# EDGAR Filing Document

**Accession Number:** 0000751173
**File Stem:** 0001999371-25-008527
**Filing Date:** 2025-6
**Character Count:** 727964
**Document Hash:** edbdd1195baae70156f5c5213d5f965c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-008527.hdr.sgml**: 20250630

**ACCESSION NUMBER**: 0001999371-25-008527

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 31

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250630

**DATE AS OF CHANGE**: 20250630

**EFFECTIVENESS DATE**: 20250630

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04087
- **FILM NUMBER:** 251089980

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

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

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

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

### Equity Series (Series ID: S000003642)

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

### Overseas Series (Series ID: S000003643)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000010125 | Class I      | EXOSX           |
| C000198598 | Class S      | MNOSX           |
| C000198599 | Class Z      | MNOZX           |
| C000206460 | Class W      | MNOWX           |

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

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

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

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

?xml version='1.0' encoding='ASCII'? N-CSRS

**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: **October 31**

------

Date of reporting period: **November 1, 2024 through April 30, 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 registrantis 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.**

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

**Manning & Napier Equity Series Tailored Shareholder Report MNEQY-S-4/25-SAR**

**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.**

---

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

---

This semi-annual shareholder report contains important information about Class S of Equity Series, a series of Manning & Napier Fund Inc., for the period of November 1, 2024 to April 30, 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**  | **Costs of a $10,000 investment**  | **Costs paid as a percentage of a $10,000 investment**  |
| Class S <br>| $51 <br>| 1.05% <br>|

---

Expenses are equal to Class S shares annualized expense ratio (for the six-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.

**Key Fund Statistics (as of April 30, 2025)**

---

| | |
|:---|:---|
|  |  |
| **Fund Size** <br>| $62665567 <br>|
| **Number of Holdings** <br>| 44 <br>|
| **Annual Portfolio Turnover** <br>| 27% <br>|

---

**Sector Allocation (% of net assets)** ![](d7qycmkmazr1t5p.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 April 30, 2025)

---

| | |
|:---|:---|
| **Top Investment Types**  | **%**  |
| **Cash, short-term investment, and liabilities, less other assets** <br>| 2.2 <br>|
| **Common Stocks** <br>| 97.8 <br>|

---

Expressed as a percentage of net assets.

**Householding**

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

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

**Manning & Napier Equity Series Tailored Shareholder Report MNEQY-W-4/25-SAR**

**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.**

---

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

---

This semi-annual shareholder report contains important information about Class W of Equity Series, a series of Manning & Napier Fund Inc., for the period of November 1, 2024 to April 30, 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**  | **Costs of a $10,000 investment**  | **Costs paid as a percentage of a $10,000 investment**  |
| Class W <br>| $2 <br>| 0.05% <br>|

---

Expenses are equal to Class W shares annualized expense ratio (for the six-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.

**Key Fund Statistics (as of April 30, 2025)**

---

| | |
|:---|:---|
|  |  |
| **Fund Size** <br>| $62665567 <br>|
| **Number of Holdings** <br>| 44 <br>|
| **Annual Portfolio Turnover** <br>| 27% <br>|

---

**Sector Allocation (% of net assets)** ![](d7qycmkmazr1t5p.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 April 30, 2025)

---

| | |
|:---|:---|
| **Top Investment Types**  | **%**  |
| **Cash, short-term investment, and liabilities, less other assets** <br>| 2.2 <br>|
| **Common Stocks** <br>| 97.8 <br>|

---

Expressed as a percentage of net assets.

**Householding**

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

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

**Manning & Napier Overseas Series Tailored Shareholder Report MNOVS-S-4/25-SAR**

**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.**

---

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

---

This semi-annual shareholder report contains important information about Class S of Overseas Series, a series of Manning & Napier Fund Inc., for the period of November 1, 2024 to April 30, 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**  | **Costs of a $10,000 investment**  | **Costs paid as a percentage of a $10,000 investment**  |
| Class S <br>| $53 <br>| 1.05% <br>|

---

Expenses are equal to Class S shares annualized expense ratio (for the six-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.

