series portfolio turnover | 86% | 60% | 56% | 62% | 49% |

---

\*The investment advisor did not impose all or a portion of its management and/or other fees during the years, and may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts:

0.68 % 0.68 % 0.71 % 0.69 % 0.67 %

<sup>1</sup>Calculated based on average shares outstanding during the years.

<sup>2</sup>Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been waived or reimbursed during the years.

The accompanying notes are an integral part of the financial statements.

**62**

**Notes to Financial Statements**

1. Organization

Pro-Blend<sup>®</sup> Conservative Term Series, Pro-Blend<sup>®</sup> Moderate Term Series, Pro-Blend<sup>®</sup> Extended Term Series and Pro-Blend<sup>®</sup> Maximum Term Series (each the "Series") are no-load diversified series of Manning & Napier Fund, Inc. (the "Fund"). The Fund is organized in Maryland and is registered under the Investment Company Act of 1940 (the "1940 Act"), as amended, as an open-end management investment company.

The Series are asset allocation funds. Each invests in a combination of stocks, bonds and cash and is managed according to specific objectives. The objectives are as follows: Pro-Blend<sup>®</sup> Conservative Term Series - primary objective is preservation of capital; secondary objective is to provide income and long-term growth of capital. Pro-Blend<sup>®</sup> Moderate Term Series - equal emphasis on long-term growth of capital and preservation of capital. Pro-Blend<sup>®</sup> Extended Term Series - primary objective is long-term growth of capital; secondary objective is preservation of capital. Pro-Blend<sup>®</sup> Maximum Term Series - primary objective is long-term growth of capital.

Each Series is authorized to issue six classes of shares (Class S, I, R, L, W, and Z). Each class of shares is substantially the same, except that class-specific distribution and shareholder servicing expenses are borne by the specific class of shares to which they relate.

The Fund's Advisor is Manning & Napier Advisors, LLC (the "Advisor"). Shares of each Series are offered to investors and employees of the Advisor and its affiliates. The total authorized capital stock of the Fund consists of 15 billion shares of common stock each having a par value of $0.01. As of October 31, 2025, 6.8 billion shares have been designated in total among 15 series, of which 162.5 million have been designated as Pro-Blend<sup>®</sup> Conservative Term Series Class S common stock, 75 million have been designated as Pro-Blend<sup>®</sup> Conservative Term Series Class I common stock, 125 million each have been designated as Class S common stock and Class I common stock for Pro-Blend<sup>®</sup> Moderate Term Series, 125 million each have been designated as Class S common stock for Pro-Blend<sup>®</sup> Extended Term Series and Pro-Blend<sup>®</sup> Maximum Term Series, 200 million each have been designated as Class I common stock for Pro-Blend<sup>®</sup> Extended Term Series and Pro-Blend<sup>®</sup> Maximum Term Series, 52.5 million have been designated in each of the Series as Class R common stock, 25 million have been designated in each of the Series as Class L common stock, 100 million have been designated in each of the Series as Class W common stock and Class Z common stock. Class Z common stock is not currently offered for sale.

Class W shares represent fiduciary accounts where the Advisor has sole investment discretion.

2. Significant
Accounting Policies

The following is a summary of significant accounting policies followed by the Series. Each Series is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 - Investment Companies, which is part of accounting principles generally accepted in the United States of America ("GAAP").

**Security Valuation**

Portfolio securities, including domestic equities, foreign equities, warrants and options, listed on an exchange other than the NASDAQ Stock Market are valued at the latest quoted sales price of the exchange on which the security is primarily traded. Securities not traded on valuation date or securities not listed on an exchange are valued at the latest quoted bid price provided by the Fund's pricing service. Securities listed on the NASDAQ Stock Market are valued in accordance with the NASDAQ Official Closing Price.

Debt securities, including government bonds, foreign bonds, asset-backed securities, structured notes, supranational obligations, sovereign bonds, corporate bonds and mortgage-backed securities will normally be valued on the basis of evaluated bid prices provided directly by an independent pricing service (the "Service"). The pricing services use multiple valuation techniques to determine fair value. In instances where sufficient market activity exists, the pricing services may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services also utilize proprietary valuation models which may consider market characteristics such as benchmark yield curves, option-adjusted spreads, credit spreads, estimated defaulted rates, coupon rates, anticipated timing of

**63**

**Notes to Financial Statements (continued)**

2. Significant
Accounting Policies (continued)

**Security Valuation** (continued)

principal repayments, underlying collateral and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair value. Certain investments in securities held by the Series may be valued on a basis of a price provided directly by a principal market maker. These prices may differ from the value that would have been used had a broader market for securities existed.

Municipal securities will normally be valued on the basis of market valuations provided by an independent pricing service. The Service utilizes the latest price quotations and a matrix system (which considers such factors as security prices of similar securities, yields, maturities and ratings). The Service has been approved by the Fund's Board of Directors (the "Board").

Short-term investments that mature in sixty days or less may be valued at amortized cost, which approximates fair value. Investments in open-end investment companies are valued at their net asset value per share on valuation date.

Volume and level of activity in established markets for an asset or liability are evaluated to determine whether recent transactions and quoted prices are determinative of fair value. Where there have been significant decreases in volume and level of activity, further analysis and adjustment may be necessary to estimate fair value. In these instances, fair value is measured by the use of inputs and valuation techniques which may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry and/or expectation of future cash flows. As a result of trading in relatively thin markets and/or markets that experience significant volatility, the prices used to value these securities may differ from the value that would be realized if these securities were sold, and the differences could be material.

**Fair Value**

The Series' financial instruments are valued at the close of the NYSE and are reported at fair value, which GAAP defines as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Board has designated the Advisor as the Fund's valuation designee (Valuation Designee) to make all fair value determinations with respect to each Series' portfolio investments. Subject to oversight by the Board, the Valuation Designee performs the following functions in performing fair value determinations: assesses and manages valuation risks; establishes and applies fair value methodologies; tests fair value methodologies; and evaluates pricing vendors and pricing agents. The Advisor has adopted and implemented policies and procedures to be followed when making fair value determinations, and it has established a Valuation Committee through which the Advisor makes fair value determinations. The Valuation Designee provides periodic reporting to the Board on valuation matters. The Advisor's determination of a security's fair value price often involves the consideration of a number of subjective factors, and is therefore subject to the unavoidable risk that the value assigned to a security may be higher or lower than the security's value would be if a reliable market quotation for the security was readily available. If trading or events occurring after the close of the principal market in which securities are traded are expected to materially affect the value of those securities, then they may be valued at their fair value, taking this trading or these events into account. The Advisor may use a pricing service to obtain the value of the Fund's portfolio securities where the prices provided by such pricing service are believed to reflect the fair market value of such securities. The methods used by the pricing service and the valuations so established will be reviewed by the Advisor under the general supervision of the Fund's Board of Directors. Several pricing services are available, one or more of which may be used by the Advisor, as approved by the Board. A change in a pricing service or a material change in a pricing methodology for investments with no readily available market quotations will be reported to the Board by the Advisor in accordance with certain requirements.

GAAP establishes the following fair value hierarchy that categorizes the inputs used to measure fair value. Level 1 includes quoted prices (unadjusted) in active markets for identical financial instruments that the Series' can access at the reporting date. Level 2 includes other significant observable inputs (including, but not limited to, quoted prices for similar financial instruments in active markets, quoted prices for identical or similar financial instruments in inactive markets, interest rates and yield curves, implied volatilities, and credit spreads). Level 3 includes unobservable inputs (including the Valuation Designee's own assumptions in determining fair value). A financial instrument's level within the fair value hierarchy is based on the lowest level of any input both individually and in aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

**64**

**Notes to Financial Statements (continued)**

2. Significant
Accounting Policies (continued)

**Fair Value** (continued)

The following is a summary of the valuation levels used for major security types as of October 31, 2025 in valuing the Series' assets or liabilities carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | PRO-BLEND<sup>®</sup> CONSERVATIVE TERM SERIES | PRO-BLEND<sup>®</sup> CONSERVATIVE TERM SERIES | PRO-BLEND<sup>®</sup> CONSERVATIVE TERM SERIES | PRO-BLEND<sup>®</sup> CONSERVATIVE TERM SERIES |
| &nbsp;&nbsp;&nbsp;DESCRIPTION | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | $3952456 | $3952456 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 8510176 | 8510176 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 9441087 | 9441087 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | 10509992 | 10509992 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 7236129 | 7236129 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 16062771 | 16062771 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 5510399 | 5510399 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate | 1052986 | 1052986 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 555193 | 555193 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury and other U.S. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government agencies | 114468622 |  | 114468622 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;States and political subdivisions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(municipals) | 3375922 |  | 3375922 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate debt: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | 1460443 |  | 1460443 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 1514882 |  | 1514882 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 7256692 |  | 7256692 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 27256116 |  | 27256116 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | 1121187 |  | 1121187 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 2183548 |  | 2183548 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 1742617 |  | 1742617 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate | 6515095 |  | 6515095 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 6099710 |  | 6099710 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset-backed securities | 23530431 |  | 23530431 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial mortgage-backed securities | 23865382 |  | 23865382 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign government bonds | 2741487 |  | 2741487 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investment | 8134307 | 8134307 |  |  |
| &nbsp;&nbsp;&nbsp;Total assets | $294097630 | $70965496 | $223132134 | $— |
|  | PRO-BLEND<sup>®</sup> MODERATE TERM SERIES | PRO-BLEND<sup>®</sup> MODERATE TERM SERIES | PRO-BLEND<sup>®</sup> MODERATE TERM SERIES | PRO-BLEND<sup>®</sup> MODERATE TERM SERIES |
| &nbsp;&nbsp;&nbsp;DESCRIPTION | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | $8818873 | $8818873 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 18362564 | 18362564 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 18846630 | 18846630 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | 22224474 | 22224474 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 14939797 | 14939797 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 33849632 | 33849632 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 10956695 | 10956695 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate | 2319680 | 2319680 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 1303025 | 1303025 |  |  |

---

**65**

**Notes to Financial Statements (continued)**

2. Significant
Accounting Policies (continued)

**Fair Value** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | PRO-BLEND<sup>®</sup> MODERATE TERM SERIES | PRO-BLEND<sup>®</sup> MODERATE TERM SERIES | PRO-BLEND<sup>®</sup> MODERATE TERM SERIES | PRO-BLEND<sup>®</sup> MODERATE TERM SERIES |
| &nbsp;&nbsp;&nbsp;DESCRIPTION | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury and other U.S. Government agencies | $84848527 | $— | $84848527 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;States and political subdivisions (municipals) | 903865 |  | 903865 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate debt: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | 1113622 |  | 1113622 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 1018176 |  | 1018176 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 5174393 |  | 5174393 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 19860239 |  | 19860239 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | 773232 |  | 773232 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 1565737 |  | 1565737 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 1396003 |  | 1396003 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate | 4993637 |  | 4993637 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 4466085 |  | 4466085 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset-backed securities | 16998685 |  | 16998685 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial mortgage-backed securities | 16192486 |  | 16192486 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign government bonds | 2147760 |  | 2147760 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investment | 5413750 | 5413750 |  |  |
| &nbsp;&nbsp;&nbsp;Total assets | $298487567 | $137035120 | $161452447 | $— |
|  | PRO-BLEND<sup>®</sup> EXTENDED TERM SERIES | PRO-BLEND<sup>®</sup> EXTENDED TERM SERIES | PRO-BLEND<sup>®</sup> EXTENDED TERM SERIES | PRO-BLEND<sup>®</sup> EXTENDED TERM SERIES |
| &nbsp;&nbsp;&nbsp;DESCRIPTION | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | $16473201 | $16473201 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 35999701 | 35999701 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 38788064 | 38788064 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | 42231818 | 42231818 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 30646404 | 30646404 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 66498800 | 66498800 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 22844185 | 22844185 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate | 4189234 | 4189234 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 2308011 | 2308011 |  |  |
| &nbsp;&nbsp;&nbsp;Debt securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury and other U.S. Government agencies | 95488002 |  | 95488002 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;States and political subdivisions (municipals) | 217685 |  | 217685 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate debt: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | 1298593 |  | 1298593 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 1136141 |  | 1136141 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 5244304 |  | 5244304 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 20142978 |  | 20142978 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | 947210 |  | 947210 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 1688193 |  | 1688193 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 1203375 |  | 1203375 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate | 4785174 |  | 4785174 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 4246041 |  | 4246041 |  |

---

**66**

**Notes to Financial Statements (continued)**

2. Significant
Accounting Policies (continued)

**Fair Value** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | PRO-BLEND<sup>®</sup> EXTENDED TERM SERIES | PRO-BLEND<sup>®</sup> EXTENDED TERM SERIES | PRO-BLEND<sup>®</sup> EXTENDED TERM SERIES | PRO-BLEND<sup>®</sup> EXTENDED TERM SERIES |
| &nbsp;&nbsp;&nbsp;DESCRIPTION | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset-backed securities | $20303863 | $— | $20303863 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial mortgage-backed securities | 21420514 |  | 21420514 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign government bonds | 2738598 |  | 2738598 |  |
| &nbsp;&nbsp;&nbsp;Short-Term Investment | 8306235 | 8306235 |  |  |
| Total assets | $449146324 | $268285653 | $180860671 | $— |
|  | PRO-BLEND<sup>®</sup> MAXIMUM TERM SERIES | PRO-BLEND<sup>®</sup> MAXIMUM TERM SERIES | PRO-BLEND<sup>®</sup> MAXIMUM TERM SERIES | PRO-BLEND<sup>®</sup> MAXIMUM TERM SERIES |
| &nbsp;&nbsp;&nbsp;DESCRIPTION | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | $24945859 | $24945859 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 52613395 | 52613395 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 58283850 | 58283850 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | 67247201 | 67247201 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 47205159 | 47205159 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 102653931 | 102653931 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 33553521 | 33553521 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate | 6528272 | 6528272 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 3496165 | 3496165 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury and other U.S. Government agencies | 25166051 |  | 25166051 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate debt: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | 562591 |  | 562591 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 511272 |  | 511272 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 2394656 |  | 2394656 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 9302383 |  | 9302383 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | 415612 |  | 415612 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 714564 |  | 714564 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 446056 |  | 446056 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate | 1848813 |  | 1848813 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 1961520 |  | 1961520 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset-backed securities | 58717 |  | 58717 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial mortgage-backed securities | 37301 |  | 37301 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign government bonds | 518055 |  | 518055 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investment | 13661503 | 13661503 |  |  |
| &nbsp;&nbsp;&nbsp;Total assets | $454126447 | $410188856 | $43937591 | $— |

---

There were no Level 3 securities held by any of the Pro-Blend<sup>®</sup> Series as of October 31, 2024 or October 31, 2025.

**New Accounting Pronouncement**

In December 2023, the FASB issued Accounting Standards Update (ASU), ASU 2023-09, Income Taxes (Topic 740) – Improvements to Income Taxes Disclosures, which enhances the transparency of income tax disclosures. The ASU requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. The amendments under this ASU are required to be applied prospectively and are effective for fiscal years beginning after December 15, 2024. Management expects that adoption of the guidance will not have a material impact on the Series' financial statements.

**67**

**Notes to Financial Statements (continued)**

2. Significant
Accounting Policies (continued)

**Security Transactions, Investment Income and Expenses**

Security transactions are accounted for on trade date. Dividend income is recorded on the ex-dividend date, except that if the ex-dividend date has passed, certain dividends from foreign securities are recorded as soon as the Series is informed of the ex-dividend date. Non-cash dividends, if any, are recorded at the fair value of the securities received. Interest income, including amortization of premium and accretion of discounts using the effective interest method, is earned from settlement date and accrued daily.

Expenses are recorded on an accrual basis. Most expenses of the Fund can be attributed to a specific series. Expenses which cannot be directly attributed are apportioned among the series in the Fund in such a manner as deemed equitable by the Fund's Board, taking into consideration, among other things, the nature and type of expense.

Income, expenses (other than class specific expenses), and realized and unrealized gains and losses are prorated among the classes based on the relative net assets of each class. Class specific expenses are directly charged to that Class.

The Series use the identified cost method for determining realized gain or loss on investments for both financial statement and federal income tax reporting purposes.

**Foreign Currency Translation**

The books and records of the Series are maintained in U.S. dollars. Foreign currencies, investments and other assets and liabilities are translated into U.S. dollars at the current exchange rates. Purchases and sales of investment securities and income and expenses are translated on the respective dates of such transactions. The Series do not isolate realized and unrealized gains and losses attributable to changes in the exchange rates from gains and losses that arise from changes in the fair value of investments. Such fluctuations are included with net realized and unrealized gain or loss on investments. Net realized foreign currency gains and losses represent foreign currency gains and losses between trade date and settlement date on securities transactions, gains and losses on disposition of foreign currencies and the difference between the amount of income and foreign withholding taxes recorded on the books of the Series and the amounts actually received or paid.

**Asset-Backed Securities**

Each Series may invest in asset-backed securities. Asset-backed securities are generally issued as pass-through certificates or as debt instruments. Asset-backed securities issued as pass-through certificates represent undivided fractional ownership interests in an underlying pool of assets. Asset-backed securities issued as debt instruments, which are also known as collateralized obligations, are typically issued as the debt of a special purpose entity organized solely for the purpose of owning such assets and issuing such debt. Asset-backed securities are often backed by a pool of assets representing the obligations of a number of different parties. The yield characteristics of certain asset-backed securities may differ from traditional debt securities. One such major difference is that all or a principal part of the obligations may be prepaid at any time because the underlying assets (i.e. loans) may be prepaid at any time. As a result, a decrease in interest rates in the market may result in increases in the level of prepayments as borrowers, particularly mortgagors, refinance and repay their loans. An increased prepayment rate with respect to an asset-backed security will have the effect of shortening the maturity of the security. In addition, a Series may subsequently have to reinvest the proceeds at lower interest rates. If a Series has purchased such an asset-backed security at a premium, a faster than anticipated prepayment rate could result in a loss of principal to the extent of the premium paid.

**Mortgage-Backed Securities**

Each Series may invest in mortgage-backed securities ("MBS" or pass-through certificates) that represent an interest in a pool of specific underlying mortgage loans and entitle a Series to the periodic payments of principal and interest from those mortgages. MBS may be issued by government agencies or corporations, or private issuers. Most MBS issued by government agencies are guaranteed; however, the degree of protection differs based on the issuer. For MBS there are a number of important differences among the agencies and instrumentalities of the U.S. Government that issue mortgage-related securities and among the securities that they issue. For example, mortgage-related securities guaranteed by Ginnie Mae are guaranteed as to the timely payment of principal and interest by Ginnie Mae and such guarantee is backed by the full faith and credit of the United States. However, mortgage-related securities issued by Freddie Mac and Fannie Mae, including Freddie Mac and Fannie Mae guaranteed

**68**

**Notes to Financial Statements (continued)**

2. Significant
Accounting Policies (continued)

**Mortgage-Backed Securities** (continued)

mortgage pass-through certificates, which are solely the obligations of Freddie Mac and Fannie Mae, are not backed by or entitled to the full faith and credit of the United States, but are supported by the right of the issuer to borrow from the U.S. Treasury. Non-agency mortgage-backed securities are securities issued by non-governmental issuers and have no direct or indirect government guarantees of payment and are subject to various risks. Non-agency mortgage loans are obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or entity. The ability of a borrower to repay a loan is dependent upon the income or assets of the borrower. A number of factors, including a general economic downturn, acts of God, terrorism, social unrest and civil disturbances, may impair a borrower's ability to repay its loans.

**Inflation-Indexed Bonds**

Each Series may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. If the index measuring inflation rises or falls, the principal value of inflation-indexed bonds will be adjusted upward or downward, and consequently the interest payable on these securities (calculated with respect to a larger or smaller principal amount) will be increased or reduced, respectively. Any upward or downward adjustment in the principal amount of an inflation-indexed bond will be included as interest income in the Statements of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

**Securities Purchased on a When-Issued Basis or Forward Commitment**

Each Series may purchase securities on a when-issued basis or forward commitment. These transactions involve a commitment by the Series to purchase securities for a predetermined price with payment and delivery taking place beyond the customary settlement period. When such purchases are outstanding, the Series will designate liquid assets in an amount sufficient to meet the purchase price. When purchasing a security on a delayed delivery basis, the Series assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and take such fluctuations into account when determining their net asset value. The Series may sell the when-issued securities before they are delivered, which may result in a capital gain or loss.

In connection with their ability to purchase or sell securities on a forward commitment basis, the Series may enter into forward roll transactions principally using To Be Announced (TBA) securities. Forward roll transactions require the sale of securities for delivery in the current month, and a simultaneous agreement to repurchase substantially similar (same type, coupon and maturity) securities on a specified future date. Risks of entering into forward roll transactions include the potential inability of the counterparty to meet the terms of the agreement; the potential of the Series to receive inferior securities at redelivery as compared to the securities sold to the counterparty; counterparty credit risk; and the potential pay down speed variance between the mortgage-backed pools. During the roll period, the Series forgoes principal and interest paid on the securities. The Series accounts for such dollar rolls as purchases and sales. No such investments were held by the Series on October 31, 2025.

**Interest Only Securities**

The Series may invest in stripped mortgage-backed securities issued by the U.S. government, its agencies and instrumentalities. Stripped mortgage-backed securities are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. In certain cases, one class will receive all of the interest (the interest-only or "IO" class), while the other class will receive all of the principal (the principal-only or "PO" class). The yield to maturity on IOs is sensitive to the rate of principal repayments (including prepayments) on the related underlying mortgage assets, and principal payments may have a material effect on yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, a Series may not fully recoup its initial investment in IOs.

**Federal Taxes**

Each Series' policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies. The Series are not subject to federal income tax or excise tax to the extent that each Series distributes to shareholders each year its taxable income, including any net realized gains on investments, in accordance with requirements of the Internal Revenue Code. Accordingly, no provision for federal income tax or excise tax has been made in the financial statements.

**69**

**Notes to Financial Statements (continued)**

2. Significant
Accounting Policies (continued)

**Federal Taxes** (continued)

Management evaluates its tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is required only when the position is "more likely than not" to be sustained assuming examination by taxing authorities. At October 31, 2025, the Series have recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken in future tax returns.

The Series file income tax returns in the U.S. federal jurisdiction, various states and foreign jurisdictions, as required. No income tax returns are currently under investigation. The statute of limitations on the Series' tax returns remains open for the years ended October 31, 2022 through October 31, 2025. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

**Foreign Taxes**

Based on the Series' understanding of the tax rules and rates related to income, gains and currency purchase/repatriation transactions for foreign jurisdictions in which they invests, the Series will provide for foreign taxes, and where appropriate, deferred foreign tax.

**Distributions of Income and Gains**

Distributions to shareholders of net investment income are made semi-annually. Distributions of net realized gains are made annually. An additional distribution may be necessary to avoid taxation of a Series. Distributions are recorded on the ex-dividend date.

**Indemnifications**

The Fund's organizational documents provide former and current directors and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

**Other**

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

3. Transactions
with Affiliates and Other Agreements

The Fund has an Investment Advisory Agreement (the "Agreement") with the Advisor, for which each Series pays a fee, computed daily and payable monthly, at an annual rate of 0.40% for Pro-Blend<sup>®</sup> Conservative Term Series and 0.60% for Pro- Blend<sup>®</sup> Moderate Term Series, Pro-Blend<sup>®</sup> Extended Term Series and Pro-Blend<sup>®</sup> Maximum Term Series, of the Series' average daily net assets for investment advisory services.

Under the Agreement, personnel of the Advisor are responsible for management of the Series' portfolio, the execution of securities transactions, and generally administer the affairs of the Fund. The Advisor also provides the Fund with necessary office space and fund administration and support services. The salaries of all officers of the Fund (except a percentage of the Fund's Chief Compliance Officer's salary, which is paid by the Fund), and of all Directors who are "affiliated persons" of the Fund, or of the Advisor, and all personnel of the Fund, or of the Advisor, performing services relating to research, statistical and investment activities, are paid by the Advisor. Each "non-affiliated" Director receives an annual stipend, which is allocated among all the active series of the Fund. In addition, these Directors also receive a fee per Board meeting attended plus a fee for each committee meeting attended and are reimbursed for travel and other out-of-pocket expenses incurred by them in connection with attending

**70**

**Notes to Financial Statements (continued)**

3. Transactions
with Affiliates and Other Agreements (continued)

such meetings. The Fund also has an Audit Committee Chair, Governance & Nominating Committee Chair and Lead Independent Director who each receive an additional annual stipend for these roles.

The Fund may enter into agreements with financial intermediaries pursuant to which the Fund may pay financial intermediaries for non-distribution related sub-transfer agency, administrative, sub-accounting, and other shareholder services in an amount not to exceed 0.15% of the average daily net assets of the Class S, Class I, Class R and Class L shares. Payments made pursuant to such agreements are generally based on the current assets and/or number of accounts of the Series attributable to the financial intermediary. Any payments made pursuant to such agreements may be in addition to, rather than in lieu of, any Distribution and Shareholder Services Fee payable under the Rule 12b-1 plan of the Fund.

The Advisor has contractually agreed to waive the management fee for the Class W shares. The full management fee will be waived under this agreement because Class W shares are only available to discretionary investment accounts and other accounts managed by the Advisor. These clients pay a management fee to the Advisor that is separate from the Series' expenses. In addition, pursuant to a separate expense limitation agreement, the Advisor has contractually agreed to limit its fees and reimburse expenses to the extent necessary so that the total direct annual fund operating expenses, exclusive of the shareholder services fee and/or distribution and service (12b-1) fees and waived Class W management fees (collectively, "excluded expenses"), at no more than the amounts presented in the following table, of average daily net assets each year.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;SERIES/CLASS | EXPENSE LIMIT |
| &nbsp;&nbsp;&nbsp;Pro-Blend<sup>®</sup> Conservative Term Series Class S, I, R and L | 0.65% |
| &nbsp;&nbsp;&nbsp;Pro-Blend<sup>®</sup> Conservative Term Series Class Z | 0.50% |
| &nbsp;&nbsp;&nbsp;Pro-Blend<sup>®</sup> Conservative Term Series Class W | 0.10% |
| &nbsp;&nbsp;&nbsp;Pro-Blend<sup>®</sup> Moderate Term Series Class S, I, R and L | 0.85% |
| &nbsp;&nbsp;&nbsp;Pro-Blend<sup>®</sup> Moderate Term Series Class Z | 0.70% |
| &nbsp;&nbsp;&nbsp;Pro-Blend<sup>®</sup> Moderate Term Series Class W | 0.10% |
| &nbsp;&nbsp;&nbsp;Pro-Blend<sup>®</sup> Extended Term Series Class S, I, R and L | 0.85% |
| &nbsp;&nbsp;&nbsp;Pro-Blend<sup>®</sup> Extended Term Series Class Z | 0.70% |
| &nbsp;&nbsp;&nbsp;Pro-Blend<sup>®</sup> Extended Term Series Class W | 0.10% |
| &nbsp;&nbsp;&nbsp;Pro-Blend<sup>®</sup> Maximum Term Series Class S, I, R and L | 0.85% |
| &nbsp;&nbsp;&nbsp;Pro-Blend<sup>®</sup> Maximum Term Series Class Z | 0.70% |
| &nbsp;&nbsp;&nbsp;Pro-Blend<sup>®</sup> Maximum Term Series Class W | 0.10% |

---

The contractual waivers are expected to continue indefinitely, and may not be amended or terminated by the Advisor without the approval of the Series' Board of Directors. The Advisor's agreement to limit each Class's operating expenses is limited to direct operating expenses and, therefore, does not apply to acquired fund fees and expenses, which are indirect expenses incurred by the Series through its investments in other investment companies. The Advisor may receive from a Class the difference between the Class's total direct annual fund operating expenses, not including excluded expenses, and the Class's contractual expense limit to recoup all or a portion of its prior fee waivers (other than Class W management fee waivers) or expense reimbursements made during the rolling three-year period preceding the recoupment if at any point the total direct annual fund operating expenses, not including excluded expenses, are below the contractual expense limit (a) at the time of the fee waiver and/or expense reimbursement and (b) at the time of the recoupment.

