# EDGAR Filing Document

**Accession Number:** 0000751173
**File Stem:** 0001999371-26-005217
**Filing Date:** 2026-3
**Character Count:** 860302
**Document Hash:** 4bbf9c22bbe776ed8078241c865c37cf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-26-005217.hdr.sgml**: 20260306

**ACCESSION NUMBER**: 0001999371-26-005217

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 65

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260306

**DATE AS OF CHANGE**: 20260306

**EFFECTIVENESS DATE**: 20260306

**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:** 26730290

**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

### Core Bond Series (Series ID: S000003631)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000010097 | Class S      | EXCRX           |
| C000158991 | Class I      | EXCIX           |
| C000206445 | Class Z      | MCBZX           |
| C000206446 | Class W      | MCBWX           |

### Unconstrained Bond Series (Series ID: S000003632)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000010098 | Class S      | EXCPX           |
| C000129800 | Class I      | MNCPX           |
| C000206448 | Class W      | MUBWX           |

### High Yield Bond Series (Series ID: S000003634)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000010100 | Class S      | MNHYX           |
| C000116786 | Class I      | MNHAX           |
| C000206449 | Class Z      | MHYZX           |
| C000206450 | Class W      | MHYWX           |

### Diversified Tax Exempt Series (Series ID: S000003638)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000010108 | Class A      | EXDVX           |
| C000206454 | Class W      | MNDWX           |

### Credit Series (Series ID: S000063205)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000204839 | Class W      | MCDWX           |
| C000253169 | Class I      | MCDIX           |
| C000253170 | Class S      | MCDSX           |

### Callodine Equity Income Series (Series ID: S000080974)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000243611 | Class I      | CEIIX           |
| C000243612 | Class S      | CEISX           |
| C000243613 | Class Z      | CEIZX           |

### Systematic High Yield Bond Series (Series ID: S000092869)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000260916 | Class Z      | MSYZX           |
| C000260917 | Class I      | MSHIX           |
| C000260918 | Class S      | MSYSX           |
| C000260919 | Class W      | MSHWX           |

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

**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

------

**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: **December 31**

------

Date of reporting period: **January 1, 2025 through December 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 CFR270.30e-1)

#### Manning & Napier Core Bond Series Tailored Shareholder Report MNCOB-I-12/25-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> **Core Bond - Class I**<br> ticker: EXCIX<br>| <br> ![logo](d7qy18jf8lx4xgcvm.jpg)  |

---

This annual shareholder report contains important information about Class I of Core Bond Series, a series of Manning & Napier Fund Inc., for the period of January 1, 2025 to December 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 | $47 | 0.45% |

---

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 Bloomberg US Aggregate Bond Index for the 12-month period ending 12/31/2025.

#### What factors influenced performance?
The Series benefitted from declining interest rates and slightly tighter credit spreads over the course of the year. On a relative basis, selection within commercial mortgage-backed securities, as well as exposure to longer-dated Treasuries, were the largest detractors to returns.

#### Positioning
The Series maintains a roughly neutral duration as we believe that rates are fairly valued and view risks for yields as more balanced. Furthermore, we continue to favor securitized debt, emphasizing senior, high-quality assets with low credit risk such as student loans and data centers. Alternatively, we are more cautious on corporate credit as valuations remain elevated on a historical basis.

Looking ahead, we believe the interest rate outlook remains uncertain amid persistent inflation, a softening labor market, and shifting domestic and global policy dynamics, which is likely to keep market volatility elevated. Given the asymmetric return profile of credit markets and stretched valuations, we do not believe that investors are not being adequately compensated for additional risk. Accordingly, we are emphasizing capital preservation and disciplined risk management, while selectively allocating to opportunities where valuations and underlying fundamentals are more compelling.

#### 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.

#### Initial Investment of $10,000
![line](qes1651kre1ml70ihxw.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 August 3, 2015 (the inception date of the Class I shares), performance for the Class I shares is based on historical performance of the Class S shares. Because the Class I shares invest in the same portfolio of securities as Class S, performance will only be different 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).

#### Manning & Napier Core Bond Series Tailored Shareholder Report MNCOB-I-12/25-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 December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Core Bond Series - Class I** | 6.93% | -0.40% | 2.01% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |

---

**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 Bloomberg Finance L.P. and its affiliates ('Bloomberg'), and/or its third party suppliers and has been licensed for use by Manning & Napier. Bloomberg 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.

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

---

| | |
|:---|:---|
| **Net Assets** | $633528303 |
| **Number of Holdings** | 192 |
| **Portfolio Turnover (for the year ended 12/31/25)** | 38% |
| **Total Advisory Fees Paid (net of reimbursements)** | $0\* |

---

\* Advisory fees were fully waived.

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 December 31, 2025)

![pie](qes2f0a1mkv9j4s5.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.

#### 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 Core Bond Series Tailored Shareholder Report MNCOB-S-12/25-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> **Core Bond - Class S**<br> ticker: EXCRX<br>| <br> ![logo](d7qy18jf8lx4xgcvm.jpg)  |

---

This annual shareholder report contains important information about Class S of Core Bond Series, a series of Manning & Napier Fund Inc., for the period of January 1, 2025 to December 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 | $68 | 0.66% |

---

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 Bloomberg US Aggregate Bond Index for the 12-month period ending 12/31/2025.

#### What factors influenced performance?
The Series benefitted from declining interest rates and slightly tighter credit spreads over the course of the year. On a relative basis, selection within commercial mortgage-backed securities, as well as exposure to longer-dated Treasuries, were the largest detractors to returns.

#### Positioning
The Series maintains a roughly neutral duration as we believe that rates are fairly valued and view risks for yields as more balanced. Furthermore, we continue to favor securitized debt, emphasizing senior, high-quality assets with low credit risk such as student loans and data centers. Alternatively, we are more cautious on corporate credit as valuations remain elevated on a historical basis.

Looking ahead, we believe the interest rate outlook remains uncertain amid persistent inflation, a softening labor market, and shifting domestic and global policy dynamics, which is likely to keep market volatility elevated. Given the asymmetric return profile of credit markets and stretched valuations, we do not believe that investors are not being adequately compensated for additional risk. Accordingly, we are emphasizing capital preservation and disciplined risk management, while selectively allocating to opportunities where valuations and underlying fundamentals are more compelling.

#### 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.

#### Initial Investment of $10,000
![line](qes1651kre1ml6vg2pj.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).

#### Manning & Napier Core Bond Series Tailored Shareholder Report MNCOB-S-12/25-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 December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Core Bond Series - Class S** | 6.81% | -0.62% | 1.78% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |

---

**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 Bloomberg Finance L.P. and its affiliates ('Bloomberg'), and/or its third party suppliers and has been licensed for use by Manning & Napier. Bloomberg 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.

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

---

| | |
|:---|:---|
| **Net Assets** | $633528303 |
| **Number of Holdings** | 192 |
| **Portfolio Turnover (for the year ended 12/31/25)** | 38% |
| **Total Advisory Fees Paid (net of reimbursements)** | $0\* |

---

\* Advisory fees were fully waived.

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 December 31, 2025)

![pie](qes2f0a1mkv9j4s5.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.

#### 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 Core Bond Series Tailored Shareholder Report MNCOB-W-12/25-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> **Core Bond - Class W**<br> ticker: MCBWX<br>| <br> ![logo](d7qy18jf8lx4xgcvm.jpg)  |

---

This annual shareholder report contains important information about Class W of Core Bond Series, a series of Manning & Napier Fund Inc., for the period of January 1, 2025 to December 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 | $5 | 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 Bloomberg US Aggregate Bond Index for the 12-month period ending 12/31/2025.

#### What factors influenced performance?
The Series benefitted from declining interest rates and slightly tighter credit spreads over the course of the year. On a relative basis, selection within commercial mortgage-backed securities, as well as exposure to longer-dated Treasuries, were the largest detractors to returns.

#### Positioning
The Series maintains a roughly neutral duration as we believe that rates are fairly valued and view risks for yields as more balanced. Furthermore, we continue to favor securitized debt, emphasizing senior, high-quality assets with low credit risk such as student loans and data centers. Alternatively, we are more cautious on corporate credit as valuations remain elevated on a historical basis.

Looking ahead, we believe the interest rate outlook remains uncertain amid persistent inflation, a softening labor market, and shifting domestic and global policy dynamics, which is likely to keep market volatility elevated. Given the asymmetric return profile of credit markets and stretched valuations, we do not believe that investors are not being adequately compensated for additional risk. Accordingly, we are emphasizing capital preservation and disciplined risk management, while selectively allocating to opportunities where valuations and underlying fundamentals are more compelling.

#### 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.

#### Initial Investment of $10,000
![line](qes1xqbb1ml6vfis7.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 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).

#### Manning & Napier Core Bond Series Tailored Shareholder Report MNCOB-W-12/25-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 December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Core Bond Series - Class W** | 7.43% | 0.00% | 2.22% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |

---

**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 Bloomberg Finance L.P. and its affiliates ('Bloomberg'), and/or its third party suppliers and has been licensed for use by Manning & Napier. Bloomberg 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.

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

---

| | |
|:---|:---|
| **Net Assets** | $633528303 |
| **Number of Holdings** | 192 |
| **Portfolio Turnover (for the year ended 12/31/25)** | 38% |
| **Total Advisory Fees Paid (net of reimbursements)** | $0\* |

---

\* Advisory fees were fully waived.

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 December 31, 2025)

![pie](qes2f0a1mkv9j4s5.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.

#### 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 Core Bond Series Tailored Shareholder Report MNCOB-Z-12/25-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> **Core Bond - Class Z**<br> ticker: MCBZX<br>| <br> ![logo](d7qy18jf8lx4xgcvm.jpg)  |

---

This annual shareholder report contains important information about Class Z of Core Bond Series, a series of Manning & Napier Fund Inc., for the period of January 1, 2025 to December 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 | $31 | 0.30% |

---

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 Bloomberg US Aggregate Bond Index for the 12-month period ending 12/31/2025.

#### What factors influenced performance?
The Series benefitted from declining interest rates and slightly tighter credit spreads over the course of the year. On a relative basis, selection within commercial mortgage-backed securities, as well as exposure to longer-dated Treasuries, were the largest detractors to returns.

#### Positioning
The Series maintains a roughly neutral duration as we believe that rates are fairly valued and view risks for yields as more balanced. Furthermore, we continue to favor securitized debt, emphasizing senior, high-quality assets with low credit risk such as student loans and data centers. Alternatively, we are more cautious on corporate credit as valuations remain elevated on a historical basis.

Looking ahead, we believe the interest rate outlook remains uncertain amid persistent inflation, a softening labor market, and shifting domestic and global policy dynamics, which is likely to keep market volatility elevated. Given the asymmetric return profile of credit markets and stretched valuations, we do not believe that investors are not being adequately compensated for additional risk. Accordingly, we are emphasizing capital preservation and disciplined risk management, while selectively allocating to opportunities where valuations and underlying fundamentals are more compelling.

#### 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.

#### Initial Investment of $10,000
![line](qes1iy8111ml70ll9y.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 S shares. Because the Class Z 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).

#### Manning & Napier Core Bond Series Tailored Shareholder Report MNCOB-Z-12/25-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 December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Core Bond Series - Class Z** | 7.18% | -0.24% | 2.05% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |

---

**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 Bloomberg Finance L.P. and its affiliates ('Bloomberg'), and/or its third party suppliers and has been licensed for use by Manning & Napier. Bloomberg 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.

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

---

| | |
|:---|:---|
| **Net Assets** | $633528303 |
| **Number of Holdings** | 192 |
| **Portfolio Turnover (for the year ended 12/31/25)** | 38% |
| **Total Advisory Fees Paid (net of reimbursements)** | $0\* |

---

\* Advisory fees were fully waived.

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 December 31, 2025)

![pie](qes2f0a1mkv9j4s5.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.

#### 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 Unconstrained Bond Series Tailored Shareholder Report MNCPB-I-12/25-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> **Unconstrained Bond - Class I**<br> ticker: MNCPX<br>| <br> ![logo](d7qy18jf8lx4xgcvm.jpg)  |

---

This annual shareholder report contains important information about Class I of Unconstrained Bond Series, a series of Manning & Napier Fund Inc., for the period of January 1, 2025 to December 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 | $51 | 0.49% |

---

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 the broad market as represented by the Bloomberg US Aggregate Bond Index for the 12-month period ending 12/31/2025.

#### What factors influenced performance?
The Series benefitted on an absolute basis from declining interest rates and slightly tighter credit spreads over the course of the year. On a relative basis, a shorter duration detracted from relative returns as rates fell across most of the yield curve.

#### Positioning
The Series continues to have a modest absolute duration and a notable allocation to securitized credit (i.e., data center asset-backed securities, high quality student loans, commercial mortgage-backed securities, etc.), as well as a sizeable allocation to US Treasuries. Alternatively, we are more cautious on corporate credit as valuations are elevated.

Looking ahead, we believe the interest rate outlook remains uncertain amid persistent inflation, a softening labor market, and shifting domestic and global policy dynamics, which is likely to keep market volatility elevated. Given the asymmetric return profile of credit markets and stretched valuations, we do not believe that investors are not being adequately compensated for additional risk. Accordingly, we are emphasizing capital preservation and disciplined risk management, while selectively allocating to opportunities where valuations and underlying fundamentals are more compelling.

#### 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 and two more narrowly based indices that reflect the market sector in which the Fund invests for the same period.

#### Initial Investment of $10,000
![line](qes1iy8111ml9q412j.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 FTSE 3-Month Treasury Bill Index is an unmanaged index based on 3-Month U.S. treasury bills. The Index measures the monthly return equivalents of yield averages that are not marked to market. The Intercontinental Exchange (ICE) Bank of America (BofA) U.S. 3-Month Treasury Bill Index is an unmanaged index that is comprised of a single U.S. Treasury issue with approximately three months to final maturity, purchased at the beginning of each month and held for one full month. 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. The Index returns do not reflect any fees or expenses. Index returns provided by Intercontinental Exchange (ICE).

#### Manning & Napier Unconstrained Bond Series Tailored Shareholder Report MNCPB-I-12/25-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 December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Unconstrained Bond Series - Class I** | 6.41% | 2.55% | 3.39% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |
| **FTSE 3-Month T-Bill Index** | 4.40% | 3.31% | 2.23% |
| **ICE BofA US 3-Month Treasury Bill Index** | 4.18% | 3.17% | 2.18% |

---

**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 ICE Data Indices, LLC, its affiliates ('ICE Data') and/or its third party suppliers and has been licensed for use by Manning & Napier. ICE Data 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.

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

---

| | |
|:---|:---|
| **Net Assets** | $794596760 |
| **Number of Holdings** | 217 |
| **Portfolio Turnover (for the year ended 12/31/25)** | 53% |
| **Total Advisory Fees Paid (net of reimbursements)** | $630323 |

---

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 December 31, 2025)

![pie](qes403b9h1mls3eqzg.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.

#### 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.

#### How has the Fund changed?
Effective July 15, 2025, the Series' secondary benchmark changed as follows:

---

| | |
|:---|:---|
| **Current Secondary Benchmark**<br>| **New Secondary Benchmark**<br>|
| FTSE 3-Month Treasury Bill Index<br>| ICE BofA US 3-Month Treasury Bill Index<br>|

---

**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 Unconstrained Bond Series Tailored Shareholder Report MNCPB-S-12/25-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> **Unconstrained Bond - Class S**<br> ticker: EXCPX<br>| <br> ![logo](d7qy18jf8lx4xgcvm.jpg)  |

---

This annual shareholder report contains important information about Class S of Unconstrained Bond Series, a series of Manning & Napier Fund Inc., for the period of January 1, 2025 to December 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 | $77 | 0.75% |

---

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 the broad market as represented by the Bloomberg US Aggregate Bond Index for the 12-month period ending 12/31/2025.

#### What factors influenced performance?
The Series benefitted on an absolute basis from declining interest rates and slightly tighter credit spreads over the course of the year. On a relative basis, a shorter duration detracted from relative returns as rates fell across most of the yield curve.

#### Positioning
The Series continues to have a modest absolute duration and a notable allocation to securitized credit (i.e., data center asset-backed securities, high quality student loans, commercial mortgage-backed securities, etc.), as well as a sizeable allocation to US Treasuries. Alternatively, we are more cautious on corporate credit as valuations are elevated.

Looking ahead, we believe the interest rate outlook remains uncertain amid persistent inflation, a softening labor market, and shifting domestic and global policy dynamics, which is likely to keep market volatility elevated. Given the asymmetric return profile of credit markets and stretched valuations, we do not believe that investors are not being adequately compensated for additional risk. Accordingly, we are emphasizing capital preservation and disciplined risk management, while selectively allocating to opportunities where valuations and underlying fundamentals are more compelling.

#### 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 and two more narrowly based indices that reflect the market sector in which the Fund invests for the same period.

#### Initial Investment of $10,000
![line](qes1iy8111ml86m1oh.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 FTSE 3-Month Treasury Bill Index is an unmanaged index based on 3-Month U.S. treasury bills. The Index measures the monthly return equivalents of yield averages that are not marked to market. The Intercontinental Exchange (ICE) Bank of America (BofA) U.S. 3-Month Treasury Bill Index is an unmanaged index that is comprised of a single U.S. Treasury issue with approximately three months to final maturity, purchased at the beginning of each month and held for one full month. 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. The Index returns do not reflect any fees or expenses. Index returns provided by Intercontinental Exchange (ICE).

#### Manning & Napier Unconstrained Bond Series Tailored Shareholder Report MNCPB-S-12/25-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 December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Unconstrained Bond Series - Class S** | 6.17% | 2.31% | 3.14% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |
| **FTSE 3-Month T-Bill Index** | 4.40% | 3.31% | 2.23% |
| **ICE BofA US 3-Month Treasury Bill Index** | 4.18% | 3.17% | 2.18% |

---

**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 ICE Data Indices, LLC, its affiliates ('ICE Data') and/or its third party suppliers and has been licensed for use by Manning & Napier. ICE Data 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.

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

---

| | |
|:---|:---|
| **Net Assets** | $794596760 |
| **Number of Holdings** | 217 |
| **Portfolio Turnover (for the year ended 12/31/25)** | 53% |
| **Total Advisory Fees Paid (net of reimbursements)** | $630323 |

---

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 December 31, 2025)

![pie](qes403b9h1mls3eqzg.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.

#### 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.

#### How has the Fund changed?
Effective July 15, 2025, the Series' secondary benchmark changed as follows:

---

| | |
|:---|:---|
| **Current Secondary Benchmark**<br>| **New Secondary Benchmark**<br>|
| FTSE 3-Month Treasury Bill Index<br>| ICE BofA US 3-Month Treasury Bill Index<br>|

---

**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 Unconstrained Bond Series Tailored Shareholder Report MNCPB-W-12/25-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> **Unconstrained Bond - Class W**<br> ticker: MUBWX<br>| <br> ![logo](d7qy18jf8lx4xgcvm.jpg)  |

---

This annual shareholder report contains important information about Class W of Unconstrained Bond Series, a series of Manning & Napier Fund Inc., for the period of January 1, 2025 to December 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 | 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 the broad market as represented by the Bloomberg US Aggregate Bond Index for the 12-month period ending 12/31/2025.

#### What factors influenced performance?
The Series benefitted on an absolute basis from declining interest rates and slightly tighter credit spreads over the course of the year. On a relative basis, a shorter duration detracted from relative returns as rates fell across most of the yield curve.

#### Positioning
The Series continues to have a modest absolute duration and a notable allocation to securitized credit (i.e., data center asset-backed securities, high quality student loans, commercial mortgage-backed securities, etc.), as well as a sizeable allocation to US Treasuries. Alternatively, we are more cautious on corporate credit as valuations are elevated.

Looking ahead, we believe the interest rate outlook remains uncertain amid persistent inflation, a softening labor market, and shifting domestic and global policy dynamics, which is likely to keep market volatility elevated. Given the asymmetric return profile of credit markets and stretched valuations, we do not believe that investors are not being adequately compensated for additional risk. Accordingly, we are emphasizing capital preservation and disciplined risk management, while selectively allocating to opportunities where valuations and underlying fundamentals are more compelling.

#### 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 and two more narrowly based indices that reflect the market sector in which the Fund invests for the same period.

#### Initial Investment of $10,000
![line](qes1iy8111ml9q4c5i.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 FTSE 3-Month Treasury Bill Index is an unmanaged index based on 3-Month U.S. treasury bills. The Index measures the monthly return equivalents of yield averages that are not marked to market. The Intercontinental Exchange (ICE) Bank of America (BofA) U.S. 3-Month Treasury Bill Index is an unmanaged index that is comprised of a single U.S. Treasury issue with approximately three months to final maturity, purchased at the beginning of each month and held for one full month. 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. The Index returns do not reflect any fees or expenses. Index returns provided by Intercontinental Exchange (ICE).

#### Manning & Napier Unconstrained Bond Series Tailored Shareholder Report MNCPB-W-12/25-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 December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Unconstrained Bond Series - Class W** | 6.85% | 2.99% | 3.62% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |
| **FTSE 3-Month T-Bill Index** | 4.40% | 3.31% | 2.23% |
| **ICE BofA US 3-Month Treasury Bill Index** | 4.18% | 3.17% | 2.18% |

---

**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 ICE Data Indices, LLC, its affiliates ('ICE Data') and/or its third party suppliers and has been licensed for use by Manning & Napier. ICE Data 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.

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

---

| | |
|:---|:---|
| **Net Assets** | $794596760 |
| **Number of Holdings** | 217 |
| **Portfolio Turnover (for the year ended 12/31/25)** | 53% |
| **Total Advisory Fees Paid (net of reimbursements)** | $630323 |

---

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 December 31, 2025)

![pie](qes403b9h1mls3eqzg.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.

#### 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.

#### How has the Fund changed?
Effective July 15, 2025, the Series' secondary benchmark changed as follows:

---

| | |
|:---|:---|
| **Current Secondary Benchmark**<br>| **New Secondary Benchmark**<br>|
| FTSE 3-Month Treasury Bill Index<br>| ICE BofA US 3-Month Treasury Bill Index<br>|

---

**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 High Yield Bond Series Tailored Shareholder Report MNHYB-I-12/25-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> **High Yield Bond - Class I**<br> ticker: MNHAX<br>| <br> ![logo](d7qy18jf8lx4xgcvm.jpg)  |

---

This annual shareholder report contains important information about Class I of High Yield Bond Series, a series of Manning & Napier Fund Inc., for the period of January 1, 2025 to December 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 | $60 | 0.58% |

---

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 ICE BofA US High Yield Cash Pay Index for the 12-month period ending 12/31/2025.

#### What factors influenced performance?
The Series benefitted from declining yields and modestly tighter credit spreads over the year. On a relative basis, security selection within Energy, Retail, and Health Care were the largest detractors to returns.

#### Positioning
The Series continues to have a notable overweight to Financial Services, however, it is diversified across industries such litigation finance, student loans, consumer debt receivables, trading platforms, brokerage firms, mortgage originators, etc. Additionally, we maintain selective investment-grade exposure in the portfolio, driven by compelling individual opportunities (strong companies trading at attractive valuations relative to both the broader investment-grade and high-yield markets).

Looking ahead, we believe the interest rate outlook remains uncertain amid persistent inflation, a softening labor market, and shifting domestic and global policy dynamics, which is likely to keep market volatility elevated. Furthermore, valuations within high yield remain elevated and risks are skewed to the downside.

That stated, our approach to high yield allows us to prioritize risk mitigation, while also pursuing select, compelling opportunities. As such, we continue to focus on businesses that generate positive free cash flow and that either pay down debt or focus on improving their business with good relative value.

#### 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 and one narrowly based index that reflect the market sector in which the Fund invests for the same period.

#### Initial Investment of $10,000
![line](qesdjeno1mltj5cn9.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 Intercontinental Exchange (ICE) Bank of America (BofA) BB-B U.S. Cash Pay High Yield Index is a subset of the ICE BofA U.S. Cash Pay High Yield Index. The Index includes all U.S. dollar denominated below investment grade corporate debt securities currently in a coupon paying period rated BB1 through B3. Qualifying securities must have at least one year remaining term to final maturity, at least 18 months to final maturity at point of issuance, a fixed coupon schedule, and a minimum amount outstanding of $250 million. 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).

#### Manning & Napier High Yield Bond Series Tailored Shareholder Report MNHYB-I-12/25-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 December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **High Yield Bond Series - Class I** | 6.89% | 6.38% | 7.33% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |
| **ICE BofA U.S. High Yield Cash Pay Index** | 8.55% | 4.48% | 6.43% |

---

**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 ICE Data Indices, LLC, its affiliates ('ICE Data') and/or its third party suppliers and has been licensed for use by Manning & Napier. ICE Data 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.

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

---

| | |
|:---|:---|
| **Net Assets** | $1439155641 |
| **Number of Holdings** | 88 |
| **Portfolio Turnover (for the year ended 12/31/25)** | 92% |
| **Total Advisory Fees Paid (net of reimbursements)** | $5632736 |

---

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 December 31, 2025)

![pie](qes1xqbb1ml72gdfs.jpg)

\* Less than 0.01%

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.

#### 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 High Yield Bond Series Tailored Shareholder Report MNHYB-S-12/25-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> **High Yield Bond - Class S**<br> ticker: MNHYX<br>| <br> ![logo](d7qy18jf8lx4xgcvm.jpg)  |

---

This annual shareholder report contains important information about Class S of High Yield Bond Series, a series of Manning & Napier Fund Inc., for the period of January 1, 2025 to December 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 | $91 | 0.88% |

---

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 ICE BofA US High Yield Cash Pay Index for the 12-month period ending 12/31/2025.

#### What factors influenced performance?
The Series benefitted from declining yields and modestly tighter credit spreads over the year. On a relative basis, security selection within Energy, Retail, and Health Care were the largest detractors to returns.

#### Positioning
The Series continues to have a notable overweight to Financial Services, however, it is diversified across industries such litigation finance, student loans, consumer debt receivables, trading platforms, brokerage firms, mortgage originators, etc. Additionally, we maintain selective investment-grade exposure in the portfolio, driven by compelling individual opportunities (strong companies trading at attractive valuations relative to both the broader investment-grade and high-yield markets).

Looking ahead, we believe the interest rate outlook remains uncertain amid persistent inflation, a softening labor market, and shifting domestic and global policy dynamics, which is likely to keep market volatility elevated. Furthermore, valuations within high yield remain elevated and risks are skewed to the downside.

That stated, our approach to high yield allows us to prioritize risk mitigation, while also pursuing select, compelling opportunities. As such, we continue to focus on businesses that generate positive free cash flow and that either pay down debt or focus on improving their business with good relative value.

#### 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 and one narrowly based index that reflect the market sector in which the Fund invests for the same period.

#### Initial Investment of $10,000
![line](qes403b9h1mltja1x2.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 Intercontinental Exchange (ICE) Bank of America (BofA) BB-B U.S. Cash Pay High Yield Index is a subset of the ICE BofA U.S. Cash Pay High Yield Index. The Index includes all U.S. dollar denominated below investment grade corporate debt securities currently in a coupon paying period rated BB1 through B3. Qualifying securities must have at least one year remaining term to final maturity, at least 18 months to final maturity at point of issuance, a fixed coupon schedule, and a minimum amount outstanding of $250 million. 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).

#### Manning & Napier High Yield Bond Series Tailored Shareholder Report MNHYB-S-12/25-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 December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **High Yield Bond Series - Class S** | 6.65% | 6.11% | 7.06% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |
| **ICE BofA U.S. High Yield Cash Pay Index** | 8.55% | 4.48% | 6.43% |

---

**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 ICE Data Indices, LLC, its affiliates ('ICE Data') and/or its third party suppliers and has been licensed for use by Manning & Napier. ICE Data 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.

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

---

| | |
|:---|:---|
| **Net Assets** | $1439155641 |
| **Number of Holdings** | 88 |
| **Portfolio Turnover (for the year ended 12/31/25)** | 92% |
| **Total Advisory Fees Paid (net of reimbursements)** | $5632736 |

---

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 December 31, 2025)

![pie](qes1xqbb1ml72gdfs.jpg)

\* Less than 0.01%

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.

#### 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 High Yield Bond Series Tailored Shareholder Report MNHYB-W-12/25-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> **High Yield Bond - Class W**<br> ticker: MHYWX<br>| <br> ![logo](d7qy18jf8lx4xgcvm.jpg)  |

---

This annual shareholder report contains important information about Class W of High Yield Bond Series, a series of Manning & Napier Fund Inc., for the period of January 1, 2025 to December 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 | $10 | 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 benchmark, the ICE BofA US High Yield Cash Pay Index for the 12-month period ending 12/31/2025.

#### What factors influenced performance?
The Series benefitted from declining yields and modestly tighter credit spreads over the year. On a relative basis, security selection within Energy, Retail, and Health Care were the largest detractors to returns.

#### Positioning
The Series continues to have a notable overweight to Financial Services, however, it is diversified across industries such litigation finance, student loans, consumer debt receivables, trading platforms, brokerage firms, mortgage originators, etc. Additionally, we maintain selective investment-grade exposure in the portfolio, driven by compelling individual opportunities (strong companies trading at attractive valuations relative to both the broader investment-grade and high-yield markets).

Looking ahead, we believe the interest rate outlook remains uncertain amid persistent inflation, a softening labor market, and shifting domestic and global policy dynamics, which is likely to keep market volatility elevated. Furthermore, valuations within high yield remain elevated and risks are skewed to the downside.

That stated, our approach to high yield allows us to prioritize risk mitigation, while also pursuing select, compelling opportunities. As such, we continue to focus on businesses that generate positive free cash flow and that either pay down debt or focus on improving their business with good relative value.

#### 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 and one narrowly based index that reflect the market sector in which the Fund invests for the same period.

#### Initial Investment of $10,000
![line](qes1gaz1mltjfkv8.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 Intercontinental Exchange (ICE) Bank of America (BofA) BB-B U.S. Cash Pay High Yield Index is a subset of the ICE BofA U.S. Cash Pay High Yield Index. The Index includes all U.S. dollar denominated below investment grade corporate debt securities currently in a coupon paying period rated BB1 through B3. Qualifying securities must have at least one year remaining term to final maturity, at least 18 months to final maturity at point of issuance, a fixed coupon schedule, and a minimum amount outstanding of $250 million. 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).

#### Manning & Napier High Yield Bond Series Tailored Shareholder Report MNHYB-W-12/25-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 December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **High Yield Bond Series - Class W** | 7.43% | 6.96% | 7.65% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |
| **ICE BofA U.S. High Yield Cash Pay Index** | 8.55% | 4.48% | 6.43% |

---

**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 ICE Data Indices, LLC, its affiliates ('ICE Data') and/or its third party suppliers and has been licensed for use by Manning & Napier. ICE Data 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.

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

---

| | |
|:---|:---|
| **Net Assets** | $1439155641 |
| **Number of Holdings** | 88 |
| **Portfolio Turnover (for the year ended 12/31/25)** | 92% |
| **Total Advisory Fees Paid (net of reimbursements)** | $5632736 |

---

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 December 31, 2025)

![pie](qes1xqbb1ml72gdfs.jpg)

\* Less than 0.01%

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.

#### 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 High Yield Bond Series Tailored Shareholder Report MNHYB-Z-12/25-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> **High Yield Bond - Class Z**<br> ticker: MHYZX<br>| <br> ![logo](d7qy18jf8lx4xgcvm.jpg)  |

---

This annual shareholder report contains important information about Class Z of High Yield Bond Series, a series of Manning & Napier Fund Inc., for the period of January 1, 2025 to December 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 | $48 | 0.46% |

---

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 ICE BofA US High Yield Cash Pay Index for the 12-month period ending 12/31/2025.

#### What factors influenced performance?
The Series benefitted from declining yields and modestly tighter credit spreads over the year. On a relative basis, security selection within Energy, Retail, and Health Care were the largest detractors to returns.

#### Positioning
The Series continues to have a notable overweight to Financial Services, however, it is diversified across industries such litigation finance, student loans, consumer debt receivables, trading platforms, brokerage firms, mortgage originators, etc. Additionally, we maintain selective investment-grade exposure in the portfolio, driven by compelling individual opportunities (strong companies trading at attractive valuations relative to both the broader investment-grade and high-yield markets).

Looking ahead, we believe the interest rate outlook remains uncertain amid persistent inflation, a softening labor market, and shifting domestic and global policy dynamics, which is likely to keep market volatility elevated. Furthermore, valuations within high yield remain elevated and risks are skewed to the downside.

That stated, our approach to high yield allows us to prioritize risk mitigation, while also pursuing select, compelling opportunities. As such, we continue to focus on businesses that generate positive free cash flow and that either pay down debt or focus on improving their business with good relative value.

#### 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 and one narrowly based index that reflect the market sector in which the Fund invests for the same period.

#### Initial Investment of $10,000
![line](qes403b9h1mltjjp5b.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 S shares. Because the Class Z 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 Intercontinental Exchange (ICE) Bank of America (BofA) BB-B U.S. Cash Pay High Yield Index is a subset of the ICE BofA U.S. Cash Pay High Yield Index. The Index includes all U.S. dollar denominated below investment grade corporate debt securities currently in a coupon paying period rated BB1 through B3. Qualifying securities must have at least one year remaining term to final maturity, at least 18 months to final maturity at point of issuance, a fixed coupon schedule, and a minimum amount outstanding of $250 million. 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).

#### Manning & Napier High Yield Bond Series Tailored Shareholder Report MNHYB-Z-12/25-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 December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **High Yield Bond Series - Class Z** | 7.02% | 6.50% | 7.34% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |
| **ICE BofA U.S. High Yield Cash Pay Index** | 8.55% | 4.48% | 6.43% |

---

**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 ICE Data Indices, LLC, its affiliates ('ICE Data') and/or its third party suppliers and has been licensed for use by Manning & Napier. ICE Data 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.

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

---

| | |
|:---|:---|
| **Net Assets** | $1439155641 |
| **Number of Holdings** | 88 |
| **Portfolio Turnover (for the year ended 12/31/25)** | 92% |
| **Total Advisory Fees Paid (net of reimbursements)** | $5632736 |

---

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 December 31, 2025)

![pie](qes1xqbb1ml72gdfs.jpg)

\* Less than 0.01%

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.

#### 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 Diversified Tax Exempt Series Tailored Shareholder Report MNDTE-A-12/25-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> **Diversified Tax Exempt - Class A**<br> ticker: EXDVX<br>| <br> ![logo](d7qy18jf8lx4xgcvm.jpg)  |

---

This annual shareholder report contains important information about Class A of Diversified Tax Exempt Series, a series of Manning & Napier Fund Inc., for the period of January 1, 2025 to December 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 A | $48 | 0.47% |

---

Expenses are equal to Class A 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 Bloomberg Municipal 1-15 YR Index for the 12-month period ending 12/31/2025.

#### What factors influenced performance?
The Series benefitted from generally declining interest rates and slightly tighter credit spreads over the course of the year. On a relative basis, an underweight to intermediate-term bonds, as well as an overweight to longer maturity bonds (where yields moved higher), detracted from returns.

#### Positioning
In terms of positioning, we are marginally overweight duration as longer-term bonds remain attractive. Furthermore, we continue to have a relatively higher quality tilt than the broad market as we do not believe we are being adequately compensated for the additional credit risks assumed.

#### 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 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](qes1xqbb1ml6vbloc.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 Municipal 1-15 Year Index measures the performance of USD-denominated long-term, tax-exempt bond market with maturities of 1-15 years, including state and local general obligation bonds, revenue bonds, insured bonds, and pre-refunded bonds. The Bloomberg Municipal Bond Index covers the USD-denominated long term tax exempt bond market. The Index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and pre-refunded bonds. The Index measures all municipal bonds with at least one year until final maturity. The Index returns do not reflect any fees or expenses. Index returns provided by Bloomberg.

#### Manning & Napier Diversified Tax Exempt Series Tailored Shareholder Report MNDTE-A-12/25-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 December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Diversified Tax Exempt Series - Class A** | 4.30% | 0.54% | 1.55% |
| **Bloomberg Municipal Bond Index** | 4.25% | 0.80% | 2.34% |
| **Bloomberg Municipal 1-15 Year Bond Index** | 5.18% | 1.16% | 2.27% |

---

**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 Bloomberg Finance L.P. and its affiliates ('Bloomberg'), and/or its third-party suppliers and has been licensed for use by Manning & Napier. Bloomberg 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.

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

---

| | |
|:---|:---|
| **Net Assets** | $213423758 |
| **Number of Holdings** | 145 |
| **Portfolio Turnover (for the year ended 12/31/25)** | 30% |
| **Total Advisory Fees Paid (net of reimbursements)** | $2711 |

---

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.

#### Top Ten States (% of total investments)
(as of December 31, 2025)

![pie](qes1xqbb1ml6v6o8w.jpg)

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

---

| | |
|:---|:---|
| **Top Investment Types**<br>  | **%**<br>  |
| **Cash, short-term investment, and other assets, less liabilities** | 2.4 |
| **Commercial Mortgage-Backed Securities** | 1.0 |
| **General Obligation Bonds** | 55.1 |
| **Revenue Bonds** | 35.6 |
| **Exchange-Traded Fund** | 2.2 |
| **U.S. Treasury Notes** | 3.7 |

---

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.

**How has the Fund changed?**

This is a summary of certain changes to the Series since December 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 March 1, 2025, Diversified Tax Exempt Series' management fee was reduced from 0.50% to 0.30%. Additionally, the Advisor has contractually agreed to limit its fees and reimburse expenses as necessary to ensure that direct annual fund operating expenses for Class A do not exceed 0.60% of average daily net assets.

**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 Diversified Tax Exempt Series Tailored Shareholder Report MNDTE-W-12/25-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> **Diversified Tax Exempt - Class W**<br> ticker: MNDWX<br>| <br> ![logo](d7qy18jf8lx4xgcvm.jpg)  |

---

This annual shareholder report contains important information about Class W of Diversified Tax Exempt Series, a series of Manning & Napier Fund Inc., for the period of January 1, 2025 to December 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 | $13 | 0.13% |

---

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 Bloomberg Municipal 1-15 YR Index for the 12-month period ending 12/31/2025.

#### What factors influenced performance?
The Series benefitted from generally declining interest rates and slightly tighter credit spreads over the course of the year. On a relative basis, an underweight to intermediate-term bonds, as well as an overweight to longer maturity bonds (where yields moved higher), detracted from returns.

#### Positioning
In terms of positioning, we are marginally overweight duration as longer-term bonds remain attractive. Furthermore, we continue to have a relatively higher quality tilt than the broad market as we do not believe we are being adequately compensated for the additional credit risks assumed.

#### 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 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](qes1xqbb1ml6v3fsw.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 A shares. Because the Class W shares invest in the same portfolio of securities as the Class A shares, performance will be different only to the extent that the Class A shares have a higher expense ratio.

The Bloomberg Municipal 1-15 Year Index measures the performance of USD-denominated long-term, tax-exempt bond market with maturities of 1-15 years, including state and local general obligation bonds, revenue bonds, insured bonds, and pre-refunded bonds. The Bloomberg Municipal Bond Index covers the USD-denominated long term tax exempt bond market. The Index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and pre-refunded bonds. The Index measures all municipal bonds with at least one year until final maturity. The Index returns do not reflect any fees or expenses. Index returns provided by Bloomberg.

#### Manning & Napier Diversified Tax Exempt Series Tailored Shareholder Report MNDTE-W-12/25-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 December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Diversified Tax Exempt Series - Class W** | 4.64% | 0.99% | 1.88% |
| **Bloomberg Municipal Bond Index** | 4.25% | 0.80% | 2.34% |
| **Bloomberg Municipal 1-15 Year Bond Index** | 5.18% | 1.16% | 2.27% |

---

**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 Bloomberg Finance L.P. and its affiliates ('Bloomberg'), and/or its third-party suppliers and has been licensed for use by Manning & Napier. Bloomberg 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.

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

---

| | |
|:---|:---|
| **Net Assets** | $213423758 |
| **Number of Holdings** | 145 |
| **Portfolio Turnover (for the year ended 12/31/25)** | 30% |
| **Total Advisory Fees Paid (net of reimbursements)** | $2711 |

---

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.

#### Top Ten States (% of total investments)
(as of December 31, 2025)

![pie](qes1xqbb1ml6v6o8w.jpg)

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

---

| | |
|:---|:---|
| **Top Investment Types**<br>  | **%**<br>  |
| **Cash, short-term investment, and other assets, less liabilities** | 2.4 |
| **Commercial Mortgage-Backed Securities** | 1.0 |
| **General Obligation Bonds** | 55.1 |
| **Revenue Bonds** | 35.6 |
| **Exchange-Traded Fund** | 2.2 |
| **U.S. Treasury Notes** | 3.7 |

---

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.

**How has the Fund changed?**

This is a summary of certain changes to the Series since December 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 March 1, 2025, Diversified Tax Exempt Series' management fee was reduced from 0.50% to 0.30%. The Advisor continues to contractually waive the management fee for Class W shares. Additionally, the Advisor has contractually agreed to limit its fees and reimburse expenses as necessary to ensure that direct annual fund operating expenses of Class W do not exceed 0.30% of average daily net assets.

**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 Callodine Equity Income Series Tailored Shareholder Report MNCEI-I-12/25-AR
**The Manning & Napier Fund, Inc. (the Fund) is managed by Manning & Napier. Manning & Napier Investor Services, Inc.(MNBD), an affiliate of Manning & Napier, is the distributor of the Fund shares.**

#### Manning & Napier has contracted Callodine Capital Management, LP, an affiliate of Manning & Napier and MNBD, to sub-advise the Callodine Equity Income Series.

---

| | |
|:---|:---|
| **annual shareholder report**<br> **Callodine Equity Income Series - Class I**<br> ticker: CEIIX <br>| <br> ![logo](d7qy18jf8lx4xgcvm.jpg)  |

---

This annual shareholder report contains important information about Class I of Callodine Equity Income Series, a series of Manning & Napier Fund Inc., for the period of January 1, 2025 to December 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 | $98 | 0.95% |

---

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 generated positive returns and outperformed its benchmark, the S&P 500 High Dividend Index, over the 12-month period ending 12/31/2025.

#### What factors influenced performance?
The Series' positive absolute returns were driven by a third straight strong year for U.S. equity markets across market caps and styles, though dividend-paying companies lagged the broader market. The Series' outperformance relative to its benchmark was a result of favorable sector allocation decisions that outweighed security selection challenges during the year. Specifically, overweight allocations to Consumer and Health Care names as well as underweight positions in the Real Estate and Materials sectors were all positive contributors to relative performance.

#### Positioning
The Series continues to identify attractive investment opportunities in the yield-oriented segment of the equity market. Notable areas of portfolio exposure relative to the benchmark include the Health Care, Consumer Discretionary, and Energy sectors. Conversely, the Series continues to have zero exposure to the Information Technology sector and notable underweight exposures to Financials and Utilities. Real Estate, while still an underweight, has been a notable source of new holdings in the portfolio.

#### Fund Performance
Performance prior to 10/23/2023 is based on historical performance of Callodine Equity Income Fund, LP (the "Predecessor Fund") which was managed by Callodine Capital Management, LP and reorganized into the Manning & Napier Fund, Inc. Callodine Equity Income Series on 10/23/2023. The following graph compares the initial and subsequent account values since inception of the Predecessor Fund. Inception date for the Series was October 23, 2023. The graph assumes a $10,000 initial investment in the Fund and 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](qesdjeno1mls27oa6.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.

Performance prior to 10/23/2023 is based on the historical performance of Callodine Equity Income Fund, LP (the "Predecessor Fund"), which was managed by Callodine Capital Management, LP and reorganized into the Manning & Napier Fund, Inc. Callodine Equity Income Series on 10/23/2023. Inception performance is based on the Predecessor Fund's inception of 01/01/2022. The Predecessor Fund, a private investment company, was not registered under the Investment Company Act of 1940, and therefore was not subject to the same investment and tax restrictions. If the Predecessor Fund had operated as a registered mutual fund, performance may have been lower. The Predecessor Fund's fees and expenses were higher than the fees and expenses of the Series' Class I Shares. Accordingly, performance shown for the Class I shares is the Predecessor Fund's performance unadjusted.

The S&P 500 High Dividend Index is designed to measure the performance of 80 high yield companies within the S&P 500 and is equally weighted to best represent the performance of this group, regardless of constituent size. The S&P 500 Total Return Index is an unmanaged, capitalization-weighted measure comprised of 500 leading U.S. companies to gauge U.S. large cap equities. The Index returns do not reflect any fees or expenses. The index accounts for the reinvestment of regular cash dividends, but not for the withholding of taxes. Index returns do not reflect any fees or expenses. You cannot invest directly in an index. Index returns provided by Bloomberg.

#### Manning & Napier Callodine Equity Income Series Tailored Shareholder Report MNCEI-I-12/25-AR
**The Manning & Napier Fund, Inc. (the Fund) is managed by Manning & Napier. Manning & Napier Investor Services, Inc.(MNBD), an affiliate of Manning & Napier, is the distributor of the Fund shares.**

#### Manning & Napier has contracted Callodine Capital Management, LP, an affiliate of Manning & Napier and MNBD, to sub-advise the Callodine Equity Income Series.

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

---

| | | |
|:---|:---|:---|
| <br>  | **1 Year**<br>  | **Since Inception**<br>  |
| **Callodine Equity Income Series - Class I** | 5.98% | 12.95% |
| **S&P 500 Total Return Index** | 17.88% | 11.12% |
| **S&P 500 High Yield Dividend Index** | 4.69% | 5.53% |

---

**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.** 

Performance numbers for the Predecessor Fund and the indices are calculated from January 1, 2022, the inception date of the Series A interests and Series SI interests of the Predecessor Fund.

Index data referenced herein is the property of S&P Dow Jones Indices LLC, a division of S&P Global Inc., its affiliates ("S&P") and/or its third-party suppliers and has been licensed for use by Manning & Napier. S&P 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.

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

---

| | |
|:---|:---|
| **Net Assets** | $186023010 |
| **Number of Holdings** | 31 |
| **Portfolio Turnover (for the year ended 12/31/25)** | 70% |
| **Total Advisory Fees Paid (net of reimbursements)** | $1256788 |

---

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 December 31, 2025)

![pie](qes13i511mkvjsxpt.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 December 31, 2025)

---

| | |
|:---|:---|
| **Top Investment Types**<br>  | **%**<br>  |
| **Cash, short-term investment, and liabilities, less other assets** | -1.3% |
| **Common Stocks** | 101.3 |

---

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 Callodine Equity Income Series Tailored Shareholder Report MNCEI-S-12/25-AR
**The Manning & Napier Fund, Inc. (the Fund) is managed by Manning & Napier. Manning & Napier Investor Services, Inc.(MNBD), an affiliate of Manning & Napier, is the distributor of the Fund shares.**

#### Manning & Napier has contracted Callodine Capital Management, LP, an affiliate of Manning & Napier and MNBD, to sub-advise the Callodine Equity Income Series.

---

| | |
|:---|:---|
| **annual shareholder report**<br> **Callodine Equity Income Series - Class S**<br> ticker: CEISX <br>| <br> ![logo](d7qy18jf8lx4xgcvm.jpg)  |

---

This annual shareholder report contains important information about Class S of Callodine Equity Income Series, a series of Manning & Napier Fund Inc., for the period of January 1, 2025 to December 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 | $123 | 1.20% |

---

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 generated positive returns and outperformed its benchmark, the S&P 500 High Dividend Index, over the 12-month period ending 12/31/2025.

#### What factors influenced performance?
The Series' positive absolute returns were driven by a third straight strong year for U.S. equity markets across market caps and styles, though dividend-paying companies lagged the broader market. The Series' outperformance relative to its benchmark was a result of favorable sector allocation decisions that outweighed security selection challenges during the year. Specifically, overweight allocations to Consumer and Health Care names as well as underweight positions in the Real Estate and Materials sectors were all positive contributors to relative performance.

#### Positioning
The Series continues to identify attractive investment opportunities in the yield-oriented segment of the equity market. Notable areas of portfolio exposure relative to the benchmark include the Health Care, Consumer Discretionary, and Energy sectors. Conversely, the Series continues to have zero exposure to the Information Technology sector and notable underweight exposures to Financials and Utilities. Real Estate, while still an underweight, has been a notable source of new holdings in the portfolio.

#### Fund Performance
Performance prior to 10/23/2023 is based on historical performance of Callodine Equity Income Fund, LP (the "Predecessor Fund") which was managed by Callodine Capital Management, LP and reorganized into the Manning & Napier Fund, Inc. Callodine Equity Income Series on 10/23/2023. The following graph compares the initial and subsequent account values since inception of the Predecessor Fund. Inception date for the Series was October 23, 2023. The graph assumes a $10,000 initial investment in the Fund and 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](qes403b9h1mls24j52.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.

Performance prior to 10/23/2023 is based on the historical performance of Callodine Equity Income Fund, LP (the "Predecessor Fund"), which was managed by Callodine Capital Management, LP and reorganized into the Manning & Napier Fund, Inc. Callodine Equity Income Series on 10/23/2023. Inception performance is based on the Predecessor Fund's inception of 01/01/2022. The Predecessor Fund, a private investment company, was not registered under the Investment Company Act of 1940, and therefore was not subject to the same investment and tax restrictions. If the Predecessor Fund had operated as a registered mutual fund, performance may have been lower. The Predecessor Fund's fees and expenses were lower than the fees and expenses of the Series' Class S Shares. The performance shown for the Class S Shares is the Predecessor Fund's performance adjusted to reflect the fees and expenses of the Class S Shares.

The S&P 500 High Dividend Index is designed to measure the performance of 80 high yield companies within the S&P 500 and is equally weighted to best represent the performance of this group, regardless of constituent size. The S&P 500 Total Return Index is an unmanaged, capitalization-weighted measure comprised of 500 leading U.S. companies to gauge U.S. large cap equities. The Index returns do not reflect any fees or expenses. The index accounts for the reinvestment of regular cash dividends, but not for the withholding of taxes. Index returns do not reflect any fees or expenses. You cannot invest directly in an index. Index returns provided by Bloomberg.

#### Manning & Napier Callodine Equity Income Series Tailored Shareholder Report MNCEI-S-12/25-AR
**The Manning & Napier Fund, Inc. (the Fund) is managed by Manning & Napier. Manning & Napier Investor Services, Inc.(MNBD), an affiliate of Manning & Napier, is the distributor of the Fund shares.**

#### Manning & Napier has contracted Callodine Capital Management, LP, an affiliate of Manning & Napier and MNBD, to sub-advise the Callodine Equity Income Series.

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

---

| | | |
|:---|:---|:---|
| <br>  | **1 Year**<br>  | **Since Inception**<br>  |
| **Callodine Equity Income Series - Class S** | 5.65% | 12.71% |
| **S&P 500 Total Return Index** | 17.88% | 11.12% |
| **S&P 500 High Yield Dividend Index** | 4.69% | 5.53% |

---

**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.** 

Performance numbers for the Predecessor Fund and the indices are calculated from January 1, 2022, the inception date of the Series A interests and Series SI interests of the Predecessor Fund.

Index data referenced herein is the property of S&P Dow Jones Indices LLC, a division of S&P Global Inc., its affiliates ("S&P") and/or its third-party suppliers and has been licensed for use by Manning & Napier. S&P 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.

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

---

| | |
|:---|:---|
| **Net Assets** | $186023010 |
| **Number of Holdings** | 31 |
| **Portfolio Turnover (for the year ended 12/31/25)** | 70% |
| **Total Advisory Fees Paid (net of reimbursements)** | $1256788 |

---

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 December 31, 2025)

![pie](qes13i511mkvjsxpt.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 December 31, 2025)

---

| | |
|:---|:---|
| **Top Investment Types**<br>  | **%**<br>  |
| **Cash, short-term investment, and liabilities, less other assets** | -1.3% |
| **Common Stocks** | 101.3 |

---

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 Callodine Equity Income Series Tailored Shareholder Report MNCEI-Z-12/25-AR
**The Manning & Napier Fund, Inc. (the Fund) is managed by Manning & Napier. Manning & Napier Investor Services, Inc.(MNBD), an affiliate of Manning & Napier, is the distributor of the Fund shares.**

#### Manning & Napier has contracted Callodine Capital Management, LP, an affiliate of Manning & Napier and MNBD, to sub-advise the Callodine Equity Income Series.

---

| | |
|:---|:---|
| **annual shareholder report**<br> **Callodine Equity Income Series - Class Z**<br> ticker: CEIZX <br>| <br> ![logo](d7qy18jf8lx4xgcvm.jpg)  |

---

This annual shareholder report contains important information about Class Z of Callodine Equity Income Series, a series of Manning & Napier Fund Inc., for the period of January 1, 2025 to December 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 | $82 | 0.80% |

---

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 generated positive returns and outperformed its benchmark, the S&P 500 High Dividend Index, over the 12-month period ending 12/31/2025.

#### What factors influenced performance?
The Series' positive absolute returns were driven by a third straight strong year for U.S. equity markets across market caps and styles, though dividend-paying companies lagged the broader market. The Series' outperformance relative to its benchmark was a result of favorable sector allocation decisions that outweighed security selection challenges during the year. Specifically, overweight allocations to Consumer and Health Care names as well as underweight positions in the Real Estate and Materials sectors were all positive contributors to relative performance.

#### Positioning
The Series continues to identify attractive investment opportunities in the yield-oriented segment of the equity market. Notable areas of portfolio exposure relative to the benchmark include the Health Care, Consumer Discretionary, and Energy sectors. Conversely, the Series continues to have zero exposure to the Information Technology sector and notable underweight exposures to Financials and Utilities. Real Estate, while still an underweight, has been a notable source of new holdings in the portfolio.

#### Fund Performance
Performance prior to 10/23/2023 is based on historical performance of Callodine Equity Income Fund, LP (the "Predecessor Fund") which was managed by Callodine Capital Management, LP and reorganized into the Manning & Napier Fund, Inc. Callodine Equity Income Series on 10/23/2023. The following graph compares the initial and subsequent account values since inception of the Predecessor Fund. Inception date for the Series was October 23, 2023. The graph assumes a $10,000 initial investment in the Fund and 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](qes403b9h1mls25ix9.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.

Performance prior to 10/23/2023 is based on the historical performance of Callodine Equity Income Fund, LP (the "Predecessor Fund"), which was managed by Callodine Capital Management, LP and reorganized into the Manning & Napier Fund, Inc. Callodine Equity Income Series on 10/23/2023. Inception performance is based on the Predecessor Fund's inception of 01/01/2022. The Predecessor Fund, a private investment company, was not registered under the Investment Company Act of 1940, and therefore was not subject to the same investment and tax restrictions. If the Predecessor Fund had operated as a registered mutual fund, performance may have been lower. The Predecessor Fund's fees and expenses were higher than the fees and expenses of the Series' Class Z Shares. Accordingly, performance shown for the Class Z shares is the Predecessor Fund's performance unadjusted.

The S&P 500 High Dividend Index is designed to measure the performance of 80 high yield companies within the S&P 500 and is equally weighted to best represent the performance of this group, regardless of constituent size. The S&P 500 Total Return Index is an unmanaged, capitalization-weighted measure comprised of 500 leading U.S. companies to gauge U.S. large cap equities. The Index returns do not reflect any fees or expenses. The index accounts for the reinvestment of regular cash dividends, but not for the withholding of taxes. Index returns do not reflect any fees or expenses. You cannot invest directly in an index. Index returns provided by Bloomberg.

#### Manning & Napier Callodine Equity Income Series Tailored Shareholder Report MNCEI-Z-12/25-AR
**The Manning & Napier Fund, Inc. (the Fund) is managed by Manning & Napier. Manning & Napier Investor Services, Inc.(MNBD), an affiliate of Manning & Napier, is the distributor of the Fund shares.**

#### Manning & Napier has contracted Callodine Capital Management, LP, an affiliate of Manning & Napier and MNBD, to sub-advise the Callodine Equity Income Series.

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

---

| | | |
|:---|:---|:---|
| <br>  | **1 Year**<br>  | **Since Inception**<br>  |
| **Callodine Equity Income Series - Class Z** | 6.11% | 13.04% |
| **S&P 500 Total Return Index** | 17.88% | 11.12% |
| **S&P 500 High Yield Dividend Index** | 4.69% | 5.53% |

---

**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.** 

Performance numbers for the Predecessor Fund and the indices are calculated from January 1, 2022, the inception date of the Series A interests and Series SI interests of the Predecessor Fund.

Index data referenced herein is the property of S&P Dow Jones Indices LLC, a division of S&P Global Inc., its affiliates ("S&P") and/or its third-party suppliers and has been licensed for use by Manning & Napier. S&P 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.

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

---

| | |
|:---|:---|
| **Net Assets** | $186023010 |
| **Number of Holdings** | 31 |
| **Portfolio Turnover (for the year ended 12/31/25)** | 70% |
| **Total Advisory Fees Paid (net of reimbursements)** | $1256788 |

---

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 December 31, 2025)

![pie](qes13i511mkvjsxpt.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 December 31, 2025)

---

| | |
|:---|:---|
| **Top Investment Types**<br>  | **%**<br>  |
| **Cash, short-term investment, and liabilities, less other assets** | -1.3% |
| **Common Stocks** | 101.3 |

---

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 Credit Series Tailored Shareholder Report MNCRE-I-12/25-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> **Credit Series - Class I**<br> ticker: MCDIX<br>| <br> ![logo](d7qy18jf8lx4xgcvm.jpg)  |

---

This annual shareholder report contains important information about Class I of Credit Series, a series of Manning & Napier Fund Inc., for the period of January 1, 2025 to December 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 | $52 | 0.50% |

---

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 Bloomberg US Intermediate Aggregate Credit Index for the 12-month period ending 12/31/2025.

#### What factors influenced performance?
The Series benefitted from declining interest rates and slightly tighter credit spreads over the course of the year. On a relative basis, an allocation to and selection within commercial mortgage-backed securities were the largest detractors to returns.

#### Positioning
Taking a look at the portfolio, we continue to favor securitized debt, emphasizing senior, high-quality assets with low credit risk such as student loans and data centers. Within mortgages, we see value in private residential MBS trading at discounts similar to agency MBS. In corporate credit, we maintain a shorter duration and focus on issuers with stable cash flows as valuations remain elevated on a historical basis.

Looking ahead, we believe the interest rate outlook remains uncertain amid persistent inflation, a softening labor market, and shifting domestic and global policy dynamics, which is likely to keep market volatility elevated. In this environment, we are emphasizing risk management, while selectively allocating to opportunities where valuations and underlying fundamentals are more compelling.

#### Fund Performance
The following graph compares the initial and subsequent account values since inception. Inception date for the Series was April 14, 2020. The graph assumes a $10,000 initial investment in the Fund and 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](qes1xqbb1ml8c2lna.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 23, 2024 (the inception date of the Class I shares), performance for the Class I shares is based on historical performance of the Class W shares. Because the Class I shares invest in the same portfolio of securities as Class W, performance will only be different to the extent that the Class W shares have a lower 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. The Bloomberg U.S. Intermediate 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 greater than one year but less than ten years. Index returns do not reflect any fees or expenses. Index returns provided by Intercontinental Exchange (ICE).