**Key Fund Statistics (as of April 30, 2025)**

---

| | |
|:---|:---|
|  |  |
| **Fund Size** <br>| $351790274 <br>|
| **Number of Holdings** <br>| 41 <br>|
| **Annual Portfolio Turnover** <br>| 26% <br>|

---

**Sector Allocation (% of net assets)** ![](d7qycmkmazrabfb.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 April 30, 2025)

---

| | |
|:---|:---|
| **Top Investment Types**  | **%**  |
| **Cash, short-term investment, and other assets, less liabilities** <br>| 5.7 <br>|
| **Common Stocks** <br>| 94.3 <br>|

---

Expressed as a percentage of net assets.

**Householding**

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

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

**Manning & Napier Overseas Series Tailored Shareholder Report MNOVS-I-4/25-SAR**

**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.**

---

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

---

This semi-annual shareholder report contains important information about Class I of Overseas Series, a series of Manning & Napier Fund Inc., for the period of November 1, 2024 to April 30, 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**  | **Costs of a $10,000 investment**  | **Costs paid as a percentage of a $10,000 investment**  |
| Class I <br>| $38 <br>| 0.75% <br>|

---

Expenses are equal to Class I shares annualized expense ratio (for the six-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.

**Key Fund Statistics (as of April 30, 2025)**

---

| | |
|:---|:---|
|  |  |
| **Fund Size** <br>| $351790274 <br>|
| **Number of Holdings** <br>| 41 <br>|
| **Annual Portfolio Turnover** <br>| 26% <br>|

---

**Sector Allocation (% of net assets)** ![](d7qycmkmazrabfb.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 April 30, 2025)

---

| | |
|:---|:---|
| **Top Investment Types**  | **%**  |
| **Cash, short-term investment, and other assets, less liabilities** <br>| 5.7 <br>|
| **Common Stocks** <br>| 94.3 <br>|

---

Expressed as a percentage of net assets.

**Householding**

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

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

**Manning & Napier Overseas Series Tailored Shareholder Report MNOVS-W-4/25-SAR**

**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.**

---

| | |
|:---|:---|
| **SEMi-annual shareholder report**<br> **Overseas Series - Class W**<br> ticker: MNOWX<br>| <br> ![](d7qy18jf8lx4xgcvm.jpg)<br>|

---

This semi-annual shareholder report contains important information about Class W of Overseas Series, a series of Manning & Napier Fund Inc., for the period of November 1, 2024 to April 30, 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**  | **Costs of a $10,000 investment**  | **Costs paid as a percentage of a $10,000 investment**  |
| Class W <br>| $3 <br>| 0.05% <br>|

---

Expenses are equal to Class W shares annualized expense ratio (for the six-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.

**Key Fund Statistics (as of April 30, 2025)**

---

| | |
|:---|:---|
|  |  |
| **Fund Size** <br>| $351790274 <br>|
| **Number of Holdings** <br>| 41 <br>|
| **Annual Portfolio Turnover** <br>| 26% <br>|

---

**Sector Allocation (% of net assets)** ![](d7qycmkmazrabfb.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 April 30, 2025)

---

| | |
|:---|:---|
| **Top Investment Types**  | **%**  |
| **Cash, short-term investment, and other assets, less liabilities** <br>| 5.7 <br>|
| **Common Stocks** <br>| 94.3 <br>|

---

Expressed as a percentage of net assets.

**How has the Fund changed?**

This is a summary of certain changes to the Series since October 31, 2024. For more complete information, you may review the Series' prospectus, available at https://www.manning-napier.com/products/mutual-funds or upon request by contacting us at (800)466-3863.Effective as of close of business on May 29, 2025, Overseas Class W shares were liquidated and closed.

**Householding**

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

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

**Manning & Napier Overseas Series Tailored Shareholder Report MNOVS-Z-4/25-SAR**

**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.**

---

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

---

This semi-annual shareholder report contains important information about Class Z of Overseas Series, a series of Manning & Napier Fund Inc., for the period of November 1, 2024 to April 30, 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**  | **Costs of a $10,000 investment**  | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z <br>| $33 <br>| 0.65% <br>|

---

Expenses are equal to Class Z shares annualized expense ratio (for the six-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.