Pursuant to the advisory fee waiver, the Advisor waived the following management fees for Class W shares for the year ended October 31, 2025. In addition, pursuant to the separate expense limitation agreement, the Advisor waived or reimbursed the

**71**

**Notes to Financial Statements (continued)**

3. Transactions
with Affiliates and Other Agreements (continued)

following expenses for Class S, Class I, Class R, Class L and Class W shares for the year ended October 31, 2025. These amounts are included as a reduction of expenses on the Statement of Operations:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;SERIES/CLASS | CLASS W <br> MANAGEMENT <br> FEE WAIVER | WAIVED <br> OPERATING <br> EXPENSES |
| &nbsp;&nbsp;Pro-Blend<sup>®</sup> Conservative Term Series | $7477 | $3566 |
| &nbsp;&nbsp;Pro-Blend<sup>®</sup> Moderate Term Series | 526 | 21420 |
| &nbsp;&nbsp;Pro-Blend<sup>®</sup> Extended Term Series | 810 | 62 |
| &nbsp;&nbsp;Pro-Blend<sup>®</sup> Maximum Term Series | 11908 | 68077 |

---

For the year ended October 31, 2025, the Advisor recouped the following waivers and/or reimbursements previously recorded by the Series:

---

| | |
|:---|:---|
| &nbsp;&nbsp;SERIES/CLASS | RECOUPED <br>AMOUNT |
| &nbsp;&nbsp;Pro-Blend<sup>®</sup> Conservative Term Series | &nbsp;&nbsp;Pro-Blend<sup>®</sup> Conservative Term Series |
| &nbsp;&nbsp;Class S | $642 |

---

For the year ended October 31, 2025, the Advisor did not recoup any expenses from Pro-Blend<sup>®</sup> Moderate Term Series, Pro-Blend<sup>®</sup> Extended Term Series and Pro-Blend<sup>®</sup> Maximum Term Series that have been previously waived or reimbursed.

As of October 31, 2025, the class specific waivers or reimbursements subject to possible future recoupment under the expense limitation agreement are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;SERIES/CLASS | EXPIRING OCTOBER 31, | EXPIRING OCTOBER 31, |  |  |
|  | 2026 | 2027 | 2028 | TOTAL |
| &nbsp;&nbsp;Pro-Blend<sup>®</sup> Conservative Term Series | &nbsp;&nbsp;Pro-Blend<sup>®</sup> Conservative Term Series | &nbsp;&nbsp;Pro-Blend<sup>®</sup> Conservative Term Series | &nbsp;&nbsp;Pro-Blend<sup>®</sup> Conservative Term Series | &nbsp;&nbsp;Pro-Blend<sup>®</sup> Conservative Term Series |
| &nbsp;&nbsp;Class S | $25014 | $— | $— | $25014 |
| &nbsp;&nbsp;Class I | 5397 |  | 2489 | 7886 |
| &nbsp;&nbsp;Class W | 1125 | 1039 | 1077 | 3241 |
| &nbsp;&nbsp;Pro-Blend<sup>®</sup> Moderate Term Series | &nbsp;&nbsp;Pro-Blend<sup>®</sup> Moderate Term Series | &nbsp;&nbsp;Pro-Blend<sup>®</sup> Moderate Term Series | &nbsp;&nbsp;Pro-Blend<sup>®</sup> Moderate Term Series | &nbsp;&nbsp;Pro-Blend<sup>®</sup> Moderate Term Series |
| &nbsp;&nbsp;Class I | $42920 | $5150 | $21356 | $69426 |
| &nbsp;&nbsp;Class W | 75 | 41 | 64 | 180 |
| &nbsp;&nbsp;Pro-Blend® Extended Term Series | &nbsp;&nbsp;Pro-Blend® Extended Term Series | &nbsp;&nbsp;Pro-Blend® Extended Term Series | &nbsp;&nbsp;Pro-Blend® Extended Term Series | &nbsp;&nbsp;Pro-Blend® Extended Term Series |
| &nbsp;&nbsp;Class W | $69 | $56 | $62 | $187 |
| &nbsp;&nbsp;Pro-Blend® Maximum Term Series | &nbsp;&nbsp;Pro-Blend® Maximum Term Series | &nbsp;&nbsp;Pro-Blend® Maximum Term Series | &nbsp;&nbsp;Pro-Blend® Maximum Term Series | &nbsp;&nbsp;Pro-Blend® Maximum Term Series |
| &nbsp;&nbsp;Class S | $148049 | $— | $19677 | $167726 |
| &nbsp;&nbsp;Class I | 72922 | 11697 | 46714 | 131333 |
| &nbsp;&nbsp;Class W | 1504 | 1290 | 1686 | 4480 |

---

Manning & Napier Investor Services, Inc., a registered broker-dealer affiliate of the Advisor, acts as distributor for the Fund's shares. Each Series compensates the distributor for distributing and servicing the Series' Class L, Class R and Class S shares pursuant to a distribution plan adopted under Rule 12b-1 of the 1940 Act, regardless of expenses actually incurred. Under the agreement, each Series pays distribution and service fees to the distributor at an annual rate of 0.25% of average daily net assets attributable to Class S shares, 1.00% of average daily net assets attributable to Class L shares and an annual rate of 0.50% of daily net assets attributable to Class R shares. There are no distribution and service fees on the Class I, Class W, and Class Z shares of each Series. The fees are accrued daily and paid monthly.

Pursuant to a master services agreement, the Fund pays the Advisor an annual fee related to fund accounting and administration of 0.0085% on the first $25 billion of average daily net assets; 0.0075% on the next $15 billion of average daily net assets; and

**72**

**Notes to Financial Statements (continued)**

3. Transactions
with Affiliates and Other Agreements (continued)

0.0065% of average daily net assets in excess of $40 billion; plus a base fee of $18,400 per series. Additionally, certain transaction and out-of-pocket expenses, including charges for reporting relating to the Fund's compliance program, are charged. The Advisor has agreements with BNY Mellon Investment Servicing (U.S.) Inc. ("BNY") under which BNY serves as sub-accountant services agent.

Pro-Blend Conservative Term Series was reimbursed $915 by the Advisor, related to an operational error that occurred during the year ended October 31, 2025.

4. Segment
Reporting

In this reporting period, the Series adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the Series' financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Fund's Chief Legal Officer, President and Principal Executive Officer, Vice President, and Principal Financial Officer act as the Series' CODM. The Series represents a single operating segment, as the CODM monitors the operating results of the Series as a whole and the Series' long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Series' portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented in the Series' financial statements.

5. Purchases
and Sales of Securities

For the year ended October 31, 2025, purchases and sales of securities, including paydowns and other than short-term securities, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| SERIES | PURCHASES |  | SALES |  |
|  | OTHER ISSUERS | GOVERNMENT | OTHER ISSUERS | GOVERNMENT |
| Pro-Blend<sup>®</sup> Conservative Term Series | $75379962 | $70726988 | $101907302 | $93990451 |
| Pro-Blend<sup>®</sup> Moderate Term Series | 123069750 | 88833697 | 148764076 | 100332497 |
| Pro-Blend<sup>®</sup> Extended Term Series | 261489282 | 141064694 | 361294144 | 169692186 |
| Pro-Blend<sup>®</sup> Maximum Term Series | 288615414 | 99919691 | 337972653 | 111876178 |

---

6. Capital
Stock Transactions

Transactions in Class S, Class I, Class R, Class L, and Class W shares were:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;PRO-BLEND<sup>®</sup> CONSERVATIVE TERM SERIES |  |  |  |  |
| &nbsp;&nbsp;CLASS S | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | 10/31/25 | 10/31/25 | 10/31/24 | 10/31/24 |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;Sold | 537737 | $7082828 | 1085915 | $14026150 |
| &nbsp;&nbsp;Reinvested | 441067 | 5755922 | 418678 | 5266973 |
| &nbsp;&nbsp;Repurchased | (3180439) | (42112934) | (3455937) | (44428095) |
| &nbsp;&nbsp;Total | (2201635) | $(29274184) | (1951344) | $(25134972) |

---

**73**

**Notes to Financial Statements (continued)**

6. Capital
Stock Transactions (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;PRO-BLEND<sup>®</sup> CONSERVATIVE TERM SERIES |  |  |  |  |
| &nbsp;&nbsp;CLASS I | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | 10/31/25 | 10/31/25 | 10/31/24 | 10/31/24 |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;Sold | 894261 | $11843483 | 1278203 | $16427161 |
| &nbsp;&nbsp;Reinvested | 191058 | 2491399 | 162888 | 2047507 |
| &nbsp;&nbsp;Repurchased | (1949602) | (26177280) | (1517111) | (19590959) |
| &nbsp;&nbsp;Total | (864283) | $(11842398) | (76020) | $(1116291) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;PRO-BLEND<sup>®</sup> CONSERVATIVE TERM SERIES |  |  |  |  |
| &nbsp;&nbsp;CLASS R | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | 10/31/25 | 10/31/25 | 10/31/24 | 10/31/24 |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;Sold | 93236 | $1238820 | 39433 | $502584 |
| &nbsp;&nbsp;Reinvested | 32690 | 427911 | 31640 | 398985 |
| &nbsp;&nbsp;Repurchased | (250727) | (3296248) | (215968) | (2776565) |
| &nbsp;&nbsp;Total | (124801) | $(1629517) | (144895) | $(1874996) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;PRO-BLEND<sup>®</sup> CONSERVATIVE TERM SERIES |  |  |  |  |
| &nbsp;&nbsp;CLASS L | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | 10/31/25 | 10/31/25 | 10/31/24 | 10/31/24 |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;Sold | 490383 | $6595007 | 215637 | $2806795 |
| &nbsp;&nbsp;Reinvested | 111569 | 1468244 | 121376 | 1537831 |
| &nbsp;&nbsp;Repurchased | (884271) | (11743785) | (1090211) | (14110711) |
| &nbsp;&nbsp;Total | (282319) | $(3680534) | (753198) | $(9766085) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;PRO-BLEND<sup>®</sup> CONSERVATIVE TERM SERIES |  |  |  |  |
| &nbsp;&nbsp;CLASS W | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | 10/31/25 | 10/31/25 | 10/31/24 | 10/31/24 |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;Sold |  | $— |  | $— |
| &nbsp;&nbsp;Reinvested | 5533 | 72152 | 4308 | 54109 |
| &nbsp;&nbsp;Repurchased | (4534) | (60428) | (468) | (5926) |
| &nbsp;&nbsp;Total | 999 | $11724 | 3840 | $48183 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;PRO-BLEND<sup>®</sup> MODERATE TERM SERIES CLASS S | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | 10/31/25 | 10/31/25 | 10/31/24 | 10/31/24 |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;Sold | 1015825 | $14690047 | 617936 | $8712917 |
| &nbsp;&nbsp;Reinvested | 416327 | 5974288 | 203282 | 2760570 |
| &nbsp;&nbsp;Repurchased | (2372719) | (34353550) | (2194956) | (30653712) |
| &nbsp;&nbsp;Total | (940567) | $(13689215) | (1373738) | $(19180225) |

---

**74**

**Notes to Financial Statements (continued)**

6. Capital
Stock Transactions (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;PRO-BLEND<sup>®</sup> MODERATE TERM SERIES CLASS I | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | 10/31/25 | 10/31/25 | 10/31/24 | 10/31/24 |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;Sold | 568178 | $8351642 | 788465 | $11191450 |
| &nbsp;&nbsp;Reinvested | 271764 | 3913398 | 129689 | 1767662 |
| &nbsp;&nbsp;Repurchased | (1640858) | (23935945) | (1553547) | (21848354) |
| &nbsp;&nbsp;Total | (800916) | $(11670905) | (635393) | $(8889242) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;PRO-BLEND® MODERATE TERM SERIES CLASS R | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | 10/31/25 | 10/31/25 | 10/31/24 | 10/31/24 |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;Sold | 150255 | $2188402 | 134939 | $1894729 |
| &nbsp;&nbsp;Reinvested | 60511 | 874382 | 28385 | 388020 |
| &nbsp;&nbsp;Repurchased | (298451) | (4327278) | (293266) | (4157594) |
| &nbsp;&nbsp;Total | (87685) | $(1264494) | (129942) | $(1874845) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;PRO-BLEND<sup>®</sup> MODERATE TERM SERIES CLASS L | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | 10/31/25 | 10/31/25 | 10/31/24 | 10/31/24 |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;Sold | 136792 | $1995145 | 235596 | $3342454 |
| &nbsp;&nbsp;Reinvested | 184861 | 2682342 | 86903 | 1192306 |
| &nbsp;&nbsp;Repurchased | (995789) | (14540805) | (1080925) | (15297759) |
| &nbsp;&nbsp;Total | (674136) | $(9863318) | (758426) | $(10762999) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;PRO-BLEND<sup>®</sup> MODERATE TERM SERIES CLASS W | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | 10/31/25 | 10/31/25 | 10/31/24 | 10/31/24 |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;Sold |  | $— | 8941 | $130033 |
| &nbsp;&nbsp;Reinvested | 388 | 5597 | 184 | 2497 |
| &nbsp;&nbsp;Repurchased | (8007) | (119497) | (9008) | (125954) |
| &nbsp;&nbsp;Total | (7619) | $(113900) | 117 | $6576 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;PRO-BLEND<sup>®</sup> EXTENDED TERM SERIES CLASS S | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | 10/31/25 | 10/31/25 | 10/31/24 | 10/31/24 |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;Sold | 600908 | $11870859 | 689704 | $13091427 |
| &nbsp;&nbsp;Reinvested | 549210 | 10863372 | 262376 | 4814590 |
| &nbsp;&nbsp;Repurchased | (3052751) | (60760405) | (2687328) | (51504389) |
| &nbsp;&nbsp;Total | (1902633) | $(38026174) | (1735248) | $(33598372) |

---

**75**

**Notes to Financial Statements (continued)**

6. Capital
Stock Transactions (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;PRO-BLEND<sup>®</sup> EXTENDED TERM SERIES CLASS I | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | 10/31/25 | 10/31/25 | 10/31/24 | 10/31/24 |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;Sold | 774836 | $15371155 | 559178 | $10725443 |
| &nbsp;&nbsp;Reinvested | 293458 | 5813394 | 138498 | 2545600 |
| &nbsp;&nbsp;Repurchased | (4325074) | (89330789) | (1274477) | (24236184) |
| &nbsp;&nbsp;Total | (3256780) | $(68146240) | (576801) | $(10965141) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;PRO-BLEND<sup>®</sup> EXTENDED TERM SERIES CLASS R | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | 10/31/25 | 10/31/25 | 10/31/24 | 10/31/24 |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;Sold | 83357 | $1654353 | 118036 | $2279066 |
| &nbsp;&nbsp;Reinvested | 88153 | 1752476 | 38043 | 701507 |
| &nbsp;&nbsp;Repurchased | (393027) | (7838030) | (272946) | (5212005) |
| &nbsp;&nbsp;Total | (221517) | $(4431201) | (116867) | $(2231432) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;PRO-BLEND<sup>®</sup> EXTENDED TERM SERIES CLASS L | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | 10/31/25 | 10/31/25 | 10/31/24 | 10/31/24 |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;Sold | 242123 | $4814246 | 234521 | $4463815 |
| &nbsp;&nbsp;Reinvested | 145214 | 2894116 | 64267 | 1187660 |
| &nbsp;&nbsp;Repurchased | (1019886) | (20458593) | (785203) | (15084124) |
| &nbsp;&nbsp;Total | (632549) | $(12750231) | (486415) | $(9432649) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;PRO-BLEND<sup>®</sup> EXTENDED TERM SERIES CLASS W | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | 10/31/25 | 10/31/25 | 10/31/24 | 10/31/24 |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;Sold | 140 | $2788 |  | $— |
| &nbsp;&nbsp;Reinvested | 323 | 6428 | 155 | 2857 |
| &nbsp;&nbsp;Repurchased | (184) | (3663) | (623) | (11692) |
| &nbsp;&nbsp;Total | 279 | $5553 | (468) | $(8835) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;PRO-BLEND<sup>®</sup> MAXIMUM TERM SERIES CLASS S | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | 10/31/25 | 10/31/25 | 10/31/24 | 10/31/24 |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;Sold | 716280 | $18290883 | 577819 | $14153211 |
| &nbsp;&nbsp;Reinvested | 588637 | 15298669 | 218542 | 5109519 |
| &nbsp;&nbsp;Repurchased | (2503070) | (64879617) | (2161502) | (52957719) |
| &nbsp;&nbsp;Total | (1198153) | $(31290065) | (1365141) | $(33694989) |

---

**76**

**Notes to Financial Statements (continued)**

6. Capital
Stock Transactions (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;PRO-BLEND<sup>®</sup> MAXIMUM TERM SERIES CLASS I | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | 10/31/25 | 10/31/25 | 10/31/24 | 10/31/24 |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;Sold | 710548 | $18496892 | 938551 | $23064714 |
| &nbsp;&nbsp;Reinvested | 244692 | 6391357 | 90512 | 2130761 |
| &nbsp;&nbsp;Repurchased | (988626) | (26024605) | (1092401) | (27037454) |
| &nbsp;&nbsp;Total | (33386) | $(1136356) | (63338) | $(1841979) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;PRO-BLEND<sup>®</sup> MAXIMUM TERM SERIES CLASS R | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | 10/31/25 | 10/31/25 | 10/31/24 | 10/31/24 |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;Sold | 88210 | $2285173 | 114701 | $2835036 |
| &nbsp;&nbsp;Reinvested | 110030 | 2870688 | 37553 | 881370 |
| &nbsp;&nbsp;Repurchased | (257814) | (6704745) | (270203) | (6644257) |
| &nbsp;&nbsp;Total | (59574) | $(1548884) | (117949) | $(2927851) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;PRO-BLEND<sup>®</sup> MAXIMUM TERM SERIES CLASS L | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | 10/31/25 | 10/31/25 | 10/31/24 | 10/31/24 |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;Sold | 260736 | $6633098 | 139373 | $3438549 |
| &nbsp;&nbsp;Reinvested | 122395 | 3178610 | 37826 | 886262 |
| &nbsp;&nbsp;Repurchased | (343057) | (8895882) | (356761) | (8776857) |
| &nbsp;&nbsp;Total | 40074 | $915826 | (179562) | $(4452046) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;PRO-BLEND<sup>®</sup> MAXIMUM TERM SERIES CLASS W | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | 10/31/25 | 10/31/25 | 10/31/24 | 10/31/24 |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;Sold |  | $— | 13117 | $324235 |
| &nbsp;&nbsp;Reinvested | 4710 | 123820 | 1740 | 41490 |
| &nbsp;&nbsp;Repurchased | (1892) | (49928) | (1883) | (45392) |
| &nbsp;&nbsp;Total | 2818 | $73892 | 12974 | $320333 |

---

At October 31, 2025, the Advisor and its affiliates owned less than 0.2% of Pro-Blend<sup>®</sup> Moderate Term Series and Pro-Blend<sup>®</sup> Maximum Term Series, less than 0.1% of Pro-Blend<sup>®</sup> Extended Term Series, and none of the Pro-Blend<sup>®</sup> Conservative Term Series.

7. Line
of Credit

The Fund has entered into a 364-day, $75 million credit agreement (the "line of credit") with Bank of New York Mellon. Each series of the Fund may borrow under the line of credit for temporary or emergency purposes, including funding shareholder redemptions and other short-term liquidity purposes. The Fund pays an annual fee on the unused commitment amount, payable quarterly, and is allocated among all the series of the Fund and included in miscellaneous expenses in the Statement of Operations for each series. The line of credit expires in September 2026 unless extended or renewed. During the year ended October 31, 2025, none of the Series borrowed under the line of credit.

**77**

**Notes to Financial Statements (continued)**

8. Financial
Instruments and Loan Assignments

The Series may trade in instruments including written and purchased options, forward foreign currency exchange contracts and futures contracts and other derivatives in the normal course of investing activities to assist in managing exposure to various market risks. The Series may be subject to various elements of risk which may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. These risks include: the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to over the counter derivative counterparties' failure to perform under contract terms; liquidity risk related to the lack of a liquid market for these contracts allowing the fund to close out its position(s); and documentation risk relating to disagreement over contract terms. No such investments were held by the Series on October 31, 2025.

The Series may invest in a loan assignment of all or a portion of the loans. A Series has direct rights against the borrower on a loan when it purchases an assignment; however, the Series' rights may be more limited than the lender from which it acquired the assignment and the Series may be able to enforce its rights only through an administrative agent. Loan assignments are vulnerable to market conditions and may become illiquid due to economic conditions or other events may reduce the demand for loan assignments and certain loan assignments which were liquid when purchased may become illiquid. At October 31, 2025, none of the Series held any loan assignments.

9. Foreign
Securities

Investing in securities of foreign companies and foreign governments involves special risks and considerations not typically associated with investing in securities of domestic companies and the U.S. Government. These risks include revaluation of currencies and future adverse political and economic developments. Moreover, securities of foreign companies and foreign governments and their markets may be less liquid and their prices more volatile than those of comparable domestic companies and the U.S. Government.

10. Federal
Income Tax Information

The amount and characterization of certain income and capital gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments in the timing of the recognition on net investment income or gains and losses, including foreign currency gains and losses, losses deferred due to wash sales, utilization of tax equalization, investments in passive foreign investment companies (PFICs), foreign currency, real estate investment trusts, callable bonds and preferred securities. Each Series may periodically make reclassifications among its capital accounts to reflect income and gains available for distribution (or available capital loss carryovers) under income tax regulations, without impacting the Series' net asset value. For the year ended October 31, 2025, amounts were reclassified within the capital accounts to increase Additional Paid in Capital and decrease Total Distributable Earnings (Loss) by $1,551,000, $7,232,000, and $4,322,000 for Pro-Blend<sup>®</sup> Moderate Term Series, Pro-Blend<sup>®</sup> Extended Term Series and Pro-Blend<sup>®</sup> Maximum Term Series, respectively. Any such reclassifications are not reflected in the financial highlights. Any such reclassifications are not reflected in the financial highlights.

The tax character of distributions paid were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | PRO-BLEND<sup>®</sup> | | PRO-BLEND<sup>®</sup> | |
|  | CONSERVATIVE TERM SERIES | CONSERVATIVE TERM SERIES | MODERATE TERM SERIES | MODERATE TERM SERIES |
|  | FOR THE YEAR | FOR THE YEAR | FOR THE YEAR | FOR THE YEAR |
|  | ENDED 10/31/2025 | ENDED 10/31/2024 | ENDED 10/31/2025 | ENDED 10/31/2024 |
| Ordinary income | $10262746 | $9348507 | $6892201 | $6171366 |
| Long-term capital gains |  |  | 6667632 |  |

---

**78**

**Notes to Financial Statements (continued)**

10. Federal
Income Tax Information (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | PRO-BLEND<sup>®</sup> | PRO-BLEND<sup>®</sup> | PRO-BLEND<sup>®</sup> | PRO-BLEND<sup>®</sup> |
|  | EXTENDED TERM SERIES | EXTENDED TERM SERIES | MAXIMUM TERM SERIES | MAXIMUM TERM SERIES |
|  | FOR THE YEAR | FOR THE YEAR | FOR THE YEAR | FOR THE YEAR |
|  | ENDED 10/31/2025 | ENDED 10/31/2024 | ENDED 10/31/2025 | ENDED 10/31/2024 |
| Ordinary income | $10047246 | $9356712 | $3406849 | $2624538 |
| Long-term capital gains | 11476404 |  | 24660008 | 6488809 |

---

At October 31, 2025, the identified cost of investments for federal income tax purposes, the resulting gross unrealized appreciation and depreciation, and the net unrealized appreciation were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | PRO-BLEND<sup>®</sup> | PRO-BLEND<sup>®</sup> | PRO-BLEND<sup>®</sup> | PRO-BLEND<sup>®</sup> |
|  | CONSERVATIVE | MODERATE | EXTENDED | MAXIMUM TERM |
|  | TERM SERIES | TERM SERIES | TERM SERIES | SERIES |
| Cost for federal income tax purposes | $286258873 | $278490190 | $412212551 | $370152615 |
| Unrealized appreciation | 14291676 | 26001230 | 46008634 | 89809032 |
| Unrealized depreciation | (6452918) | (6003853) | (9074861) | (5835200) |
| Net unrealized appreciation | $7838758 | $19997377 | $36933773 | $83973832 |
| Undistributed ordinary income | $7340045 | $4543752 | $5848880 | $1666492 |
| Undistributed long-term capital gains | $— | $10286776 | $32934907 | $41624969 |
| Capital loss carryforwards | $(529406) | $— | $— | $— |

---

At October 31, 2025, Pro-Blend<sup>®</sup> Conservative Term Series, had net short-term capital loss carryforwards of $213,616, and had long-term capital loss carryforwards of $315,790, available, to the extent allowed by the Internal Revenue Code, to offset future net capital gain, if any, which may be carried forward indefinitely.

For the year ended October 31, 2025, the capital loss carryover utilized by Pro-Blend<sup>®</sup> Conservative Term Series was $6,069,029.

11. Market Event

Significant disruptions and volatility in the global financial markets and economies, like the current conditions caused by the Russian invasion of Ukraine, the conflict between Hamas and Israel in the Middle East and the COVID-19 pandemic, could negatively impact the investment performance of the Series. The global market and economic climate may become increasingly uncertain due to numerous factors beyond our control, including but not limited to, impacts on business operations in the U.S. related to the COVID-19 pandemic, such as supply chain disruptions and inflation, concerns related to unpredictable global market and economic factors, uncertainty in U.S. federal fiscal, tax, trade or regulatory policy and the fiscal, tax, trade or regulatory policy of foreign governments, rising interest rates, inflation or deflation, the availability of credit, performance of financial markets, armed conflicts, terrorism, natural or biological catastrophes, public health emergencies, or political uncertainty.

**79**

**Report of Independent Registered Public Accounting Firm**

To the Board of Directors of Manning & Napier Fund, Inc. and Shareholders of Pro-Blend Conservative Term Series, Pro-Blend Moderate Term Series, Pro-Blend Extended Term Series and Pro-Blend Maximum Term Series

**Opinions on the Financial Statements**

We have audited the accompanying statements of assets and liabilities, including the investment portfolios, of Pro-Blend Conservative Term Series, Pro-Blend Moderate Term Series, Pro-Blend Extended Term Series and Pro-Blend Maximum Term Series (four of the funds constituting Manning & Napier Fund, Inc., hereafter collectively referred to as the "Funds") as of October 31, 2025, the related statements of operations for the year ended October 31, 2025, the statements of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2025 and each of the financial highlights for each of the five years in the period ended October 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinions**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinions.