#### Manning & Napier Credit Series Tailored Shareholder Report MNCRE-I-12/25-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 December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **Since Inception**<br>  |
| **Credit Series - Class I** | 7.17% | 1.02%  | 2.33% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | (0.36)%  | 0.23% |
| **Bloomberg U.S. Intermediate Credit Index** | 7.88% | 1.54%  | 2.58% |

---

**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.** 

Performance numbers and the indices are calculated from April 14, 2020, the inception date of Class W.

Index data referenced herein is the property of Bloomberg Finance L.P. and its affiliates ('Bloomberg'), and/or its third party suppliers and has been licensed for use by Manning & Napier. Bloomberg 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.

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

---

| | |
|:---|:---|
| **Net Assets** | $278167361 |
| **Number of Holdings** | 150 |
| **Portfolio Turnover (for the year ended 12/31/25)** | 43% |
| **Total Advisory Fees Paid (net of reimbursements)** | $28374 |

---

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 December 31, 2025)

![pie](qes2f0a1mkvatt2r.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.

#### 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 Credit Series Tailored Shareholder Report MNCRE-S-12/25-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> **Credit Series - Class S**<br> ticker: MCDSX<br>| <br> ![logo](d7qy18jf8lx4xgcvm.jpg)  |

---

This annual shareholder report contains important information about Class S of Credit Series, a series of Manning & Napier Fund Inc., for the period of January 1, 2025 to December 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 | $69 | 0.67% |

---

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 Bloomberg US Intermediate Aggregate Credit Index for the 12-month period ending 12/31/2025.

#### What factors influenced performance?
The Series benefitted from declining interest rates and slightly tighter credit spreads over the course of the year. On a relative basis, an allocation to and selection within commercial mortgage-backed securities were the largest detractors to returns.

#### Positioning
Taking a look at the portfolio, we continue to favor securitized debt, emphasizing senior, high-quality assets with low credit risk such as student loans and data centers. Within mortgages, we see value in private residential MBS trading at discounts similar to agency MBS. In corporate credit, we maintain a shorter duration and focus on issuers with stable cash flows as valuations remain elevated on a historical basis.

Looking ahead, we believe the interest rate outlook remains uncertain amid persistent inflation, a softening labor market, and shifting domestic and global policy dynamics, which is likely to keep market volatility elevated. In this environment, we are emphasizing risk management, while selectively allocating to opportunities where valuations and underlying fundamentals are more compelling.

#### Fund Performance
The following graph compares the initial and subsequent account values since inception. Inception date for the Series was April 14, 2020. The graph assumes a $10,000 initial investment in the Fund and 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](qes1iy8111ml8c74i6.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 23, 2024 (the inception date of the Class S shares), performance for the Class S shares is based on historical performance of the Class W shares. Because the Class S shares invest in the same portfolio of securities as Class W, performance will only be different to the extent that the Class W shares have a lower 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. The Bloomberg U.S. Intermediate 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 greater than one year but less than ten years. Index returns do not reflect any fees or expenses. Index returns provided by Intercontinental Exchange (ICE).

#### Manning & Napier Credit Series Tailored Shareholder Report MNCRE-S-12/25-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 December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **Since Inception**<br>  |
| **Credit Series - Class S** | 7.01% | 0.79%  | 2.10% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | (0.36)%  | 0.23% |
| **Bloomberg U.S. Intermediate Credit Index** | 7.88% | 1.54%  | 2.58% |

---

**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.** 

Performance numbers and the indices are calculated from April 14, 2020, the inception date of Class W.

Index data referenced herein is the property of Bloomberg Finance L.P. and its affiliates ('Bloomberg'), and/or its third party suppliers and has been licensed for use by Manning & Napier. Bloomberg 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.

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

---

| | |
|:---|:---|
| **Net Assets** | $278167361 |
| **Number of Holdings** | 150 |
| **Portfolio Turnover (for the year ended 12/31/25)** | 43% |
| **Total Advisory Fees Paid (net of reimbursements)** | $28374 |

---

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 December 31, 2025)

![pie](qes2f0a1mkvatt2r.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.

#### 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 Credit Series Tailored Shareholder Report MNCRE-W-12/25-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> **Credit Series - Class W**<br> ticker: MCDWX<br>| <br> ![logo](d7qy18jf8lx4xgcvm.jpg)  |

---

This annual shareholder report contains important information about Class W of Credit Series, a series of Manning & Napier Fund Inc., for the period of January 1, 2025 to December 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 | $10 | 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 benchmark, the Bloomberg US Intermediate Aggregate Credit Index for the 12-month period ending 12/31/2025.

#### What factors influenced performance?
The Series benefitted from declining interest rates and slightly tighter credit spreads over the course of the year. On a relative basis, an allocation to and selection within commercial mortgage-backed securities were the largest detractors to returns.

#### Positioning
Taking a look at the portfolio, we continue to favor securitized debt, emphasizing senior, high-quality assets with low credit risk such as student loans and data centers. Within mortgages, we see value in private residential MBS trading at discounts similar to agency MBS. In corporate credit, we maintain a shorter duration and focus on issuers with stable cash flows as valuations remain elevated on a historical basis.

Looking ahead, we believe the interest rate outlook remains uncertain amid persistent inflation, a softening labor market, and shifting domestic and global policy dynamics, which is likely to keep market volatility elevated. In this environment, we are emphasizing risk management, while selectively allocating to opportunities where valuations and underlying fundamentals are more compelling.

#### Fund Performance
The following graph compares the initial and subsequent account values since inception. Inception date for the Series was April 14, 2020. The graph assumes a $10,000 initial investment in the Fund and 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](qes1iy8111ml8c67dq.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. The Bloomberg U.S. Intermediate 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 greater than one year but less than ten years. Index returns do not reflect any fees or expenses. Index returns provided by Intercontinental Exchange (ICE).

#### Manning & Napier Credit Series Tailored Shareholder Report MNCRE-W-12/25-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 December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **Since Inception**<br>  |
| **Credit Series - Class W** | 7.57% | 1.41%  | 2.73% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | (0.36)%  | 0.23% |
| **Bloomberg U.S. Intermediate Credit Index** | 7.88% | 1.54%  | 2.58% |

---

**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.** 

Performance numbers and the indices are calculated from April 14, 2020, the inception date of Class W.

Index data referenced herein is the property of Bloomberg Finance L.P. and its affiliates ('Bloomberg'), and/or its third party suppliers and has been licensed for use by Manning & Napier. Bloomberg 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.

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

---

| | |
|:---|:---|
| **Net Assets** | $278167361 |
| **Number of Holdings** | 150 |
| **Portfolio Turnover (for the year ended 12/31/25)** | 43% |
| **Total Advisory Fees Paid (net of reimbursements)** | $28374 |

---

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 December 31, 2025)

![pie](qes2f0a1mkvatt2r.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.

#### 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 Systematic High Yield Bond Series Tailored Shareholder Report MNSHYB-I-12/25-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> **Systematic High Yield Bond - Class I**<br> ticker: MSHIX<br>| <br> ![logo](d7qy18jf8lx4xgcvm.jpg)  |

---

This annual shareholder report contains important information about Class I of Systematic High Yield Bond Series, a series of Manning & Napier Fund Inc., for the period of September 15, 2025 to December 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 | $18 | 0.60% |

---

Expenses are equal to Class I shares' expense ratio since inception multiplied by the average account value over the period. The Class's expenses would have been higher for the full twelve-month period if certain expenses had 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 ICE BofA US High Yield Cash Pay Index for the since inception period ending 12/31/2025.

#### What factors influenced performance?
The Series benefitted from relatively stable credit spreads on an absolute basis. From a factor perspective, relative outperformance was driven by the Series' higher quality tilt versus the benchmark, as well as its lack of exposure to longer-dated high yield securities (i.e., maturities greater than 10 years). In addition, security selection contributed positively during the quarter, supported by our systematic model, which segments securities by maturity and credit quality to assess relative value and employs an issuer equal-weighted construction.

#### Positioning
We believe the interest rate outlook remains uncertain amid persistent inflation, a softening labor market, and shifting domestic and global policy dynamics, which is likely to keep market volatility elevated. Furthermore, valuations within high yield remain elevated and risks are skewed to the downside. As such, we are currently prioritizing risk mitigation by investing solely in core exposures (i.e., BB-B rated securities with maturities less than 10 years) and would look to add opportunistic exposure to lower quality and/or longer-dated securities should our assessment of where we are in the economic cycle change.

#### Fund Performance
The following graph compares the initial and subsequent account values since inception. Inception date for the Series was September 15, 2025. The graph assumes a $10,000 initial investment in the Fund and 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](qes1iy8111ml752okn.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 Intercontinental Exchange (ICE) Bank of America (BofA) BB-B U.S. Cash Pay High Yield Index is a subset of the ICE BofA U.S. Cash Pay High Yield Index. The Index includes all U.S. dollar denominated below investment grade corporate debt securities currently in a coupon paying period rated BB1 through B3. Qualifying securities must have at least one year remaining term to final maturity, at least 18 months to final maturity at point of issuance, a fixed coupon schedule, and a minimum amount outstanding of $250 million. 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).

#### Manning & Napier Systematic High Yield Bond Series Tailored Shareholder Report MNSHYB-I-12/25-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 December 31, 2025)

---

| | |
|:---|:---|
| <br>  | **Since Inception**<br>  |
| **Systematic High Yield Bond Series - Class I** | 1.86% |
| **Bloomberg U.S. Aggregate Bond Index** | 0.85% |
| **ICE BofA U.S. High Yield Cash Pay Index** | 1.53% |

---

**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.** 

Performance numbers and the indices are calculated from September 15, 2025, the inception date of the Series. Periods less than one year are not annualized.

Index data referenced herein is the property of ICE Data Indices, LLC, its affiliates ('ICE Data') and/or its third party suppliers and has been licensed for use by Manning & Napier. ICE Data 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.

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

---

| | |
|:---|:---|
| **Net Assets** | $28964621 |
| **Number of Holdings** | 273 |
| **Portfolio Turnover (for the year ended 12/31/25)** | 50% |
| **Total Advisory Fees Paid (net of reimbursements)** | $0\* |

---

\* Advisory fees were fully waived.

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 December 31, 2025)

![pie](qessrl1mkvb4pzh.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.

#### 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 Systematic High Yield Bond Series Tailored Shareholder Report MNSHYB-S-12/25-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> **Systematic High Yield Bond - Class S**<br> ticker: MSYSX<br>| <br> ![logo](d7qy18jf8lx4xgcvm.jpg)  |

---

This annual shareholder report contains important information about Class S of Systematic High Yield Bond Series, a series of Manning & Napier Fund Inc., for the period of September 15, 2025 to December 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 | $25 | 0.85% |

---

Expenses are equal to Class S shares' expense ratio since inception multiplied by the average account value over the period. The Class's expenses would have been higher for the full twelve-month period if certain expenses had 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 ICE BofA US High Yield Cash Pay Index for the since inception period ending 12/31/2025.

#### What factors influenced performance?
The Series benefitted from relatively stable credit spreads on an absolute basis. From a factor perspective, relative outperformance was driven by the Series' higher quality tilt versus the benchmark, as well as its lack of exposure to longer-dated high yield securities (i.e., maturities greater than 10 years). In addition, security selection contributed positively during the quarter, supported by our systematic model, which segments securities by maturity and credit quality to assess relative value and employs an issuer equal-weighted construction.

#### Positioning
We believe the interest rate outlook remains uncertain amid persistent inflation, a softening labor market, and shifting domestic and global policy dynamics, which is likely to keep market volatility elevated. Furthermore, valuations within high yield remain elevated and risks are skewed to the downside. As such, we are currently prioritizing risk mitigation by investing solely in core exposures (i.e., BB-B rated securities with maturities less than 10 years) and would look to add opportunistic exposure to lower quality and/or longer-dated securities should our assessment of where we are in the economic cycle change.

#### Fund Performance
The following graph compares the initial and subsequent account values since inception. Inception date for the Series was September 15, 2025. The graph assumes a $10,000 initial investment in the Fund and 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](qes1xqbb1ml74dy47.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 Intercontinental Exchange (ICE) Bank of America (BofA) BB-B U.S. Cash Pay High Yield Index is a subset of the ICE BofA U.S. Cash Pay High Yield Index. The Index includes all U.S. dollar denominated below investment grade corporate debt securities currently in a coupon paying period rated BB1 through B3. Qualifying securities must have at least one year remaining term to final maturity, at least 18 months to final maturity at point of issuance, a fixed coupon schedule, and a minimum amount outstanding of $250 million. 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).

#### Manning & Napier Systematic High Yield Bond Series Tailored Shareholder Report MNSHYB-S-12/25-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 December 31, 2025)

---

| | |
|:---|:---|
| <br>  | **Since Inception**<br>  |
| **Systematic High Yield Bond Series - Class S** | 1.68% |
| **Bloomberg U.S. Aggregate Bond Index** | 0.85% |
| **ICE BofA U.S. High Yield Cash Pay Index** | 1.53% |

---

**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.** 

Performance numbers and the indices are calculated from September 15, 2025, the inception date of the Series. Periods less than one year are not annualized.

Index data referenced herein is the property of ICE Data Indices, LLC, its affiliates ('ICE Data') and/or its third party suppliers and has been licensed for use by Manning & Napier. ICE Data 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.

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

---

| | |
|:---|:---|
| **Net Assets** | $28964621 |
| **Number of Holdings** | 273 |
| **Portfolio Turnover (for the year ended 12/31/25)** | 50% |
| **Total Advisory Fees Paid (net of reimbursements)** | $0\* |

---

\* Advisory fees were fully waived.

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 December 31, 2025)

![pie](qessrl1mkvb4pzh.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.

#### 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 Systematic High Yield Bond Series Tailored Shareholder Report MNSHYB-W-12/25-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> **Systematic High Yield Bond - Class W**<br> ticker: MSHWX<br>| <br> ![logo](d7qy18jf8lx4xgcvm.jpg)  |

---

This annual shareholder report contains important information about Class W of Systematic High Yield Bond Series, a series of Manning & Napier Fund Inc., for the period of September 15, 2025 to December 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 | $3 | 0.10% |

---

Expenses are equal to Class W shares' expense ratio since inception multiplied by the average account value over the period. The Class's expenses would have been higher for the full twelve-month period if certain expenses had 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 ICE BofA US High Yield Cash Pay Index for the since inception period ending 12/31/2025.

#### What factors influenced performance?
The Series benefitted from relatively stable credit spreads on an absolute basis. From a factor perspective, relative outperformance was driven by the Series' higher quality tilt versus the benchmark, as well as its lack of exposure to longer-dated high yield securities (i.e., maturities greater than 10 years). In addition, security selection contributed positively during the quarter, supported by our systematic model, which segments securities by maturity and credit quality to assess relative value and employs an issuer equal-weighted construction.

#### Positioning
We believe the interest rate outlook remains uncertain amid persistent inflation, a softening labor market, and shifting domestic and global policy dynamics, which is likely to keep market volatility elevated. Furthermore, valuations within high yield remain elevated and risks are skewed to the downside. As such, we are currently prioritizing risk mitigation by investing solely in core exposures (i.e., BB-B rated securities with maturities less than 10 years) and would look to add opportunistic exposure to lower quality and/or longer-dated securities should our assessment of where we are in the economic cycle change.

#### Fund Performance
The following graph compares the initial and subsequent account values since inception. Inception date for the Series was September 15, 2025. The graph assumes a $10,000 initial investment in the Fund and 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](qes1iy8111ml85qzof.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 Intercontinental Exchange (ICE) Bank of America (BofA) BB-B U.S. Cash Pay High Yield Index is a subset of the ICE BofA U.S. Cash Pay High Yield Index. The Index includes all U.S. dollar denominated below investment grade corporate debt securities currently in a coupon paying period rated BB1 through B3. Qualifying securities must have at least one year remaining term to final maturity, at least 18 months to final maturity at point of issuance, a fixed coupon schedule, and a minimum amount outstanding of $250 million. 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).

#### Manning & Napier Systematic High Yield Bond Series Tailored Shareholder Report MNSHYB-W-12/25-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 December 31, 2025)

---

| | |
|:---|:---|
| <br>  | **Since Inception**<br>  |
| **Systematic High Yield Bond Series - Class W** | 1.96% |
| **Bloomberg U.S. Aggregate Bond Index** | 0.85% |
| **ICE BofA U.S. High Yield Cash Pay Index** | 1.53% |

---

**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.** 

Performance numbers and the indices are calculated from September 15, 2025, the inception date of the Series. Periods less than one year are not annualized.

Index data referenced herein is the property of ICE Data Indices, LLC, its affiliates ('ICE Data') and/or its third party suppliers and has been licensed for use by Manning & Napier. ICE Data 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.

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

---

| | |
|:---|:---|
| **Net Assets** | $28964621 |
| **Number of Holdings** | 273 |
| **Portfolio Turnover (for the year ended 12/31/25)** | 50% |
| **Total Advisory Fees Paid (net of reimbursements)** | $0\* |

---

\* Advisory fees were fully waived.

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 December 31, 2025)

![pie](qessrl1mkvb4pzh.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.

#### 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 Systematic High Yield Bond Series Tailored Shareholder Report MNSHYB-Z-12/25-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> **Systematic High Yield Bond - Class Z**<br> ticker: MSYZX<br>| <br> ![logo](d7qy18jf8lx4xgcvm.jpg)  |

---

This annual shareholder report contains important information about Class Z of Systematic High Yield Bond Series, a series of Manning & Napier Fund Inc., for the period of September 15, 2025 to December 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)

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| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| Class Z | $13 | 0.45% |

---

Expenses are equal to Class Z shares' expense ratio since inception multiplied by the average account value over the period. The Class's expenses would have been higher for the full twelve-month period if certain expenses had 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 ICE BofA US High Yield Cash Pay Index for the since inception period ending 12/31/2025.

#### What factors influenced performance?
The Series benefitted from relatively stable credit spreads on an absolute basis. From a factor perspective, relative outperformance was driven by the Series' higher quality tilt versus the benchmark, as well as its lack of exposure to longer-dated high yield securities (i.e., maturities greater than 10 years). In addition, security selection contributed positively during the quarter, supported by our systematic model, which segments securities by maturity and credit quality to assess relative value and employs an issuer equal-weighted construction.

#### Positioning
We believe the interest rate outlook remains uncertain amid persistent inflation, a softening labor market, and shifting domestic and global policy dynamics, which is likely to keep market volatility elevated. Furthermore, valuations within high yield remain elevated and risks are skewed to the downside. As such, we are currently prioritizing risk mitigation by investing solely in core exposures (i.e., BB-B rated securities with maturities less than 10 years) and would look to add opportunistic exposure to lower quality and/or longer-dated securities should our assessment of where we are in the economic cycle change.

#### Fund Performance
The following graph compares the initial and subsequent account values since inception. Inception date for the Series was September 15, 2025. The graph assumes a $10,000 initial investment in the Fund and 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](qes1iy8111ml74vg8g.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 Intercontinental Exchange (ICE) Bank of America (BofA) BB-B U.S. Cash Pay High Yield Index is a subset of the ICE BofA U.S. Cash Pay High Yield Index. The Index includes all U.S. dollar denominated below investment grade corporate debt securities currently in a coupon paying period rated BB1 through B3. Qualifying securities must have at least one year remaining term to final maturity, at least 18 months to final maturity at point of issuance, a fixed coupon schedule, and a minimum amount outstanding of $250 million. 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).

#### Manning & Napier Systematic High Yield Bond Series Tailored Shareholder Report MNSHYB-Z-12/25-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 December 31, 2025)

---

| | |
|:---|:---|
| <br>  | **Since Inception**<br>  |
| **Systematic High Yield Bond Series - Class Z** | 1.86% |
| **Bloomberg U.S. Aggregate Bond Index** | 0.85% |
| **ICE BofA U.S. High Yield Cash Pay Index** | 1.53% |

---

**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.** 

Performance numbers and the indices are calculated from September 15, 2025, the inception date of the Series. Periods less than one year are not annualized.

Index data referenced herein is the property of ICE Data Indices, LLC, its affiliates ('ICE Data') and/or its third party suppliers and has been licensed for use by Manning & Napier. ICE Data 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.

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

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| | |
|:---|:---|
| **Net Assets** | $28964621 |
| **Number of Holdings** | 273 |
| **Portfolio Turnover (for the year ended 12/31/25)** | 50% |
| **Total Advisory Fees Paid (net of reimbursements)** | $0\* |

---

\* Advisory fees were fully waived.

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 December 31, 2025)

![pie](qessrl1mkvb4pzh.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.

#### 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.**

(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** |

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**Principal Accountant Fees and Services**

Aggregate fees for professional services rendered for the Manning & Napier Fund, Inc. (Callodine Equity Income Series, Core Bond Series, Credit Series, Diversified Tax Exempt Series, High Yield Bond Series, Systematic High Yield Bond Series, and Unconstrained Bond Series, collectively the "Fund") by PricewaterhouseCoopers LLP ("PwC") as of and for the years ended December 31, 2025 and 2024 were:

---

| | | |
|:---|:---|:---|
|  | 2025 | 2024 |
| Audit Fees (a) | $350867 | $299222 |
| Audit Related Fees (b) | $0 | $0 |
| Tax Fees (c) | $114420 | $93000 |
| All Other Fees (d) | $0 | $0 |
|  | $465287 | $392222 |

---

 

*(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 December 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 December 31, 2025 or December 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 December 31, 2025 and 2024.

<u>Aggregate Fees</u>

Aggregate fees billed to the Fund for non-audit services for 2025 and 2024 were $114,420 and $93,000, 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.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable.

---

| | |
|:---|:---|
| **Item** **5:** | **Audit Committee of Listed registrants** |

---

Not applicable.

---

| | |
|:---|:---|
| **Item 6:** | **Investments** |

---

&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;(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.

![](mnncsr001.jpg)

---

| | |
|:---|:---|
|  | **www.manning-napier.com** |
| **Manning & Napier Fund, Inc.** |  |
| Core Bond Series |  |

---

Core Bond Series

**Investment Portfolio - December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<sup>1</sup>/<br>SHARES | VALUE<br>(NOTE 2) |
| **CORPORATE BONDS - 24.0%** | **CORPORATE BONDS - 24.0%** | **CORPORATE BONDS - 24.0%** |
| **Non-Convertible Corporate Bonds- 24.0%** | **Non-Convertible Corporate Bonds- 24.0%** | **Non-Convertible Corporate Bonds- 24.0%** |
| **Communication Services - 0.5%** | **Communication Services - 0.5%** | **Communication Services - 0.5%** |
| &nbsp;&nbsp;&nbsp;**Entertainment - 0.5%** | &nbsp;&nbsp;&nbsp;**Entertainment - 0.5%** | &nbsp;&nbsp;&nbsp;**Entertainment - 0.5%** |
| &nbsp;&nbsp;&nbsp;The Walt Disney Co., 6.65%, 11/15/2037 | 2620000 | $2994328 |
| **Consumer Discretionary - 1.5%** | **Consumer Discretionary - 1.5%** | **Consumer Discretionary - 1.5%** |
| &nbsp;&nbsp;&nbsp;**Diversified Consumer Services - 1.0%** | &nbsp;&nbsp;&nbsp;**Diversified Consumer Services - 1.0%** | &nbsp;&nbsp;&nbsp;**Diversified Consumer Services - 1.0%** |
| &nbsp;&nbsp;&nbsp;Cornell Univ., 4.169%, 6/15/2030 | 6400000 | 6425410 |
| &nbsp;&nbsp;&nbsp;**Household Durables - 0.5%** | &nbsp;&nbsp;&nbsp;**Household Durables - 0.5%** | &nbsp;&nbsp;&nbsp;**Household Durables - 0.5%** |
| &nbsp;&nbsp;&nbsp;DR Horton, Inc., 4.85%, 10/15/2030 | 3260000 | 3328994 |
| **Total Consumer Discretionary** |  | 9754404 |
| **Energy - 3.2%** | **Energy - 3.2%** | **Energy - 3.2%** |
| &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels - 3.2%** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels - 3.2%** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels - 3.2%** |
| &nbsp;&nbsp;&nbsp;Cameron LNG LLC, 3.302%, 1/15/2035<sup>2</sup> | 3660000 | 3200725 |
| &nbsp;&nbsp;&nbsp;Cenovus Energy, Inc. (Canada), 6.75%, 11/15/2039 | 4905000 | 5398168 |
| &nbsp;&nbsp;&nbsp;Energy Transfer LP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.375%, 2/1/2031<sup>2</sup> | 3395000 | 3529664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 2/1/2042 | 5125000 | 5405655 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan, Inc., 4.80%, 2/1/2033 | 2620000 | 2627961 |
| **Total Energy** |  | 20162173 |
| **Financials - 11.8%** | **Financials - 11.8%** | **Financials - 11.8%** |
| &nbsp;&nbsp;&nbsp;**Banks - 7.2%** | &nbsp;&nbsp;&nbsp;**Banks - 7.2%** | &nbsp;&nbsp;&nbsp;**Banks - 7.2%** |
| &nbsp;&nbsp;&nbsp;Bank of America Corp., (U.S. Secured Overnight Financing Rate + 1.320%), 2.687%, 4/22/2032<sup>3</sup> | 5580000 | 5117891 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc., (U.S. Secured Overnight Financing Rate + 0.770%), 1.462%, 6/9/2027<sup>3</sup> | 5170000 | 5109271 |
| &nbsp;&nbsp;&nbsp;Citizens Bank NA, (U.S. Secured Overnight Financing Rate + 2.000%), 4.575%, 8/9/2028<sup>3</sup> | 3330000 | 3354159 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc., 2.55%, 2/4/2030 | 3660000 | 3413777 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., (3 mo. U.S. Secured Overnight Financing Rate + 3.790%), 4.493%, 3/24/2031<sup>3</sup> | 8300000 | 8368742 |
| &nbsp;&nbsp;&nbsp;The PNC Financial Services Group, Inc., (U.S. Secured Overnight Financing Rate + 1.333%), 4.899%, 5/13/2031<sup>3</sup> | 4870000 | 4986105 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp., (U.S. Secured Overnight Financing Rate + 0.862%), 1.887%, 6/7/2029<sup>3</sup> | 5510000 | 5232994 |
| &nbsp;&nbsp;&nbsp;U.S. Bancorp, (U.S. Secured Overnight Financing Rate + 1.230%), 4.653%, 2/1/2029<sup>3</sup> | 4920000 | 4980841 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co., (U.S. Secured Overnight Financing Rate + 1.070%), 5.707%, 4/22/2028<sup>3</sup> | 5260000 | 5368219 |
|  |  | 45931999 |
| &nbsp;&nbsp;&nbsp;**Capital Markets - 1.6%** | &nbsp;&nbsp;&nbsp;**Capital Markets - 1.6%** | &nbsp;&nbsp;&nbsp;**Capital Markets - 1.6%** |
| &nbsp;&nbsp;&nbsp;Jefferies Financial Group, Inc., 6.20%, 4/14/2034 | 7740000 | 8171763 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<sup>1</sup>/<br>SHARES | 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** (continued) | &nbsp;&nbsp;&nbsp;**Capital Markets** (continued) | &nbsp;&nbsp;&nbsp;**Capital Markets** (continued) |
| &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>2,3,4</sup> | 1750000 | 1724246 |
|  |  | 9896009 |
| &nbsp;&nbsp;&nbsp;**Consumer Finance - 1.1%** | &nbsp;&nbsp;&nbsp;**Consumer Finance - 1.1%** | &nbsp;&nbsp;&nbsp;**Consumer Finance - 1.1%** |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp., (U.S. Secured Overnight Financing Rate + 2.860%), 6.377%, 6/8/2034<sup>3</sup> | 6215000 | 6719474 |
| &nbsp;&nbsp;&nbsp;**Financial Services - 1.0%** | &nbsp;&nbsp;&nbsp;**Financial Services - 1.0%** | &nbsp;&nbsp;&nbsp;**Financial Services - 1.0%** |
| &nbsp;&nbsp;&nbsp;Apollo Global Management, Inc., 5.15%, 8/12/2035 | 3200000 | 3205160 |
| &nbsp;&nbsp;&nbsp;Atlas Warehouse Lending Co. LP, 6.25%, 1/15/2030<sup>2</sup> | 3210000 | 3379686 |
|  |  | 6584846 |
| &nbsp;&nbsp;&nbsp;**Insurance - 0.9%** | &nbsp;&nbsp;&nbsp;**Insurance - 0.9%** | &nbsp;&nbsp;&nbsp;**Insurance - 0.9%** |
| &nbsp;&nbsp;&nbsp;MassMutual Global Funding II, 4.85%, 1/17/2029<sup>2</sup> | 1775000 | 1811314 |
| &nbsp;&nbsp;&nbsp;SiriusPoint Ltd. (Sweden), 7.00%, 4/5/2029 | 3420000 | 3624250 |
|  |  | 5435564 |
| **Total Financials** |  | 74567892 |
| **Health Care - 0.5%** | **Health Care - 0.5%** | **Health Care - 0.5%** |
| &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies - 0.5%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies - 0.5%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies - 0.5%** |
| &nbsp;&nbsp;&nbsp;180 Medical, Inc. (United Kingdom), 3.875%, 10/15/2029<sup>2</sup> | 3290000 | 3199043 |
| **Industrials - 1.0%** | **Industrials - 1.0%** | **Industrials - 1.0%** |
| &nbsp;&nbsp;&nbsp;**Construction Materials - 0.5%** | &nbsp;&nbsp;&nbsp;**Construction Materials - 0.5%** | &nbsp;&nbsp;&nbsp;**Construction Materials - 0.5%** |
| &nbsp;&nbsp;&nbsp;Eagle Materials, Inc., 5.00%, 3/15/2036 | 3200000 | 3134561 |
| &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors - 0.5%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors - 0.5%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors - 0.5%** |
| &nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC - AerCap Global Aviation Trust (Ireland), 3.00%, 10/29/2028 | 3490000 | 3383627 |
| **Total Industrials** |  | 6518188 |
| **Materials - 0.6%** | **Materials - 0.6%** | **Materials - 0.6%** |
| &nbsp;&nbsp;&nbsp;**Metals & Mining - 0.6%** | &nbsp;&nbsp;&nbsp;**Metals & Mining - 0.6%** | &nbsp;&nbsp;&nbsp;**Metals & Mining - 0.6%** |
| &nbsp;&nbsp;&nbsp;Newcastle Coal Infrastructure Group Pty Ltd. (Australia), 4.40%, 9/29/2027<sup>2</sup> | 3616428 | 3609672 |
| **Real Estate - 2.2%** | **Real Estate - 2.2%** | **Real Estate - 2.2%** |
| &nbsp;&nbsp;&nbsp;**Specialized REITs - 2.2%** | &nbsp;&nbsp;&nbsp;**Specialized REITs - 2.2%** | &nbsp;&nbsp;&nbsp;**Specialized REITs - 2.2%** |
| &nbsp;&nbsp;&nbsp;Safehold GL Holdings LLC, | &nbsp;&nbsp;&nbsp;Safehold GL Holdings LLC, | &nbsp;&nbsp;&nbsp;Safehold GL Holdings LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85%, 1/15/2032 | 2736000 | 2462058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 4/1/2034 | 3286000 | 3485459 |
| &nbsp;&nbsp;&nbsp;SBA Tower Trust, | &nbsp;&nbsp;&nbsp;SBA Tower Trust, | &nbsp;&nbsp;&nbsp;SBA Tower Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.599%, 1/15/2028<sup>2</sup> | 5225000 | 5350247 |

---

The accompanying notes are an integral part of the financial statements.

**1**

Core Bond Series

**Investment Portfolio - December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<sup>1</sup>/<br>SHARES | 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) |
| **Real Estate** (continued) | **Real Estate** (continued) | **Real Estate** (continued) |
| &nbsp;&nbsp;&nbsp;**Specialized REITs** (continued) | &nbsp;&nbsp;&nbsp;**Specialized REITs** (continued) | &nbsp;&nbsp;&nbsp;**Specialized REITs** (continued) |
| &nbsp;&nbsp;&nbsp;SBA Tower Trust, (continued) | &nbsp;&nbsp;&nbsp;SBA Tower Trust, (continued) | &nbsp;&nbsp;&nbsp;SBA Tower Trust, (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.831%, 10/15/2029<sup>2</sup> | 2730000 | 2747019 |
| **Total Real Estate** |  | 14044783 |
| **Utilities - 2.7%** | **Utilities - 2.7%** | **Utilities - 2.7%** |
| &nbsp;&nbsp;&nbsp;**Electric Utilities - 1.6%** | &nbsp;&nbsp;&nbsp;**Electric Utilities - 1.6%** | &nbsp;&nbsp;&nbsp;**Electric Utilities - 1.6%** |
| &nbsp;&nbsp;&nbsp;Alexander Funding Trust II, 7.467%, 7/31/2028<sup>2</sup> | 3355000 | 3572610 |
| &nbsp;&nbsp;&nbsp;Duke Energy Florida LLC, 6.40%, 6/15/2038 | 5880000 | 6564143 |
|  |  | 10136753 |
| &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers - 1.1%** | &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers - 1.1%** | &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers - 1.1%** |
| &nbsp;&nbsp;&nbsp;Palomino Funding Trust I, 7.233%, 5/17/2028<sup>2</sup> | 6750000 | 7132971 |
| **Total Utilities** |  | 17269724 |
| **TOTAL CORPORATE BONDS** <br> (Identified Cost $148,656,028) |  | **152120207** |
| **ASSET-BACKED SECURITIES - 12.2%** | **ASSET-BACKED SECURITIES - 12.2%** | **ASSET-BACKED SECURITIES - 12.2%** |
| &nbsp;&nbsp;&nbsp;ALLO Issuer LLC, Series 2024-1A, Class A2, 5.94%, 7/20/2054<sup>2</sup> | 1250000 | 1268164 |
| &nbsp;&nbsp;&nbsp;Amur Equipment Finance Receivables XIV LLC, Series 2024-2A, Class B, 5.20%, 7/21/2031<sup>2</sup> | 3444000 | 3502883 |
| &nbsp;&nbsp;&nbsp;CF Hippolyta Issuer LLC, | &nbsp;&nbsp;&nbsp;CF Hippolyta Issuer LLC, | &nbsp;&nbsp;&nbsp;CF Hippolyta Issuer LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1, Class B1, 2.28%, 7/15/2060<sup>2</sup> | 1484096 | 925297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A, Class B1, 1.98%, 3/15/2061<sup>2</sup> | 1658708 | 1009668 |
| &nbsp;&nbsp;&nbsp;Cloud Capital Holdco LP, Series 2024- 1A, Class A2, 5.781%, 11/22/2049<sup>2</sup> | 3250000 | 3240190 |
| &nbsp;&nbsp;&nbsp;Cogent Ipv4 LLC, Series 2024-1A, Class A2, 7.924%, 5/25/2054<sup>2</sup> | 940000 | 979592 |
| &nbsp;&nbsp;&nbsp;Commonbond Student Loan Trust, Series 2019-AGS, Class A1, 2.54%, 1/25/2047<sup>2</sup> | 267403 | 249629 |
| &nbsp;&nbsp;&nbsp;Compass Datacenters Issuer II LLC, Series 2024-2A, Class A1, 5.022%, 8/25/2049<sup>2</sup> | 2250000 | 2255567 |
| &nbsp;&nbsp;&nbsp;CoreVest American Finance Trust, Series 2020-3, Class A, 1.358%, 8/15/2053<sup>2</sup> | 54133 | 53671 |
| &nbsp;&nbsp;&nbsp;DataBank Issuer, | &nbsp;&nbsp;&nbsp;DataBank Issuer, | &nbsp;&nbsp;&nbsp;DataBank Issuer, |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A, Class A2, 2.06%, 2/27/2051<sup>2</sup> | 2400000 | 2389406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A, Class A2, 5.116%, 2/25/2053<sup>2</sup> | 1180000 | 1173549 |

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---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<sup>1</sup>/<br>SHARES | VALUE<br>(NOTE 2) |
| **ASSET-BACKED SECURITIES** (continued) | **ASSET-BACKED SECURITIES** (continued) | **ASSET-BACKED SECURITIES** (continued) |
| ECMC Group Student Loan Trust, | ECMC Group Student Loan Trust, | ECMC Group Student Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A, Class A, (U.S. Secured Overnight Financing Rate 30 Day Average + 1.150%), 5.024%, 11/27/2073<sup>2,5</sup> | 2052675 | $2071395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2A, Class A, (U.S. Secured Overnight Financing Rate 30 Day Average + 1.050%), 4.924%, 11/25/2074<sup>2,5</sup> | 3200571 | 3193138 |
| &nbsp;&nbsp;&nbsp;ExteNet Issuer LLC, Series 2024-1A, Class A2, 5.335%, 7/25/2054<sup>2</sup> | 3000000 | 3018229 |
| &nbsp;&nbsp;&nbsp;FIP Master Funding LLC, Series 2025- 1A, Class A2, 5.16%, 10/15/2055<sup>2</sup> | 2998512 | 2960934 |
| &nbsp;&nbsp;&nbsp;Flexential Issuer, Series 2021-1A, Class A2, 3.25%, 11/27/2051<sup>2</sup> | 1291429 | 1272857 |
| &nbsp;&nbsp;&nbsp;GGAM Master Trust International Ltd., Series 2025-1A, Class A, (Cayman Islands), 5.923%, 9/30/2060<sup>2</sup> | 3250000 | 3267429 |
| &nbsp;&nbsp;&nbsp;Goodgreen Trust, Series 2020-1A, Class A, 2.63%, 4/15/2055<sup>2</sup> | 1055355 | 878184 |
| &nbsp;&nbsp;&nbsp;Hageman Capital Issuer Trust, Series 2025-1, Class A, 6.40%, 8/9/2056<sup>2</sup> | 2680000 | 2671290 |
| &nbsp;&nbsp;&nbsp;Hotwire Funding LLC, Series 2023-1A, Class A2, 5.687%, 5/20/2053<sup>2</sup> | 1600000 | 1614460 |
| &nbsp;&nbsp;&nbsp;Lyra Music Assets Delaware LP, Series 2025-1A, Class A2, 5.604%, 9/20/2065<sup>2</sup> | 2871106 | 2895033 |
| &nbsp;&nbsp;&nbsp;Navient Private Education Refi Loan Trust, Series 2024-A, Class A, 5.66%, 10/15/2072<sup>2</sup> | 5001530 | 5127428 |
| &nbsp;&nbsp;&nbsp;Oxford Finance Credit Fund III LP, Series 2025-A, Class A2, 5.878%, 8/14/2034<sup>2</sup> | 2700000 | 2734817 |
| &nbsp;&nbsp;&nbsp;Oxford Finance Funding LLC, | &nbsp;&nbsp;&nbsp;Oxford Finance Funding LLC, | &nbsp;&nbsp;&nbsp;Oxford Finance Funding LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A, Class A2, 3.602%, 2/15/2030<sup>2</sup> | 1239776 | 1223790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A, Class A2, 6.716%, 2/15/2031<sup>2</sup> | 1953036 | 1972111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A, Class A2, 5.413%, 2/15/2035<sup>2</sup> | 2700000 | 2708053 |
| &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>2</sup> | 250620 | 249853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1, Class A, 7.42%, 7/15/2035<sup>2</sup> | 875115 | 897251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1, Class A, 6.95%, 2/15/2036<sup>2</sup> | 654854 | 662068 |
| &nbsp;&nbsp;&nbsp;SLC Student Loan Trust, Series 2005-3, Class A4, (U.S. Secured Overnight Financing Rate 90 Day Average + 0.412%), 4.544%, 12/15/2039<sup>5</sup> | 4758761 | 4658384 |
| &nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust, | &nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust, | &nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-A, Class A2A1, (1 mo. U.S. Secured Overnight Financing Rate + 0.844%), 4.595%, 1/15/2053<sup>2,5</sup> | 3411665 | 3378723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-D, Class A1A, 5.38%, 7/15/2053<sup>2</sup> | 4535367 | 4633456 |

---

The accompanying notes are an integral part of the financial statements.

**2**

Core Bond Series

**Investment Portfolio - December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<sup>1</sup>/<br>SHARES | 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;SoFi Professional Loan Program Trust, Series 2020-A, Class A2FX, 2.54%, 5/15/2046<sup>2</sup> | 2601994 | $| 2517803 |
| &nbsp;&nbsp;&nbsp;Tricon Residential Trust, Series 2024- SFR3, Class A, 4.50%, 8/17/2041<sup>2</sup> | 5467869 |  | 5448248 |
| **TOTAL ASSET-BACKED SECURITIES** <br> (Identified Cost $77,858,198) |  |  | **77102550** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES - 7.7%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 7.7%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 7.7%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 7.7%** |
| &nbsp;&nbsp;&nbsp;Brean Asset Backed Securities Trust, | &nbsp;&nbsp;&nbsp;Brean Asset Backed Securities Trust, | &nbsp;&nbsp;&nbsp;Brean Asset Backed Securities Trust, | &nbsp;&nbsp;&nbsp;Brean Asset Backed Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-RM2, Class A, 1.75%, 10/25/2061<sup>2,6</sup> | 1079360 |  | 1056345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-RM13, Class A1, 4.25%, 10/25/2065<sup>2</sup> | 1997643 |  | 1933251 |
| &nbsp;&nbsp;&nbsp;CIM Trust, Series 2019-INV1, Class A1, 4.00%, 2/25/2049<sup>2,6</sup> | 7821 |  | 7490 |
| &nbsp;&nbsp;&nbsp;Citigroup Mortgage Loan Trust, Inc., Series 2021-INV1, Class A3A, 2.50%, 5/25/2051<sup>2,6</sup> | 740612 |  | 618469 |
| &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;Series 2013-6, Class 2A1, 3.50%, 8/25/2043<sup>2,6</sup> | 146858 |  | 136822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-IVR2, Class A2, 3.00%, 4/25/2043<sup>2,6</sup> | 152433 |  | 138552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-IVR3, Class A1, 2.50%, 5/25/2043<sup>2,6</sup> | 43613 |  | 39444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-TH1, Class A1, 2.13%, 2/25/2043<sup>2,6</sup> | 27190 |  | 24129 |
| &nbsp;&nbsp;&nbsp;Deephaven Residential Mortgage Trust, Series 2021-3, Class A1, 1.194%, 8/25/2066<sup>2,6</sup> | 3839305 |  | 3423367 |
| &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;Series 2018-13, Class PA, 3.00%, 3/25/2048 | 1360129 |  | 1225855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-31, Class KP, 3.50%, 7/25/2047 | 3475 |  | 3448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-69, Class WJ, 1.50%, 10/25/2050 | 996140 |  | 874032 |
| &nbsp;&nbsp;&nbsp;Finance of America Structured Securities Trust, Series 2022-S6, Class A1, 3.00%, 7/25/2061<sup>2</sup> | 1095034 |  | 1097941 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMICS, | &nbsp;&nbsp;&nbsp;Freddie Mac REMICS, | &nbsp;&nbsp;&nbsp;Freddie Mac REMICS, | &nbsp;&nbsp;&nbsp;Freddie Mac REMICS, |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 5189, Class CP, 2.50%, 6/25/2049 | 1098709 |  | 981192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 5501, Class JL, 3.50%, 6/25/2048 | 3275085 |  | 2733547 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, | &nbsp;&nbsp;&nbsp;Government National Mortgage Association, | &nbsp;&nbsp;&nbsp;Government National Mortgage Association, | &nbsp;&nbsp;&nbsp;Government National Mortgage Association, |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-54, Class AH, 2.60%, 12/16/2056 | 33757 |  | 31726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-64, Class BQ, 5.00%, 4/20/2054 | 4032941 |  | 4044190 |
| &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Corp. Trust, | &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Corp. Trust, | &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Corp. Trust, | &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Corp. Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-PJ3, Class A14, 3.00%, 10/25/2050<sup>2,6</sup> | 403704 |  | 352423 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<sup>1</sup>/<br>SHARES | 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 Corp. Trust, (continued) | &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Corp. Trust, (continued) | &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Corp. Trust, (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1, Class A9, (U.S. Secured Overnight Financing Rate 30 Day Average + 0.850%), 4.922%, 12/25/2051<sup>2,5</sup> | 1387095 | $1291193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-PJ6, Class A8, 2.50%, 11/25/2051<sup>2,6</sup> | 980884 | 886601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-PJ9, Class A8, 2.50%, 2/26/2052<sup>2,6</sup> | 986117 | 887626 |
| &nbsp;&nbsp;&nbsp;Imperial Fund Mortgage Trust, Series 2021-NQM3, Class A1, 1.595%, 11/25/2056<sup>2,6</sup> | 1126989 | 977084 |
| &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>2,6</sup> | 10060 | 9920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-6, Class A3, 3.50%, 12/25/2048<sup>2,6</sup> | 12793 | 11590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-4, Class A3B, 2.00%, 8/25/2051<sup>2,6</sup> | 1508980 | 1202115 |
| &nbsp;&nbsp;&nbsp;JP Morgan Seasoned Mortgage Trust, | &nbsp;&nbsp;&nbsp;JP Morgan Seasoned Mortgage Trust, | &nbsp;&nbsp;&nbsp;JP Morgan Seasoned Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1, Class A3, 4.377%, 1/25/2063<sup>2,6</sup> | 1794318 | 1725344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1, Class A3, 3.688%, 1/25/2063<sup>2,6</sup> | 2346690 | 2114559 |
| &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 2014-1A, Class A, 3.75%, 1/25/2054<sup>2,6</sup> | 67538 | 66431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-3A, Class AFX3, 3.75%, 11/25/2054<sup>2,6</sup> | 33244 | 32042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-2A, Class A1, 3.75%, 8/25/2055<sup>2,6</sup> | 59990 | 58530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-4A, Class A1, 3.75%, 11/25/2056<sup>2,6</sup> | 55259 | 53216 |
| &nbsp;&nbsp;&nbsp;OBX Trust, | &nbsp;&nbsp;&nbsp;OBX Trust, | &nbsp;&nbsp;&nbsp;OBX Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-EXP1, Class B21A, 5.130%, 2/25/2060<sup>2,6</sup> | 7599541 | 7703153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-INV1, Class A1, 3.00%, 12/25/2051<sup>2,6</sup> | 1111338 | 969489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM2, Class A1A, 2.783%, 1/25/2062<sup>2,7</sup> | 2507280 | 2445301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-NQM1, Class A1, 5.928%, 11/25/2063<sup>2,7</sup> | 958320 | 965054 |
| &nbsp;&nbsp;&nbsp;PCG LLC, Series 2023-1, (1 mo. U.S. Secured Overnight Financing Rate + 6.000%), 9.732%, 7/25/2029 (Acquired 07/24/2023, cost $175,992)<sup>5,8</sup> | 175992 | 175983 |
| &nbsp;&nbsp;&nbsp;PMT Loan Trust, Series 2013-J1, Class A9, 3.50%, 9/25/2043<sup>2,6</sup> | 529867 | 493390 |
| &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>2,6</sup> | 1294990 | 1126051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1, Class A1, 2.50%, 8/25/2051<sup>2,6</sup> | 2256060 | 1882072 |
| &nbsp;&nbsp;&nbsp;RCKT Mortgage Trust, Series 2021-6, Class A1, 2.50%, 12/25/2051<sup>2,6</sup> | 1369581 | 1143752 |

---

The accompanying notes are an integral part of the financial statements.

**3**

Core Bond Series

**Investment Portfolio - December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<sup>1</sup>/<br>SHARES | VALUE<br>(NOTE 2) | 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;Sequoia Mortgage Trust, | &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 2013-4, Class A1, 2.325%, 4/25/2043<sup>6</sup> | 1214896 | $| 1070933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-6, Class A2, 3.00%, 5/25/2043<sup>6</sup> | 327237 |  | 296068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-7, Class A2, 3.00%, 6/25/2043<sup>6</sup> | 24335 |  | 22023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-8, Class A1, 3.00%, 6/25/2043<sup>6</sup> | 69251 |  | 62769 |
| &nbsp;&nbsp;&nbsp;Sutherland Commercial Mortgage Trust, Series 2019-SBC8, Class A, 2.86%, 4/25/2041<sup>2,6</sup> | 306409 |  | 294076 |
| &nbsp;&nbsp;&nbsp;Towd Point Mortgage Trust, Series 2019- HY1, Class A1, (1 mo. U.S. Secured Overnight Financing Rate + 1.114%), 4.846%, 10/25/2048<sup>2,5</sup> | 40837 |  | 40877 |
| &nbsp;&nbsp;&nbsp;Verus Securitization Trust, Series 2024- R1, Class A2, 5.47%, 9/25/2069<sup>2,7</sup> | 1955903 |  | 1956253 |
| &nbsp;&nbsp;&nbsp;WinWater Mortgage Loan Trust, | &nbsp;&nbsp;&nbsp;WinWater Mortgage Loan Trust, | &nbsp;&nbsp;&nbsp;WinWater Mortgage Loan Trust, | &nbsp;&nbsp;&nbsp;WinWater Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-1, Class A1, 3.50%, 1/20/2045<sup>2,6</sup> | 12897 |  | 12114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-2, Class A11, 3.50%, 2/20/2045<sup>2,6</sup> | 362674 |  | 336927 |
| **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (Identified Cost $50,453,523) |  |  | **49034759** |
| **FOREIGN GOVERNMENT BONDS - 0.6%** | **FOREIGN GOVERNMENT BONDS - 0.6%** | **FOREIGN GOVERNMENT BONDS - 0.6%** | **FOREIGN GOVERNMENT BONDS - 0.6%** |
| &nbsp;&nbsp;&nbsp;Eagle Funding Luxco S.A.R.L (Mexico), 5.50%, 8/17/2030<sup>2</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;(Identified Cost $3,776,100) | 3785000 |  | **3854693** |
| **MUNICIPAL BONDS - 0.1%** | **MUNICIPAL BONDS - 0.1%** | **MUNICIPAL BONDS - 0.1%** | **MUNICIPAL BONDS - 0.1%** |
| &nbsp;&nbsp;&nbsp;South Carolina Public Service Authority, Series B, Revenue Bond, 2.329%, 12/1/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;(Identified Cost $600,000) | 600000 |  | **571080** |
| **U.S. TREASURY SECURITIES - 39.9%** | **U.S. TREASURY SECURITIES - 39.9%** | **U.S. TREASURY SECURITIES - 39.9%** | **U.S. TREASURY SECURITIES - 39.9%** |
| **U.S. Treasury Bonds - 16.9%** | **U.S. Treasury Bonds - 16.9%** | **U.S. Treasury Bonds - 16.9%** | **U.S. Treasury Bonds - 16.9%** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bond | &nbsp;&nbsp;&nbsp;U.S. Treasury Bond | &nbsp;&nbsp;&nbsp;U.S. Treasury Bond | &nbsp;&nbsp;&nbsp;U.S. Treasury Bond |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.375%, 2/15/2042 | 34984000 |  | 25784301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 5/15/2047 | 50056000 |  | 37628034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625%, 2/15/2053 | 38323000 |  | 31083546 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Inflation Indexed Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.125%, 2/15/2041 | 6481136 |  | 6344930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.375%, 2/15/2055 | 6593649 |  | 6256498 |
| **Total U.S. Treasury Bonds**<br> (Identified Cost $110,098,065) |  |  | 107097309 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<sup>1</sup>/<br>SHARES | VALUE<br>(NOTE 2) |
| **U.S. TREASURY SECURITIES** (continued) | **U.S. TREASURY SECURITIES** (continued) | **U.S. TREASURY SECURITIES** (continued) |
| **U.S. Treasury Notes - 23.0%** | **U.S. Treasury Notes - 23.0%** | **U.S. Treasury Notes - 23.0%** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Floating Rate Note (3 mo. U.S. Treasury Bill Yield + 0.159%), 3.761%, 7/31/2027<sup>5</sup> | 10015000 | $10020516 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Inflation Indexed Note, 1.625%, 4/15/2030 | 6416338 | 6450675 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note | &nbsp;&nbsp;&nbsp;U.S. Treasury Note | &nbsp;&nbsp;&nbsp;U.S. Treasury Note |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125%, 11/15/2028 | 13486000 | 13334282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 11/15/2029 | 21532000 | 20108869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.875%, 11/15/2030 | 20373000 | 17810459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.375%, 11/15/2031 | 20702000 | 18036618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 11/15/2032 | 10746000 | 10873609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 11/15/2033 | 22001000 | 22729783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 11/15/2034 | 25678000 | 25970890 |
| **Total U.S. Treasury Notes**<br> (Identified Cost $143,227,881) |  | 145335701 |
| **TOTAL U.S. TREASURY SECURITIES** <br> (Identified Cost $253,325,946) |  | **252433010** |
| **U.S. GOVERNMENT AGENCIES - 14.2%** | **U.S. GOVERNMENT AGENCIES - 14.2%** | **U.S. GOVERNMENT AGENCIES - 14.2%** |
| **Mortgage-Backed Securities - 14.2%** | **Mortgage-Backed Securities - 14.2%** | **Mortgage-Backed Securities - 14.2%** |
| &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 | 54249 | 54242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA1834, UMBS, 4.50%, 2/1/2034 | 19073 | 19282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #FM1158, UMBS, 3.50%, 6/1/2034 | 237840 | 233963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA2587, UMBS, 3.50%, 4/1/2036 | 133802 | 130730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #995876, UMBS, 6.00%, 11/1/2038 | 38533 | 40973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA4203, UMBS, 2.50%, 12/1/2040 | 2031418 | 1849263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AI5172, UMBS, 4.00%, 8/1/2041 | 28624 | 28041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AH3858, UMBS, 4.50%, 8/1/2041 | 118729 | 118896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA4633, UMBS, 3.50%, 6/1/2042 | 1573973 | 1504946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #FS4616, UMBS, 5.00%, 5/1/2043 | 3443114 | 3490548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AL7729, UMBS, 4.00%, 6/1/2043 | 34892 | 34182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AX1685, UMBS, 3.50%, 11/1/2044 | 310755 | 296405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AS4103, UMBS, 4.50%, 12/1/2044 | 105925 | 105532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AY8604, UMBS, 3.50%, 4/1/2045 | 49947 | 47120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #BC6764, UMBS, 3.50%, 4/1/2046 | 22315 | 21041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #BC8677, UMBS, 4.00%, 5/1/2046 | 16129 | 15574 |

---

The accompanying notes are an integral part of the financial statements.

**4**

Core Bond Series

**Investment Portfolio - December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<sup>1</sup>/<br>SHARES | 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 #AS7931, UMBS, 3.50%, 9/1/2046 | 1926355 | $1801810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AS8522, UMBS, 3.00%, 12/1/2046 | 7312925 | 6519973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #BD1191, UMBS, 3.50%, 1/1/2047 | 132146 | 124603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #BE7845, UMBS, 4.50%, 2/1/2047 | 27319 | 27204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #FS8139, UMBS, 2.00%, 4/1/2047 | 10842089 | 8840628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA3007, UMBS, 3.00%, 4/1/2047 | 544708 | 493022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #FM2232, UMBS, 4.00%, 6/1/2048 | 77315 | 74676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AL8674, 5.623%, 1/1/2049 | 167565 | 175325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #FS9332, UMBS, 3.00%, 3/1/2050 | 5853052 | 5313773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #CA5518, UMBS, 3.00%, 4/1/2050 | 3744320 | 3378485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #FS7251, UMBS, 3.00%, 5/1/2052 | 8721668 | 7796799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA4656, UMBS, 4.50%, 7/1/2052 | 3843149 | 3771906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA4807, UMBS, 5.50%, 11/1/2052 | 2734835 | 2789430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #FS9453, UMBS, 4.50%, 8/1/2053 | 3651483 | 3583312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #FS7999, UMBS, 5.50%, 4/1/2054 | 10476693 | 10734334 |
| &nbsp;&nbsp;&nbsp;Freddie Mac |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #D98711, 4.50%, 7/1/2031 | 25462 | 25722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #C91746, 4.50%, 12/1/2033 | 21881 | 22148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #C91771, 4.50%, 6/1/2034 | 31874 | 32264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #C91780, 4.50%, 7/1/2034 | 30669 | 31039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #QN0349, UMBS, 3.00%, 8/1/2034 | 221888 | 215279 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<sup>1</sup>/<br>SHARES | 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;Freddie Mac (continued) | &nbsp;&nbsp;&nbsp;Freddie Mac (continued) | &nbsp;&nbsp;&nbsp;Freddie Mac (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #C91832, 3.50%, 6/1/2035 | 141513 | $138766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #G08268, 5.00%, 5/1/2038 | 198822 | 203893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #G05900, 6.00%, 3/1/2040 | 12901 | 13735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #A92889, 4.50%, 7/1/2040 | 84473 | 85055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #A93451, 4.50%, 8/1/2040 | 240195 | 241853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #G60513, 5.00%, 7/1/2041 | 186284 | 190847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #G60071, 4.50%, 7/1/2042 | 78508 | 79050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #RB5188, UMBS, 4.00%, 10/1/2042 | 2739623 | 2692624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #Q17513, 3.50%, 4/1/2043 | 51139 | 48724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #Q37857, 4.00%, 12/1/2045 | 178993 | 173919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #G60855, 4.50%, 12/1/2045 | 73262 | 73077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #Q38388, 4.00%, 1/1/2046 | 155170 | 150724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #Q47544, 4.00%, 3/1/2047 | 162952 | 157992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #Q47130, 4.50%, 4/1/2047 | 23688 | 23548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #G08786, 4.50%, 10/1/2047 | 50375 | 50078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #SD8044, UMBS, 3.00%, 2/1/2050 | 2288359 | 2053272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #SD1360, UMBS, 5.50%, 7/1/2052 | 3125061 | 3189686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #SD8276, UMBS, 5.00%, 12/1/2052 | 5944799 | 5963749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #RJ0062, UMBS, 5.00%, 10/1/2053 | 2819746 | 2844333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #SD4235, UMBS, 6.00%, 11/1/2053 | 1328328 | 1380166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #SD5413, UMBS, 5.00%, 5/1/2054 | 6087564 | 6098902 |
| **TOTAL U.S. GOVERNMENT AGENCIES**<br> (Identified Cost $88,254,642) |  | **89596463** |
| **SHORT-TERM INVESTMENT - 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 3.65%<sup>9</sup> |  |  |
| &nbsp;&nbsp;&nbsp;(Identified Cost $4,718,766) | 4718766 | **4718766** |
| **TOTAL INVESTMENTS - 99.4%**<br> (Identified Cost $627,643,203) |  | **629431528** |
| **OTHER ASSETS, LESS LIABILITIES - 0.6%** |  | **4096775** |
| **NET ASSETS - 100%** |  | $**633528303** |

---

REIT - Real Estate Investment Trust

REMICS - Real Estate Mortgage Investment Conduits

UMBS - Uniform Mortgage-Backed Securities

<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 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 December 31, 2025 was $153,069,049, which represented 24.2% of the Series' Net Assets.

The accompanying notes are an integral part of the financial statements.

**5**

Core Bond Series

**Investment Portfolio - December 31, 2025**

<sup>3</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 December 31, 2025.

<sup>4</sup>Security is perpetual in nature and has no stated maturity date.

<sup>5</sup>Floating rate security. Rate shown is the rate in effect as of December 31, 2025.

<sup>6</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 December 31, 2025.

<sup>7</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 December 31, 2025.

<sup>8</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 December 31, 2025 was $175,983, or less than 0.1% of the Series' Net Assets.

<sup>9</sup>Rate shown is the current yield as of December 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.