**Key Fund Statistics (as of April 30, 2025)**

---

| | |
|:---|:---|
|  |  |
| **Fund Size** <br>| $351790274 <br>|
| **Number of Holdings** <br>| 41 <br>|
| **Annual Portfolio Turnover** <br>| 26% <br>|

---

**Sector Allocation (% of net assets)** ![](d7qycmkmazrabfb.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 April 30, 2025)

---

| | |
|:---|:---|
| **Top Investment Types**  | **%**  |
| **Cash, short-term investment, and other assets, less liabilities** <br>| 5.7 <br>|
| **Common Stocks** <br>| 94.3 <br>|

---

Expressed as a percentage of net assets.

**Householding**

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

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

**Manning & Napier Pro-Blend<sup>®</sup> Conservative Term Series Tailored Shareholder Report MNPBCO-S-4/25-SAR**

**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.**

---

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

---

This semi-annual shareholder report contains important information about Class S of Pro-Blend<sup>®</sup> Conservative Term Series, a series of Manning & Napier Fund Inc., for the period of November 1, 2024 to April 30, 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**  | **Costs of a $10,000 investment**  | **Costs paid as a percentage of a $10,000 investment**  |
| Class S <br>| $45 <br>| 0.90% <br>|

---

Expenses are equal to Class S shares annualized expense ratio (for the six-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.

**Key Fund Statistics (as of April 30, 2025)**

---

| | |
|:---|:---|
|  |  |
| **Fund Size** <br>| $309718459 <br>|
| **Number of Holdings** <br>| 237 <br>|
| **Annual Portfolio Turnover** <br>| 24% <br>|

---

**Sector Allocation (% of net assets)** ![](d7qycmkmazq2ur9.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 April 30, 2025)

---

| | |
|:---|:---|
| **Top Investment Types**  | **%**  |
| **Common Stocks** <br>| 20.6 <br>|
| **Corporate Bonds** <br>| 18.9 <br>|
| **U.S. Treasury Note** <br>| 27.2 <br>|
| **Asset-Backed Securities** <br>| 7.1 <br>|
| **Commercial Mortgage-Backed Securities** <br>| 8.8 <br>|
| **Foreign Government Bonds** <br>| 0.5 <br>|
| **Municipal Bonds** <br>| 1.1 <br>|
| **U.S. Government Agencies** <br>| 12.4 <br>|
| **Cash, short-term investment, and other assets, less liabilities** <br>| 3.4 <br>|

---

Expressed as a percentage of net assets.

**Householding**

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

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

**Manning & Napier Pro-Blend<sup>®</sup> Conservative Term Series Tailored Shareholder Report MNPBCO-I-4/25-SAR**

**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.**

---

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

---

This semi-annual shareholder report contains important information about Class I of Pro-Blend<sup>®</sup> Conservative Term Series, a series of Manning & Napier Fund Inc., for the period of November 1, 2024 to April 30, 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**  | **Costs of a $10,000 investment**  | **Costs paid as a percentage of a $10,000 investment**  |
| Class I <br>| $33 <br>| 0.65% <br>|

---

Expenses are equal to Class I shares annualized expense ratio (for the six-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.

**Key Fund Statistics (as of April 30, 2025)**

---

| | |
|:---|:---|
|  |  |
| **Fund Size** <br>| $309718459 <br>|
| **Number of Holdings** <br>| 237 <br>|
| **Annual Portfolio Turnover** <br>| 24% <br>|

---

**Sector Allocation (% of net assets)** ![](d7qycmkmazq2ur9.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 April 30, 2025)

---

| | |
|:---|:---|
| **Top Investment Types**  | **%**  |
| **Common Stocks** <br>| 20.6 <br>|
| **Corporate Bonds** <br>| 18.9 <br>|
| **U.S. Treasury Note** <br>| 27.2 <br>|
| **Asset-Backed Securities** <br>| 7.1 <br>|
| **Commercial Mortgage-Backed Securities** <br>| 8.8 <br>|
| **Foreign Government Bonds** <br>| 0.5 <br>|
| **Municipal Bonds** <br>| 1.1 <br>|
| **U.S. Government Agencies** <br>| 12.4 <br>|
| **Cash, short-term investment, and other assets, less liabilities** <br>| 3.4 <br>|

---

Expressed as a percentage of net assets.