![](manning7ancsr002.jpg)

**New York, New York**

**December 18, 2025**

We have served as the auditor of one or more investment companies in Manning & Napier Mutual Funds since 1992.

**80**

**Supplemental Tax Information**

(unaudited)

All reportings are based on financial information available as of the date of this annual report and, accordingly, are subject to change.

For federal income tax purposes, each of the Series reports for the current fiscal year the amount disclosed below or, if different, the maximum amount allowable under the tax law as qualified dividend income ("QDI").

---

| | |
|:---|:---|
| &nbsp;&nbsp;Series | QDI |
| &nbsp;&nbsp;Pro-Blend<sup>®</sup> Conservative Term Series | $744163 |
| &nbsp;&nbsp;Pro-Blend<sup>®</sup> Moderate Term Series | 1618982 |
| &nbsp;&nbsp;Pro-Blend<sup>®</sup> Extended Term Series | 3592681 |
| &nbsp;&nbsp;Pro-Blend<sup>®</sup> Maximum Term Series | 3406849 |

---

For corporate shareholders, the percentage of investment income (dividend income plus short-term gain, if any) that qualifies for the dividends received deduction ("DRD") for the current fiscal year is as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;Series | DRD% |
| &nbsp;&nbsp;Pro-Blend<sup>®</sup> Conservative Term Series | 4.11% |
| &nbsp;&nbsp;Pro-Blend<sup>®</sup> Moderate Term Series | 12.67% |
| &nbsp;&nbsp;Pro-Blend<sup>®</sup> Extended Term Series | 19.40% |
| &nbsp;&nbsp;Pro-Blend<sup>®</sup> Maximum Term Series | 78.39% |

---

The Series designate Long-Term Capital Gain dividends pursuant to Section 852(b)(3) of the Code for the fiscal year ended October 31, 2025 as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;Series |  |
| &nbsp;&nbsp;Pro-Blend<sup>®</sup> Conservative Term Series | $— |
| &nbsp;&nbsp;Pro-Blend<sup>®</sup> Moderate Term Series | 11932170 |
| &nbsp;&nbsp;Pro-Blend<sup>®</sup> Extended Term Series | 41030081 |
| &nbsp;&nbsp;Pro-Blend<sup>®</sup> Maximum Term Series | 48071644 |

---

**81**

**Renewal of Investment Advisory Agreement (unaudited)**

At the Manning & Napier Fund, Inc. (the "Fund") Board of Directors' (the "Board") meeting, held on May 20, 2025, the Investment Advisory Agreement between the Fund and Manning & Napier Advisors, LLC (the "Advisor"), and on behalf of the Rainier International Discovery Series (the "Rainier Series"), the Investment Advisory Agreement between the Advisor and the Fund and the Sub-Advisory Agreement between the Advisor and Rainier Investment Management, LLC ("Rainier"), and on behalf of the Callodine Equity Income Series (the "Callodine Series"), the Investment Advisory Agreement between the Advisor and the Fund and the Sub-Advisory Agreement between the Advisor and Callodine Capital Management, LP ("Callodine") (such agreements collectively, the "Agreements"), were considered for renewal by the Board, including all of the Directors who are not "interested persons" ("Independent Directors"), within the meaning of the Investment Company Act of 1940, as amended (the "1940 Act"). In connection with the decision whether to renew the Agreements, a variety of material was provided to the Board in advance of the meeting for their review and consideration. The Board also held a working session on May 7, 2025 to review and discuss information provided to the Board, and for the Board to request additional information.

Representatives of the Advisor attended a portion of the working session and attended the Board meeting. The Advisor provided supplemental information requested by the Board and presented additional oral information to the Board to assist the Board in its considerations. In addition to the information furnished by the Advisor, the Board was provided with a legal memorandum discussing its fiduciary duties related to its approval of the continuation of the Agreements. Independent legal counsel for the Independent Directors discussed with the Board the applicable legal considerations. In addition, the Board received in-person presentations about the Fund throughout the year.

The Independent Directors were advised by independent legal counsel with respect to these matters. The Independent Directors also met separately in an executive session with their legal counsel without any representatives of the Advisor present.

The Directors' determinations at the meeting were made on the basis of each Director's business judgment after consideration of all the information presented. In deciding to recommend the renewal of the Agreements with respect to each Series of the Fund, the Independent Directors did not identify any single or particular piece of information that, in isolation, was the controlling factor. Each Independent Director may also have weighed factors differently. This summary describes the most important, but not all, of the factors considered by the Board and the Independent Directors.

***Nature, Extent and Quality of Services Provided by the Advisor, Rainier and Callodine***

The Board considered the nature, extent and quality of the services provided by the Advisor, Rainier, and Callodine under the Agreements including, among others: deciding what securities to purchase and sell for each Series; arranging for the purchase and sale of such securities by placing orders with broker-dealers; administering the affairs of the Fund (including the books and records of the Fund not maintained by third party service providers such as the custodian or transfer agent); arranging for the insurance coverage for the Fund; and supervising the preparation of tax returns, SEC filings (including registration statements) and reports to shareholders for the Fund. The Board considered the numerous services performed by the Advisor and its affiliates beyond those stated in the Agreements. The Board also considered the Advisor, Rainier and Callodine's personnel who perform services to the Fund, changes in senior or key personnel, industry trends impacting the mutual fund industry, the strength of the Advisor's compliance infrastructure, policies and procedures relating to compliance with securities regulations, reputation, expertise and resources. The Directors also reviewed the Advisor, Rainier and Callodine's investment and risk management approaches for the Series. The most recent investment adviser registration forms (Form ADV) for the Advisor, Rainier, and Callodine were available to the Board. The Directors also considered other services to be provided to the Series by the Advisor specifically, such as monitoring Rainier and Callodine's adherence to the applicable Series' investment restrictions and monitoring compliance with various Fund policies and procedures and with applicable securities laws and regulations. Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that the nature, extent and quality of the services provided to each Series by the Advisor, Rainier and Callodine supported the renewal of the Agreements.

***Investment Performance of the Advisor, Rainier and Callodine***

In connection with their consideration of investment performance, the Board was provided with reports – both proprietary to the Advisor or the Fund and generated by independent providers of investment company data – regarding the performance of each Series over various time periods and comparisons against applicable benchmark indexes as well as peer groups of mutual funds. As part of these meetings, the Advisor, Rainier and Callodine and their representatives provided information regarding and, as applicable, led discussions of factors impacting the Advisor, Rainier, and Callodine's performance for the Series, outlining market conditions over

**82**

**Renewal of Investment Advisory Agreement (unaudited)**

various time periods and explaining their expectations and strategies for the future. The Directors determined that it was appropriate to take into account its consideration of the Advisor, Rainier and Callodine's performance at the May 7th working session and during prior quarterly board meetings. The Board also considered the Advisor, Rainier and Callodine's investment teams, including changes to the investment teams during the past year, investment team compensation structure and the investment process.

The Directors noted the outperformance of certain Series for various periods as compared to each Series' benchmark and/or peer group. The Directors also expressed concerns about the investment performance of certain Series for various periods, including the Rainier Series and certain other series managed by the Advisor. The Directors emphasized longer-term performance but remained attentive to shorter periods as well. In response to a request from the Independent Directors relating to Series where the Advisor's or Rainier's performance was materially below the performance of a Series' benchmarks and/or peer group, representatives of the Advisor provided a further explanation to the Board regarding the reasons for the underperformance of these Series and discussed the steps taken or expected to be taken by the Advisor in an effort to improve performance. The Directors acknowledged the Advisor's agreement to continue its efforts to improve relative performance for certain Series and asked the Advisor to update the Board on these efforts at future meetings, and further noted the consistent adherence of those Series to their investment mandates as disclosed to shareholders. After discussion, the Directors agreed to continue to remain focused in future meetings on overseeing the Advisor's and Rainier's efforts to address underperformance, emphasizing longer-term performance, while staying attentive to short-term performance. The Directors also considered the outperformance of the Callodine Series as compared to the benchmark index and peer group. After discussion, the Directors concluded, based on the information received and the Advisor's and Rainier's efforts to address the underperformance of certain Series, within the context of its full deliberations, that the consistent strategy and investment results that the Advisor, Rainier and Callodine had been able to achieve for each Series support renewal of the Agreements.

***Costs of Advisory Services, Profitability and Economies of Scale***

The Board considered the fees and expenses of the various Series of the Fund. The Advisor presented the advisory fees and total expenses for each Series, including the advisory fee adjusted for any contractual expense waivers or reimbursements paid by the Advisor.

The Board considered whether the Advisor had achieved economies of scale with respect to its services to the Fund. The Board acknowledged the expense caps incorporated in the Fund's current fee structure, which requires the Advisor to subsidize the expenses of the Series operating above their expense cap, noting that as of December 31, 2024, 11 of 14 Series of the Fund were receiving expense reimbursements from the Advisor. The Directors noted the Advisor's investments in, among other areas, investment and research personnel, IT resources and technology upgrades, noting their expected benefits to the Fund. The Board concluded that the Fund would need to grow in assets before the Advisor would be able to achieve meaningful economies of scale.

The Board considered differential advisory fee waivers related to a Series' Class W shares, which are utilized within the Advisor's separately managed accounts. The Board took into account the Advisor's annual process to determine that a Series' Class W shares do not provide a means for cross-subsidization in contravention of Rule 18f-3 under the 1940 Act, which included an analysis of the advisory fees paid by the separately managed accounts to the Advisor outside of the Series as compared to the advisory fees paid by the Series' other classes to the Advisor. The Board also considered the Advisor's ongoing monitoring performed throughout the year to prevent ineligible investors from purchasing the Series' Class W shares. The Board further took into account that, after completing its annual review, the Advisor concluded that each Series' Class W shares do not provide a means for cross-subsidization in contravention of Rule 18f-3 under the 1940 Act and the Advisor has implemented reasonable measures to monitor the waivers in the Series' Class W Shares to guard against cross-subsidization in the Series. Based on the results of the Advisor's annual review of the differential advisory fee waivers related to the Series' Class W shares and the Advisor's conclusions thereto, the Board made the determination, based on the information and analysis presented to the Board at the meeting, that the Series' Class W shares do not provide a means for cross-subsidization in contravention of Rule 18f-3 under the 1940 Act.

The Advisor provided the Board with information comparing each Series' contractual management fees with the Advisor's standard advisory fees for separate accounts and collective investment trusts. The Board considered that the range of services provided to the Series is more extensive than for the Advisor's other clients due to additional infrastructure, administrative and regulatory requirements related to operating a mutual fund.

The current advisory fees, 12b-1 Distribution and Service Fees, other expenses (e.g. a combination of Shareholder Services Fees, intermediary sub-TA fees, routine operating expenses and Acquired Fund Fees and Expenses for fund-of-fund Series) and total

**83**

**Renewal of Investment Advisory Agreement (unaudited)**

expense ratios of each Series and share class were compared and ranked (on both a mean and median basis) against respective peer universes. Respective peer universes included funds of a similar size and with similar investment objectives and expense characteristics as disclosed on the Morningstar database. Representatives of the Advisor discussed with the Board the comparisons and rankings of fees, total expenses and net expense ratios for each class of each Series of the Fund and the methodology behind the comparison. At the request of the Board, the Advisor also provided asset weighted percentile rankings by Series that had been calculated using share class data and AUM as of December 31, 2024, as compared to peers. The Board considered that 9 of 14 Series were below median (with the other 5 above median) compared to peers on an asset weighted basis, with 4 of the Series in the lowest quartile or decile. The Board was also provided with information related to the sub-advisory fees for the Rainier Series and the Callodine Series and applicable comparisons. The Board will continue to monitor the fees and expenses of the Series compared to peer groups. Based on their review of the information provided, the Board concluded that the current fees and expenses of each Series of the Fund were reasonable on a comparative basis.

The Board considered the costs of the Advisor's services and the profits of the Advisor as they relate to the Advisor's services to the Fund, Rainier's services and profits with respect to services provided to the Rainier Series, and Callodine's services and profits with respect to services provided to the Callodine Series, under the Agreements. The Board was provided with information on the Advisor's financial condition and profitability by mutual fund agreement and by Series. The Board discussed the Advisor's revenues generated from the Fund and its expenses associated with providing the services under the Agreements. The Advisor presented the Board with information on firm-wide investment management profitability to provide a comparison of the Advisor's profitability from its Fund activities relative to its profitability from its other investment management business. In addition, the Board reviewed the Advisor's expense allocation methodology used to calculate profitability since many of the Advisor's resources and expenses are shared across the Advisor's various investment management vehicles. The Board noted the Advisor's explanation of the consistent approach taken in calculating profitability, compared to prior periods, including the allocation of expenses as part of that calculation. The Board considered the Advisor's expenses associated with Fund activities outside of the Agreement (such as expense reimbursements pursuant to expense caps and non-distribution related sub-transfer agency, administrative, sub-accounting, and other shareholder services payments above the Board approved fund limits, made by the Advisor, to third party platforms on which shares of the Fund are available for purchase). After discussing the above costs and profits, the Board concluded that the Advisor, Rainier's and Callodine's profit margins relating to their services provided under the applicable Agreements were reasonable. The Board also concluded that the Rainier Series and the Callodine Series would need to grow in assets before Rainier and Callodine, respectively, would be able to achieve meaningful economies of scale. The Board also considered the Advisor's willingness to continue its current expense limitation and fee waiver arrangements with the Series.

The Board also considered the other benefits the Advisor, Rainier and Callodine derive from their relationship with the Fund. Such other benefits include participation in a joint insurance program, sharing of personnel, sharing of compensation expenses for certain shared personnel, relationships with large service providers, the utilization of Series within the Advisor's separately managed accounts and certain research services provided by soft dollars. The Board concluded that these additional benefits to the Advisor, Rainier and Callodine were reasonable.

***Conclusion***

Based on the Board's deliberations and its evaluation of the information described above, the Board, including all of the Independent Directors, concluded that the compensation under the Agreements was fair and reasonable with respect to each Series in light of the services and expenses and such other matters as the Directors considered to be relevant in the exercise of their reasonable judgment, and that the renewal of the Agreements would be in the best interests of each Series and its shareholders. The Board did not indicate that any single factor was determinative of its decision to approve the Agreements, but indicated that the Board based its determination on the total mix of information available to it.

**84**

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**85**

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**86**

**Literature Requests**

(unaudited)

Proxy Voting Policies and Procedures

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, without charge, upon request:

By phone 1-800-466-3863

On the Securities and Exchange

Commission's (SEC) web site http://www.sec.gov

Proxy Voting Record

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30th is available, without charge, upon request:

By phone 1-800-466-3863

On the SEC's web site http://www.sec.gov

On Manning & Napier's web site www.manning-napier.com

Quarterly Portfolio Holdings

The Series' complete schedule of portfolio holdings for the 1st and 3rd quarters of each fiscal year are provided on Form N-PORT, and are available, without charge, upon request:

By phone 1-800-466-3863

On the SEC's web site http://www.sec.gov

Prospectus and Statement of Additional Information (SAI)

*For more information about any of the Manning & Napier Fund, Inc. Series, you may obtain a prospectus and SAI at www.manning-napier.com or by calling 1-(800) 466-3863. Before investing, carefully consider the objectives, risks, charges and expenses of the investment and read the prospectus carefully as it contains this and other information about the investment company. In addition, this information can be found on the SEC's web site, http://www.sec.gov.*

Additional information available at www.manning-napier.com

&nbsp;&nbsp;&nbsp;&nbsp;1. Fund
 Holdings - Month-End

&nbsp;&nbsp;&nbsp;&nbsp;2. Fund
 Holdings - Quarter-End

&nbsp;&nbsp;&nbsp;&nbsp;3. Shareholder
 Report - Annual

&nbsp;&nbsp;&nbsp;&nbsp;4. Shareholder
 Report - Semi-Annual

&nbsp;&nbsp;&nbsp;&nbsp;5. Financial
 Statement and Other Information - Annual

&nbsp;&nbsp;&nbsp;&nbsp;6. Financial
 Statement and Other Information - Semi-Annual

The Fund also offers electronic notification or "e-delivery" when certain documents are available on-line to be downloaded or reviewed. Direct shareholders can elect to receive electronic notification when shareholder reports, prospectus updates, and/or statements are available. If you do not currently have on-line access to your account, you can establish access by going to www.manning-napier.com, click on "Login" in the top corner of the page, and follow the prompts to self-enroll. Once enrolled, you can set your electronic notification preferences by clicking on the Account Options tab located within the green toolbar and then select E-Delivery Option. Should you have any questions on either how to establish on-line access or how to update your account settings, please contact Investor Services at 1-800-466-3863.

**The Manning & Napier Fund, Inc. is managed by Manning & Napier Advisors, LLC. Manning & Napier Investor Services, Inc., an affiliate of Manning & Napier Advisors, LLC, is the distributor of the Fund shares.**

MNPRO-10/25-AR

**87**

![](manning7ancsr001.jpg)

**www.manning-napier.com**

**Manning & Napier Fund, Inc.**

Disciplined Value Series

Disciplined Value Series

**Investment Portfolio - October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | VALUE<br>(NOTE 2) | VALUE<br>(NOTE 2) |
| **COMMON STOCKS - 98.9%** |  |  |  |
| **Communication Services - 1.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Media - 1.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Comcast Corp. - Class A | 26758 | $| 744809 |
| &nbsp;&nbsp;&nbsp;Omnicom Group, Inc. | 9571 |  | 718016 |
| **Total Communication Services** |  |  | 1462825 |
| **Consumer Discretionary - 4.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Broadline Retail - 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;eBay, Inc. | 8433 |  | 685687 |
| &nbsp;&nbsp;&nbsp;**Distributors - 0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Genuine Parts Co. | 6837 |  | 870418 |
| &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure - 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Las Vegas Sands Corp. | 6203 |  | 368148 |
| &nbsp;&nbsp;&nbsp;**Household Durables - 0.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Lennar Corp. - Class A | 10467 |  | 1295501 |
| &nbsp;&nbsp;&nbsp;**Specialty Retail - 1.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Best Buy Co., Inc. | 8094 |  | 664841 |
| &nbsp;&nbsp;&nbsp;Dick's Sporting Goods, Inc. | 3917 |  | 867420 |
| &nbsp;&nbsp;&nbsp;Williams-Sonoma, Inc. | 4327 |  | 840909 |
|  |  |  | 2373170 |
| &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods - 0.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Ralph Lauren Corp. | 782 |  | 249974 |
| &nbsp;&nbsp;&nbsp;Tapestry, Inc. | 6949 |  | 763139 |
|  |  |  | 1013113 |
| **Total Consumer Discretionary** |  |  | 6606037 |
| **Consumer Staples - 8.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Beverages - 1.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Brown-Forman Corp. - Class B | 23664 |  | 644371 |
| &nbsp;&nbsp;&nbsp;Constellation Brands, Inc. - Class A | 5460 |  | 717335 |
| &nbsp;&nbsp;&nbsp;Molson Coors Beverage Co. - Class B | 2519 |  | 110130 |
|  |  |  | 1471836 |
| &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail - 1.9%** | &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail - 1.9%** | &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail - 1.9%** | &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail - 1.9%** |
| &nbsp;&nbsp;&nbsp;The Kroger Co. | 21693 |  | 1380326 |
| &nbsp;&nbsp;&nbsp;Sysco Corp. | 17872 |  | 1327532 |
|  |  |  | 2707858 |
| &nbsp;&nbsp;&nbsp;**Food Products - 3.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Conagra Brands, Inc. | 6320 |  | 108641 |
| &nbsp;&nbsp;&nbsp;General Mills, Inc. | 22625 |  | 1054551 |
| &nbsp;&nbsp;&nbsp;The Hershey Co. | 3833 |  | 650192 |
| &nbsp;&nbsp;&nbsp;The Kraft Heinz Co. | 30760 |  | 760695 |
| &nbsp;&nbsp;&nbsp;Mondelez International, Inc. - Class A | 27379 |  | 1573197 |
| &nbsp;&nbsp;&nbsp;Tyson Foods, Inc. - Class A | 8915 |  | 458320 |
|  |  |  | 4605596 |
| &nbsp;&nbsp;&nbsp;**Household Products - 2.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | 12898 |  | 993791 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | 9172 |  | 1097980 |
| &nbsp;&nbsp;&nbsp;The Procter & Gamble Co. | 8643 |  | 1299648 |
|  |  |  | 3391419 |
| **Total Consumer Staples** |  |  | 12176709 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES | VALUE<br>(NOTE 2) |
| **COMMON STOCKS** (continued) |  |  |
| **Energy - 15.1%** |  |  |
| &nbsp;&nbsp;&nbsp;**Energy Equipment & Services - 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Baker Hughes Co. | 27330 | $1323045 |
| &nbsp;&nbsp;&nbsp;Halliburton Co. | 34077 | 914627 |
| &nbsp;&nbsp;&nbsp;SLB Ltd. | 44379 | 1600307 |
|  |  | 3837979 |
| &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels - 12.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Chevron Corp. | 9878 | 1557958 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips | 34419 | 3058472 |
| &nbsp;&nbsp;&nbsp;Coterra Energy, Inc. | 36195 | 856374 |
| &nbsp;&nbsp;&nbsp;Devon Energy Corp. | 23453 | 761988 |
| &nbsp;&nbsp;&nbsp;EOG Resources, Inc. | 17233 | 1823941 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 44109 | 5044305 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | 11008 | 2145569 |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | 37285 | 1536142 |
| &nbsp;&nbsp;&nbsp;Phillips 66 | 3296 | 448717 |
| &nbsp;&nbsp;&nbsp;Valero Energy Corp. | 5310 | 900364 |
|  |  | 18133830 |
| **Total Energy** |  | 21971809 |
| **Financials - 25.8%** |  |  |
| &nbsp;&nbsp;&nbsp;**Banks - 16.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. | 30430 | 1626484 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. | 41097 | 4160249 |
| &nbsp;&nbsp;&nbsp;East West Bancorp, Inc. | 3968 | 403149 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | 27931 | 1162488 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | 67753 | 1046106 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 14053 | 4372169 |
| &nbsp;&nbsp;&nbsp;The PNC Financial Services Group, Inc. | 9633 | 1758504 |
| &nbsp;&nbsp;&nbsp;Regions Financial Corp. | 20982 | 507765 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp. | 44942 | 2005762 |
| &nbsp;&nbsp;&nbsp;U.S. Bancorp | 47996 | 2240453 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 59191 | 5147841 |
|  |  | 24430970 |
| &nbsp;&nbsp;&nbsp;**Insurance - 9.0%** |  |  |
| &nbsp;&nbsp;&nbsp;The Allstate Corp. | 9162 | 1754706 |
| &nbsp;&nbsp;&nbsp;Chubb Ltd. | 8349 | 2312172 |
| &nbsp;&nbsp;&nbsp;Cincinnati Financial Corp. | 3469 | 536273 |
| &nbsp;&nbsp;&nbsp;Everest Group Ltd. | 2284 | 718364 |
| &nbsp;&nbsp;&nbsp;The Hartford Insurance Group, Inc. | 11588 | 1438998 |
| &nbsp;&nbsp;&nbsp;The Progressive Corp. | 14810 | 3050860 |
| &nbsp;&nbsp;&nbsp;The Travelers Companies, Inc. | 8115 | 2179851 |
| &nbsp;&nbsp;&nbsp;W. R. Berkley Corp. | 16511 | 1177895 |
|  |  | 13169119 |
| **Total Financials** |  | 37600089 |
| **Health Care - 17.3%** |  |  |
| &nbsp;&nbsp;&nbsp;**Biotechnology - 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | 28823 | 3452707 |
| &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies - 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Baxter International, Inc. | 13020 | 240479 |
| &nbsp;&nbsp;&nbsp;Becton Dickinson & Co. | 9459 | 1690418 |

---

The accompanying notes are an integral part of the financial statements.

#### 1
Disciplined Value Series

**Investment Portfolio - October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | SHARES | VALUE<br>(NOTE 2) |
| **COMMON STOCKS** (continued) |  |  |
| **Health Care** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Medtronic plc | 23964 | $2173535 |
|  |  | 4104432 |
| &nbsp;&nbsp;&nbsp;**Health Care Providers & Services - 4.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. | 6392 | 2027543 |
| &nbsp;&nbsp;&nbsp;Humana, Inc. | 3684 | 1024852 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. | 5045 | 887668 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 7690 | 2626596 |
|  |  | 6566659 |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals - 7.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 54386 | 2505563 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 21309 | 4024631 |
| &nbsp;&nbsp;&nbsp;Merck & Co., Inc. | 41146 | 3537733 |
| &nbsp;&nbsp;&nbsp;Pfizer, Inc. | 39271 | 968030 |
|  |  | 11035957 |
| **Total Health Care** |  | 25159755 |
| **Industrials - 13.2%** |  |  |
| &nbsp;&nbsp;&nbsp;**Aerospace & Defense - 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | 1577 | 455911 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | 4388 | 2158369 |
| &nbsp;&nbsp;&nbsp;RTX Corp. | 6330 | 1129905 |
|  |  | 3744185 |
| &nbsp;&nbsp;&nbsp;**Air Freight & Logistics - 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Expeditors International of Washington, Inc. | 3739 | 455784 |
| &nbsp;&nbsp;&nbsp;FedEx Corp. | 6186 | 1570131 |
|  |  | 2025915 |
| &nbsp;&nbsp;&nbsp;**Building Products - 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Carlisle Companies, Inc. | 579 | 188204 |
| &nbsp;&nbsp;&nbsp;Masco Corp. | 10877 | 704395 |
| &nbsp;&nbsp;&nbsp;Owens Corning | 1040 | 132402 |
|  |  | 1025001 |
| &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies - 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;RB Global, Inc. (Canada) | 1972 | 195662 |
| &nbsp;&nbsp;&nbsp;**Electrical Equipment - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Emerson Electric Co. | 4161 | 580751 |
| &nbsp;&nbsp;&nbsp;**Ground Transportation - 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;CSX Corp. | 27498 | 990478 |
| &nbsp;&nbsp;&nbsp;**Industrial Conglomerates - 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;3M Co. | 3211 | 534631 |
| &nbsp;&nbsp;&nbsp;**Machinery - 5.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Caterpillar, Inc. | 6009 | 3468755 |
| &nbsp;&nbsp;&nbsp;CNH Industrial N.V. | 67267 | 705631 |
| &nbsp;&nbsp;&nbsp;Cummins, Inc. | 4582 | 2005450 |
| &nbsp;&nbsp;&nbsp;Deere & Co. | 1571 | 725221 |
| &nbsp;&nbsp;&nbsp;Dover Corp. | 1509 | 273823 |
| &nbsp;&nbsp;&nbsp;IDEX Corp. | 1078 | 184834 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | VALUE<br>(NOTE 2) | VALUE<br>(NOTE 2) |
| **COMMON STOCKS** (continued) |  |  |  |
| **Industrials** (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;**Machinery** (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;Snap-on, Inc. | 2410 | $| 808675 |
|  |  |  | 8172389 |
| &nbsp;&nbsp;&nbsp;**Professional Services - 0.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Booz Allen Hamilton Holding Corp. | 7045 |  | 614042 |
| &nbsp;&nbsp;&nbsp;SS&C Technologies Holdings, Inc. | 6204 |  | 526844 |
|  |  |  | 1140886 |
| &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors - 0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Ferguson Enterprises, Inc. | 3472 |  | 862792 |
| **Total Industrials** |  |  | 19272690 |
| **Information Technology - 5.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components - 0.5%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components - 0.5%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components - 0.5%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components - 0.5%** |
| &nbsp;&nbsp;&nbsp;CDW Corp. | 4582 |  | 730233 |
| &nbsp;&nbsp;&nbsp;**IT Services - 2.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Accenture plc - Class A (Ireland) | 7944 |  | 1986795 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp. - Class A | 17942 |  | 1307613 |
|  |  |  | 3294408 |
| &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 2.3%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 2.3%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 2.3%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 2.3%** |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | 17627 |  | 3188724 |
| &nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc. | 1825 |  | 141839 |
|  |  |  | 3330563 |
| &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals - 0.2%** | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals - 0.2%** | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals - 0.2%** | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals - 0.2%** |
| &nbsp;&nbsp;&nbsp;NetApp, Inc. | 2286 |  | 269245 |
| **Total Information Technology** |  |  | 7624449 |
| **Materials - 8.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Chemicals - 1.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | 9133 |  | 760688 |
| &nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc. | 11843 |  | 745754 |
| &nbsp;&nbsp;&nbsp;PPG Industries, Inc. | 9838 |  | 961664 |
| &nbsp;&nbsp;&nbsp;RPM International, Inc. | 1811 |  | 197906 |
| &nbsp;&nbsp;&nbsp;Westlake Corp. | 1515 |  | 104247 |
|  |  |  | 2770259 |
| &nbsp;&nbsp;&nbsp;**Containers & Packaging - 1.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Avery Dennison Corp. | 3709 |  | 648667 |
| &nbsp;&nbsp;&nbsp;Ball Corp. | 4012 |  | 188564 |
| &nbsp;&nbsp;&nbsp;Smurfit WestRock plc | 21850 |  | 806702 |
|  |  |  | 1643933 |
| &nbsp;&nbsp;&nbsp;**Metals & Mining - 5.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | 45878 |  | 1913113 |
| &nbsp;&nbsp;&nbsp;Newmont Corp. | 24757 |  | 2004574 |
| &nbsp;&nbsp;&nbsp;Nucor Corp. | 3859 |  | 579043 |
| &nbsp;&nbsp;&nbsp;Reliance, Inc. | 2001 |  | 565142 |
| &nbsp;&nbsp;&nbsp;Southern Copper Corp. (Mexico) | 17854 |  | 2478135 |

---

The accompanying notes are an integral part of the financial statements.