**6**

Core Bond Series

**Statement of Assets and Liabilities** 

December 31, 2025

---

| | |
|:---|:---|
| **ASSETS:** | **ASSETS:** |
| Investments, at value (identified cost $627,643,203) (Note 2) | $629431528 |
| Receivable from Advisor<sup>1</sup> | 5993 |
| Interest receivable | 4168196 |
| Receivable for fund shares sold | 86674 |
| Dividends receivable | 20655 |
| Prepaid expenses | 30614 |
| TOTAL ASSETS | 633743660 |
| **LIABILITIES:** | **LIABILITIES:** |
| Due to custodian | 2254 |
| Accrued fund accounting and administration fees<sup>1</sup> | 47229 |
| Accrued sub-transfer agent fees<sup>1</sup> | 2799 |
| Accrued Chief Compliance Officer service fees<sup>1</sup> | 2263 |
| Accrued distribution and service (Rule 12b-1) fees (Class S)<sup>1</sup> | 510 |
| Payable for fund shares repurchased | 111071 |
| Professional fees payable | 23669 |
| Accrued printing and postage fees payable | 13631 |
| Other payables and accrued expenses | 11931 |
| TOTAL LIABILITIES | 215357 |
| Commitments and contingent liabilities<sup>1</sup> | Commitments and contingent liabilities<sup>1</sup> |
| **TOTAL NET ASSETS** | $**633528303** |
| **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** |
| Capital stock | $680333 |
| Additional paid-in-capital | 680805874 |
| Total distributable earnings (loss) | (47957904) |
| **TOTAL NET ASSETS** | $**633528303** |
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class S** <br> ($2,356,617/253,116 shares) | $**9.31** |
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class I**<br> ($4,908,244/528,255 shares) | $**9.29** |
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class W** <br> ($607,759,062/65,260,111 shares) | $**9.31** |
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class Z**<br> ($18,504,380/1,991,850 shares) | $**9.29** |

---

<sup>1</sup> See note 3 in Notes to the Financial Statements.

The accompanying notes are an integral part of the financial statements.

**7**

Core Bond Series

**Statement of Operations**

For the Year Ended December 31, 2025

**INVESTMENT INCOME:**

---

| | |
|:---|:---|
| Interest | $31555057 |
| Dividends | 246759 |
| Total Investment Income | 31801816 |
| **EXPENSES:** |  |
| Management fees (Note 3) | 1649000 |
| Fund accounting and administration fees (Note 3) | 145915 |
| Directors' fees (Note 3) | 87683 |
| Chief Compliance Officer service fees (Note 3) | 9576 |
| Sub-transfer agent fees (Note 3) | 8369 |
| Distribution and service (Rule 12b-1) fees (Class S) (Note 3) | 7101 |
| Professional fees | 102614 |
| Custodian fees | 22038 |
| Recoupment of past waived and/or reimbursed fees (Note 3) | 226 |
| Miscellaneous | 152757 |
| Total Expenses | 2185279 |
| Less reduction of expenses (Note 3) | (1765946) |
| Net Expenses | 419333 |
| NET INVESTMENT INCOME | 31382483 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:** |  |
| Net realized gain (loss) on investments | (957388) |
| Net change in unrealized appreciation (depreciation) on investments | 17070729 |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS | 16113341 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $47495824 |

---

The accompanying notes are an integral part of the financial statements.

**8**

Core Bond Series

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | FOR THE<br> YEAR ENDED<br> 12/31/25 | FOR THE<br> YEAR ENDED<br> 12/31/24 |
| **INCREASE (DECREASE) IN NET ASSETS:** |  |  |
| **OPERATIONS:** |  |  |
| Net investment income | $31382483 | $23730184 |
| Net realized gain (loss) on investments | (957388) | (6064623) |
| Net change in unrealized appreciation (depreciation) on investments | 17070729 | (5323436) |
| Net increase (decrease) from operations | 47495824 | 12342125 |
| **DISTRIBUTIONS TO SHAREHOLDERS (Note 10):** |  |  |
| Class S | (115898) | (126269) |
| Class I | (223611) | (285912) |
| Class W | (30155304) | (22160802) |
| Class Z | (845581) | (1039246) |
| Total distributions to shareholders | (31340394) | (23612229) |
| **CAPITAL STOCK ISSUED AND REPURCHASED:** |  |  |
| Net increase (decrease) from capital share transactions (Note 6) | (44375440) | 347101404 |
| Net increase (decrease) in net assets | (28220010) | 335831300 |
| **NET ASSETS:** |  |  |
| Beginning of year | 661748313 | 325917013 |
| **End of year** | $633528303 | $661748313 |

---

The accompanying notes are an integral part of the financial statements.

**9**

Core Bond 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 |
|  | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 |
| **Per share data (for a share outstanding throughout each year):** |  |  |  |  |  |
| **Net asset value - Beginning of year** | $9.09 | $9.34 | $9.18 | $10.82 | $11.28 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.38 | 0.37 | 0.32 | 0.19 | 0.12 |
| Net realized and unrealized gain (loss) on investments | 0.23 | (0.27) | 0.18 | (1.62) | (0.33) |
| Total from investment operations | 0.61 | 0.10 | 0.50 | (1.43) | (0.21) |
| Less distributions to shareholders: |  |  |  |  |  |
| From net investment income | (0.39) | (0.35) | (0.32) | (0.21) | (0.12) |
| From net realized gain on investments |  |  |  |  | (0.13) |
| From return of capital |  |  | (0.02) |  |  |
| Total distributions to shareholders | (0.39) | (0.35) | (0.34) | (0.21) | (0.25) |
| **Net asset value - End of year** | **$9.31** | **$9.09** | **$9.34** | **$9.18** | **$10.82** |
| **Net assets - End of year** (000's omitted) | **$2357** | **$3352** | **$2536** | **$1967** | **$4185** |
| Total return<sup>2</sup> | 6.81% | 1.06% | 5.58% | (13.30%) | (1.89%) |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |
| Expenses | 0.66% | 0.70% | 0.67% | 0.70% | 0.65% |
| Net investment income | 4.16% | 3.97% | 3.44% | 1.88% | 1.07% |
| Series portfolio turnover | 38% | 55% | 73% | 101% | 69% |

---

<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.

**10**

Core Bond 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 |
|  | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 |
| **Per share data (for a share outstanding throughout each year):** |  |  |  |  |  |
| **Net asset value - Beginning of year** | $9.08 | $9.36 | $9.24 | $10.90 | $11.38 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.40 | 0.38 | 0.34 | 0.22 | 0.14 |
| Net realized and unrealized gain (loss) on investments | 0.22 | (0.26) | 0.17 | (1.63) | (0.33) |
| Total from investment operations | 0.62 | 0.12 | 0.51 | (1.41) | (0.19) |
| Less distributions to shareholders: |  |  |  |  |  |
| From net investment income | (0.41) | (0.40) | (0.37) | (0.25) | (0.15) |
| From net realized gain on investments |  |  |  |  | (0.14) |
| From return of capital |  |  | (0.02) |  |  |
| Total distributions to shareholders | (0.41) | (0.40) | (0.39) | (0.25) | (0.29) |
| **Net asset value - End of year** | **$9.29** | **$9.08** | **$9.36** | **$9.24** | **$10.90** |
| **Net assets - End of year** (000's omitted) | **$4908** | **$5225** | **$11183** | **$4303** | **$6621** |
| Total return<sup>2</sup> | 6.93% | 1.31% | 5.75% | (13.01%) | (1.65%) |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |
| Expenses\* | 0.45%<sup>3</sup> | 0.45% | 0.45% | 0.45% | 0.45% |
| Net investment income | 4.37% | 4.15% | 3.75% | 2.27% | 1.29% |
| Series portfolio turnover | 38% | 55% | 73% | 101% | 69% |

---

\*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 | 0.01% | 0.03% | 0.04% | 0.02% |

---

<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.

The accompanying notes are an integral part of the financial statements.

**11**

Core Bond 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 |
|  | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 |
| **Per share data (for a share outstanding throughout each year):** |  |  |  |  |  |
| **Net asset value - Beginning of year** | $9.09 | $9.34 | $9.18 | $10.82 | $11.27 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.44 | 0.43 | 0.37 | 0.26 | 0.19 |
| Net realized and unrealized gain (loss) on investments | 0.22 | (0.27) | 0.18 | (1.64) | (0.33) |
| Total from investment operations | 0.66 | 0.16 | 0.55 | (1.38) | (0.14) |
| Less distributions to shareholders: |  |  |  |  |  |
| From net investment income | (0.44) | (0.41) | (0.37) | (0.26) | (0.18) |
| From net realized gain on investments |  |  |  |  | (0.13) |
| From return of capital |  |  | (0.02) |  |  |
| Total distributions to shareholders | (0.44) | (0.41) | (0.39) | (0.26) | (0.31) |
| **Net asset value - End of year** | **$9.31** | **$9.09** | **$9.34** | **$9.18** | **$10.82** |
| **Net assets - End of year** (000's omitted) | **$607759** | **$634412** | **$287175** | **$275472** | **$344304** |
| Total return<sup>2</sup> | 7.43% | 1.78% | 6.15% | (12.76%) | (1.25%) |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |
| Expenses\* | 0.05% | 0.05% | 0.05% | 0.05% | 0.05% |
| Net investment income | 4.77% | 4.63% | 4.03% | 2.68% | 1.68% |
| Series portfolio turnover | 38% | 55% | 73% | 101% | 69% |

---

\*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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| 0.28% | 0.29% | 0.33% | 0.32% | 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.

**12**

Core Bond 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 |
|  | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 |
| **Per share data (for a share outstanding throughout each year):** |  |  |  |  |  |
| **Net asset value - Beginning of year** | $9.07 | $9.34 | $9.22 | $10.88 | $11.36 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.42 | 0.40 | 0.35 | 0.24 | 0.16 |
| Net realized and unrealized gain (loss) on investments | 0.22 | (0.26) | 0.17 | (1.64) | (0.34) |
| Total from investment operations | 0.64 | 0.14 | 0.52 | (1.40) | (0.18) |
| Less distributions to shareholders: |  |  |  |  |  |
| From net investment income | (0.42) | (0.41) | (0.38) | (0.26) | (0.16) |
| From net realized gain on investments |  |  |  |  | (0.14) |
| From return of capital |  |  | (0.02) |  |  |
| Total distributions to shareholders | (0.42) | (0.41) | (0.40) | (0.26) | (0.30) |
| **Net asset value - End of year** | **$9.29** | **$9.07** | **$9.34** | **$9.22** | **$10.88** |
| **Net assets - End of year** (000's omitted) | **$18504** | **$18759** | **$25023** | **$22480** | **$25281** |
| Total return<sup>2</sup> | 7.18% | 1.52% | 5.85% | (12.86%) | (1.53%) |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |
| Expenses\* | 0.30% | 0.30% | 0.30% | 0.30% | 0.30% |
| Net investment income | 4.52% | 4.35% | 3.78% | 2.46% | 1.43% |
| Series portfolio turnover | 38% | 55% | 73% | 101% | 69% |

---

\*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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| 0.03% | 0.04% | 0.08% | 0.07% | 0.05% |

---

<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.

**13**

Core Bond Series

**Notes to Financial Statements**

1. Organization

Core Bond 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 total return by investing primarily in fixed income securities.

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 December 31, 2025, 6.8 billion shares have been designated in total among 15 series, of which 100 million have been designated as Core Bond Series Class I common stock, 125 million have been designated as Core Bond Series Class S common stock, 150 million have been designated as Core Bond Series Class W common stock and Core Bond Series Class Z common stock.

Class W shares represent fiduciary accounts where the Advisor has sole investment discretion.

On September 6, 2024, a Reverse Stock Split, approved by the Fund's Board of Directors (the "Board"), was executed for Classes I and Z of the Series after the close of trading. Shareholders who owned Classes I and Z shares of the Series received a proportional number of Classes I and Z shares of the Series. All share and per share amounts and disclosures in the financial statements and footnotes reflect the reverse stock split. Following the Reverse Stock Split, the total dollar value of a shareholder's investment in the Series remained unchanged and each shareholder owned the same percentage (by value) of the Series as the shareholder did immediately prior to the Reverse Stock Split.

Reverse Stock Split Ratios for the impacted Classes are as follows:

---

| | |
|:---|:---|
|  | REVERSE |
|  | STOCK SPLIT |
|  | RATIO |
| &nbsp;&nbsp;&nbsp;CLASS | (old to new) |
| &nbsp;&nbsp;&nbsp;Class I | 1 : 0.907366 |
| &nbsp;&nbsp;&nbsp;Class Z | 1 : 0.910714 |

---

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.

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

**14**

Core Bond Series

**Notes to Financial Statements (continued)**

2. Significant Accounting Policies (continued)

**Security Valuation** (continued)

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 default rates, coupon rates, anticipated timing of 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 the 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.

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

**15**

Core Bond Series

**Notes to Financial Statements (continued)**

2. Significant Accounting Policies (continued)

**Fair Value** (continued)

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 December 31, 2025 in valuing the Series' assets or liabilities carried at fair value:

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;DESCRIPTION | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |
| &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 | $342029473 | $— | $342029473 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;States and political subdivisions (municipals) | 571080 |  | 571080 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate debt: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | 2994328 |  | 2994328 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 9754404 |  | 9754404 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 20162173 |  | 20162173 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 74567892 |  | 74567892 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | 3199043 |  | 3199043 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 6518188 |  | 6518188 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 3609672 |  | 3609672 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate | 14044783 |  | 14044783 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 17269724 |  | 17269724 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset-backed securities | 77102550 |  | 77102550 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial mortgage-backed securities | 49034759 |  | 49034759 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign government bonds | 3854693 |  | 3854693 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investment | 4718766 | 4718766 |  |  |
| &nbsp;&nbsp;&nbsp;Total assets | $629431528 | $4718766 | $624712762 | $— |

---

There were no Level 3 securities held by the Series as of December 31, 2024 or December 31, 2025.

**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.

**16**

Core Bond Series

**Notes to Financial Statements (continued)**

2. Significant Accounting Policies (continued)

**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.

**Asset-Backed Securities**

The 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, the Series may subsequently have to reinvest the proceeds at lower interest rates. If the 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** 

The 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 the 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 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** 

The 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 Statement 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.

**17**

Core Bond Series

**Notes to Financial Statements (continued)**

2. Significant Accounting Policies (continued)

**Securities Purchased on a When-Issued Basis or Forward Commitment** 

The 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 takes such fluctuations into account when determining its net asset value. The Series may sell the when-issued securities before they are delivered, which may result in a capital gain or loss. No such investments were held by the Series on December 31, 2025.

In connection with its 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. Information regarding securities purchased on a when-issued basis is included in the Series' Investment Portfolio. No such investments were held by the Series on December 31, 2025.

**Restricted Securities** 

Restricted securities are purchased in private placement transactions, are not registered under the Securities Act of 1933, as amended, and may have contractual restrictions on resale. Information regarding restricted securities is included at the end of the Series' Investment Portfolio.

**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 December 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 December 31, 2022 through December 31, 2025.

**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 monthly. 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.

**18**

Core Bond Series

**Notes to Financial Statements (continued)**

2. Significant Accounting Policies (continued)

**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 0.25% 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. For the year ended December 31, 2025, the sub-transfer agency expenses incurred by Class S and Class I were $2,444 and $5,925, respectively.

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 Investment Servicing (U.S.) Inc. ("BNY") under which BNY serves as sub-accountant services agent.

Pursuant to an advisory fee waiver agreement, 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

**19**

Core Bond Series

**Notes to Financial Statements (continued)**

3. Transactions with Affiliates and Other Agreements (continued)

investment accounts and other accounts managed by the Advisor. These clients pay a management fee to the Advisor that is separate from the Fund's 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"), do not exceed 0.45% of the average daily net assets of the Class S and Class I shares, 0.05% of the average daily net assets of the Class W shares, and 0.30% of the average daily net assets of the Class Z 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 $1,582,656 in management fees for Class W shares for the year ended December 31, 2025. In addition, pursuant to the separate expense limitation agreement, the Advisor waived or reimbursed expenses of $178,050 and $5,240 for Class W and Class Z shares respectively, for the year ended December 31, 2025. These amounts are included as a reduction of expenses on the Statement of Operations.

For the year ended December 31, 2025, the Advisor recouped the following waiver and/or reimbursement previously recorded by the Series:

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| | |
|:---|:---|
|  | RECOUPED |
| &nbsp;&nbsp;CLASS | AMOUNT |
| &nbsp;&nbsp;Class I | $226 |

---

As of December 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 DECEMBER 31, | EXPIRING DECEMBER 31, |  |  |
|  | 2026 | 2027 | 2028 | TOTAL |
| &nbsp;&nbsp;Class I | $2309 | $577 | $— | $2886 |
| &nbsp;&nbsp;Class W | 213874 | 174694 | 178050 | 566618 |
| &nbsp;&nbsp;Class Z | 18464 | 8453 | 5240 | 32157 |

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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.

**20**

Core Bond Series

**Notes to Financial Statements (continued)**

5. Purchases and Sales of Securities

For the year ended December 31, 2025, purchases and sales of securities, other than U.S. Government securities and short-term securities, were $91,701,395 and $90,085,022, respectively. Purchases and sales of U.S. Government securities, other than short-term securities, were $155,896,688 and $209,189,536, respectively.

6. Capital Stock Transactions

Transactions in Class S, Class I, Class W and Class Z shares of Core Bond Series were:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;CLASS S | FOR THE YEAR ENDED 12/31/25 | FOR THE YEAR ENDED 12/31/25 | FOR THE YEAR ENDED 12/31/24 | FOR THE YEAR ENDED 12/31/24 |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;&nbsp;Sold | 34520 | $319154 | 224952 | $2071657 |
| &nbsp;&nbsp;&nbsp;Reinvested | 12468 | 115352 | 13633 | 125715 |
| &nbsp;&nbsp;&nbsp;Repurchased | (162431) | (1501537) | (141633) | (1306516) |
| &nbsp;&nbsp;&nbsp;Total | (115443) | $(1067031) | 96952 | $890856 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;CLASS I | FOR THE YEAR ENDED 12/31/25 | FOR THE YEAR ENDED 12/31/25 | FOR THE YEAR ENDED 12/31/24 | FOR THE YEAR ENDED 12/31/24 |
|  | SHARES | AMOUNT | SHARES<sup>1</sup> | AMOUNT |
| &nbsp;&nbsp;&nbsp;Sold | 154761 | $1426593 | 263727 | $2453525 |
| &nbsp;&nbsp;&nbsp;Reinvested | 24204 | 223611 | 31142 | 285911 |
| &nbsp;&nbsp;&nbsp;Repurchased | (226427) | (2104546) | (914979) | (8291778) |
| &nbsp;&nbsp;&nbsp;Total | (47462) | $(454342) | (620110) | $(5552342) |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;CLASS W | FOR THE YEAR ENDED 12/31/25 | FOR THE YEAR ENDED 12/31/25 | FOR THE YEAR ENDED 12/31/24 | FOR THE YEAR ENDED 12/31/24 |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;&nbsp;Sold | 6535899 | $60369697 | 47278163 | $434013978 |
| &nbsp;&nbsp;&nbsp;Reinvested | 3183891 | 29477850 | 2344724 | 21702250 |
| &nbsp;&nbsp;&nbsp;Repurchased | (14228557) | (132006294) | (10585224) | (98237419) |
| &nbsp;&nbsp;&nbsp;Total | (4508767) | $(42158747) | 39037663 | $357478809 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;CLASS Z | FOR THE YEAR ENDED 12/31/25 | FOR THE YEAR ENDED 12/31/25 | FOR THE YEAR ENDED 12/31/24 | FOR THE YEAR ENDED 12/31/24 |
|  | SHARES | AMOUNT | SHARES<sup>1</sup> | AMOUNT |
| &nbsp;&nbsp;&nbsp;Sold | 49929 | $462714 | 101608 | $936772 |
| &nbsp;&nbsp;&nbsp;Reinvested | 91491 | 845050 | 112957 | 1039246 |
| &nbsp;&nbsp;&nbsp;Repurchased | (217434) | (2003084) | (823596) | (7691937) |
| &nbsp;&nbsp;&nbsp;Total | (76014) | $(695320) | (609031) | $(5715919) |

---

<sup>1</sup> Share amounts have been adjusted for a reverse stock split effective after the close of business on September 6, 2024. See Note 1 of the Notes to Financial Statements.

Approximately 96% of the shares outstanding (representing Class W) are fiduciary accounts where the Advisor has sole investment discretion.

**21**

Core Bond Series

**Notes to Financial Statements (continued)**

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. 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 December 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 December 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. The portion of distributions that exceeds a Series' current and accumulated earnings and profits, as measured on a tax basis, constitutes a non-taxable return of capital. These differences are primarily due to differing book and tax treatments in the timing and/or treatment of the recognition of net investment income or gains and losses, including losses deferred due to wash sales. 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<br> ENDED 12/31/25 | FOR THE YEAR<br> ENDED 12/31/24 |
| &nbsp;&nbsp;&nbsp;Ordinary income | $31340394 | $23612229 |

---

At December 31, 2025, the tax basis of components of distributable earnings and the net unrealized appreciation based on the identified cost of Investments for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| Cost for federal income tax purposes | $629374845 |
| Unrealized appreciation | 9117079 |
| Unrealized depreciation | (9060396) |
| Net unrealized appreciation | $56683 |
| Undistributed ordinary income | $160044 |
| Capital loss carryforwards | $(48166436) |

---

**22**

Core Bond Series

**Notes to Financial Statements (continued)**

10. Federal Income Tax Information (continued)

As of December 31, 2025, the Series had net short-term capital loss carryforwards of $14,974,570 and net long-term capital loss carryforwards of $33,191,866, which may be carried forward indefinitely.

For the year ended December 31, 2025, the capital loss carryover utilized was $735,948.

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.

**23**

Core Bond Series

**Report of Independent Registered Public Accounting Firm**

To the Board of Directors of Manning & Napier Fund, Inc. and Shareholders of Core Bond Series

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the investment portfolio, of Core Bond Series (one of the funds constituting Manning & Napier Fund, Inc., referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 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 December 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 December 31, 2025 and the financial highlights for each of the five years in the period ended December 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 December 31, 2025 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

![](mnncsr002.jpg)

**New York, New York** 

**February 23, 2026**

We have served as the auditor of one or more investment companies in Manning & Napier Mutual Funds since 1992.

**24**

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**25**

{This page intentionally left blank}

**26**

Core Bond 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

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.**

MNCOB-12/25-AR

**27**

![](mnncsr003.jpg)

---

| | |
|:---|:---|
|  | **www.manning-napier.com** |
| **Manning & Napier Fund, Inc.** |  |
| Unconstrained Bond Series |  |

---

Unconstrained Bond Series

**Investment Portfolio - December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES/ <br> PRINCIPAL <br> AMOUNT<sup>1</sup> | SHARES/ <br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE <br> (NOTE 2) |
| **PREFERRED STOCKS - 0.1%** |  |  |  |
| **Consumer Discretionary - 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Broadline Retail - 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;North-Sono Preference<sup>2</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;(Identified Cost $411,852) |  | 647219 | $**428751** |
| **LOAN ASSIGNMENTS - 1.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;C&S Wholesale Grocers, Inc., Initial Term Loan B, (1 mo. U.S. Secured Overnight Financing Rate + 5.000%), 8.671%, 9/23/2030<sup>3</sup> |  | 3990000 | 3890250 |
| &nbsp;&nbsp;&nbsp;WestJet Loyalty LP, Initial Term Loan (Canada) (3 mo. U.S. Secured Overnight Financing Rate + 3.250%), 6.922%, 2/14/2031<sup>3</sup> |  | 4912500 | 4929006 |
| **TOTAL LOAN ASSIGNMENTS <br> (Identified Cost $8,793,547)** |  |  | **8819256** |
| **CORPORATE BONDS - 22.0%** |  |  |  |
| **Non-Convertible Corporate Bonds- 22.0%** |  |  |  |
| **Communication Services - 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Media - 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Open Infra U.S. Assets AB, 11.00%, 2/22/2027 |  | 3600000 | 3556579 |
| **Consumer Discretionary - 1.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Broadline Retail - 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;North Investment Group AB (Sweden) (3 mo. STIB + 9.000%), 11.156%, 12/31/2027 (Acquired 04/22/2021, cost $2,225,482)<sup>3,4</sup> | SEK | 18750017 | 1384472 |
| &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure - 0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Carnival Corp., 7.875%, 6/1/2027 |  | 800000 | 836589 |
| &nbsp;&nbsp;&nbsp;SP Cruises Intermediate Ltd. (Bermuda), 11.50%, 3/14/2030<sup>5</sup> |  | 4000000 | 3932353 |
|  |  |  | 4768942 |
| &nbsp;&nbsp;&nbsp;**Household Durables - 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;LGI Homes, Inc., 4.00%, 7/15/2029<sup>5</sup> |  | 4000000 | 3646916 |
| **Total Consumer Discretionary** |  |  | 9800330 |
| **Energy - 2.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Energy Equipment & Services - 0.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;SESI LLC, 7.875%, 9/30/2030<sup>5</sup> |  | 4000000 | 3937393 |
| &nbsp;&nbsp;&nbsp;Varel Oil & Gas, Inc, 12.25%, 4/7/2028 |  | 3375000 | 3045775 |
|  |  |  | 6983168 |
| &nbsp;&nbsp;&nbsp;**Metals & Mining - 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Futura Resources Ltd. (Australia), 13.125%, 1/9/2031 |  | 4000000 | 3787105 |
| &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels - 0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;International Seaways, Inc., 7.125%, 9/23/2030 |  | 4000000 | 3978036 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES/ <br> PRINCIPAL <br> AMOUNT<sup>1</sup> | SHARES/ <br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE <br> (NOTE 2) |
| **CORPORATE BONDS (continued)** |  |  |  |
| **Non-Convertible Corporate Bonds (continued)** |  |  |  |
| **Energy (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;New Fortress Energy, Inc., 8.75%, 3/15/2029 (Acquired 03/05/2024- 03/06/2024, cost $4,205,813)<sup>4</sup> |  | 4195000 | $192509 |
| &nbsp;&nbsp;&nbsp;NuStar Logistics LP, 5.625%, 4/28/2027 |  | 927000 | 936811 |
|  |  |  | 5107356 |
| **Total Energy** |  |  | 15877629 |
| **Financials - 8.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Banks - 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;The Bancorp, Inc., 7.375%, 9/1/2030 |  | 2800000 | 2910204 |
| &nbsp;&nbsp;&nbsp;**Capital Markets - 1.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Drawbridge Special Opportunities Fund LP - Drawbridge Special Opportunities Finance, 5.95%, 9/17/2030<sup>5</sup> |  | 4000000 | 3811685 |
| &nbsp;&nbsp;&nbsp;Icahn Enterprises LP - Icahn Enterprises Finance Corp., 10.00%, 11/15/2029<sup>5</sup> |  | 4000000 | 3998055 |
|  |  |  | 7809740 |
| &nbsp;&nbsp;&nbsp;**Consumer Finance - 1.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Encore Capital Group, Inc., 6.625%, 4/15/2031<sup>5</sup> |  | 4000000 | 4045250 |
| &nbsp;&nbsp;&nbsp;Navient Corp., 6.75%, 6/15/2026 |  | 4000000 | 4037564 |
| &nbsp;&nbsp;&nbsp;SLM Corp., 6.50%, 1/31/2030 |  | 4325000 | 4473395 |
|  |  |  | 12556209 |
| &nbsp;&nbsp;&nbsp;**Financial Services - 2.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Burford Capital Global Finance LLC, 7.50%, 7/15/2033<sup>5</sup> |  | 2000000 | 1925274 |
| &nbsp;&nbsp;&nbsp;Clear Street Holdings LLC, 8.00%, 9/30/2030<sup>5</sup> |  | 4000000 | 4008053 |
| &nbsp;&nbsp;&nbsp;Golden Pear Funding HoldCo LLC, 10.00%, 3/2/2028 |  | 1200000 | 1266631 |
| &nbsp;&nbsp;&nbsp;Legres AB (Sweden) (3 mo. STIB + 9.000%), 10.846%, 12/30/2025 (Acquired 06/15/2023-06/28/2023, cost $3,048,944)<sup>4</sup> | SEK | 32500000 | 2824091 |
| &nbsp;&nbsp;&nbsp;Oxford Finance LLC - Oxford Finance Co-Issuer II, Inc., 6.375%, 2/1/2027<sup>5</sup> |  | 4500000 | 4495010 |
| &nbsp;&nbsp;&nbsp;PHH Escrow Issuer LLC - PHH Corp., 9.875%, 11/1/2029<sup>5</sup> |  | 2000000 | 2074591 |
| &nbsp;&nbsp;&nbsp;U.S. Claims Litigation Funding LLC, 10.25%, 3/17/2028 (Acquired 03/14/2023, cost $1,375,000)<sup>4</sup> |  | 1375000 | 1193674 |
| &nbsp;&nbsp;&nbsp;Velocity Portfolio Group, Inc., 9.75%, 3/1/2033 (Acquired 02/07/2025, cost $4,000,000)<sup>4</sup> |  | 4000000 | 4094226 |
|  |  |  | 21881550 |
| &nbsp;&nbsp;&nbsp;**Insurance - 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;F&G Annuities & Life, Inc., 6.50%, 6/4/2029 |  | 3039000 | 3164813 |
| &nbsp;&nbsp;&nbsp;**Mortgage Real Estate Investment Trusts (REITS) - 2.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Arbor Realty SR, Inc., 9.00%, 10/15/2027<sup>5</sup> |  | 4000000 | 4142822 |

---

The accompanying notes are an integral part of the financial statements.

#### 1
Unconstrained Bond Series

**Investment Portfolio - December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | SHARES/ <br> PRINCIPAL <br> AMOUNT<sup>1</sup> | SHARES/ <br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE <br> (NOTE 2) | VALUE <br> (NOTE 2) |
| **CORPORATE BONDS (continued)** |  |  |  |  |
| **Non-Convertible Corporate Bonds (continued)** |  |  |  |  |
| **Financials (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Mortgage Real Estate Investment Trusts (REITS) (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Arbor Realty Trust, Inc., 5.00%, 4/30/2026 |  | 9506000 | $| 9276534 |
| &nbsp;&nbsp;&nbsp;ReadyCap Holdings LLC, 9.375%, 3/1/2028<sup>5</sup> |  | 4250000 |  | 4180883 |
|  |  |  |  | 17600239 |
| **Total Financials** |  |  |  | 65922755 |
| **Health Care - 0.5%** | **Health Care - 0.5%** | **Health Care - 0.5%** | **Health Care - 0.5%** | **Health Care - 0.5%** |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals - 0.5%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals - 0.5%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals - 0.5%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals - 0.5%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals - 0.5%** |
| &nbsp;&nbsp;&nbsp;Organon & Co. - Organon Foreign Debt Co-Issuer B.V., 5.125%, 4/30/2031<sup>5</sup> |  | 4500000 |  | 3729140 |
| &nbsp;&nbsp;&nbsp;**Industrials - 2.8%** | &nbsp;&nbsp;&nbsp;**Industrials - 2.8%** | &nbsp;&nbsp;&nbsp;**Industrials - 2.8%** | &nbsp;&nbsp;&nbsp;**Industrials - 2.8%** | &nbsp;&nbsp;&nbsp;**Industrials - 2.8%** |
| &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies - 0.5%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cartiga LLC, 9.00%, 6/15/2026 (Acquired 06/14/2021, cost $4,000,000)<sup>4</sup> |  | 4000000 |  | 4000192 |
| &nbsp;&nbsp;&nbsp;**Marine Transportation - 0.6%** | &nbsp;&nbsp;&nbsp;**Marine Transportation - 0.6%** | &nbsp;&nbsp;&nbsp;**Marine Transportation - 0.6%** | &nbsp;&nbsp;&nbsp;**Marine Transportation - 0.6%** | &nbsp;&nbsp;&nbsp;**Marine Transportation - 0.6%** |
| &nbsp;&nbsp;&nbsp;Contships Logistics Corp. (Greece), 9.00%, 2/11/2030 |  | 4500000 |  | 4593478 |
| &nbsp;&nbsp;&nbsp;**Passenger Airlines - 0.7%** | &nbsp;&nbsp;&nbsp;**Passenger Airlines - 0.7%** | &nbsp;&nbsp;&nbsp;**Passenger Airlines - 0.7%** | &nbsp;&nbsp;&nbsp;**Passenger Airlines - 0.7%** | &nbsp;&nbsp;&nbsp;**Passenger Airlines - 0.7%** |
| &nbsp;&nbsp;&nbsp;American Airlines, Inc. - AAdvantage Loyalty IP Ltd., 5.50%, 4/20/2026<sup>5</sup> |  | 3500000 |  | 3504940 |
| &nbsp;&nbsp;&nbsp;United Airlines Pass-Through Trust, Series 2018-1, Class B, 4.60%, 3/1/2026 |  | 2010842 |  | 2011458 |
|  |  |  |  | 5516398 |
| &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors - 1.0%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Airborne Capital USA LLC, 10.50%, 8/2/2029 |  | 4000000 |  | 3341092 |
| &nbsp;&nbsp;&nbsp;Avation Group S Pte Ltd. (Singapore), 8.50%, 5/15/2031<sup>5</sup> |  | 4500000 |  | 4440212 |
|  |  |  |  | 7781304 |
| **Total Industrials** |  |  |  | 21891372 |
| **Materials - 2.2%** | **Materials - 2.2%** | **Materials - 2.2%** | **Materials - 2.2%** | **Materials - 2.2%** |
| &nbsp;&nbsp;&nbsp;**Containers & Packaging - 0.9%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Alltub Group SAS (France) (3 mo. EURIBOR + 6.500%), 8.498%, 4/30/2030<sup>3</sup> | EUR | 2500000 |  | 2954706 |
| &nbsp;&nbsp;&nbsp;Duran Life Science Holding GmbH (Germany) (3 mo. EURIBOR + 6.500%), 8.561%, 5/31/2030<sup>3</sup> | EUR | 3700000 |  | 4371201 |
|  |  |  |  | 7325907 |
| &nbsp;&nbsp;&nbsp;**Metals & Mining - 1.3%** | &nbsp;&nbsp;&nbsp;**Metals & Mining - 1.3%** | &nbsp;&nbsp;&nbsp;**Metals & Mining - 1.3%** | &nbsp;&nbsp;&nbsp;**Metals & Mining - 1.3%** | &nbsp;&nbsp;&nbsp;**Metals & Mining - 1.3%** |
| &nbsp;&nbsp;&nbsp;ACG Holdco 1 plc (United Kingdom), 14.75%, 1/13/2029 |  | 4050000 |  | 4407033 |
| &nbsp;&nbsp;&nbsp;Newcastle Coal Infrastructure Group Pty Ltd. (Australia), 4.40%, 9/29/2027<sup>5</sup> |  | 1692179 |  | 1689017 |
| &nbsp;&nbsp;&nbsp;Nickel Industries Ltd. (Indonesia), 9.00%, 9/30/2030<sup>5</sup> |  | 4000000 |  | 4150984 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES/<br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE <br> (NOTE 2) | VALUE <br> (NOTE 2) |
| **CORPORATE BONDS (continued)** |  |  |  |
| **Non-Convertible Corporate Bonds (continued)** |  |  |  |
| **Materials (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Metals & Mining (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;Northwest Acquisitions ULC - Dominion Finco, Inc., 7.125%, 11/1/2022 (Acquired 10/06/2017-09/12/2019, cost $4,353,936)<sup>4,6</sup> | 5870000 | $| 59 |
|  |  |  | 10247093 |
| **Total Materials** |  |  | 17573000 |
| **Real Estate - 3.3%** | **Real Estate - 3.3%** | **Real Estate - 3.3%** | **Real Estate - 3.3%** |
| &nbsp;&nbsp;&nbsp;**Industrial REITs - 0.5%** | &nbsp;&nbsp;&nbsp;**Industrial REITs - 0.5%** | &nbsp;&nbsp;&nbsp;**Industrial REITs - 0.5%** | &nbsp;&nbsp;&nbsp;**Industrial REITs - 0.5%** |
| &nbsp;&nbsp;&nbsp;IIP Operating Partnership LP, 5.50%, 5/25/2026 | 4320000 |  | 4269677 |
| &nbsp;&nbsp;&nbsp;**Real Estate Management & Development - 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Five Point Operating Co. LP, 8.00%, 10/1/2030<sup>5</sup> | 4000000 |  | 4183866 |
| &nbsp;&nbsp;&nbsp;**Specialized REITs - 2.3%** | &nbsp;&nbsp;&nbsp;**Specialized REITs - 2.3%** | &nbsp;&nbsp;&nbsp;**Specialized REITs - 2.3%** | &nbsp;&nbsp;&nbsp;**Specialized REITs - 2.3%** |
| &nbsp;&nbsp;&nbsp;Pelorus Fund REIT LLC, 7.00%, 9/30/2026 (Acquired 09/21/2021- 07/08/2022, cost $4,218,250)<sup>4</sup> | 4345000 |  | 4345600 |
| &nbsp;&nbsp;&nbsp;SBA Communications Corp., 3.875%, 2/15/2027 | 1185000 |  | 1174125 |
| &nbsp;&nbsp;&nbsp;SBA Tower Trust, | &nbsp;&nbsp;&nbsp;SBA Tower Trust, | &nbsp;&nbsp;&nbsp;SBA Tower Trust, | &nbsp;&nbsp;&nbsp;SBA Tower Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.884%, 1/15/2026<sup>5</sup> | 2750000 |  | 2746938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.599%, 1/15/2028<sup>5</sup> | 6110000 |  | 6256460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.831%, 10/15/2029<sup>5</sup> | 3630000 |  | 3652630 |
|  |  |  | 18175753 |
| **Total Real Estate** |  |  | 26629296 |
| **Utilities - 1.3%** | **Utilities - 1.3%** | **Utilities - 1.3%** | **Utilities - 1.3%** |
| &nbsp;&nbsp;&nbsp;**Electric Utilities - 1.1%** | &nbsp;&nbsp;&nbsp;**Electric Utilities - 1.1%** | &nbsp;&nbsp;&nbsp;**Electric Utilities - 1.1%** | &nbsp;&nbsp;&nbsp;**Electric Utilities - 1.1%** |
| &nbsp;&nbsp;&nbsp;Alexander Funding Trust II, 7.467%, 7/31/2028<sup>5</sup> | 8250000 |  | 8785106 |
| &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers - 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Palomino Funding Trust I, 7.233%, 5/17/2028<sup>5</sup> | 1105000 |  | 1167694 |
| **Total Utilities** |  |  | 9952800 |
| **TOTAL CORPORATE BONDS <br> (Identified Cost $184,331,428)** |  |  | **174932901** |
| **ASSET-BACKED SECURITIES - 25.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Aligned Data Centers Issuer LLC, Series 2021-1A, Class A2, 1.937%, 8/15/2046<sup>5</sup> | 4500000 |  | 4417226 |
| &nbsp;&nbsp;&nbsp;ALLO Issuer LLC, Series 2023-1A, Class A2, 6.20%, 6/20/2053<sup>5</sup> | 4400000 |  | 4452350 |
| &nbsp;&nbsp;&nbsp;BRSP Ltd., Series 2021-FL1, Class A, (1 mo. U.S. Secured Overnight Financing Rate + 1.264%), 4.996%, 8/19/2038<sup>3,5</sup> | 1094968 |  | 1093625 |
| &nbsp;&nbsp;&nbsp;Capteris Equipment Finance LLC, Series 2024-1A, Class A2, 5.58%, 7/20/2032<sup>5</sup> | 2751792 |  | 2802872 |

---

The accompanying notes are an integral part of the financial statements.

#### 2
Unconstrained Bond Series

**Investment Portfolio - December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | SHARES/ <br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE <br> (NOTE 2) |
| **ASSET-BACKED SECURITIES (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Centersquare Issuer LLC, Series 2024- 1A, Class A2, 5.20%, 10/26/2054<sup>5</sup> | 6000000 | $5865115 |
| &nbsp;&nbsp;&nbsp;CF Hippolyta Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1, Class A1, 1.69%, 7/15/2060<sup>5</sup> | 3644240 | 3066212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1, Class B1, 2.28%, 7/15/2060<sup>5</sup> | 1798904 | 1121572 |
| &nbsp;&nbsp;&nbsp;Cloud Capital Holdco LP, Series 2024- 1A, Class A2, 5.781%, 11/22/2049<sup>5</sup> | 8250000 | 8225097 |
| &nbsp;&nbsp;&nbsp;Cogent Ipv4 LLC, Series 2024-1A, Class A2, 7.924%, 5/25/2054<sup>5</sup> | 2380000 | 2480244 |
| &nbsp;&nbsp;&nbsp;College Ave Student Loans LLC, Series 2021-A, Class A2, 1.60%, 7/25/2051<sup>5</sup> | 1027336 | 953847 |
| &nbsp;&nbsp;&nbsp;Commonbond Student Loan Trust, Series 2019-AGS, Class A1, 2.54%, 1/25/2047<sup>5</sup> | 1158745 | 1081724 |
| &nbsp;&nbsp;&nbsp;CoreVest American Finance Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3, Class A, 2.705%, 10/15/2052<sup>5</sup> | 681703 | 679779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-3, Class A, 1.358%, 8/15/2053<sup>5</sup> | 72178 | 71561 |
| &nbsp;&nbsp;&nbsp;DataBank Issuer, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A, Class A2, 2.06%, 2/27/2051<sup>5</sup> | 5200000 | 5177047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A, Class A2, 5.116%, 2/25/2053<sup>5</sup> | 3345000 | 3326711 |
| &nbsp;&nbsp;&nbsp;Diamond Infrastructure Funding LLC, Series 2021-1A, Class A, 1.76%, 4/15/2049<sup>5</sup> | 5000000 | 4859377 |
| &nbsp;&nbsp;&nbsp;ECMC Group Student Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A, Class A, (U.S. Secured Overnight Financing Rate 30 Day Average + 1.150%), 5.024%, 11/27/2073<sup>3,5</sup> | 3653761 | 3687083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2A, Class A, (U.S. Secured Overnight Financing Rate 30 Day Average + 1.050%), 4.924%, 11/25/2074<sup>3,5</sup> | 7779850 | 7761783 |
| &nbsp;&nbsp;&nbsp;EDvestinU Private Education Loan Issue No. 1 LLC, Series 2019-A, Class A, 3.58%, 11/25/2038<sup>5</sup> | 546776 | 541421 |
| &nbsp;&nbsp;&nbsp;Finance of America Structured Securities Trust, Series 2024-S2, Class A1, 3.50%, 4/25/2074<sup>5,7</sup> | 3976996 | 3901072 |
| &nbsp;&nbsp;&nbsp;Flexential Issuer, Series 2021-1A, Class A2, 3.25%, 11/27/2051<sup>5</sup> | 2176000 | 2144708 |
| &nbsp;&nbsp;&nbsp;FS RIALTO, Series 2021-FL2, Class A, (Cayman Islands) (1 mo. U.S. Secured Overnight Financing Rate + 1.334%), 5.069%, 5/16/2038<sup>3,5</sup> | 949116 | 949325 |
| &nbsp;&nbsp;&nbsp;GGAM Master Trust International Ltd., Series 2025-1A, Class A, (Cayman Islands), 5.923%, 9/30/2060<sup>5</sup> | 4800000 | 4825742 |
| &nbsp;&nbsp;&nbsp;Goodgreen Trust, Series 2020-1A, Class A, 2.63%, 4/15/2055<sup>5</sup> | 2198656 | 1829549 |

---

---

| | | |
|:---|:---|:---|
|  | 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;Gracie Point International Funding LLC, Series 2025-1A, Class A, (U.S. Secured Overnight Financing Rate 30 Day Average + 1.500%), 5.525%, 8/15/2028<sup>3,5</sup> | 3000000 | $3004876 |
| &nbsp;&nbsp;&nbsp;Hageman Capital Issuer Trust, Series 2025-1, Class A, 6.40%, 8/9/2056<sup>5</sup> | 3230000 | 3219502 |
| &nbsp;&nbsp;&nbsp;Horizon Aircraft Finance IV Ltd., Series 2024-1, Class A, (Cayman Islands), 5.375%, 9/15/2049<sup>5</sup> | 6937500 | 7005593 |
| &nbsp;&nbsp;&nbsp;Hotwire Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1, Class A2, 2.311%, 11/20/2051<sup>5</sup> | 3500000 | 3428029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A, Class A2, 5.893%, 6/20/2054<sup>5</sup> | 1000000 | 1015925 |
| &nbsp;&nbsp;&nbsp;HTS Fund II LLC, Series 2025-1, Class A, 5.351%, 6/23/2045<sup>5</sup> | 3650000 | 3658184 |
| &nbsp;&nbsp;&nbsp;KREF Ltd., Series 2021-FL2, Class AS, (1 mo. U.S. Secured Overnight Financing Rate + 1.414%), 5.150%, 2/15/2039<sup>3,5</sup> | 3500000 | 3465653 |
| &nbsp;&nbsp;&nbsp;Libra Solutions LLC, Series 2024-1A, Class A, 5.88%, 9/30/2038<sup>5</sup> | 5000000 | 5001968 |
| &nbsp;&nbsp;&nbsp;Lyra Music Assets Delaware LP, Series 2024-2A, Class A2, 5.76%, 12/22/2064<sup>5</sup> | 3699344 | 3741101 |
| &nbsp;&nbsp;&nbsp;Navient Private Education Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-1, Class A3, (U.S. Secured Overnight Financing Rate 30 Day Average + 0.624%), 4.499%, 6/25/2031<sup>3</sup> | 1852322 | 1830604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-BA, Class A3, (1 mo. U.S. Secured Overnight Financing Rate + 1.564%), 5.315%, 7/16/2040<sup>3,5</sup> | 557866 | 558499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-2A, Class A, (U.S. Secured Overnight Financing Rate 30 Day Average + 1.164%), 5.039%, 12/27/2066<sup>3,5</sup> | 2324358 | 2330824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1A, Class A1B, (U.S. Secured Overnight Financing Rate 30 Day Average + 1.164%), 5.039%, 6/25/2069<sup>3,5</sup> | 2947840 | 2956911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-GA, Class A, 1.17%, 9/16/2069<sup>5</sup> | 276878 | 260053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A, Class A1A, 1.31%, 12/26/2069<sup>5</sup> | 3173909 | 2854146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-A, Class A, 0.84%, 5/15/2069<sup>5</sup> | 469691 | 431657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-A, Class A, 2.23%, 7/15/2070<sup>5</sup> | 2248002 | 2076281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-BA, Class A1A, 6.48%, 3/15/2072<sup>5</sup> | 312135 | 323203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-BA, Class A1B, (U.S. Secured Overnight Financing Rate 30 Day Average + 1.700%), 5.684%, 3/15/2072<sup>3,5</sup> | 728315 | 739955 |

---

The accompanying notes are an integral part of the financial statements.

#### 3
Unconstrained Bond Series

**Investment Portfolio - December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | SHARES/ <br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE <br> (NOTE 2) |
| **ASSET-BACKED SECURITIES (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Oxford Finance Credit Fund III LP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-A, Class A2, 6.675%, 1/14/2032<sup>5</sup> | 2700000 | $2749401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-A, Class A2, 5.878%, 8/14/2034<sup>5</sup> | 3400000 | 3443844 |
| &nbsp;&nbsp;&nbsp;Oxford Finance Funding LLC, | &nbsp;&nbsp;&nbsp;Oxford Finance Funding LLC, | &nbsp;&nbsp;&nbsp;Oxford Finance Funding LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A, Class A2, 3.602%, 2/15/2030<sup>5</sup> | 2175456 | 2147405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A, Class A2, 6.716%, 2/15/2031<sup>5</sup> | 3327672 | 3360174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A, Class A2, 5.413%, 2/15/2035<sup>5</sup> | 4000000 | 4011931 |
| &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>5</sup> | 296885 | 295976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1, Class A2, 7.25%, 10/15/2034<sup>5</sup> | 1549770 | 1572142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1, Class A, 7.42%, 7/15/2035<sup>5</sup> | 4646065 | 4763588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1, Class A, 6.95%, 2/15/2036<sup>5</sup> | 2137747 | 2161297 |
| &nbsp;&nbsp;&nbsp;REDAPTIVE EAAS ISSUER LLC, Series 2025-1A, Class A, 5.94%, 3/25/2042<sup>5</sup> | 4000000 | 4007532 |
| &nbsp;&nbsp;&nbsp;Slam Ltd., Series 2021-1A, Class A, (Cayman Islands), 2.434%, 6/15/2046<sup>5</sup> | 4586880 | 4378099 |
| &nbsp;&nbsp;&nbsp;SLM Student Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-3, Class A3, (U.S. Secured Overnight Financing Rate 90 Day Average + 1.262%), 5.575%, 10/25/2021<sup>3</sup> | 3141489 | 3142908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-4, Class A4, (U.S. Secured Overnight Financing Rate 90 Day Average + 1.912%), 6.225%, 7/25/2022<sup>3</sup> | 1666919 | 1687270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-1, Class A3, (U.S. Secured Overnight Financing Rate 30 Day Average + 1.064%), 4.939%, 9/25/2028<sup>3</sup> | 5176737 | 5134942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-7, Class A3, (U.S. Secured Overnight Financing Rate 30 Day Average + 0.764%), 4.639%, 5/26/2026<sup>3</sup> | 8293574 | 8132192 |
| &nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-B, Class A2A, 2.84%, 6/15/2037<sup>5</sup> | 864603 | 848228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-D, Class A1B, (U.S. Secured Overnight Financing Rate 30 Day Average + 1.100%), 5.074%, 7/15/2053<sup>3,5</sup> | 4345706 | 4314296 |
| &nbsp;&nbsp;&nbsp;Stack Infrastructure Issuer LLC, Series 2021-1A, Class A2, 1.877%, 3/26/2046<sup>5</sup> | 3400000 | 3376450 |
| &nbsp;&nbsp;&nbsp;Stonepeak, Series 2021-1A, Class AA, 2.301%, 2/28/2033<sup>5</sup> | 340269 | 332152 |
| &nbsp;&nbsp;&nbsp;Store Master Funding I-VII and XIV, Series 2019-1, Class A1, 2.82%, 11/20/2049<sup>5</sup> | 2346044 | 2304933 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES/ <br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE<br> (NOTE 2) |
| **ASSET-BACKED SECURITIES (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Switch ABS Issuer LLC, Series 2024-2A, Class A2, 5.436%, 6/25/2054<sup>5</sup> | 4000000 | $3992861 |
| &nbsp;&nbsp;&nbsp;Tricon American Homes, Series 2020- SFR1, Class C, 2.249%, 7/17/2038<sup>5</sup> | 2500000 | 2463367 |
| &nbsp;&nbsp;&nbsp;Tricon Residential Trust, Series 2024- SFR4, Class A, 4.30%, 11/17/2041<sup>5</sup> | 2976508 | 2955083 |
| &nbsp;&nbsp;&nbsp;Trinity Rail Leasing 2018 LLC, Series 2020-1A, Class A, 1.96%, 10/17/2050<sup>5</sup> | 1194294 | 1138433 |
| &nbsp;&nbsp;&nbsp;Trinity Rail Leasing 2021 LLC, Series 2021-1A, Class A, 2.26%, 7/19/2051<sup>5</sup> | 1636103 | 1544427 |
| &nbsp;&nbsp;&nbsp;TRP LLC, Series 2021-1, Class A, 2.07%, 6/19/2051<sup>5</sup> | 2540015 | 2446178 |
| &nbsp;&nbsp;&nbsp;USQ Rail II LLC, Series 2021-3A, Class A, 2.21%, 6/28/2051<sup>5</sup> | 4948728 | 4764850 |
| **TOTAL ASSET-BACKED SECURITIES <br> (Identified Cost $206,713,020)** |  | **204687965** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES - 21.7%** |  |  |
| &nbsp;&nbsp;&nbsp;BRAVO Residential Funding Trust, Series 2019-2, Class A3, 3.50%, 10/25/2044<sup>5,8</sup> | 1625224 | 1553714 |
| &nbsp;&nbsp;&nbsp;Brean Asset Backed Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-RM2, Class A, 1.75%, 10/25/2061<sup>5,8</sup> | 2158719 | 2112690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RM8, Class A1, 4.50%, 5/25/2064<sup>5</sup> | 3444873 | 3398665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-RM11, Class A1, 4.75%, 5/25/2065<sup>5,8</sup> | 2992915 | 2951575 |
| &nbsp;&nbsp;&nbsp;BX Trust, Series 2024-VLT4, Class A, (1 mo. U.S. Secured Overnight Financing Rate + 1.491%), 5.242%, 6/15/2041<sup>3,5</sup> | 5100000 | 5092794 |
| &nbsp;&nbsp;&nbsp;CIM Trust, Series 2019-INV1, Class A1, 4.00%, 2/25/2049<sup>5,8</sup> | 31820 | 30475 |
| &nbsp;&nbsp;&nbsp;COLT Mortgage Loan Trust, Series 2021-4, Class A1, 1.397%, 10/25/2066<sup>5,8</sup> | 6328611 | 5420610 |
| &nbsp;&nbsp;&nbsp;Credit Suisse Mortgage Capital Trust, Series 2013-TH1, Class A1, 2.13%, 2/25/2043<sup>5,8</sup> | 94717 | 84054 |
| &nbsp;&nbsp;&nbsp;Deephaven Residential Mortgage Trust, Series 2021-3, Class A1, 1.194%, 8/25/2066<sup>5,8</sup> | 5357625 | 4777197 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMICS, Series 2018-31, Class KP, 3.50%, 7/25/2047 | 16234 | 16107 |
| &nbsp;&nbsp;&nbsp;Finance of America Structured Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-S6, Class A1, 3.00%, 7/25/2061<sup>5</sup> | 3828055 | 3838218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-S1, Class A1, 3.50%, 2/25/2075<sup>5</sup> | 4502108 | 4374627 |
| &nbsp;&nbsp;&nbsp;Fontainebleau Miami Beach Mortgage Trust, Series 2024-FBLU, Class A, (1 mo. U.S. Secured Overnight Financing Rate + 1.450%), 5.200%, 12/15/2039<sup>3,5</sup> | 5000000 | 4998651 |

---

The accompanying notes are an integral part of the financial statements.

#### 4
Unconstrained Bond Series

**Investment Portfolio - December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | SHARES/ <br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE<br> (NOTE 2) |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Freddie Mac Multifamily Structured Pass-Through Certificates, Series K106, Class X1 (IO), 1.314%, 1/25/2030<sup>8</sup> | 50102876 | $2236962 |
| &nbsp;&nbsp;&nbsp;GCAT Trust, | &nbsp;&nbsp;&nbsp;GCAT Trust, | &nbsp;&nbsp;&nbsp;GCAT Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM3, Class A1, 4.348%, 4/25/2067<sup>5,8</sup> | 7594857 | 7535773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-NQM1, Class A1, 6.007%, 1/25/2059<sup>5,7</sup> | 2705977 | 2726676 |
| &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-GR3, Class A6, 2.50%, 4/25/2052<sup>5,8</sup> | 4080007 | 3670990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-PJ9, Class A8, 2.50%, 2/26/2052<sup>5,8</sup> | 2629645 | 2367003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-PJ1, Class A15, (U.S. Secured Overnight Financing Rate 30 Day Average + 0.850%), 4.724%, 5/28/2052<sup>3,5</sup> | 3854321 | 3572516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-PJ3, Class A24, 3.00%, 8/25/2052<sup>5,8</sup> | 6998241 | 6348007 |
| &nbsp;&nbsp;&nbsp;Hawaii Hotel Trust, Series 2025- MAUI, Class A, (1 mo. U.S. Secured Overnight Financing Rate + 1.393%), 5.143%, 3/15/2042<sup>3,5</sup> | 4050000 | 4051251 |
| &nbsp;&nbsp;&nbsp;Imperial Fund Mortgage Trust, | &nbsp;&nbsp;&nbsp;Imperial Fund Mortgage Trust, | &nbsp;&nbsp;&nbsp;Imperial Fund Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM2, Class A1, 3.638%, 3/25/2067<sup>5,7</sup> | 5425758 | 5290364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM3, Class A1, 4.38%, 5/25/2067<sup>5,7</sup> | 3049555 | 3066414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM4, Class A1, 4.767%, 6/25/2067<sup>5,7</sup> | 6952886 | 6929746 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-2, Class 1A1, 3.00%, 6/25/2029<sup>5,8</sup> | 82999 | 81839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1, Class A11, (U.S. Secured Overnight Financing Rate 30 Day Average + 0.650%), 4.722%, 6/25/2051<sup>3,5</sup> | 3020593 | 2805962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-4, Class A3B, 2.00%, 8/25/2051<sup>5,8</sup> | 3742036 | 2981058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-5, Class A4, 2.50%, 8/25/2051<sup>5,8</sup> | 7550199 | 6862952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV5, Class A3A, 2.50%, 12/25/2051<sup>5,8</sup> | 2503868 | 2269959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-LTV2, Class A1, 2.520%, 5/25/2052<sup>5,8</sup> | 3963341 | 3369100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-INV3, Class A4B, 3.00%, 9/25/2052<sup>5,8</sup> | 5279839 | 4695417 |
| &nbsp;&nbsp;&nbsp;JP Morgan Seasoned Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1, Class A4, 4.377%, 1/25/2063<sup>5,8</sup> | 4098671 | 4018100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1, Class A4, 3.688%, 1/25/2063<sup>5,8</sup> | 3713311 | 3494653 |
| &nbsp;&nbsp;&nbsp;Metlife Securitization Trust, Series 2019- 1A, Class A, 3.75%, 4/25/2058<sup>5,8</sup> | 547094 | 529801 |
| &nbsp;&nbsp;&nbsp;MFA Trust, Series 2021-INV2, Class A1, 1.906%, 11/25/2056<sup>5,8</sup> | 2866655 | 2599179 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES/ <br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE <br> (NOTE 2) |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust, Series 2021-4, Class A4, 2.50%, 7/25/2051<sup>5,8</sup> | 8854549 | $7969545 |
| &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>5,8</sup> | 165300 | 159322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-2A, Class A1, 3.75%, 8/25/2055<sup>5,8</sup> | 219963 | 214609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-2A, Class A1, 4.25%, 12/25/2057<sup>5,8</sup> | 1037587 | 1017665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM2, Class A1, 3.079%, 3/27/2062<sup>5,8</sup> | 7316402 | 6803968 |
| &nbsp;&nbsp;&nbsp;NYMT Loan Trust, Series 2022-CP1, Class A1, 2.042%, 7/25/2061<sup>5</sup> | 1279561 | 1205300 |
| &nbsp;&nbsp;&nbsp;OBX Trust, | &nbsp;&nbsp;&nbsp;OBX Trust, | &nbsp;&nbsp;&nbsp;OBX Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM2, Class A1A, 2.783%, 1/25/2062<sup>5,7</sup> | 2863661 | 2792873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-NQM1, Class A1, 5.928%, 11/25/2063<sup>5,7</sup> | 2395800 | 2412635 |
| &nbsp;&nbsp;&nbsp;PCG LLC, Series 2023-1, (1 mo. U.S. Secured Overnight Financing Rate + 6.000%), 9.732%, 7/25/2029 (Acquired 07/24/2023, cost $179,992)<sup>3,4</sup> | 179992 | 179983 |
| &nbsp;&nbsp;&nbsp;RCKT Mortgage Trust, Series 2021-6, Class A5, 2.50%, 12/25/2051<sup>5,8</sup> | 4087026 | 3648684 |
| &nbsp;&nbsp;&nbsp;ROCK Trust, Series 2024-CNTR, Class A, 5.388%, 11/13/2041<sup>5</sup> | 4250000 | 4367668 |
| &nbsp;&nbsp;&nbsp;RUN Trust, Series 2022-NQM1, Class A1, 4.00%, 3/25/2067<sup>5</sup> | 2558735 | 2605279 |
| &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> | 88639 | 77515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-6, Class A2, 3.00%, 5/25/2043<sup>8</sup> | 936437 | 847242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-7, Class A2, 3.00%, 6/25/2043<sup>8</sup> | 89517 | 81013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-8, Class A1, 3.00%, 6/25/2043<sup>8</sup> | 118100 | 107046 |
| &nbsp;&nbsp;&nbsp;Starwood Retail Property Trust, Series 2014-STAR, Class A, (Prime Rate + 0.000%), 6.75%, 11/15/2027<sup>3,5</sup> | 1533785 | 767586 |
| &nbsp;&nbsp;&nbsp;SUA LLC, Series 2025-1, Class A, 5.875%, 5/25/2040<sup>5</sup> | 4500000 | 4543821 |
| &nbsp;&nbsp;&nbsp;Sutherland Commercial Mortgage Trust, Series 2019-SBC8, Class A, 2.86%, 4/25/2041<sup>5,8</sup> | 1325807 | 1272443 |
| &nbsp;&nbsp;&nbsp;SWCH Commercial Mortgage Trust, Series 2025-DATA, Class A, (1 mo. U.S. Secured Overnight Financing Rate + 1.443%), 5.193%, 2/15/2042<sup>3,5</sup> | 3500000 | 3461388 |
| &nbsp;&nbsp;&nbsp;Towd Point Mortgage Trust, | &nbsp;&nbsp;&nbsp;Towd Point Mortgage Trust, | &nbsp;&nbsp;&nbsp;Towd Point Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-2, Class A1, 3.25%, 3/25/2058<sup>5,8</sup> | 125701 | 124425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-HY1, Class A1, (1 mo. U.S. Secured Overnight Financing Rate + 1.114%), 4.846%, 10/25/2048<sup>3,5</sup> | 486418 | 486890 |

---

The accompanying notes are an integral part of the financial statements.