**Householding**

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

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

**Manning & Napier Pro-Blend<sup>®</sup> Conservative Term Series Tailored Shareholder Report MNPBCO-R-4/25-SAR**

**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.**

---

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

---

This semi-annual shareholder report contains important information about Class R of Pro-Blend<sup>®</sup> Conservative Term Series, a series of Manning & Napier Fund Inc., for the period of November 1, 2024 to April 30, 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**  | **Costs of a $10,000 investment**  | **Costs paid as a percentage of a $10,000 investment**  |
| Class R <br>| $56 <br>| 1.12% <br>|

---

Expenses are equal to Class R shares annualized expense ratio (for the six-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.

**Key Fund Statistics (as of April 30, 2025)**

---

| | |
|:---|:---|
|  |  |
| **Fund Size** <br>| $309718459 <br>|
| **Number of Holdings** <br>| 237 <br>|
| **Annual Portfolio Turnover** <br>| 24% <br>|

---

**Sector Allocation (% of net assets)** ![](d7qycmkmazq2ur9.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 April 30, 2025)

---

| | |
|:---|:---|
| **Top Investment Types**  | **%**  |
| **Common Stocks** <br>| 20.6 <br>|
| **Corporate Bonds** <br>| 18.9 <br>|
| **U.S. Treasury Note** <br>| 27.2 <br>|
| **Asset-Backed Securities** <br>| 7.1 <br>|
| **Commercial Mortgage-Backed Securities** <br>| 8.8 <br>|
| **Foreign Government Bonds** <br>| 0.5 <br>|
| **Municipal Bonds** <br>| 1.1 <br>|
| **U.S. Government Agencies** <br>| 12.4 <br>|
| **Cash, short-term investment, and other assets, less liabilities** <br>| 3.4 <br>|

---

Expressed as a percentage of net assets.

**Householding**

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

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

**Manning & Napier Pro-Blend<sup>®</sup> Conservative Term Series Tailored Shareholder Report MNPBCO-L-4/25-SAR**

**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.**

---

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

---

This semi-annual shareholder report contains important information about Class L of Pro-Blend<sup>®</sup> Conservative Term Series, a series of Manning & Napier Fund Inc., for the period of November 1, 2024 to April 30, 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**  | **Costs of a $10,000 investment**  | **Costs paid as a percentage of a $10,000 investment**  |
| Class L <br>| $81 <br>| 1.63% <br>|

---

Expenses are equal to Class L shares annualized expense ratio (for the six-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.

**Key Fund Statistics (as of April 30, 2025)**

---

| | |
|:---|:---|
|  |  |
| **Fund Size** <br>| $309718459 <br>|
| **Number of Holdings** <br>| 237 <br>|
| **Annual Portfolio Turnover** <br>| 24% <br>|

---

**Sector Allocation (% of net assets)** ![](d7qycmkmazq2ur9.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 April 30, 2025)

---

| | |
|:---|:---|
| **Top Investment Types**  | **%**  |
| **Common Stocks** <br>| 20.6 <br>|
| **Corporate Bonds** <br>| 18.9 <br>|
| **U.S. Treasury Note** <br>| 27.2 <br>|
| **Asset-Backed Securities** <br>| 7.1 <br>|
| **Commercial Mortgage-Backed Securities** <br>| 8.8 <br>|
| **Foreign Government Bonds** <br>| 0.5 <br>|
| **Municipal Bonds** <br>| 1.1 <br>|
| **U.S. Government Agencies** <br>| 12.4 <br>|
| **Cash, short-term investment, and other assets, less liabilities** <br>| 3.4 <br>|

---

Expressed as a percentage of net assets.