#### 2
Disciplined Value Series

**Investment Portfolio - October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | SHARES | VALUE<br>(NOTE 2) |
| **COMMON STOCKS** (continued) |  |  |
| **Materials** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;**Metals & Mining** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Steel Dynamics, Inc. | 1457 | $228458 |
|  |  | 7768465 |
| **Total Materials** |  | 12182657 |
| **TOTAL COMMON STOCKS** <br> (Identified Cost $130,913,349) |  | **144057020** |
| **SHORT-TERM INVESTMENT - 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 4.00%<sup>1</sup> |  |  |
| &nbsp;&nbsp;&nbsp;(Identified Cost $1,686,566) | 1686566 | **1686566** |
| **TOTAL INVESTMENTS - 100.1%** <br> (Identified Cost $132,599,915) |  | **145743586** |
| **LIABILITIES, LESS OTHER ASSETS - (0.1%)** |  | **(91847)** |
| **NET ASSETS - 100%** |  | $**145651739** |

---

<sup>1</sup>Rate shown is the current yield as of October 31, 2025.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor's, a division of S&P Global Inc. (S&P), and is licensed for use by Manning & Napier when referencing GICS sectors. Neither MSCI, S&P, nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification, nor shall any such party have any liability therefrom.

The accompanying notes are an integral part of the financial statements.

#### 3
Disciplined Value Series

**Statement of Assets and Liabilities**

October 31, 2025

---

| | |
|:---|:---|
| **ASSETS:** | **ASSETS:** |
| Investments, at value (identified cost $132,599,915) (Note 2) | $145743586 |
| Dividends receivable | 119884 |
| Receivable for fund shares sold | 82027 |
| Prepaid expenses | 1731 |
| TOTAL ASSETS | 145947228 |
| **LIABILITIES:** | **LIABILITIES:** |
| Accrued management fees<sup>1</sup> | 37763 |
| Accrued fund accounting and administration fees<sup>1</sup> | 28686 |
| Accrued sub-transfer agent fees<sup>1</sup> | 24229 |
| Accrued distribution and service (Rule 12b-1) fees (Class S)<sup>1</sup> | 8327 |
| Accrued Chief Compliance Officer service fees<sup>1</sup> | 3086 |
| Directors' fees payable<sup>1</sup> | 1786 |
| Payable for fund shares repurchased | 119767 |
| Professional fees payable | 50170 |
| Other payables and accrued expenses | 21675 |
| TOTAL LIABILITIES | 295489 |
| Commitments and contingent liabilities<sup>1</sup> | Commitments and contingent liabilities<sup>1</sup> |
| **TOTAL NET ASSETS** | $**145651739** |
| **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** |
| Capital stock | $171086 |
| Additional paid-in-capital | 123085553 |
| Total distributable earnings (loss) | 22395100 |
| **TOTAL NET ASSETS** | $**145651739** |
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class S** |  |
| &nbsp;&nbsp;&nbsp;($37,278,080/4,556,138 shares) | $**8.18** |
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class I** |  |
| &nbsp;&nbsp;&nbsp;($53,199,139/6,021,602 shares) | $**8.83** |
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class W** |  |
| &nbsp;&nbsp;&nbsp;($32,540,179/3,969,294 shares) | $**8.20** |
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class Z** |  |
| &nbsp;&nbsp;&nbsp;($22,634,341/2,561,534 shares) | $**8.84** |

---

<sup>1</sup> See note 3 in Notes to the Financial Statements.

The accompanying notes are an integral part of the financial statements.

#### 4
Disciplined Value Series

**Statement of Operations**

For the Year Ended October 31, 2025

**INVESTMENT INCOME:**

---

| | |
|:---|:---|
| Dividends | $4394161 |
| **EXPENSES:** |  |
| Management fees (Note 3) | 484250 |
| Distribution and service (Rule 12b-1) fees (Class S) (Note 3) | 100096 |
| Fund accounting and administration fees (Note 3) | 70379 |
| Sub-transfer agent fees (Note 3) | 66947 |
| Directors' fees (Note 3) | 17532 |
| Chief Compliance Officer service fees (Note 3) | 9493 |
| Registration and filing fees | 65170 |
| Professional fees | 49503 |
| Custodian fees | 10310 |
| Interest expense | 2133 |
| Miscellaneous | 73613 |
| Total Expenses | 949426 |
| Less reduction of expenses (Note 3) | (148297) |
| Net Expenses | 801129 |
| NET INVESTMENT INCOME | 3593032 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:** |  |
| Net realized gain (loss) on investments | 11166655 |
| Net change in unrealized appreciation (depreciation) on investments | (2052394) |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS | 9114261 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $12707293 |

---

The accompanying notes are an integral part of the financial statements.

#### 5
Disciplined Value Series

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | FOR THE | FOR THE |
|  | YEAR ENDED | YEAR ENDED |
|  | 10/31/25 | 10/31/24 |
| **INCREASE (DECREASE) IN NET ASSETS:** |  |  |
| **OPERATIONS:** |  |  |
| Net investment income | $3593032 | $4963118 |
| Net realized gain (loss) on investments | 11166655 | 15822589 |
| Net change in unrealized appreciation (depreciation) on investments | (2052394) | 28630249 |
| Net increase (decrease) from operations | 12707293 | 49415956 |
| **DISTRIBUTIONS TO SHAREHOLDERS (Note 9):** |  |  |
| Class S | (4401026) | (4551887) |
| Class I | (5853857) | (6682681) |
| Class W | (5284805) | (5947957) |
| Class Z | (2381750) | (2110572) |
| Total distributions to shareholders | (17921438) | (19293097) |
| **CAPITAL STOCK ISSUED AND REPURCHASED:** |  |  |
| Net increase (decrease) from capital share transactions (Note 6) | (38856171) | (50841639) |
| Net increase (decrease) in net assets | (44070316) | (20718780) |
| **NET ASSETS:** |  |  |
| Beginning of year | 189722055 | 210440835 |
| **End of year** | $145651739 | $189722055 |

---

The accompanying notes are an integral part of the financial statements.

#### 6
Disciplined Value Series

**Financial Highlights - Class S**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | 10/31/25 | 10/31/24 | 10/31/23 | 10/31/22 | 10/31/21 |
| **Per share data (for a share outstanding throughout each year):** |  |  |  |  |  |
| **Net asset value - Beginning of year** | $8.30 | $7.21 | $8.23 | $9.17 | $6.78 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.15 | 0.17 | 0.17 | 0.17 | 0.15 |
| Net realized and unrealized gain (loss) on investments | 0.56 | 1.65 | (0.42) | (0.45) | 2.36 |
| Total from investment operations | 0.71 | 1.82 | (0.25) | (0.28) | 2.51 |
| Less distributions to shareholders: |  |  |  |  |  |
| From net investment income | (0.17) | (0.30) | (0.16) | (0.14) | (0.12) |
| From net realized gain on investments | (0.66) | (0.42) | (0.61) | (0.52) |  |
| Total distributions to shareholders | (0.83) | (0.72) | (0.77) | (0.66) | (0.12) |
| **Net asset value - End of year** | $**8.18** | $**8.30** | $**7.21** | $**8.23** | $**9.17** |
| **Net assets - End of year** (000's omitted) | $**37278** | $**46135** | $**49633** | $**64323** | $**72925** |
| Total return<sup>2</sup> | 9.12% | 26.33% | (3.84%) | (3.39%) | 37.17% |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |
| Expenses | 0.78% | 0.75% | 0.76% | 0.72% | 0.72% |
| Net investment income | 1.94% | 2.13% | 2.20% | 1.98% | 1.74% |
| Series portfolio turnover | 49% | 58% | 35% | 31% | 55% |

---

<sup>1</sup>Calculated based on average shares outstanding during the years.

<sup>2</sup>Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions.

The accompanying notes are an integral part of the financial statements.

#### 7
Disciplined Value Series

**Financial Highlights - Class I**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | 10/31/25 | 10/31/24 | 10/31/23 | 10/31/22 | 10/31/21 |
| **Per share data (for a share outstanding throughout each year):** |  |  |  |  |  |
| **Net asset value - Beginning of year** | $8.90 | $7.68 | $8.72 | $9.68 | $7.15 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.18 | 0.20 | 0.20 | 0.19 | 0.17 |
| Net realized and unrealized gain (loss) on investments | 0.59 | 1.77 | (0.45) | (0.48) | 2.49 |
| Total from investment operations | 0.77 | 1.97 | (0.25) | (0.29) | 2.66 |
| Less distributions to shareholders: |  |  |  |  |  |
| From net investment income | (0.18) | (0.32) | (0.18) | (0.15) | (0.13) |
| From net realized gain on investments | (0.66) | (0.42) | (0.61) | (0.52) |  |
| Total distributions to shareholders | (0.84) | (0.74) | (0.79) | (0.67) | (0.13) |
| **Net asset value - End of year** | $**8.83** | $**8.90** | $**7.68** | $**8.72** | $**9.68** |
| **Net assets - End of year** (000's omitted) | $**53199** | $**64385** | $**73449** | $**86444** | $**109845** |
| Total return<sup>2</sup> | 9.29% | 26.67% | (3.68%) | (3.24%) | 37.44% |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |
| Expenses | 0.57% | 0.55% | 0.55% | 0.52% | 0.54% |
| Net investment income | 2.15% | 2.34% | 2.40% | 2.16% | 1.93% |
| Series portfolio turnover | 49% | 58% | 35% | 31% | 55% |

---

<sup>1</sup>Calculated based on average shares outstanding during the years.

<sup>2</sup>Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions.

The accompanying notes are an integral part of the financial statements.

#### 8
Disciplined Value Series

**Financial Highlights - Class W**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | 10/31/25 | 10/31/24 | 10/31/23 | 10/31/22 | 10/31/21 |
| **Per share data (for a share outstanding throughout each year):** |  |  |  |  |  |
| **Net asset value - Beginning of year** | $8.32 | $7.23 | $8.26 | $9.20 | $6.80 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.20 | 0.22 | 0.23 | 0.22 | 0.20 |
| Net realized and unrealized gain (loss) on investments | 0.56 | 1.64 | (0.44) | (0.45) | 2.37 |
| Total from investment operations | 0.76 | 1.86 | (0.21) | (0.23) | 2.57 |
| Less distributions to shareholders: |  |  |  |  |  |
| From net investment income | (0.22) | (0.35) | (0.21) | (0.19) | (0.17) |
| From net realized gain on investments | (0.66) | (0.42) | (0.61) | (0.52) |  |
| Total distributions to shareholders | (0.88) | (0.77) | (0.82) | (0.71) | (0.17) |
| **Net asset value - End of year** | $**8.20** | $**8.32** | $**7.23** | $**8.26** | $**9.20** |
| **Net assets - End of year** (000's omitted) | $**32540** | $**54217** | $**65430** | $**211178** | $**244197** |
| Total return<sup>2</sup> | 9.80% | 27.15% | (3.32%) | (2.75%) | 37.98% |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |
| Expenses\* | 0.15% | 0.15% | 0.12% | 0.11% | 0.11% |
| Net investment income | 2.58% | 2.76% | 2.89% | 2.58% | 2.31% |
| Series portfolio turnover | 49% | 58% | 35% | 31% | 55% |
| \*The investment advisor did not impose all or a portion of its management and/or other fees during the years, and may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | \*The investment advisor did not impose all or a portion of its management and/or other fees during the years, and may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | \*The investment advisor did not impose all or a portion of its management and/or other fees during the years, and may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | \*The investment advisor did not impose all or a portion of its management and/or other fees during the years, and may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | \*The investment advisor did not impose all or a portion of its management and/or other fees during the years, and may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | \*The investment advisor did not impose all or a portion of its management and/or other fees during the years, and may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: |
|  | 0.33% | 0.30% | 0.30% | 0.30% | 0.30% |

---

<sup>1</sup>Calculated based on average shares outstanding during the years.

<sup>2</sup>Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been waived or reimbursed during the years.

The accompanying notes are an integral part of the financial statements.

#### 9
Disciplined Value Series

**Financial Highlights - Class Z**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | 10/31/25 | 10/31/24 | 10/31/23 | 10/31/22 | 10/31/21 |
| **Per share data (for a share outstanding throughout each year):** |  |  |  |  |  |
| **Net asset value - Beginning of year** | $8.90 | $7.68 | $8.72 | $9.68 | $7.15 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.19 | 0.20 | 0.21 | 0.20 | 0.19 |
| Net realized and unrealized gain (loss) on investments | 0.60 | 1.77 | (0.45) | (0.48) | 2.48 |
| Total from investment operations | 0.79 | 1.97 | (0.24) | (0.28) | 2.67 |
| Less distributions to shareholders: |  |  |  |  |  |
| From net investment income | (0.19) | (0.33) | (0.19) | (0.16) | (0.14) |
| From net realized gain on investments | (0.66) | (0.42) | (0.61) | (0.52) |  |
| Total distributions to shareholders | (0.85) | (0.75) | (0.80) | (0.68) | (0.14) |
| **Net asset value - End of year** | $**8.84** | $**8.90** | $**7.68** | $**8.72** | $**9.68** |
| **Net assets - End of year** (000's omitted) | $**22634** | $**24985** | $**21929** | $**24049** | $**24111** |
| Total return<sup>2</sup> | 9.49% | 26.83% | (3.55%) | (3.12%) | 37.61% |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |
| Expenses\* | 0.45% | 0.45% | 0.42% | 0.41% | 0.41% |
| Net investment income | 2.26% | 2.41% | 2.53% | 2.27% | 2.04% |
| Series portfolio turnover | 49% | 58% | 35% | 31% | 55% |
| \*For certain years presented, the investment advisor did not impose all or a portion of its management and/or other fees, and in some years may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | \*For certain years presented, the investment advisor did not impose all or a portion of its management and/or other fees, and in some years may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | \*For certain years presented, the investment advisor did not impose all or a portion of its management and/or other fees, and in some years may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | \*For certain years presented, the investment advisor did not impose all or a portion of its management and/or other fees, and in some years may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | \*For certain years presented, the investment advisor did not impose all or a portion of its management and/or other fees, and in some years may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | \*For certain years presented, the investment advisor did not impose all or a portion of its management and/or other fees, and in some years may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: |
|  | 0.03% | N/A | N/A | N/A | N/A |

---

<sup>1</sup>Calculated based on average shares outstanding during the years.

<sup>2</sup>Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been waived or reimbursed during certain years.

The accompanying notes are an integral part of the financial statements.

#### 10
Disciplined Value Series

**Notes to Financial Statements**

&nbsp;&nbsp;&nbsp;&nbsp;1. Organization

Disciplined Value Series (the "Series") is a no-load diversified series of Manning & Napier Fund, Inc. (the "Fund"). The Fund is organized in Maryland and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company.

The Series' investment objective is to provide competitive returns consistent with the broad equity market while providing a level of capital protection during market downturns.

The Series is authorized to issue four classes of shares (Class S, I, W, and Z). Each class of shares is substantially the same, except that class-specific distribution and shareholder servicing expenses are borne by the specific class of shares to which they relate.

The Fund's Advisor is Manning & Napier Advisors, LLC (the "Advisor"). Shares of the Series are offered to investors, clients and employees of the Advisor and its affiliates. The total authorized capital stock of the Fund consists of 15 billion shares of common stock each having a par value of $0.01. As of October 31, 2025, 6.8 billion shares have been designated in total among 15 series, of which 100 million have been designated as Disciplined Value Series Class I common stock, Disciplined Value Series Class S common stock, Disciplined Value Series Class W common stock, and Disciplined Value Series Class Z common stock.

Class W shares represent fiduciary accounts where the Advisor has sole investment discretion.

&nbsp;&nbsp;&nbsp;&nbsp;2. Significant
 Accounting Policies

The following is a summary of significant accounting policies followed by the Series. The Series is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 - Investment Companies, which is part of accounting principles generally accepted in the United States of America ("GAAP").

**Security Valuation**

Portfolio securities, including domestic equities, foreign equities, warrants and options, listed on an exchange other than the NASDAQ Stock Market are valued at the latest quoted sales price of the exchange on which the security is primarily traded. Securities not traded on valuation date or securities not listed on an exchange are valued at the latest quoted bid price provided by the Fund's pricing service. Securities listed on the NASDAQ Stock Market are valued in accordance with the NASDAQ Official Closing Price.

Short-term investments that mature in sixty days or less may be valued at amortized cost, which approximates fair value. Investments in open-end investment companies are valued at their net asset value per share on valuation date.

Volume and level of activity in established markets for an asset or liability are evaluated to determine whether recent transactions and quoted prices are determinative of fair value. Where there have been significant decreases in volume and level of activity, further analysis and adjustment may be necessary to estimate fair value. In these instances, fair value is measured by the use of inputs and valuation techniques which may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry and/or expectation of future cash flows. As a result of trading in relatively thin markets and/or markets that experience significant volatility, the prices used to value these securities may differ from the value that would be realized if these securities were sold, and the differences could be material.

**Fair Value**

The Series' financial instruments are valued at the close of the NYSE and are reported at fair value, which GAAP defines as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Board has designated the Advisor as the Fund's valuation designee (Valuation Designee) to make all fair value determinations with respect to each Series' portfolio investments. Subject to oversight by the Board, the Valuation Designee performs the following functions in performing fair value determinations: assesses and manages valuation risks; establishes and applies fair value methodologies; tests fair value methodologies; and evaluates pricing vendors and pricing agents.

**11** 

Disciplined Value Series

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;2. Significant
 Accounting Policies (continued)

**Fair Value** (continued)

The Advisor has adopted and implemented policies and procedures to be followed when making fair value determinations, and it has established a Valuation Committee through which the Advisor makes fair value determinations. The Valuation Designee provides periodic reporting to the Board on valuation matters. The Advisor's determination of a security's fair value price often involves the consideration of a number of subjective factors, and is therefore subject to the unavoidable risk that the value assigned to a security may be higher or lower than the security's value would be if a reliable market quotation for the security was readily available. If trading or events occurring after the close of the principal market in which securities are traded are expected to materially affect the value of those securities, then they may be valued at their fair value, taking this trading or these events into account. The Advisor may use a pricing service to obtain the value of the Fund's portfolio securities where the prices provided by such pricing service are believed to reflect the fair market value of such securities. The methods used by the pricing service and the valuations so established will be reviewed by the Advisor under the general supervision of the Fund's Board of Directors. Several pricing services are available, one or more of which may be used by the Advisor, as approved by the Board. A change in a pricing service or a material change in a pricing methodology for investments with no readily available market quotations will be reported to the Board by the Advisor in accordance with certain requirements.

GAAP establishes the following fair value hierarchy that categorizes the inputs used to measure fair value. Level 1 includes quoted prices (unadjusted) in active markets for identical financial instruments that the Series' can access at the reporting date. Level 2 includes other significant observable inputs (including, but not limited to, quoted prices for similar financial instruments in active markets, quoted prices for identical or similar financial instruments in inactive markets, interest rates and yield curves, implied volatilities, and credit spreads). Level 3 includes unobservable inputs (including the Valuation Designee's own assumptions in determining fair value). A financial instrument's level within the fair value hierarchy is based on the lowest level of any input both individually and in aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the valuation levels used for major security types as of October 31, 2025 in valuing the Series' assets or liabilities carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;DESCRIPTION | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | $1462825 | $1462825 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 6606037 | 6606037 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | 12176709 | 12176709 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 21971809 | 21971809 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 37600089 | 37600089 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | 25159755 | 25159755 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 19272690 | 19272690 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 7624449 | 7624449 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 12182657 | 12182657 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investment | 1686566 | 1686566 |  |  |
| &nbsp;&nbsp;&nbsp;Total assets | $145743586 | $145743586 | $— | $— |

---

There were no Level 2 or Level 3 securities held by the Series as of October 31, 2024 or October 31, 2025.

**New Accounting Pronouncement**

In December 2023, the FASB issued Accounting Standards Update (ASU), ASU 2023-09, Income Taxes (Topic 740) – Improvements to Income Taxes Disclosures, which enhances the transparency of income tax disclosures. The ASU requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. The amendments under this ASU are required to be applied prospectively and

**12** 

Disciplined Value Series

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;2. Significant
 Accounting Policies (continued)

**New Accounting Pronouncement** (continued)

are effective for fiscal years beginning after December 15, 2024. Management expects that adoption of the guidance will not have a material impact on the Series' financial statements.

**Security Transactions, Investment Income and Expenses**

Security transactions are accounted for on trade date. Dividend income is recorded on the ex-dividend date, except that if the ex-dividend date has passed, certain dividends from foreign securities are recorded as soon as the Series is informed of the ex-dividend date. Non-cash dividends, if any, are recorded at the fair value of the securities received. Interest income, including amortization of premium and accretion of discounts using the effective interest method, is earned from settlement date and accrued daily.

Expenses are recorded on an accrual basis. Most expenses of the Fund can be attributed to a specific series. Expenses which cannot be directly attributed are apportioned among the series in the Fund in such a manner as deemed equitable by the Fund's Board, taking into consideration, among other things, the nature and type of expense. Income, expenses (other than class specific expenses), and realized and unrealized gains and losses are prorated among the classes based on the relative net assets of each class. Class specific expenses are directly charged to that class.

The Series uses the identified cost method for determining realized gain or loss on investments for both financial statement and federal income tax reporting purposes.

**Federal Taxes**

The Series' policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies. The Series is not subject to federal income tax or excise tax to the extent that the Series distributes to shareholders each year its taxable income, including any net realized gains on investments, in accordance with requirements of the Internal Revenue Code. Accordingly, no provision for federal income tax or excise tax has been made in the financial statements.

Management evaluates its tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is required only when the position is "more likely than not" to be sustained assuming examination by taxing authorities. At October 31, 2025, the Series has recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken in future tax returns.

The Series files income tax returns in the U.S. federal jurisdiction, various states and foreign jurisdictions, as required. No income tax returns are currently under investigation. The statute of limitations on the Series' tax returns remains open for the years ended October 31, 2022 through October 31, 2025. The Series is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

**Foreign Taxes**

Based on the Series' understanding of the tax rules and rates related to income, gains and currency purchase/repatriation transactions for foreign jurisdictions in which it invests, the Series will provide for foreign taxes, and where appropriate, deferred foreign tax.

**Distributions of Income and Gains**

Distributions to shareholders of net investment income are made quarterly. Distributions of net realized gains are made annually. An additional distribution may be necessary to avoid taxation of the Series. Distributions are recorded on the ex-dividend date.

**Indemnifications**

The Fund's organizational documents provide former and current directors and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may

**13** 

Disciplined Value Series

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;2. Significant
 Accounting Policies (continued)

**Indemnifications** (continued)

also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

**Other**

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

&nbsp;&nbsp;&nbsp;&nbsp;3. Transactions
 with Affiliates and Other Agreements

The Fund has an Investment Advisory Agreement (the "Agreement") with the Advisor, for which the Series pays a fee, computed daily and payable monthly, at an annual rate of 0.30% of the Series' average daily net assets for investment advisory services.

Under the Agreement, personnel of the Advisor are responsible for management of the Series' portfolio, the execution of securities transactions, and generally administer the affairs of the Fund. The Advisor also provides the Fund with necessary office space and fund administration and support services. The salaries of all officers of the Fund (except a percentage of the Fund's Chief Compliance Officer's salary, which is paid by the Fund), and of all Directors who are "affiliated persons" of the Fund, or of the Advisor, and all personnel of the Fund, or of the Advisor, performing services relating to research, statistical and investment activities, are paid by the Advisor. Each "non-affiliated" Director receives an annual stipend, which is allocated among all the active series of the Fund. In addition, these Directors also receive a fee per Board meeting attended plus a fee for each committee meeting attended and are reimbursed for travel and other out-of-pocket expenses incurred by them in connection with attending such meetings. The Fund also has an Audit Committee Chair, Governance & Nominating Committee Chair and Lead Independent Director who each receive an additional annual stipend for these roles.

The Fund may enter into agreements with financial intermediaries pursuant to which the Fund may pay financial intermediaries for non-distribution related sub-transfer agency, administrative, sub-accounting, and other shareholder services in an amount not to exceed 0.15% of the average daily net assets of the Class S and Class I shares. Payments made pursuant to such agreements are generally based on the current assets and/or number of accounts of the Series attributable to the financial intermediary. Any payments made pursuant to such agreements may be in addition to, rather than in lieu of, any Distribution and Shareholder Services Fee payable under the Rule 12b-1 plan of the Fund.