#### 5
Unconstrained Bond Series

**Investment Portfolio - December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | SHARES/ <br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE <br> (NOTE 2) |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;UWM Mortgage Trust, Series 2021-1, Class A15, 2.50%, 6/25/2051<sup>5,8</sup> | 2094622 | $1740137 |
| &nbsp;&nbsp;&nbsp;WBHT Commercial Mortgage Trust, Series 2025-WBM, Class A, (1 mo. U.S. Secured Overnight Financing Rate + 1.742%), 5.492%, 6/15/2042<sup>3,5</sup> | 3650000 | 3653875 |
| &nbsp;&nbsp;&nbsp;Wells Fargo Mortgage Backed Securities Trust, Series 2020-1, Class A1, 3.00%, 12/25/2049<sup>5,8</sup> | 1971953 | 1710160 |
| &nbsp;&nbsp;&nbsp;WinWater Mortgage Loan Trust, Series 2015-1, Class A1, 3.50%, 1/20/2045<sup>5,8</sup> | 64483 | 60571 |
| **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES <br> (Identified Cost $173,128,199)** |  | **172464742** |
| **FOREIGN GOVERNMENT BONDS - 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Eagle Funding Luxco S.A.R.L (Mexico), 5.50%, 8/17/2030<sup>5</sup> |  |  |
| &nbsp;&nbsp;&nbsp;(Identified Cost $4,619,114) | 4630000 | **4715253** |
| **U.S. TREASURY SECURITIES - 21.2%** |  |  |
| **U.S. Treasury Notes - 21.2%** |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Floating Rate Note (3 mo. U.S. Treasury Bill Yield + 0.159%), 3.761%, 7/31/2027<sup>3</sup> | 16925000 | 16934322 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Inflation Indexed Note, 0.875%, 1/15/2029 | 40116656 | 39514906 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note | &nbsp;&nbsp;&nbsp;U.S. Treasury Note | &nbsp;&nbsp;&nbsp;U.S. Treasury Note |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 11/15/2027 | 79974000 | 78196453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125%, 11/15/2028 | 34572000 | 34183065 |
| **TOTAL U.S. TREASURY SECURITIES <br> (Identified Cost $167,499,891)** |  | **168828746** |
| **U.S. GOVERNMENT AGENCIES - 5.1%** |  |  |
| **Mortgage-Backed Securities - 5.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Fannie Mae | &nbsp;&nbsp;&nbsp;Fannie Mae | &nbsp;&nbsp;&nbsp;Fannie Mae |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA0115, UMBS, 4.50%, 7/1/2029 | 10278 | 10335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA1834, UMBS, 4.50%, 2/1/2034 | 73869 | 74679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #995876, UMBS, 6.00%, 11/1/2038 | 135707 | 144302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #FS4047, UMBS, 3.50%, 12/1/2042 | 6292570 | 6022751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AW5338, UMBS, 4.50%, 6/1/2044 | 378579 | 379132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AS3878, UMBS, 4.50%, 11/1/2044 | 219180 | 219314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #BE7845, UMBS, 4.50%, 2/1/2047 | 75886 | 75567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA4841, UMBS, 5.00%, 12/1/2052 | 7024361 | 7046752 |

---

---

| | | |
|:---|:---|:---|
|  | 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;Fannie Mae (continued) | &nbsp;&nbsp;&nbsp;Fannie Mae (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #FS6206, UMBS, 5.50%, 10/1/2053 | 7033527 | $7223157 |
| &nbsp;&nbsp;&nbsp;Freddie Mac | &nbsp;&nbsp;&nbsp;Freddie Mac | &nbsp;&nbsp;&nbsp;Freddie Mac |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #C91359, 4.50%, 2/1/2031 | 33781 | 34115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #D98711, 4.50%, 7/1/2031 | 115995 | 117176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #C91746, 4.50%, 12/1/2033 | 96850 | 98030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #G05900, 6.00%, 3/1/2040 | 24807 | 26409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #RB5264, UMBS, 5.50%, 11/1/2043 | 5448185 | 5563475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #RA8208, UMBS, 5.00%, 1/1/2053 | 5997036 | 6034831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #RJ0062, UMBS, 5.00%, 10/1/2053 | 7420385 | 7485086 |
| **TOTAL U.S. GOVERNMENT AGENCIES <br> (Identified Cost $38,801,252)** |  | **40555111** |
| **SHORT-TERM INVESTMENT - 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 3.65%<sup>9</sup> |  |  |
| &nbsp;&nbsp;&nbsp;(Identified Cost $13,296,349) | 13296349 | **13296349** |
| **TOTAL INVESTMENTS - 99.3% <br> (Identified Cost $797,594,652)** |  | **788729074** |
| **OTHER ASSETS, LESS LIABILITIES - 0.7%** |  | **5867686** |
| **NET ASSETS - 100%** |  | $**794596760** |

---

The accompanying notes are an integral part of the financial statements.

#### 6
Unconstrained Bond Series

**Investment Portfolio - December 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| FUTURES CONTRACTS: LONG POSITIONS OPEN AT DECEMBER 31, 2025 | FUTURES CONTRACTS: LONG POSITIONS OPEN AT DECEMBER 31, 2025 | FUTURES CONTRACTS: LONG POSITIONS OPEN AT DECEMBER 31, 2025 | FUTURES CONTRACTS: LONG POSITIONS OPEN AT DECEMBER 31, 2025 | FUTURES CONTRACTS: LONG POSITIONS OPEN AT DECEMBER 31, 2025 | FUTURES CONTRACTS: LONG POSITIONS OPEN AT DECEMBER 31, 2025 |
| CONTRACTS <br> PURCHASED | &nbsp;&nbsp;ISSUE | &nbsp;&nbsp;EXCHANGE | &nbsp;&nbsp;EXPIRATION | &nbsp;&nbsp;NOTIONAL VALUE <sup>1</sup> | &nbsp;&nbsp;VALUE/UNREALIZED<br> APPRECIATION/<br> (DEPRECIATION) |
| 140 | &nbsp;&nbsp;EUR Currency | &nbsp;&nbsp;CME | &nbsp;&nbsp;March 2026 | &nbsp;&nbsp;20615000 | &nbsp;&nbsp;$249149 |
| 245 | &nbsp;&nbsp;JPY Currency | &nbsp;&nbsp;CME | &nbsp;&nbsp;March 2026 | &nbsp;&nbsp;19656656 | &nbsp;&nbsp;(184759) |
| 600 | &nbsp;&nbsp;U.K. Gilt (10 Year) | &nbsp;&nbsp;ICE | &nbsp;&nbsp;March 2026 | &nbsp;&nbsp;73897315 | &nbsp;&nbsp;144656 |
| 1015 | &nbsp;&nbsp;U.S. Treasury Notes (2 Year) | &nbsp;&nbsp;CME | &nbsp;&nbsp;March 2026 | &nbsp;&nbsp;211920898 | &nbsp;&nbsp;(152496) |
| **TOTAL LONG POSITIONS** | **TOTAL LONG POSITIONS** | **TOTAL LONG POSITIONS** | **TOTAL LONG POSITIONS** | **TOTAL LONG POSITIONS** | &nbsp;&nbsp;**$56550** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| FUTURES CONTRACTS: SHORT POSITIONS OPEN AT DECEMBER 31, 2025 | FUTURES CONTRACTS: SHORT POSITIONS OPEN AT DECEMBER 31, 2025 | FUTURES CONTRACTS: SHORT POSITIONS OPEN AT DECEMBER 31, 2025 | FUTURES CONTRACTS: SHORT POSITIONS OPEN AT DECEMBER 31, 2025 | FUTURES CONTRACTS: SHORT POSITIONS OPEN AT DECEMBER 31, 2025 | FUTURES CONTRACTS: SHORT POSITIONS OPEN AT DECEMBER 31, 2025 |
| CONTRACTS SOLD | &nbsp;&nbsp;ISSUE | &nbsp;&nbsp;EXCHANGE | &nbsp;&nbsp;EXPIRATION | &nbsp;&nbsp;NOTIONAL VALUE <sup>1</sup> | &nbsp;&nbsp;VALUE/UNREALIZED<br> APPRECIATION |
| 345 | &nbsp;&nbsp;Euro-BUND (10 Year) | &nbsp;&nbsp;EUREX | &nbsp;&nbsp;March 2026 | &nbsp;&nbsp;51722491 | &nbsp;&nbsp;$769841 |
| 450 | &nbsp;&nbsp;U.S. Ultra Treasury Bonds (10 Year) | &nbsp;&nbsp;CME | &nbsp;&nbsp;March 2026 | &nbsp;&nbsp;51757034 | &nbsp;&nbsp;459612 |
| **TOTAL SHORT POSITIONS** | **TOTAL SHORT POSITIONS** | **TOTAL SHORT POSITIONS** | **TOTAL SHORT POSITIONS** | **TOTAL SHORT POSITIONS** | &nbsp;&nbsp;**$1229453** |

---

ABS - Asset-Backed Security

CME - Chicago Mercantile Exchange

EUR - Euro

EUREX - Eurex Exchange

EURIBOR - Euro Interbank Offered Rate

ICE - Intercontinental Exchange

IO - Interest only

JPY - Japanese Yen

No. - Number

REIT - Real Estate Investment Trust

REMICS - Real Estate Mortgage Investment Conduits

SEK - Swedish Krona

STIB - Stockholm Interbank Offered Rate

UMBS - Uniform Mortgage-Backed Securities

<sup>1</sup>Amount is stated in USD unless otherwise noted.

<sup>2</sup>Security has been valued using significant unobservable inputs.

<sup>3</sup>Floating rate security. Rate shown is the rate in effect as of December 31, 2025.

<sup>4</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 December 31, 2025 was $18,214,806, or 2.3% of the Series' Net Assets.

<sup>5</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 December 31, 2025 was $446,899,448, which represented 56.2% of the Series' Net Assets.

<sup>6</sup>Issuer filed for bankruptcy and/or is in default of interest payments.

<sup>7</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 December 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 December 31, 2025.

<sup>9</sup>Rate shown is the current yield as of December 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
Unconstrained Bond Series

**Statement of Assets and Liabilities**

December 31, 2025

**ASSETS:**

---

| | |
|:---|:---|
| Investments in securities, at value (identified cost $797,594,652) (Note 2) | $788729074 |
| Cash | 25713 |
| Deposits at broker for futures contracts | 8294902 |
| Interest receivable | 5106476 |
| Receivable for fund shares sold | 650126 |
| Futures variation margin receivable | 213778 |
| Dividends receivable | 33196 |
| Prepaid expenses | 18181 |
| TOTAL ASSETS | 803071446 |
| **LIABILITIES:** | **LIABILITIES:** |
| Foreign currency overdraft, at value (identified cost $130,604) | 130883 |
| Accrued sub-transfer agent fees<sup>1</sup> | 63277 |
| Accrued fund accounting and administration fees<sup>1</sup> | 51850 |
| Accrued management fees<sup>1</sup> | 37575 |
| Accrued Chief Compliance Officer service fees<sup>1</sup> | 2263 |
| Accrued distribution and service (Rule 12b-1) fees (Class S)<sup>1</sup> | 1431 |
| Payable for securities purchased | 7710175 |
| Payable for fund shares repurchased | 271877 |
| Futures variation margin payable | 118400 |
| Distributions payable | 342 |
| Other payables and accrued expenses | 86613 |
| TOTAL LIABILITIES | 8474686 |
| Commitments and contingent liabilities<sup>1</sup> | Commitments and contingent liabilities<sup>1</sup> |
| **TOTAL NET ASSETS** | $**794596760** |
| **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** |
| Capital stock | $799898 |
| Additional paid-in-capital | 843190359 |
| Total distributable earnings (loss) | (49393497) |
| **TOTAL NET ASSETS** | $**794596760** |
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class S <br> ($6,673,413/668,438 shares)** | $**9.98** |
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class I <br> ($242,755,122/24,422,099 shares)** | $**9.94** |
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class W <br> ($545,168,225/54,899,250 shares)** | $**9.93** |

---

<sup>1</sup> See note 3 in Notes to the Financial Statements.

The accompanying notes are an integral part of the financial statements.

#### 8
Unconstrained Bond Series

**Statement of Operations**

For the Year Ended December 31, 2025

**INVESTMENT INCOME:**

---

| | |
|:---|:---|
| Interest | $42863681 |
| Dividends (net of foreign taxes withheld, $5) | 1202818 |
| Total Investment Income | 44066499 |
| **EXPENSES:** |  |
| Management fees (Note 3) | 2495147 |
| Sub-transfer agent fees (Note 3) | 286039 |
| Fund accounting and administration fees (Note 3) | 157273 |
| Directors' fees (Note 3) | 110761 |
| Distribution and service (Rule 12b-1) fees (Class S) (Note 3) | 42157 |
| Chief Compliance Officer service fees (Note 3) | 9576 |
| Professional fees | 141762 |
| Custodian fees | 30622 |
| Recoupment of past waived and/or reimbursed fees (Note 3) | 1644 |
| Miscellaneous | 193837 |
| Total Expenses | 3468818 |
| Less reduction of expenses (Note 3) | (1866468) |
| Net Expenses | 1602350 |
| NET INVESTMENT INCOME | 42464149 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:** |  |
| Net realized gain (loss) on- |  |
| &nbsp;&nbsp;&nbsp;Investments | 3612552 |
| &nbsp;&nbsp;&nbsp;Futures contracts | (2900339) |
| &nbsp;&nbsp;&nbsp;Foreign currency and translation of other assets and liabilities | 159144 |
|  | 871357 |
| Net change in unrealized appreciation (depreciation) on- |  |
| &nbsp;&nbsp;&nbsp;Investments | 8844556 |
| &nbsp;&nbsp;&nbsp;Futures contracts | 2110999 |
| &nbsp;&nbsp;&nbsp;Foreign currency and translation of other assets and liabilities | 57260 |
|  | 11012815 |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY | 11884172 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $54348321 |

---

The accompanying notes are an integral part of the financial statements.

#### 9
Unconstrained Bond Series

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | FOR THE | FOR THE |
|  | YEAR ENDED | YEAR ENDED |
|  | 12/31/25 | 12/31/24 |
| **INCREASE (DECREASE) IN NET ASSETS:** |  |  |
| **OPERATIONS:** |  |  |
| Net investment income | $42464149 | $41670810 |
| Net realized gain (loss) on investments and foreign currency | 871357 | (11463603) |
| Net change in unrealized appreciation (depreciation) on investments and foreign currency | 11012815 | 7643256 |
| Net increase (decrease) from operations | 54348321 | 37850463 |
| **DISTRIBUTIONS TO SHAREHOLDERS (Note 10):** |  |  |
| Class S | (716304) | (1144450) |
| Class I | (11521911) | (11211493) |
| Class W | (29069569) | (29348121) |
| Total distributions to shareholders | (41307784) | (41704064) |
| **CAPITAL STOCK ISSUED AND REPURCHASED:** |  |  |
| Net increase (decrease) from capital share transactions (Note 6) | (65041116) | 34399862 |
| Net increase (decrease) in net assets | (52000579) | 30546261 |
| **NET ASSETS:** |  |  |
| Beginning of year | 846597339 | 816051078 |
| **End of year** | $794596760 | $846597339 |

---

The accompanying notes are an integral part of the financial statements.

#### 10
Unconstrained Bond 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 |
|  | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 |
| **Per share data (for a share outstanding throughout each year):** |  |  |  |  |  |
| **Net asset value - Beginning of year** | $9.82 | $9.85 | $9.65 | $10.61 | $10.93 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.46 | 0.44 | 0.39 | 0.31 | 0.30 |
| Net realized and unrealized gain (loss) on investments | 0.13 | (0.05) | 0.18 | (1.02) | (0.02) |
| Total from investment operations | 0.59 | 0.39 | 0.57 | (0.71) | 0.28 |
| Less distributions to shareholders: |  |  |  |  |  |
| From net investment income | (0.43) | (0.42) | (0.35) | (0.25) | (0.30) |
| From net realized gain on investments |  |  |  |  | (0.30) |
| From return of capital |  |  | (0.02) |  |  |
| Total distributions to shareholders | (0.43) | (0.42) | (0.37) | (0.25) | (0.60) |
| **Net asset value - End of year** | **$9.98** | **$9.82** | **$9.85** | **$9.65** | **$10.61** |
| **Net assets - End of year (000's omitted)** | **$6673** | **$28523** | **$29206** | **$31882** | **$17776** |
| Total return<sup>2</sup> | 6.17% | 4.08% | 5.99% | (6.71%) | 2.59% |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |
| Expenses\* | 0.75%<sup>3</sup> | 0.75% | 0.72% | 0.72% | 0.73% |
| Net investment income | 4.61% | 4.46% | 4.01% | 3.15% | 2.71% |
| Series portfolio turnover | 53% | 51% | 42% | 60% | 69% |

---

\*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 | 0.02% | 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 recoupment of past waived and/or reimbursed fees. Without the recoupment, the ratio would have been 0.74%.

The accompanying notes are an integral part of the financial statements.

#### 11
Unconstrained Bond 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 |
|  | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 |
| **Per share data (for a share outstanding throughout each year):** |  |  |  |  |  |
| **Net asset value - Beginning of year** | $9.79 | $9.87 | $9.74 | $10.75 | $11.17 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.48 | 0.47 | 0.42 | 0.35 | 0.34 |
| Net realized and unrealized gain (loss) on investments | 0.14 | (0.05) | 0.16 | (1.05) | (0.03) |
| Total from investment operations | 0.62 | 0.42 | 0.58 | (0.70) | 0.31 |
| Less distributions to shareholders: |  |  |  |  |  |
| From net investment income | (0.47) | (0.50) | (0.43) | (0.31) | (0.38) |
| From net realized gain on investments |  |  |  |  | (0.35) |
| From return of capital |  |  | (0.02) |  |  |
| Total distributions to shareholders | (0.47) | (0.50) | (0.45) | (0.31) | (0.73) |
| **Net asset value - End of year** | **$9.94** | **$9.79** | **$9.87** | **$9.74** | **$10.75** |
| **Net assets - End of year (000's omitted)** | **$242755** | **$245873** | **$187137** | **$192903** | **$36639** |
| Total return<sup>2</sup> | 6.41% | 4.39% | 6.16% | (6.42%) | 2.81% |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |
| Expenses | 0.49% | 0.47% | 0.49% | 0.47% | 0.49% |
| Net investment income | 4.81% | 4.74% | 4.25% | 3.47% | 2.97% |
| Series portfolio turnover | 53% | 51% | 42% | 60% | 69% |

---

<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.

#### 12
Unconstrained Bond 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 |
|  | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 |
| **Per share data (for a share outstanding throughout each year):** |  |  |  |  |  |
| **Net asset value - Beginning of year** | $9.78 | $9.81 | $9.62 | $10.57 | $10.90 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.52 | 0.51 | 0.45 | 0.37 | 0.37 |
| Net realized and unrealized gain (loss) on investments | 0.14 | (0.05) | 0.17 | (1.01) | (0.03) |
| Total from investment operations | 0.66 | 0.46 | 0.62 | (0.64) | 0.34 |
| Less distributions to shareholders: |  |  |  |  |  |
| From net investment income | (0.51) | (0.49) | (0.41) | (0.31) | (0.37) |
| From net realized gain on investments |  |  |  |  | (0.30) |
| From return of capital |  |  | (0.02) |  |  |
| Total distributions to shareholders | (0.51) | (0.49) | (0.43) | (0.31) | (0.67) |
| **Net asset value - End of year** | **$9.93** | **$9.78** | **$9.81** | **$9.62** | **$10.57** |
| **Net assets - End of year (000's omitted)** | **$545168** | **$572200** | **$599708** | **$592728** | **$673807** |
| Total return<sup>2</sup> | 6.85% | 4.85% | 6.66% | (6.05%) | 3.19% |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |
| Expenses\* | 0.05% | 0.05% | 0.05% | 0.05% | 0.05% |
| Net investment income | 5.25% | 5.16% | 4.69% | 3.68% | 3.40% |
| Series portfolio turnover | 53% | 51% | 42% | 60% | 69% |

---

\*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 % 0.32% 0.34 % 0.32 % 0.32 %

<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.

#### 13
Unconstrained Bond Series

**Notes to Financial Statements**

&nbsp;&nbsp;&nbsp;&nbsp;1. Organization

Unconstrained Bond 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 total return, and its secondary objective is to provide preservation of capital.

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 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 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 December 31, 2025, 6.8 billion shares have been designated in total among 15 series, of which 100 million have been designated as Unconstrained Bond Series Class I common stock and Unconstrained Bond Series Class Z common stock, 125 million have been designated as Unconstrained Bond Series Class S common stock and 150 million have been designated as Unconstrained Bond Series Class W 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.

On September 6, 2024, a Reverse Stock Split, approved by the Fund's Board of Directors, (the "Board") was executed for Class I of the Series after the close of trading. Shareholders who owned Class I shares of the Series received a proportional number of Class I shares of the Series. All share and per share amounts and disclosures in the financial statements and footnotes reflect the reverse stock split. Following the Reverse Stock Split, the total dollar value of a shareholder's investment in the Series remained unchanged and each shareholder owned the same percentage (by value) of the Series as the shareholder did immediately prior to the Reverse Stock Split.

---

| | |
|:---|:---|
|  | REVERSE |
|  | STOCK SPLIT |
|  | RATIO |
| &nbsp;&nbsp;&nbsp;CLASS | (old to new) |
| &nbsp;&nbsp;&nbsp;Class I | 1 : 0.864249 |

---

&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.

Debt securities, including government bonds, foreign bonds, asset-backed securities, structured notes, supranational obligations, sovereign bonds, corporate bonds, loan assignments, 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

#### 14
Unconstrained Bond Series

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;2. Significant Accounting Policies (continued)

**Security Valuation** (continued)

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 default rates, coupon rates, anticipated timing of 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.

The fair value of loan assignments is estimated using recently executed transactions, market price quotations, credit/market events, and cross-asset pricing. Inputs are generally observable market inputs obtained from independent sources. Loan assignments are generally categorized in Level 2 of the fair value hierarchy, unless key inputs are unobservable, in which case they would be categorized in Level 3.

Municipal securities will normally be valued on the basis of market valuations provided by the 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.

#### 15
Unconstrained Bond Series

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;2. Significant Accounting Policies (continued)

**Fair Value** (continued)

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 December 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;Preferred securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | $428751 | $— | $— | $428751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loan Assignments | 8819256 |  | 8819256 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury and other U.S. Government agencies | 209383857 |  | 209383857 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate debt: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | 3556579 |  | 3556579 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 9800330 |  | 9800330 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 15877629 |  | 15877629 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 65922755 |  | 65922755 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | 3729140 |  | 3729140 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 21891372 |  | 21891372 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 17573000 |  | 17573000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate | 26629296 |  | 26629296 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 9952800 |  | 9952800 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset-backed securities | 204687965 |  | 204687965 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial mortgage-backed securities | 172464742 |  | 172464742 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign government bonds | 4715253 |  | 4715253 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investment | 13296349 | 13296349 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other financial instruments:<sup>\*</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency exchange contracts | 249149 | 249149 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate contracts | 1374109 | 1374109 |  |  |
| &nbsp;&nbsp;&nbsp;Total assets | 790352332 | 14919607 | 775003974 | 428751 |
| &nbsp;&nbsp;&nbsp;Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other financial instruments:<sup>\*</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency exchange contracts | (184759) | (184759) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate contracts | (152496) | (152496) |  |  |
| &nbsp;&nbsp;&nbsp;Total liabilities | (337255) | (337255) |  |  |
| &nbsp;&nbsp;&nbsp;Total | $790015077 | $14582352 | $775003974 | $428751 |

---

\* Other financial instruments are futures (Level 1). Futures are valued at the unrealized appreciation (depreciation) on the instrument.

There were no Level 3 securities held by the Series as of December 31, 2024.

#### 16
Unconstrained Bond Series

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;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 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 examples 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.

**Forward Foreign Currency Exchange Contracts**

The Series may purchase or sell forward foreign currency exchange contracts in order to hedge a portfolio position or specific transaction. Risks may arise if the counterparties to a contract are unable to meet the terms of the contract or if the value of the foreign currency moves unfavorably.

All forward foreign currency exchange contracts are adjusted daily by the exchange rate of the underlying currency and, for financial statement purposes, any gain or loss is recorded as unrealized gain or loss until a contract has been closed.

The Series may regularly trade forward foreign currency exchange contracts with off-balance sheet risk in the normal course of its investing activities to assist in managing exposure to changes in foreign currency exchange rates.

The notional or contractual amount of these instruments represents the investment the Series has in forward foreign currency exchange contracts and does not necessarily represent the amounts potentially at risk. The measurement of the risks associated with forward foreign currency exchange contracts is meaningful only when all related and offsetting transactions are considered. The Series' forward foreign currency exchange contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty, and net amounts owed or due across transactions). No such investments were held by the Series on December 31, 2025.

**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.

**Futures**

The Series may purchase or sell exchange-traded futures contracts, which are contracts that obligate the Series to make or take delivery of a financial instrument or the cash value of a security index at a specified future date at a specified price. The Series may use futures contracts to manage exposure to the bond market or changes in interest rates and currency values, or for gaining exposure to markets. Risks of entering into futures contracts include the possibility that there may be an illiquid market at the time the Advisor to the Series may be attempting to sell some or all the Series' holdings or that a change in the value of the contract

#### 17
Unconstrained Bond Series

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;2. Significant Accounting Policies (continued)

**Futures** (continued)

may not correlate with changes in the value of the underlying securities. Upon entering into a futures contract, a Series is required to deposit either cash or securities (initial margin). Subsequent payments (variation margin) are made or received by the Series, generally on a daily basis. The variation margin payments are equal to the daily changes in the contract value and are recorded as unrealized gains or losses. The Series recognize a realized gain or loss when the contract is closed or expires.

Futures transactions involve minimal counterparty risk since futures contracts are guaranteed against default by the exchange on which they trade. The Series' futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty, and net amounts owed or due across transactions).

**Option Contracts**

The Series may write (sell) or buy call or put options on securities and other financial instruments. When the Series writes a call, the Series gives the purchaser the right to buy the underlying security from the Series at the price specified in the option contract (the "exercise price") at any time during the option period. When the Series writes a put option, the Series gives the purchaser the right to sell to the Series the underlying security at the exercise price at any time during the option period. The Series will only write options on a "covered basis." This means that the Series will own the underlying security when the Series writes a call or the Series will put aside cash, U.S. Government securities, or other liquid assets in an amount not less than the exercise price at all times the put option is outstanding.

When the Series writes an option, an amount equal to the premium received is reflected as a liability and is subsequently marked-to-market to reflect the current market value of the option. The Series, as a writer of an option, has no control over whether the underlying security or financial instrument may be sold (call) or purchased (put) and, as a result, bears the market risk of an unfavorable change in the price of the security or financial instrument underlying the written option. There is a risk that the Series may not be able to enter into a closing transaction because of an illiquid market.

The Series may also purchase options in an attempt to hedge against fluctuations in the value of its portfolio and to protect against declines in the value of the securities. The premium paid by the Series for the purchase of an option is reflected as an investment and subsequently marked-to-market to reflect the current market value of the option. The risk associated with purchasing options is limited to the premium paid.

When a security is purchased or sold through an exercise of an option, the related premium paid (or received) is added to (or deducted from) the basis of the security acquired or deducted from (or added to) the proceeds of the security sold. When an option expires (or the Series enters into a closing transaction), the Series realizes a gain or loss on the option to the extent of the premium received or paid (or gain or loss to the extent the cost of the closing transaction exceeds the premium paid or received).

The measurement of the risks associated with option contracts is meaningful only when all related and offsetting transactions are considered. No such investments were held by the Series on December 31, 2025.

The following table presents the present value of derivatives held at December 31, 2025 as reflected on the Statement of Assets and Liabilities, and the effect of derivative instruments on the Statement of Operations:

#### 18
Unconstrained Bond Series

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;2. Significant Accounting Policies (continued)

---

| | | |
|:---|:---|:---|
| STATEMENT OF ASSETS AND LIABILITIES |  |  |
| **Derivative** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Assets Location** |  |
| Foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation<sup>1</sup> | $249149 |
| Interest rate contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation<sup>1</sup> | $1374109 |
| **Derivative** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Liabilities Location** |  |
| Foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized depreciation<sup>1</sup> | $(184759) |
| Interest rate contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized depreciation<sup>1</sup> | $(152496) |
| STATEMENT OF OPERATIONS |  |  |
|  |  | **Realized Gain** |
|  |  | **(Loss) on** |
| **Derivative** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Location of Gain or (Loss) on Derivatives** | **Derivatives** |
| Foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on futures contracts | $(2010619) |
| Interest rate contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on futures contracts | $(889720) |
|  |  | **Unrealized** |
|  |  | **Appreciation** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Location of Appreciation (Depreciation) on** | **(Depreciation)** |
| **Derivative** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Derivatives** | **on Derivatives** |
| Foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on futures contracts | $64390 |
| Interest rate contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on futures contracts | $2046609 |

---

<sup>1</sup>Includes cumulative appreciation/depreciation on futures contracts as reported in the Investment Portfolio, and is included within Net Assets as the components of capital are not required to be presented separately on the Statement of Assets and Liabilities. Only the current day's variation margin is reported within the Statement of Assets and Liabilities.

The average month-end balances for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
| Futures Contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average number of contracts purchased | 1450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average number of contracts sold | 575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average notional value of contracts purchased | $217943567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average notional value of contracts sold | $76105978 |

---

**Asset-Backed Securities**

The 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, the Series may subsequently have to reinvest the proceeds at lower interest rates. If the 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.

#### 19
Unconstrained Bond Series

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;2. Significant Accounting Policies (continued)

**Mortgage-Backed Securities**

The 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 the 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 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**

The 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 Statement 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**

The 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 takes such fluctuations into account when determining its net asset value. The Series may sell the when-issued securities before they are delivered, which may result in a capital gain or loss. No such investments were held by the Series on December 31, 2025.

In connection with its 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. Information regarding securities purchased on a when-issued basis is included in the Series' Investment Portfolio. No such investments were held by the Series on December 31, 2025.

**Restricted Securities**

Restricted securities are purchased in private placement transactions, are not registered under the Securities Act of 1933, as amended, and may have contractual restrictions on resale. Information regarding restricted securities is included at the end of the Series' Investment Portfolio.

#### 20
Unconstrained Bond Series

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;2. Significant Accounting Policies (continued)

**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 December 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 December 31, 2022 through December 31, 2025.

**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 monthly. 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 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

#### 21
Unconstrained Bond Series

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;3. Transactions with Affiliates and Other Agreements (continued)

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. During the year ended December 31, 2025, the sub-transfer agency expenses incurred by Class S and Class I were $19,557 and $266,482, respectively.

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 Investment Servicing (U.S.) Inc. ("BNY") under which BNY serves as sub-accountant services agent.

Pursuant to an advisory fee waiver agreement, 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 Fund's 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"), do not exceed 0.50% of the average daily net assets of the Class S and Class I shares, 0.05% of the average daily net assets of the Class W shares, and 0.35% of the average daily net assets of the Class Z 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 $1,710,022 in management fees for Class W for the year ended December 31, 2025. In addition, pursuant to the separate expense limitation agreement, the Advisor waived or reimbursed expenses of $156,446 for Class W shares for the year ended December 31, 2025. These amounts are included as a reduction of expenses on the Statement of Operations.

#### 22
Unconstrained Bond Series

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;3. Transactions with Affiliates and Other Agreements (continued)

For the year ended December 31, 2025, the Advisor recouped the following waivers and/or reimbursements previously recorded by the Series:

---

| | |
|:---|:---|
|  | RECOUPED |
| &nbsp;&nbsp;CLASS | AMOUNT |
| &nbsp;&nbsp;Class S | $1644 |

---

As of December 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 DECEMBER 31, | EXPIRING DECEMBER 31, |  |  |
|  | 2026 | 2027 | 2028 | TOTAL |
| &nbsp;&nbsp;Class S | $– | $4762 | $— | $4762 |
| &nbsp;&nbsp;Class W | 218725 | 137133 | 156446 | 512304 |

---

&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 December 31, 2025, purchases and sales of securities, other than U.S. Government securities and short-term securities, were $179,862,581 and $205,784,834, respectively. Purchases and sales of U.S. Government securities, other than short-term securities, were $242,733,501 and $296,352,269, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;6. Capital Stock Transactions

Transactions in Class S, Class I, and Class W shares of Unconstrained Bond Series were:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;CLASS S | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | 12/31/25 |  | 12/31/24 |  |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;Sold | 427052 | $4230770 | 966372 | $9511501 |
| &nbsp;&nbsp;Reinvested | 71955 | 713595 | 116614 | 1144089 |
| &nbsp;&nbsp;Repurchased | (2735280) | (27116371) | (1144836) | (11242405) |
| &nbsp;&nbsp;Total | (2236273) | $(22172006) | (61850) | $(586815) |

---

#### 23
Unconstrained Bond Series

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;6. Capital Stock Transactions (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;CLASS I | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | 12/31/25 |  | 12/31/24 |  |
|  | SHARES | AMOUNT | SHARES<sup>1</sup> | AMOUNT |
| &nbsp;&nbsp;Sold | 7754133 | $76746931 | 11296530 | $111012486 |
| &nbsp;&nbsp;Reinvested | 1165141 | 11521609 | 1132569 | 11096061 |
| &nbsp;&nbsp;Repurchased | (9618338) | (95153739) | (6274688) | (61455055) |
| &nbsp;&nbsp;Total | (699064) | $(6885199) | 6154411 | $60653492 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;CLASS W | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | 12/31/25 |  | 12/31/24 |  |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;Sold | 3612202 | $35707750 | 7524788 | $73384171 |
| &nbsp;&nbsp;Reinvested | 2897367 | 28622673 | 2956284 | 28888393 |
| &nbsp;&nbsp;Repurchased | (10138662) | (100314334) | (13114241) | (127939379) |
| &nbsp;&nbsp;Total | (3629093) | $(35983911) | (2633169) | $(25666815) |

---

<sup>1</sup> Share amounts have been adjusted for a reverse stock split effective after the close of business on September 6, 2024. See Note 1 of the Notes to Financial Statements.

Approximately 69% 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. 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 December 31, 2025, the Series did not borrow under the line of credit.

&nbsp;&nbsp;&nbsp;&nbsp;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. For the six months ended December 31, 2025, the Series invested in futures contracts (credit, foreign currency exchange and interest rate risk).

The Series may invest in a loan assignment of all or a portion of the loans. The 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.

#### 24
Unconstrained Bond Series

**Notes to Financial Statements (continued)**

&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. The portion of distributions that exceeds a Series' current and accumulated earnings and profits, as measured on a tax basis, constitutes a non-taxable return of capital. These differences are primarily due to differing book and tax treatments in the timing and/or treatment of the recognition of net investment income or gains and losses, including foreign currency gains and losses, defaulted bonds, and the realization for tax purposes of unrealized gains/losses on certain futures. 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 12/31/2025 | ENDED 12/31/2024 |
| Ordinary income | $41307784 | $41704064 |

---

At December 31, 2025, the tax basis of components of distributable earnings and the net unrealized depreciation based on the identified cost of Investments for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| Cost for federal income tax purposes | $799325359 |
| Unrealized appreciation | 10800671 |
| Unrealized depreciation | (20110948) |
| Net unrealized depreciation | $(9310277) |
| Undistributed ordinary income | $468417 |
| Capital loss carryforwards | $(40605396) |

---

At December 31, 2025, the Series had net short-term capital loss carryforwards of $8,537,109 and net long-term capital loss carryforwards of $32,068,287, which may be carried forward indefinitely.

For the year ended December 31, 2025, the capital loss carryover utilized was $2,358,648.

&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.

#### 25
Unconstrained Bond Series

**Report of Independent Registered Public Accounting Firm**

To the Board of Directors of Manning & Napier Fund, Inc. and Shareholders of Unconstrained Bond Series

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the investment portfolio, of Unconstrained Bond Series (one of the funds constituting Manning & Napier Fund, Inc., referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 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 December 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 December 31, 2025 and the financial highlights for each of the five years in the period ended December 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 December 31, 2025 by correspondence with the custodian, transfer agent, agent banks 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.

![](mnncsr004.jpg)

**New York, New York**

**February 23, 2026**

We have served as the auditor of one or more investment companies in Manning & Napier Mutual Funds since 1992.

#### 26
Unconstrained Bond 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.**

MNCPB-12/25-AR

#### 27
![](mnncsr005.jpg)

---

| | |
|:---|:---|
|  | **www.manning-napier.com** |
| **Manning & Napier Fund, Inc.** |  |
| Diversified Tax Exempt Series |  |

---

Diversified Tax Exempt Series

**Investment Portfolio - December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<sup>1</sup>/<br>SHARES | VALUE<br>(NOTE 2) |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES - 1.0%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 1.0%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 1.0%** |
| &nbsp;&nbsp;&nbsp;Freddie Mac Multifamily M.L. Certificates, Series ML19, Class A, 4.033%, 12/25/2036 <br> (Identified Cost $2,137,296) | 2139453 | $2145057 |
| **MUNICIPAL BONDS - 90.7%** | **MUNICIPAL BONDS - 90.7%** | **MUNICIPAL BONDS - 90.7%** |
| **ALABAMA - 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Autauga County, Correctional Facility Impt, Series A, G.O. Bond, 5.000%, 3/1/2037 | 1345000 | 1549257 |
| **ALASKA - 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Alaska Municipal Bond Bank Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electric Light & Power Impt., Revenue Bond, 5.000%, 12/1/2030 | 875000 | 974145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;School Impt., Series ONE, Revenue Bond, 5.000%, 12/1/2030 | 490000 | 545521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;School Impt., Series ONE, Revenue Bond, 5.000%, 12/1/2031 | 500000 | 565263 |
|  |  | 2084929 |
| **ARIZONA - 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Pinal County Unified School District No. 21 Coolidge |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;School Impt., Series C, G.O. Bond, AGC, 5.000%, 7/1/2032 | 175000 | 196966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;School Impt., Series C, G.O. Bond, AGC, 5.000%, 7/1/2033 | 130000 | 146946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;School Impt., Series C, G.O. Bond, AGC, 5.000%, 7/1/2034 | 175000 | 199622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;School Impt., Series C, G.O. Bond, AGC, 5.000%, 7/1/2035 | 150000 | 170150 |
|  |  | 713684 |
| **COLORADO - 0.8%** | **COLORADO - 0.8%** | **COLORADO - 0.8%** |
| &nbsp;&nbsp;&nbsp;Denver Wastewater Management Division Department of Public Works, Public Impt., Revenue Bond, 5.000%, 11/1/2029 | 750000 | 797832 |
| &nbsp;&nbsp;&nbsp;E-470 Public Highway Authority, Senior Lien, Series A, Revenue Bond, 5.000%, 9/1/2026 | 1000000 | 1014472 |
|  |  | 1812304 |
| **DISTRICT OF COLUMBIA - 3.7%** | **DISTRICT OF COLUMBIA - 3.7%** | **DISTRICT OF COLUMBIA - 3.7%** |
| &nbsp;&nbsp;&nbsp;District of Columbia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Impt., Series A, G.O. Bond, 5.000%, 10/15/2036 | 1265000 | 1344004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Impt., Series A, G.O. Bond, 5.000%, 1/1/2041 | 2000000 | 2187713 |
| &nbsp;&nbsp;&nbsp;District of Columbia Income Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;School Impt., Series A, Revenue Bond, 5.000%, 7/1/2041 | 1115000 | 1212171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;School Impt., Series A, Revenue Bond, 5.000%, 7/1/2042 | 1895000 | 2046568 |
| &nbsp;&nbsp;&nbsp;District of Columbia Water & Sewer Authority, Water Utility Impt., Series B, Revenue Bond, 5.000%, 10/1/2047 | 1000000 | 1043189 |
|  |  | 7833645 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<sup>1</sup>/<br>SHARES | VALUE<br>(NOTE 2) |
| **MUNICIPAL BONDS** (continued) | **MUNICIPAL BONDS** (continued) | **MUNICIPAL BONDS** (continued) |
| **FLORIDA - 5.2%** | **FLORIDA - 5.2%** | **FLORIDA - 5.2%** |
| &nbsp;&nbsp;&nbsp;Broward County, Water & Sewer Utility, Sewer Impt., Series A, Revenue Bond, 5.000%, 10/1/2038 | 4000000 | $4291707 |
| &nbsp;&nbsp;&nbsp;Central Florida Expressway Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Highway Impt., Senior Lien, Series D, Revenue Bond, 5.000%, 7/1/2033 | 825000 | 918898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Lien, Revenue Bond, 5.000%, 7/1/2027 | 500000 | 518101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Lien, Revenue Bond, 5.000%, 7/1/2038 | 530000 | 543936 |
| &nbsp;&nbsp;&nbsp;Florida Department of Transportation Turnpike System, Series B, Revenue Bond, 2.500%, 7/1/2026 | 505000 | 503426 |
| &nbsp;&nbsp;&nbsp;Fort Lauderdale, Public Impt., Series A, G.O. Bond, 5.000%, 7/1/2043 | 1010000 | 1085053 |
| &nbsp;&nbsp;&nbsp;JEA Electric System, Series A, Revenue Bond, 5.000%, 10/1/2028 | 1000000 | 1061304 |
| &nbsp;&nbsp;&nbsp;Miami-Dade County, Revenue Bond, 5.000%, 4/1/2028 | 1015000 | 1069142 |
| &nbsp;&nbsp;&nbsp;Tampa, Water & Wastewater System, Water Utility Impt., Series A, Revenue Bond, 5.000%, 10/1/2034 | 950000 | 1083901 |
|  |  | 11075468 |
| **GEORGIA - 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Atlanta, Series A-1, G.O. Bond, 5.000%, 12/1/2042 | 800000 | 864614 |
| &nbsp;&nbsp;&nbsp;Georgia, School Impt., Series A, G.O. Bond, 5.000%, 7/1/2033 | 1000000 | 1122291 |
|  |  | 1986905 |
| **HAWAII - 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;City & County of Honolulu, Transit Impt., Series E, G.O. Bond, 5.000%, 3/1/2027 | 2000000 | 2056086 |
| &nbsp;&nbsp;&nbsp;Honolulu County, Series E, G.O. Bond, 5.000%, 9/1/2028 | 500000 | 518465 |
| &nbsp;&nbsp;&nbsp;Maui County, Public Impt., G.O. Bond, 5.000%, 3/1/2034 | 1305000 | 1447675 |
|  |  | 4022226 |
| **ILLINOIS - 4.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Bradley, Public Impt., Series A, G.O. Bond, 5.000%, 12/15/2030 | 1185000 | 1301723 |
| &nbsp;&nbsp;&nbsp;Elgin, Water Utility Impt., G.O. Bond, 5.000%, 12/15/2036 | 1310000 | 1490916 |
| &nbsp;&nbsp;&nbsp;Illinois State Toll Highway Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Highway Impt., Series B, Revenue Bond, 5.000%, 1/1/2038 | 1050000 | 1057720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, Revenue Bond, 5.000%, 1/1/2031 | 1500000 | 1631289 |
| &nbsp;&nbsp;&nbsp;Kankakee Will Grundy Etc Counties Community College District No. 520 Kankakee, G.O. Bond, 5.000%, 12/1/2028 | 1000000 | 1058646 |
| &nbsp;&nbsp;&nbsp;Lake in the Hills, Multiple Utility Impt., G.O. Bond, 5.000%, 12/15/2037 | 710000 | 790147 |

---

The accompanying notes are an integral part of the financial statements.

#### 1
Diversified Tax Exempt Series

**Investment Portfolio - December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<sup>1</sup>/<br>SHARES | VALUE<br>(NOTE 2) |
| **MUNICIPAL BONDS** (continued) | **MUNICIPAL BONDS** (continued) | **MUNICIPAL BONDS** (continued) |
| **ILLINOIS** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Rock Island County School District No. 41 Rock Island, School Impt., Series A, G.O. Bond, AGC, 5.000%, 1/1/2035 | 400000 | $457414 |
| &nbsp;&nbsp;&nbsp;Schaumburg, G.O. Bond, 4.000%, 12/1/2033 | 1175000 | 1263631 |
| &nbsp;&nbsp;&nbsp;United City of Yorkville |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, G.O. Bond, 5.000%, 12/30/2028 | 200000 | 212678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, G.O. Bond, 5.000%, 12/30/2029 | 175000 | 189345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, G.O. Bond, 5.000%, 12/30/2030 | 175000 | 192360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, G.O. Bond, 5.000%, 12/30/2031 | 300000 | 334299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, G.O. Bond, 5.000%, 12/30/2032 | 225000 | 253199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, G.O. Bond, 5.000%, 12/30/2033 | 260000 | 295628 |
|  |  | 10528995 |
| **INDIANA - 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Indiana Bond Bank, Series 1, Revenue Bond, 5.000%, 8/15/2036 | 2000000 | 2240396 |
| &nbsp;&nbsp;&nbsp;Indianapolis Local Public Improvement Bond Bank, Correctional Facility Impt, Series A, Revenue Bond, 5.000%, 2/1/2030 | 500000 | 535115 |
|  |  | 2775511 |
| **IOWA - 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Altoona, Series A, G.O. Bond, 5.000%, 6/1/2036 | 1845000 | 2075778 |
| &nbsp;&nbsp;&nbsp;Des Moines, Stormwater Utility, Public Impt., Series B, Revenue Bond, 5.000%, 6/1/2031 | 865000 | 951517 |
| &nbsp;&nbsp;&nbsp;Le Mars Community School District, School Impt., G.O. Bond, AGC, 5.000%, 6/1/2034 | 1000000 | 1117436 |
|  |  | 4144731 |
| **KENTUCKY - 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Jefferson County Board of Education, School Impt., Series A, G.O. Bond, 5.000%, 6/1/2036 | 1230000 | 1390018 |
| &nbsp;&nbsp;&nbsp;Kenton County School District, School Impt., Series A, G.O. Bond, 5.000%, 6/1/2036 | 1050000 | 1178613 |
| &nbsp;&nbsp;&nbsp;Kentucky State Property & Building Commission, Public Impt., Series A, Revenue Bond, 5.000%, 10/1/2030 | 125000 | 138083 |
|  |  | 2706714 |
| **LOUISIANA - 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;New Orleans, Sewer Impt., Series B, Revenue Bond, 5.000%, 6/1/2027 | 500000 | 514787 |
| **MAINE - 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Bar Harbor, Multiple Utility Impt., G.O. Bond, 5.000%, 10/15/2040 | 1000000 | 1108702 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<sup>1</sup>/<br>SHARES | VALUE<br>(NOTE 2) | VALUE<br>(NOTE 2) |
| **MUNICIPAL BONDS** (continued) | **MUNICIPAL BONDS** (continued) | **MUNICIPAL BONDS** (continued) | **MUNICIPAL BONDS** (continued) |
| **MAINE** (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;Maine Municipal Bond Bank, Highway Impt., Series A, Revenue Bond, 5.000%, 9/1/2027 | 675000 | $| 702200 |
| &nbsp;&nbsp;&nbsp;Maine Turnpike Authority, Highway Impt., Revenue Bond, 5.000%, 7/1/2033 | 550000 |  | 602559 |
|  |  |  | 2413461 |
| **MARYLAND - 3.1%** | **MARYLAND - 3.1%** | **MARYLAND - 3.1%** | **MARYLAND - 3.1%** |
| &nbsp;&nbsp;&nbsp;Maryland |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;School Impt., Series A, G.O. Bond, 5.000%, 3/1/2033 | 5000000 |  | 5566847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;School Impt., Series A, G.O. Bond, 5.000%, 8/1/2035 | 1000000 |  | 1094026 |
|  |  |  | 6660873 |
| **MASSACHUSETTS - 2.4%** | **MASSACHUSETTS - 2.4%** | **MASSACHUSETTS - 2.4%** | **MASSACHUSETTS - 2.4%** |
| &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts, Transit Impt., Series C, G.O. Bond, 5.000%, 10/1/2047 | 5000000 |  | 5224831 |
| **MICHIGAN - 0.6%** | **MICHIGAN - 0.6%** | **MICHIGAN - 0.6%** | **MICHIGAN - 0.6%** |
| &nbsp;&nbsp;&nbsp;Charter Township of White Lake |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G.O. Bond, 5.000%, 3/1/2036 | 575000 |  | 662746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G.O. Bond, 5.000%, 3/1/2037 | 515000 |  | 588176 |
|  |  |  | 1250922 |
| **MINNESOTA - 1.0%** | **MINNESOTA - 1.0%** | **MINNESOTA - 1.0%** | **MINNESOTA - 1.0%** |
| &nbsp;&nbsp;&nbsp;Minnesota, Public Impt., Series A, G.O. Bond, 5.000%, 8/1/2036 | 1970000 |  | 2067041 |
| **MISSOURI - 1.7%** | **MISSOURI - 1.7%** | **MISSOURI - 1.7%** | **MISSOURI - 1.7%** |
| &nbsp;&nbsp;&nbsp;Clayton, G.O. Bond, 4.000%, 3/15/2028 | 510000 |  | 526488 |
| &nbsp;&nbsp;&nbsp;Columbia School District, Series B, G.O. Bond, 5.000%, 3/1/2026 | 1635000 |  | 1640991 |
| &nbsp;&nbsp;&nbsp;Fort Zumwalt School District, School Impt., G.O. Bond, BAM, 5.000%, 3/1/2033 | 1260000 |  | 1355361 |
|  |  |  | 3522840 |
| **NEBRASKA - 1.8%** | **NEBRASKA - 1.8%** | **NEBRASKA - 1.8%** | **NEBRASKA - 1.8%** |
| &nbsp;&nbsp;&nbsp;Nebraska Public Power District, Series B, Revenue Bond, 5.000%, 1/1/2030 | 640000 |  | 692119 |
| &nbsp;&nbsp;&nbsp;Omaha Public Power District |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electric Light & Power Impt., Series A, Revenue Bond, 5.000%, 2/1/2046 | 2065000 |  | 2121701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, Revenue Bond, 5.000%, 2/1/2031 | 1000000 |  | 1040441 |
|  |  |  | 3854261 |
| **NEVADA - 2.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Clark County, Public Impt., G.O. Bond, 5.000%, 11/1/2031 | 3970000 |  | 4252619 |
| **NEW MEXICO - 1.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;New Mexico, G.O. Bond, 5.000%, 3/1/2033 | 2000000 |  | 2180149 |
| **NEW YORK - 12.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority, Transit Impt., Green Bond, Series C-1, Revenue Bond, 4.750%, 11/15/2045 | 2000000 |  | 2003755 |

---

The accompanying notes are an integral part of the financial statements.

#### 2
Diversified Tax Exempt Series

**Investment Portfolio - December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<sup>1</sup>/<br>SHARES | VALUE<br>(NOTE 2) | VALUE<br>(NOTE 2) |
| **MUNICIPAL BONDS** (continued) | **MUNICIPAL BONDS** (continued) | **MUNICIPAL BONDS** (continued) | **MUNICIPAL BONDS** (continued) |
| **NEW YORK** (continued) | **NEW YORK** (continued) | **NEW YORK** (continued) | **NEW YORK** (continued) |
| &nbsp;&nbsp;&nbsp;New York |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Impt., Series D, G.O. Bond, 5.000%, 12/1/2042 | 1500000 | $| 1553000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D, Prerefunded Balance, G.O. Bond, 1.216%, 8/1/2026 | 125000 |  | 123094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D, Unrefunded Balance, G.O. Bond, 1.216%, 8/1/2026 | 1075000 |  | 1059335 |
| &nbsp;&nbsp;&nbsp;New York City |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-1, G.O. Bond, 5.000%, 8/1/2027 | 1600000 |  | 1662646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series E, G.O. Bond, 5.000%, 8/1/2026 | 1905000 |  | 1932465 |
| &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority, Series EE, Revenue Bond, 5.000%, 6/15/2040 | 3500000 |  | 3607966 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured, Series A-1, Revenue Bond, 5.000%, 8/1/2044 | 3500000 |  | 3669644 |
| &nbsp;&nbsp;&nbsp;New York State Dormitory Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Impt., Series C, Revenue Bond, 5.652%, 2/15/2030 | 1000000 |  | 1061285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, Prerefunded Balance, Revenue Bond, 1.187%, 3/15/2026 | 1110000 |  | 1103973 |
| &nbsp;&nbsp;&nbsp;New York State Thruway Authority, Series B, Revenue Bond, 4.000%, 1/1/2038 | 2390000 |  | 2407250 |
| &nbsp;&nbsp;&nbsp;New York State Urban Development Corp., Correctional Facility Impt., Revenue Bond, 5.250%, 3/15/2038 | 5000000 |  | 5624074 |
|  |  |  | 25808487 |
| **NORTH CAROLINA - 1.2%** | **NORTH CAROLINA - 1.2%** | **NORTH CAROLINA - 1.2%** | **NORTH CAROLINA - 1.2%** |
| &nbsp;&nbsp;&nbsp;Mecklenburg County, School Impt., Series A, G.O. Bond, 4.000%, 4/1/2030 | 2500000 |  | 2534432 |
| **NORTH DAKOTA - 2.4%** | **NORTH DAKOTA - 2.4%** | **NORTH DAKOTA - 2.4%** | **NORTH DAKOTA - 2.4%** |
| &nbsp;&nbsp;&nbsp;Fargo |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Impt., Series A, G.O. Bond, 5.000%, 5/1/2038 | 2235000 |  | 2488326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Impt., Series A, G.O. Bond, 5.000%, 5/1/2039 | 2350000 |  | 2597531 |
|  |  |  | 5085857 |
| **OHIO - 2.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Hamilton County, Parking Facility Impt., Series A, G.O. Bond, 5.000%, 12/1/2037 | 1000000 |  | 1100311 |
| &nbsp;&nbsp;&nbsp;Ohio, Public Impt., Series A, G.O. Bond, 5.000%, 3/1/2041 | 1845000 |  | 2038504 |
| &nbsp;&nbsp;&nbsp;Ohio Water Development Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sewer Impt., Revenue Bond, 5.000%, 12/1/2036 | 1350000 |  | 1446719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sewer Impt., Revenue Bond, 5.000%, 12/1/2037 | 1000000 |  | 1071060 |
|  |  |  | 5656594 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<sup>1</sup>/<br>SHARES | VALUE<br>(NOTE 2) |
| **MUNICIPAL BONDS** (continued) | **MUNICIPAL BONDS** (continued) | **MUNICIPAL BONDS** (continued) |
| **OKLAHOMA - 1.0%** | **OKLAHOMA - 1.0%** | **OKLAHOMA - 1.0%** |
| &nbsp;&nbsp;&nbsp;Tulsa County Independent School District No. 9 Union, School Impt., G.O. Bond, 4.000%, 4/1/2030 | 2000000 | $2113997 |
| **PENNSYLVANIA - 5.5%** | **PENNSYLVANIA - 5.5%** | **PENNSYLVANIA - 5.5%** |
| &nbsp;&nbsp;&nbsp;Ephrata Area School District, School Impt., G.O. Bond, 5.000%, 3/1/2033 | 1175000 | 1277307 |
| &nbsp;&nbsp;&nbsp;Garnet Valley School District, School Impt., G.O. Bond, 5.000%, 4/1/2034 | 940000 | 1032232 |
| &nbsp;&nbsp;&nbsp;Lancaster School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, G.O. Bond, BAM, 5.000%, 6/1/2032 | 500000 | 551336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, G.O. Bond, BAM, 5.000%, 6/1/2034 | 1000000 | 1102557 |
| &nbsp;&nbsp;&nbsp;Pennsylvania Turnpike Commission |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Highway Impt., Series A, Revenue Bond, 5.000%, 12/1/2029 | 750000 | 815906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Highway Impt., Series A, Revenue Bond, 5.000%, 12/1/2030 | 850000 | 919923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenue Bond, 5.000%, 12/1/2030 | 765000 | 795326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenue Bond, 5.000%, 12/1/2031 | 500000 | 562114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-2, Revenue Bond, 5.000%, 6/1/2028 | 590000 | 594998 |
| &nbsp;&nbsp;&nbsp;Philadelphia Gas Works Co., Revenue Bond, 5.000%, 10/1/2030 | 1005000 | 1018291 |
| &nbsp;&nbsp;&nbsp;Philadelphia, Water & Wastewater, Water Utility Impt., Series A, Revenue Bond, 5.000%, 11/1/2040 | 2450000 | 2632974 |
| &nbsp;&nbsp;&nbsp;Pittsburgh Water & Sewer Authority, Series B, Revenue Bond, AGM, 5.000%, 9/1/2032 | 300000 | 329474 |
|  |  | 11632438 |
| **SOUTH CAROLINA - 0.4%** | **SOUTH CAROLINA - 0.4%** | **SOUTH CAROLINA - 0.4%** |
| &nbsp;&nbsp;&nbsp;Charleston, Waterworks & Sewer System, Sewer Impt., Revenue Bond, 5.000%, 1/1/2044 | 850000 | 890397 |
| **TENNESSEE - 4.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Chattanooga, Electric Light & Power Impt., Revenue Bond, 5.000%, 9/1/2039 | 2000000 | 2183133 |
| &nbsp;&nbsp;&nbsp;Clarksville, Electric System, Revenue Bond, 5.000%, 9/1/2029 | 1015000 | 1051323 |
| &nbsp;&nbsp;&nbsp;Knox County, Correctional Facility Impt., G.O. Bond, 4.000%, 6/1/2040 | 2805000 | 2855943 |
| &nbsp;&nbsp;&nbsp;Metropolitan Government of Nashville & Davidson County, Electric Light & Power Impt., Series A, Revenue Bond, 5.000%, 5/15/2034 | 1250000 | 1379351 |
| &nbsp;&nbsp;&nbsp;Shelby County, Series A, G.O. Bond, 5.000%, 4/1/2035 | 1250000 | 1276315 |
|  |  | 8746065 |
| **TEXAS - 7.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Dallas, Waterworks & Sewer System, Series C, Revenue Bond, 5.000%, 10/1/2028 | 1715000 | 1826161 |

---

The accompanying notes are an integral part of the financial statements.