**Householding**

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

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

**Manning & Napier Pro-Blend<sup>®</sup> Conservative Term Series Tailored Shareholder Report MNPBCO-W-4/25-SAR**

**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.**

---

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

---

This semi-annual shareholder report contains important information about Class W of Pro-Blend<sup>®</sup> Conservative Term Series, a series of Manning & Napier Fund Inc., for the period of November 1, 2024 to April 30, 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**  | **Costs of a $10,000 investment**  | **Costs paid as a percentage of a $10,000 investment**  |
| Class W <br>| $5 <br>| 0.10% <br>|

---

Expenses are equal to Class W shares annualized expense ratio (for the six-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.

**Key Fund Statistics (as of April 30, 2025)**

---

| | |
|:---|:---|
|  |  |
| **Fund Size** <br>| $309718459 <br>|
| **Number of Holdings** <br>| 237 <br>|
| **Annual Portfolio Turnover** <br>| 24% <br>|

---

**Sector Allocation (% of net assets)** ![](d7qycmkmazq2ur9.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 April 30, 2025)

---

| | |
|:---|:---|
| **Top Investment Types**  | **%**  |
| **Common Stocks** <br>| 20.6 <br>|
| **Corporate Bonds** <br>| 18.9 <br>|
| **U.S. Treasury Note** <br>| 27.2 <br>|
| **Asset-Backed Securities** <br>| 7.1 <br>|
| **Commercial Mortgage-Backed Securities** <br>| 8.8 <br>|
| **Foreign Government Bonds** <br>| 0.5 <br>|
| **Municipal Bonds** <br>| 1.1 <br>|
| **U.S. Government Agencies** <br>| 12.4 <br>|
| **Cash, short-term investment, and other assets, less liabilities** <br>| 3.4 <br>|

---

Expressed as a percentage of net assets.

**Householding**

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

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

**Manning & Napier Pro-Blend<sup>®</sup> Moderate Term Series Tailored Shareholder Report MNPBMO-S-4/25-SAR**

**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.**

---

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

---

This semi-annual shareholder report contains important information about Class S of Pro-Blend<sup>®</sup> Moderate Term Series, a series of Manning & Napier Fund Inc., for the period of November 1, 2024 to April 30, 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**  | **Costs of a $10,000 investment**  | **Costs paid as a percentage of a $10,000 investment**  |
| Class S <br>| $54 <br>| 1.08% <br>|

---

Expenses are equal to Class S shares annualized expense ratio (for the six-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.

**Key Fund Statistics (as of April 30, 2025)**

---

| | |
|:---|:---|
|  |  |
| **Fund Size** <br>| $296182679 <br>|
| **Number of Holdings** <br>| 218 <br>|
| **Annual Portfolio Turnover** <br>| 41% <br>|

---

**Sector Allocation (% of net assets)** ![](d7qymp4mbfhl2ef.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 April 30, 2025)

---

| | |
|:---|:---|
| **Top Investment Types**  | **%**  |
| **Common Stocks** <br>| 41.4 <br>|
| **Corporate Bonds** <br>| 14.7 <br>|
| **U.S. Treasury Bond** <br>| 4.7 <br>|
| **U.S. Treasury Note** <br>| 14.1 <br>|
| **Asset-Backed Securities** <br>| 5.2 <br>|
| **Commercial Mortgage-Backed Securities** <br>| 5.9 <br>|
| **Foreign Government Bonds** <br>| 0.4 <br>|
| **Municipal Bonds** <br>| 0.3 <br>|
| **U.S. Government Agencies** <br>| 9.4 <br>|
| **Cash, short-term investment, and liabilities, less other assets** <br>| 3.9 <br>|

---

Expressed as a percentage of net assets.