The Advisor has contractually agreed to waive the management fee for the Class W shares. The full management fee will be waived under this agreement because Class W shares are only available to discretionary investment accounts and other accounts managed by the Advisor. These clients pay a management fee to the Advisor that is separate from the Series' expenses. In addition, pursuant to a separate expense limitation agreement, the Advisor has contractually agreed to limit its fees and reimburse expenses to the extent necessary so that the total direct annual fund operating expenses, exclusive of the shareholder services fee and/or distribution and service (12b-1) fees and waived Class W management fees (collectively, "excluded expenses"), to 0.60% of the average daily net assets of the Class I and Class S shares, 0.45% of the average daily net assets of the Class Z shares, and 0.15% of the average daily net assets of the Class W shares. These contractual waivers are expected to continue indefinitely, and may not be amended or terminated by the Advisor without the approval of the Series' Board of Directors. The Advisor may receive from a Class the difference between the Class's total direct annual fund operating expenses, not including excluded expenses, and the Class's contractual expense limit to recoup all or a portion of its prior fee waivers (other than Class W management fee waivers) or expense reimbursements made during the rolling three-year period preceding the recoupment if at any point the total direct annual fund operating expenses, not including excluded expenses, are below the contractual expense limit (a) at the time of the fee waiver and/or expense reimbursement and (b) at the time of the recoupment.

**14** 

Disciplined Value Series

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;3. Transactions
 with Affiliates and Other Agreements (continued)

Pursuant to the advisory fee waiver, the Advisor waived $125,564 in management fees for Class W shares for the year ended October 31, 2025. In addition, pursuant to the separate expense limitation agreement, the Advisor waived or reimbursed expenses of $14,523 and $8,210 for Class W and Class Z shares, respectively, for year ended October 31, 2025. These amounts are included as a reduction of expenses on the Statement of Operations. For the year ended October 31, 2025, the Advisor did not recoup any expenses that have been previously waived or reimbursed.

For the year ended October 31, 2025, the class specific waivers or reimbursements subject to possible future recoupment under the expense limitation agreement are as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;CLASS | EXPIRING<br> OCTOBER 31,<br> 2028 |
| &nbsp;&nbsp;Class W | $14523 |
| &nbsp;&nbsp;Class Z | 8210 |

---

Manning & Napier Investor Services, Inc., a registered broker-dealer affiliate of the Advisor, acts as distributor for the Fund's shares. The Series compensates the distributor for distributing and servicing the Series' Class S shares pursuant to a distribution plan adopted under Rule 12b-1 of the 1940 Act, regardless of expenses actually incurred. Under the agreement, the Series pays distribution and service fees to the distributor at an annual rate of 0.25% of average daily net assets attributable to Class S shares. There are no distribution and service fees on the Class I, Class W or Class Z shares. The fees are accrued daily and paid monthly.

Pursuant to a master services agreement, the Fund pays the Advisor an annual fee related to fund accounting and administration of 0.0085% on the first $25 billion of average daily net assets; 0.0075% on the next $15 billion of average daily net assets; and 0.0065% of average daily net assets in excess of $40 billion; plus a base fee of $18,400 per series. Additionally, certain transaction and out-of-pocket expenses, including charges for reporting relating to the Fund's compliance program, are charged. The Advisor has agreements with BNY Mellon Investment Servicing (U.S.) Inc. ("BNY") under which BNY serves as sub-accountant services agent.

&nbsp;&nbsp;&nbsp;&nbsp;4. Segment
 Reporting

In this reporting period, the Series adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the Series' financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Fund's Chief Legal Officer, President and Principal Executive Officer, Vice President, and Principal Financial Officer act as the Series' CODM. The Series represents a single operating segment, as the CODM monitors the operating results of the Series as a whole and the Series' long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Series' portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented in the Series' financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;5. Purchases
 and Sales of Securities

For the year ended October 31, 2025, purchases and sales of securities, other than U.S. Government securities and short-term securities, were $79,245,240 and $132,787,639, respectively. There were no purchases or sales of U.S. Government securities.

**15** 

Disciplined Value Series

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;6. Capital
 Stock Transactions

Transactions in Class S, Class I, Class W, and Class Z shares of Disciplined Value Series were:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;CLASS S | FOR THE YEAR ENDED<br> 10/31/25 | FOR THE YEAR ENDED<br> 10/31/25 | FOR THE YEAR ENDED<br> 10/31/24 | FOR THE YEAR ENDED<br> 10/31/24 |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;Sold | 262794 | $2081220 | 423677 | $3386664 |
| &nbsp;&nbsp;Reinvested | 563541 | 4389028 | 608748 | 4521138 |
| &nbsp;&nbsp;Repurchased | (1825834) | (14317332) | (2362256) | (18169637) |
| &nbsp;&nbsp;Total | (999499) | $(7847084) | (1329831) | $(10261835) |
| &nbsp;&nbsp;CLASS I | FOR THE YEAR ENDED<br> 10/31/25 | FOR THE YEAR ENDED<br> 10/31/25 | FOR THE YEAR ENDED<br> 10/31/24 | FOR THE YEAR ENDED<br> 10/31/24 |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;Sold | 850598 | $7263302 | 1053601 | $8817852 |
| &nbsp;&nbsp;Reinvested | 666055 | 5588698 | 814336 | 6481643 |
| &nbsp;&nbsp;Repurchased | (2726873) | (23031754) | (4197921) | (35242950) |
| &nbsp;&nbsp;Total | (1210220) | $(10179754) | (2329984) | $(19943455) |
| &nbsp;&nbsp;CLASS W | FOR THE YEAR<br> 10/31/25 | FOR THE YEAR<br> 10/31/25 | FOR THE YEAR ENDED<br> 10/31/24 | FOR THE YEAR ENDED<br> 10/31/24 |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;Sold | 477850 | $3672182 | 375427 | $2951725 |
| &nbsp;&nbsp;Reinvested | 672582 | 5238497 | 791159 | 5900054 |
| &nbsp;&nbsp;Repurchased | (3696053) | (27736368) | (3701490) | (28914122) |
| &nbsp;&nbsp;Total | (2545621) | $(18825689) | (2534904) | $(20062343) |
| &nbsp;&nbsp;CLASS Z | FOR THE YEAR<br> 10/31/25 | FOR THE YEAR<br> 10/31/25 | FOR THE YEAR ENDED<br> 10/31/24 | FOR THE YEAR ENDED<br> 10/31/24 |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;Sold | 148433 | $1241876 | 72650 | $606116 |
| &nbsp;&nbsp;Reinvested | 280904 | 2357566 | 263798 | 2101853 |
| &nbsp;&nbsp;Repurchased | (674965) | (5603086) | (383866) | (3281975) |
| &nbsp;&nbsp;Total | (245628) | $(2003644) | (47418) | $(574006) |

---

At October 31, 2025, the Advisor and its affiliates owned 0.3% of the Series. 22.4% of the shares outstanding (representing Class W) are fiduciary accounts where the Advisor has sole investment discretion.

&nbsp;&nbsp;&nbsp;&nbsp;7. Line
 of Credit

The Fund has entered into a 364-day, $75 million credit agreement (the "line of credit") with Bank of New York Mellon. Each series of the Fund may borrow under the line of credit for temporary or emergency purposes, including funding shareholder redemptions and other short-term liquidity purposes. The Fund pays an annual fee on the unused commitment amount, payable quarterly, and is allocated among all the series of the Fund and included in miscellaneous expenses in the Statement of Operations for each series. The line of credit expires in September 2026 unless extended or renewed. During the year ended October 31, 2025, the Series borrowed for 3 days and the daily amount of borrowings outstanding under the line of credit was $4,500,000 with an interest rate of 5.69%. As of October 31, 2025, there was no borrowing outstanding.

**16** 

Disciplined Value Series

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;8. Financial
 Instruments

The Series may trade in instruments including written and purchased options, forward foreign currency exchange contracts and futures contracts and other derivatives in the normal course of investing activities to assist in managing exposure to various market risks. The Series may be subject to various elements of risk, which may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. These risks include: the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to over the counter derivative counterparties' failure to perform under contract terms; liquidity risk related to the lack of a liquid market for these contracts allowing the fund to close out its position(s); and documentation risk relating to disagreement over contract terms. No such investments were held by the Series as of October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;9. Federal
 Income Tax Information

The amount and characterization of certain income and capital gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to losses deferred due to wash sales, utilization of of tax equalization and passive foreign investment companies (PFICs). The Series may periodically make reclassifications among its capital accounts to reflect income and gains available for distribution (or available capital loss carryovers) under income tax regulations, without impacting the Series' net asset value. For the year ended October 31, 2025, amounts were reclassified within the capital accounts to increase Additional Paid in Capital by $1,155,000 and decrease Total Distributable Earnings by $1,155,000. Any such reclassifications are not reflected in the financial highlights.

The tax character of distributions paid were as follows:

---

| | | |
|:---|:---|:---|
|  | FOR THE YEAR<br> ENDED 10/31/2025 | FOR THE YEAR<br> ENDED 10/31/2024 |
| Ordinary income | $6221270 | $8263338 |
| Long-term capital gains | 11700168 | 11029759 |

---

At October 31, 2025, the identified cost of investments for federal income tax purposes, the resulting gross unrealized appreciation and depreciation, and the net unrealized appreciation were as follows:

---

| | |
|:---|:---|
| Cost for federal income tax purposes | $134404944 |
| Unrealized appreciation | 19535431 |
| Unrealized depreciation | (8196789) |
| Net unrealized appreciation | $11338642 |
| Undistributed ordinary income | $1699675 |
| Undistributed long-term capital gains | $9356782 |

---

&nbsp;&nbsp;&nbsp;&nbsp;10. Market
 Event

Significant disruptions and volatility in the global financial markets and economies, like the current conditions caused by the Russian invasion of Ukraine, the conflict between Hamas and Israel in the Middle East and the COVID-19 pandemic, could negatively impact the investment performance of the Series. The global market and economic climate may become increasingly uncertain due to numerous factors beyond our control, including but not limited to, impacts on business operations in the U.S. related to the COVID-19 pandemic, such as supply chain disruptions and inflation, concerns related to unpredictable global market and economic factors, uncertainty in U.S. federal fiscal, tax, trade or regulatory policy and the fiscal, tax, trade or regulatory policy of foreign governments, rising interest rates, inflation or deflation, the availability of credit, performance of financial markets, armed conflicts, terrorism, natural or biological catastrophes, public health emergencies, or political uncertainty.

**17** 

Disciplined Value Series

**Report of Independent Registered Public Accounting Firm**

To the Board of Directors of Manning & Napier Fund, Inc. and Shareholders of Disciplined Value Series

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the investment portfolio, of Disciplined Value Series (one of the funds constituting Manning & Napier Fund, Inc., referred to hereafter as the "Fund") as of October 31, 2025, the related statement of operations for the year ended October 31, 2025, the statement of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2025 and the financial highlights for each of the five years in the period ended October 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

![](manning7ancsr002.jpg)

**New York, New York**

**December 18, 2025**

We have served as the auditor of one or more investment companies in Manning & Napier Mutual Funds since 1992.

**18** 

Disciplined Value Series

**Supplemental Tax Information**

(unaudited)

All reportings are based on financial information available as of the date of this annual report and, accordingly, are subject to change.

For federal income tax purposes, the Series reports for the current fiscal year $4,825,929 or, if different, the maximum amount allowable under the tax law, as qualified dividend income.

For corporate shareholders, the percentage of investment income (dividend income plus short-term gains, if any) that qualifies for the dividends received deduction for the current fiscal year is 73.32%.

The Series designates $10,851,791 as Long-Term Capital Gain dividends pursuant to Section 852(b) of the Code for the fiscal year ended October 31, 2025.

**19** 

Disciplined Value Series

**Renewal of Investment Advisory Agreement**

(unaudited)

At the Manning & Napier Fund, Inc. (the "Fund") Board of Directors' (the "Board") meeting, held on May 20, 2025, the Investment Advisory Agreement between the Fund and Manning & Napier Advisors, LLC (the "Advisor"), and on behalf of the Rainier International Discovery Series (the "Rainier Series"), the Investment Advisory Agreement between the Advisor and the Fund and the Sub-Advisory Agreement between the Advisor and Rainier Investment Management, LLC ("Rainier"), and on behalf of the Callodine Equity Income Series (the "Callodine Series"), the Investment Advisory Agreement between the Advisor and the Fund and the Sub-Advisory Agreement between the Advisor and Callodine Capital Management, LP ("Callodine") (such agreements collectively, the "Agreements"), were considered for renewal by the Board, including all of the Directors who are not "interested persons" ("Independent Directors"), within the meaning of the Investment Company Act of 1940, as amended (the "1940 Act"). In connection with the decision whether to renew the Agreements, a variety of material was provided to the Board in advance of the meeting for their review and consideration. The Board also held a working session on May 7, 2025 to review and discuss information provided to the Board, and for the Board to request additional information.

Representatives of the Advisor attended a portion of the working session and attended the Board meeting. The Advisor provided supplemental information requested by the Board and presented additional oral information to the Board to assist the Board in its considerations. In addition to the information furnished by the Advisor, the Board was provided with a legal memorandum discussing its fiduciary duties related to its approval of the continuation of the Agreements. Independent legal counsel for the Independent Directors discussed with the Board the applicable legal considerations. In addition, the Board received in-person presentations about the Fund throughout the year.

The Independent Directors were advised by independent legal counsel with respect to these matters. The Independent Directors also met separately in an executive session with their legal counsel without any representatives of the Advisor present.

The Directors' determinations at the meeting were made on the basis of each Director's business judgment after consideration of all the information presented. In deciding to recommend the renewal of the Agreements with respect to each Series of the Fund, the Independent Directors did not identify any single or particular piece of information that, in isolation, was the controlling factor. Each Independent Director may also have weighed factors differently. This summary describes the most important, but not all, of the factors considered by the Board and the Independent Directors.

***Nature, Extent and Quality of Services Provided by the Advisor, Rainier and Callodine***

The Board considered the nature, extent and quality of the services provided by the Advisor, Rainier, and Callodine under the Agreements including, among others: deciding what securities to purchase and sell for each Series; arranging for the purchase and sale of such securities by placing orders with broker-dealers; administering the affairs of the Fund (including the books and records of the Fund not maintained by third party service providers such as the custodian or transfer agent); arranging for the insurance coverage for the Fund; and supervising the preparation of tax returns, SEC filings (including registration statements) and reports to shareholders for the Fund. The Board considered the numerous services performed by the Advisor and its affiliates beyond those stated in the Agreements. The Board also considered the Advisor, Rainier and Callodine's personnel who perform services to the Fund, changes in senior or key personnel, industry trends impacting the mutual fund industry, the strength of the Advisor's compliance infrastructure, policies and procedures relating to compliance with securities regulations, reputation, expertise and resources. The Directors also reviewed the Advisor, Rainier and Callodine's investment and risk management approaches for the Series. The most recent investment adviser registration forms (Form ADV) for the Advisor, Rainier, and Callodine were available to the Board. The Directors also considered other services to be provided to the Series by the Advisor specifically, such as monitoring Rainier and Callodine's adherence to the applicable Series' investment restrictions and monitoring compliance with various Fund policies and procedures and with applicable securities laws and regulations. Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that the nature, extent and quality of the services provided to each Series by the Advisor, Rainier and Callodine supported the renewal of the Agreements.

***Investment Performance of the Advisor, Rainier and Callodine***

In connection with their consideration of investment performance, the Board was provided with reports – both proprietary to the Advisor or the Fund and generated by independent providers of investment company data – regarding the performance of each Series over various time periods and comparisons against applicable benchmark indexes as well as peer groups of mutual funds. As part of these meetings, the Advisor, Rainier and Callodine and their representatives provided information regarding and, as applicable, led discussions of factors impacting the Advisor, Rainier, and Callodine's performance for the Series, outlining market conditions over

**20** 

Disciplined Value Series

**Renewal of Investment Advisory Agreement**

(unaudited)

various time periods and explaining their expectations and strategies for the future. The Directors determined that it was appropriate to take into account its consideration of the Advisor, Rainier and Callodine's performance at the May 7th working session and during prior quarterly board meetings. The Board also considered the Advisor, Rainier and Callodine's investment teams, including changes to the investment teams during the past year, investment team compensation structure and the investment process.

The Directors noted the outperformance of certain Series for various periods as compared to each Series' benchmark and/or peer group. The Directors also expressed concerns about the investment performance of certain Series for various periods, including the Rainier Series and certain other series managed by the Advisor. The Directors emphasized longer-term performance but remained attentive to shorter periods as well. In response to a request from the Independent Directors relating to Series where the Advisor's or Rainier's performance was materially below the performance of a Series' benchmarks and/or peer group, representatives of the Advisor provided a further explanation to the Board regarding the reasons for the underperformance of these Series and discussed the steps taken or expected to be taken by the Advisor in an effort to improve performance. The Directors acknowledged the Advisor's agreement to continue its efforts to improve relative performance for certain Series and asked the Advisor to update the Board on these efforts at future meetings, and further noted the consistent adherence of those Series to their investment mandates as disclosed to shareholders. After discussion, the Directors agreed to continue to remain focused in future meetings on overseeing the Advisor's and Rainier's efforts to address underperformance, emphasizing longer-term performance, while staying attentive to short-term performance. The Directors also considered the outperformance of the Callodine Series as compared to the benchmark index and peer group. After discussion,

the Directors concluded, based on the information received and the Advisor's and Rainier's efforts to address the underperformance of certain Series, within the context of its full deliberations, that the consistent strategy and investment results that the Advisor, Rainier and Callodine had been able to achieve for each Series support renewal of the Agreements.

***Costs of Advisory Services, Profitability and Economies of Scale***

The Board considered the fees and expenses of the various Series of the Fund. The Advisor presented the advisory fees and total expenses for each Series, including the advisory fee adjusted for any contractual expense waivers or reimbursements paid by the Advisor.

The Board considered whether the Advisor had achieved economies of scale with respect to its services to the Fund. The Board acknowledged the expense caps incorporated in the Fund's current fee structure, which requires the Advisor to subsidize the expenses of the Series operating above their expense cap, noting that as of December 31, 2024, 11 of 14 Series of the Fund were receiving expense reimbursements from the Advisor. The Directors noted the Advisor's investments in, among other areas, investment and research personnel, IT resources and technology upgrades, noting their expected benefits to the Fund. The Board concluded that the Fund would need to grow in assets before the Advisor would be able to achieve meaningful economies of scale.

The Board considered differential advisory fee waivers related to a Series' Class W shares, which are utilized within the Advisor's separately managed accounts. The Board took into account the Advisor's annual process to determine that a Series' Class W shares do not provide a means for cross-subsidization in contravention of Rule 18f-3 under the 1940 Act, which included an analysis of the advisory fees paid by the separately managed accounts to the Advisor outside of the Series as compared to the advisory fees paid by the Series' other classes to the Advisor. The Board also considered the Advisor's ongoing monitoring performed throughout the year to prevent ineligible investors from purchasing the Series' Class W shares. The Board further took into account that, after completing its annual review, the Advisor concluded that each Series' Class W shares do not provide a means for cross-subsidization in contravention of Rule 18f-3 under the 1940 Act and the Advisor has implemented reasonable measures to monitor the waivers in the Series' Class W Shares to guard against cross-subsidization in the Series. Based on the results of the Advisor's annual review of the differential advisory fee waivers related to the Series' Class W shares and the Advisor's conclusions thereto, the Board made the determination, based on the information and analysis presented to the Board at the meeting, that the Series' Class W shares do not provide a means for cross-subsidization in contravention of Rule 18f-3 under the 1940 Act.

The Advisor provided the Board with information comparing each Series' contractual management fees with the Advisor's standard advisory fees for separate accounts and collective investment trusts. The Board considered that the range of services provided to the Series is more extensive than for the Advisor's other clients due to additional infrastructure, administrative and regulatory requirements related to operating a mutual fund.

The current advisory fees, 12b-1 Distribution and Service Fees, other expenses (e.g. a combination of Shareholder Services Fees, intermediary sub-TA fees, routine operating expenses and Acquired Fund Fees and Expenses for fund-of-fund Series) and total

**21** 

Disciplined Value Series

**Renewal of Investment Advisory Agreement**

(unaudited)

expense ratios of each Series and share class were compared and ranked (on both a mean and median basis) against respective peer universes. Respective peer universes included funds of a similar size and with similar investment objectives and expense characteristics as disclosed on the Morningstar database. Representatives of the Advisor discussed with the Board the comparisons and rankings of fees, total expenses and net expense ratios for each class of each Series of the Fund and the methodology behind the comparison. At the request of the Board, the Advisor also provided asset weighted percentile rankings by Series that had been calculated using share class data and AUM as of December 31, 2024, as compared to peers. The Board considered that 9 of 14 Series were below median (with the other 5 above median) compared to peers on an asset weighted basis, with 4 of the Series in the lowest quartile or decile. The Board was also provided with information related to the sub-advisory fees for the Rainier Series and the Callodine Series and applicable comparisons. The Board will continue to monitor the fees and expenses of the Series compared to peer groups. Based on their review of the information provided, the Board concluded that the current fees and expenses of each Series of the Fund were reasonable on a comparative basis.

The Board considered the costs of the Advisor's services and the profits of the Advisor as they relate to the Advisor's services to the Fund, Rainier's services and profits with respect to services provided to the Rainier Series, and Callodine's services and profits with respect to services provided to the Callodine Series, under the Agreements. The Board was provided with information on the Advisor's financial condition and profitability by mutual fund agreement and by Series. The Board discussed the Advisor's revenues generated from the Fund and its expenses associated with providing the services under the Agreements. The Advisor presented the Board with information on firm-wide investment management profitability to provide a comparison of the Advisor's profitability from its Fund activities relative to its profitability from its other investment management business. In addition, the Board reviewed the Advisor's expense allocation methodology used to calculate profitability since many of the Advisor's resources and expenses are shared across the Advisor's various investment management vehicles. The Board noted the Advisor's explanation of the consistent approach taken in calculating profitability, compared to prior periods, including the allocation of expenses as part of that calculation. The Board considered the Advisor's expenses associated with Fund activities outside of the Agreement (such as expense reimbursements pursuant to expense caps and non-distribution related sub-transfer agency, administrative, sub-accounting, and other shareholder services payments above the Board approved fund limits, made by the Advisor, to third party platforms on which shares of the Fund are available for purchase). After discussing the above costs and profits, the Board concluded that the Advisor, Rainier's and Callodine's profit margins relating to their services provided under the applicable Agreements were reasonable. The Board also concluded that the Rainier Series and the Callodine Series would need to grow in assets before Rainier and Callodine, respectively, would be able to achieve meaningful economies of scale. The Board also considered the Advisor's willingness to continue its current expense limitation and fee waiver arrangements with the Series.

The Board also considered the other benefits the Advisor, Rainier and Callodine derive from their relationship with the Fund. Such other benefits include participation in a joint insurance program, sharing of personnel, sharing of compensation expenses for certain shared personnel, relationships with large service providers, the utilization of Series within the Advisor's separately managed accounts and certain research services provided by soft dollars. The Board concluded that these additional benefits to the Advisor, Rainier and Callodine were reasonable.

***Conclusion***

Based on the Board's deliberations and its evaluation of the information described above, the Board, including all of the Independent Directors, concluded that the compensation under the Agreements was fair and reasonable with respect to each Series in light of the services and expenses and such other matters as the Directors considered to be relevant in the exercise of their reasonable judgment, and that the renewal of the Agreements would be in the best interests of each Series and its shareholders. The Board did not indicate that any single factor was determinative of its decision to approve the Agreements, but indicated that the Board based its determination on the total mix of information available to it.

**22** 

Disciplined Value Series

**Literature Requests**

(unaudited)

Proxy Voting Policies and Procedures

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, without charge, upon request:

By phone 1-800-466-3863 <br> On the Securities and Exchange Commission's (SEC) web site http://www.sec.gov

Proxy Voting Record

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30th is available, without charge, upon request:

By phone 1-800-466-3863 <br> On the SEC's web site http://www.sec.gov <br> On Manning & Napier's web site www.manning-napier.com

Quarterly Portfolio Holdings

The Series' complete schedule of portfolio holdings for the 1st and 3rd quarters of each fiscal year are provided on Form N-PORT, and are available, without charge, upon request:

By phone 1-800-466-3863 <br> On the SEC's web site http://www.sec.gov

Prospectus and Statement of Additional Information (SAI)

*For more information about any of the Manning & Napier Fund, Inc. Series, you may obtain a prospectus and SAI at www.manning-napier.com or by calling 1-(800) 466-3863. Before investing, carefully consider the objectives, risks, charges and expenses of the investment and read the prospectus carefully as it contains this and other information about the investment company. In addition, this information can be found on the SEC's web site, http://www.sec.gov.*

Additional information available at www.manning-napier.com

1. Fund Holdings - Month-End

2. Fund Holdings - Quarter-End

3. Shareholder Report - Annual

4. Shareholder Report - Semi-Annual

5. Financial Statement and Other Information - Annual

6. Financial Statement and Other Information - Semi-Annual

The Fund also offers electronic notification or "e-delivery" when certain documents are available on-line to be downloaded or reviewed. Direct shareholders can elect to receive electronic notification when shareholder reports, prospectus updates, and/or statements are available. If you do not currently have on-line access to your account, you can establish access by going to www.manning-napier.com, click on "Login" in the top corner of the page, and follow the prompts to self-enroll. Once enrolled, you can set your electronic notification preferences by clicking on the Account Options tab located within the green toolbar and then select E-Delivery Option. Should you have any questions on either how to establish on-line access or how to update your account settings, please contact Investor Services at 1-800-466-3863.