#### 3
Diversified Tax Exempt Series

**Investment Portfolio - December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<sup>1</sup>/<br>SHARES | VALUE<br>(NOTE 2) | VALUE<br>(NOTE 2) |
| **MUNICIPAL BONDS** (continued) | **MUNICIPAL BONDS** (continued) | **MUNICIPAL BONDS** (continued) | **MUNICIPAL BONDS** (continued) |
| **TEXAS** (continued) | **TEXAS** (continued) | **TEXAS** (continued) | **TEXAS** (continued) |
| &nbsp;&nbsp;&nbsp;Irving, Public Impt., G.O. Bond, 5.000%, 9/15/2032 | 3030000 | $| 3393479 |
| &nbsp;&nbsp;&nbsp;Judson Independent School District, G.O. Bond, 5.000%, 2/1/2036 | 835000 |  | 942853 |
| &nbsp;&nbsp;&nbsp;North Texas Municipal Water District Water System, Series A, Revenue Bond, 5.000%, 9/1/2027 | 1500000 |  | 1558096 |
| &nbsp;&nbsp;&nbsp;North Texas Tollway Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, Revenue Bond, 5.000%, 1/1/2027 | 2000000 |  | 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, Revenue Bond, 5.000%, 1/1/2029 | 925000 |  | 987796 |
| &nbsp;&nbsp;&nbsp;San Antonio Water System, Water Utility Impt., Series A, Revenue Bond, 5.000%, 5/15/2032 | 1075000 |  | 1126560 |
| &nbsp;&nbsp;&nbsp;Tarrant County, Highway Impt., G.O. Bond, 5.000%, 7/15/2036 | 2300000 |  | 2541089 |
| &nbsp;&nbsp;&nbsp;Texas Municipal Gas Acquisition & Supply Corp. III |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenue Bond, 5.000%, 12/15/2026 | 200000 |  | 203010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenue Bond, 5.000%, 12/15/2027 | 600000 |  | 618238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenue Bond, 5.000%, 12/15/2028 | 250000 |  | 261559 |
|  |  |  | 15458841 |
| **VIRGINIA - 1.0%** | **VIRGINIA - 1.0%** | **VIRGINIA - 1.0%** | **VIRGINIA - 1.0%** |
| &nbsp;&nbsp;&nbsp;Chesterfield County, School Impt., Series B, G.O. Bond, 4.000%, 1/1/2041 | 2000000 |  | 2053083 |
| **WASHINGTON - 5.6%** | **WASHINGTON - 5.6%** | **WASHINGTON - 5.6%** | **WASHINGTON - 5.6%** |
| &nbsp;&nbsp;&nbsp;Seattle, Municipal Light & Power, Electric Light & Power Impt., Revenue Bond, 5.000%, 7/1/2041 | 1040000 |  | 1134554 |
| &nbsp;&nbsp;&nbsp;Tacoma, Electric System, Revenue Bond, 5.000%, 1/1/2046 | 1030000 |  | 1064683 |
| &nbsp;&nbsp;&nbsp;Washington |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;School Impt., Series 2, G.O. Bond, 5.000%, 8/1/2043 | 1000000 |  | 1065530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;School Impt., Series 2020A, G.O. Bond, 5.000%, 8/1/2032 | 4255000 |  | 4586906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;School Impt., Series C, G.O. Bond, 5.000%, 2/1/2037 | 3690000 |  | 4102326 |
|  |  |  | 11953999 |
| **WISCONSIN - 8.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Appleton Area School District, G.O. Bond, 5.000%, 3/1/2033 | 1260000 |  | 1365247 |
| &nbsp;&nbsp;&nbsp;Cameron School District, School Impt., G.O. Bond, BAM, 5.000%, 4/1/2038 | 925000 |  | 1032109 |
| &nbsp;&nbsp;&nbsp;Eau Claire Area School District, G.O. Bond, 5.000%, 4/1/2032 | 1380000 |  | 1500404 |
| &nbsp;&nbsp;&nbsp;Fond Du Lac, Public Impt., Series A, G.O. Bond, 5.000%, 3/1/2031 | 2565000 |  | 2761003 |
| &nbsp;&nbsp;&nbsp;Madison Metropolitan School District, School Impt., G.O. Bond, 5.000%, 3/1/2033 | 1095000 |  | 1195090 |
| &nbsp;&nbsp;&nbsp;Pierce County, Series A, G.O. Bond, 5.000%, 3/1/2036 | 1540000 |  | 1723312 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<sup>1</sup>/<br>SHARES | VALUE<br>(NOTE 2) |
| **MUNICIPAL BONDS** (continued) | **MUNICIPAL BONDS** (continued) | **MUNICIPAL BONDS** (continued) |
| **WISCONSIN** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Union Grove Union High School District, School Impt., G.O. Bond, 5.000%, 3/1/2036 | 1015000 | $1135685 |
| &nbsp;&nbsp;&nbsp;West Bend Joint School District No. 1, School Impt., G.O. Bond, 5.000%, 4/1/2036 | 1295000 | 1449609 |
| &nbsp;&nbsp;&nbsp;West Salem School District, School Impt., G.O. Bond, BAM, 5.000%, 4/1/2039 | 1590000 | 1763053 |
| &nbsp;&nbsp;&nbsp;Wisconsin, Series B, G.O. Bond, 5.000%, 5/1/2038 | 4000000 | 4556174 |
|  |  | 18481686 |
| **TOTAL MUNICIPAL BONDS** <br> (Identified Cost $194,987,625) |  | **193592029** |
| **EXCHANGE-TRADED FUND - 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;iShares National Muni Bond ETF |  |  |
| &nbsp;&nbsp;&nbsp;(Identified Cost $4,937,332) | 43351 | **4643326** |
| **U.S. TREASURY SECURITIES - 3.7%** | **U.S. TREASURY SECURITIES - 3.7%** | **U.S. TREASURY SECURITIES - 3.7%** |
| **U.S. Treasury Notes - 3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.625%, 1/31/2026 | 800000 | 799062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 1/31/2026 | 1000000 | 1000117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/15/2027 | 1000000 | 1004805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%, 1/31/2027 | 1000000 | 978672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 2/15/2027 | 1000000 | 986016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 2/15/2027 | 1000000 | 1006484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 1/15/2028 | 1000000 | 1014766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 1/31/2028 | 1000000 | 1000156 |
| **Total U.S. Treasury Notes** <br> (Identified Cost $7,715,972) |  | **7790078** |
| **TOTAL U.S. TREASURY SECURITIES** <br> (Identified Cost $7,715,972) |  | **7790078** |
| **SHORT-TERM INVESTMENT - 1.3%** | **SHORT-TERM INVESTMENT - 1.3%** | **SHORT-TERM INVESTMENT - 1.3%** |
| &nbsp;&nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 3.65%<sup>2</sup> |  |  |
| &nbsp;&nbsp;&nbsp;(Identified Cost $2,856,777) | 2856777 | **2856777** |
| **TOTAL INVESTMENTS - 98.9%**<br> (Identified Cost $212,635,002) |  | **211027267** |
| **OTHER ASSETS, LESS LIABILITIES - 1.1%** |  | **2396491** |
| **NET ASSETS - 100.0%** |  | $**213423758** |

---

The accompanying notes are an integral part of the financial statements.

#### 4
Diversified Tax Exempt Series

**Investment Portfolio - December 31, 2025**

ETF - Exchange-Traded Fund

G.O. Bond - General Obligation Bond

Impt. - Improvement

No. - Number

Scheduled principal and interest payments are guaranteed by:

AGC (Assured Guaranty Corporation)

AGM (Assurance Guaranty Municipal Corp.)

BAM (Build America Mutual Assurance Co.)

The insurance does not guarantee the market value of the municipal bonds.

<sup>1</sup>Amount is stated in USD unless otherwise noted.

<sup>2</sup>Rate shown is the current yield as of December 31, 2025.

The accompanying notes are an integral part of the financial statements.

#### 5
Diversified Tax Exempt Series

**Statement of Assets and Liabilities** 

December 31, 2025

---

| | |
|:---|:---|
| **ASSETS:** | **ASSETS:** |
| Investments, at value (identified cost $212,635,002) (Note 2) | $211027267 |
| Interest receivable | 2668939 |
| Dividends receivable | 9012 |
| Prepaid expenses | 14755 |
| TOTAL ASSETS | 213719973 |
| **LIABILITIES:** |  |
| Due to custodian | 2966 |
| Accrued fund accounting and administration fees<sup>1</sup> | 27645 |
| Accrued Chief Compliance Officer service fees<sup>1</sup> | 2263 |
| Accrued management fees<sup>1</sup> | 148 |
| Payable for fund shares repurchased | 234605 |
| Other payables and accrued expenses | 28588 |
| TOTAL LIABILITIES | 296215 |
| **TOTAL NET ASSETS** | $**213423758** |
| **NET ASSETS CONSIST OF:** |  |
| Capital stock | $202680 |
| Additional paid-in-capital | 214201922 |
| Total distributable earnings (loss) | (980844) |
| **TOTAL NET ASSETS** | $**213423758** |
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class A** <br> ($584,286/55,497 shares) | $**10.53** |
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class W** <br> ($212,839,472/20,212,500 shares) | $**10.53** |

---

<sup>1</sup> See note 3 in Notes to the Financial Statements.

The accompanying notes are an integral part of the financial statements.

#### 6
Diversified Tax Exempt Series

**Statement of Operations** 

For the Year Ended December 31, 2025

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** |  |
| Interest | $5759010 |
| Dividends | 287102 |
| Total Investment Income | 6046112 |
| **EXPENSES:** |  |
| Management fees (Note 3) | 710314 |
| Fund accounting and administration fees (Note 3) | 82922 |
| Directors' fees (Note 3) | 28497 |
| Chief Compliance Officer service fees (Note 3) | 9576 |
| Professional fees | 63630 |
| Custodian fees | 6788 |
| Miscellaneous | 79589 |
| Total Expenses | 981316 |
| Less reduction of expenses (Note 3) | (707603) |
| Net Expenses | 273713 |
| NET INVESTMENT INCOME | 5772399 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:** |  |
| Net realized gain (loss) on investments | (783199) |
| Net change in unrealized appreciation (depreciation) on investments | 4932420 |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS | 4149221 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $9921620 |

---

The accompanying notes are an integral part of the financial statements.

#### 7
Diversified Tax Exempt Series

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | FOR THE<br> YEAR ENDED<br> 12/31/25 | FOR THE<br> YEAR ENDED<br> 12/31/24 |
| **INCREASE (DECREASE) IN NET ASSETS:** |  |  |
| **OPERATIONS:** |  |  |
| Net investment income | $5772399 | $5588232 |
| Net realized gain (loss) on investments | (783199) | (587546) |
| Net change in unrealized appreciation (depreciation) on investments | 4932420 | (3012946) |
| Net increase (decrease) from operations | 9921620 | 1987740 |
| **DISTRIBUTIONS TO SHAREHOLDERS (Note 9):** |  |  |
| Class A | (17740) | (17747) |
| Class W | (5611176) | (5218104) |
| Total distributions to shareholders | (5628916) | (5235851) |
| **CAPITAL STOCK ISSUED AND REPURCHASED:** |  |  |
| Net increase (decrease) from capital share transactions (Note 6) | 4981916 | (41646937) |
| Net increase (decrease) in net assets | 9274620 | (44895048) |
| **NET ASSETS:** |  |  |
| Beginning of year | 204149138 | 249044186 |
| **End of year** | $213423758 | $204149138 |

---

The accompanying notes are an integral part of the financial statements.

#### 8
Diversified Tax Exempt Series

**Financial Highlights - Class A**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 |
| **Per share data (for a share outstanding throughout each year):** |  |  |  |  |  |
| **Net asset value - Beginning of year** | $10.33 | $10.48 | $10.24 | $10.94 | $11.58 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.24 | 0.19 | 0.17 | 0.10 | 0.10 |
| Net realized and unrealized gain (loss) on investments | 0.20 | (0.16) | 0.24 | (0.74) | (0.08) |
| Total from investment operations | 0.44 | 0.03 | 0.41 | (0.64) | 0.02 |
| Less distributions to shareholders: |  |  |  |  |  |
| From net investment income | (0.24) | (0.18) | (0.17) | (0.06) | (0.09) |
| From net realized gain on investments |  |  |  | (0.00)<sup>2</sup> | (0.57) |
| Total distributions to shareholders | (0.24) | (0.18) | (0.17) | (0.06) | (0.66) |
| **Net asset value - End of year** | **$10.53** | **$10.33** | **$10.48** | **$10.24** | **$10.94** |
| **Net assets - End of year** (000's omitted) | **$584** | **$917** | **$1383** | **$2162** | **$2430** |
| Total return<sup>3</sup> | 4.30% | 0.29% | 4.10% | (5.83%) | 0.16% |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |
| Expenses | 0.47% | 0.62% | 0.62% | 0.63% | 0.67% |
| Net investment income | 2.34% | 1.88% | 1.70% | 1.00% | 0.91% |
| Series portfolio turnover | 30% | 11% | 20% | 10% | 23% |

---

<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.

#### 9
Diversified Tax Exempt 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 |
|  | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 |
| **Per share data (for a share outstanding throughout each year):** |  |  |  |  |  |
| **Net asset value - Beginning of year** | $10.33 | $10.48 | $10.24 | $10.94 | $11.59 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.28 | 0.25 | 0.23 | 0.16 | 0.16 |
| Net realized and unrealized gain (loss) on investments | 0.19 | (0.17) | 0.24 | (0.75) | (0.09) |
| Total from investment operations | 0.47 | 0.08 | 0.47 | (0.59) | 0.07 |
| Less distributions to shareholders: |  |  |  |  |  |
| From net investment income | (0.27) | (0.23) | (0.23) | (0.11) | (0.15) |
| From net realized gain on investments |  |  |  | (0.00)<sup>2</sup> | (0.57) |
| Total distributions to shareholders | (0.27) | (0.23) | (0.23) | (0.11) | (0.72) |
| **Net asset value - End of year** | **$10.53** | **$10.33** | **$10.48** | **$10.24** | **$10.94** |
| **Net assets - End of year** (000's omitted) | **$212839** | **$203232** | **$247661** | **$212971** | **$115940** |
| Total return<sup>3</sup> | 4.64% | 0.80% | 4.62% | (5.40%) | 0.62% |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |
| Expenses\* | 0.13% | 0.12% | 0.12% | 0.13% | 0.17% |
| Net investment income | 2.69% | 2.38% | 2.21% | 1.53% | 1.42% |
| Series portfolio turnover | 30% | 11% | 20% | 10% | 23% |
| \*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% | 0.50% | 0.50% | 0.50% | 0.50% |

---

<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
Diversified Tax Exempt Series

**Notes to Financial Statements**

1. Organization

Diversified Tax Exempt 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 as high a level of current income exempt from federal income tax as the Advisor believes is consistent with the preservation of capital.

The Series is authorized to issue two classes of shares (Class A and Class W). While each class of shares is substantially the same, each class has its own investment eligibility criteria and cost structure.

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 December 31, 2025, 6.8 billion shares have been designated in total among 15 series, of which 100 million have been designated as Diversified Tax Exempt Series Class A common stock and 50 million have been designated as Diversified Tax Exempt Series Class W 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** 

Municipal securities will normally be valued on the basis of market valuations provided by an independent pricing service (the "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

#### 11
Diversified Tax Exempt Series

**Notes to Financial Statements (continued)**

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 December 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;Debt securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal Bonds | $193592029 | $— | $193592029 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury and other U.S. Government agencies | 7790078 |  | 7790078 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial mortgage-backed securities | 2145057 |  | 2145057 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange-traded fund | 4643326 | 4643326 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investment | 2856777 | 2856777 |  |  |
| &nbsp;&nbsp;&nbsp;Total assets | $211027267 | $7500103 | $203527164 | $— |

---

There were no Level 3 securities held by the Series as of December 31, 2024 or December 31, 2025.

**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.

#### 12
Diversified Tax Exempt Series

**Notes to Financial Statements (continued)**

2. Significant Accounting Policies (continued)

**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 December 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 December 31, 2022 through December 31, 2025.

**Distributions of Income and Gains** 

Distributions to shareholders of net investment income are made monthly. 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 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 0.30% of the Series' average daily net assets for investment advisory services. This rate was reduced from 0.50% to 0.30% effective March 1, 2025.

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.

#### 13
Diversified Tax Exempt Series

**Notes to Financial Statements (continued)**

3. Transactions with Affiliates and Other Agreements (continued)

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 Investment Servicing (U.S.) Inc. ("BNY") under which BNY serves as sub-accountant services agent.

Pursuant to an advisory fee waiver agreement, 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 Fund's 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 waived Class W management fees (collectively, "excluded expenses"), do not exceed 0.60% of the average daily net assets of the Class A shares and 0.30% of the average daily net assets of the Class W shares. Concurrent with the management fee reduction on March 1, 2025, the contractual expense limit on Class A was reduced from 0.85% to 0.60% and from 0.35% to 0.30% on Class W. 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 $707,603 in management fees for Class W shares for the year ended December 31, 2025. This amount is included as a reduction of expenses on the Statement of Operations.

As of December 31, 2025, there are no expenses eligible to be recouped by the Advisor.

Diversified Tax Exempt Series was reimbursed $1,677 by the Advisor, related to an operational error that occurred during the year ended December 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.

#### 14
Diversified Tax Exempt Series

**Notes to Financial Statements (continued)**

5. Purchases and Sales of Securities

For the year ended December 31, 2025, purchases and sales of securities, other than U.S. Government securities and short-term securities, were $62,710,677 and $63,428,082, respectively. Purchases and sales of U.S. Government securities, other than short-term securities, were $7,839,258 and $229,882, respectively.

6. Capital Stock Transactions

Transactions in shares of Class A and Class W of Diversified Tax Exempt Series were:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;CLASS A | FOR THE YEAR ENDED<br> 12/31/25 | FOR THE YEAR ENDED<br> 12/31/25 | FOR THE YEAR ENDED <br> 12/31/24 | FOR THE YEAR ENDED <br> 12/31/24 |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;&nbsp;Sold | 10054 | $104512 | 803 | $8336 |
| &nbsp;&nbsp;&nbsp;Reinvested | 1714 | 17740 | 1687 | 17523 |
| &nbsp;&nbsp;&nbsp;Repurchased | (45087) | (464366) | (45649) | (474040) |
| &nbsp;&nbsp;&nbsp;Total | (33319) | $(342114) | (43159) | $(448181) |
| &nbsp;&nbsp;&nbsp;CLASS W | FOR THE YEAR ENDED <br> 12/31/25 | FOR THE YEAR ENDED <br> 12/31/25 | FOR THE YEAR ENDED<br> 12/31/24 | FOR THE YEAR ENDED<br> 12/31/24 |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;&nbsp;Sold | 3209347 | $33093730 | 2636681 | $27264067 |
| &nbsp;&nbsp;&nbsp;Reinvested | 537037 | 5569169 | 497961 | 5172478 |
| &nbsp;&nbsp;&nbsp;Repurchased | (3201701) | (33338869) | (7087970) | (73635301) |
| &nbsp;&nbsp;&nbsp;Total | 544683 | $5324030 | (3953328) | $(41198756) |

---

Over 99% of the shares outstanding (representing Class W) are fiduciary accounts where the Advisor has sole investment discretion.

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. 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 December 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 December 31, 2025.

#### 15
Diversified Tax Exempt Series

**Notes to Financial Statements (continued)**

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. The portion of distributions that exceeds a Series' current and accumulated earnings and profits, as measured on a tax basis, constitutes a non-taxable return of capital. These differences are primarily due to differing book and tax treatments in the timing and/or treatment of the recognition of net investment income or gains and losses, including market discount on investments, callable bonds 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. Any such reclassifications are not reflected in the financial highlights.

The tax character of distributions paid were as follows:

---

| | | |
|:---|:---|:---|
|  | FOR THE YEAR<br> ENDED 12/31/2025 | FOR THE YEAR<br> ENDED 12/31/2024 |
| Ordinary income | $473615 | $609581 |
| Tax exempt income | 5155301 | 4626270 |

---

At December 31, 2025, the tax basis of components of distributable earnings and the net unrealized depreciation based on the identified cost of Investments for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| Cost for federal income tax purposes | $212339998 |
| Unrealized appreciation | 1415833 |
| Unrealized depreciation | (2728564) |
| Net unrealized depreciation | $(1312731) |
| Undistributed tax exempt income | $2298275 |
| Capital loss carryforwards | $(1976561) |

---

As of December 31, 2025, the Series had net short-term capital loss carryforwards of $94,676 and net long-term capital loss carryforwards of $1,881,885, which may be carried forward indefinitely.

For the year ended December 31, 2025, the capital loss carryover utilized was $131,230.

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.

#### 16
Diversified Tax Exempt Series

**Report of Independent Registered Public Accounting Firm**

To the Board of Directors of Manning & Napier Fund, Inc. and Shareholders of Diversified Tax Exempt Series

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the investment portfolio, of Diversified Tax Exempt Series (one of the funds constituting Manning & Napier Fund, Inc., referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 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 December 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 December 31, 2025 and the financial highlights for each of the five years in the period ended December 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 December 31, 2025 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

![](mnncsr006.jpg)

**New York, New York**

**February 23, 2026**

We have served as the auditor of one or more investment companies in Manning & Napier Mutual Funds since 1992.

#### 17
{This page intentionally left blank}

#### 18
Diversified Tax Exempt 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.**

MNDTE-12/25-AR

#### 19
![](mnncsr007.jpg)

---

| | |
|:---|:---|
|  | **www.manning-napier.com** |
| **Manning & Napier Fund, Inc.** |  |
| High Yield Bond Series |  |

---

High Yield Bond Series

**Investment Portfolio - December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br> AMOUNT<sup>1</sup>/<br> SHARES | VALUE<br> (NOTE 2) |
| **LOAN ASSIGNMENTS - 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;C&S Wholesale Grocers, Inc., Initial Term Loan B, (1 mo. U.S. Secured Overnight Financing Rate + 5.000%), 8.671%, 9/23/2030<sup>2</sup> | 12119625 | $11816635 |
| &nbsp;&nbsp;&nbsp;WestJet Loyalty LP, Initial Term Loan (Canada) (3 mo. U.S. Secured Overnight Financing Rate + 3.250%), 6.922%, 2/14/2031<sup>2</sup> | 17834862 | 17894787 |
| **TOTAL LOAN ASSIGNMENTS** <br> (Identified Cost $29,702,375) |  | **29711422** |
| **CORPORATE BONDS - 96.2%** |  |  |
| **Non-Convertible Corporate Bonds- 96.2%** |  |  |
| **Communication Services - 6.3%** |  |  |
| &nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services - 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;IHS Holding Ltd. (Nigeria), 6.25%, 11/29/2028<sup>3</sup> | 19640000 | 19529533 |
| &nbsp;&nbsp;&nbsp;**Interactive Media & Services - 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Ziff Davis, Inc., 4.625%, 10/15/2030<sup>3</sup> | 19895000 | 18883633 |
| &nbsp;&nbsp;&nbsp;**Media - 3.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Directv Financing LLC - Directv Financing Co-Obligor, Inc., 10.00%, 2/15/2031<sup>3</sup> | 14305000 | 14622696 |
| &nbsp;&nbsp;&nbsp;Sirius X.M. Radio LLC, 3.875%, 9/1/2031<sup>3</sup> | 16895000 | 15536377 |
| &nbsp;&nbsp;&nbsp;Stagwell Global LLC, 5.625%, 8/15/2029<sup>3</sup> | 22015000 | 21502664 |
|  |  | 51661737 |
| **Total Communication Services** |  | 90074903 |
| **Consumer Discretionary - 10.2%** | **Consumer Discretionary - 10.2%** |  |
| &nbsp;&nbsp;&nbsp;**Auto Components - 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;American Axle & Manufacturing, Inc., 6.375%, 10/15/2032<sup>3</sup> | 21815000 | 22219588 |
| &nbsp;&nbsp;&nbsp;**Automobiles - 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Ford Motor Credit Co. LLC, 7.35%, 3/6/2030 | 13565000 | 14558807 |
| &nbsp;&nbsp;&nbsp;**Diversified Consumer Services - 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;The ADT Security Corp., 5.875%, 10/15/2033<sup>3</sup> | 14470000 | 14672119 |
| &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure - 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Affinity Interactive, 6.875%, 12/15/2027<sup>3</sup> | 28295000 | 16755489 |
| &nbsp;&nbsp;&nbsp;Brightstar Lottery plc/ Brightstar Global Solutions Corp. (United Kingdom), 5.75%, 1/15/2033<sup>3</sup> | 14165000 | 14065268 |
| &nbsp;&nbsp;&nbsp;SP Cruises Intermediate Ltd. (Bermuda), 11.50%, 3/14/2030<sup>3</sup> | 14000000 | 13763235 |
|  |  | 44583992 |
| &nbsp;&nbsp;&nbsp;**Household Durables - 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Adams Homes, Inc., 9.25%, 10/15/2028<sup>3</sup> | 13835000 | 14458085 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br> AMOUNT<sup>1</sup>/<br> SHARES | VALUE<br> (NOTE 2) |
| **CORPORATE BONDS** (continued) |  |  |
| **Non-Convertible Corporate Bonds** (continued) |  |  |
| **Consumer Discretionary** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;**Household Durables** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;LGI Homes, Inc., 4.00%, 7/15/2029<sup>3</sup> | 23178000 | $21132055 |
|  |  | 35590140 |
| **Textiles, Apparel & Luxury Goods - 1.0%** |  |  |
| The William Carter Co., 7.375%, 2/15/2031<sup>3</sup> | 14450000 | 14927607 |
| **Total Consumer Discretionary** |  | 146552253 |
| **Consumer Staples - 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail - 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;C&S Group Enterprises LLC, 5.00%, 12/15/2028<sup>3</sup> | 23530000 | 21778483 |
| &nbsp;&nbsp;&nbsp;**Food Products - 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Minerva Luxembourg S.A. (Brazil), 4.375%, 3/18/2031<sup>3</sup> | 25105000 | 23347650 |
| **Total Consumer Staples** |  | 45126133 |
| **Energy - 10.8%** |  |  |
| &nbsp;&nbsp;&nbsp;**Energy Equipment & Services - 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;SESI LLC, 7.875%, 9/30/2030<sup>3</sup> | 21955000 | 21611364 |
| &nbsp;&nbsp;&nbsp;**Metals & Mining - 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Futura Resources Ltd. (Australia), 13.125%, 1/9/2031 | 14000000 | 13254869 |
| &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels - 8.4%** |  |  |
| &nbsp;&nbsp;&nbsp;International Seaways, Inc., 7.125%, 9/23/2030 | 21500000 | 21381943 |
| &nbsp;&nbsp;&nbsp;Kinetik Holdings LP, 6.625%, 12/15/2028<sup>3</sup> | 12440000 | 12807975 |
| &nbsp;&nbsp;&nbsp;New Fortress Energy, Inc., 8.75%, 3/15/2029 (Acquired 03/21/2024-09/23/2024, cost $17,399,143)<sup>4</sup> | 19325000 | 886826 |
| &nbsp;&nbsp;&nbsp;NGL Energy Operating LLC - NGL Energy Finance Corp., 8.375%, 2/15/2032<sup>3</sup> | 20900000 | 21665910 |
| &nbsp;&nbsp;&nbsp;Summit Midstream Holdings LLC, 8.625%, 10/31/2029<sup>3</sup> | 21175000 | 21944609 |
| &nbsp;&nbsp;&nbsp;Venture Global LNG, Inc., 9.50%, 2/1/2029<sup>3</sup> | 27595000 | 28636295 |
| &nbsp;&nbsp;&nbsp;Venture Global Plaquemines LNG LLC, 6.125%, 12/15/2030<sup>3</sup> | 13040000 | 13276471 |
|  |  | 120600029 |
| **Total Energy** |  | 155466262 |
| **Financials - 29.9%** |  |  |
| &nbsp;&nbsp;&nbsp;**Banks - 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Popular, Inc. (Puerto Rico), 7.25%, 3/13/2028 | 19220000 | 20233670 |
| &nbsp;&nbsp;&nbsp;The Bancorp, Inc., 7.375%, 9/1/2030 | 9950000 | 10341619 |
|  |  | 30575289 |
| &nbsp;&nbsp;&nbsp;**Capital Markets - 5.9%** |  |  |
| &nbsp;&nbsp;&nbsp;BGC Group, Inc., 6.60%, 6/10/2029 | 21135000 | 22056492 |

---

The accompanying notes are an integral part of the financial statements.

**1**

High Yield Bond Series

**Investment Portfolio - December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | PRINCIPAL<br> AMOUNT<sup>1</sup>/<br> SHARES | VALUE<br> (NOTE 2) | VALUE<br> (NOTE 2) |
| **CORPORATE BONDS** (continued) |  |  |  |
| **Non-Convertible Corporate Bonds** (continued) |  |  |  |
| **Financials** (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;**Capital Markets** (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;Drawbridge Special Opportunities Fund LP - Drawbridge Special Opportunities Finance, 5.95%, 9/17/2030<sup>3</sup> | 22315000 | $| 21264436 |
| &nbsp;&nbsp;&nbsp;Icahn Enterprises LP - Icahn Enterprises Finance Corp., 9.00%, 6/15/2030 | 21820000 |  | 20833567 |
| &nbsp;&nbsp;&nbsp;StoneX Escrow Issuer LLC, 6.875%, 7/15/2032<sup>3</sup> | 20255000 |  | 21005900 |
|  |  |  | 85160395 |
| &nbsp;&nbsp;&nbsp;**Consumer Finance - 6.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Encore Capital Group, Inc., 6.625%, 4/15/2031<sup>3</sup> | 22655000 |  | 22911288 |
| &nbsp;&nbsp;&nbsp;Jefferson Capital Holdings LLC, 8.25%, 5/15/2030<sup>3</sup> | 19380000 |  | 20337004 |
| &nbsp;&nbsp;&nbsp;PRA Group, Inc., 8.875%, 1/31/2030<sup>3</sup> | 24480000 |  | 25423265 |
| &nbsp;&nbsp;&nbsp;SLM Corp., 6.50%, 1/31/2030 | 22390000 |  | 23158220 |
|  |  |  | 91829777 |
| &nbsp;&nbsp;&nbsp;**Financial Services - 7.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Burford Capital Global Finance LLC, 7.50%, 7/15/2033<sup>3</sup> | 21175000 |  | 20383836 |
| &nbsp;&nbsp;&nbsp;Clear Street Holdings LLC, 8.00%, 9/30/2030<sup>3</sup> | 14000000 |  | 14028185 |
| &nbsp;&nbsp;&nbsp;Jefferies Finance LLC - JFIN Co-Issuer Corp., 5.00%, 8/15/2028<sup>3</sup> | 15445000 |  | 14865156 |
| &nbsp;&nbsp;&nbsp;Oxford Finance LLC - Oxford Finance Co-Issuer II, Inc., 6.375%, 2/1/2027<sup>3</sup> | 16190000 |  | 16172047 |
| &nbsp;&nbsp;&nbsp;PHH Escrow Issuer LLC - PHH Corp., 9.875%, 11/1/2029<sup>3</sup> | 15940000 |  | 16534491 |
| &nbsp;&nbsp;&nbsp;Provident Funding Associates LP - PFG Finance Corp., 9.75%, 9/15/2029<sup>3</sup> | 13100000 |  | 13810393 |
| &nbsp;&nbsp;&nbsp;UWM Holdings LLC, 6.625%, 2/1/2030<sup>3</sup> | 6950000 |  | 7031326 |
| &nbsp;&nbsp;&nbsp;Velocity Portfolio Group, Inc., 9.75%, 3/1/2033 (Acquired 02/07/2025, cost $7,000,000)<sup>4</sup> | 7000000 |  | 7164895 |
|  |  |  | 109990329 |
| &nbsp;&nbsp;&nbsp;**Insurance - 5.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;APH Somerset Investor 2 LLC - APH2 Somerset Investor 2 LLC - APH3 Somerset Investor, 7.875%, 11/1/2029<sup>3</sup> | 35095000 |  | 35601994 |
| &nbsp;&nbsp;&nbsp;F&G Annuities & Life, Inc., 6.50%, 6/4/2029 | 19055000 |  | 19843868 |
| &nbsp;&nbsp;&nbsp;SiriusPoint Ltd. (Sweden), 7.00%, 4/5/2029 | 19525000 |  | 20691078 |
|  |  |  | 76136940 |
| &nbsp;&nbsp;&nbsp;**Mortgage Real Estate Investment Trusts (REITS) - 2.5%** | &nbsp;&nbsp;&nbsp;**Mortgage Real Estate Investment Trusts (REITS) - 2.5%** | &nbsp;&nbsp;&nbsp;**Mortgage Real Estate Investment Trusts (REITS) - 2.5%** | &nbsp;&nbsp;&nbsp;**Mortgage Real Estate Investment Trusts (REITS) - 2.5%** |
| &nbsp;&nbsp;&nbsp;Arbor Realty SR, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 10/15/2027<sup>3</sup> | 6000000 |  | 6214233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.875%, 7/15/2030<sup>3</sup> | 15605000 |  | 14953752 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br> AMOUNT<sup>1</sup>/<br> SHARES | VALUE<br> (NOTE 2) |
| **CORPORATE BONDS** (continued) |  |  |
| **Non-Convertible Corporate Bonds** (continued) |  |  |
| **Financials** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;**Mortgage Real Estate Investment Trusts (REITS)** (continued) | &nbsp;&nbsp;&nbsp;**Mortgage Real Estate Investment Trusts (REITS)** (continued) | &nbsp;&nbsp;&nbsp;**Mortgage Real Estate Investment Trusts (REITS)** (continued) |
| &nbsp;&nbsp;&nbsp;Starwood Property Trust, Inc., 5.75%, 1/15/2031<sup>3</sup> | 14620000 | $14796422 |
|  |  | 35964407 |
| **Total Financials** |  | 429657137 |
| **Health Care - 10.7%** |  |  |
| &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies - 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Teleflex, Inc., 4.25%, 6/1/2028<sup>3</sup> | 13585000 | 13389979 |
| &nbsp;&nbsp;&nbsp;**Health Care Providers & Services - 5.8%** |  |  |
| &nbsp;&nbsp;&nbsp;AdaptHealth LLC, 4.625%, 8/1/2029<sup>3</sup> | 22175000 | 21517145 |
| &nbsp;&nbsp;&nbsp;Owens & Minor, Inc., 6.625%, 4/1/2030<sup>3</sup> | 30851000 | 19788744 |
| &nbsp;&nbsp;&nbsp;Prime Healthcare Services, Inc., 9.375%, 9/1/2029<sup>3</sup> | 19985000 | 21050635 |
| &nbsp;&nbsp;&nbsp;Radiology Partners, Inc., 8.50%, 7/15/2032<sup>3</sup> | 20480000 | 21394812 |
|  |  | 83751336 |
| &nbsp;&nbsp;&nbsp;**Life Science Tools & Service - 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Star Parent, Inc., 9.00%, 10/1/2030<sup>3</sup> | 9713000 | 10380778 |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals - 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Harrow, Inc., 8.625%, 9/15/2030<sup>3</sup> | 18305000 | 19153399 |
| &nbsp;&nbsp;&nbsp;Organon & Co. - Organon Foreign Debt Co-Issuer B.V., 5.125%, 4/30/2031<sup>3</sup> | 33475000 | 27740657 |
|  |  | 46894056 |
| **Total Health Care** |  | 154416149 |
| **Industrials - 9.3%** |  |  |
| &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies - 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;CoreCivic, Inc., 4.75%, 10/15/2027 | 14285000 | 14219868 |
| &nbsp;&nbsp;&nbsp;Prime Security Services Borrower LLC - Prime Finance, Inc., 3.375%, 8/31/2027<sup>3</sup> | 5788000 | 5682296 |
|  |  | 19902164 |
| &nbsp;&nbsp;&nbsp;**Construction & Engineering - 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Brundage-Bone Concrete Pumping Holdings, Inc., 7.50%, 2/1/2032<sup>3</sup> | 11670000 | 11905358 |
| &nbsp;&nbsp;&nbsp;**Electrical Equipment - 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Atkore, Inc., 4.25%, 6/1/2031<sup>3</sup> | 18220000 | 17469808 |
| &nbsp;&nbsp;&nbsp;**Marine Transportation - 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Contships Logistics Corp. (Greece), 9.00%, 2/11/2030 | 14750000 | 15056401 |
| &nbsp;&nbsp;&nbsp;Navios South American Logistics, Inc. (Uruguay), 8.875%, 7/14/2030<sup>3</sup> | 12800000 | 13251785 |
|  |  | 28308186 |
| &nbsp;&nbsp;&nbsp;**Passenger Airlines - 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;American Airlines, Inc. - AAdvantage Loyalty IP Ltd., 5.75%, 4/20/2029<sup>3</sup> | 20330000 | 20700127 |

---

The accompanying notes are an integral part of the financial statements.

**2**

High Yield Bond Series

**Investment Portfolio - December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br> AMOUNT<sup>1</sup>/<br> SHARES | VALUE<br> (NOTE 2) |
| **CORPORATE BONDS** (continued) |  |  |
| **Non-Convertible Corporate Bonds** (continued) |  |  |
| **Industrials** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;**Passenger Airlines** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;United Airlines Pass-Through Trust, Series 2018-1, Class B, 4.60%, 3/1/2026 | 8483327 | $8485927 |
|  |  | 29186054 |
| &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors - 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Airborne Capital USA LLC, 10.50%, 8/2/2029 | 5000000 | 4176364 |
| &nbsp;&nbsp;&nbsp;Avation Group S Pte Ltd. (Singapore), 8.50%, 5/15/2031<sup>3</sup> | 23110000 | 22802957 |
|  |  | 26979321 |
| **Total Industrials** |  | 133750891 |
| **Information Technology - 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;**Communications Equipment - 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Connect Finco S.A.R.L - Connect U.S. Finco LLC (United Kingdom), 9.00%, 9/15/2029<sup>3</sup> | 13535000 | 14374516 |
| **Materials - 9.2%** |  |  |
| &nbsp;&nbsp;&nbsp;**Chemicals - 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Cerdia Finanz GmbH (Germany), 9.375%, 10/3/2031<sup>3</sup> | 16640000 | 17237087 |
| &nbsp;&nbsp;&nbsp;**Containers & Packaging - 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Graphic Packaging International LLC, 3.50%, 3/15/2028<sup>3</sup> | 5918000 | 5731091 |
| &nbsp;&nbsp;&nbsp;OI European Group B.V., 4.75%, 2/15/2030<sup>3</sup> | 21285000 | 20588406 |
|  |  | 26319497 |
| &nbsp;&nbsp;&nbsp;**Metals & Mining - 4.9%** |  |  |
| &nbsp;&nbsp;&nbsp;ACG Holdco 1 plc (United Kingdom), 14.75%, 1/13/2029 | 16000000 | 17410502 |
| &nbsp;&nbsp;&nbsp;Alcoa Nederland Holding B.V., 4.125%, 3/31/2029<sup>3</sup> | 8365000 | 8203433 |
| &nbsp;&nbsp;&nbsp;Endeavour Mining plc (CÃ´te d'Ivoire), 7.00%, 5/28/2030<sup>3</sup> | 20540000 | 21196987 |
| &nbsp;&nbsp;&nbsp;Nickel Industries Ltd. (Indonesia), 9.00%, 9/30/2030<sup>3</sup> | 22065000 | 22897865 |
| &nbsp;&nbsp;&nbsp;Northwest Acquisitions ULC - Dominion Finco, Inc., 7.125%, 11/1/2022 (Acquired 10/10/2017-05/15/2020, cost $1,518,841)<sup>4,5</sup> | 6535000 | 65 |
|  |  | 69708852 |
| &nbsp;&nbsp;&nbsp;**Paper & Forest Products - 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Magnera Corp., 7.25%, 11/15/2031<sup>3</sup> | 19460000 | 19130159 |
| **Total Materials** |  | 132395595 |
| **Real Estate - 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;**Industrial REITs - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;IIP Operating Partnership LP, 5.50%, 5/25/2026 | 5455000 | 5391455 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br> AMOUNT<sup>1</sup>/<br> SHARES | VALUE<br> (NOTE 2) |
| **CORPORATE BONDS** (continued) |  |  |
| **Non-Convertible Corporate Bonds** (continued) |  |  |
| **Real Estate** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;**Real Estate Management & Development - 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Five Point Operating Co. LP, 8.00%, 10/1/2030<sup>3</sup> | 21410000 | $22394140 |
| &nbsp;&nbsp;&nbsp;**Specialized REITs - 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Pelorus Fund REIT LLC, 7.00%, 9/30/2026 (Acquired 09/21/2021- 07/08/2022, cost $4,114,250)<sup>4</sup> | 4355000 | 4355602 |
| **Total Real Estate** |  | 32141197 |
| **Utilities - 3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;**Electric Utilities - 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Alexander Funding Trust II, 7.467%, 7/31/2028<sup>3</sup> | 12540000 | 13353361 |
| &nbsp;&nbsp;&nbsp;Atlantica Sustainable Infrastructure Ltd. (Spain), 4.125%, 6/15/2028<sup>3</sup> | 16283000 | 15867242 |
|  |  | 29220603 |
| &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers - 1.5%** | &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers - 1.5%** | &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers - 1.5%** |
| &nbsp;&nbsp;&nbsp;TerraForm Power Operating LLC, 4.75%, 1/15/2030<sup>3</sup> | 22487000 | 21850604 |
| **Total Utilities** |  | 51071207 |
| **TOTAL CORPORATE BONDS** <br> (Identified Cost $1,399,571,321) |  | **1385026243** |
| **ASSET-BACKED SECURITIES - 0.2%** | **ASSET-BACKED SECURITIES - 0.2%** | **ASSET-BACKED SECURITIES - 0.2%** |
| &nbsp;&nbsp;&nbsp;Oxford Finance Funding Trust, Series 2023-1A, Class A2, 6.716%, 2/15/2031<sup>3</sup> |  |  |
| &nbsp;&nbsp;&nbsp;(Identified Cost $2,891,995) | 2891995 | **2920241** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.0%##** | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.0%##** | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.0%##** |
| &nbsp;&nbsp;&nbsp;PCG LLC, Series 2023-1, (1 mo. U.S. Secured Overnight Financing Rate + 6.000%), 9.732%, 7/25/2029 (Acquired 07/24/2023, cost $179,992)<sup>2,4</sup> |  |  |
| &nbsp;&nbsp;&nbsp;(Identified Cost $179,992) | 179992 | **179983** |
| **SHORT-TERM INVESTMENT - 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 3.65%<sup>6</sup> |  |  |
| &nbsp;&nbsp;&nbsp;(Identified Cost $19,702,168) | 19702168 | **19702168** |
| **TOTAL INVESTMENTS - 99.9%** <br> (Identified Cost $1,452,047,851) |  | **1437540057** |
| **OTHER ASSETS, LESS LIABILITIES - 0.1%** |  | **1615584** |
| **NET ASSETS - 100%** |  | $**1439155641** |

---

The accompanying notes are an integral part of the financial statements.

**3**

High Yield Bond Series

**Investment Portfolio - December 31, 2025**

REIT - Real Estate Investment Trust

## Less than 0.1%.

<sup>1</sup>Amount is stated in USD unless otherwise noted.

<sup>2</sup>Floating rate security. Rate shown is the rate in effect as of December 31, 2025.

<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 December 31, 2025 was $1,124,444,446, which represented 78.1% of the Series' Net Assets.

<sup>4</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 December 31, 2025 was $12,587,371, or 0.9% of the Series' Net Assets.

<sup>5</sup>Issuer filed for bankruptcy and/or is in default of interest payments.

<sup>6</sup>Rate shown is the current yield as of December 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.

**4**

High Yield Bond Series

**Statement of Assets and Liabilities**

December 31, 2025

---

| | |
|:---|:---|
| **ASSETS:** | |
| Investments, at value (identified cost $1,452,047,851) (Note 2) | $1437540057 |
| Interest receivable | 26998198 |
| Receivable for fund shares sold | 1588537 |
| Dividends receivable | 97142 |
| Prepaid expenses | 21802 |
| TOTAL ASSETS | 1466245736 |
| **LIABILITIES:** |  |
| Due to custodian | 561 |
| Accrued management fees<sup>1</sup> | 488595 |
| Accrued sub-transfer agent fees<sup>1</sup> | 394088 |
| Accrued fund accounting and administration fees<sup>1</sup> | 60744 |
| Accrued distribution and service (Rule 12b-1) fees (Class S)<sup>1</sup> | 39450 |
| Accrued Chief Compliance Officer service fees<sup>1</sup> | 2263 |
| Payable for securities purchased | 25172532 |
| Payable for fund shares repurchased | 834886 |
| Other payables and accrued expenses | 96976 |
| TOTAL LIABILITIES | 27090095 |
| Commitments and contingent liabilities<sup>1</sup> |  |
| **TOTAL NET ASSETS** | $**1439155641** |
| **NET ASSETS CONSIST OF:** |  |
| Capital stock | $1479202 |
| Additional paid-in-capital | 1454426405 |
| Total distributable earnings (loss) | (16749966) |
| **TOTAL NET ASSETS** | $**1439155641** |
| &nbsp;&nbsp; **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class S**<br>($184,574,773/18,876,347 shares) <br>| $**9.78** |
| &nbsp;&nbsp; **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class I**<br>($1,135,958,222/116,840,315 shares) <br>| $**9.72** |
| &nbsp;&nbsp; **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class W**<br>($6,703,999/690,649 shares) <br>| $**9.71** |
| &nbsp;&nbsp; **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class Z**<br>($111,918,647/11,512,865 shares) <br>| $**9.72** |

---

<sup>1</sup> See note 3 in Notes to the Financial Statements.

The accompanying notes are an integral part of the financial statements.

**5**

High Yield Bond Series

**Statement of Operations**

For the year Ended December 31, 2025

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** | |
| Interest | $108811957 |
| Dividends | 2066054 |
| Total Investment Income | 110878011 |
| **EXPENSES:** |  |
| Management fees (Note 3) | 5632291 |
| Sub-transfer agent fees (Note 3) | 1579114 |
| Distribution and service (Rule 12b-1) fees (Class S) (Note 3) | 516451 |
| Fund accounting and administration fees (Note 3) | 196772 |
| Directors' fees (Note 3) | 185302 |
| Chief Compliance Officer service fees (Note 3) | 9576 |
| Professional fees | 150551 |
| Custodian fees | 50913 |
| Recoupment of past waived and/or reimbursed fees (Note 3) | 29564 |
| Miscellaneous | 319077 |
| Total Expenses | 8669611 |
| Less reduction of expenses (Note 3) | (29119) |
| Net Expenses | 8640492 |
| NET INVESTMENT INCOME | 102237519 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:** |  |
| Net realized gain (loss) on investments | 5003621 |
| Net change in unrealized appreciation (depreciation) on investments | (17127702) |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS | (12124081) |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $90113438 |

---

The accompanying notes are an integral part of the financial statements.

**6**

High Yield Bond Series

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | FOR THE YEAR ENDED 12/31/25 | FOR THE YEAR ENDED 12/31/24 |
| **INCREASE (DECREASE) IN NET ASSETS:** |  |  |
| **OPERATIONS:** |  |  |
| Net investment income | $102237519 | $72427958 |
| Net realized gain (loss) on investments | 5003621 | 11630247 |
| Net change in unrealized appreciation (depreciation) on investments | (17127702) | 379335 |
| Net increase (decrease) from operations | 90113438 | 84437540 |
| **DISTRIBUTIONS TO SHAREHOLDERS (Note 10):** |  |  |
| Class S | (14252079) | (10416597) |
| Class I | (79708488) | (53507570) |
| Class W | (612207) | (4208821) |
| Class Z | (7540722) | (4484288) |
| Total distributions to shareholders | (102113496) | (72617276) |
| **CAPITAL STOCK ISSUED AND REPURCHASED:** |  |  |
| Net increase (decrease) from capital share transactions (Note 6) | 84100001 | 821383160 |
| Net increase (decrease) in net assets | 72099943 | 833203424 |
| **NET ASSETS:** |  |  |
| Beginning of year | 1367055698 | 533852274 |
| **End of year** | $1439155641 | $1367055698 |

---

The accompanying notes are an integral part of the financial statements.

**7**

High Yield Bond Series

**Financial Highlights - Class S**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED | FOR THE YEAR ENDED | | | |
|  | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 |
| **Per share data (for a share outstanding throughout** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**each year):** |  |  |  |  |  |
| **Net asset value - Beginning of year** | $9.83 | $9.56 | $9.04 | $10.37 | $10.19 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.69 | 0.72 | 0.71 | 0.60 | 0.53 |
| Net realized and unrealized gain (loss) on investments | (0.06) | 0.18 | 0.45 | (1.40) | 0.47 |
| Total from investment operations | 0.63 | 0.90 | 1.16 | (0.80) | 1.00 |
| Less distributions to shareholders: |  |  |  |  |  |
| From net investment income | (0.68) | (0.63) | (0.60) | (0.51) | (0.47) |
| From net realized gain on investments | (0.00)<sup>2</sup> |  |  | (0.02) | (0.35) |
| From return of capital |  |  | (0.04) |  |  |
| Total distributions to shareholders | (0.68) | (0.63) | (0.64) | (0.53) | (0.82) |
| **Net asset value - End of year** | **$9.78** | **$9.83** | **$9.56** | **$9.04** | **$10.37** |
| **Net assets - End of year** (000's omitted) | **$184575** | **$233408** | **$73871** | **$47499** | **$47108** |
| Total return<sup>3</sup> | 6.65% | 9.64% | 13.31% | (7.69%) | 9.99% |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |
| Expenses\* | 0.88%<sup>4</sup> | 0.90%<sup>4</sup> | 0.90% | 0.90% | 0.90% |
| Net investment income | 7.01% | 7.32% | 7.73% | 6.23% | 5.02% |
| Series portfolio turnover | 92% | 96% | 94% | 93% | 128% |

---

\*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 | 0.06% | 0.07% | 0.05% |

---

<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. Without the recoupment, the ratio would have been 0.87%.

The accompanying notes are an integral part of the financial statements.

**8**

High Yield Bond 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 |
|  | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 |
| **Per share data (for a share outstanding throughout each year):** |  |  |  |  |  |
| **Net asset value - Beginning of year** | $9.78 | $9.60 | $9.23 | $10.73 | $10.71 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.71 | 0.74 | 0.75 | 0.67 | 0.58 |
| Net realized and unrealized gain (loss) on investments | (0.06) | 0.18 | 0.44 | (1.48) | 0.49 |
| Total from investment operations | 0.65 | 0.92 | 1.19 | (0.81) | 1.07 |
| Less distributions to shareholders: |  |  |  |  |  |
| From net investment income | (0.71) | (0.74) | (0.77) | (0.67) | (0.62) |
| From net realized gain on investments | (0.00)<sup>2</sup> |  |  | (0.02) | (0.43) |
| From return of capital |  |  | (0.05) |  |  |
| Total distributions to shareholders | (0.71) | (0.74) | (0.82) | (0.69) | (1.05) |
| **Net asset value - End of year** | **$9.72** | **$9.78** | **$9.60** | **$9.23** | **$10.73** |
| **Net assets - End of year (000's omitted)** | **$1135958** | **$1043047** | **$352946** | **$210242** | **$67760** |
| Total return<sup>3</sup> | 6.89% | 9.95% | 13.63% | (7.50%) | 10.27% |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |
| Expenses<sup>\*</sup> | 0.58% | 0.61%<sup>4</sup> | 0.65% | 0.65% | 0.65% |
| Net investment income | 7.29% | 7.62% | 7.99% | 6.82% | 5.28% |
| Series portfolio turnover | 92% | 96% | 94% | 93% | 128% |

---

\*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 | 0.04% | 0.02% |

---

<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. Without the recoupment, the ratio would have been 0.59%.

The accompanying notes are an integral part of the financial statements.

**9**

High Yield Bond 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 |
|  | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 |
| **Per share data (for a share outstanding throughout each year):** |  |  |  |  |  |
| **Net asset value - Beginning of year** | $9.77 | $9.54 | $9.03 | $10.36 | $10.17 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.75 | 0.81 | 0.78 | 0.66 | 0.63 |
| Net realized and unrealized gain (loss) on investments | (0.06) | 0.17 | 0.44 | (1.38) | 0.46 |
| Total from investment operations | 0.69 | 0.98 | 1.22 | (0.72) | 1.09 |
| Less distributions to shareholders: |  |  |  |  |  |
| From net investment income | (0.75) | (0.75) | (0.66) | (0.59) | (0.55) |
| From net realized gain on investments | (0.00)<sup>2</sup> |  |  | (0.02) | (0.35) |
| From return of capital |  |  | (0.05) |  |  |
| Total distributions to shareholders | (0.75) | (0.75) | (0.71) | (0.61) | (0.90) |
| **Net asset value - End of year** | **$9.71** | **$9.77** | **$9.54** | **$9.03** | **$10.36** |
| **Net assets - End of year (000's omitted)** | **$6704** | **$1564** | **$77661** | **$74810** | **$137215** |
| Total return<sup>3</sup> | 7.43% | 10.62% | 14.11% | (6.92%) | 10.89% |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |
| Expenses<sup>\*</sup> | 0.10%<sup>4</sup> | 0.10%<sup>5</sup> | 0.10% | 0.10% | 0.10% |
| Net investment income | 7.71% | 8.42% | 8.50% | 6.84% | 5.92% |
| Series portfolio turnover | 92% | 96% | 94% | 93% | 128% |

---

\*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:

---

| | | | |
|:---|:---|:---|:---|
| 0.40% | 0.47% | 0.46% | 0.47% |

---

<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 recoupment of past waived and/or reimbursed fees. Without the recoupment, the ratio would have been 0.06%.

<sup>5</sup>Includes recoupment of past waived and/or reimbursed fees. Without the recoupment, the ratio would have been 0.08%.

The accompanying notes are an integral part of the financial statements.

**10**

High Yield Bond 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 |
|  | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 |
| **Per share data (for a share outstanding throughout each year):** |  |  |  |  |  |
| **Net asset value - Beginning of year** | $9.78 | $9.60 | $9.23 | $10.73 | $10.69 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.72 | 0.75 | 0.77 | 0.63 | 0.60 |
| Net realized and unrealized gain (loss) on investments | (0.06) | 0.18 | 0.43 | (1.43) | 0.50 |
| Total from investment operations | 0.66 | 0.93 | 1.20 | (0.80) | 1.10 |
| Less distributions to shareholders: |  |  |  |  |  |
| From net investment income | (0.72) | (0.75) | (0.78) | (0.68) | (0.63) |
| From net realized gain on investments | (0.00)<sup>2</sup> |  |  | (0.02) | (0.43) |
| From return of capital |  |  | (0.05) |  |  |
| Total distributions to shareholders | (0.72) | (0.75) | (0.83) | (0.70) | (1.06) |
| **Net asset value - End of year** | **$9.72** | **$9.78** | **$9.60** | **$9.23** | **$10.73** |
| **Net assets - End of year (000's omitted)** | **$111919** | **$89037** | **$29374** | **$3148** | **$9813** |
| Total return<sup>3</sup> | 7.02% | 10.01% | 13.77% | (7.39%) | 10.48% |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |
| Expenses<sup>\*</sup> | 0.46% | 0.50%<sup>4</sup> | 0.50% | 0.50% | 0.50% |
| Net investment income | 7.37% | 7.70% | 8.23% | 6.38% | 5.41% |
| Series portfolio turnover | 92% | 96% | 94% | 93% | 128% |

---

\*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 | 0.06% | 0.07% |

---

<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. Without the recoupment, the ratio would have been 0.48%.

The accompanying notes are an integral part of the financial statements.

**11**

High Yield Bond Series

**Notes to Financial Statements**

1. Organization

High Yield Bond 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 a high level of long-term total return by investing principally in non-investment grade fixed income securities that are issued by government and corporate entities.

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. Effective as of the close of business on November 4, 2024 (the "Closing Date"), the Series and its share classes were closed to most new investments because the Advisor believes that the Series' investment strategy may be adversely affected if the size of the Series is not limited. The Series is now offered on a limited basis to the Series' shareholders of record as of the Closing Date and subject to the exceptions outlined in the Series' prospectus. Please refer to the Series' prospectus for additional information.

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 December 31, 2025, 6.8 billion shares have been designated in total among 15 series, of which 225 million have been designated as High Yield Bond Series Class I common stock, 100 million have been designated to High Yield Bond Series Class Z Common Stock, 125 million have been designated as High Yield Bond Series Class S common stock and 50 million have been designated as High Yield Bond Series Class W common stock.

Class W shares represent fiduciary accounts where the Advisor has sole investment discretion.

On September 6, 2024, a Reverse Stock Split, approved by the Fund's Board of Directors, was executed for Classes I and Z of the Series after the close of trading. Shareholders who owned Classes I and Z shares of the Series received a proportional number of Classes I and Z shares of the Series. All share and per share amounts and disclosures in the financial statements and footnotes reflect the reverse stock split. Following the Reverse Stock Split, the total dollar value of a shareholder's investment in the Series remained unchanged and each shareholder owned the same percentage (by value) of the Series as the shareholder did immediately prior to the Reverse Stock Split.

Reverse Stock Split Ratios for the impacted Classes are as follows:

---

| | |
|:---|:---|
|  | REVERSE |
|  | STOCK SPLIT |
|  | RATIO |
| &nbsp;&nbsp;&nbsp;CLASS | (old to new) |
| &nbsp;&nbsp;&nbsp;Class I | 1 : 0.805208 |
| &nbsp;&nbsp;&nbsp;Class Z | 1 : 0.806250 |

---

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

**12**

High Yield Bond Series

**Notes to Financial Statements (continued)**

2. Significant Accounting Policies (continued)

**Security Valuation** (continued)

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, loan assignments, and mortgage-backed securities will normally be valued on the basis of evaluated bid prices provided directly by an independent pricing 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 default rates, coupon rates, anticipated timing of 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.

The fair value of loan assignments is estimated using recently executed transactions, market price quotations, credit/market events, and cross-asset pricing. Inputs are generally observable market inputs obtained from independent sources. Loan assignments are generally categorized in Level 2 of the fair value hierarchy, unless key inputs are unobservable, in which case they would be categorized in Level 3.