**Householding**

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

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

**Manning & Napier Pro-Blend<sup>®</sup> Moderate Term Series Tailored Shareholder Report MNPBMO-I-4/25-SAR**

**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.**

---

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

---

This semi-annual shareholder report contains important information about Class I of Pro-Blend<sup>®</sup> Moderate Term Series, a series of Manning & Napier Fund Inc., for the period of November 1, 2024 to April 30, 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**  | **Costs of a $10,000 investment**  | **Costs paid as a percentage of a $10,000 investment**  |
| Class I <br>| $42 <br>| 0.85% <br>|

---

Expenses are equal to Class I shares annualized expense ratio (for the six-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.

**Key Fund Statistics (as of April 30, 2025)**

---

| | |
|:---|:---|
|  |  |
| **Fund Size** <br>| $296182679 <br>|
| **Number of Holdings** <br>| 218 <br>|
| **Annual Portfolio Turnover** <br>| 41% <br>|

---

**Sector Allocation (% of net assets)** ![](d7qymp4mbfhl2ef.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 April 30, 2025)

---

| | |
|:---|:---|
| **Top Investment Types**  | **%**  |
| **Common Stocks** <br>| 41.4 <br>|
| **Corporate Bonds** <br>| 14.7 <br>|
| **U.S. Treasury Bond** <br>| 4.7 <br>|
| **U.S. Treasury Note** <br>| 14.1 <br>|
| **Asset-Backed Securities** <br>| 5.2 <br>|
| **Commercial Mortgage-Backed Securities** <br>| 5.9 <br>|
| **Foreign Government Bonds** <br>| 0.4 <br>|
| **Municipal Bonds** <br>| 0.3 <br>|
| **U.S. Government Agencies** <br>| 9.4 <br>|
| **Cash, short-term investment, and liabilities, less other assets** <br>| 3.9 <br>|

---

Expressed as a percentage of net assets.

**Householding**

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

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

**Manning & Napier Pro-Blend<sup>®</sup> Moderate Term Series Tailored Shareholder Report MNPBMO-R-4/25-SAR**

**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.**

---

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

---

This semi-annual shareholder report contains important information about Class R of Pro-Blend<sup>®</sup> Moderate Term Series, a series of Manning & Napier Fund Inc., for the period of November 1, 2024 to April 30, 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**  | **Costs of a $10,000 investment**  | **Costs paid as a percentage of a $10,000 investment**  |
| Class R <br>| $65 <br>| 1.31% <br>|

---

Expenses are equal to Class R shares annualized expense ratio (for the six-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.

**Key Fund Statistics (as of April 30, 2025)**

---

| | |
|:---|:---|
|  |  |
| **Fund Size** <br>| $296182679 <br>|
| **Number of Holdings** <br>| 218 <br>|
| **Annual Portfolio Turnover** <br>| 41% <br>|

---

**Sector Allocation (% of net assets)** ![](d7qymp4mbfhl2ef.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 April 30, 2025)

---

| | |
|:---|:---|
| **Top Investment Types**  | **%**  |
| **Common Stocks** <br>| 41.4 <br>|
| **Corporate Bonds** <br>| 14.7 <br>|
| **U.S. Treasury Bond** <br>| 4.7 <br>|
| **U.S. Treasury Note** <br>| 14.1 <br>|
| **Asset-Backed Securities** <br>| 5.2 <br>|
| **Commercial Mortgage-Backed Securities** <br>| 5.9 <br>|
| **Foreign Government Bonds** <br>| 0.4 <br>|
| **Municipal Bonds** <br>| 0.3 <br>|
| **U.S. Government Agencies** <br>| 9.4 <br>|
| **Cash, short-term investment, and liabilities, less other assets** <br>| 3.9 <br>|

---

Expressed as a percentage of net assets.

**Householding**

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

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

**Manning & Napier Pro-Blend<sup>®</sup> Moderate Term Series Tailored Shareholder Report MNPBMO-L-4/25-SAR**

**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.**

---

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

---

This semi-annual shareholder report contains important information about Class L of Pro-Blend<sup>®</sup> Moderate Term Series, a series of Manning & Napier Fund Inc., for the period of November 1, 2024 to April 30, 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**  | **Costs of a $10,000 investment**  | **Costs paid as a percentage of a $10,000 investment**  |
| Class L <br>| $90 <br>| 1.82% <br>|

---

Expenses are equal to Class L shares annualized expense ratio (for the six-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.