**The Manning & Napier Fund, Inc. is managed by Manning & Napier Advisors, LLC. Manning & Napier Investor Services, Inc., an affiliate of Manning & Napier Advisors, LLC, is the distributor of the Fund shares.**

MNDIV-10/25-AR

**23**![](manning7ancsr001.jpg)

**www.manning-napier.com**

**Manning & Napier Fund, Inc.**

Rainier International Discovery Series

Rainier International Discovery Series

**Investment Portfolio - October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | | VALUE |
|  | SHARES | (NOTE 2) |
| **COMMON STOCKS - 98.3%** |  |  |
| **Communication Services - 5.1%** |  |  |
| &nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services - 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Helios Towers plc (Tanzania)<sup>\*</sup> | 1653607 | $3251868 |
| &nbsp;&nbsp;&nbsp;U-Next Holdings Co. Ltd. (Japan) | 150000 | 1979860 |
|  |  | 5231728 |
| &nbsp;&nbsp;&nbsp;**Entertainment - 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;CTS Eventim AG & Co. KGaA (Germany) | 13035 | 1167823 |
| &nbsp;&nbsp;&nbsp;NetEase Cloud Music, Inc. (China)<sup>\*1</sup> | 97350 | 3022827 |
|  |  | 4190650 |
| &nbsp;&nbsp;&nbsp;**Interactive Media & Services - 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Rightmove plc (United Kingdom) | 381502 | 3349763 |
| &nbsp;&nbsp;&nbsp;Scout24 SE (Germany)<sup>1</sup> | 61726 | 7138382 |
|  |  | 10488145 |
| **Total Communication Services** |  | 19910523 |
| **Consumer Discretionary - 6.7%** |  |  |
| &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure - 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Lemon Tree Hotels Ltd. (India)<sup>\*1</sup> | 1358054 | 2526553 |
| &nbsp;&nbsp;&nbsp;**Household Durables - 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Coway Co. Ltd. (South Korea) | 32502 | 2032344 |
| &nbsp;&nbsp;&nbsp;Nikon Corp. (Japan) | 242600 | 2829367 |
|  |  | 4861711 |
| &nbsp;&nbsp;&nbsp;**Specialty Retail - 4.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Auto1 Group SE (Germany)<sup>\*</sup> | 137252 | 4823386 |
| &nbsp;&nbsp;&nbsp;Cartrade Tech Ltd. (India)<sup>\*</sup> | 137884 | 4685824 |
| &nbsp;&nbsp;&nbsp;JUMBO S.A. (Greece) | 97381 | 3091261 |
| &nbsp;&nbsp;&nbsp;PAL GROUP Holdings Co. Ltd. (Japan) | 215300 | 2770356 |
|  |  | 15370827 |
| &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods - 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Brunello Cucinelli S.p.A. (Italy) | 33031 | 3347638 |
| **Total Consumer Discretionary** |  | 26106729 |
| **Consumer Staples - 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;**Food Products - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;LT Foods Ltd. (India) | 338015 | 1600739 |
| &nbsp;&nbsp;&nbsp;**Personal Care Products - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Cosmax, Inc. (South Korea) | 10722 | 1535382 |
| **Total Consumer Staples** |  | 3136121 |
| **Energy - 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels - 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Gaztransport Et Technigaz S.A. (France) | 30149 | 5970404 |
| **Financials - 21.7%** |  |  |
| &nbsp;&nbsp;&nbsp;**Banks - 7.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Fukuoka Financial Group, Inc. (Japan) | 200000 | 5812075 |
| &nbsp;&nbsp;&nbsp;Kyoto Financial Group, Inc. (Japan) | 382200 | 7742747 |
| &nbsp;&nbsp;&nbsp;Mebuki Financial Group, Inc. (Japan) | 705800 | 4403921 |
| &nbsp;&nbsp;&nbsp;Ringkjoebing Landbobank A/S (Denmark) | 24454 | 5530415 |

---

---

| | | |
|:---|:---|:---|
|  |  | VALUE |
|  | SHARES | (NOTE 2) |
| **COMMON STOCKS** (continued) |  |  |
| **Financials** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;**Banks** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Sydbank AS (Denmark) | 41740 | $3563398 |
|  |  | 27052556 |
| &nbsp;&nbsp;&nbsp;**Capital Markets - 10.8%** |  |  |
| &nbsp;&nbsp;&nbsp;360 ONE WAM Ltd. (India) | 368655 | 4486573 |
| &nbsp;&nbsp;&nbsp;Euronext N.V. (Netherlands)<sup>1</sup> | 65192 | 9316707 |
| &nbsp;&nbsp;&nbsp;Multi Commodity Exchange of India Ltd. (India) | 47177 | 4912118 |
| &nbsp;&nbsp;&nbsp;Nordnet AB publ (Sweden) | 226141 | 6529886 |
| &nbsp;&nbsp;&nbsp;St. James's Place plc (United Kingdom) | 465152 | 7936450 |
| &nbsp;&nbsp;&nbsp;Swissquote Group Holding S.A. (Switzerland) | 13836 | 8790598 |
|  |  | 41972332 |
| &nbsp;&nbsp;&nbsp;**Financial Services - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;PNB Housing Finance Ltd. (India)<sup>1</sup> | 130236 | 1363273 |
| &nbsp;&nbsp;&nbsp;**Insurance - 3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Alm Brand A/S (Denmark) | 986096 | 2776127 |
| &nbsp;&nbsp;&nbsp;Definity Financial Corp. (Canada) | 181264 | 8432837 |
| &nbsp;&nbsp;&nbsp;Generation Development Group Ltd. (Australia) | 514792 | 2409335 |
|  |  | 13618299 |
| **Total Financials** |  | 84006460 |
| **Health Care - 4.5%** |  |  |
| &nbsp;&nbsp;&nbsp;**Biotechnology - 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;PharmaEssentia Corp. (Taiwan) | 81559 | 1317665 |
| &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Classys, Inc. (South Korea) | 57361 | 1980306 |
| &nbsp;&nbsp;&nbsp;**Health Care Providers & Services - 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Max Healthcare Institute Ltd. (India) | 236184 | 3053826 |
| &nbsp;&nbsp;&nbsp;**Health Care Technology - 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Pro Medicus Ltd. (Australia) | 12962 | 2225639 |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals - 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;ALK-Abello A/S (Denmark)<sup>\*</sup> | 263254 | 8684338 |
| **Total Health Care** |  | 17261774 |
| **Industrials - 33.3%** |  |  |
| &nbsp;&nbsp;&nbsp;**Aerospace & Defense - 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Babcock International Group plc (United Kingdom) | 561944 | 8973706 |
| &nbsp;&nbsp;&nbsp;Mildef Group AB (Sweden) | 101723 | 1683141 |
| &nbsp;&nbsp;&nbsp;Saab AB - Class B (Sweden) | 22274 | 1225660 |
|  |  | 11882507 |
| &nbsp;&nbsp;&nbsp;**Building Products - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Munters Group AB (Sweden)<sup>1</sup> | 119206 | 2017513 |
| &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies - 5.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Daiei Kankyo Co. Ltd. (Japan) | 208100 | 4628039 |
| &nbsp;&nbsp;&nbsp;Element Fleet Management Corp. (Canada) | 316074 | 8525243 |

---

The accompanying notes are an integral part of the financial statements.

**1** 

Rainier International Discovery Series

**Investment Portfolio - October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | | VALUE | VALUE |
|  | SHARES | (NOTE 2) | (NOTE 2) |
| **COMMON STOCKS** (continued) |  |  |  |
| **Industrials** (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies** (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;Japan Elevator Service Holdings Co. Ltd. (Japan) | 585100 | $| 6887878 |
|  |  |  | 20041160 |
| &nbsp;&nbsp;&nbsp;**Construction & Engineering - 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Budimex S.A. (Poland) | 12357 |  | 1961794 |
| &nbsp;&nbsp;&nbsp;**Electrical Equipment - 4.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Harbin Electric Co. Ltd. - Class H (China) | 1678000 |  | 2759116 |
| &nbsp;&nbsp;&nbsp;Hyosung Heavy Industries Corp. (South Korea) | 3928 |  | 5859165 |
| &nbsp;&nbsp;&nbsp;Sinfonia Technology Co. Ltd. (Japan) | 28100 |  | 1934041 |
| &nbsp;&nbsp;&nbsp;SWCC Corp. (Japan) | 111900 |  | 5436752 |
|  |  |  | 15989074 |
| &nbsp;&nbsp;&nbsp;**Ground Transportation - 0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;TFI International, Inc. (Canada) | 23795 |  | 2138335 |
| &nbsp;&nbsp;&nbsp;**Machinery - 9.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;FLSmidth & Co. A/S (Denmark) | 80776 |  | 6290811 |
| &nbsp;&nbsp;&nbsp;HD Hyundai Marine Solution Co. Ltd. (South Korea) | 19862 |  | 3350039 |
| &nbsp;&nbsp;&nbsp;The Japan Steel Works Ltd. (Japan) | 102300 |  | 6699953 |
| &nbsp;&nbsp;&nbsp;Konecranes OYJ (Finland) | 52235 |  | 5155994 |
| &nbsp;&nbsp;&nbsp;Mitsui E&S Co. Ltd. (Japan) | 195200 |  | 7935859 |
| &nbsp;&nbsp;&nbsp;MNC Solution Co. Ltd. (South Korea) | 24030 |  | 3138784 |
| &nbsp;&nbsp;&nbsp;THK Co. Ltd. (Japan) | 105400 |  | 2806540 |
|  |  |  | 35377980 |
| &nbsp;&nbsp;&nbsp;**Professional Services - 3.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;ALS Ltd. (Australia) | 371421 |  | 5271472 |
| &nbsp;&nbsp;&nbsp;BayCurrent, Inc. (Japan) | 100600 |  | 4613921 |
| &nbsp;&nbsp;&nbsp;Infomart Corp. (Japan) | 714900 |  | 1517005 |
| &nbsp;&nbsp;&nbsp;Insource Co. Ltd. (Japan) | 413400 |  | 2337174 |
|  |  |  | 13739572 |
| &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors - 6.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Diploma plc (United Kingdom) | 95738 |  | 7062885 |
| &nbsp;&nbsp;&nbsp;Howden Joinery Group plc (United Kingdom) | 295344 |  | 3354480 |
| &nbsp;&nbsp;&nbsp;Sojitz Corp. (Japan) | 324100 |  | 8598520 |
| &nbsp;&nbsp;&nbsp;Toromont Industries Ltd. (Canada) | 39425 |  | 4736735 |
|  |  |  | 23752620 |
| &nbsp;&nbsp;&nbsp;**Transportation Infrastructure - 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Westports Holdings Bhd (Malaysia) | 1590000 |  | 1953460 |
| **Total Industrials** |  |  | 128854015 |
| **Information Technology - 15.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components - 8.1%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components - 8.1%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components - 8.1%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components - 8.1%** |
| &nbsp;&nbsp;&nbsp;AAC Technologies Holdings, Inc. (China). | 434500 |  | 2233501 |
| &nbsp;&nbsp;&nbsp;Celestica, Inc. (Canada)<sup>\*</sup> | 12481 |  | 4296959 |
| &nbsp;&nbsp;&nbsp;Cowell e Holdings, Inc. (Hong Kong)<sup>\*</sup> | 809743 |  | 3216859 |
| &nbsp;&nbsp;&nbsp;Halma plc (United Kingdom) | 132399 |  | 6169589 |
| &nbsp;&nbsp;&nbsp;Kaynes Technology India Ltd. (India)<sup>\*</sup> | 53046 |  | 4001872 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | VALUE | VALUE |
|  | SHARES | (NOTE 2) | (NOTE 2) |
| **COMMON STOCKS** (continued) |  |  |  |
| **Information Technology** (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components** (continued) | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components** (continued) | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components** (continued) | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components** (continued) |
| &nbsp;&nbsp;&nbsp;Lagercrantz Group AB - Class B (Sweden) | 288194 | $| 7050592 |
| &nbsp;&nbsp;&nbsp;Next Vision Stabilized Systems Ltd. (Israel) | 61888 |  | 2717121 |
| &nbsp;&nbsp;&nbsp;VusionGroup (France) | 5948 |  | 1653254 |
|  |  |  | 31339747 |
| &nbsp;&nbsp;&nbsp;**IT Services - 1.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;JBCC Holdings, Inc. (Japan) | 307600 |  | 2579660 |
| &nbsp;&nbsp;&nbsp;Kingsoft Cloud Holdings Ltd. (China)<sup>\*</sup> | 1564000 |  | 1313713 |
| &nbsp;&nbsp;&nbsp;Sopra Steria Group (France) | 8920 |  | 1388366 |
|  |  |  | 5281739 |
| &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 2.7%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 2.7%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 2.7%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 2.7%** |
| &nbsp;&nbsp;&nbsp;ASPEED Technology, Inc. (Taiwan) | 29000 |  | 5142953 |
| &nbsp;&nbsp;&nbsp;BE Semiconductor Industries N.V. (Netherlands) | 20930 |  | 3568485 |
| &nbsp;&nbsp;&nbsp;eMemory Technology, Inc. (Taiwan) | 30000 |  | 1931937 |
|  |  |  | 10643375 |
| &nbsp;&nbsp;&nbsp;**Software - 3.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Catapult Sports Ltd. (Australia)<sup>\*</sup> | 201896 |  | 886417 |
| &nbsp;&nbsp;&nbsp;Cellebrite DI Ltd. (Israel)<sup>\*</sup> | 92958 |  | 1585863 |
| &nbsp;&nbsp;&nbsp;Kinaxis, Inc. (Canada)<sup>\*</sup> | 29929 |  | 3624214 |
| &nbsp;&nbsp;&nbsp;Kingdee International Software Group Co. Ltd. (China)<sup>\*</sup> | 1955000 |  | 3688393 |
| &nbsp;&nbsp;&nbsp;Technology One Ltd. (Australia) | 167367 |  | 4030873 |
|  |  |  | 13815760 |
| **Total Information Technology** |  |  | 61080621 |
| **Materials - 6.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Chemicals - 1.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Fuso Chemical Co. Ltd. (Japan) | 126600 |  | 4197109 |
| &nbsp;&nbsp;&nbsp;**Construction Materials - 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Wienerberger AG (Austria) | 26461 |  | 785485 |
| &nbsp;&nbsp;&nbsp;**Metals & Mining - 5.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Altius Minerals Corp. (Canada) | 244561 |  | 6619041 |
| &nbsp;&nbsp;&nbsp;Imdex Ltd. (Australia) | 1487757 |  | 3344599 |
| &nbsp;&nbsp;&nbsp;OR Royalties, Inc. (Canada) | 229924 |  | 7376978 |
| &nbsp;&nbsp;&nbsp;SSAB AB - Class B (Sweden) | 576201 |  | 3567776 |
|  |  |  | 20908394 |
| **Total Materials** |  |  | 25890988 |
| **Real Estate - 1.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Real Estate Management & Development - 1.6%** | &nbsp;&nbsp;&nbsp;**Real Estate Management & Development - 1.6%** | &nbsp;&nbsp;&nbsp;**Real Estate Management & Development - 1.6%** | &nbsp;&nbsp;&nbsp;**Real Estate Management & Development - 1.6%** |
| &nbsp;&nbsp;&nbsp;Nomura Real Estate Holdings, Inc. (Japan) | 356100 |  | 2033642 |
| &nbsp;&nbsp;&nbsp;Tosei Corp. (Japan) | 192300 |  | 4091357 |
| **Total Real Estate** |  |  | 6124999 |

---

The accompanying notes are an integral part of the financial statements.

**2** 

Rainier International Discovery Series

**Investment Portfolio - October 31, 2025**

---

| | | |
|:---|:---|:---|
|  |  | VALUE |
|  | SHARES | (NOTE 2) |
| **COMMON STOCKS** (continued) |  |  |
| **Utilities - 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers - 0.6%** | &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers - 0.6%** | &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers - 0.6%** |
| &nbsp;&nbsp;&nbsp;NHPC Ltd. (India) | 2610443 | $2492097 |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;(Identified Cost $265,667,925) |  | **380834731** |

---

---

| | | |
|:---|:---|:---|
|  | | VALUE |
|  | SHARES | (NOTE 2) |
| **SHORT-TERM INVESTMENT - 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 4.00%<sup>2</sup> |  |  |
| &nbsp;&nbsp;&nbsp;(Identified Cost $10,268,981) | 10268981 | $**10268981** |
| **TOTAL INVESTMENTS - 101.0%** |  |  |
| &nbsp;&nbsp;&nbsp;(Identified Cost $275,936,906) |  | **391103712** |
| **LIABILITIES, LESS OTHER ASSETS - (1.0%)** |  | **(3738920)** |
| **NET ASSETS - 100%** |  | $**387364792** |

---

\*Non-income producing security.

<sup>1</sup>Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act") and determined to be liquid under the Fund's Liquidity Risk Management Program. The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2025 was $25,385,255, which represented 6.6% of the Series' Net Assets.

<sup>2</sup>Rate shown is the current yield as of October 31, 2025.

The Series' portfolio holds, as a percentage of net assets, greater than 10% in the following countries:

Japan - 23.7% and Canada - 11.8%.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor's, a division of S&P Global Inc. (S&P), and is licensed for use by Manning & Napier when referencing GICS sectors. Neither MSCI, S&P, nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification, nor shall any such party have any liability therefrom.

The accompanying notes are an integral part of the financial statements.

**3** 

Rainier International Discovery Series

**Statement of Assets and Liabilities**

October 31, 2025

**ASSETS:**

---

| | |
|:---|:---|
| Investments, at value (identified cost $275,936,906) (Note 2) | $391103712 |
| Foreign currency, at value (identified cost $726,947) | 728629 |
| Receivable for securities sold | 2657910 |
| Dividends receivable | 837029 |
| Foreign tax reclaims receivable | 304922 |
| Receivable for fund shares sold | 281433 |
| Prepaid expenses | 1143 |
| TOTAL ASSETS | 395914778 |
| **LIABILITIES:** | **LIABILITIES:** |
| Accrued management fees<sup>1</sup> | 298067 |
| Accrued sub-transfer agent fees<sup>1</sup> | 94485 |
| Accrued fund accounting and administration fees<sup>1</sup> | 57480 |
| Directors' fees payable<sup>1</sup> | 5900 |
| Accrued distribution and service (Rule 12b-1) fees (Class S)<sup>1</sup> | 5048 |
| Accrued Chief Compliance Officer service fees<sup>1</sup> | 3086 |
| Accrued foreign capital gains tax (Note 2) | 1482482 |
| Payable for fund shares repurchased | 6048691 |
| Payable for securities purchased | 404749 |
| Distributions payable | 9 |
| Other payables and accrued expenses | 149989 |
| TOTAL LIABILITIES | 8549986 |
| Commitments and contingent liabilities<sup>1</sup> | Commitments and contingent liabilities<sup>1</sup> |
| **TOTAL NET ASSETS** | $**387364792** |
| **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** |
| Capital stock | $134290 |
| Additional paid-in-capital | 275215689 |
| Total distributable earnings | 112014813 |
| **TOTAL NET ASSETS** | $**387364792** |
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class S** <br> ($23,593,311/835,646 shares)** | $**28.23** |
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class I** <br> ($222,379,779/7,714,700 shares)** | $**28.83** |
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class W** <br> ($26,280,778/907,794 shares)** | $**28.95** |
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class Z** <br> ($115,110,924/3,970,816 shares)** | $**28.99** |

---

<sup>1</sup> See note 3 in Notes to the Financial Statements.

The accompanying notes are an integral part of the financial statements.

**4**

Rainier International Discovery Series

**Statement of Operations**

For the Year Ended October 31, 2025

**INVESTMENT INCOME:**

---

| | |
|:---|:---|
| Dividends (net of foreign taxes withheld, $908,465) | $6553331 |
| **EXPENSES:** |  |
| Management fees (Note 3) | 3674145 |
| Sub-transfer agent fees (Note 3) | 237814 |
| Fund accounting and administration fees (Note 3) | 145039 |
| Distribution and service (Rule 12b-1) fees (Class S) (Note 3) | 56644 |
| Directors' fees (Note 3) | 45342 |
| Chief Compliance Officer service fees (Note 3) | 9493 |
| Custodian fees | 113581 |
| Interest expense | 15551 |
| Recoupment of past waived and/or reimbursed fees (Note 3) | 13672 |
| Miscellaneous | 280816 |
| Total Expenses | 4592097 |
| Less reduction of expenses (Note 3) | (302997) |
| Net Expenses | 4289100 |
| NET INVESTMENT INCOME | 2264231 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:** |  |
| Net realized gain (loss) on- |  |
| &nbsp;&nbsp;&nbsp;Investments (net of foreign capital gains tax of $1,188,194) | 50179100 |
| &nbsp;&nbsp;&nbsp;Foreign currency and translation of other assets and liabilities | (128518) |
|  | 50050582 |
| Net change in unrealized appreciation (depreciation) on- |  |
| &nbsp;&nbsp;&nbsp;Investments (net of decrease in accrued foreign capital gains tax of $225,593) | 36341610 |
| &nbsp;&nbsp;&nbsp;Foreign currency and translation of other assets and liabilities | 36588 |
|  | 36378198 |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY | 86428780 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $88693011 |

---

The accompanying notes are an integral part of the financial statements.

**5**

Rainier International Discovery Series

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | FOR THE | FOR THE |
|  | YEAR ENDED | YEAR ENDED |
|  | 10/31/25 | 10/31/24 |
| **INCREASE (DECREASE) IN NET ASSETS:** |  |  |
| **OPERATIONS:** |  |  |
| Net investment income | $2264231 | $3419106 |
| Net realized gain (loss) on investments and foreign currency | 50050582 | 47065773 |
| Net change in unrealized appreciation (depreciation) on investments and foreign currency | 36378198 | 41232495 |
| Net increase (decrease) from operations | 88693011 | 91717374 |
| **DISTRIBUTIONS TO SHAREHOLDERS (Note 10):** |  |  |
| Class S |  | (313094) |
| Class I | (295208) | (3552679) |
| Class W | (258788) | (529411) |
| Class Z | (293068) | (3357659) |
| Total distributions to shareholders | (847064) | (7752843) |
| **CAPITAL STOCK ISSUED AND REPURCHASED:** |  |  |
| Net increase (decrease) from capital share transactions (Note 6) | (118591238) | (183049801) |
| Net increase (decrease) in net assets | (30745291) | (99085270) |
| **NET ASSETS:** |  |  |
| Beginning of year | 418110083 | 517195353 |
| **End of year** | $387364792 | $418110083 |

---

The accompanying notes are an integral part of the financial statements.

**6**

Rainier International Discovery Series

**Financial Highlights - Class S**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | 10/31/25 | 10/31/24 | 10/31/23 | 10/31/22 | 10/31/21 |
| **Per share data (for a share outstanding throughout each year):** |  |  |  |  |  |
| **Net asset value - Beginning of year** | $22.86 | $19.64 | $20.31 | $34.75 | $25.62 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> | 0.05 | 0.08 | 0.09 | (0.00)<sup>2</sup> | (0.13) |
| Net realized and unrealized gain (loss) on investments | 5.32 | 3.37 | (0.76) | (10.85) | 9.77 |
| Total from investment operations | 5.37 | 3.45 | (0.67) | (10.85) | 9.64 |
| Less distributions to shareholders: |  |  |  |  |  |
| From net investment income |  | (0.23) |  |  |  |
| From net realized gain on investments |  |  |  | (3.59) | (0.51) |
| Total distributions to shareholders |  | (0.23) |  | (3.59) | (0.51) |
| **Net asset value - End of year** | $**28.23** | $**22.86** | $**19.64** | $**20.31** | $**34.75** |
| **Net assets - End of year (000's omitted)** | $**23593** | $**23389** | $**28930** | $**32038** | $**47911** |
| Total return<sup>3</sup> | 23.49% | 17.62% | (3.30%) | (34.40%) | 38.06% |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |
| Expenses\* | 1.40% | 1.40%<sup>4</sup> | 1.40% | 1.39% | 1.40% |
| Net investment income (loss) | 0.20% | 0.35% | 0.42% | (0.02%) | (0.41%) |
| Series portfolio turnover | 64% | 66% | 64% | 76% | 76% |
| \*For certain years presented, the investment advisor did not impose all or a portion of its management and/or other fees, and in some years may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | \*For certain years presented, the investment advisor did not impose all or a portion of its management and/or other fees, and in some years may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | \*For certain years presented, the investment advisor did not impose all or a portion of its management and/or other fees, and in some years may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | \*For certain years presented, the investment advisor did not impose all or a portion of its management and/or other fees, and in some years may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | \*For certain years presented, the investment advisor did not impose all or a portion of its management and/or other fees, and in some years may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | \*For certain years presented, the investment advisor did not impose all or a portion of its management and/or other fees, and in some years may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: |
|  | 0.01% | N/A | 0.06% | N/A | 0.00%<sup>5</sup> |

---

<sup>1</sup>Calculated based on average shares outstanding during the years.

<sup>2</sup>Less than $(0.01).

<sup>3</sup>Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been waived or reimbursed during certain years.

<sup>4</sup>Includes recoupment of past waived and/or reimbursed fees with no financial impact to the expense ratios.

<sup>5</sup>Less than 0.01%.

The accompanying notes are an integral part of the financial statements.

**7**

Rainier International Discovery Series

**Financial Highlights - Class I**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | 10/31/25 | 10/31/24 | 10/31/23 | 10/31/22 | 10/31/21 |
| **Per share data (for a share outstanding throughout each year):** |  |  |  |  |  |
| **Net asset value - Beginning of year** | $23.31 | $20.04 | $20.66 | $35.24 | $25.91 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> | 0.12 | 0.14 | 0.15 | 0.07 | (0.05) |
| Net realized and unrealized gain (loss) on investments | 5.43 | 3.44 | (0.77) | (11.03) | 9.89 |
| Total from investment operations | 5.55 | 3.58 | (0.62) | (10.96) | 9.84 |
| Less distributions to shareholders: |  |  |  |  |  |
| From net investment income | (0.03) | (0.30) |  | (0.03) |  |
| From net realized gain on investments |  |  |  | (3.59) | (0.51) |
| Total distributions to shareholders | (0.03) | (0.30) |  | (3.62) | (0.51) |
| **Net asset value - End of year** | $**28.83** | $**23.31** | $**20.04** | $**20.66** | $**35.24** |
| **Net assets - End of year (000's omitted)** | $**222380** | $**231802** | $**257083** | $**281907** | $**335259** |
| Total return<sup>2</sup> | 23.85% | 17.94% | (3.00%) | (34.25%) | 38.41% |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |
| Expenses\* | 1.15%<sup>3</sup> | 1.15%<sup>4</sup> | 1.15% | 1.12% | 1.13%<sup>5</sup> |
| Net investment income (loss) | 0.46% | 0.59% | 0.69% | 0.28% | (0.14%) |
| Series portfolio turnover | 64% | 66% | 64% | 76% | 76% |
| \*For certain years presented, the investment advisor did not impose all or a portion of its management and/or other fees, and in some years may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | \*For certain years presented, the investment advisor did not impose all or a portion of its management and/or other fees, and in some years may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | \*For certain years presented, the investment advisor did not impose all or a portion of its management and/or other fees, and in some years may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | \*For certain years presented, the investment advisor did not impose all or a portion of its management and/or other fees, and in some years may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | \*For certain years presented, the investment advisor did not impose all or a portion of its management and/or other fees, and in some years may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | \*For certain years presented, the investment advisor did not impose all or a portion of its management and/or other fees, and in some years may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: |
|  | N/A | N/A | 0.03% | N/A | N/A |

---

<sup>1</sup>Calculated based on average shares outstanding during the years.

<sup>2</sup>Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been waived or reimbursed during certain years.

<sup>3</sup>Includes recoupment of past waived and/or reimbursed fees. Without the recoupment the ratio would have been 1.14%.

<sup>4</sup>Includes recoupment of past waived and/or reimbursed fees. Without the recoupment the ratio would have been 1.13%.

<sup>5</sup>Includes recoupment of past waived and/or reimbursed fees. Without the recoupment the ratio would have been 1.11%.

The accompanying notes are an integral part of the financial statements.

**8**

Rainier International Discovery Series

**Financial Highlights - Class W**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | 10/31/25 | 10/31/24 | 10/31/23 | 10/31/22 | 10/31/21 |
| **Per share data (for a share outstanding throughout each year):** |  |  |  |  |  |
| **Net asset value - Beginning of year** | $23.40 | $20.13 | $20.75 | $35.39 | $25.93 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.39 | 0.39 | 0.38 | 0.33 | 0.28 |
| Net realized and unrealized gain (loss) on investments | 5.43 | 3.44 | (0.77) | (11.03) | 9.90 |
| Total from investment operations | 5.82 | 3.83 | (0.39) | (10.70) | 10.18 |
| Less distributions to shareholders: |  |  |  |  |  |
| From net investment income | (0.27) | (0.55) | (0.23) | (0.35) | (0.21) |
| From net realized gain on investments |  |  |  | (3.59) | (0.51) |
| Total distributions to shareholders | (0.27) | (0.55) | (0.23) | (3.94) | (0.72) |
| **Net asset value - End of year** | $**28.95** | $**23.40** | $**20.13** | $**20.75** | $**35.39** |
| **Net assets - End of year (000's omitted)** | $**26281** | $**23364** | $**19504** | $**22552** | $**32618** |
| Total return<sup>2</sup> | 25.11% | 19.13% | (2.01%) | (33.57%) | 39.91% |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |
| Expenses\* | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
| Net investment income | 1.51% | 1.66% | 1.72% | 1.28% | 0.87% |
| Series portfolio turnover | 64% | 66% | 64% | 76% | 76% |
| \*The investment advisor did not impose all or a portion of its management and/or other fees during the years, and may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | \*The investment advisor did not impose all or a portion of its management and/or other fees during the years, and may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | \*The investment advisor did not impose all or a portion of its management and/or other fees during the years, and may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | \*The investment advisor did not impose all or a portion of its management and/or other fees during the years, and may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | \*The investment advisor did not impose all or a portion of its management and/or other fees during the years, and may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | \*The investment advisor did not impose all or a portion of its management and/or other fees during the years, and may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: |
|  | 0.95% | 0.95% | 0.96% | 0.92% | 0.93% |

---

<sup>1</sup>Calculated based on average shares outstanding during the years.