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

**13**

High Yield Bond Series

**Notes to Financial Statements (continued)**

2. Significant Accounting Policies (continued)

**Fair Value** (continued)

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 December 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;Debt securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loan Assignments | $29711422 | $— | $29711422 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate debt: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | 90074903 |  | 90074903 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 146552253 |  | 146552253 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | 45126133 |  | 45126133 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 155466262 |  | 155466262 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 429657137 |  | 429657137 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | 154416149 |  | 154416149 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 133750891 |  | 133750891 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 14374516 |  | 14374516 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 132395595 |  | 132395595 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate | 32141197 |  | 32141197 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 51071207 |  | 51071207 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset-backed securities | 2920241 |  | 2920241 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial mortgage-backed securities | 179983 |  | 179983 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investment | 19702168 | 19702168 |  |  |
| &nbsp;&nbsp;&nbsp;Total assets | $1437540057 | $19702168 | $1417837889 | $— |

---

There were no Level 3 securities held by the Series as of December 31, 2024 or December 31, 2025.

**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

**14**

High Yield Bond Series

**Notes to Financial Statements (continued)**

2. Significant Accounting Policies (continued)

**Security Transactions, Investment Income and Expenses** (continued)

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.

**Securities Purchased on a When-Issued Basis or Forward Commitment**

The 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 takes such fluctuations into account when determining its net asset value. The Series may sell the when-issued securities before they are delivered, which may result in a capital gain or loss. No such investments were held by the Series on December 31, 2025.

In connection with its 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. Information regarding securities purchased on a when-issued basis is included in the Series' Investment Portfolio. No such investments were held by the Series on December 31, 2025.

**Asset-Backed Securities**

The 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, the Series may subsequently have to reinvest the proceeds at lower interest rates. If the 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.

**15**

High Yield Bond Series

**Notes to Financial Statements (continued)**

2. Significant Accounting Policies (continued)

**Mortgage-Backed Securities**

The 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 the 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 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.

**Restricted Securities**

Restricted securities are purchased in private placement transactions, are not registered under the Securities Act of 1933, as amended, and may have contractual restrictions on resale. Information regarding restricted securities is included at the end of the Series' Investment Portfolio.

**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 December 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 December 31, 2021 through December 31, 2025.

**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 monthly. 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.

**16**

High Yield Bond Series

**Notes to Financial Statements (continued)**

2. Significant Accounting Policies (continued)

**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 0.40% 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. For the year ended December 31, 2025, the sub-transfer agency expenses incurred by Class S and Class I were $321,881 and $1,257,233, respectively.

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 Investment Servicing (U.S.) Inc. ("BNY") under which BNY serves as sub-accountant services agent.

Pursuant to an advisory fee waiver agreement, 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

**17**

High Yield Bond Series

**Notes to Financial Statements (continued)**

3. Transactions with Affiliates and Other Agreements (continued)

investment accounts and other accounts managed by the Advisor. These clients pay a management fee to the Advisor that is separate from the Fund's 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"), do not exceed 0.65% of the average daily net assets of the Class S and Class I shares, 0.10% of the average daily net assets of the Class W shares, and 0.50% of the average daily net assets of the Class Z 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 $29,119 in management fees for Class W For the year ended December, 31, 2025. In addition, pursuant to the separate expense limitation agreement, the Advisor did not waive or reimburse expenses for Class S, Class I, Class W, and Class Z, respectively, for the year ended December 31, 2025.

For the year ended December 31, 2025, the Advisor recouped the following waivers and/or reimbursements previously recorded by the Series:

---

| | |
|:---|:---|
|  | RECOUPED |
| &nbsp;&nbsp;CLASS | AMOUNT |
| &nbsp;&nbsp;Class S | $26990 |
| &nbsp;&nbsp;Class W | 2574 |

---

As of December 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 DECEMBER 31, | EXPIRING DECEMBER 31, |  |  |
|  | 2026 | 2027 | 2028 | TOTAL |
| &nbsp;&nbsp;Class W | $50476 | $— | $— | $50476 |

---

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.

**18**

High Yield Bond Series

**Notes to Financial Statements (continued)**

5. Purchases and Sales of Securities

For the year ended December 31, 2025, purchases and sales of securities, other than U.S. Government securities and short-term securities, were $1,342,528,843 and $1,250,302,506, 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 High Yield Bond Series were:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;CLASS S | FOR THE YEAR ENDED 12/31/25 | FOR THE YEAR ENDED 12/31/25 | FOR THE YEAR ENDED 12/31/24 | FOR THE YEAR ENDED 12/31/24 |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;&nbsp;Sold | 6119849 | $59982325 | 22119636 | $216724934 |
| &nbsp;&nbsp;&nbsp;Reinvested | 1355521 | 13235092 | 973501 | 9548144 |
| &nbsp;&nbsp;&nbsp;Repurchased | (12336241) | (120193276) | (7082554) | (69253349) |
| &nbsp;&nbsp;&nbsp;Total | (4860871) | $(46975859) | 16010583 | $157019729 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;CLASS I | FOR THE YEAR ENDED 12/31/25 | FOR THE YEAR ENDED 12/31/25 | FOR THE YEAR ENDED 12/31/24 | FOR THE YEAR ENDED 12/31/24 |
|  | SHARES | AMOUNT | SHARES<sup>1</sup> | AMOUNT |
| &nbsp;&nbsp;&nbsp;Sold | 53348786 | $520436883 | 88675345 | $866567140 |
| &nbsp;&nbsp;&nbsp;Reinvested | 7971699 | 77379002 | 5394973 | 52616454 |
| &nbsp;&nbsp;&nbsp;Repurchased | (51133276) | (494923361) | (24185966) | (236341822) |
| &nbsp;&nbsp;&nbsp;Total | 10187209 | $102892524 | 69884352 | $682841772 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;CLASS W | FOR THE YEAR ENDED 12/31/25 | FOR THE YEAR ENDED 12/31/25 | FOR THE YEAR ENDED 12/31/24 | FOR THE YEAR ENDED 12/31/24 |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;&nbsp;Sold | 1122549 | $10808788 | 10818993 | $103251917 |
| &nbsp;&nbsp;&nbsp;Reinvested | 63340 | 612206 | 429647 | 4132052 |
| &nbsp;&nbsp;&nbsp;Repurchased | (655440) | (6392512) | (19225002) | (186044049) |
| &nbsp;&nbsp;&nbsp;Total | 530449 | $5028482 | (7976362) | $(78660080) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;CLASS Z | FOR THE YEAR ENDED 12/31/25 | FOR THE YEAR ENDED 12/31/25 | FOR THE YEAR ENDED 12/31/24 | FOR THE YEAR ENDED 12/31/24 |
|  | SHARES | AMOUNT | SHARES<sup>1</sup> | AMOUNT |
| &nbsp;&nbsp;&nbsp;Sold | 10058533 | $96500416 | 14559950 | $141776983 |
| &nbsp;&nbsp;&nbsp;Reinvested | 259538 | 2519415 | 195935 | 1909293 |
| &nbsp;&nbsp;&nbsp;Repurchased | (7908206) | (75864977) | (8713063) | (83504537) |
| &nbsp;&nbsp;&nbsp;Total | 2409865 | $23154854 | 6042822 | $60181739 |

---

<sup>1</sup> Share amounts have been adjusted for a reverse stock split effective after the close of business on September 6, 2024. See Note 1 of the Notes to Financial Statements.

Less than 1% of the shares oustanding (representing Class W) are fiduciary accounts where the Advisor has sole investment discretion.

**19**

High Yield Bond Series

**Notes to Financial Statements (continued)**

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. 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 December 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 December 31, 2025.

The Series may invest in a loan assignment of all or a portion of the loans. The 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.

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. The portion of distributions that exceeds a Series' current and accumulated earnings and profits, as measured on a tax basis, constitutes a non-taxable return of capital. These differences are primarily due to differing book and tax treatments in the timing and/or treatment of the recognition of net investment income or gains and losses, including losses deferred due to wash sales 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 December 31, 2025, amounts were reclassified within the capital accounts to increase Additional Paid in Capital by $1,080,000 and decrease Total Distributable Earnings (Loss) by $1,080,000. 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 12/31/25 | ENDED 12/31/24 |
| &nbsp;&nbsp;&nbsp;Ordinary income | $101579172 | $72617276 |
| &nbsp;&nbsp;&nbsp;Long-term capital gains | $534324 |  |

---

**20**

High Yield Bond Series

**Notes to Financial Statements (continued)**

10. Federal Income Tax Information (continued)

At December 31, 2025, the tax basis of components of distributable earnings and the net unrealized depreciation based on the identified cost of Investments for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| Cost for federal income tax purposes | $1454783323 |
| Unrealized appreciation | 28124160 |
| Unrealized depreciation | (45328351) |
| Net unrealized depreciation | $(17204191) |
| Undistributed ordinary income | $206411 |
| Undistributed long-term capital gains | $286887 |

---

For the year ended December 31, 2025, the capital loss carryover utilized was $2,987,533.

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.

**21**

High Yield Bond Series

**Report of Independent Registered Public Accounting Firm**

To the Board of Directors of Manning & Napier Fund, Inc. and Shareholders of High Yield Bond Series

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the investment portfolio, of High Yield Bond Series (one of the funds constituting Manning & Napier Fund, Inc., referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 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 December 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 December 31, 2025 and the financial highlights for each of the five years in the period ended December 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 December 31, 2025 by correspondence with the custodian, transfer agent, agent banks 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.

![](mnncsr008.jpg)

**New York, New York** 

**February 23, 2026**

We have served as the auditor of one or more investment companies in Manning & Napier Mutual Funds since 1992.

**22**

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**23**

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**24**

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**25**

High Yield Bond 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.

The Series designates $1,521,739 as Long-Term Capital Gain dividends pursuant to Section 852(b)(3) of the Internal Revenue Code for the fiscal year ended December 31, 2025.

**26**

High Yield Bond 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 Statements and Other Information - Annual

&nbsp;&nbsp;&nbsp;&nbsp;6. Financial Statements 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.**

MNHYB-12/25-AR

**27**

![](mnncsr009.jpg)

---

| | |
|:---|:---|
|  | **www.manning-napier.com** |
| **Manning & Napier Fund, Inc.** |  |
| Systematic High Yield Bond Series |  |

---

Systematic High Yield Bond Series

**Investment Portfolio - December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br> AMOUNT<sup>1</sup>/<br> SHARES | VALUE<br> (NOTE 2) |
| **CORPORATE BONDS - 96.4%** |  |  |
| **Non-Convertible Corporate Bonds- 96.4%** |  |  |
| **Communication Services - 6.1%** |  |  |
| &nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services - 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Frontier Florida LLC, 6.86%, 2/1/2028 | 100000 | $104076 |
| &nbsp;&nbsp;&nbsp;Level 3 Financing, Inc., 6.875%, 6/30/2033<sup>2</sup> | 100000 | 102340 |
| &nbsp;&nbsp;&nbsp;Uniti Group LP / Uniti Group Finance 2019, Inc. - CSL Capital LLC, 4.75%, 4/15/2028<sup>2</sup> | 105000 | 104488 |
| &nbsp;&nbsp;&nbsp;Windstream Services LLC - Windstream Escrow Finance Corp., 8.25%, 10/1/2031<sup>2</sup> | 110000 | 115453 |
|  |  | 426357 |
| &nbsp;&nbsp;&nbsp;**Entertainment - 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Rivers Enterprise Borrower LLC - Rivers Enterprise Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 10/15/2030<sup>2</sup> | 105000 | 107093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625%, 2/1/2033<sup>2</sup> | 105000 | 107502 |
| &nbsp;&nbsp;&nbsp;Warnermedia Holdings, Inc., 4.279%, 3/15/2032 | 110000 | 96569 |
|  |  | 311164 |
| &nbsp;&nbsp;&nbsp;**Interactive Media & Services - 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;ANGI Group LLC, 3.875%, 8/15/2028<sup>2</sup> | 110000 | 101675 |
| &nbsp;&nbsp;&nbsp;Snap, Inc., 6.875%, 3/15/2034<sup>2</sup> | 100000 | 103023 |
|  |  | 204698 |
| &nbsp;&nbsp;&nbsp;**Media - 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;CCO Holdings LLC - CCO Holdings |  |  |
| &nbsp;&nbsp;&nbsp;Capital Corp., 4.50%, 8/15/2030<sup>2</sup> | 110000 | 103631 |
| &nbsp;&nbsp;&nbsp;Gray Media, Inc., 10.50%, 7/15/2029<sup>2</sup> | 85000 | 91498 |
| &nbsp;&nbsp;&nbsp;Scripps Escrow II, Inc., 3.875%, 1/15/2029<sup>2</sup> | 115000 | 105693 |
| &nbsp;&nbsp;&nbsp;Sirius X.M. Radio LLC, 4.00%, 7/15/2028<sup>2</sup> | 105000 | 102601 |
| &nbsp;&nbsp;&nbsp;Stagwell Global LLC, 5.625%, 8/15/2029<sup>2</sup> | 105000 | 102556 |
| &nbsp;&nbsp;&nbsp;TEGNA, Inc., 4.625%, 3/15/2028 | 105000 | 103833 |
| &nbsp;&nbsp;&nbsp;Univision Communications, Inc., 8.50%, 7/31/2031<sup>2</sup> | 100000 | 104392 |
|  |  | 714204 |
| &nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services - 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Rogers Communications, Inc. (Canada) (5 yr. U.S. Treasury Yield Curve Rate T Note Constant Maturity + 3.590%), 5.25%, 3/15/2082<sup>2,3</sup> | 105000 | 104880 |
| **Total Communication Services** |  | 1761303 |
| **Consumer Discretionary - 22.0%** |  |  |
| &nbsp;&nbsp;&nbsp;**Auto Components - 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Adient Global Holdings Ltd., 7.50%, 2/15/2033<sup>2</sup> | 110000 | 113562 |
| &nbsp;&nbsp;&nbsp;American Axle & Manufacturing, Inc., 5.00%, 10/1/2029 | 100000 | 96290 |
| &nbsp;&nbsp;&nbsp;Garrett Motion Holdings, Inc. - Garrett LX I S.A.R.L, 7.75%, 5/31/2032<sup>2</sup> | 95000 | 101030 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br> AMOUNT<sup>1</sup>/<br> SHARES | VALUE<br> (NOTE 2) |
| **CORPORATE BONDS** (continued) |  |  |
| **Non-Convertible Corporate Bonds** (continued) |  |  |
| **Consumer Discretionary** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;**Auto Components** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Phinia, Inc., 6.75%, 4/15/2029<sup>2</sup> | 100000 | $103589 |
| &nbsp;&nbsp;&nbsp;The Goodyear Tire & Rubber Co., 5.25%, 7/15/2031 | 110000 | 104280 |
|  |  | 518751 |
| &nbsp;&nbsp;&nbsp;**Automobiles - 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Nissan Motor Acceptance Co. LLC, 2.45%, 9/15/2028<sup>2</sup> | 115000 | 106173 |
| &nbsp;&nbsp;&nbsp;Thor Industries, Inc., 4.00%, 10/15/2029<sup>2</sup> | 105000 | 100969 |
|  |  | 207142 |
| &nbsp;&nbsp;&nbsp;**Broadline Retail - 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Macy's Retail Holdings LLC, 6.125%, 3/15/2032<sup>2</sup> | 100000 | 100882 |
| &nbsp;&nbsp;&nbsp;Nordstrom, Inc., 4.00%, 3/15/2027 | 105000 | 104355 |
|  |  | 205237 |
| &nbsp;&nbsp;&nbsp;**Diversified Consumer Services - 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Adtalem Global Education, Inc., 5.50%, 3/1/2028<sup>2</sup> | 105000 | 104849 |
| &nbsp;&nbsp;&nbsp;McGraw-Hill Education, Inc., 7.375%, 9/1/2031<sup>2</sup> | 100000 | 105411 |
| &nbsp;&nbsp;&nbsp;StoneMor, Inc., 8.50%, 5/15/2029<sup>2</sup> | 105000 | 102445 |
|  |  | 312705 |
| &nbsp;&nbsp;&nbsp;**Entertainment - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Mohegan Tribal Gaming Authority - MS Digital Entertainment Holdings LLC, 8.25%, 4/15/2030<sup>2</sup> | 100000 | 104338 |
| &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure - 4.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Carnival Corp., 5.75%, 8/1/2032<sup>2</sup> | 100000 | 102740 |
| &nbsp;&nbsp;&nbsp;Fertitta Entertainment LLC - Fertitta Entertainment Finance Co., Inc., 4.625%, 1/15/2029<sup>2</sup> | 105000 | 102012 |
| &nbsp;&nbsp;&nbsp;Hilton Grand Vacations Borrower LLC - Hilton Grand Vacations Borrower, Inc., 5.00%, 6/1/2029<sup>2</sup> | 105000 | 102039 |
| &nbsp;&nbsp;&nbsp;Jacobs Entertainment, Inc., 6.75%, 2/15/2029<sup>2</sup> | 105000 | 102820 |
| &nbsp;&nbsp;&nbsp;Marriott Ownership Resorts, Inc., 6.50%, 10/1/2033<sup>2</sup> | 105000 | 100844 |
| &nbsp;&nbsp;&nbsp;MGM Resorts International, 6.50%, 4/15/2032 | 100000 | 102993 |
| &nbsp;&nbsp;&nbsp;Ontario Gaming GTA LP - OTG Co-Issuer, Inc. (Canada), 8.00%, 8/1/2030<sup>2</sup> | 100000 | 95024 |
| &nbsp;&nbsp;&nbsp;Six Flags Entertainment Corp. - Canada's Wonderland Co. - Magnum Management Corp., 5.25%, 7/15/2029 | 105000 | 97938 |
| &nbsp;&nbsp;&nbsp;Speedway Motorsports LLC - Speedway Funding II, Inc., 4.875%, 11/1/2027<sup>2</sup> | 105000 | 104594 |
| &nbsp;&nbsp;&nbsp;Travel + Leisure Co., 4.625%, 3/1/2030<sup>2</sup> | 105000 | 102399 |
| &nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts, Inc., 4.375%, 8/15/2028<sup>2</sup> | 105000 | 103585 |

---

The accompanying notes are an integral part of the financial statements.

 **1**

Systematic High Yield Bond Series

**Investment Portfolio - December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br> AMOUNT<sup>1</sup>/<br> SHARES | VALUE<br> (NOTE 2) |
| **CORPORATE BONDS** (continued) |  |  |
| **Non-Convertible Corporate Bonds** (continued) | **Non-Convertible Corporate Bonds** (continued) |  |
| **Consumer Discretionary** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Wynn Las Vegas LLC - Wynn Las Vegas Capital Corp., 5.25%, 5/15/2027<sup>2</sup> | 105000 | $105548 |
| &nbsp;&nbsp;&nbsp;Wynn Resorts Finance LLC - Wynn Resorts Capital Corp., 7.125%, 2/15/2031<sup>2</sup> | 100000 | 108382 |
|  |  | 1330918 |
| &nbsp;&nbsp;&nbsp;**Household Durables - 6.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Adams Homes, Inc., 9.25%, 10/15/2028<sup>2</sup> | 100000 | 104504 |
| &nbsp;&nbsp;&nbsp;Ashton Woods USA LLC - Ashton Woods Finance Co., 4.625%, 4/1/2030<sup>2</sup> | 110000 | 104847 |
| &nbsp;&nbsp;&nbsp;Beazer Homes USA, Inc., 7.50%, 3/15/2031<sup>2</sup> | 105000 | 106232 |
| &nbsp;&nbsp;&nbsp;Brookfield Residential Properties, Inc. - Brookfield Residential U.S. LLC (Canada), 4.875%, 2/15/2030<sup>2</sup> | 95000 | 88942 |
| &nbsp;&nbsp;&nbsp;Central Garden & Pet Co., 4.125%, 4/30/2031<sup>2</sup> | 110000 | 103478 |
| &nbsp;&nbsp;&nbsp;Century Communities, Inc., 3.875%, 8/15/2029<sup>2</sup> | 110000 | 104601 |
| &nbsp;&nbsp;&nbsp;Dream Finders Homes, Inc., 8.25%, 8/15/2028<sup>2</sup> | 100000 | 102959 |
| &nbsp;&nbsp;&nbsp;Empire Communities Corp. (Canada), 9.75%, 5/1/2029<sup>2</sup> | 95000 | 97595 |
| &nbsp;&nbsp;&nbsp;K Hovnanian Enterprises, Inc., 8.00%, 4/1/2031<sup>2</sup> | 105000 | 107091 |
| &nbsp;&nbsp;&nbsp;KB Home, 6.875%, 6/15/2027 | 100000 | 101998 |
| &nbsp;&nbsp;&nbsp;LGI Homes, Inc., 4.00%, 7/15/2029<sup>2</sup> | 110000 | 100290 |
| &nbsp;&nbsp;&nbsp;M/I Homes, Inc., 3.95%, 2/15/2030 | 110000 | 105817 |
| &nbsp;&nbsp;&nbsp;Newell Brands, Inc., 8.50%, 6/1/2028<sup>2</sup> | 95000 | 99511 |
| &nbsp;&nbsp;&nbsp;Shea Homes LP - Shea Homes Funding Corp., 4.75%, 2/15/2028 | 105000 | 104347 |
| &nbsp;&nbsp;&nbsp;Taylor Morrison Communities, Inc., 5.75%, 1/15/2028<sup>2</sup> | 100000 | 101792 |
| &nbsp;&nbsp;&nbsp;The New Home Co., Inc., 9.25%, 10/1/2029<sup>2</sup> | 100000 | 104432 |
| &nbsp;&nbsp;&nbsp;Weekley Homes LLC - Weekley Finance Corp., 4.875%, 9/15/2028<sup>2</sup> | 105000 | 103471 |
| &nbsp;&nbsp;&nbsp;Whirlpool Corp., 2.40%, 5/15/2031 | 120000 | 98914 |
|  |  | 1840821 |
| &nbsp;&nbsp;&nbsp;**Internet & Direct Marketing Retail - 0.4%** | &nbsp;&nbsp;&nbsp;**Internet & Direct Marketing Retail - 0.4%** |  |
| &nbsp;&nbsp;&nbsp;Match Group Holdings II LLC, 4.625%, 6/1/2028<sup>2</sup> | 105000 | 104011 |
| &nbsp;&nbsp;&nbsp;**Specialty Retail - 4.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Advance Auto Parts, Inc., 7.00%, 8/1/2030<sup>2</sup> | 100000 | 100676 |
| &nbsp;&nbsp;&nbsp;Asbury Automotive Group, Inc., 5.00%, 2/15/2032<sup>2</sup> | 105000 | 102059 |
| &nbsp;&nbsp;&nbsp;Bath & Body Works, Inc., 6.95%, 3/1/2033 | 95000 | 94082 |
| &nbsp;&nbsp;&nbsp;Group 1 Automotive, Inc., 6.375%, 1/15/2030<sup>2</sup> | 100000 | 102841 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br> AMOUNT<sup>1</sup>/<br> SHARES | VALUE<br> (NOTE 2) |
| **CORPORATE BONDS** (continued) |  |  |
| **Non-Convertible Corporate Bonds** (continued) | **Non-Convertible Corporate Bonds** (continued) | **Non-Convertible Corporate Bonds** (continued) |
| **Consumer Discretionary** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;**Specialty Retail** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;LBM Acquisition LLC, 9.50%, 6/15/2031<sup>2</sup> | 95000 | $98739 |
| &nbsp;&nbsp;&nbsp;LCM Investments Holdings II LLC, 8.25%, 8/1/2031<sup>2</sup> | 100000 | 105762 |
| &nbsp;&nbsp;&nbsp;Lithia Motors, Inc., 4.375%, 1/15/2031<sup>2</sup> | 105000 | 100875 |
| &nbsp;&nbsp;&nbsp;Sonic Automotive, Inc., 4.875%, 11/15/2031<sup>2</sup> | 105000 | 101331 |
| &nbsp;&nbsp;&nbsp;Specialty Building Products Holdings LLC - SBP Finance Corp., 7.75%, 10/15/2029<sup>2</sup> | 100000 | 97689 |
| &nbsp;&nbsp;&nbsp;The Gap, Inc., 3.625%, 10/1/2029<sup>2</sup> | 110000 | 104182 |
| &nbsp;&nbsp;&nbsp;Upbound Group, Inc., 6.375%, 2/15/2029<sup>2</sup> | 105000 | 103496 |
| &nbsp;&nbsp;&nbsp;Victoria's Secret & Co., 4.625%, 7/15/2029<sup>2</sup> | 110000 | 106625 |
| &nbsp;&nbsp;&nbsp;Victra Holdings LLC - Victra Finance Corp., 8.75%, 9/15/2029<sup>2</sup> | 100000 | 105496 |
| &nbsp;&nbsp;&nbsp;Wayfair LLC, 7.75%, 9/15/2030<sup>2</sup> | 100000 | 106429 |
|  |  | 1430282 |
| &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods - 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Crocs, Inc., 4.125%, 8/15/2031<sup>2</sup> | 110000 | 101713 |
| &nbsp;&nbsp;&nbsp;Kontoor Brands, Inc., 4.125%, 11/15/2029<sup>2</sup> | 105000 | 100134 |
| &nbsp;&nbsp;&nbsp;VF Corp., 2.95%, 4/23/2030 | 120000 | 108674 |
|  |  | 310521 |
| **Total Consumer Discretionary** |  | 6364726 |
| **Consumer Staples - 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;**Beverages - 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Primo Water Holdings Inc - Triton Water Holdings, Inc., 4.375%, 4/30/2029<sup>2</sup> | 100000 | 97358 |
| &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Ingles Markets, Inc., 4.00%, 6/15/2031<sup>2</sup> | 110000 | 103656 |
| &nbsp;&nbsp;&nbsp;**Personal Care Products - 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Edgewell Personal Care Co., 4.125%, 4/1/2029<sup>2</sup> | 105000 | 100354 |
| &nbsp;&nbsp;&nbsp;HLF Financing S.A.R.L LLC - Herbalife International, Inc., 4.875%, 6/1/2029<sup>2</sup> | 100000 | 93918 |
|  |  | 194272 |
| &nbsp;&nbsp;&nbsp;**Tobacco - 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Turning Point Brands, Inc., 7.625%, 3/15/2032<sup>2</sup> | 95000 | 101294 |
| **Total Consumer Staples** |  | 496580 |
| **Energy - 11.3%** |  |  |
| &nbsp;&nbsp;&nbsp;**Energy Equipment & Services - 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Diamond Foreign Asset Co. - Diamond Finance LLC, 8.50%, 10/1/2030<sup>2</sup> | 95000 | 100831 |
| &nbsp;&nbsp;&nbsp;Noble Finance II LLC, 8.00%, 4/15/2030<sup>2</sup> | 100000 | 103941 |
| &nbsp;&nbsp;&nbsp;Oceaneering International, Inc., 6.00%, 2/1/2028 | 100000 | 101233 |

---

The accompanying notes are an integral part of the financial statements.

 **2**

Systematic High Yield Bond Series

**Investment Portfolio - December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br> AMOUNT<sup>1</sup>/<br> SHARES | 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** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;**Energy Equipment & Services** (continued) | &nbsp;&nbsp;&nbsp;**Energy Equipment & Services** (continued) |  |
| &nbsp;&nbsp;&nbsp;Precision Drilling Corp. (Canada), 6.875%, 1/15/2029<sup>2</sup> | 105000 | $106246 |
| &nbsp;&nbsp;&nbsp;Tidewater, Inc., 9.125%, 7/15/2030<sup>2</sup> | 95000 | 101953 |
| &nbsp;&nbsp;&nbsp;Valaris Ltd., 8.375%, 4/30/2030<sup>2</sup> | 95000 | 98901 |
|  |  | 613105 |
| &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels - 9.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Alliance Resource Operating Partners LP - Alliance Resource Finance Corp., 8.625%, 6/15/2029<sup>2</sup> | 100000 | 105636 |
| &nbsp;&nbsp;&nbsp;Ascent Resources Utica Holdings LLC - ARU Finance Corp., 6.625%, 7/15/2033<sup>2</sup> | 100000 | 103385 |
| &nbsp;&nbsp;&nbsp;California Resources Corp., 8.25%, 6/15/2029<sup>2</sup> | 100000 | 104683 |
| &nbsp;&nbsp;&nbsp;Civitas Resources, Inc., 8.375%, 7/1/2028<sup>2</sup> | 100000 | 103132 |
| &nbsp;&nbsp;&nbsp;CNX Midstream Partners LP, 4.75%, 4/15/2030<sup>2</sup> | 110000 | 106535 |
| &nbsp;&nbsp;&nbsp;CNX Resources Corp., 6.00%, 1/15/2029<sup>2</sup> | 100000 | 100786 |
| &nbsp;&nbsp;&nbsp;CVR Energy, Inc., 5.75%, 2/15/2028<sup>2</sup> | 105000 | 103359 |
| &nbsp;&nbsp;&nbsp;Delek Logistics Partners LP - Delek Logistics Finance Corp., 7.125%, 6/1/2028<sup>2</sup> | 105000 | 105554 |
| &nbsp;&nbsp;&nbsp;Excelerate Energy LP, 8.00%, 5/15/2030<sup>2</sup> | 95000 | 100327 |
| &nbsp;&nbsp;&nbsp;Global Partners LP - GLP Finance Corp., 7.125%, 7/1/2033<sup>2</sup> | 100000 | 101879 |
| &nbsp;&nbsp;&nbsp;Hess Midstream Operations LP, 5.875%, 3/1/2028<sup>2</sup> | 100000 | 101869 |
| &nbsp;&nbsp;&nbsp;Hilcorp Energy I LP - Hilcorp Finance Co., 6.25%, 11/1/2028<sup>2</sup> | 100000 | 100784 |
| &nbsp;&nbsp;&nbsp;Howard Midstream Energy Partners LLC, 7.375%, 7/15/2032<sup>2</sup> | 100000 | 105531 |
| &nbsp;&nbsp;&nbsp;Magnolia Oil & Gas Operating LLC - Magnolia Oil & Gas Finance Corp., 6.875%, 12/1/2032<sup>2</sup> | 100000 | 102842 |
| &nbsp;&nbsp;&nbsp;Matador Resources Co., 6.50%, 4/15/2032<sup>2</sup> | 100000 | 101265 |
| &nbsp;&nbsp;&nbsp;Murphy Oil USA, Inc., 5.625%, 5/1/2027 | 105000 | 105057 |
| &nbsp;&nbsp;&nbsp;Northriver Midstream Finance LP (Canada), 6.75%, 7/15/2032<sup>2</sup> | 100000 | 101924 |
| &nbsp;&nbsp;&nbsp;NuStar Logistics LP, 5.625%, 4/28/2027 | 100000 | 101058 |
| &nbsp;&nbsp;&nbsp;Permian Resources Operating LLC, 5.875%, 7/1/2029<sup>2</sup> | 100000 | 100467 |
| &nbsp;&nbsp;&nbsp;Rockies Express Pipeline LLC, 4.80%, 5/15/2030<sup>2</sup> | 105000 | 103323 |
| &nbsp;&nbsp;&nbsp;Sunoco LP - Sunoco Finance Corp., 5.875%, 3/15/2028 | 105000 | 105185 |
| &nbsp;&nbsp;&nbsp;Tallgrass Energy Partners LP - Tallgrass Energy Finance Corp., 6.00%, 9/1/2031<sup>2</sup> | 105000 | 104251 |
| &nbsp;&nbsp;&nbsp;Talos Production, Inc., 9.00%, 2/1/2029<sup>2</sup> | 100000 | 103839 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br> AMOUNT<sup>1</sup>/<br> SHARES | 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** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Teine Energy Ltd. (Canada), 6.875%, 4/15/2029<sup>2</sup> | 105000 | $105063 |
| &nbsp;&nbsp;&nbsp;Venture Global Calcasieu Pass LLC, 6.25%, 1/15/2030<sup>2</sup> | 95000 | 96083 |
| &nbsp;&nbsp;&nbsp;Venture Global LNG, Inc., 8.125%, 6/1/2028<sup>2</sup> | 100000 | 101658 |
|  |  | 2675475 |
| **Total Energy** |  | 3288580 |
| **Financials - 12.5%** |  |  |
| &nbsp;&nbsp;&nbsp;**Banks - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Popular, Inc. (Puerto Rico), 7.25%, 3/13/2028 | 100000 | 105274 |
| &nbsp;&nbsp;&nbsp;**Capital Markets - 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Brookfield Property REIT, Inc. - BPR Cumulus LLC - BPR Nimbus LLC - GGSI Sellco LL, 4.50%, 4/1/2027<sup>2</sup> | 105000 | 103633 |
| &nbsp;&nbsp;&nbsp;Capstone Borrower, Inc., 8.00%, 6/15/2030<sup>2</sup> | 95000 | 97862 |
| &nbsp;&nbsp;&nbsp;Coinbase Global, Inc., 3.625%, 10/1/2031<sup>2</sup> | 115000 | 102200 |
| &nbsp;&nbsp;&nbsp;Icahn Enterprises LP - Icahn Enterprises Finance Corp., 5.25%, 5/15/2027 | 105000 | 103572 |
| &nbsp;&nbsp;&nbsp;Stonex Escrow Issuer LLC, 6.875%, 7/15/2032<sup>2</sup> | 100000 | 103707 |
| &nbsp;&nbsp;&nbsp;VFH Parent LLC - Valor Co-Issuer, Inc., 7.50%, 6/15/2031<sup>2</sup> | 100000 | 104723 |
|  |  | 615697 |
| &nbsp;&nbsp;&nbsp;**Consumer Finance - 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Bread Financial Holdings, Inc., 6.75%, 5/15/2031<sup>2</sup> | 105000 | 108709 |
| &nbsp;&nbsp;&nbsp;Credit Acceptance Corp., 6.625%, 3/15/2030<sup>2</sup> | 100000 | 100386 |
| &nbsp;&nbsp;&nbsp;EZCORP, Inc., 7.375%, 4/1/2032<sup>2</sup> | 100000 | 106317 |
| &nbsp;&nbsp;&nbsp;Navient Corp., 4.875%, 3/15/2028 | 105000 | 103810 |
| &nbsp;&nbsp;&nbsp;OneMain Finance Corp., 3.875%, 9/15/2028 | 105000 | 102241 |
| &nbsp;&nbsp;&nbsp;PROG Holdings, Inc., 6.00%, 11/15/2029<sup>2</sup> | 105000 | 103812 |
| &nbsp;&nbsp;&nbsp;SLM Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125%, 11/2/2026 | 105000 | 103126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 1/31/2030 | 110000 | 113774 |
|  |  | 842175 |
| &nbsp;&nbsp;&nbsp;**Financial Services - 5.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Block, Inc., 5.625%, 8/15/2030<sup>2</sup> | 100000 | 101997 |
| &nbsp;&nbsp;&nbsp;Compass Group Diversified Holdings LLC, 5.25%, 4/15/2029<sup>2</sup> | 1283 | 1190 |
| &nbsp;&nbsp;&nbsp;CPI C.G., Inc., 10.00%, 7/15/2029<sup>2</sup> | 100000 | 106089 |
| &nbsp;&nbsp;&nbsp;CrossCountry Intermediate HoldCo LLC, 6.50%, 10/1/2030<sup>2</sup> | 105000 | 107195 |
| &nbsp;&nbsp;&nbsp;Freedom Mortgage Corp., 6.625%, 1/15/2027<sup>2</sup> | 105000 | 105188 |

---

The accompanying notes are an integral part of the financial statements.

 **3**

Systematic High Yield Bond Series

**Investment Portfolio - December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br> AMOUNT<sup>1</sup>/<br> SHARES | 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) |  |  |
| &nbsp;&nbsp;&nbsp;**Financial Services** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Oxford Finance LLC - Oxford Finance Co-Issuer II, Inc., 6.375%, 2/1/2027<sup>2</sup> | 105000 | $104883 |
| &nbsp;&nbsp;&nbsp;Paysafe Finance plc - Paysafe Holdings U.S. Corp., 4.00%, 6/15/2029<sup>2</sup> | 95000 | 87359 |
| &nbsp;&nbsp;&nbsp;PennyMac Financial Services, Inc., 6.75%, 2/15/2034<sup>2</sup> | 100000 | 103408 |
| &nbsp;&nbsp;&nbsp;Provident Funding Associates LP - PFG Finance Corp., 9.75%, 9/15/2029<sup>2</sup> | 95000 | 100152 |
| &nbsp;&nbsp;&nbsp;Rocket Mortgage LLC - Rocket Mortgage Co-Issuer, Inc., 3.625%, 3/1/2029<sup>2</sup> | 105000 | 101438 |
| &nbsp;&nbsp;&nbsp;Shift4 Payments LLC - Shift4 Payments Finance Sub, Inc., 6.75%, 8/15/2032<sup>2</sup> | 100000 | 103283 |
| &nbsp;&nbsp;&nbsp;United Wholesale Mortgage LLC, 5.75%, 6/15/2027<sup>2</sup> | 105000 | 105246 |
| &nbsp;&nbsp;&nbsp;UWM Holdings LLC, 6.625%, 2/1/2030<sup>2</sup> | 100000 | 101170 |
| &nbsp;&nbsp;&nbsp;Walker & Dunlop, Inc., 6.625%, 4/1/2033<sup>2</sup> | 105000 | 107673 |
| &nbsp;&nbsp;&nbsp;WEX, Inc., 6.50%, 3/15/2033<sup>2</sup> | 100000 | 102471 |
|  |  | 1438742 |
| &nbsp;&nbsp;&nbsp;**Insurance - 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;APH Somerset Investor 2 LLC - APH2 Somerset Investor 2 LLC - APH3 Somerset Investor, 7.875%, 11/1/2029<sup>2</sup> | 100000 | 101445 |
| &nbsp;&nbsp;&nbsp;Wilton RE Ltd., (5 yr. U.S. Treasury Yield Curve Rate T Note Constant Maturity + 5.266%), 6.00%<sup>2,3,4</sup> | 100000 | 99061 |
|  |  | 200506 |
| &nbsp;&nbsp;&nbsp;**Mortgage Real Estate Investment Trusts (REITS) - 1.4%** | &nbsp;&nbsp;&nbsp;**Mortgage Real Estate Investment Trusts (REITS) - 1.4%** |  |
| &nbsp;&nbsp;&nbsp;Apollo Commercial Real Estate Finance, Inc., 4.625%, 6/15/2029<sup>2</sup> | 105000 | 101374 |
| &nbsp;&nbsp;&nbsp;Blackstone Mortgage Trust, Inc., 7.75%, 12/1/2029<sup>2</sup> | 100000 | 106643 |
| &nbsp;&nbsp;&nbsp;Ladder Capital Finance Holdings LLLP - Ladder Capital Finance Corp., 4.25%, 2/1/2027<sup>2</sup> | 105000 | 104342 |
| &nbsp;&nbsp;&nbsp;Starwood Property Trust, Inc., 4.375%, 1/15/2027<sup>2</sup> | 105000 | 104370 |
|  |  | 416729 |
| **Total Financials** |  | 3619123 |
| **Health Care - 5.7%** |  |  |
| &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies - 0.7%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies - 0.7%** |  |
| &nbsp;&nbsp;&nbsp;Bausch + Lomb Corp., 8.375%, 10/1/2028<sup>2</sup> | 95000 | 98997 |
| &nbsp;&nbsp;&nbsp;Embecta Corp., 5.00%, 2/15/2030<sup>2</sup> | 110000 | 105154 |
|  |  | 204151 |
| &nbsp;&nbsp;&nbsp;**Health Care Providers & Services - 2.9%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services - 2.9%** |  |
| &nbsp;&nbsp;&nbsp;Acadia Healthcare Co., Inc., 7.375%, 3/15/2033<sup>2</sup> | 95000 | 95975 |
| &nbsp;&nbsp;&nbsp;AdaptHealth LLC, 4.625%, 8/1/2029<sup>2</sup> | 110000 | 106737 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | PRINCIPAL<br> AMOUNT<sup>1</sup>/<br> SHARES | VALUE<br> (NOTE 2) | VALUE<br> (NOTE 2) |
| **CORPORATE BONDS** (continued) | **CORPORATE BONDS** (continued) | **CORPORATE BONDS** (continued) | **CORPORATE BONDS** (continued) |
| **Non-Convertible Corporate Bonds** (continued) | **Non-Convertible Corporate Bonds** (continued) | **Non-Convertible Corporate Bonds** (continued) | **Non-Convertible Corporate Bonds** (continued) |
| **Health Care** (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;**Health Care Providers & Services** (continued) | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services** (continued) | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services** (continued) | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services** (continued) |
| &nbsp;&nbsp;&nbsp;AMN Healthcare, Inc., 4.00%, 4/15/2029<sup>2</sup> | 110000 | $| 105118 |
| &nbsp;&nbsp;&nbsp;Community Health Systems, Inc., 5.25%, 5/15/2030<sup>2</sup> | 110000 |  | 103222 |
| &nbsp;&nbsp;&nbsp;DaVita, Inc., 4.625%, 6/1/2030<sup>2</sup> | 105000 |  | 102176 |
| &nbsp;&nbsp;&nbsp;Molina Healthcare, Inc., 4.375%, 6/15/2028<sup>2</sup> | 105000 |  | 103211 |
| &nbsp;&nbsp;&nbsp;Prime Healthcare Services, Inc., 9.375%, 9/1/2029<sup>2</sup> | 100000 |  | 105332 |
| &nbsp;&nbsp;&nbsp;Radiology Partners, Inc., 8.50%, 7/15/2032<sup>2</sup> | 100000 |  | 104467 |
|  |  |  | 826238 |
| &nbsp;&nbsp;&nbsp;**Life Science Tools & Service - 1.4%** | &nbsp;&nbsp;&nbsp;**Life Science Tools & Service - 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Avantor Funding, Inc., 4.625%, 7/15/2028<sup>2</sup> | 105000 |  | 104406 |
| &nbsp;&nbsp;&nbsp;Charles River Laboratories International, Inc., 4.25%, 5/1/2028<sup>2</sup> | 105000 |  | 104078 |
| &nbsp;&nbsp;&nbsp;Sotera Health Holdings LLC, 7.375%, 6/1/2031<sup>2</sup> | 95000 |  | 100011 |
| &nbsp;&nbsp;&nbsp;Star Parent, Inc., 9.00%, 10/1/2030<sup>2</sup> | 95000 |  | 101531 |
|  |  |  | 410026 |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals - 0.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Endo Finance Holdings, Inc., 8.50%, 4/15/2031<sup>2</sup> | 95000 |  | 100455 |
| &nbsp;&nbsp;&nbsp;Perrigo Finance Unlimited Co., 6.125%, 9/30/2032 | 105000 |  | 102436 |
|  |  |  | 202891 |
| **Total Health Care** |  |  | 1643306 |
| **Industrials - 16.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Air Freight & Logistics - 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Stonepeak Nile Parent LLC, 7.25%, 3/15/2032<sup>2</sup> | 95000 |  | 100607 |
| &nbsp;&nbsp;&nbsp;**Building Products - 1.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Builders FirstSource, Inc., 6.75%, 5/15/2035<sup>2</sup> | 95000 |  | 99488 |
| &nbsp;&nbsp;&nbsp;Masterbrand, Inc., 7.00%, 7/15/2032<sup>2</sup> | 100000 |  | 103718 |
| &nbsp;&nbsp;&nbsp;Miter Brands Acquisition Holdco, Inc. - MIWD Borrower LLC, 6.75%, 4/1/2032<sup>2</sup> | 100000 |  | 102457 |
| &nbsp;&nbsp;&nbsp;Resideo Funding, Inc., 6.50%, 7/15/2032<sup>2</sup> | 105000 |  | 107657 |
| &nbsp;&nbsp;&nbsp;Smyrna Ready Mix Concrete LLC, 6.00%, 11/1/2028<sup>2</sup> | 100000 |  | 100549 |
|  |  |  | 513869 |
| &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies - 1.8%** | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies - 1.8%** | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies - 1.8%** | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies - 1.8%** |
| &nbsp;&nbsp;&nbsp;Deluxe Corp., 8.125%, 9/15/2029<sup>2</sup> | 100000 |  | 105351 |
| &nbsp;&nbsp;&nbsp;HNI Corp., 5.125%, 1/18/2029 (Acquired 12/08/2025, cost $98,073)<sup>5</sup> | 97000 |  | 97173 |
| &nbsp;&nbsp;&nbsp;Pitney Bowes, Inc., 7.25%, 3/15/2029<sup>2</sup> | 105000 |  | 106610 |

---

The accompanying notes are an integral part of the financial statements.

 **4**

Systematic High Yield Bond Series

**Investment Portfolio - December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | PRINCIPAL<br> AMOUNT<sup>1</sup>/<br> SHARES | VALUE<br> (NOTE 2) | VALUE<br> (NOTE 2) |
| **CORPORATE BONDS** (continued) |  |  |  |
| **Non-Convertible Corporate Bonds** (continued) | **Non-Convertible Corporate Bonds** (continued) |  |  |
| **Industrials** (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies** (continued) | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies** (continued) | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies** (continued) | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies** (continued) |
| &nbsp;&nbsp;&nbsp;The GEO Group, Inc., 10.25%, 4/15/2031 | 90000 | $| 98591 |
| &nbsp;&nbsp;&nbsp;VT Topco, Inc., 8.50%, 8/15/2030<sup>2</sup> | 100000 |  | 104330 |
|  |  |  | 512055 |
| &nbsp;&nbsp;&nbsp;**Construction & Engineering - 0.7%** | &nbsp;&nbsp;&nbsp;**Construction & Engineering - 0.7%** | &nbsp;&nbsp;&nbsp;**Construction & Engineering - 0.7%** | &nbsp;&nbsp;&nbsp;**Construction & Engineering - 0.7%** |
| &nbsp;&nbsp;&nbsp;Brundage-Bone Concrete Pumping Holdings, Inc., 7.50%, 2/1/2032<sup>2</sup> | 100000 |  | 102017 |
| &nbsp;&nbsp;&nbsp;Global Infrastructure Solutions, Inc., 7.50%, 4/15/2032<sup>2</sup> | 100000 |  | 106537 |
|  |  |  | 208554 |
| &nbsp;&nbsp;&nbsp;**Electrical Equipment - 0.4%** | &nbsp;&nbsp;&nbsp;**Electrical Equipment - 0.4%** | &nbsp;&nbsp;&nbsp;**Electrical Equipment - 0.4%** | &nbsp;&nbsp;&nbsp;**Electrical Equipment - 0.4%** |
| &nbsp;&nbsp;&nbsp;Atkore, Inc., 4.25%, 6/1/2031<sup>2</sup> | 110000 |  | 105471 |
| &nbsp;&nbsp;&nbsp;**Ground Transportation - 1.1%** | &nbsp;&nbsp;&nbsp;**Ground Transportation - 1.1%** | &nbsp;&nbsp;&nbsp;**Ground Transportation - 1.1%** | &nbsp;&nbsp;&nbsp;**Ground Transportation - 1.1%** |
| &nbsp;&nbsp;&nbsp;Avis Budget Car Rental LLC - Avis Budget Finance, Inc., 4.75%, 4/1/2028<sup>2</sup> | 105000 |  | 102503 |
| &nbsp;&nbsp;&nbsp;RXO, Inc., 7.50%, 11/15/2027<sup>2</sup> | 100000 |  | 101942 |
| &nbsp;&nbsp;&nbsp;XPO CNW, Inc., 6.70%, 5/1/2034 | 95000 |  | 101127 |
|  |  |  | 305572 |
| &nbsp;&nbsp;&nbsp;**Machinery - 2.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Allison Transmission, Inc., 3.75%, 1/30/2031<sup>2</sup> | 115000 |  | 108313 |
| &nbsp;&nbsp;&nbsp;ATS Corp. (Canada), 4.125%, 12/15/2028<sup>2</sup> | 105000 |  | 102324 |
| &nbsp;&nbsp;&nbsp;JB Poindexter & Co., Inc., 8.75%, 12/15/2031<sup>2</sup> | 95000 |  | 99579 |
| &nbsp;&nbsp;&nbsp;New Flyer Holdings, Inc. (Canada), 9.25%, 7/1/2030<sup>2</sup> | 95000 |  | 102024 |
| &nbsp;&nbsp;&nbsp;Park-Ohio Industries, Inc., 8.50%, 8/1/2030<sup>2</sup> | 100000 |  | 102873 |
| &nbsp;&nbsp;&nbsp;The Manitowoc Co., Inc., 9.25%, 10/1/2031<sup>2</sup> | 110000 |  | 118422 |
| &nbsp;&nbsp;&nbsp;TMS International Corp., 6.25%, 4/15/2029<sup>2</sup> | 105000 |  | 101634 |
| &nbsp;&nbsp;&nbsp;Wabash National Corp., 4.50%, 10/15/2028<sup>2</sup> | 95000 |  | 88792 |
|  |  |  | 823961 |
| &nbsp;&nbsp;&nbsp;**Passenger Airlines - 1.3%** | &nbsp;&nbsp;&nbsp;**Passenger Airlines - 1.3%** | &nbsp;&nbsp;&nbsp;**Passenger Airlines - 1.3%** |  |
| &nbsp;&nbsp;&nbsp;Allegiant Travel Co., 7.25%, 8/15/2027<sup>2</sup> | 76000 |  | 77070 |
| &nbsp;&nbsp;&nbsp;American Airlines, Inc. - AAdvantage Loyalty IP Ltd., 5.75%, 4/20/2029<sup>2</sup> | 105000 |  | 106912 |
| &nbsp;&nbsp;&nbsp;OneSky Flight LLC, 8.875%, 12/15/2029<sup>2</sup> | 95000 |  | 101754 |
| &nbsp;&nbsp;&nbsp;VistaJet Malta Finance plc - Vista Management Holding, Inc. (Switzerland), 6.375%, 2/1/2030<sup>2</sup> | 105000 |  | 100418 |
|  |  |  | 386154 |
| &nbsp;&nbsp;&nbsp;**Professional Services - 1.8%** | &nbsp;&nbsp;&nbsp;**Professional Services - 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Amentum Holdings, Inc., 7.25%, 8/1/2032<sup>2</sup> | 100000 |  | 105425 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | PRINCIPAL<br> AMOUNT<sup>1</sup>/<br> SHARES | VALUE<br> (NOTE 2) | VALUE<br> (NOTE 2) |
| **CORPORATE BONDS** (continued) | **CORPORATE BONDS** (continued) | **CORPORATE BONDS** (continued) | **CORPORATE BONDS** (continued) |
| **Non-Convertible Corporate Bonds** (continued) | **Non-Convertible Corporate Bonds** (continued) | **Non-Convertible Corporate Bonds** (continued) | **Non-Convertible Corporate Bonds** (continued) |
| **Industrials** (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;**Professional Services** (continued) | &nbsp;&nbsp;&nbsp;**Professional Services** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Clarivate Science Holdings Corp., 4.875%, 7/1/2029<sup>2</sup> | 110000 | $| 103996 |
| &nbsp;&nbsp;&nbsp;KBR, Inc., 4.75%, 9/30/2028<sup>2</sup> | 105000 |  | 103376 |
| &nbsp;&nbsp;&nbsp;Science Applications International Corp., 4.875%, 4/1/2028<sup>2</sup> | 105000 |  | 104850 |
| &nbsp;&nbsp;&nbsp;TriNet Group, Inc., 3.50%, 3/1/2029<sup>2</sup> | 110000 |  | 104002 |
|  |  |  | 521649 |
| &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors - 4.1%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors - 4.1%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors - 4.1%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors - 4.1%** |
| &nbsp;&nbsp;&nbsp;Azorra Finance Ltd., 7.25%, 1/15/2031<sup>2</sup> | 100000 |  | 104704 |
| &nbsp;&nbsp;&nbsp;BlueLinx Holdings, Inc., 6.00%, 11/15/2029<sup>2</sup> | 100000 |  | 98080 |
| &nbsp;&nbsp;&nbsp;EquipmentShare.com, Inc., 8.625%, 5/15/2032<sup>2</sup> | 105000 |  | 110939 |
| &nbsp;&nbsp;&nbsp;GGAM Finance Ltd. (Ireland), 8.00%, 6/15/2028<sup>2</sup> | 95000 |  | 100692 |
| &nbsp;&nbsp;&nbsp;Herc Holdings, Inc., 7.00%, 6/15/2030<sup>2</sup> | 100000 |  | 105178 |
| &nbsp;&nbsp;&nbsp;Long Ridge Energy LLC, 8.75%, 2/15/2032<sup>2</sup> | 110000 |  | 117026 |
| &nbsp;&nbsp;&nbsp;Phoenix Aviation Capital Ltd. (Ireland), 9.25%, 7/15/2030<sup>2</sup> | 95000 |  | 101047 |
| &nbsp;&nbsp;&nbsp;QXO Building Products, Inc., 6.75%, 4/30/2032<sup>2</sup> | 100000 |  | 104486 |
| &nbsp;&nbsp;&nbsp;TrueNoord Capital DAC (Ireland), 8.75%, 3/1/2030<sup>2</sup> | 95000 |  | 100301 |
| &nbsp;&nbsp;&nbsp;Veritiv Operating Co., 10.50%, 11/30/2030<sup>2</sup> | 115000 |  | 123785 |
| &nbsp;&nbsp;&nbsp;Windsor Holdings III LLC, 8.50%, 6/15/2030<sup>2</sup> | 110000 |  | 116294 |
|  |  |  | 1182532 |
| &nbsp;&nbsp;&nbsp;**Transporation Infrastructure - 0.3%** | &nbsp;&nbsp;&nbsp;**Transporation Infrastructure - 0.3%** | &nbsp;&nbsp;&nbsp;**Transporation Infrastructure - 0.3%** | &nbsp;&nbsp;&nbsp;**Transporation Infrastructure - 0.3%** |
| &nbsp;&nbsp;&nbsp;Railworks Holdings LP - Railworks Rally, Inc., 8.25%, 11/15/2028<sup>2</sup> | 100000 |  | 101017 |
| **Total Industrials** |  |  | 4761441 |
| **Information Technology - 3.9%** | **Information Technology - 3.9%** |  |  |
| &nbsp;&nbsp;&nbsp;**IT Services - 1.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;ASGN, Inc., 4.625%, 5/15/2028<sup>2</sup> | 105000 |  | 103552 |
| &nbsp;&nbsp;&nbsp;Cloud Software Group, Inc., 8.25%, 6/30/2032<sup>2</sup> | 95000 |  | 99437 |
| &nbsp;&nbsp;&nbsp;Insight Enterprises, Inc., 6.625%, 5/15/2032<sup>2</sup> | 110000 |  | 113038 |
| &nbsp;&nbsp;&nbsp;Rocket Software, Inc., 9.00%, 11/28/2028<sup>2</sup> | 100000 |  | 103042 |
|  |  |  | 419069 |
| &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 0.7%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 0.7%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 0.7%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 0.7%** |
| &nbsp;&nbsp;&nbsp;Entegris, Inc., 4.375%, 4/15/2028<sup>2</sup> | 105000 |  | 104249 |
| &nbsp;&nbsp;&nbsp;Synaptics, Inc., 4.00%, 6/15/2029<sup>2</sup> | 100000 |  | 96827 |
|  |  |  | 201076 |
| &nbsp;&nbsp;&nbsp;**Software - 1.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Consensus Cloud Solutions, Inc., 6.50%, 10/15/2028<sup>2</sup> | 105000 |  | 105225 |

---

The accompanying notes are an integral part of the financial statements.