**Key Fund Statistics (as of April 30, 2025)**

---

| | |
|:---|:---|
|  |  |
| **Fund Size** <br>| $296182679 <br>|
| **Number of Holdings** <br>| 218 <br>|
| **Annual Portfolio Turnover** <br>| 41% <br>|

---

**Sector Allocation (% of net assets)** ![](d7qymp4mbfhl2ef.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 April 30, 2025)

---

| | |
|:---|:---|
| **Top Investment Types**  | **%**  |
| **Common Stocks** <br>| 41.4 <br>|
| **Corporate Bonds** <br>| 14.7 <br>|
| **U.S. Treasury Bond** <br>| 4.7 <br>|
| **U.S. Treasury Note** <br>| 14.1 <br>|
| **Asset-Backed Securities** <br>| 5.2 <br>|
| **Commercial Mortgage-Backed Securities** <br>| 5.9 <br>|
| **Foreign Government Bonds** <br>| 0.4 <br>|
| **Municipal Bonds** <br>| 0.3 <br>|
| **U.S. Government Agencies** <br>| 9.4 <br>|
| **Cash, short-term investment, and liabilities, less other assets** <br>| 3.9 <br>|

---

Expressed as a percentage of net assets.

**Householding**

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

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

**Manning & Napier Pro-Blend<sup>®</sup> Moderate Term Series Tailored Shareholder Report MNPBMO-W-4/25-SAR**

**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.**

---

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

---

This semi-annual shareholder report contains important information about Class W of Pro-Blend<sup>®</sup> Moderate Term Series, a series of Manning & Napier Fund Inc., for the period of November 1, 2024 to April 30, 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**  | **Costs of a $10,000 investment**  | **Costs paid as a percentage of a $10,000 investment**  |
| Class W <br>| $5 <br>| 0.10% <br>|

---

Expenses are equal to Class W shares annualized expense ratio (for the six-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.

**Key Fund Statistics (as of April 30, 2025)**

---

| | |
|:---|:---|
|  |  |
| **Fund Size** <br>| $296182679 <br>|
| **Number of Holdings** <br>| 218 <br>|
| **Annual Portfolio Turnover** <br>| 41% <br>|

---

**Sector Allocation (% of net assets)** ![](d7qymp4mbfhl2ef.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 April 30, 2025)

---

| | |
|:---|:---|
| **Top Investment Types**  | **%**  |
| **Common Stocks** <br>| 41.4 <br>|
| **Corporate Bonds** <br>| 14.7 <br>|
| **U.S. Treasury Bond** <br>| 4.7 <br>|
| **U.S. Treasury Note** <br>| 14.1 <br>|
| **Asset-Backed Securities** <br>| 5.2 <br>|
| **Commercial Mortgage-Backed Securities** <br>| 5.9 <br>|
| **Foreign Government Bonds** <br>| 0.4 <br>|
| **Municipal Bonds** <br>| 0.3 <br>|
| **U.S. Government Agencies** <br>| 9.4 <br>|
| **Cash, short-term investment, and liabilities, less other assets** <br>| 3.9 <br>|

---

Expressed as a percentage of net assets.

**Householding**

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

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

**Manning & Napier Pro-Blend<sup>®</sup> Extended Term Series Tailored Shareholder Report MNPBEX-S-4/25-SAR**

**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.**

---

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

---

This semi-annual shareholder report contains important information about Class S of Pro-Blend<sup>®</sup> Extended Term Series, a series of Manning & Napier Fund Inc., for the period of November 1, 2024 to April 30, 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**  | **Costs of a $10,000 investment**  | **Costs paid as a percentage of a $10,000 investment**  |
| Class S <br>| $51 <br>| 1.03% <br>|

---

Expenses are equal to Class S shares annualized expense ratio (for the six-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.