<sup>2</sup>Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been waived or reimbursed during the years.

The accompanying notes are an integral part of the financial statements.

**9**

Rainier International Discovery Series

**Financial Highlights - Class Z**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | 10/31/25 | 10/31/24 | 10/31/23 | 10/31/22 | 10/31/21 |
| **Per share data (for a share outstanding throughout each year):** |  |  |  |  |  |
| **Net asset value - Beginning of year** | $23.43 | $20.14 | $20.75 | $35.36 | $25.96 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> | 0.15 | 0.17 | 0.18 | 0.09 | (0.01) |
| Net realized and unrealized gain (loss) on investments | 5.46 | 3.45 | (0.77) | (11.06) | 9.92 |
| Total from investment operations | 5.61 | 3.62 | (0.59) | (10.97) | 9.91 |
| Less distributions to shareholders: |  |  |  |  |  |
| From net investment income | (0.05) | (0.33) | (0.02) | (0.05) | (0.00)<sup>2</sup> |
| From net realized gain on investments |  |  |  | (3.59) | (0.51) |
| Total distributions to shareholders | (0.05) | (0.33) | (0.02) | (3.64) | (0.51) |
| **Net asset value - End of year** | $**28.99** | $**23.43** | $**20.14** | $**20.75** | $**35.36** |
| **Net assets - End of year (000's omitted)** | $**115111** | $**139556** | $**211678** | $**305353** | $**404306** |
| Total return<sup>3</sup> | 23.99% | 18.06% | (2.86%) | (34.17%) | 38.61% |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |
| Expenses\* | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Net investment income (loss) | 0.60% | 0.72% | 0.81% | 0.34% | (0.03%) |
| Series portfolio turnover | 64% | 66% | 64% | 76% | 76% |
| \*The investment advisor did not impose all or a portion of its management and/or other fees during the years, and may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | \*The investment advisor did not impose all or a portion of its management and/or other fees during the years, and may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | \*The investment advisor did not impose all or a portion of its management and/or other fees during the years, and may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | \*The investment advisor did not impose all or a portion of its management and/or other fees during the years, and may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | \*The investment advisor did not impose all or a portion of its management and/or other fees during the years, and may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | \*The investment advisor did not impose all or a portion of its management and/or other fees during the years, and may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: |
|  | 0.05% | 0.05% | 0.06% | 0.02% | 0.03% |

---

<sup>1</sup>Calculated based on average shares outstanding during the years.

<sup>2</sup>Less than $(0.01).

<sup>3</sup>Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been waived or reimbursed during the years.

The accompanying notes are an integral part of the financial statements.

**10**

Rainier International Discovery Series

**Notes to Financial Statements**

1. Organization

Rainier International Discovery Series (the "Series") is a no-load diversified series of Manning & Napier Fund, Inc. (the "Fund"). The Fund is organized in Maryland and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company.

The Series' investment objective is to seek long-term capital appreciation.

The Series is authorized to issue four classes of shares (Class S, I, W and Z). Each class is substantially the same, except that class specific distribution and shareholder servicing expenses are borne by the specific class of shares to which they relate.

The Fund's advisor is Manning & Napier Advisors, LLC (the "Advisor"). The investment sub-advisor of the Series is Rainier Investment Management, LLC ("Rainier" or the "Sub-Advisor"), an affiliate of the Advisor. Shares of the Series are offered to investors, clients and employees of the Advisor and its affiliates. The total authorized capital stock of the Fund consists of 15 billion shares of common stock each having a par value of $0.01. As of October 31, 2025, 6.8 billion shares have been designated in total among 15 series, of which 100 million have been designated as Rainier International Discovery Series Class I common stock, Rainier International Discovery Series Class S (formerly Class K) common stock, Rainier International Discovery Series Class W common stock and Rainier International Discovery Series Class Z (formerly Class R6) common stock.

Class W shares represent fiduciary accounts where the Advisor has sole investment discretion.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Series. The Series is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 - Investment Companies, which is part of accounting principles generally accepted in the United States of America ("GAAP").

**Security Valuation**

Portfolio securities, including domestic equities, foreign equities, warrants and options, listed on an exchange other than the NASDAQ Stock Market are valued at the latest quoted sales price of the exchange on which the security is primarily traded. Securities not traded on valuation date or securities not listed on an exchange are valued at the latest quoted bid price provided by the Fund's pricing service. Securities listed on the NASDAQ Stock Market are valued in accordance with the NASDAQ Official Closing Price.

Short-term investments that mature in sixty days or less may be valued at amortized cost, which approximates fair value. Investments in open-end investment companies are valued at their net asset value per share on valuation date.

Volume and level of activity in established markets for an asset or liability are evaluated to determine whether recent transactions and quoted prices are determinative of fair value. Where there have been significant decreases in volume and level of activity, further analysis and adjustment may be necessary to estimate fair value. In these instances, fair value is measured by the use of inputs and valuation techniques which may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry and/or expectation of future cash flows. As a result of trading in relatively thin markets and/or markets that experience significant volatility, the prices used to value these securities may differ from the value that would be realized if these securities were sold, and the differences could be material.

**Fair Value**

The Series' financial instruments are valued at the close of the NYSE and are reported at fair value, which GAAP defines as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Board has designated the Advisor as the Fund's valuation designee (Valuation Designee) to make all fair value determinations with respect to each Series' portfolio investments. Subject to oversight by the Board, the Valuation Designee performs the following functions in performing fair value determinations: assesses and manages valuation risks; establishes and applies fair value methodologies; tests fair value methodologies; and evaluates pricing vendors and pricing agents.

**11**

Rainier International Discovery Series

**Notes to Financial Statements (continued)**

2. Significant Accounting Policies (continued)

**Fair Value** (continued)

The Advisor has adopted and implemented policies and procedures to be followed when making fair value determinations, and it has established a Valuation Committee through which the Advisor makes fair value determinations. The Valuation Designee provides periodic reporting to the Board on valuation matters. The Advisor's determination of a security's fair value price often involves the consideration of a number of subjective factors, and is therefore subject to the unavoidable risk that the value assigned to a security may be higher or lower than the security's value would be if a reliable market quotation for the security was readily available. If trading or events occurring after the close of the principal market in which securities are traded are expected to materially affect the value of those securities, then they may be valued at their fair value, taking this trading or these events into account. The Advisor may use a pricing service to obtain the value of the Fund's portfolio securities where the prices provided by such pricing service are believed to reflect the fair market value of such securities. The methods used by the pricing service and the valuations so established will be reviewed by the Advisor under the general supervision of the Fund's Board of Directors. Several pricing services are available, one or more of which may be used by the Advisor, as approved by the Board. A change in a pricing service or a material change in a pricing methodology for investments with no readily available market quotations will be reported to the Board by the Advisor in accordance with certain requirements.

GAAP establishes the following fair value hierarchy that categorizes the inputs used to measure fair value. Level 1 includes quoted prices (unadjusted) in active markets for identical financial instruments that the Series' can access at the reporting date. Level 2 includes other significant observable inputs (including, but not limited to, quoted prices for similar financial instruments in active markets, quoted prices for identical or similar financial instruments in inactive markets, interest rates and yield curves, implied volatilities, and credit spreads). Level 3 includes unobservable inputs (including the Valuation Designee's own assumptions in determining fair value). A financial instrument's level within the fair value hierarchy is based on the lowest level of any input both individually and in aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the valuation levels used for major security types as of October 31, 2025 in valuing the Series' assets or liabilities carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;DESCRIPTION | TOTAL | LEVEL 1 | LEVEL 2<sup>#</sup> | LEVEL 3 |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | $19910523 | $— | $19910523 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 26106729 |  | 26106729 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | 3136121 |  | 3136121 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 5970404 |  | 5970404 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 84006460 | 8432837 | 75573623 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | 17261774 |  | 17261774 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 128854015 | 15400313 | 113453702 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 61080621 | 9507036 | 51573585 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 25890988 | 13996019 | 11894969 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate | 6124999 |  | 6124999 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 2492097 |  | 2492097 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investment | 10268981 | 10268981 |  |  |
| &nbsp;&nbsp;&nbsp;Total assets | $391103712 | $57605186 | $333498526 | $— |

---

#Includes certain foreign equity securities for which a factor from a third party vendor was applied to determine the securities' fair value following the close of local trading.

There were no Level 3 securities held by the Series as of October 31, 2024 or October 31, 2025.

**12**

Rainier International Discovery Series

**Notes to Financial Statements (continued)**

2. Significant Accounting Policies (continued)

**New Accounting Pronouncement**

In December 2023, the FASB issued Accounting Standards Update (ASU), ASU 2023-09, Income Taxes (Topic 740) – Improvements to Income Taxes Disclosures, which enhances the transparency of income tax disclosures. The ASU requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. The amendments under this ASU are required to be applied prospectively and are effective for fiscal years beginning after December 15, 2024. Management expects that adoption of the guidance will not have a material impact on the Series' financial statements.

**Security Transactions, Investment Income and Expenses**

Security transactions are accounted for on trade date. Dividend income is recorded on the ex-dividend date, except that if the ex-dividend date has passed, certain dividends from foreign securities are recorded as soon as the Series is informed of the ex-dividend date. Non-cash dividends, if any, are recorded at the fair value of the securities received. Interest income, including amortization of premium and accretion of discounts using the effective interest method, is earned from settlement date and accrued daily.

Expenses are recorded on an accrual basis. Most expenses of the Fund can be attributed to a specific series. Expenses which cannot be directly attributed are apportioned among the series in the Fund in such a manner as deemed equitable by the Fund's Board, taking into consideration, among other things, the nature and type of expense. Income, expenses (other than shareholder services fees), and realized and unrealized gains and losses are prorated among the classes based on the relative net assets of each class. Class specific expenses are directly charged to that class.

The Series uses the identified cost method for determining realized gain or loss on investments for both financial statement and federal income tax reporting purposes.

**Foreign Currency Translation**

The books and records of the Series are maintained in U.S. dollars. Foreign currencies, investments and other assets and liabilities are translated into U.S. dollars at the current exchange rates. Purchases and sales of investment securities and income and expenses are translated on the respective dates of such transactions. The Series does not isolate realized and unrealized gains and losses attributable to changes in the exchange rates from gains and losses that arise from changes in the fair value of investments. Such fluctuations are included with net realized and unrealized gain or loss on investments. Net realized foreign currency gains and losses represent foreign currency gains and losses between trade date and settlement date on securities transactions, gains and losses on disposition of foreign currencies and the difference between the amount of income and foreign withholding taxes recorded on the books of the Series and the amounts actually received or paid.

**Federal Taxes**

The Series' policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies. The Series is not subject to federal income tax or excise tax to the extent that the Series distributes to shareholders each year its taxable income, including any net realized gains on investments, in accordance with requirements of the Internal Revenue Code. Accordingly, no provision for federal income tax or excise tax has been made in the financial statements.

Management evaluates its tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is required only when the position is "more likely than not" to be sustained assuming examination by taxing authorities. At October 31, 2025, the Series has recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken in future tax returns.

The Series files income tax returns in the U.S. federal jurisdiction, various states and foreign jurisdictions, as required. No income tax returns are currently under investigation. The statute of limitations on the Series' tax returns remains open for the years ended

**13**

Rainier International Discovery Series

**Notes to Financial Statements (continued)**

2. Significant Accounting Policies (continued)

**Federal Taxes** (continued)

October 31, 2022 through October 31, 2025. The Series is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

**Foreign Taxes**

Based on the Series' understanding of the tax rules and rates related to income, gains and currency purchase/repatriation transactions for foreign jurisdictions in which it invests, the Series will provide for foreign taxes, and where appropriate, deferred foreign tax. The Series is subject to a tax imposed on short term capital gains on securities of issuers domiciled in India. The Series records an estimated deferred tax liability for securities that have been held for less than a year at the end of the reporting period, assuming those positions were disposed of at the end of the period. This amount is reported in Accrued foreign capital gains tax in the accompanying Statement of Assets and Liabilities. Realized losses on the sale of securities of issuers domiciled in India can be carried forward for eight years to offset potential future short term realized capital gains.

**Distributions of Income and Gains**

Distributions to shareholders of net investment income and net realized gains are made annually. An additional distribution may be necessary to avoid taxation of the Series. Distributions are recorded on the ex-dividend date.

**Indemnifications**

The Fund's organizational documents provide former and current directors and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

**Other**

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

3. Transactions with Affiliates and Other Agreements

The Fund has an Investment Advisory Agreement (the "Agreement") with the Advisor, for which the Series pays a fee, computed daily and payable monthly, at an annual rate of 0.90% of the Series' average daily net assets for investment advisory services. The Advisor pays the Sub-Advisor out of the fee received from the Series at an annual rate of 0.70% of the Series' average daily net assets.

Under the Agreement, personnel of the Advisor maintain the Series' organization and generally administer the affairs of the Fund. The Advisor also selects and oversees the Sub-Advisor, who is responsible for management of the Series' portfolio and the execution of securities transactions. The Advisor also provides the Fund with necessary office space and fund administration and support services. The salaries of all officers of the Fund (except a percentage of the Fund's Chief Compliance Officer's salary, which is paid by the Fund), and of all Directors who are "affiliated persons" of the Fund, or of the Advisor and/or Sub-Advisor, and all personnel of the Fund, or of the Advisor, performing services relating to research, statistical and investment activities, are paid by the Advisor and/or Sub-Advisor. Each "non-affiliated" Director receives an annual stipend, which is allocated among all the active series of the Fund. In addition, these Directors also receive a fee per Board meeting attended plus a fee for each committee meeting attended and are reimbursed for travel and other out-of-pocket expenses incurred by them in connection with attending such meetings. The Fund also has an Audit Committee Chair, Governance & Nominating Committee Chair and Lead Independent Director who each receive an additional annual stipend for these roles.

The Fund may enter into agreements with financial intermediaries pursuant to which the Fund may pay financial intermediaries for non-distribution related sub-transfer agency, administrative, sub-accounting, and other shareholder services in an amount

**14**

Rainier International Discovery Series

**Notes to Financial Statements (continued)**

3. Transactions with Affiliates and Other Agreements (continued)

not to exceed 0.15% of the average daily net assets of the Class S shares and Class I shares. Payments made pursuant to such agreements are generally based on the current assets and/or number of accounts of the Series attributable to the financial intermediary. Any payments made pursuant to such agreements may be in addition to, rather than in lieu of, any Distribution and Shareholder Services Fee payable under the Rule 12b-1 plan of the Fund.

The Advisor has contractually agreed to waive the management fee for the Class W shares. The full management fee will be waived under this agreement because Class W shares are only available to discretionary investment accounts and other accounts managed by the Advisor. These clients pay a management fee to the Advisor that is separate from the Series' expenses. In addition, pursuant to a separate expense limitation agreement, the Advisor has contractually agreed to limit its fees and reimburse expenses to the extent necessary so that the total direct annual fund operating expenses, exclusive of distribution and service (12b-1) fees and waived Class W management fees (collectively, "excluded expenses"), to 1.15% of the average daily net assets of the Class I and Class S shares, 1.00% of the average daily net assets of the Class Z shares, and 0.10% of the average daily net assets of the Class W shares. These contractual waivers are expected to continue indefinitely, and may not be amended or terminated by the Advisor without the approval of the Series' Board of Directors. The Advisor may receive from a Class the difference between the Class's total direct annual fund operating expenses, not including excluded expenses, and the Class's contractual expense limit to recoup all or a portion of its prior fee waivers (other than Class W management fee waivers) or expense reimbursements made during the rolling three-year period preceding the recoupment if at any point the total direct annual fund operating expenses, not including excluded expenses, are below the contractual expense limit (a) at the time of the fee waiver and/or expense reimbursement and (b) at the time of the recoupment.

Pursuant to these agreements, the Advisor waived $221,870 in management fees for Class W shares for the year ended October 31, 2025. In addition, pursuant to the separate expense limitation agreement, the Advisor waived or reimbursed expenses of $1,288, $11,938, and $67,901 for Class S, Class W, and Class Z shares, respectively, for the year ended October 31, 2025. These amounts are included as a reduction of expenses on the Statement of Operations.

For the year ended October 31, 2025, the Advisor recouped the following waivers and/or reimbursements previously recorded by the Series:

---

| | |
|:---|:---|
| &nbsp;&nbsp;CLASS | RECOUPED <br> AMOUNT |
| &nbsp;&nbsp;Class I | $13672 |

---

As of October 31, 2025, the class specific waivers or reimbursements subject to possible future recoupment under the expense limitation agreement are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;CLASS | EXPIRING OCTOBER 31, | EXPIRING OCTOBER 31, | EXPIRING OCTOBER 31, |  |
|  | 2026 | 2027 | 2028 | TOTAL |
| &nbsp;&nbsp;Class S | $19335 | $— | $1288 | $20623 |
| &nbsp;&nbsp;Class I | 4691 |  |  | 4691 |
| &nbsp;&nbsp;Class W | 14511 | 10583 | 11938 | 37032 |
| &nbsp;&nbsp;Class Z | 160927 | 102573 | 67901 | 331401 |

---

Manning & Napier Investor Services, Inc., a registered broker-dealer affiliate of the Advisor, acts as distributor for the Fund's shares. The Series compensates the distributor for distributing and servicing the Series' Class S shares pursuant to a distribution plan adopted under Rule 12b-1 of the 1940 Act, regardless of expenses actually incurred. Under the agreement, the Series pays distribution and service fees to the distributor at an annual rate of 0.25% of average daily net assets attributable to Class S shares. There are no distribution and service fees on the Class I, Class W or Class Z shares. The fees are accrued daily and paid monthly.

Pursuant to a master services agreement, the Fund pays the Advisor an annual fee related to fund accounting and administration of 0.0085% on the first $25 billion of average daily net assets; 0.0075% on the next $15 billion of average daily net assets; and

**15**

Rainier International Discovery Series

**Notes to Financial Statements (continued)**

3. Transactions with Affiliates and Other Agreements (continued)

0.0065% of average daily net assets in excess of $40 billion; plus a base fee of $18,400 per series. Additionally, certain transaction and out-of-pocket expenses, including charges for reporting relating to the Fund's compliance program, are charged. The Advisor has agreements with BNY Mellon Investment Servicing (U.S.) Inc. ("BNY") under which BNY serves as sub-accountant services agent.

4. Segment Reporting

In this reporting period, the Series adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the Series' financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Fund's Chief Legal Officer, President and Principal Executive Officer, Vice President, and Principal Financial Officer act as the Series' CODM. The Series represents a single operating segment, as the CODM monitors the operating results of the Series as a whole and the Series' long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Series' portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented in the Series' financial statements.

5. Purchases and Sales of Securities

For the year ended October 31, 2025, purchases and sales of securities, other than U.S. Government securities and short-term securities, were $248,890,893 and $353,387,852, respectively. There were no purchases or sales of U.S. Government securities.

6. Capital Stock Transactions

Transactions in Class S, Class I, Class W and Class Z shares of Rainier International Discovery Series were:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;CLASS S | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | 10/31/25 | 10/31/25 | 10/31/24 | 10/31/24 |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;Sold | 35118 | $854454 | 200360 | $4543590 |
| &nbsp;&nbsp;Reinvested |  |  | 12261 | 266196 |
| &nbsp;&nbsp;Repurchased | (222534) | (5315256) | (662523) | (14990453) |
| &nbsp;&nbsp;Total | (187416) | $(4460802) | (449902) | $(10180667) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;CLASS I | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | 10/31/25 | 10/31/25 | 10/31/24 | 10/31/24 |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;Sold | 1729181 | $44134265 | 2523600 | $58171724 |
| &nbsp;&nbsp;Reinvested | 12317 | 291542 | 159090 | 3514295 |
| &nbsp;&nbsp;Repurchased | (3969182) | (101991484) | (5570410) | (128129961) |
| &nbsp;&nbsp;Total | (2227684) | $(57565677) | (2887720) | $(66443942) |

---

**16**

Rainier International Discovery Series

**Notes to Financial Statements (continued)**

6. Capital Stock Transactions (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;CLASS W | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | 10/31/25 | 10/31/25 | 10/31/24 | 10/31/24 |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;Sold | 16705 | $395196 | 56897 | $1336948 |
| &nbsp;&nbsp;Reinvested | 10989 | 258788 | 24097 | 529411 |
| &nbsp;&nbsp;Repurchased | (118315) | (3070598) | (51664) | (1199675) |
| &nbsp;&nbsp;Total | (90621) | $(2416614) | 29330 | $666684 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;CLASS Z | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | 10/31/25 | 10/31/25 | 10/31/24 | 10/31/24 |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;Sold | 689233 | $17964455 | 786973 | $18187004 |
| &nbsp;&nbsp;Reinvested | 7669 | 182292 | 102032 | 2262043 |
| &nbsp;&nbsp;Repurchased | (2682346) | (72294892) | (5445578) | (127540923) |
| &nbsp;&nbsp;Total | (1985444) | $(54148145) | (4556573) | $(107091876) |

---

At October 31, 2025, one shareholder owned 13.5% of the Series. In addition, the Advisor and its affiliates owned 0.1% of the Series. Investment activities of these shareholders may have a material effect on the Series.

7. Line of Credit

The Fund has entered into a 364-day, $75 million credit agreement (the "line of credit") with Bank of New York Mellon. Each series of the Fund may borrow under the line of credit for temporary or emergency purposes, including funding shareholder redemptions and other short-term liquidity purposes. The Fund pays an annual fee on the unused commitment amount, payable quarterly, and is allocated among all the series of the Fund and included in miscellaneous expenses in the Statement of Operations for each series. The line of credit expires in September 2026 unless extended or renewed. During the year ended October 31, 2025, the Series borrowed for 10 days and the daily amount of borrowings outstanding under the line of credit was $14,960,000 with an interest rate of 5.54%. As of October 31, 2025, there was no borrowing outstanding.

8. Financial Instruments

The Series may trade in instruments including futures contracts and other derivatives in the normal course of investing activities to assist in managing exposure to various market risks. The Series may be subject to various elements of risk, which may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. These risks include: the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to over the counter derivative counterparties' failure to perform under contract terms; liquidity risk related to the lack of a liquid market for these contracts allowing the fund to close out its position(s); and documentation risk relating to disagreement over contract terms. No such investments were held by the Series as of October 31, 2025.

9. Foreign Securities

Investing in securities of foreign companies and foreign governments involves special risks and considerations not typically associated with investing in securities of domestic companies and the U.S. Government. These risks include revaluation of currencies and future adverse political and economic developments. Moreover, securities of foreign companies and foreign governments and their markets may be less liquid and their prices more volatile than those of comparable domestic companies and the U.S. Government.

**17**

Rainier International Discovery Series

**Notes to Financial Statements (continued)**

10. Federal Income Tax Information

The amount and characterization of certain income and capital gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to losses deferred due to wash sales, foreign currency gains and losses, passive foreign investment companies (PFICs), foreign capital gain tax, and tax equalization. The Series may periodically make reclassifications among its capital accounts to reflect income and gains available for distribution (or available capital loss carryovers) under income tax regulations without impacting the Series' net asset value. For the year ended October 31, 2025, amounts were reclassified within the capital accounts to increase Additional Paid in Capital by $135,000 and decrease Total Distributable Earnings by $135,000. Any such reclassifications are not reflected in the financial highlights.

The tax character of distributions paid were as follows:

---

| | | |
|:---|:---|:---|
|  | FOR THE YEAR | FOR THE YEAR |
|  | ENDED 10/31/2025 | ENDED 10/31/2024 |
| Ordinary income | $847064 | $7752843 |

---

At October 31, 2025, the identified cost of investments for federal income tax purposes, the resulting gross unrealized appreciation and depreciation, and the net unrealized appreciation were as follows:

---

| | |
|:---|:---|
| Cost for federal income tax purposes | $288428679 |
| Unrealized appreciation | 110639935 |
| Unrealized depreciation | (7964902) |
| Net unrealized appreciation | $102675033 |
| Undistributed ordinary income | $9405776 |
| Undistributed long-term capital gains | $1427788 |

---

For the year ended October 31, 2025, the capital loss carryover utilized was $46,048,151.

11. Market Event

Significant disruptions and volatility in the global financial markets and economies, like the current conditions caused by the Russian invasion of Ukraine, the conflict between Hamas and Israel in the Middle East and the COVID-19 pandemic, could negatively impact the investment performance of the Series. The global market and economic climate may become increasingly uncertain due to numerous factors beyond our control, including but not limited to, impacts on business operations in the U.S. related to the COVID-19 pandemic, such as supply chain disruptions and inflation, concerns related to unpredictable global market and economic factors, uncertainty in U.S. federal fiscal, tax, trade or regulatory policy and the fiscal, tax, trade or regulatory policy of foreign governments, rising interest rates, inflation or deflation, the availability of credit, performance of financial markets, armed conflicts, terrorism, natural or biological catastrophes, public health emergencies, or political uncertainty.

**18**

Rainier International Discovery Series

**Report of Independent Registered Public Accounting Firm**

To the Board of Directors of Manning & Napier Fund, Inc. and Shareholders of Rainier International Discovery Series

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the investment portfolio, of Rainier International Discovery Series (one of the funds constituting Manning & Napier Fund, Inc., referred to hereafter as the "Fund") as of October 31, 2025, the related statement of operations for the year ended October 31, 2025, the statement of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2025 and the financial highlights for each of the five years in the period ended October 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinion.

![](manning7ancsr002.jpg)

**New York, New York**

**December 18, 2025**

We have served as the auditor of one or more investment companies in Manning & Napier Mutual Funds since 1992.

**19**

Rainier International Discovery Series

**Supplemental Tax Information**

(unaudited)

All reportings are based on financial information available as of the date of this annual report and, accordingly, are subject to change.

For federal income tax purposes, the Series reports for the current fiscal year $1,476,648 or, if different, the maximum amount allowable under the tax law, as qualified dividend income.

The Series has elected to pass through to its shareholders, foreign source income of $6,658,985 and foreign taxes paid of $2,003,737 for the year ended October 31, 2025.

The Series designates $1,514,943 as Long-Term Capital Gain dividends pursuant to Section 852(b) of the Code for the fiscal year ended October 31, 2025.