 **5**

Systematic High Yield Bond Series

**Investment Portfolio - December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | PRINCIPAL<br> AMOUNT<sup>1</sup>/<br> SHARES | VALUE<br> (NOTE 2) | VALUE<br> (NOTE 2) |
| **CORPORATE BONDS** (continued) | **CORPORATE BONDS** (continued) | **CORPORATE BONDS** (continued) | **CORPORATE BONDS** (continued) |
| **Non-Convertible Corporate Bonds** (continued) | **Non-Convertible Corporate Bonds** (continued) | **Non-Convertible Corporate Bonds** (continued) | **Non-Convertible Corporate Bonds** (continued) |
| **Information Technology** (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;**Software** (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;Fair Isaac Corp., 4.00%, 6/15/2028<sup>2</sup> | 105000 | $| 103620 |
| &nbsp;&nbsp;&nbsp;Open Text Corp. (Canada), 3.875%, 2/15/2028<sup>2</sup> | 105000 |  | 102991 |
| &nbsp;&nbsp;&nbsp;RingCentral, Inc., 8.50%, 8/15/2030<sup>2</sup> | 95000 |  | 100724 |
| &nbsp;&nbsp;&nbsp;ZoomInfo Technologies LLC - ZoomInfo Finance Corp., 3.875%, 2/1/2029<sup>2</sup> | 105000 |  | 99264 |
|  |  |  | 511824 |
| **Total Information Technology** |  |  | 1131969 |
| **Materials - 8.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Chemicals - 4.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Ashland, Inc., 3.375%, 9/1/2031<sup>2</sup> | 115000 |  | 104935 |
| &nbsp;&nbsp;&nbsp;Avient Corp., 6.25%, 11/1/2031<sup>2</sup> | 100000 |  | 102819 |
| &nbsp;&nbsp;&nbsp;CVR Partners LP - CVR Nitrogen Finance Corp., 6.125%, 6/15/2028<sup>2</sup> | 105000 |  | 105452 |
| &nbsp;&nbsp;&nbsp;HB Fuller Co., 4.25%, 10/15/2028 | 100000 |  | 99057 |
| &nbsp;&nbsp;&nbsp;Ingevity Corp., 3.875%, 11/1/2028<sup>2</sup> | 100000 |  | 97017 |
| &nbsp;&nbsp;&nbsp;LSB Industries, Inc., 6.25%, 10/15/2028<sup>2</sup> | 105000 |  | 104668 |
| &nbsp;&nbsp;&nbsp;Methanex U.S. Operations, Inc., 6.25%, 3/15/2032<sup>2</sup> | 100000 |  | 103100 |
| &nbsp;&nbsp;&nbsp;Minerals Technologies, Inc., 5.00%, 7/1/2028<sup>2</sup> | 105000 |  | 104769 |
| &nbsp;&nbsp;&nbsp;Olin Corp., 5.00%, 2/1/2030 | 105000 |  | 103325 |
| &nbsp;&nbsp;&nbsp;Qnity Electronics, Inc., 5.75%, 8/15/2032<sup>2</sup> | 100000 |  | 102435 |
| &nbsp;&nbsp;&nbsp;The Chemours Co., 5.75%, 11/15/2028<sup>2</sup> | 105000 |  | 102130 |
| &nbsp;&nbsp;&nbsp;WR Grace Holdings LLC, 6.625%, 8/15/2032<sup>2</sup> | 105000 |  | 106404 |
|  |  |  | 1236111 |
| &nbsp;&nbsp;&nbsp;**Construction Materials - 0.7%** | &nbsp;&nbsp;&nbsp;**Construction Materials - 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;AmeriTex HoldCo Intermediate LLC, 7.625%, 8/15/2033<sup>2</sup> | 100000 |  | 105232 |
| &nbsp;&nbsp;&nbsp;Standard Industries, Inc., 4.375%, 7/15/2030<sup>2</sup> | 105000 |  | 101518 |
|  |  |  | 206750 |
| &nbsp;&nbsp;&nbsp;**Containers & Packaging - 1.7%** | &nbsp;&nbsp;&nbsp;**Containers & Packaging - 1.7%** | &nbsp;&nbsp;&nbsp;**Containers & Packaging - 1.7%** | &nbsp;&nbsp;&nbsp;**Containers & Packaging - 1.7%** |
| &nbsp;&nbsp;&nbsp;Cascades Inc. - Cascades USA, Inc. (Canada), 6.75%, 7/15/2030<sup>2</sup> | 105000 |  | 109404 |
| &nbsp;&nbsp;&nbsp;Clydesdale Acquisition Holdings, Inc., 6.75%, 4/15/2032<sup>2</sup> | 100000 |  | 102948 |
| &nbsp;&nbsp;&nbsp;Graphic Packaging International LLC, 3.75%, 2/1/2030<sup>2</sup> | 110000 |  | 103721 |
| &nbsp;&nbsp;&nbsp;Mauser Packaging Solutions Holding Co., 7.875%, 4/15/2027<sup>2</sup> | 100000 |  | 96431 |
| &nbsp;&nbsp;&nbsp;OI European Group B.V., 4.75%, 2/15/2030<sup>2</sup> | 100000 |  | 96727 |
|  |  |  | 509231 |
| &nbsp;&nbsp;&nbsp;**Metals & Mining - 1.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Champion Iron Canada, Inc. (Canada), 7.875%, 7/15/2032<sup>2</sup> | 100000 |  | 106077 |
| &nbsp;&nbsp;&nbsp;Cleveland-Cliffs, Inc., 4.625%, 3/1/2029<sup>2</sup> | 105000 |  | 103361 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | PRINCIPAL<br> AMOUNT<sup>1</sup>/<br> SHARES | VALUE<br> (NOTE 2) | VALUE<br> (NOTE 2) |
| **CORPORATE BONDS** (continued) | **CORPORATE BONDS** (continued) | **CORPORATE BONDS** (continued) | **CORPORATE BONDS** (continued) |
| **Non-Convertible Corporate Bonds** (continued) | **Non-Convertible Corporate Bonds** (continued) | **Non-Convertible Corporate Bonds** (continued) | **Non-Convertible Corporate Bonds** (continued) |
| **Materials** (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;**Metals & Mining** (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial Metals Co., 4.125%, 1/15/2030 | 105000 | $| 101913 |
| &nbsp;&nbsp;&nbsp;Mineral Resources Ltd. (Australia), 8.50%, 5/1/2030<sup>2</sup> | 100000 |  | 103909 |
| &nbsp;&nbsp;&nbsp;Novelis Corp., 4.75%, 1/30/2030<sup>2</sup> | 105000 |  | 101486 |
|  |  |  | 516746 |
| **Total Materials** |  |  | 2468838 |
| **Real Estate - 5.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Health Care REITs - 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Diversified Healthcare Trust, 4.375%, 3/1/2031 | 115000 |  | 100585 |
| &nbsp;&nbsp;&nbsp;**Hotel & Resort REITs - 1.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Park Intermediate Holdings LLC - PK Domestic Property LLC - PK Finance Co-Issuer, 7.00%, 2/1/2030<sup>2</sup> | 100000 |  | 102506 |
| &nbsp;&nbsp;&nbsp;RLJ Lodging Trust LP, 4.00%, 9/15/2029<sup>2</sup> | 110000 |  | 104077 |
| &nbsp;&nbsp;&nbsp;Service Properties Trust, 5.50%, 12/15/2027 | 105000 |  | 103250 |
| &nbsp;&nbsp;&nbsp;XHR LP, 6.625%, 5/15/2030<sup>2</sup> | 105000 |  | 108186 |
|  |  |  | 418019 |
| &nbsp;&nbsp;&nbsp;**Office REITs - 0.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Brandywine Operating Partnership LP, 8.30%, 3/15/2028 | 95000 |  | 100188 |
| &nbsp;&nbsp;&nbsp;Hudson Pacific Properties LP, 3.95%, 11/1/2027 | 105000 |  | 100301 |
|  |  |  | 200489 |
| &nbsp;&nbsp;&nbsp;**Real Estate Management & Development - 1.8%** | &nbsp;&nbsp;&nbsp;**Real Estate Management & Development - 1.8%** | &nbsp;&nbsp;&nbsp;**Real Estate Management & Development - 1.8%** | &nbsp;&nbsp;&nbsp;**Real Estate Management & Development - 1.8%** |
| &nbsp;&nbsp;&nbsp;Five Point Operating Co. LP, 8.00%, 10/1/2030<sup>2</sup> | 110000 |  | 115056 |
| &nbsp;&nbsp;&nbsp;Hunt Companies, Inc., 5.25%, 4/15/2029<sup>2</sup> | 105000 |  | 102479 |
| &nbsp;&nbsp;&nbsp;Kennedy-Wilson, Inc., 4.75%, 2/1/2030 | 110000 |  | 104097 |
| &nbsp;&nbsp;&nbsp;Newmark Group, Inc., 7.50%, 1/12/2029 | 95000 |  | 101752 |
| &nbsp;&nbsp;&nbsp;The Howard Hughes Corp., 4.125%, 2/1/2029<sup>2</sup> | 105000 |  | 101940 |
|  |  |  | 525324 |
| &nbsp;&nbsp;&nbsp;**Specialized REITs - 1.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Millrose Properties, Inc., 6.375%, 8/1/2030<sup>2</sup> | 100000 |  | 102281 |
| &nbsp;&nbsp;&nbsp;Rithm Capital Corp., 8.00%, 7/15/2030<sup>2</sup> | 100000 |  | 102242 |
| &nbsp;&nbsp;&nbsp;Vornado Realty LP, 3.40%, 6/1/2031 | 115000 |  | 104533 |
|  |  |  | 309056 |
| **Total Real Estate** |  |  | 1553473 |
| **Utilities - 2.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Electric Utilities - 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;PG&E Corp., 5.25%, 7/1/2030 | 105000 |  | 104290 |

---

The accompanying notes are an integral part of the financial statements.

 **6**

Systematic High Yield Bond Series

**Investment Portfolio - December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | PRINCIPAL<br> AMOUNT<sup>1</sup>/<br> SHARES | VALUE<br> (NOTE 2) | VALUE<br> (NOTE 2) |
| **CORPORATE BONDS** (continued) |  |  |  |
| **Non-Convertible Corporate Bonds** (continued) | **Non-Convertible Corporate Bonds** (continued) | **Non-Convertible Corporate Bonds** (continued) | **Non-Convertible Corporate Bonds** (continued) |
| **Utilities** (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;**Gas Utilities - 1.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;AmeriGas Partners LP - AmeriGas Finance Corp., 9.375%, 6/1/2028<sup>2</sup> | 100000 | $| 103439 |
| &nbsp;&nbsp;&nbsp;Ferrellgas LP - Ferrellgas Finance Corp., 5.875%, 4/1/2029<sup>2</sup> | 110000 |  | 105727 |
| &nbsp;&nbsp;&nbsp;Superior Plus LP - Superior General Partner, Inc. (Canada), 4.50%, 3/15/2029<sup>2</sup> | 105000 |  | 102562 |
| &nbsp;&nbsp;&nbsp;TGNR Intermediate Holdings LLC, 5.50%, 10/15/2029<sup>2</sup> | 105000 |  | 103899 |
|  |  |  | 415627 |
| &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers - 1.1%** | &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers - 1.1%** | &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers - 1.1%** | &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers - 1.1%** |
| &nbsp;&nbsp;&nbsp;Leeward Renewable Energy Operations LLC, 4.25%, 7/1/2029<sup>2</sup> | 110000 |  | 104389 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br> AMOUNT<sup>1</sup>/<br> SHARES | VALUE<br> (NOTE 2) |
| **CORPORATE BONDS** (continued) |  |  |
| **Non-Convertible Corporate Bonds** (continued) | **Non-Convertible Corporate Bonds** (continued) | **Non-Convertible Corporate Bonds** (continued) |
| **Utilities** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers** (continued) | &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers** (continued) | &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers** (continued) |
| &nbsp;&nbsp;&nbsp;Pattern Energy Operations LP - Pattern Energy Operations, Inc., 4.50%, 8/15/2028<sup>2</sup> | 105000 | $103369 |
| &nbsp;&nbsp;&nbsp;TerraForm Power Operating LLC, 5.00%, 1/31/2028<sup>2</sup> | 105000 | 104835 |
|  |  | 312593 |
| **Total Utilities** |  | 832510 |
| **TOTAL CORPORATE BONDS** <br> (Identified Cost $27,857,097) | **TOTAL CORPORATE BONDS** <br> (Identified Cost $27,857,097) | **27921849** |
| **SHORT-TERM INVESTMENT - 1.4%** | **SHORT-TERM INVESTMENT - 1.4%** | **SHORT-TERM INVESTMENT - 1.4%** |
| &nbsp;&nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 3.65%<sup>6</sup> |  |  |
| &nbsp;&nbsp;&nbsp;(Identified Cost $411,909) | 411909 | **411909** |
| **TOTAL INVESTMENTS - 97.8%** <br> (Identified Cost $28,269,006) | **TOTAL INVESTMENTS - 97.8%** <br> (Identified Cost $28,269,006) | **28333758** |
| **OTHER ASSETS, LESS LIABILITIES - 2.2%** |  | **630863** |
| **NET ASSETS - 100%** |  | $**28964621** |

---

REIT - Real Estate Investment Trust

<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 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 December 31, 2025 was $23,930,735, which represented 82.6% of the Series' Net Assets.

<sup>3</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 December 31, 2025.

<sup>4</sup>Security is perpetual in nature and has no stated maturity date.

<sup>5</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 December 31, 2025 was $97,173, or 0.3% of the Series' Net Assets.

<sup>6</sup>Rate shown is the current yield as of December 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**

Systematic High Yield Bond Series

**Statement of Assets and Liabilities**

December 31, 2025

---

| | |
|:---|:---|
| **ASSETS:** | |
| Investments, at value (identified cost $28,269,006) (Note 2) | $28333758 |
| Receivable from Advisor<sup>1</sup> | 56835 |
| Interest receivable | 483011 |
| Deferred offering costs | 142309 |
| Receivable for fund shares sold | 3952 |
| Dividends receivable | 1658 |
| Prepaid expenses | 139 |
| TOTAL ASSETS | 29021662 |
| **LIABILITIES:** |  |
| Accrued fund accounting and administration fees<sup>1</sup> | 22440 |
| Accrued Chief Compliance Officer service fees<sup>1</sup> | 2288 |
| Accrued distribution and service (Rule 12b-1) fees (Class S)<sup>1</sup> | 1 |
| Professional fees payable | 20004 |
| Accrued custodian fees | 6221 |
| Payable for fund shares repurchased | 80 |
| Other payables and accrued expenses | 6007 |
| TOTAL LIABILITIES | 57041 |
| Commitments and contingent liabilities<sup>1</sup> |  |
| **TOTAL NET ASSETS** | $**28964621** |
| **NET ASSETS CONSIST OF:** |  |
| Capital stock | $28914 |
| Additional paid-in-capital | 28882326 |
| Total distributable earnings (loss) | 53381 |
| **TOTAL NET ASSETS** | $**28964621** |
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class S** |  |
| &nbsp;&nbsp;&nbsp;($5,189/518 shares) | $**10.01** |
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class I** |  |
| &nbsp;&nbsp;&nbsp;($50,302/5,022 shares) | $**10.02** |
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class W** |  |
| &nbsp;&nbsp;&nbsp;($28,904,038/2,885,339 shares) | $**10.02** |
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class Z** |  |
| &nbsp;&nbsp;&nbsp;($5,092/508 shares) | $**10.02** |

---

<sup>1</sup> See note 3 in Notes to the Financial Statements.

The accompanying notes are an integral part of the financial statements.

 **8**

Systematic High Yield Bond Series

**Statement of Operations** 

For the Period September 15, 2025\* to December 31, 2025

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** |  |
| Interest | $458105 |
| Dividends | 18815 |
| Total Investment Income | 476920 |
| **EXPENSES:** |  |
| Management fees (Note 3) | 27514 |
| Fund accounting and administration fees (Note 3) | 22440 |
| Chief Compliance Officer service fees (Note 3) | 3008 |
| Directors' fees (Note 3) | 1149 |
| Distribution and service (Rule 12b-1) fees (Class S) (Note 3) | 4 |
| Audit fees | 68920 |
| Offering expenses | 59019 |
| Registration and filing fees | 13489 |
| Custodian fees | 6221 |
| Miscellaneous | 11758 |
| Total Expenses | 213522 |
| Less reduction of expenses (Note 3) | (205618) |
| Net Expenses | 7904 |
| NET INVESTMENT INCOME | 469016 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:** |  |
| Net realized gain (loss) on investments | 26278 |
| Net change in unrealized appreciation (depreciation) on investments | 64752 |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS | 91030 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $560046 |

---

\*Commencement of operations.

The accompanying notes are an integral part of the financial statements.

 **9**

Systematic High Yield Bond Series

**Statement of Changes in Net Assets**

---

| | |
|:---|:---|
|  | FOR THE<br>PERIOD<br> 9/15/25<sup>1</sup> TO<br> 12/31/25 |
| **INCREASE (DECREASE) IN NET ASSETS:** |  |
| **OPERATIONS:** |  |
| Net investment income | $469016 |
| Net realized gain (loss) on investments | 26278 |
| Net change in unrealized appreciation (depreciation) on investments | 64752 |
| Net increase (decrease) from operations | 560046 |
| **DISTRIBUTIONS TO SHAREHOLDERS (Note 10):** |  |
| Class S | (80) |
| Class I | (456) |
| Class W | (506695) |
| Class Z | (83) |
| Total distributions to shareholders | (507314) |
| **CAPITAL STOCK ISSUED AND REPURCHASED:** |  |
| Net increase (decrease) from capital share transactions (Note 6) | 28911889 |
| Net increase (decrease) in net assets | 28964621 |
| **NET ASSETS:** |  |
| Beginning of period | – |
| **End of period** | $28964621 |

---

<sup>1</sup> Commencement of operations.

The accompanying notes are an integral part of the financial statements.

 **10**

Systematic High Yield Bond Series

**Financial Highlights - Class S**

---

| | |
|:---|:---|
|  | FOR THE<br>PERIOD<br> 9/15/25<sup>1</sup> TO<br> 12/31/25 |
| **Per share data (for a share outstanding throughout the period):** |  |
| **Net asset value - Beginning of period** | $10.00 |
| Income from investment operations: |  |
| Net investment income<sup>2</sup> | 0.14 |
| Net realized and unrealized gain (loss) on investments | 0.02 |
| Total from investment operations | 0.16 |
| Less distributions to shareholders: |  |
| From net investment income | (0.14) |
| From net realized gain on investments | (0.01) |
| Total distributions to shareholders | (0.15) |
| **Net asset value - End of period** | **$10.01** |
| **Net assets - End of period** (000's omitted) | **$5** |
| Total return<sup>3</sup> | 1.68% |
| **Ratios (to average net assets)/Supplemental Data:** |  |
| Expenses\* | 0.85%<sup>4</sup> |
| Net investment income | 4.79%<sup>4</sup> |
| Series portfolio turnover | 50% |
| \*The investment advisor did not impose all or a portion of its management and/or other fees during the periods, 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 periods, 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: |
|  | 163.91%<sup>4</sup> |

---

<sup>1</sup>Commencement of operations.

<sup>2</sup>Calculated based on average shares outstanding during the period.

<sup>3</sup>Represents aggregate total return for the periods indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been waived or reimbursed during the periods. Periods less than one year are not annualized.

<sup>4</sup>Annualized.

The accompanying notes are an integral part of the financial statements.

 **11**

Systematic High Yield Bond Series

**Financial Highlights - Class I**

---

| | |
|:---|:---|
|  | FOR THE<br>PERIOD<br> 9/15/25<sup>1</sup> TO<br> 12/31/25 |
| **Per share data (for a share outstanding throughout the period):** |  |
| **Net asset value - Beginning of period** | $10.00 |
| Income from investment operations: |  |
| Net investment income<sup>2</sup> | 0.16 |
| Net realized and unrealized gain (loss) on investments | 0.02 |
| Total from investment operations | 0.18 |
| Less distributions to shareholders: |  |
| From net investment income | (0.15) |
| From net realized gain on investments | (0.01) |
| Total distributions to shareholders | (0.16) |
| **Net asset value - End of period** | **$10.02** |
| **Net assets - End of period** (000's omitted) | **$50** |
| Total return<sup>3</sup> | 1.86% |
| **Ratios (to average net assets)/Supplemental Data:** |  |
| Expenses\* | 0.60%<sup>4</sup> |
| Net investment income | 5.35%<sup>4</sup> |
| Series portfolio turnover | 50% |
| \*The investment advisor did not impose all or a portion of its management and/or other fees during the periods, 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 periods, 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: |
|  | 51.34%<sup>4</sup> |

---

<sup>1</sup>Commencement of operations.

<sup>2</sup>Calculated based on average shares outstanding during the period.

<sup>3</sup>Represents aggregate total return for the periods indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been waived or reimbursed during the periods. Periods less than one year are not annualized.

<sup>4</sup>Annualized.

The accompanying notes are an integral part of the financial statements.

 **12**

Systematic High Yield Bond Series

**Financial Highlights - Class W**

---

| | |
|:---|:---|
|  | FOR THE<br>PERIOD<br> 9/15/25<sup>1</sup> TO<br> 12/31/25 |
| **Per share data (for a share outstanding throughout the period):** |  |
| **Net asset value - Beginning of period** | $10.00 |
| Income from investment operations: |  |
| Net investment income<sup>2</sup> | 0.17 |
| Net realized and unrealized gain (loss) on investments | 0.02 |
| Total from investment operations | 0.19 |
| Less distributions to shareholders: |  |
| From net investment income | (0.16) |
| From net realized gain on investments | (0.01) |
| Total distributions to shareholders | (0.17) |
| **Net asset value - End of period** | **$10.02** |
| **Net assets - End of period** (000's omitted) | **$28904** |
| Total return<sup>3</sup> | 1.96% |
| **Ratios (to average net assets)/Supplemental Data:** |  |
| Expenses\* | 0.10%<sup>4</sup> |
| Net investment income | 5.97%<sup>4</sup> |
| Series portfolio turnover | 50% |
| \*The investment advisor did not impose all or a portion of its management and/or other fees during the periods, 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 periods, 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: |
|  | 1.90%<sup>4</sup> |

---

<sup>1</sup>Commencement of operations.

<sup>2</sup>Calculated based on average shares outstanding during the period.

<sup>3</sup>Represents aggregate total return for the periods indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been waived or reimbursed during the periods. Periods less than one year are not annualized.

<sup>4</sup>Annualized.

The accompanying notes are an integral part of the financial statements.

 **13**

Systematic High Yield Bond Series

**Financial Highlights - Class Z**

---

| | |
|:---|:---|
|  | FOR THE<br>PERIOD<br> 9/15/25<sup>1</sup> TO<br> 12/31/25 |
| **Per share data (for a share outstanding throughout the period):** |  |
| **Net asset value - Beginning of period** | $10.00 |
| Income from investment operations: |  |
| Net investment income<sup>2</sup> | 0.15 |
| Net realized and unrealized gain (loss) on investments | 0.03 |
| Total from investment operations | 0.18 |
| Less distributions to shareholders: |  |
| From net investment income | (0.15) |
| From net realized gain on investments | (0.01) |
| Total distributions to shareholders | (0.16) |
| **Net asset value - End of period** | **$10.02** |
| **Net assets - End of period** (000's omitted) | **$5** |
| Total return<sup>3</sup> | 1.86% |
| **Ratios (to average net assets)/Supplemental Data:** |  |
| Expenses\* | 0.45%<sup>4</sup> |
| Net investment income | 5.18%<sup>4</sup> |
| Series portfolio turnover | 50% |
| \*The investment advisor did not impose all or a portion of its management and/or other fees during the periods, 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 periods, 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: |
|  | 166.36%<sup>4</sup> |

---

<sup>1</sup>Commencement of operations.

<sup>2</sup>Calculated based on average shares outstanding during the period.

<sup>3</sup>Represents aggregate total return for the periods indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been waived or reimbursed during the periods. Periods less than one year are not annualized.

<sup>4</sup>Annualized.

The accompanying notes are an integral part of the financial statements.

 **14**

Systematic High Yield Bond Series

**Notes to Financial Statements**

1. Organization

Systematic High Yield Bond 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 a high level of income as its primary objective and capital appreciation as a secondary objective.

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 December 31, 2025, 6.8 billion shares have been designated in total among 15 series, of which 100 million have been designated for each as Systematic High Yield Bond Series Class I Common Stock, Systematic High Yield Bond Series Class Z Common Stock, Systematic High Yield Bond Series Class S Common Stock, and Systematic High Yield Bond Series Class W 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.

Debt securities, including government bonds, foreign bonds, asset-backed securities, structured notes, supranational obligations, sovereign bonds, corporate bonds, loan assignments, and mortgage-backed securities will normally be valued on the basis of evaluated bid prices provided directly by an independent pricing 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 default rates, coupon rates, anticipated timing of 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.

The fair value of loan assignments is estimated using recently executed transactions, market price quotations, credit/market events, and cross-asset pricing. Inputs are generally observable market inputs obtained from independent sources. Loan assignments are generally categorized in Level 2 of the fair value hierarchy, unless key inputs are unobservable, in which case they would be categorized in Level 3.

 **15**

Systematic High Yield Bond Series

**Notes to Financial Statements (continued)**

2. Significant Accounting Policies (continued)

**Security Valuation** (continued)

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.

The following is a summary of the valuation levels used for major security types as of December 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;Debt securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate debt: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | $1761303 | $— | $1761303 | $— |

---

 **16**

Systematic High Yield Bond Series

**Notes to Financial Statements (continued)**

2. Significant Accounting Policies (continued)

**Fair Value** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;DESCRIPTION | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | $6364726 | $— | $6364726 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | 496580 |  | 496580 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 3288580 |  | 3288580 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 3619123 |  | 3619123 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | 1643306 |  | 1643306 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 4761441 |  | 4761441 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 1131969 |  | 1131969 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 2468838 |  | 2468838 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate | 1553473 |  | 1553473 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 832510 |  | 832510 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investment | 411909 | 411909 |  |  |
| &nbsp;&nbsp;&nbsp;Total assets | $28333758 | $411909 | $27921849 | $— |

---

There were no Level 3 securities held by the Series as of December 31, 2025.

**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.

**Securities Purchased on a When-Issued Basis or Forward Commitment**

The 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 takes such fluctuations into account when determining its net

 **17**

Systematic High Yield Bond Series

**Notes to Financial Statements (continued)**

2. Significant Accounting Policies (continued)

**Securities Purchased on a When-Issued Basis or Forward Commitment** (continued)

asset value. The Series may sell the when-issued securities before they are delivered, which may result in a capital gain or loss. No such investments were held by the Series on December 31, 2025.

In connection with its 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. Information regarding securities purchased on a when-issued basis is included in the Series' Investment Portfolio. No such investments were held by the Series on December 31, 2025.

**Asset-Backed Securities**

The 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, the Series may subsequently have to reinvest the proceeds at lower interest rates. If the 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**

The 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 the 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 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.

**Restricted Securities**

Restricted securities are purchased in private placement transactions, are not registered under the Securities Act of 1933, as amended, and may have contractual restrictions on resale. Information regarding restricted securities is included at the end of the Series' Investment Portfolio.

 **18**

Systematic High Yield Bond Series

**Notes to Financial Statements (continued)**

2. Significant Accounting Policies (continued)

**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 December 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, as this is the inception year for the Series and it has not yet filed any tax returns.

**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 monthly. 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 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.

**Offering Costs**

Upon commencement of operations, the majority of the expenses incurred by the Series in connection with the launch were paid by the Advisor. The Series paid certain expenses, including the legal fees incurred in connection with the initial registration statement of the Series. These legal fees were booked as offering costs and amortized over a 12-month period beginning with the commencement of operations.

**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 0.35% 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

 **19**

Systematic High Yield Bond Series

**Notes to Financial Statements (continued)**

3. Transactions with Affiliates and Other Agreements (continued)

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.

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 Investment Servicing (U.S.) Inc. ("BNY") under which BNY serves as sub-accountant services agent.

Pursuant to an advisory fee waiver agreement, 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 Fund's 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"), do not exceed 0.60% of the average daily net assets of the Class S and Class I shares, 0.10% of the average daily net assets of the Class W shares, and 0.45% of the average daily net assets of the Class Z 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 $27,487 in management fees for Class W for the period ended December 31, 2025. In addition, pursuant to the separate expense limitation agreement, the Advisor waived or reimbursed expenses of $3,360, $3,433, $167,976 and $3,362 for Class S, Class I, Class W and Class Z, respectively, for the period ended December 31, 2025. These amounts are included as a reduction of expenses on the Statement of Operations.

 **20**

Systematic High Yield Bond Series

**Notes to Financial Statements (continued)**

3. Transactions with Affiliates and Other Agreements (continued)

As of December 31, 2025, the class specific waivers or reimbursements subject to possible future recoupment under the expense limitation agreement are as follows:

---

| | |
|:---|:---|
| CLASS | EXPIRING DECEMBER 31, 2028 |
| &nbsp;&nbsp;&nbsp;Class S | $3360 |
| &nbsp;&nbsp;&nbsp;Class I | 3433 |
| &nbsp;&nbsp;&nbsp;Class W | 167976 |
| &nbsp;&nbsp;&nbsp;Class Z | 3362 |

---

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 period ended December 31, 2025, purchases and sales of securities, other than U.S. Government securities and short-term securities, were $39,120,468 and $11,292,443, 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 Systematic High Yield Bond Series were:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;CLASS S | FOR THE PERIOD 9/15/25<br> (COMMENCEMENT OF OPERATIONS)<br> TO 12/31/25 | FOR THE PERIOD 9/15/25<br> (COMMENCEMENT OF OPERATIONS)<br> TO 12/31/25 |
|  | SHARES | AMOUNT |
| &nbsp;&nbsp;Sold | 510 | $5101 |
| &nbsp;&nbsp;Reinvested | 8 | 80 |
| &nbsp;&nbsp;Repurchased |  |  |
| &nbsp;&nbsp;Total | 518 | $5181 |

---

 **21**

Systematic High Yield Bond Series

**Notes to Financial Statements (continued)**

6. Capital Stock Transactions (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;CLASS I | FOR THE PERIOD 9/15/25<br> (COMMENCEMENT OF OPERATIONS)<br> TO 12/31/25 | FOR THE PERIOD 9/15/25<br> (COMMENCEMENT OF OPERATIONS)<br> TO 12/31/25 |
|  | SHARES | AMOUNT |
| &nbsp;&nbsp;Sold | 5187 | $52059 |
| &nbsp;&nbsp;Reinvested | 46 | 456 |
| &nbsp;&nbsp;Repurchased | (211) | (2111) |
| &nbsp;&nbsp;Total | 5022 | $50404 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;CLASS W | FOR THE PERIOD 9/15/25<br> (COMMENCEMENT OF OPERATIONS)<br> TO 12/31/25 | FOR THE PERIOD 9/15/25<br> (COMMENCEMENT OF OPERATIONS)<br> TO 12/31/25 |
|  | SHARES | AMOUNT |
| &nbsp;&nbsp;Sold | 3039444 | $30393590 |
| &nbsp;&nbsp;Reinvested | 49446 | 493464 |
| &nbsp;&nbsp;Repurchased | (203551) | (2035833) |
| &nbsp;&nbsp;Total | 2885339 | $28851221 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;CLASS Z | FOR THE PERIOD 9/15/25<br> (COMMENCEMENT OF OPERATIONS)<br> TO 12/31/25 | FOR THE PERIOD 9/15/25<br> (COMMENCEMENT OF OPERATIONS)<br> TO 12/31/25 |
|  | SHARES | AMOUNT |
| &nbsp;&nbsp;Sold | 500 | $5000 |
| &nbsp;&nbsp;Reinvested | 8 | 83 |
| &nbsp;&nbsp;Repurchased |  |  |
| &nbsp;&nbsp;Total | 508 | $5083 |

---

Over 99% of the shares outstanding (representing Class W) are fiduciary accounts where the Advisor has sole investment discretion.

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. 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 period ended December 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

 **22**

Systematic High Yield Bond Series

**Notes to Financial Statements (continued)**

8. Financial Instruments (continued)

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 December 31, 2025.

The Series may invest in a loan assignment of all or a portion of the loans. The 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.

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. The portion of distributions that exceeds a Series' current and accumulated earnings and profits, as measured on a tax basis, constitutes a non-taxable return of capital. These differences are primarily due to differing book and tax treatments in the timing and/or treatment of the recognition of net investment income or gains and losses, including losses deferred due to wash sales and preferred bonds, taxable over distribution, and a defaulted bond accrual. 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 December 31, 2025, amounts were reclassified within the capital accounts to decrease Additional Paid in Capital by $649 and increase Total Distributable Earnings (Loss) by $649. Any such reclassifications are not reflected in the financial highlights

The tax character of distributions paid were as follows:

---

| | |
|:---|:---|
|  | FOR THE PERIOD<br>ENDED 12/31/2025 |
| Ordinary income | $507314 |

---

At December 31, 2025, the tax basis of components of distributable earnings and the net unrealized appreciation based on the identified cost of Investments for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| Cost for federal income tax purposes | $28269079 |
| Unrealized appreciation | 149507 |
| Unrealized depreciation | (84828) |
| Net unrealized appreciation | $64679 |
| Qualified late-year losses | $(11298) |

---

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

 **23**

Systematic High Yield Bond Series

**Notes to Financial Statements (continued)**

11. Market Event (continued)

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.

 **24**

Systematic High Yield Bond Series

**Report of Independent Registered Public Accounting Firm**

To the Board of Directors of Manning & Napier Fund, Inc. and Shareholders of Systematic High Yield Bond Series

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the investment portfolio, of Systematic High Yield Bond Series (one of the funds constituting Manning & Napier Fund, Inc., referred to hereafter as the "Fund") as of December 31, 2025, and the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the period September 15, 2025 (commencement of operations) through December 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 December 31, 2025, and the results of its operations, changes in its net assets and the financial highlights for the period September 15, 2025 (commencement of operations) through December 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 audit. 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 audit 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 audit 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 audit 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 December 31, 2025 by correspondence with the custodian and transfer agent. We believe that our audit provides a reasonable basis for our opinion.

![](mnncsr010.jpg)

**New York, New York**

**February 23, 2026**

We have served as the auditor of one or more investment companies in Manning & Napier Mutual Funds since 1992.

 **25**

Systematic High Yield Bond Series

**Renewal of Investment Advisory Agreement**

(unaudited)

At meetings of the Manning & Napier Fund, Inc. (the "Fund") Board of Directors (the "Board") held on November 13, 2024, February 11, 2025 and May 20, 2025 (the "Board Meetings"), the Directors considered matters related to the approval of an Investment Advisory Agreement between the Fund and Manning & Napier Advisors, LLC (the "Advisor") (the "Agreement") for a new series of the Fund, the Systematic High Yield Bond Series (the "Series").

At the Board Meetings, representatives of the Advisor explained that the Board was being asked to consider establishing the new Series and that, in connection with the decision whether to approve the Agreement, a variety of material was provided to the Board for their review and consideration in advance of the Board Meetings , including, but not limited to: (i) a memorandum regarding the proposed launch of the Series (ii) information regarding the investment strategy, philosophy and investment process of the Series, (iii) the expected cost of services for the Advisor based on the nature, extent and quality of services that would be performed by each, respectively and, (iv) an analysis of differential advisory fee waivers related to the Series' Class W shares.

Representatives of the Advisor attended the Board Meetings and presented additional oral and written information to assist the Board in its considerations. The discussion immediately below outlines the materials and information presented to the Board in connection with the consideration of the Agreement and the conclusions made by the Directors when determining to approve the Agreement. The summary describes the most important, but not all, of the factors, considered by the Board.

● The Board noted that the Series had not commenced operations, but considered the investment management services that would be provided under the proposed Agreement including, among others: deciding what securities to purchase and sell for the Series; arranging for the purchase and sale of such securities by placing orders with broker-dealers; administering the affairs of the Series (including the books and records of the Series not maintained by third party service providers such as the custodian or transfer agent); arranging for the insurance coverage for the Series; and supervising the preparation of tax returns, SEC filings (including registration statements) and reports to shareholders of the Series. The Board also considered the nature and quality of such services provided under the proposed Agreement in light of the Advisor's services provided to the other series of the Fund under an existing investment advisory agreement. The Board had discussed the quality of these services with representatives from the Advisor in May 2024 and concluded the Advisor was performing its services to the Fund required under the existing investment advisory agreement in a reasonable manner.

● The Board considered the proposed fees and expenses of the Series. The Advisor presented the proposed advisory fee and total expenses ratios for the Series, including the advisory fee adjusted for any contractual expense waivers or reimbursements paid by the Advisor. The advisory fee and net expense ratios of the Series were compared and ranked (on a median basis) against funds 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 the advisory fee and net expense ratios for the Series and the methodology behind the comparison, noting that the proposed advisory fee was at or below the median compared to peers.

● The Board considered the proposed payment of intermediary sub-transfer agency fees ("sub-TA fees"), which would be borne by the Fund and paid to intermediaries for the performance of non-distribution shareholder and/or administrative services. The sub-TA fees would be included in the operating expenses of the Series. The Board considered the proposed multi-tier limit on Fund sub-TA expenses at both the individual broker-dealer and aggregate share class level, and the fact that fees in excess of the limits would be paid out of the Advisor's profits. Based on their review of the information provided, the Board concluded that the proposed fees and expenses of the Series were reasonable on a comparative basis.

● The Board considered a pro-forma analysis of the differential advisory fee waiver of the new Series Class W shares, which would be utilized within the Advisor's separately managed accounts. The pro-forma analysis 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. For purposes of the analysis, the advisory fees paid by the separately managed accounts included existing Fund holdings, as well as the hypothetical allocation to the Series. The Board also took into account the Advisor's existing 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 and the Advisor's ongoing monitoring performed throughout the year to prevent ineligible investors from purchasing the Series' Class W shares for existing series of the Fund. The Board further took into account that, after completing its review of the pro-forma analysis, the Advisor concluded that the 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

 **26**

Systematic High Yield Bond Series

**Renewal of Investment Advisory Agreement** 

(unaudited)

cross-subsidization in the Series. Based on the results of the Advisor's pro-forma review of the differential advisory fee waiver 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 Board considered whether economies of scale were being achieved by the Advisor with respect to the services provided to the Series. Because the Series is new and had not commenced operations, it was not possible to determine the profitability that the Advisor might achieve with respect to the Series or the extent to which economies of scale would be realized by the Advisor as the assets of the Series grow. Accordingly, the Directors did not make any findings regarding the Advisor's profitability or the extent to which economies of scale would be realized by the Advisor as the assets of the Series grow but will do so during future considerations of the Agreements.

● In addition to the factors described above, the Board considered other benefits that the Advisor may derive from its relationship with the Series, which were largely consistent with those realized by the Advisor through investment management services provided to the other Series of the Fund and last discussed with the Board in May 2024.

***Conclusion***

Based on the Board's deliberations and their evaluation of the information described above, the Board, including a majority of Directors that are not "interested persons" as defined in the Investment Company Act of 1940, concluded that the compensation under the proposed Advisory Agreement were fair and reasonable 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. Accordingly, the Board voted unanimously to approve the Agreement for the Systematic High Yield Bond Series. In the course of their deliberations, the Directors did not identify any particular information that was all important or controlling.

 **27**

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 **28**

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 **29**

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 **30**

Systematic High Yield Bond 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 Statements and Other Information - Annual

&nbsp;&nbsp;&nbsp;&nbsp;6. Financial Statements 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.**

MNSHYB-12/25-AR

 **31**

![](mnncsr011.jpg)

---

| | |
|:---|:---|
|  | **www.manning-napier.com** |
| **Manning & Napier Fund, Inc.** |  |
| Credit Series |  |

---

Credit Series

**Investment Portfolio - December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<sup>1</sup>/<br>SHARES | VALUE<br>(NOTE 2) |
| **CORPORATE BONDS - 37.6%** | **CORPORATE BONDS - 37.6%** | **CORPORATE BONDS - 37.6%** |
| **Non-Convertible Corporate Bonds- 37.6%** | **Non-Convertible Corporate Bonds- 37.6%** | **Non-Convertible Corporate Bonds- 37.6%** |
| **Communication Services - 0.8%** | **Communication Services - 0.8%** | **Communication Services - 0.8%** |
| &nbsp;&nbsp;&nbsp;**Entertainment - 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;The Walt Disney Co., 6.65%, 11/15/2037 | 1970000 | $2251461 |
| **Consumer Discretionary - 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;**Diversified Consumer Services - 1.7%** | &nbsp;&nbsp;&nbsp;**Diversified Consumer Services - 1.7%** | &nbsp;&nbsp;&nbsp;**Diversified Consumer Services - 1.7%** |
| &nbsp;&nbsp;&nbsp;Cornell Univ., 4.169%, 6/15/2030 | 4860000 | 4879296 |
| &nbsp;&nbsp;&nbsp;**Household Durables - 0.9%** | &nbsp;&nbsp;&nbsp;**Household Durables - 0.9%** | &nbsp;&nbsp;&nbsp;**Household Durables - 0.9%** |
| &nbsp;&nbsp;&nbsp;DR Horton, Inc., 4.85%, 10/15/2030 | 2380000 | 2430369 |
| **Total Consumer Discretionary** |  | 7309665 |
| **Energy - 5.1%** |  |  |
| &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels - 5.1%** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels - 5.1%** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels - 5.1%** |
| &nbsp;&nbsp;&nbsp;Cameron LNG LLC, 3.302%, 1/15/2035<sup>2</sup> | 2790000 | 2439897 |
| &nbsp;&nbsp;&nbsp;Cenovus Energy, Inc. (Canada), 6.75%, 11/15/2039 | 3380000 | 3719838 |
| &nbsp;&nbsp;&nbsp;Energy Transfer LP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.375%, 2/1/2031<sup>2</sup> | 2330000 | 2422421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 2/1/2042 | 3465000 | 3654750 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan, Inc., 4.80%, 2/1/2033 | 1970000 | 1975986 |
| **Total Energy** |  | 14212892 |
| **Financials - 18.8%** | **Financials - 18.8%** | **Financials - 18.8%** |
| &nbsp;&nbsp;&nbsp;**Banks - 11.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Bank of America Corp., (U.S. Secured Overnight Financing Rate + 1.320%), 2.687%, 4/22/2032<sup>3</sup> | 4015000 | 3682497 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc., (U.S. Secured Overnight Financing Rate + 0.770%), 1.462%, 6/9/2027<sup>3</sup> | 3630000 | 3587361 |
| &nbsp;&nbsp;&nbsp;Citizens Bank NA, (U.S. Secured Overnight Financing Rate + 2.000%), 4.575%, 8/9/2028<sup>3</sup> | 2310000 | 2326759 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc., 2.55%, 2/4/2030 | 2590000 | 2415760 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., (3 mo. U.S. Secured Overnight Financing Rate + 3.790%), 4.493%, 3/24/2031<sup>3</sup> | 5900000 | 5948865 |
| &nbsp;&nbsp;&nbsp;The PNC Financial Services Group, Inc., (U.S. Secured Overnight Financing Rate + 1.333%), 4.899%, 5/13/2031<sup>3</sup> | 3600000 | 3685827 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp., (U.S. Secured Overnight Financing Rate + 0.862%), 1.887%, 6/7/2029<sup>3</sup> | 3795000 | 3604213 |
| &nbsp;&nbsp;&nbsp;U.S. Bancorp, (U.S. Secured Overnight Financing Rate + 1.230%), 4.653%, 2/1/2029<sup>3</sup> | 3360000 | 3401550 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co., (U.S. Secured Overnight Financing Rate + 1.070%), 5.707%, 4/22/2028<sup>3</sup> | 3350000 | 3418922 |
|  |  | 32071754 |
| &nbsp;&nbsp;&nbsp;**Capital Markets - 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Jefferies Financial Group, Inc., 6.20%, 4/14/2034 | 5530000 | 5838482 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<sup>1</sup>/<br>SHARES | 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** (continued) | &nbsp;&nbsp;&nbsp;**Capital Markets** (continued) | &nbsp;&nbsp;&nbsp;**Capital Markets** (continued) |
| &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>2,3,4</sup> | 1250000 | 1231604 |
|  |  | 7070086 |
| &nbsp;&nbsp;&nbsp;**Consumer Finance - 1.7%** | &nbsp;&nbsp;&nbsp;**Consumer Finance - 1.7%** | &nbsp;&nbsp;&nbsp;**Consumer Finance - 1.7%** |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp., (U.S. Secured Overnight Financing Rate + 2.860%), 6.377%, 6/8/2034<sup>3</sup> | 4200000 | 4540916 |
| &nbsp;&nbsp;&nbsp;**Financial Services - 1.7%** | &nbsp;&nbsp;&nbsp;**Financial Services - 1.7%** | &nbsp;&nbsp;&nbsp;**Financial Services - 1.7%** |
| &nbsp;&nbsp;&nbsp;Apollo Global Management, Inc., 5.15%, 8/12/2035 | 2340000 | 2343773 |
| &nbsp;&nbsp;&nbsp;Atlas Warehouse Lending Co. LP, 4.625%, 11/15/2028<sup>2</sup> | 2450000 | 2458254 |
|  |  | 4802027 |
| &nbsp;&nbsp;&nbsp;**Insurance - 1.3%** | &nbsp;&nbsp;&nbsp;**Insurance - 1.3%** | &nbsp;&nbsp;&nbsp;**Insurance - 1.3%** |
| &nbsp;&nbsp;&nbsp;MassMutual Global Funding II, 4.85%, 1/17/2029<sup>2</sup> | 1210000 | 1234755 |
| &nbsp;&nbsp;&nbsp;SiriusPoint Ltd. (Sweden), 7.00%, 4/5/2029 | 2325000 | 2463854 |
|  |  | 3698609 |
| **Total Financials** |  | 52183392 |
| **Health Care - 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies - 0.9%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies - 0.9%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies - 0.9%** |
| &nbsp;&nbsp;&nbsp;180 Medical, Inc. (United Kingdom), 3.875%, 10/15/2029<sup>2</sup> | 2430000 | 2362819 |
| **Industrials - 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;**Construction Materials - 0.8%** | &nbsp;&nbsp;&nbsp;**Construction Materials - 0.8%** | &nbsp;&nbsp;&nbsp;**Construction Materials - 0.8%** |
| &nbsp;&nbsp;&nbsp;Eagle Materials, Inc., 5.00%, 3/15/2036 | 2340000 | 2292147 |
| &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors - 0.9%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors - 0.9%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors - 0.9%** |
| &nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC - AerCap Global Aviation Trust (Ireland), 3.00%, 10/29/2028 | 2450000 | 2375326 |
| **Total Industrials** |  | 4667473 |
| **Materials - 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;**Metals & Mining - 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Newcastle Coal Infrastructure Group Pty Ltd. (Australia), 4.40%, 9/29/2027<sup>2</sup> | 2335207 | 2330844 |
| **Real Estate - 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;**Retail REITs - 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Simon Property Group LP, 2.65%, 2/1/2032 | 379000 | 341422 |
| &nbsp;&nbsp;&nbsp;**Specialized REITs - 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Safehold GL Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85%, 1/15/2032 | 2300000 | 2069712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 4/1/2034 | 2150000 | 2280505 |

---

The accompanying notes are an integral part of the financial statements.

#### 1
Credit Series

**Investment Portfolio - December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<sup>1</sup>/<br>SHARES | VALUE<br>(NOTE 2) | VALUE<br>(NOTE 2) |
| **CORPORATE BONDS** (continued) | **CORPORATE BONDS** (continued) | **CORPORATE BONDS** (continued) | **CORPORATE BONDS** (continued) |
| **Non-Convertible Corporate Bonds** (continued) | **Non-Convertible Corporate Bonds** (continued) | **Non-Convertible Corporate Bonds** (continued) | **Non-Convertible Corporate Bonds** (continued) |
| **Real Estate** (continued) | **Real Estate** (continued) | **Real Estate** (continued) | **Real Estate** (continued) |
| &nbsp;&nbsp;&nbsp;**Specialized REITs** (continued) | &nbsp;&nbsp;&nbsp;**Specialized REITs** (continued) | &nbsp;&nbsp;&nbsp;**Specialized REITs** (continued) | &nbsp;&nbsp;&nbsp;**Specialized REITs** (continued) |
| &nbsp;&nbsp;&nbsp;SBA Tower Trust, 6.599%, 1/15/2028<sup>2</sup> | 3370000 | $| 3450781 |
|  |  |  | 7800998 |
| **Total Real Estate** |  |  | 8142420 |
| **Utilities - 4.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Electric Utilities - 2.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Alexander Funding Trust II, 7.467%, 7/31/2028<sup>2</sup> | 2290000 |  | 2438533 |
| &nbsp;&nbsp;&nbsp;Duke Energy Florida LLC, 6.40%, 6/15/2038 | 3720000 |  | 4152825 |
|  |  |  | 6591358 |
| &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers - 1.6%** | &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers - 1.6%** | &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers - 1.6%** | &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers - 1.6%** |
| &nbsp;&nbsp;&nbsp;Palomino Funding Trust I, 7.233%, 5/17/2028<sup>2</sup> | 4245000 |  | 4485846 |
| **Total Utilities** |  |  | 11077204 |
| **TOTAL CORPORATE BONDS** <br> (Identified Cost $102,029,571) |  |  | **104538170** |
| **ASSET-BACKED SECURITIES - 18.7%** | **ASSET-BACKED SECURITIES - 18.7%** | **ASSET-BACKED SECURITIES - 18.7%** | **ASSET-BACKED SECURITIES - 18.7%** |
| &nbsp;&nbsp;&nbsp;ALLO Issuer LLC, Series 2023-1A, Class A2, 6.20%, 6/20/2053<sup>2</sup> | 1600000 |  | 1619037 |
| &nbsp;&nbsp;&nbsp;Centersquare Issuer LLC, Series 2024-1A, Class A2, 5.20%, 10/26/2054<sup>2</sup> | 2000000 |  | 1955038 |
| &nbsp;&nbsp;&nbsp;CF Hippolyta Issuer LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1, Class B1, 2.28%, 7/15/2060<sup>2</sup> | 2113712 |  | 1317847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A, Class B1, 1.98%, 3/15/2061<sup>2</sup> | 895325 |  | 544991 |
| &nbsp;&nbsp;&nbsp;Cloud Capital Holdco LP, Series 2024-1A, Class A2, 5.781%, 11/22/2049<sup>2</sup> | 2000000 |  | 1993963 |
| &nbsp;&nbsp;&nbsp;Cogent Ipv4 LLC, Series 2024-1A, Class A2, 7.924%, 5/25/2054<sup>2</sup> | 990000 |  | 1031698 |
| &nbsp;&nbsp;&nbsp;Commonbond Student Loan Trust, Series 2020-AGS, Class A, 1.98%, 8/25/2050<sup>2</sup> | 406128 |  | 365703 |
| &nbsp;&nbsp;&nbsp;Compass Datacenters Issuer II LLC, Series 2024-2A, Class A1, 5.022%, 8/25/2049<sup>2</sup> | 1500000 |  | 1503711 |
| &nbsp;&nbsp;&nbsp;DataBank Issuer, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2A, Class A2, 2.40%, 10/25/2051<sup>2</sup> | 900000 |  | 881147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A, Class A2, 5.116%, 2/25/2053<sup>2</sup> | 1350000 |  | 1342619 |
| &nbsp;&nbsp;&nbsp;ECMC Group Student Loan Trust, Series 2024-1A, Class A, (U.S. Secured Overnight Financing Rate 30 Day Average + 1.150%), 5.024%, 11/27/2073<sup>2,5</sup> | 1067391 |  | 1077125 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<sup>1</sup>/<br>SHARES | VALUE<br>(NOTE 2) |
| **ASSET-BACKED SECURITIES** (continued) | **ASSET-BACKED SECURITIES** (continued) | **ASSET-BACKED SECURITIES** (continued) |
| &nbsp;&nbsp;&nbsp;ECMC Group Student Loan Trust, (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2A, Class A, (U.S. Secured Overnight Financing Rate 30 Day Average + 1.050%), 4.924%, 11/25/2074<sup>2,5</sup> | 1871103 | $1866758 |
| &nbsp;&nbsp;&nbsp;FIP Master Funding LLC, Series 2024-1A, Class A1, 4.88%, 10/15/2054<sup>2</sup> | 1993982 | 1979394 |
| &nbsp;&nbsp;&nbsp;Flexential Issuer, Series 2021-1A, Class A2, 3.25%, 11/27/2051<sup>2</sup> | 697143 | 687117 |
| &nbsp;&nbsp;&nbsp;GGAM Master Trust International Ltd., Series 2025-1A, Class A, (Cayman Islands), 5.923%, 9/30/2060<sup>2</sup> | 1950000 | 1960458 |
| &nbsp;&nbsp;&nbsp;Goodgreen Trust, Series 2020-1A, Class A, 2.63%, 4/15/2055<sup>2</sup> | 571651 | 475683 |
| &nbsp;&nbsp;&nbsp;Hageman Capital Issuer Trust, Series 2025-1, Class A, 6.40%, 8/9/2056<sup>2</sup> | 1610000 | 1604768 |
| &nbsp;&nbsp;&nbsp;Horizon Aircraft Finance IV Ltd., Series 2024-1, Class A, (Cayman Islands), 5.375%, 9/15/2049<sup>2</sup> | 2437500 | 2461425 |
| &nbsp;&nbsp;&nbsp;Hotwire Funding LLC, Series 2023-1A, Class A2, 5.687%, 5/20/2053<sup>2</sup> | 2400000 | 2421690 |
| &nbsp;&nbsp;&nbsp;HTS Fund II LLC, Series 2025-1, Class A, 5.351%, 6/23/2045<sup>2</sup> | 1350000 | 1353027 |
| &nbsp;&nbsp;&nbsp;KREF Ltd., Series 2021-FL2, Class AS, (1 mo. U.S. Secured Overnight Financing Rate + 1.414%), 5.150%, 2/15/2039<sup>2,5</sup> | 1500000 | 1485280 |
| &nbsp;&nbsp;&nbsp;Lyra Music Assets Delaware LP, Series 2025-1A, Class A2, 5.604%, 9/20/2065<sup>2</sup> | 1296629 | 1307434 |
| &nbsp;&nbsp;&nbsp;Navient Education Loan Trust, Series 2025-A, Class A, 5.02%, 7/15/2055<sup>2</sup> | 1339086 | 1353199 |
| &nbsp;&nbsp;&nbsp;Navient Private Education Refi Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-DA, Class A, 1.69%, 5/15/2069<sup>2</sup> | 281400 | 267519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-A, Class A, 0.84%, 5/15/2069<sup>2</sup> | 217661 | 200036 |
| &nbsp;&nbsp;&nbsp;Nelnet Student Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2006-2, Class A7, (U.S. Secured Overnight Financing Rate 90 Day Average + 0.842%), 5.155%, 1/26/2037<sup>2,5</sup> | 1644137 | 1618424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-3A, Class A, (U.S. Secured Overnight Financing Rate 30 Day Average + 0.814%), 4.689%, 3/26/2040<sup>2,5</sup> | 386837 | 383209 |
| &nbsp;&nbsp;&nbsp;Oak Street Investment Grade Net Lease Fund, Series 2020-1A, Class A1, 1.85%, 11/20/2050<sup>2</sup> | 1563726 | 1422084 |
| &nbsp;&nbsp;&nbsp;Oxford Finance Credit Fund III LP, Series 2025-A, Class A2, 5.878%, 8/14/2034<sup>2</sup> | 1900000 | 1924501 |
| &nbsp;&nbsp;&nbsp;Oxford Finance Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A, Class A2, 3.602%, 2/15/2030<sup>2</sup> | 1333344 | 1316152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A, Class A2, 6.716%, 2/15/2031<sup>2</sup> | 1592475 | 1608029 |

---

The accompanying notes are an integral part of the financial statements.

#### 2
Credit Series

**Investment Portfolio - December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<sup>1</sup>/<br>SHARES | 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;&nbsp;&nbsp;&nbsp;Series 2025-1A, Class A2, 5.413%, 2/15/2035<sup>2</sup> | 1300000 | $| 1303877 |
| &nbsp;&nbsp;&nbsp;PEAR LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1, Class A, 2.60%, 1/15/2034<sup>2</sup> | 98962 |  | 98658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1, Class A, 7.42%, 7/15/2035<sup>2</sup> | 986493 |  | 1011447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1, Class A, 6.95%, 2/15/2036<sup>2</sup> | 541202 |  | 547164 |
| &nbsp;&nbsp;&nbsp;PHEAA Student Loan Trust, Series 2016-1A, Class A, (U.S. Secured Overnight Financing Rate 30 Day Average + 1.264%), 5.139%, 9/25/2065<sup>2,5</sup> | 290103 |  | 292538 |
| &nbsp;&nbsp;&nbsp;Slam Ltd., Series 2021-1A, Class A, (Cayman Islands), 2.434%, 6/15/2046<sup>2</sup> | 1361730 |  | 1299748 |
| &nbsp;&nbsp;&nbsp;SLC Student Loan Trust, Series 2005-3, Class A4, (U.S. Secured Overnight Financing Rate 90 Day Average + 0.412%), 4.544%, 12/15/2039<sup>5</sup> | 2647061 |  | 2591226 |
| &nbsp;&nbsp;&nbsp;SLM Student Loan Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-2, Class A2, (U.S. Secured Overnight Financing Rate 30 Day Average + 1.314%), 5.189%, 10/25/2034<sup>5</sup> | 290729 |  | 292016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-6, Class A3, (U.S. Secured Overnight Financing Rate 30 Day Average + 0.764%), 4.639%, 6/26/2028<sup>5</sup> | 885001 |  | 877109 |
| &nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-B, Class A2A, 2.82%, 10/15/2035<sup>2</sup> | 14297 |  | 14232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-B, Class A2B, (1 mo. U.S. Secured Overnight Financing Rate + 0.864%), 4.615%, 10/15/2035<sup>2,5</sup> | 64753 |  | 64705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-E, Class A1A, 5.09%, 10/16/2056<sup>2</sup> | 820687 |  | 829896 |
| &nbsp;&nbsp;&nbsp;Tricon American Homes, Series 2020- SFR1, Class A, 1.499%, 7/17/2038<sup>2</sup> | 1387041 |  | 1366016 |
| **TOTAL ASSET-BACKED SECURITIES**<br>(Identified Cost $52,963,626) |  |  | **51917698** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES - 20.8%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 20.8%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 20.8%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 20.8%** |
| &nbsp;&nbsp;&nbsp;Agate Bay Mortgage Trust, Series 2016- 2, Class A3, 3.50%, 3/25/2046<sup>2,6</sup> | 742968 |  | 683626 |
| &nbsp;&nbsp;&nbsp;Brean Asset Backed Securities Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-RM2, Class A, 1.75%, 10/25/2061<sup>2,6</sup> | 719573 |  | 704230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-RM13, Class A1, 4.25%, 10/25/2065<sup>2</sup> | 1997643 |  | 1933250 |
| &nbsp;&nbsp;&nbsp;BX Trust, Series 2024-VLT4, Class A, (1 mo. U.S. Secured Overnight Financing Rate + 1.491%), 5.242%, 6/15/2041<sup>2,5</sup> | 1900000 |  | 1897316 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<sup>1</sup>/<br>SHARES | VALUE<br>(NOTE 2) |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES** (continued) | **COMMERCIAL MORTGAGE-BACKED SECURITIES** (continued) | **COMMERCIAL MORTGAGE-BACKED SECURITIES** (continued) |
| &nbsp;&nbsp;&nbsp;Credit Suisse Mortgage Capital Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-7, Class A6, 3.50%, 8/25/2043<sup>2,6</sup> | 192050 | $178526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-J1, Class A2, 3.50%, 2/25/2048<sup>2,6</sup> | 3268227 | 2950494 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMICS, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-48, Class DC, 2.50%, 7/25/2050 | 3280139 | 2878186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-69, Class WJ, 1.50%, 10/25/2050 | 536383 | 470633 |
| &nbsp;&nbsp;&nbsp;Finance of America Structured Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-S6, Class A1, 3.00%, 7/25/2061<sup>2</sup> | 1323166 | 1326678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-S1, Class A1, 3.50%, 2/25/2075<sup>2</sup> | 1547600 | 1503778 |
| &nbsp;&nbsp;&nbsp;Flagstar Mortgage Trust, Series 2021- 8INV, Class A3, 2.50%, 9/25/2051<sup>2,6</sup> | 699021 | 583963 |
| &nbsp;&nbsp;&nbsp;Freddie Mac Multifamily Structured Pass- Through Certificates, Series K106, Class X1 (IO), 1.314%, 1/25/2030<sup>6</sup> | 14845296 | 662803 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMICS, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 5189, Class CP, 2.50%, 6/25/2049 | 3493331 | 3119687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 5501, Class JL, 3.50%, 6/25/2048 | 1850000 | 1544101 |
| &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Corp. Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-PJ3, Class A14, 3.00%, 10/25/2050<sup>2,6</sup> | 201852 | 176211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1, Class A6, 2.50%, 12/25/2051<sup>2,6</sup> | 672070 | 601210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-PJ6, Class A8, 2.50%, 11/25/2051<sup>2,6</sup> | 449308 | 406121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-PJ9, Class A8, 2.50%, 2/26/2052<sup>2,6</sup> | 525929 | 473401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-PJ3, Class A6, 3.00%, 8/25/2052<sup>2,6</sup> | 1550366 | 1352113 |
| &nbsp;&nbsp;&nbsp;Hawaii Hotel Trust, Series 2025- MAUI, Class A, (1 mo. U.S. Secured Overnight Financing Rate + 1.393%), 5.143%, 3/15/2042<sup>2,5</sup> | 1640000 | 1640507 |
| &nbsp;&nbsp;&nbsp;Imperial Fund Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM3, Class A1, 1.595%, 11/25/2056<sup>2,6</sup> | 612353 | 530901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM2, Class A1, 3.638%, 3/25/2067<sup>2,7</sup> | 1085152 | 1058073 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-3, Class 2A2, 2.50%, 10/25/2046<sup>2,6</sup> | 398689 | 374983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-INV3, Class A3, 3.50%, 5/25/2050<sup>2,6</sup> | 493530 | 449763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-INV3, Class A3A, 3.00%, 5/25/2050<sup>2,6</sup> | 371329 | 324220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-4, Class A3B, 2.00%, 8/25/2051<sup>2,6</sup> | 2230667 | 1777039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-INV3, Class A3B, 3.00%, 9/25/2052<sup>2,6</sup> | 1489969 | 1299557 |

---

The accompanying notes are an integral part of the financial statements.