**20**

Rainier International Discovery Series

**Renewal of Investment Advisory Agreement**

(unaudited)

At the Manning & Napier Fund, Inc. (the "Fund") Board of Directors' (the "Board") meeting, held on May 20, 2025, the Investment Advisory Agreement between the Fund and Manning & Napier Advisors, LLC (the "Advisor"), and on behalf of the Rainier International Discovery Series (the "Rainier Series"), the Investment Advisory Agreement between the Advisor and the Fund and the Sub-Advisory Agreement between the Advisor and Rainier Investment Management, LLC ("Rainier"), and on behalf of the Callodine Equity Income Series (the "Callodine Series"), the Investment Advisory Agreement between the Advisor and the Fund and the Sub-Advisory Agreement between the Advisor and Callodine Capital Management, LP ("Callodine") (such agreements collectively, the "Agreements"), were considered for renewal by the Board, including all of the Directors who are not "interested persons" ("Independent Directors"), within the meaning of the Investment Company Act of 1940, as amended (the "1940 Act"). In connection with the decision whether to renew the Agreements, a variety of material was provided to the Board in advance of the meeting for their review and consideration. The Board also held a working session on May 7, 2025 to review and discuss information provided to the Board, and for the Board to request additional information.

Representatives of the Advisor attended a portion of the working session and attended the Board meeting. The Advisor provided supplemental information requested by the Board and presented additional oral information to the Board to assist the Board in its considerations. In addition to the information furnished by the Advisor, the Board was provided with a legal memorandum discussing its fiduciary duties related to its approval of the continuation of the Agreements. Independent legal counsel for the Independent Directors discussed with the Board the applicable legal considerations. In addition, the Board received in-person presentations about the Fund throughout the year.

The Independent Directors were advised by independent legal counsel with respect to these matters. The Independent Directors also met separately in an executive session with their legal counsel without any representatives of the Advisor present.

The Directors' determinations at the meeting were made on the basis of each Director's business judgment after consideration of all the information presented. In deciding to recommend the renewal of the Agreements with respect to each Series of the Fund, the Independent Directors did not identify any single or particular piece of information that, in isolation, was the controlling factor. Each Independent Director may also have weighed factors differently. This summary describes the most important, but not all, of the factors considered by the Board and the Independent Directors.

***Nature, Extent and Quality of Services Provided by the Advisor, Rainier and Callodine***

The Board considered the nature, extent and quality of the services provided by the Advisor, Rainier, and Callodine under the Agreements including, among others: deciding what securities to purchase and sell for each Series; arranging for the purchase and sale of such securities by placing orders with broker-dealers; administering the affairs of the Fund (including the books and records of the Fund not maintained by third party service providers such as the custodian or transfer agent); arranging for the insurance coverage for the Fund; and supervising the preparation of tax returns, SEC filings (including registration statements) and reports to shareholders for the Fund. The Board considered the numerous services performed by the Advisor and its affiliates beyond those stated in the Agreements. The Board also considered the Advisor, Rainier and Callodine's personnel who perform services to the Fund, changes in senior or key personnel, industry trends impacting the mutual fund industry, the strength of the Advisor's compliance infrastructure, policies and procedures relating to compliance with securities regulations, reputation, expertise and resources. The Directors also reviewed the Advisor, Rainier and Callodine's investment and risk management approaches for the Series. The most recent investment adviser registration forms (Form ADV) for the Advisor, Rainier, and Callodine were available to the Board. The Directors also considered other services to be provided to the Series by the Advisor specifically, such as monitoring Rainier and Callodine's adherence to the applicable Series' investment restrictions and monitoring compliance with various Fund policies and procedures and with applicable securities laws and regulations. Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that the nature, extent and quality of the services provided to each Series by the Advisor, Rainier and Callodine supported the renewal of the Agreements.

***Investment Performance of the Advisor, Rainier and Callodine***

In connection with their consideration of investment performance, the Board was provided with reports – both proprietary to the Advisor or the Fund and generated by independent providers of investment company data – regarding the performance of each Series over various time periods and comparisons against applicable benchmark indexes as well as peer groups of mutual funds. As part of these meetings, the Advisor, Rainier and Callodine and their representatives provided information regarding and, as applicable, led discussions of factors impacting the Advisor, Rainier, and Callodine's performance for the Series, outlining market conditions over

**21**

Rainier International Discovery Series

**Renewal of Investment Advisory Agreement**

(unaudited)

various time periods and explaining their expectations and strategies for the future. The Directors determined that it was appropriate to take into account its consideration of the Advisor, Rainier and Callodine's performance at the May 7th working session and during prior quarterly board meetings. The Board also considered the Advisor, Rainier and Callodine's investment teams, including changes to the investment teams during the past year, investment team compensation structure and the investment process.

The Directors noted the outperformance of certain Series for various periods as compared to each Series' benchmark and/or peer group. The Directors also expressed concerns about the investment performance of certain Series for various periods, including the Rainier Series and certain other series managed by the Advisor. The Directors emphasized longer-term performance but remained attentive to shorter periods as well. In response to a request from the Independent Directors relating to Series where the Advisor's or Rainier's performance was materially below the performance of a Series' benchmarks and/or peer group, representatives of the Advisor provided a further explanation to the Board regarding the reasons for the underperformance of these Series and discussed the steps taken or expected to be taken by the Advisor in an effort to improve performance. The Directors acknowledged the Advisor's agreement to continue its efforts to improve relative performance for certain Series and asked the Advisor to update the Board on these efforts at future meetings, and further noted the consistent adherence of those Series to their investment mandates as disclosed to shareholders. After discussion, the Directors agreed to continue to remain focused in future meetings on overseeing the Advisor's and Rainier's efforts to address underperformance, emphasizing longer-term performance, while staying attentive to short-term performance. The Directors also considered the outperformance of the Callodine Series as compared to the benchmark index and peer group. After discussion, the Directors concluded, based on the information received and the Advisor's and Rainier's efforts to address the underperformance of certain Series, within the context of its full deliberations, that the consistent strategy and investment results that the Advisor, Rainier and Callodine had been able to achieve for each Series support renewal of the Agreements.

***Costs of Advisory Services, Profitability and Economies of Scale***

The Board considered the fees and expenses of the various Series of the Fund. The Advisor presented the advisory fees and total expenses for each Series, including the advisory fee adjusted for any contractual expense waivers or reimbursements paid by the Advisor.

The Board considered whether the Advisor had achieved economies of scale with respect to its services to the Fund. The Board acknowledged the expense caps incorporated in the Fund's current fee structure, which requires the Advisor to subsidize the expenses of the Series operating above their expense cap, noting that as of December 31, 2024, 11 of 14 Series of the Fund were receiving expense reimbursements from the Advisor. The Directors noted the Advisor's investments in, among other areas, investment and research personnel, IT resources and technology upgrades, noting their expected benefits to the Fund. The Board concluded that the Fund would need to grow in assets before the Advisor would be able to achieve meaningful economies of scale.

The Board considered differential advisory fee waivers related to a Series' Class W shares, which are utilized within the Advisor's separately managed accounts. The Board took into account the Advisor's annual process to determine that a Series' Class W shares do not provide a means for cross-subsidization in contravention of Rule 18f-3 under the 1940 Act, which included an analysis of the advisory fees paid by the separately managed accounts to the Advisor outside of the Series as compared to the advisory fees paid by the Series' other classes to the Advisor. The Board also considered the Advisor's ongoing monitoring performed throughout the year to prevent ineligible investors from purchasing the Series' Class W shares. The Board further took into account that, after completing its annual review, the Advisor concluded that each Series' Class W shares do not provide a means for cross-subsidization in contravention of Rule 18f-3 under the 1940 Act and the Advisor has implemented reasonable measures to monitor the waivers in the Series' Class W Shares to guard against cross-subsidization in the Series. Based on the results of the Advisor's annual review of the differential advisory fee waivers related to the Series' Class W shares and the Advisor's conclusions thereto, the Board made the determination, based on the information and analysis presented to the Board at the meeting, that the Series' Class W shares do not provide a means for cross-subsidization in contravention of Rule 18f-3 under the 1940 Act.

The Advisor provided the Board with information comparing each Series' contractual management fees with the Advisor's standard advisory fees for separate accounts and collective investment trusts. The Board considered that the range of services provided to the Series is more extensive than for the Advisor's other clients due to additional infrastructure, administrative and regulatory requirements related to operating a mutual fund.

The current advisory fees, 12b-1 Distribution and Service Fees, other expenses (e.g. a combination of Shareholder Services Fees, intermediary sub-TA fees, routine operating expenses and Acquired Fund Fees and Expenses for fund-of-fund Series) and total

**22**

Rainier International Discovery Series

**Renewal of Investment Advisory Agreement**

(unaudited)

expense ratios of each Series and share class were compared and ranked (on both a mean and median basis) against respective peer universes. Respective peer universes included funds of a similar size and with similar investment objectives and expense characteristics as disclosed on the Morningstar database. Representatives of the Advisor discussed with the Board the comparisons and rankings of fees, total expenses and net expense ratios for each class of each Series of the Fund and the methodology behind the comparison. At the request of the Board, the Advisor also provided asset weighted percentile rankings by Series that had been calculated using share class data and AUM as of December 31, 2024, as compared to peers. The Board considered that 9 of 14 Series were below median (with the other 5 above median) compared to peers on an asset weighted basis, with 4 of the Series in the lowest quartile or decile. The Board was also provided with information related to the sub-advisory fees for the Rainier Series and the Callodine Series and applicable comparisons. The Board will continue to monitor the fees and expenses of the Series compared to peer groups. Based on their review of the information provided, the Board concluded that the current fees and expenses of each Series of the Fund were reasonable on a comparative basis.

The Board considered the costs of the Advisor's services and the profits of the Advisor as they relate to the Advisor's services to the Fund, Rainier's services and profits with respect to services provided to the Rainier Series, and Callodine's services and profits with respect to services provided to the Callodine Series, under the Agreements. The Board was provided with information on the Advisor's financial condition and profitability by mutual fund agreement and by Series. The Board discussed the Advisor's revenues generated from the Fund and its expenses associated with providing the services under the Agreements. The Advisor presented the Board with information on firm-wide investment management profitability to provide a comparison of the Advisor's profitability from its Fund activities relative to its profitability from its other investment management business. In addition, the Board reviewed the Advisor's expense allocation methodology used to calculate profitability since many of the Advisor's resources and expenses are shared across the Advisor's various investment management vehicles. The Board noted the Advisor's explanation of the consistent approach taken in calculating profitability, compared to prior periods, including the allocation of expenses as part of that calculation. The Board considered the Advisor's expenses associated with Fund activities outside of the Agreement (such as expense reimbursements pursuant to expense caps and non-distribution related sub-transfer agency, administrative, sub-accounting, and other shareholder services payments above the Board approved fund limits, made by the Advisor, to third party platforms on which shares of the Fund are available for purchase). After discussing the above costs and profits, the Board concluded that the Advisor, Rainier's and Callodine's profit margins relating to their services provided under the applicable Agreements were reasonable. The Board also concluded that the Rainier Series and the Callodine Series would need to grow in assets before Rainier and Callodine, respectively, would be able to achieve meaningful economies of scale. The Board also considered the Advisor's willingness to continue its current expense limitation and fee waiver arrangements with the Series.

The Board also considered the other benefits the Advisor, Rainier and Callodine derive from their relationship with the Fund. Such other benefits include participation in a joint insurance program, sharing of personnel, sharing of compensation expenses for certain shared personnel, relationships with large service providers, the utilization of Series within the Advisor's separately managed accounts and certain research services provided by soft dollars. The Board concluded that these additional benefits to the Advisor, Rainier and Callodine were reasonable.

***Conclusion***

Based on the Board's deliberations and its evaluation of the information described above, the Board, including all of the Independent Directors, concluded that the compensation under the Agreements was fair and reasonable with respect to each Series in light of the services and expenses and such other matters as the Directors considered to be relevant in the exercise of their reasonable judgment, and that the renewal of the Agreements would be in the best interests of each Series and its shareholders. The Board did not indicate that any single factor was determinative of its decision to approve the Agreements, but indicated that the Board based its determination on the total mix of information available to it.

**23**

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**24**

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**25**

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**26**

Rainier International Discovery Series

**Literature Requests**

(unaudited)

Proxy Voting Policies and Procedures

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, without charge, upon request:

By phone 1-800-466-3863 <br> On the Securities and Exchange <br> Commission's (SEC) web site http://www.sec.gov

Proxy Voting Record

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30th is available, without charge, upon request:

By phone 1-800-466-3863 <br> On the SEC's web site http://www.sec.gov <br> On Manning & Napier's web site www.manning-napier.com

Quarterly Portfolio Holdings

The Series' complete schedule of portfolio holdings for the 1st and 3rd quarters of each fiscal year are provided on Form N-PORT, and are available, without charge, upon request:

By phone 1-800-466-3863 <br> On the SEC's web site http://www.sec.gov

Prospectus and Statement of Additional Information (SAI)

*For more information about any of the Manning & Napier Fund, Inc. Series, you may obtain a prospectus and SAI at www.manning-napier.com or by calling 1-(800) 466-3863. Before investing, carefully consider the objectives, risks, charges and expenses of the investment and read the prospectus carefully as it contains this and other information about the investment company. In addition, this information can be found on the SEC's web site, http://www.sec.gov.*

Additional information available at www.manning-napier.com

&nbsp;&nbsp;&nbsp;&nbsp;1. Fund Holdings - Month-End

&nbsp;&nbsp;&nbsp;&nbsp;2. Fund Holdings - Quarter-End

&nbsp;&nbsp;&nbsp;&nbsp;3. Shareholder Report - Annual

&nbsp;&nbsp;&nbsp;&nbsp;4. Shareholder Report - Semi-Annual

&nbsp;&nbsp;&nbsp;&nbsp;5. Financial Statement and Other Information - Annual

&nbsp;&nbsp;&nbsp;&nbsp;6. Financial Statement and Other Information - Semi-Annual

The Fund also offers electronic notification or "e-delivery" when certain documents are available on-line to be downloaded or reviewed. Direct shareholders can elect to receive electronic notification when shareholder reports, prospectus updates, and/or statements are available. If you do not currently have on-line access to your account, you can establish access by going to www.manning-napier.com, click on "Login" in the top corner of the page, and follow the prompts to self-enroll. Once enrolled, you can set your electronic notification preferences by clicking on the Account Options tab located within the green toolbar and then select E-Delivery Option. Should you have any questions on either how to establish on-line access or how to update your account settings, please contact Investor Services at 1-800-466-3863.

**The Manning & Napier Fund, Inc. (the Fund) is managed by Manning & Napier Advisors, LLC (Manning & Napier). Manning & Napier Investor Services, Inc. (MNBD), an affiliate of Manning & Napier, is the distributor of the Fund shares. Manning & Napier has contracted Rainier Investment Management, LLC, an affiliate of Manning & Napier and MNBD, to sub-advise the International Discovery Series.**

MNIDS-10/25-AR

**27**

&nbsp;&nbsp;&nbsp;&nbsp;(b) An open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must file the information required by Item 13 of Form N-1A.

The Financial Highlights are included with the Financial Statements under Item 7(a).

---

| | |
|:---|:---|
| **ITEM 8:** | **CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.** |

---

Not applicable.

---

| | |
|:---|:---|
| **ITEM 9:** | **PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.** |

---

Not applicable.

---

| | |
|:---|:---|
| **ITEM 10:** | **REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.** |

---

Included under Item 7.

---

| | |
|:---|:---|
| **ITEM 11:** | **STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.** |

---

Included under Item 7.

---

| | |
|:---|:---|
| **ITEM 12:** | **DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.** |

---

Not applicable.

---

| | |
|:---|:---|
| **Item 13:** | **Portfolio Managers of Closed-End Management Investment Companies** |

---

Not applicable.

---

| | |
|:---|:---|
| **Item 14:** | **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers** |

---

Not applicable.

---

| | |
|:---|:---|
| **Item 15:** | **Submission of Matters to a Vote of Security Holders** |

---

There have been no material changes to the procedure by which shareholders may recommend nominees to the registrant's board of directors.

---

| | |
|:---|:---|
| **Item 16:** | **Controls and Procedures** |

---

(a) Based on their evaluation of the Funds' disclosure controls and procedures, as of a date within 90 days of the filing date, the Funds' Principal Executive Officer and Principal Financial Officer have concluded that the Funds' disclosure controls and procedures are: (i) reasonably designed to ensure that information required to be disclosed in this report is appropriately communicated to the Funds' officers to allow timely decisions regarding disclosures required in this report; (ii) reasonably designed to ensure that information required to be disclosed in this report is recorded, processed, summarized and reported in a timely manner; and (iii) are effective in achieving the goals described in (i) and (ii) above.

(b) During the period covered by this report, there have been no changes in the Funds' internal control over financial reporting that the above officers believe to have materially affected, or to be reasonably likely to materially affect, the Funds' internal control over financial reporting.

---

| | |
|:---|:---|
| **ITEM 17:** | **DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.** |

---

Not applicable.

---

| | |
|:---|:---|
| **ITEM 18:** | **RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.** |

---

Not applicable.

---

| | |
|:---|:---|
| **Item 19:** | **Exhibits** |

---

(a)(1) [Code of ethics that is subject to the disclosure of Item 2 above.](ex99-codeeth.htm)

(a)(2) Not applicable.

---

| | |
|:---|:---|
| (a)(3) | [Separate certifications for the Registrant's principal executive officer and principal financial officer, as required by Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940, are attached as EX-99.CERT.](ex99-cert.htm) |

---

(a)(4) There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons.

(a)(5) There was no change in the Registrant's independent public accountant during the period covered by the report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [A certification of the Registrant's principal executive officer and principal financial officer, as required by 18 U.S.C Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and Rule 30a-2(b) under the Investment Company Act of 1940, is attached as EX-99.906CERT. The certification furnished pursuant to this paragraph is not deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section. Such certification is not deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that the Registrant specifically incorporates them by reference.](ex99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Manning & Napier Fund, Inc.

/s/ Paul J. Battaglia

Paul J. Battaglia

President & Principal Executive Officer

Manning & Napier Fund, Inc.

Date: January 6, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

/s/ Paul J. Battaglia

Paul J. Battaglia

President & Principal Executive Officer

Manning & Napier Fund, Inc.

Date: January 6, 2026

/s/ Jill Peeper

Jill Peeper

Treasurer and Principal Financial Officer

Manning & Napier Fund, Inc.

Date: January 6, 2026

## Ex-99.Coe

[Manning & Napier Fund, Inc. N-CSR](mn-ncsr_103125.htm)

**EX-99.CODE ETH** 

**Manning & Napier Fund, Inc.**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND** 

**Principal FINANCIAL OFFICERS**

**I.** **Covered Officers/Purpose of the Code** 

Manning & Napier Fund, Inc. (formerly Exeter Fund, Inc.) (the "Company" or the "Fund") code of ethics (this "Code") applies to the Company's Principal Executive Officer ("CEO") and Principal Financial Officer ("CFO" or "Treasurer") (the "Covered Officers" each of whom are set forth in Exhibit A) for the purpose of meeting the standards of the Company for:

● honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

● full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Company;

● compliance with applicable laws and governmental rules and regulations;

● the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

● accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.<sup>1</sup>

**II.** **Covered Officers Should Handle Actual and Apparent Conflicts of Interest Ethically** 

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the Company. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position in the Company.

<sup>1</sup> Item 2 of Form N-CSR requires a registered investment company to disclose annually whether, as of the end of the period covered by the report, it has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these officers are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, it must explain why it has not done so. The registrant must also: (1) file with the SEC a copy of the code as an exhibit to its annual report; (2) post the text of the code on its Internet website and disclose, in its most recent report on Form N-CSR, its Internet address and the fact that it has posted the code on its Internet website; or (3) undertake in its most recent report on Form N-CSR to provide to any person without charge, upon request, a copy of the code and explain the manner in which such request may be made. Disclosure is also required of amendments to, or waivers (including implicit waivers) from, a provision of the code in the registrant's annual report on Form N-CSR or on its website. If the registrant intends to satisfy the requirement to disclose amendments and waivers by posting such information on its website, it will be required to disclose its Internet address and this intention.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Company and already are subject to conflict of interest provisions in the Investment Company Act of 1940 (the "Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property held by the Fund) with the Company because of their status as "affiliated persons" of the Company. Each Covered Officer is an employee of the Company's Investment Advisor ("Investment Advisor"). The Company's and the Investment Advisor's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Company and the Investment Advisor of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Company or for the Investment Advisor, or for both), be involved in establishing policies and implementing decisions which will have different effects on the Investment Advisor and the Company. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Company and the Investment Advisor and is consistent with the performance by the Covered Officers of their duties as officers of the Company. Thus, if performed in conformity with the provisions of the Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Board of Directors of the Company (the "Board") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other Codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Company.

Each Covered Officer must:

● not use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Company whereby the Covered Officer would benefit personally to the detriment of the Company;

● not cause the Company to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than for the benefit of the Company;

● not retaliate against any employee or Covered Officer or affiliated persons for reports of potential violations that are made in good faith;

● comply with the Company's 17j-1 Code of Ethics.

There are some potential conflict of interest situations that the Covered Officer will need to discuss with the Company's Chief Compliance Officer ("CCO") who will coordinate with internal legal counsel or outside counsel, as necessary. Examples of these include:<sup>2</sup>

● service as a director on the board of any public or private company;

● the receipt of any non-nominal gifts (i.e. in excess of $100) from people who have business dealings or prospective business dealings with the Company;

● the receipt of any entertainment from any company with which the Company has current or prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

● any ownership interest in, or any consulting or employment relationship with, any of the Company's service providers, other than its Investment Adviser, principal underwriter, administrator or any affiliated person thereof;

● effecting portfolio transactions or selling or redeeming shares that result in a direct or indirect financial interest by virtue of such Covered Officer being an interested party (other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership).

**III.** **Disclosure & Compliance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>A. Disclosure</u>

● Each Covered Officer should familiarize him or herself with the disclosure requirements generally applicable to the Company;

● Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Company to others, whether within or outside the Company, including to the Company's directors and auditors, and to governmental regulators and self-regulatory organizations;

● Each Covered Officer should not knowingly permit the preparation or filing of any financial statement which (i) contains any untrue statement of a material fact or omits to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered or (ii) does not fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Company as of, and for, the periods presented in such financial statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>B. Compliance</u>

● Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Company and the Company's Investment Adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Company files with, or submit to, the SEC and in other public communications made by the Company; and

● It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

<sup>2</sup> Any activity or relationship that would present a conflict for a Covered Officer would likely also present a conflict for the Covered Officer if a member of the Covered Officer's immediate family engages in such an activity or has such a relationship.

**IV.** **Reporting and Accountability** 

Each Covered Officer must:

● upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that he or she has received, read, and understands the Code;

● annually thereafter affirm to the Board that he or she has complied with the requirements of the Code; and

● notify the CCO promptly if he or she knows of any violation of this Code. Failure to do so is itself a violation of this Code.

The CCO is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation with the assistance of outside counsel, if deemed necessary. However, any approvals or waivers<sup>3</sup> sought by the Covered Officers will be pre-approved by the Audit Committee of the Board (the "Committee").

The Company will follow these procedures in investigating and enforcing this Code:

● the CCO will take all appropriate action to investigate any potential violations reported to him or her;

● if, after such investigation, the CCO believes that no violation has occurred, the CCO is not required to take any further action;

● any matter that the CCO believes is a violation will be reported to the Committee;

● if the Committee concurs that a violation has occurred, it will inform and make a recommendation to the Board, which will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures, notification to appropriate personnel of the Investment Advisor;

● the Committee will be responsible for granting waivers, as appropriate; and

● any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

<sup>3</sup> Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of a material departure from a provision of the code of ethics" and "implicit waiver," which must also be disclosed, as "the registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer" of the registrant.

**V.** **Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Company for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Company, the Investment Adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superceded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Company's, Investment Adviser's, principal underwriter's and service providers' codes of ethics under Rule 17j-1 under the Act and the Investment Adviser's more detailed policies and procedures are separate requirements applying to the Covered Officers and others, and are not part of this Code.

**VI.** **Amendments** 

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Company's board, including a majority of independent directors.

**VII.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the appropriate Board and its counsel, and the Investment Adviser.

**VIII.** **Internal Use** 

The Code is intended solely for the internal use by the Company and does not constitute an admission, by or on behalf of any Company, as to any fact, circumstance, or legal conclusion.

Date: November 11, 2025

**Amended Exhibit A**

Persons Covered by Manning & Napier Fund Principal Executive and Financial Officers

Code of Ethics

Effective as of November 11, 2025<br>

---

| | |
|:---|:---|
| <u>Officer Title</u> | <u>Officer Name</u> |
| President (Principal Executive Officer) | Paul Battaglia |
| Treasurer (Principal Financial Officer) | Jill Peeper |

---

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND** 

**Principal FINANCIAL OFFICERS**

The undersigned hereby affirm to the Board of Directors of the Manning & Napier Fund, Inc. that they have received, read and understand the Code of Ethics for Principal Executive and Principal Financial Officers.

/s/ Paul Battaglia

Paul Battaglia

/s/ Jill Peeper

Jill Peeper

Dated: November 11, 2025

## Ex-99.Cert

[Manning & Napier Fund, Inc. N-CSR](mn-ncsr_103125.htm)

**Exhibit 99.CERT**

**Certification**

I, Paul J. Battaglia, certify that:

1. I have reviewed this report on Form N-CSR of Disciplined Value Series, Equity Series, Overseas Series,
Pro-Blend<sup>®</sup>Conservative Term Series, Pro-Blend<sup>®</sup> Moderate Term Series, Pro-Blend<sup>®</sup> Extended
Term Series, Pro-Blend<sup>®</sup> Maximum Term Series, and Rainier International Discovery Series, each a series of Manning &
Napier Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing
date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's
internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report
financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: <u>January 6, 2026</u> | /s/ Paul Battaglia |
|  | Paul J. Battaglia |
|  | President & Principal Executive Officer |
|  | Manning & Napier Fund, Inc. |

---

**Certification** 

I, Jill Peeper, certify that:

1. I have reviewed this report on Form N-CSR of Disciplined Value Series, Equity Series, Overseas Series,
Pro-Blend<sup>®</sup>Conservative Term Series, Pro-Blend<sup>®</sup> Moderate Term Series, Pro-Blend<sup>®</sup> Extended
Term Series, Pro-Blend<sup>®</sup> Maximum Term Series, and Rainier International Discovery Series, each a series of Manning &
Napier Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing
date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's
internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report
financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: <u>January 6, 2026</u> | /s/ Jill Peeper |
|  | Jill Peeper |
|  | Treasurer and Principal Financial Officer |
|  | Manning & Napier Fund, Inc. |

---

## Exhibit 99.906

[Manning & Napier Fund, Inc. N-CSR](mn-ncsr_103125.htm)

**Exhibit 99.906 CERT**

**CERTIFICATION** 

Paul J. Battaglia, President & Principal Executive Officer, and Jill Peeper, Treasurer and Principal Financial Officer of Manning & Napier Fund, Inc. (the "Registrant"), each certify to the best of his or her knowledge that:

1. The Registrant's periodic report on Form N-CSR for the period ended October 31, 2025 (the "Form N-CSR") fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| President & Principal Executive Officer<br> Manning & Napier Fund, Inc. | Treasurer and Principal Financial Officer<br> Manning & Napier Fund, Inc. |
| /s/ Paul J. Battaglia | /s/ Jill Peeper |
| Paul J. Battaglia<br> Date: January 6, 2026 | Jill Peeper <br> Date: January 6, 2026 |

---

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to Manning & Napier Fund, Inc. and will be retained by Manning & Napier Fund, Inc. and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.