#### 3
Credit Series

**Investment Portfolio - December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<sup>1</sup>/<br>SHARES | VALUE<br>(NOTE 2) |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES** (continued) | **COMMERCIAL MORTGAGE-BACKED SECURITIES** (continued) | **COMMERCIAL MORTGAGE-BACKED SECURITIES** (continued) |
| &nbsp;&nbsp;&nbsp;JP Morgan Seasoned Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1, Class A3, 4.377%, 1/25/2063<sup>2,6</sup> | 1570028 | $1509676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1, Class A3, 3.688%, 1/25/2063<sup>2,6</sup> | 1078720 | 972015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1, Class A4, 3.688%, 1/25/2063<sup>2,6</sup> | 2413652 | 2271525 |
| &nbsp;&nbsp;&nbsp;JPMorgan Wealth Management, Series 2020-ATR1, Class A3, 3.00%, 2/25/2050<sup>2,6</sup> | 1779483 | 1536388 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital I Trust, Series 2020-CNP, Class A, 2.428%, 4/5/2042<sup>2,6</sup> | 1000000 | 887348 |
| &nbsp;&nbsp;&nbsp;NYMT Loan Trust, Series 2025-INV1, Class A1, 5.402%, 4/25/2060<sup>2,7</sup> | 1686936 | 1698746 |
| &nbsp;&nbsp;&nbsp;OBX Trust, Series 2024-NQM1, Class A1, 5.928%, 11/25/2063<sup>2,7</sup> | 1707008 | 1719003 |
| &nbsp;&nbsp;&nbsp;Oceanview Mortgage Loan Trust, Series 2020-1, Class A1A, 1.733%, 5/28/2050<sup>2,6</sup> | 271059 | 254214 |
| &nbsp;&nbsp;&nbsp;PCG LLC, Series 2023-1, (1 mo. U.S. Secured Overnight Financing Rate + 6.000%), 9.732%, 7/25/2029 (Acquired 07/24/2023, cost $179,992)<sup>5,8</sup> | 179992 | 179983 |
| &nbsp;&nbsp;&nbsp;Provident Funding Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2, Class A2A, 2.00%, 4/25/2051<sup>2,6</sup> | 567359 | 493344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1, Class A1, 2.50%, 8/25/2051<sup>2,6</sup> | 1244723 | 1038385 |
| &nbsp;&nbsp;&nbsp;RCKT Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-6, Class A1, 2.50%, 12/25/2051<sup>2,6</sup> | 722835 | 603647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-6, Class A5, 2.50%, 12/25/2051<sup>2,6</sup> | 766317 | 684128 |
| &nbsp;&nbsp;&nbsp;RUN Trust, Series 2022-NQM1, Class A1, 4.00%, 3/25/2067<sup>2</sup> | 728569 | 741822 |
| &nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-5, Class A1, 2.50%, 5/25/2043<sup>2,6</sup> | 384864 | 344139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-9, Class A1, 3.50%, 7/25/2043<sup>2,6</sup> | 3132991 | 2925448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-3, Class A19, 3.50%, 4/25/2047<sup>2,6</sup> | 1218829 | 1111668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2, Class A4, 5.00%, 3/25/2053<sup>2,6</sup> | 2878324 | 2850493 |
| &nbsp;&nbsp;&nbsp;SWCH Commercial Mortgage Trust, Series 2025-DATA, Class A, (1 mo. U.S. Secured Overnight Financing Rate + 1.443%), 5.193%, 2/15/2042<sup>2,5</sup> | 1500000 | 1483452 |
| &nbsp;&nbsp;&nbsp;Verus Securitization Trust, Series 2024-R1, Class A2, 5.47%, 9/25/2069<sup>2,7</sup> | 1373618 | 1373863 |
| &nbsp;&nbsp;&nbsp;WBHT Commercial Mortgage Trust, Series 2025-WBM, Class A, (1 mo. U.S. Secured Overnight Financing Rate + 1.742%), 5.492%, 6/15/2042<sup>2,5</sup> | 1360000 | 1361444 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<sup>1</sup>/<br>SHARES | VALUE<br>(NOTE 2) | 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;WinWater Mortgage Loan Trust, Series 2015-3, Class A1, 3.50%, 3/20/2045<sup>2,6</sup> | 993044 | $| 927342 |
| **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br>(Identified Cost $59,731,662) |  |  | **57869443** |
| **FOREIGN GOVERNMENT BONDS - 1.0%** | **FOREIGN GOVERNMENT BONDS - 1.0%** | **FOREIGN GOVERNMENT BONDS - 1.0%** | **FOREIGN GOVERNMENT BONDS - 1.0%** |
| &nbsp;&nbsp;&nbsp;Eagle Funding Luxco S.A.R.L (Mexico), 5.50%, 8/17/2030<sup>2</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;(Identified Cost $2,858,264) | 2865000 |  | **2917754** |
| **U.S. GOVERNMENT AGENCIES - 20.1%** | **U.S. GOVERNMENT AGENCIES - 20.1%** | **U.S. GOVERNMENT AGENCIES - 20.1%** | **U.S. GOVERNMENT AGENCIES - 20.1%** |
| **Mortgage-Backed Securities - 20.1%** | **Mortgage-Backed Securities - 20.1%** | **Mortgage-Backed Securities - 20.1%** | **Mortgage-Backed Securities - 20.1%** |
| &nbsp;&nbsp;&nbsp;Fannie Mae |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA4851, UMBS, 5.00%, 11/1/2042 | 2918514 |  | 2967725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #FS5443, UMBS, 4.50%, 6/1/2043 | 2820196 |  | 2812421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #FS9332, UMBS, 3.00%, 3/1/2050 | 1890986 |  | 1716757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #FS4253, UMBS, 3.50%, 3/1/2050 | 2870420 |  | 2693991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #FM6890, UMBS, 3.00%, 6/1/2050 | 1549267 |  | 1398378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #CA6316, UMBS, 3.00%, 7/1/2050 | 1297543 |  | 1151641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #FS1807, UMBS, 3.50%, 7/1/2051 | 3293612 |  | 3084218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #FS1838, UMBS, 3.00%, 12/1/2051 | 3603024 |  | 3225104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #BV5383, UMBS, 3.00%, 4/1/2052 | 2091090 |  | 1871033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA4737, UMBS, 5.00%, 8/1/2052 | 3074519 |  | 3086886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA4807, UMBS, 5.50%, 11/1/2052 | 1938246 |  | 1976938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #CB6326, UMBS, 5.50%, 5/1/2053 | 2232610 |  | 2272274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #FS9453, UMBS, 4.50%, 8/1/2053 | 2789008 |  | 2736939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #FS6206, UMBS, 5.50%, 10/1/2053 | 3516763 |  | 3611579 |
| &nbsp;&nbsp;&nbsp;Freddie Mac |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #SC0393, UMBS, 5.00%, 6/1/2043 | 2399543 |  | 2424706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #SD8230, UMBS, 4.50%, 6/1/2052 | 3950897 |  | 3878268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #SD1360, UMBS, 5.50%, 7/1/2052 | 2913196 |  | 2973439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #QE9161, UMBS, 4.50%, 9/1/2052 | 3237445 |  | 3176427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #SD8276, UMBS, 5.00%, 12/1/2052 | 5444101 |  | 5461455 |

---

The accompanying notes are an integral part of the financial statements.

#### 4
Credit Series

**Investment Portfolio - December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<sup>1</sup>/<br>SHARES | 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;Freddie Mac (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #RJ0062, UMBS, 5.00%, 10/1/2053 | 3491946 | $3522394 |
| **TOTAL U.S. GOVERNMENT AGENCIES**<br>(Identified Cost $55,831,078) |  | **56042573** |
| **SHORT-TERM INVESTMENT - 1.2%** | **SHORT-TERM INVESTMENT - 1.2%** | **SHORT-TERM INVESTMENT - 1.2%** |
| &nbsp;&nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 3.65%<sup>9</sup> |  |  |
| &nbsp;&nbsp;&nbsp;(Identified Cost $3,333,598) | 3333598 | **3333598** |
| **TOTAL INVESTMENTS - 99.4%**<br>(Identified Cost $276,747,799) |  | **276619236** |
| **OTHER ASSETS, LESS LIABILITIES - 0.6%** |  | **1548125** |
| **NET ASSETS - 100%** |  | $**278167361** |

---

IO - Interest only

REIT - Real Estate Investment Trust

REMICS - Real Estate Mortgage Investment Conduits

UMBS - Uniform Mortgage-Backed Securities

<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 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 December 31, 2025 was $124,944,905, which represented 44.9% of the Series' Net Assets.

<sup>3</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 December 31, 2025.

<sup>4</sup>Security is perpetual in nature and has no stated maturity date.

<sup>5</sup>Floating rate security. Rate shown is the rate in effect as of December 31, 2025.

<sup>6</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 December 31, 2025.

<sup>7</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 December 31, 2025.

<sup>8</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 December 31, 2025 was $179,983, or 0.1% of the Series' Net Assets.

<sup>9</sup>Rate shown is the current yield as of December 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.

#### 5
Credit Series

**Statement of Assets and Liabilities** 

December 31, 2025

---

| | |
|:---|:---|
| **ASSETS:** | **ASSETS:** |
| Investments, at value (identified cost $276,747,799) (Note 2) | $276619236 |
| Cash | 2930 |
| Interest receivable | 1711488 |
| Receivable for fund shares sold | 66505 |
| Dividends receivable | 10055 |
| Prepaid expenses | 6700 |
| TOTAL ASSETS | 278416914 |
| **LIABILITIES:** | **LIABILITIES:** |
| Accrued fund accounting and administration fees<sup>1</sup> | 32522 |
| Accrued management fees<sup>1</sup> | 26522 |
| Accrued sub-transfer agent fees<sup>1</sup> | 14488 |
| Accrued Chief Compliance Officer service fees<sup>1</sup> | 2263 |
| Accrued distribution and service (Rule 12b-1) fees (Class S)<sup>1</sup> | 82 |
| Payable for fund shares repurchased | 138306 |
| Professional fees payable | 18688 |
| Other payables and accrued expenses | 16682 |
| TOTAL LIABILITIES | 249553 |
| Commitments and contingent liabilities<sup>1</sup> | Commitments and contingent liabilities<sup>1</sup> |
| **TOTAL NET ASSETS** | $**278167361** |
| **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** |
| Capital stock | $304092 |
| Additional paid-in-capital | 295150671 |
| Total distributable earnings (loss) | (17287402) |
| **TOTAL NET ASSETS** | $**278167361** |
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class S** <br> ($526,589/57,542 shares) | $**9.15** |
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class I**<br> ($44,301,076/4,841,652 shares) | $**9.15** |
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class W** <br> ($233,339,696/25,510,011 shares) | $**9.15** |

---

<sup>1</sup> See note 3 in Notes to the Financial Statements.

The accompanying notes are an integral part of the financial statements.

**6**

Credit Series

**Statement of Operations** 

For the Year Ended December 31, 2025

**INVESTMENT INCOME:**

---

| | |
|:---|:---|
| Interest (net of foreign taxes withheld, $10,327) | $14309427 |
| Dividends | 240231 |
| Total Investment Income | 14549658 |
| **EXPENSES:** |  |
| Management fees (Note 3) | 732340 |
| Fund accounting and administration fees (Note 3) | 99999 |
| Directors' fees (Note 3) | 39686 |
| Sub-transfer agent fees (Note 3) | 39091 |
| Chief Compliance Officer service fees (Note 3) | 9576 |
| Distribution and service (Rule 12b-1) fees (Class S) (Note 3) | 401 |
| Professional fees | 70089 |
| Custodian fees | 11592 |
| Miscellaneous | 105232 |
| Total Expenses | 1108006 |
| Less reduction of expenses (Note 3) | (703966) |
| Net Expenses | 404040 |
| NET INVESTMENT INCOME | 14145618 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:** |  |
| Net realized gain (loss) on investments | (1128468) |
| Net change in unrealized appreciation (depreciation) on investments | 8173364 |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS | 7044896 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $21190514 |

---

The accompanying notes are an integral part of the financial statements.

**7**

Credit Series

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | FOR THE<br> YEAR ENDED<br> 12/31/25 | FOR THE<br> YEAR ENDED<br> 12/31/24 |
| **INCREASE (DECREASE) IN NET ASSETS:** |  |  |
| **OPERATIONS:** |  |  |
| Net investment income | $14145618 | $14122017 |
| Net realized gain (loss) on investments | (1128468) | (2773151) |
| Net change in unrealized appreciation (depreciation) on investments | 8173364 | 2035328 |
| Net increase (decrease) from operations | 21190514 | 13384194 |
| **DISTRIBUTIONS TO SHAREHOLDERS (Note 10):** |  |  |
| Class S | (7309) | (66) |
| Class I | (1345290) | (619) |
| Class W | (12769304) | (14062802) |
| Total distributions to shareholders | (14121903) | (14063487) |
| **CAPITAL STOCK ISSUED AND REPURCHASED:** |  |  |
| Net increase (decrease) from capital share transactions (Note 6) | (8026081) | (11901054) |
| Net increase (decrease) in net assets | (957470) | (12580347) |
| **NET ASSETS:** |  |  |
| Beginning of year | 279124831 | 291705178 |
| **End of year** | $278167361 | $279124831 |

---

The accompanying notes are an integral part of the financial statements.

**8**

Credit Series

**Financial Highlights - Class S**

---

| | | |
|:---|:---|:---|
|  | FOR THE<br> YEAR ENDED<br> 12/31/25 | FOR THE <br> PERIOD <br> 9/23/24<sup>1</sup> TO 12/31/24 |
| **Per share data (for a share outstanding throughout each period):** |  |  |
| **Net asset value - Beginning of period** | $8.93 | $9.21 |
| Income (loss) from investment operations: |  |  |
| Net investment income<sup>2</sup> | 0.39 | 0.11 |
| Net realized and unrealized gain (loss) on investments | 0.23 | (0.27) |
| Total from investment operations | 0.62 | (0.16) |
| Less distributions to shareholders: |  |  |
| From net investment income | (0.40) | (0.12) |
| **Net asset value - End of period** | **$9.15** | **$8.93** |
| **Net assets - End of period (000's omitted)** | **$527** | **$5** |
| Total return<sup>3</sup> | 7.01% | (1.73%) |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |
| Expenses | 0.67% | 0.63%<sup>4</sup> |
| Net investment income | 4.27% | 4.40%<sup>4</sup> |
| Series portfolio turnover | 43% | 35% |

---

<sup>1</sup>Commencement of operations.

<sup>2</sup>Calculated based on average shares outstanding during the periods.

<sup>3</sup>Represents aggregate total return for the periods indicated, and assumes reinvestment of all distributions. Periods less than one year are not annualized.

<sup>4</sup>Annualized.

The accompanying notes are an integral part of the financial statements.

**9**

Credit Series

**Financial Highlights - Class I**

---

| | | | |
|:---|:---|:---|:---|
|  | FOR THE<br> YEAR ENDED<br> 12/31/25 | FOR THE<br> YEAR ENDED<br> 12/31/25 | FOR THE <br> PERIOD <br> 9/23/24<sup>1</sup> TO 12/31/24 |
| **Per share data (for a share outstanding throughout each period):** |  |  |  |
| **Net asset value - Beginning of period** | $8.93 | $8.93 | $9.21 |
| Income (loss) from investment operations: |  |  |  |
| Net investment income<sup>2</sup> |  | 0.41 | 0.11 |
| Net realized and unrealized gain (loss) on investments |  | 0.22 | (0.26) |
| Total from investment operations |  | 0.63 | (0.15) |
| Less distributions to shareholders: |  |  |  |
| From net investment income |  | (0.41) | (0.13) |
| **Net asset value - End of period** |  | **$9.15** | **$8.93** |
| **Net assets - End of period (000's omitted)** | **$** | **44301** | **$111** |
| Total return<sup>3</sup> |  | 7.17% | (1.67%) |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |
| Expenses\* |  | 0.50% | 0.50%<sup>4</sup> |
| Net investment income |  | 4.46% | 4.46%<sup>4</sup> |
| Series portfolio turnover |  | 43% | 35% |

---

\*The investment advisor did not impose all or a portion of its management and/or other fees during the period, 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:

---

| | |
|:---|:---|
| 0.00%<sup>5</sup> | 0.01%<sup>4</sup> |

---

<sup>1</sup>Commencement of operations.

<sup>2</sup>Calculated based on average shares outstanding during the periods.

<sup>3</sup>Represents aggregate total return for the periods indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been waived or reimbursed during the periods. Periods less than one year are not annualized.

<sup>4</sup>Annualized.

<sup>5</sup>Less than 0.01%.

The accompanying notes are an integral part of the financial statements.

**10**

Credit 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 |
|  | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 |
| **Per share data (for a share outstanding throughout each year):** |  |  |  |  |  |
| **Net asset value - Beginning of year** | $8.93 | $8.96 | $8.74 | $10.15 | $10.60 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.44 | 0.43 | 0.38 | 0.30 | 0.23 |
| Net realized and unrealized gain (loss) on investments | 0.22 | (0.03) | 0.24 | (1.42) | (0.22) |
| Total from investment operations | 0.66 | 0.40 | 0.62 | (1.12) | 0.01 |
| Less distributions to shareholders: |  |  |  |  |  |
| From net investment income | (0.44) | (0.43) | (0.38) | (0.28) | (0.24) |
| From net realized gain on investments |  |  |  | (0.01) | (0.22) |
| From return of capital |  |  | (0.02) |  |  |
| Total distributions to shareholders | (0.44) | (0.43) | (0.40) | (0.29) | (0.46) |
| **Net asset value - End of year** | **$9.15** | **$8.93** | **$8.96** | **$8.74** | **$10.15** |
| **Net assets - End of year (000's omitted)** | **$233340** | **$279009** | **$291705** | **$265822** | **$206477** |
| Total return<sup>2</sup> | 7.57% | 4.56% | 7.30% | (11.13%) | 0.02% |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |
| Expenses\* | 0.10% | 0.10% | 0.10%<sup>3</sup> | 0.10% | 0.10% |
| Net investment income | 4.87% | 4.79% | 4.31% | 3.25% | 2.23% |
| Series portfolio turnover | 43% | 35% | 42% | 44% | 69% |

---

\*The investment advisor did not impose all or a portion of its management and/or other fees during the period, 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% | 0.28% | 0.26% | 0.27% |

---

<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 recoupment of past waived and/or reimbursed fees. Excluding this amount, the expense ratio (to average net assets) would have decreased by less than 0.01%.

The accompanying notes are an integral part of the financial statements.

**11**

Credit Series

**Notes to Financial Statements**

&nbsp;&nbsp;&nbsp;&nbsp;1. Organization

Credit 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 total return by investing primarily in fixed income securities.

The Fund's advisor is Manning & Napier Advisors, LLC (the "Advisor"). Shares are only offered to discretionary investment accounts and other funds managed by the Advisor. 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 December 31, 2025, 6.8 billion shares have been designated in total among 15 series, of which 100 million have been designated for each as Credit Series Class S common stock, Credit Series Class I common stock, Credit Series Class W common stock and Credit Series 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.

&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.

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 default rates, coupon rates, anticipated timing of 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 the 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,

**12**

Credit Series

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;2. Significant Accounting Policies (continued)

**Security Valuation** (continued)

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.

**13**

Credit Series

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;2. Significant Accounting Policies (continued)

**Fair Value** (continued)

The following is a summary of the valuation levels used for major security types as of December 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;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 | $56042573 | $— | $56042573 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate debt: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | 2251461 |  | 2251461 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 7309665 |  | 7309665 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 14212892 |  | 14212892 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 52183392 |  | 52183392 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | 2362819 |  | 2362819 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 4667473 |  | 4667473 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 2330844 |  | 2330844 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate | 8142420 |  | 8142420 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 11077204 |  | 11077204 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset-backed securities | 51917698 |  | 51917698 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial mortgage-backed securities | 57869443 |  | 57869443 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign government bonds | 2917754 |  | 2917754 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investment | 3333598 | 3333598 |  |  |
| &nbsp;&nbsp;&nbsp;Total assets | $276619236 | $3333598 | $273285638 | $— |

---

There were no Level 3 securities held by the Series as of December 31, 2024 or December 31, 2025.

**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.

**14**

Credit Series

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;2. Significant Accounting Policies (continued)

**Asset-Backed Securities**

The 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, the Series may subsequently have to reinvest the proceeds at lower interest rates. If the 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** 

The 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 the 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 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** 

The 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 Statement 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** 

The 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 takes such fluctuations into account when determining its net asset value. The Series may sell the when-issued securities before they are delivered, which may result in a capital gain or loss. No such investments were held by the Series on December 31, 2025.

**15**

Credit Series

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;2. Significant Accounting Policies (continued)

**Securities Purchased on a When-Issued Basis or Forward Commitment** (continued)

In connection with its 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. Information regarding securities purchased on a when-issued basis is included in the Series' Investment Portfolio. No such investments were held by the Series on December 31, 2025.

**Restricted Securities**

Restricted securities are purchased in private placement transactions, are not registered under the Securities Act of 1933, as amended, and may have contractual restrictions on resale. Information regarding restricted securities is included at the end of the Series' Investment Portfolio.

**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 December 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 December 31, 2022 through December 31, 2025.

**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 monthly. 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 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.

**16**

Credit Series

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;2. Significant Accounting Policies (continued)

**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 0.25% 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. For the period ended December 31, 2025, the sub-transfer agency expenses incurred by Class S and Class I were $113 and $38,978 respectively.

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 or Class W 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 Investment Servicing (U.S.) Inc. ("BNY") under which BNY serves as sub-accountant services agent.

Pursuant to an advisory fee waiver agreement, 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 fees and/or distribution and service (12b-1) fees and waived Class W management fees (collectively, "excluded expenses"), do not exceed 0.50% of the average daily net assets of the Class S and Class I shares and 0.10% of the average daily net assets of the Class W shares. These contractual waivers are expected

**17**

Credit Series

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;3. Transactions with Affiliates and Other Agreements (continued)

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 $663,128 in management fees for Class W shares for the year ended December 31, 2025. In addition, pursuant to the separate expense limitation agreement, the Advisor waived or reimbursed expenses of $536 and $40,302 for Class I and Class W, respectively, for the year ended December 31, 2025. These amounts are included as a reduction of expenses on the Statement of Operations.

As of December 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 DECEMBER 31, | EXPIRING DECEMBER 31, |  |  |
|  | 2026 | 2027 | 2028 | TOTAL |
| &nbsp;&nbsp;Class I | $— | $1 | $536 | $537 |
| &nbsp;&nbsp;Class W | 18809 | 84863 | 40302 | 143974 |

---

For the year ended December 31, 2025, the Advisor did not recoup any expenses that have been previously waived or reimbursed.

&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 December 31, 2025, purchases and sales of securities, other than U.S. Government securities and short-term securities, were $86,634,401 and $61,655,703, respectively. Purchases and sales of U.S. Government securities, other than short-term securities, were $35,722,443 and $69,439,558, respectively.

**18**

Credit Series

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;6. Capital Stock Transactions

Transactions in Class S, Class I and Class W shares of Credit Series were:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;CLASS S | FOR THE YEAR ENDED 12/31/25 | FOR THE YEAR ENDED 12/31/25 | FOR THE PERIOD 9/23/24 (COMMENCEMENT OF OPERATIONS) TO 12/31/24 | FOR THE PERIOD 9/23/24 (COMMENCEMENT OF OPERATIONS) TO 12/31/24 |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;&nbsp;Sold | 77798 | $709230 | 543 | $5000 |
| &nbsp;&nbsp;&nbsp;Reinvested | 801 | 7309 | 7 | 66 |
| &nbsp;&nbsp;&nbsp;Repurchased | (21607) | (197867) |  |  |
| &nbsp;&nbsp;&nbsp;Total | 56992 | $518672 | 550 | $5066 |
| &nbsp;&nbsp;&nbsp;CLASS I | FOR THE YEAR ENDED 12/31/25 | FOR THE YEAR ENDED 12/31/25 | FOR THE PERIOD 9/23/24 (COMMENCEMENT OF OPERATIONS) TO 12/31/24 | FOR THE PERIOD 9/23/24 (COMMENCEMENT OF OPERATIONS) TO 12/31/24 |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;&nbsp;Sold | 4903565 | $44440497 | 12338 | $110990 |
| &nbsp;&nbsp;&nbsp;Reinvested | 147833 | 1345290 | 69 | 619 |
| &nbsp;&nbsp;&nbsp;Repurchased | (222148) | (2025775) | (5) | (49) |
| &nbsp;&nbsp;&nbsp;Total | 4829250 | $43760012 | 12402 | $111560 |
| &nbsp;&nbsp;&nbsp;CLASS W | FOR THE YEAR ENDED 12/31/25 | FOR THE YEAR ENDED 12/31/25 | FOR THE YEAR ENDED 12/31/24 | FOR THE YEAR ENDED 12/31/24 |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;&nbsp;Sold | 2070714 | $18728022 | 5657058 | $50237463 |
| &nbsp;&nbsp;&nbsp;Reinvested | 1399539 | 12696520 | 1555976 | 13922979 |
| &nbsp;&nbsp;&nbsp;Repurchased | (9207985) | (83729307) | (8515273) | (76178122) |
| &nbsp;&nbsp;&nbsp;Total | (5737732) | $(52304765) | (1302239) | $(12017680) |

---

Approximately 84% 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. 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 December 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

**19**

Credit Series

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;8. Financial Instruments (continued)

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 December 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. The portion of distributions that exceeds a Series' current and accumulated earnings and profits, as measured on a tax basis, constitutes a non-taxable return of capital. These differences are primarily due to differing book and tax treatments in the timing and/or treatment of the recognition of net investment income or gains and losses, including organization costs and losses deferred due to wash sales. 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 assets. 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 12/31/25 | ENDED 12/31/24 |
| &nbsp;&nbsp;&nbsp;Ordinary income | $14121903 | $14063487 |

---

At December 31, 2025, the tax basis of components of distributable earnings and the net unrealized depreciation based on the identified cost of Investments for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| Cost for federal income tax purposes | $276961175 |
| Unrealized appreciation | 4645586 |
| Unrealized depreciation | (4987525) |
| Net unrealized depreciation | $(341939) |
| Undistributed ordinary income | $82047 |
| Capital loss carryforwards | $(17026601) |
| Other temporary differences (organization costs) | $912 |

---

As of December 31, 2025, the Series had net short-term capital loss carryforwards of $3,231,562 and net long-term capital loss carryforwards of $13,795,039, which may be carried forward indefinitely.

For the year ended December 31, 2025, the capital loss carryover utilized was $338,919.

&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.

**20**

Credit Series

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;11. Market Event (continued)

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.

**21**

Credit Series

**Report of Independent Registered Public Accounting Firm**

To the Board of Directors of Manning & Napier Fund, Inc. and Shareholders of Credit Series

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the investment portfolio, of Credit Series (one of the funds constituting Manning & Napier Fund, Inc., referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the periods indicated therein (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 December 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 December 31, 2025 and the financial highlights for each of the periods indicated therein 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 December 31, 2025 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

![](mnncsr012.jpg)

**New York, New York**

**February 23, 2026**

We have served as the auditor of one or more investment companies in Manning & Napier Mutual Funds since 1992.

**22**

Credit 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.**

MNCRE-12/25-AR

**23**

![](mnncsr013.jpg)

**www.manning-napier.com**

**Manning & Napier Fund, Inc.**

Callodine Equity Income Series

Callodine Equity Income Series

**Investment Portfolio - December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | SHARES | VALUE <br> (NOTE 2) |
| **COMMON STOCKS - 101.3%** | **COMMON STOCKS - 101.3%** | **COMMON STOCKS - 101.3%** |
| **Communication Services - 4.1%** | **Communication Services - 4.1%** | **Communication Services - 4.1%** |
| &nbsp;&nbsp;&nbsp;**Interactive Media & Services - 4.1%** | &nbsp;&nbsp;&nbsp;**Interactive Media & Services - 4.1%** | &nbsp;&nbsp;&nbsp;**Interactive Media & Services - 4.1%** |
| &nbsp;&nbsp;&nbsp;Match Group, Inc. | 237287 | $7661997 |
| **Consumer Discretionary - 12.7%** | **Consumer Discretionary - 12.7%** | **Consumer Discretionary - 12.7%** |
| &nbsp;&nbsp;&nbsp;**Diversified Consumer Services - 2.6%** | &nbsp;&nbsp;&nbsp;**Diversified Consumer Services - 2.6%** | &nbsp;&nbsp;&nbsp;**Diversified Consumer Services - 2.6%** |
| &nbsp;&nbsp;&nbsp;Perdoceo Education Corp. | 168227 | 4934098 |
| &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure - 3.8%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure - 3.8%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure - 3.8%** |
| &nbsp;&nbsp;&nbsp;Jack in the Box, Inc. | 374666 | 7099921 |
| &nbsp;&nbsp;&nbsp;**Multiline Retail - 0.8%** | &nbsp;&nbsp;&nbsp;**Multiline Retail - 0.8%** | &nbsp;&nbsp;&nbsp;**Multiline Retail - 0.8%** |
| &nbsp;&nbsp;&nbsp;Target Corp. | 15000 | 1466250 |
| &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods - 5.5%** | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods - 5.5%** | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods - 5.5%** |
| &nbsp;&nbsp;&nbsp;Wolverine World Wide, Inc. | 562577 | 10210772 |
| **Total Consumer Discretionary** |  | 23711041 |
| **Consumer Staples - 11.0%** | **Consumer Staples - 11.0%** | **Consumer Staples - 11.0%** |
| &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail - 0.1%** | &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail - 0.1%** | &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail - 0.1%** |
| &nbsp;&nbsp;&nbsp;Walgreens Boots Alliance, Inc. - CVR<sup>1</sup> | 384320 | 211376 |
| &nbsp;&nbsp;&nbsp;**Household Products - 9.5%** | &nbsp;&nbsp;&nbsp;**Household Products - 9.5%** | &nbsp;&nbsp;&nbsp;**Household Products - 9.5%** |
| &nbsp;&nbsp;&nbsp;Spectrum Brands Holdings, Inc. | 300000 | 17724000 |
| &nbsp;&nbsp;&nbsp;**Tobacco - 1.4%** | &nbsp;&nbsp;&nbsp;**Tobacco - 1.4%** | &nbsp;&nbsp;&nbsp;**Tobacco - 1.4%** |
| &nbsp;&nbsp;&nbsp;British American Tobacco plc - ADR (United Kingdom) | 45624 | 2583231 |
| **Total Consumer Staples** |  | 20518607 |
| **Energy - 18.9%** | **Energy - 18.9%** | **Energy - 18.9%** |
| &nbsp;&nbsp;&nbsp;**Energy Equipment & Services - 4.3%** | &nbsp;&nbsp;&nbsp;**Energy Equipment & Services - 4.3%** | &nbsp;&nbsp;&nbsp;**Energy Equipment & Services - 4.3%** |
| &nbsp;&nbsp;&nbsp;Liberty Energy, Inc. | 435456 | 8038518 |
| &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels - 14.6%** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels - 14.6%** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels - 14.6%** |
| &nbsp;&nbsp;&nbsp;Energy Transfer LP | 930000 | 15335700 |
| &nbsp;&nbsp;&nbsp;Genesis Energy LP | 470287 | 7336477 |
| &nbsp;&nbsp;&nbsp;Plains All American Pipeline LP | 150000 | 2694000 |
| &nbsp;&nbsp;&nbsp;Shell plc - ADR | 25000 | 1837000 |
|  |  | 27203177 |
| **Total Energy** |  | 35241695 |
| **Financials - 10.8%** | **Financials - 10.8%** | **Financials - 10.8%** |
| &nbsp;&nbsp;&nbsp;**Capital Markets - 5.6%** | &nbsp;&nbsp;&nbsp;**Capital Markets - 5.6%** | &nbsp;&nbsp;&nbsp;**Capital Markets - 5.6%** |
| &nbsp;&nbsp;&nbsp;Blue Owl Capital, Inc. | 700000 | 10458000 |
| &nbsp;&nbsp;&nbsp;**Consumer Finance - 2.2%** | &nbsp;&nbsp;&nbsp;**Consumer Finance - 2.2%** | &nbsp;&nbsp;&nbsp;**Consumer Finance - 2.2%** |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 16535 | 4007423 |
| &nbsp;&nbsp;&nbsp;**Financial Services - 3.0%** | &nbsp;&nbsp;&nbsp;**Financial Services - 3.0%** | &nbsp;&nbsp;&nbsp;**Financial Services - 3.0%** |
| &nbsp;&nbsp;&nbsp;Apollo Global Management, Inc. | 5000 | 723800 |
| &nbsp;&nbsp;&nbsp;Global Payments, Inc. | 62680 | 4851432 |
|  |  | 5575232 |
| **Total Financials** |  | 20040655 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES | VALUE <br> (NOTE 2) |
| **COMMON STOCKS** (continued) | **COMMON STOCKS** (continued) | **COMMON STOCKS** (continued) |
| **Health Care - 18.2%** | **Health Care - 18.2%** | **Health Care - 18.2%** |
| &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies - 3.1%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies - 3.1%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies - 3.1%** |
| &nbsp;&nbsp;&nbsp;Baxter International, Inc. | 303410 | $5798165 |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals - 15.1%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals - 15.1%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals - 15.1%** |
| &nbsp;&nbsp;&nbsp;GSK plc - ADR | 215000 | 10543600 |
| &nbsp;&nbsp;&nbsp;Viatris, Inc. | 1400000 | 17430000 |
|  |  | 27973600 |
| **Total Health Care** |  | 33771765 |
| **Industrials - 3.5%** | **Industrials - 3.5%** | **Industrials - 3.5%** |
| &nbsp;&nbsp;&nbsp;**Building Products - 1.4%** | &nbsp;&nbsp;&nbsp;**Building Products - 1.4%** | &nbsp;&nbsp;&nbsp;**Building Products - 1.4%** |
| &nbsp;&nbsp;&nbsp;Owens Corning | 23288 | 2606160 |
| &nbsp;&nbsp;&nbsp;**Professional Services - 2.1%** | &nbsp;&nbsp;&nbsp;**Professional Services - 2.1%** | &nbsp;&nbsp;&nbsp;**Professional Services - 2.1%** |
| &nbsp;&nbsp;&nbsp;SS&C Technologies Holdings, Inc. | 43615 | 3812823 |
| **Total Industrials** |  | 6418983 |
| **Materials - 1.1%** | **Materials - 1.1%** | **Materials - 1.1%** |
| &nbsp;&nbsp;&nbsp;**Containers & Packaging - 1.1%** | &nbsp;&nbsp;&nbsp;**Containers & Packaging - 1.1%** | &nbsp;&nbsp;&nbsp;**Containers & Packaging - 1.1%** |
| &nbsp;&nbsp;&nbsp;Graphic Packaging Holding Co. | 132763 | 1999411 |
| **Real Estate - 14.6%** | **Real Estate - 14.6%** | **Real Estate - 14.6%** |
| &nbsp;&nbsp;&nbsp;**Residential REITs - 1.0%** | &nbsp;&nbsp;&nbsp;**Residential REITs - 1.0%** | &nbsp;&nbsp;&nbsp;**Residential REITs - 1.0%** |
| &nbsp;&nbsp;&nbsp;UDR, Inc. | 50000 | 1834000 |
| &nbsp;&nbsp;&nbsp;**Retail REITs - 5.5%** | &nbsp;&nbsp;&nbsp;**Retail REITs - 5.5%** | &nbsp;&nbsp;&nbsp;**Retail REITs - 5.5%** |
| &nbsp;&nbsp;&nbsp;Realty Income Corp. | 180000 | 10146600 |
| &nbsp;&nbsp;&nbsp;**Specialized REITs - 8.1%** | &nbsp;&nbsp;&nbsp;**Specialized REITs - 8.1%** | &nbsp;&nbsp;&nbsp;**Specialized REITs - 8.1%** |
| &nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. | 40000 | 5208800 |
| &nbsp;&nbsp;&nbsp;Four Corners Property Trust, Inc. | 322849 | 7444898 |
| &nbsp;&nbsp;&nbsp;Millrose Properties, Inc. | 84162 | 2513919 |
|  |  | 15167617 |
| **Total Real Estate** |  | 27148217 |
| **Utilities - 6.4%** | **Utilities - 6.4%** | **Utilities - 6.4%** |
| &nbsp;&nbsp;&nbsp;**Gas Utilities - 1.9%** | &nbsp;&nbsp;&nbsp;**Gas Utilities - 1.9%** | &nbsp;&nbsp;&nbsp;**Gas Utilities - 1.9%** |
| &nbsp;&nbsp;&nbsp;UGI Corp. | 92604 | 3466168 |
| &nbsp;&nbsp;&nbsp;**Multi-Utilities - 4.5%** | &nbsp;&nbsp;&nbsp;**Multi-Utilities - 4.5%** | &nbsp;&nbsp;&nbsp;**Multi-Utilities - 4.5%** |
| &nbsp;&nbsp;&nbsp;Algonquin Power & Utilities Corp. (Canada) | 1375000 | 8456250 |
| **Total Utilities** |  | 11922418 |
| **TOTAL COMMON STOCKS <br> (Identified Cost $189,893,616)** |  | **188434789** |
| **SHORT-TERM INVESTMENT - 0.2%** | **SHORT-TERM INVESTMENT - 0.2%** | **SHORT-TERM INVESTMENT - 0.2%** |
| &nbsp;&nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 3.65%<sup>2</sup> | &nbsp;&nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 3.65%<sup>2</sup> | &nbsp;&nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 3.65%<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;(Identified Cost $451,375) | 451375 | **451375** |
| **TOTAL INVESTMENTS - 101.5% <br> (Identified Cost $190,344,991)** |  | **188886164** |
| **LIABILITIES, LESS OTHER ASSETS - (1.5%)** |  | **(2863154)** |
| **NET ASSETS - 100%** |  | $**186023010** |

---

The accompanying notes are an integral part of the financial statements.

**1**

Callodine Equity Income Series

**Investment Portfolio - December 31, 2025**

ADR - American Depositary Receipt

CVR - Contingent Value Rights

REIT - Real Estate Investment Trust

<sup>1</sup>Security has been valued using significant unobservable inputs.

<sup>2</sup>Rate shown is the current yield as of December 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**

Callodine Equity Income Series

**Statement of Assets and Liabilities**

December 31, 2025

**ASSETS:**

---

| | |
|:---|:---|
| Investments, at value (identified cost $190,344,991) (Note 2) | $188886164 |
| Dividends receivable | 430120 |
| Receivable for fund shares sold | 69311 |
| Foreign tax reclaims receivable | 393 |
| Prepaid expenses | 3129 |
| TOTAL ASSETS | 189389117 |
| **LIABILITIES:** | **LIABILITIES:** |
| Accrued management fees<sup>1</sup> | 139233 |
| Accrued sub-transfer agent fees<sup>1</sup> | 68167 |
| Accrued fund accounting and administration fees<sup>1</sup> | 20898 |
| Accrued Chief Compliance Officer service fees<sup>1</sup> | 2263 |
| Accrued distribution and service (Rule 12b-1) fees (Class S)<sup>1</sup> | 532 |
| Payable for fund shares repurchased | 3104757 |
| Distributions payable | 560 |
| Other payables and accrued expenses | 29697 |
| TOTAL LIABILITIES | 3366107 |
| Commitments and contingent liabilities<sup>1</sup> | Commitments and contingent liabilities<sup>1</sup> |
| **TOTAL NET ASSETS** | $**186023010** |
| **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** |
| Capital stock | $145161 |
| Additional paid-in-capital | 185699161 |
| Total distributable earnings (loss) | 178688 |
| **TOTAL NET ASSETS** | $**186023010** |
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class S <br> ($2,408,296/188,728 shares)** | $**12.76** |
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class I <br> ($173,124,783/13,509,511 shares)** | $**12.82** |
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class Z <br> ($10,489,931/817,840 shares)** | $**12.83** |

---

<sup>1</sup> See note 3 in Notes to the Financial Statements.

The accompanying notes are an integral part of the financial statements.

**3**

Callodine Equity Income Series

**Statement of Operations**

For the Year Ended December 31, 2025

**INVESTMENT INCOME:**

---

| | |
|:---|:---|
| Dividends (net of foreign taxes withheld, $108,043) | $6466773 |
| **EXPENSES:** |  |
| Management fees (Note 3) | 1292045 |
| Sub-transfer agent fees (Note 3) | 244586 |
| Fund accounting and administration fees (Note 3) | 65692 |
| Directors' fees (Note 3) | 23298 |
| Chief Compliance Officer service fees (Note 3) | 9541 |
| Distribution and service (Rule 12b-1) fees (Class S) (Note 3) | 6636 |
| Professional fees | 59747 |
| Custodian fees | 7551 |
| Recoupment of past waived and/or reimbursed fees (Note 3) | 1530 |
| Miscellaneous | 76407 |
| Total Expenses | 1787033 |
| Less reduction of expenses (Note 3) | (36787) |
| Net Expenses | 1750246 |
| NET INVESTMENT INCOME | 4716527 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:** |  |
| Net realized gain (loss) on investments | 13727756 |
| Net change in unrealized appreciation (depreciation) on- |  |
| &nbsp;&nbsp;&nbsp;Investments in securities | (7182305) |
| &nbsp;&nbsp;&nbsp;Foreign currency and translation of other assets and liabilities | 17 |
|  | (7182288) |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS | 6545468 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $11261995 |

---

The accompanying notes are an integral part of the financial statements.

**4**

Callodine Equity Income Series

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | FOR THE | FOR THE |
|  | YEAR ENDED | YEAR ENDED |
|  | 12/31/25 | 12/31/24 |
| **INCREASE (DECREASE) IN NET ASSETS:** |  |  |
| **OPERATIONS:** |  |  |
| Net investment income | $4716527 | $4109033 |
| Net realized gain (loss) on investments | 13727756 | 15550815 |
| Net change in unrealized appreciation (depreciation) on investments | (7182288) | 1590928 |
| Net increase (decrease) from operations | 11261995 | 21250776 |
| **DISTRIBUTIONS TO SHAREHOLDERS (Note 10):** |  |  |
| Class S | (233746) | (251377) |
| Class I | (18420378) | (16285632) |
| Class Z | (985862) | (317845) |
| Total distributions to shareholders | (19639986) | (16854854) |
| **CAPITAL STOCK ISSUED AND REPURCHASED:** |  |  |
| Net increase (decrease) from capital share transactions (Note 6) | 60345293 | 60593825 |
| Net increase (decrease) in net assets | 51967302 | 64989747 |
| **NET ASSETS:** |  |  |
| Beginning of year | 134055708 | 69065961 |
| **End of year** | $186023010 | $134055708 |

---

The accompanying notes are an integral part of the financial statements.

**5**

Callodine Equity Income Series

**Financial Highlights - Class S**

---

| | | | |
|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE |
|  |  |  | PERIOD |
|  |  |  | 10/23/23<sup>1</sup> TO |
|  | 12/31/25 | 12/31/24 | 12/31/23 |
| **Per share data (for a share outstanding throughout each period):** |  |  |  |
| **Net asset value - Beginning of period** | $13.30 | $12.24 | $10.88 |
| Income from investment operations: |  |  |  |
| Net investment income<sup>2</sup> | 0.31 | 0.59 | 0.12 |
| Net realized and unrealized gain (loss) on investments | 0.43 | 2.35 | 1.34 |
| Total from investment operations | 0.74 | 2.94 | 1.46 |
| Less distributions to shareholders: |  |  |  |
| From net investment income | (0.33) | (0.51) | (0.10) |
| From net realized gain on investments | (0.95) | (1.37) |  |
| Total distributions to shareholders | (1.28) | (1.88) | (0.10) |
| **Net asset value - End of period** | **$12.76** | **$13.30** | **$12.24** |
| **Net assets - End of period (000's omitted)** | **$2408** | **$2086** | **$132** |
| Total return<sup>3</sup> | 5.65% | 23.75% | 13.46% |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |
| Expenses\* | 1.20%<sup>4</sup> | 1.20% | 1.20%<sup>5</sup> |
| Net investment income | 2.37% | 4.21% | 5.12%<sup>5</sup> |
| Series portfolio turnover | 70% | 94% | 27%<sup>6</sup> |

---

\*For certain periods presented, the investment advisor did not impose all or a portion of its management and/or other fees, and in some periods 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 | 0.32% | 1.35%<sup>5</sup> |

---

<sup>1</sup>Commencement of operations.

<sup>2</sup>Calculated based on average shares outstanding during the periods.

<sup>3</sup>Represents aggregate total return for the periods indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been waived or reimbursed during certain periods. Periods less than one year are not annualized.

<sup>4</sup>Includes recoupment of past waived and/or reimbursed fees. Excluding this amount, the expense ratio (to average net assets) would have 1.14%.

<sup>5</sup>Annualized.

<sup>6</sup>Excludes securities received as a result of a contribution in-kind.

The accompanying notes are an integral part of the financial statements.

**6**

Callodine Equity Income Series

**Financial Highlights - Class I**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |  | FOR THE |
|  |  |  |  |  |  | PERIOD |
|  |  |  |  |  |  | 10/23/23<sup>1</sup> TO |
|  |  | 12/31/25 |  | 12/31/24 |  | 12/31/23 |
| **Per share data (for a share outstanding throughout each period):** |  |  |  |  |  |  |
| **Net asset value - Beginning of period** | $13.34 | $13.34 | $12.28 | $12.28 | $10.91 | $10.91 |
| Income from investment operations: |  |  |  |  |  |  |
| Net investment income<sup>2</sup> |  | 0.34 |  | 0.55 |  | 0.11 |
| Net realized and unrealized gain (loss) on investments |  | 0.45 |  | 2.43 |  | 1.36 |
| Total from investment operations |  | 0.79 |  | 2.98 |  | 1.47 |
| Less distributions to shareholders: |  |  |  |  |  |  |
| From net investment income |  | (0.36) |  | (0.55) |  | (0.10) |
| From net realized gain on investments |  | (0.95) |  | (1.37) |  |  |
| Total distributions to shareholders |  | (1.31) |  | (1.92) |  | (0.10) |
| **Net asset value - End of period** |  | **$12.82** |  | **$13.34** |  | **$12.28** |
| **Net assets - End of period** (000's omitted) | **$** | **173125** | **$** | **129182** | **$** | **68817** |
| Total return<sup>3</sup> |  | 5.98% |  | 24.03% |  | 13.51% |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| Expenses<sup>\*</sup> |  | 0.95% |  | 0.95% |  | 0.95%<sup>4</sup> |
| Net investment income |  | 2.54% |  | 3.99% |  | 4.78%<sup>4</sup> |
| Series portfolio turnover |  | 70% |  | 94% |  | 27%<sup>5</sup> |

---

\*The investment advisor did not impose all or a portion of its management and/or other fees during the periods, 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:

---

| | | |
|:---|:---|:---|
| 0.02% | 0.39% | 1.41%<sup>4</sup> |

---

<sup>1</sup>Commencement of operations.

<sup>2</sup>Calculated based on average shares outstanding during the periods.

<sup>3</sup>Represents aggregate total return for the periods indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been waived or reimbursed during the periods. Periods less than one year are not annualized.

<sup>4</sup>Annualized.

<sup>5</sup>Excludes securities received as a result of a contribution in-kind.

The accompanying notes are an integral part of the financial statements.

**7**

Callodine Equity Income Series

**Financial Highlights - Class Z**

---

| | | | |
|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE |
|  |  |  | PERIOD |
|  |  |  | 10/23/23<sup>1</sup> TO |
|  | 12/31/25 | 12/31/24 | 12/31/23 |
| **Per share data (for a share outstanding throughout each period):** |  |  |  |
| **Net asset value - Beginning of period** | $13.35 | $12.28 | $10.91 |
| Income from investment operations: |  |  |  |
| Net investment income<sup>2</sup> | 0.38 | 0.75 | 0.14 |
| Net realized and unrealized gain (loss) on investments | 0.42 | 2.25 | 1.33 |
| Total from investment operations | 0.80 | 3.00 | 1.47 |
| Less distributions to shareholders: |  |  |  |
| From net investment income | (0.37) | (0.56) | (0.10) |
| From net realized gain on investments | (0.95) | (1.37) |  |
| Total distributions to shareholders | (1.32) | (1.93) | (0.10) |
| **Net asset value - End of period** | **$12.83** | **$13.35** | **$12.28** |
| **Net assets - End of period** (000's omitted) | **$10490** | **$2788** | **$117** |
| Total return<sup>3</sup> | 6.11% | 24.24% | 13.54% |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |
| Expenses\* | 0.80% | 0.80% | 0.80%<sup>4</sup> |
| Net investment income | 2.87% | 5.28% | 5.91%<sup>4</sup> |
| Series portfolio turnover | 70% | 94% | 27%<sup>5</sup> |

---

\*The investment advisor did not impose all or a portion of its management and/or other fees during the periods, 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:

---

| | | |
|:---|:---|:---|
| 0.03% | 0.41% | 1.65%<sup>4</sup> |

---

<sup>1</sup>Commencement of operations.

<sup>2</sup>Calculated based on average shares outstanding during the periods.

<sup>3</sup>Represents aggregate total return for the periods indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been waived or reimbursed during the periods. Periods less than one year are not annualized.

<sup>4</sup>Annualized.

<sup>5</sup>Excludes securities received as a result of a contribution in-kind.

The accompanying notes are an integral part of the financial statements.

**8**

Callodine Equity Income Series

**Notes to Financial Statements**

1. Organization

Callodine Equity Income Series (the "Series") is a no-load non-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 (the "1940 Act"), as an open-end management investment company.

The Series' investment objective is to seek to provide strong risk-adjusted total returns with low market correlation and preservation of capital.

The Series is authorized to issue three classes of shares (Class S, I, 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 Callodine Capital Management, LP ("Callodine" 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 December 31, 2025, 6.8 billion shares have been designated in total among 15 series, of which 100 million have been designated for each as Callodine Equity Income Series Class I common stock, Callodine Equity Income Series Class S common stock, and Callodine Equity Income Series Class Z common stock.

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
Callodine Equity Income 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 December 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 | $7661997 | $7661997 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 23711041 | 23711041 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | 20518607 | 20307231 |  | 211376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 35241695 | 35241695 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 20040655 | 20040655 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | 33771765 | 33771765 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 6418983 | 6418983 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 1999411 | 1999411 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate | 27148217 | 27148217 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 11922418 | 11922418 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investment | 451375 | 451375 |  |  |
| &nbsp;&nbsp;&nbsp;Total assets | $188886164 | $188674788 | $— | $211376 |

---

There were no Level 3 securities held by the Series as of December 31, 2024.

**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.

#### 10
Callodine Equity Income Series

**Notes to Financial Statements (continued)**

2. Significant Accounting Policies (continued)

**Security Transactions, Investment Income and Expenses** (continued)

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 Fund records distributions received in excess of income from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Fund adjusts the estimated amounts of components of distributions (and consequently its net investment income) as necessary once the issuers provide information about the actual composition of the distributions.

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 December 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 period ended December 31, 2023 and the years ended December 31, 2024 through December 31, 2025.

**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 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

#### 11
Callodine Equity Income Series

**Notes to Financial Statements (continued)**

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.

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 0.70% of the Series' average daily net assets. The Advisor pays the Sub-Advisor out of the fee received from the Series at an annual rate of 0.50% 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 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. For the year ended December 31, 2025, the sub-transfer agency expenses incurred by Class S and Class I were $1,556 and $243,030, respectively.

Pursuant to an expense limitation agreement, Manning & Napier Advisors, LLC (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 of each Class, exclusive of Distribution and Service (12b-1) Fees ("excluded expenses"), do not exceed 0.95% of the average daily net assets of the Class I and Class S shares, and 0.80% of the average daily net assets of the Class Z 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's agreement to limit each Class's operating expenses does not apply to AFFE, which are 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 or expense reimbursements made during the rolling three-year period (i.e., the three year period following a waiver or reimbursement) 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.

#### 12
Callodine Equity Income Series

**Notes to Financial Statements (continued)**

3. Transactions with Affiliates and Other Agreements (continued)

Pursuant to the separate expense limitation agreement, the Advisor waived or reimbursed expenses of $34,370 and $2,417 for Class I and Class Z, respectively, for the year ended December 31, 2025. These amounts are included as a reduction of expenses on the Statement of Operations.

For the year ended December 31, 2025, the Advisor recouped the following waivers and/or reimbursements previously recorded by the Series:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;CLASS | RECOUPED<br> AMOUNT |
| &nbsp;&nbsp;&nbsp;Class S | $1530 |

---

As of December 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 DECEMBER 31, | EXPIRING DECEMBER 31, | EXPIRING DECEMBER 31, |  |
|  | 2026 | 2027 | 2028 | TOTAL |
| &nbsp;&nbsp;&nbsp;Class S | $— | $2167 | $— | $2167 |
| &nbsp;&nbsp;&nbsp;Class I | 164676 | 395433 | 34370 | 594479 |
| &nbsp;&nbsp;&nbsp;Class Z | 113 | 4595 | 2417 | 7125 |

---

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 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 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 December 31, 2025, purchases and sales of securities, other than U.S. Government securities and short-term securities, were $177,934,845 and $124,885,824, respectively. There were no purchases or sales of U.S. Government securities.

#### 13
Callodine Equity Income Series

**Notes to Financial Statements (continued)**

6. Capital Stock Transactions

Transactions in Class S, Class I, and Class Z shares of Callodine Equity Income Series were:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;CLASS S | FOR THE YEAR ENDED<br> 12/31/25 | FOR THE YEAR ENDED<br> 12/31/25 | FOR THE YEAR ENDED<br> 12/31/24 | FOR THE YEAR ENDED<br> 12/31/24 |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;&nbsp;Sold | 127430 | $1638114 | 141924 | $1941114 |
| &nbsp;&nbsp;&nbsp;Reinvested | 18023 | 231645 | 18119 | 248317 |
| &nbsp;&nbsp;&nbsp;Repurchased | (113556) | (1485337) | (14002) | (188914) |
| &nbsp;&nbsp;&nbsp;Total | 31897 | $384422 | 146041 | $2000517 |
| &nbsp;&nbsp;&nbsp;CLASS I | FOR THE YEAR ENDED <br> 12/31/25 | FOR THE YEAR ENDED <br> 12/31/25 | FOR THE YEAR ENDED <br> 12/31/24 | FOR THE YEAR ENDED <br> 12/31/24 |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;&nbsp;Sold | 8424576 | $111977447 | 4914037 | $67762820 |
| &nbsp;&nbsp;&nbsp;Reinvested | 1428555 | 18420378 | 1185865 | 16285632 |
| &nbsp;&nbsp;&nbsp;Repurchased | (6025884) | (78570984) | (2022999) | (28232885) |
| &nbsp;&nbsp;&nbsp;Total | 3827247 | $51826841 | 4076903 | $55815567 |
| &nbsp;&nbsp;&nbsp;CLASS Z | FOR THE YEAR ENDED <br> 12/31/25 | FOR THE YEAR ENDED <br> 12/31/25 | FOR THE YEAR ENDED <br> 12/31/24 | FOR THE YEAR ENDED <br> 12/31/24 |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;&nbsp;Sold | 721625 | $9585637 | 181810 | $2536670 |
| &nbsp;&nbsp;&nbsp;Reinvested | 73834 | 953151 | 20239 | 278577 |
| &nbsp;&nbsp;&nbsp;Repurchased | (186437) | (2404758) | (2748) | (37506) |
| &nbsp;&nbsp;&nbsp;Total | 609022 | $8134030 | 199301 | $2777741 |

---

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. 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 December 31, 2025, the Series borrowed for 5 days and the daily amount of borrowings outstanding under the line of credit was $11,000,000 with an interest rate of 5.07%. As of December 31, 2025, there was no borrowing outstanding.

8. Financial Instruments

The Series may trade in instruments including options 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 December 31, 2025.

#### 14
Callodine Equity Income Series

**Notes to Financial Statements (continued)**

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, dividend redesignation, utilization of tax equalization, partnership, contributed securities and real estate investment trusts. 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 December 31, 2025, amounts were reclassified within the capital accounts to increase Additional Paid in Capital by $1,794,920 and decrease Total Distributable Earnings (Loss) by $1,794,920. Any such reclassifications are not reflected in the financial highlights.

The tax character of distributions paid were as follows:

---

| | | |
|:---|:---|:---|
|  | FOR THE YEAR<br> ENDED 12/31/25 | FOR THE YEAR<br> ENDED 12/31/24 |
| &nbsp;&nbsp;&nbsp;Ordinary income | $12569759 | $13214544 |
| &nbsp;&nbsp;&nbsp;Long-term capital gains | $7070227 | $3640310 |

---

At December 31, 2025, the identified cost of investments for federal income tax purposes, the resulting gross unrealized appreciation and depreciation, and the net unrealized depreciation were as follows:

---

| | |
|:---|:---|
| Cost for federal income tax purposes | $191497768 |
| Unrealized appreciation | 19391748 |
| Unrealized depreciation | (22003359) |
| Net unrealized depreciation | $(2611611) |
| Undistributed ordinary income | $2388990 |
| Undistributed long-term capital gains | $401309 |

---

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.

#### 15
Callodine Equity Income Series

**Report of Independent Registered Public Accounting Firm**

To the Board of Directors of Manning & Napier Fund, Inc. and Shareholders of Callodine Equity Income Series

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the investment portfolio, of Callodine Equity Income Series (one of the funds constituting Manning & Napier Fund, Inc., referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the two years in the period ended December 31, 2025 and for the period October 23, 2023 (commencement of operations) through December 31, 2023 (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 December 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 December 31, 2025 and the financial highlights for each of the two years in the period ended December 31, 2025 and for the period October 23, 2023 (commencement of operations) through December 31, 2023 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 December 31, 2025 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

![](mnncsr014.jpg)

**New York, New York**

**February 23, 2026**

We have served as the auditor of one or more investment companies in Manning & Napier Mutual Funds since 1992.

#### 16
{This page intentionally left blank}

#### 17
Callodine Equity Income 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 $5,001,507 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 18.23%.

The Series designates $372,054, or 2.96% of the dividends distributed as Section 199A dividends.

The Series designates $5,428,311 as Long-Term Capital Gain dividends pursuant to Section 852(b)(3) of the Internal Revenue Code for the fiscal year ended December 31, 2025.

#### 18
Callodine Equity Income 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 - Quarter-End

2. Shareholder Report - Annual

3. Shareholder Report - Semi-Annual

4. Financial Statement and Other Information - Annual

5. 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. Manning & Napier Investor Services, Inc. (MNBD), an affiliate of Manning & Napier, is the distributor of the Fund shares. Manning & Napier has contracted Callodine Capital Management, LP, an affiliate of Manning & Napier and MNBD, to sub-advise the Callodine Equity Income Series.**

MNCEI-12/25-AR

#### 19
&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-coe.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: March 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: March 6, 2026

/s/ Jill Peeper

Jill Peeper

Treasurer and Principal Financial Officer

Manning & Napier Fund, Inc.

Date: March 6, 2026

## Ex-99.Code

[Manning & Napier Fund, Inc. N-CSR](mn-ncsr_123125.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_123125.htm)

**Exhibit 99.CERT**

**Certification**

I, Paul J. Battaglia, certify that:

1. I have reviewed this report on Form N-CSR of Callodine Equity Income Series, Core Bond Series, Credit
Series, Diversified Tax Exempt Series, High Yield Bond Series, Systematic High Yield Bond Series, and Unconstrained Bond 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: | March 6, 2026 | /s/ Paul J. 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 Callodine Equity Income Series, Core Bond Series, Credit
Series, Diversified Tax Exempt Series, High Yield Bond Series, Systematic High Yield Bond Series, and Unconstrained Bond 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: | March 6, 2026 | /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_123125.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 December 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 Manning & Napier Fund, Inc. |
| /s/ Paul J. Battaglia | /s/ Jill Peeper |
| Paul J. Battaglia<br> Date: March 6, 2026 | Jill Peeper<br> Date: March 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.