**Key Fund Statistics (as of April 30, 2025)**

---

| | |
|:---|:---|
|  |  |
| **Fund Size** <br>| $515387613 <br>|
| **Number of Holdings** <br>| 221 <br>|
| **Annual Portfolio Turnover** <br>| 42% <br>|

---

**Sector Allocation (% of net assets)** ![](hrm61mc0hy7xu.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 April 30, 2025)

---

| | |
|:---|:---|
| **Top Investment Types** | **%** |
| **Common Stocks** | 55.0 |
| **Corporate Bonds** | 10.4 |
| **U.S. Treasury Bond** | 6.7 |
| **U.S. Treasury Note** | 8.6 |
| **Asset-Backed Securities** | 4.4 |
| **Commercial Mortgage-Backed Securities** | 4.4 |
| **Foreign Government Bonds** | 0.3 |
| **U.S. Government Agencies** | 6.7 |
| **Cash, short-term investment, and other assets, less liabilities** | 3.5 |
| **Municipal Bonds¹** | 0.0 |

---

Expressed as a percentage of net assets. ¹Less than 0.1%

**Householding**

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

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

**Manning & Napier Pro-Blend<sup>®</sup> Extended Term Series Tailored Shareholder Report MNPBEX-I-4/25-SAR**

**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.**

---

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

---

This semi-annual shareholder report contains important information about Class I of Pro-Blend<sup>®</sup> Extended Term Series, a series of Manning & Napier Fund Inc., for the period of November 1, 2024 to April 30, 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**  | **Costs of a $10,000 investment**  | **Costs paid as a percentage of a $10,000 investment**  |
| Class I <br>| $40 <br>| 0.80% <br>|

---

Expenses are equal to each Class I shares annualized expense ratio (for the six-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.

**Key Fund Statistics (as of April 30, 2025)**

---

| | |
|:---|:---|
|  |  |
| **Fund Size** <br>| $515387613 <br>|
| **Number of Holdings** <br>| 221 <br>|
| **Annual Portfolio Turnover** <br>| 42% <br>|

---

**Sector Allocation (% of net assets)** ![](hrm61mc0hy7xu.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 April 30, 2025)

---

| | |
|:---|:---|
| **Top Investment Types** | **%** |
| **Common Stocks** | 55.0 |
| **Corporate Bonds** | 10.4 |
| **U.S. Treasury Bond** | 6.7 |
| **U.S. Treasury Note** | 8.6 |
| **Asset-Backed Securities** | 4.4 |
| **Commercial Mortgage-Backed Securities** | 4.4 |
| **Foreign Government Bonds** | 0.3 |
| **U.S. Government Agencies** | 6.7 |
| **Cash, short-term investment, and other assets, less liabilities** | 3.5 |
| **Municipal Bonds¹** | 0.0 |

---

Expressed as a percentage of net assets. ¹Less than 0.1%

**Householding**

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

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

**Manning & Napier Pro-Blend<sup>®</sup> Extended Term Series Tailored Shareholder Report MNPBEX-R-4/25-SAR**

**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.**

---

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

---

This semi-annual shareholder report contains important information about Class R of Pro-Blend<sup>®</sup> Extended Term Series, a series of Manning & Napier Fund Inc., for the period of November 1, 2024 to April 30, 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**  | **Costs of a $10,000 investment**  | **Costs paid as a percentage of a $10,000 investment**  |
| Class R <br>| $63 <br>| 1.28% <br>|

---

Expenses are equal to Class R shares annualized expense ratio (for the six-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.

**Key Fund Statistics (as of April 30, 2025)**

---

| | |
|:---|:---|
|  |  |
| **Fund Size** <br>| $515387613 <br>|
| **Number of Holdings** <br>| 221 <br>|
| **Annual Portfolio Turnover** <br>| 42% <br>|

---

**Sector Allocation (% of net assets)** ![](hrm61mc0hy7xu.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 April 30, 2025)

---

| | |
|:---|:---|
| **Top Investment Types** | **%** |
| **Common Stocks** | 55.0 |
| **Corporate Bonds** | 10.4 |
| **U.S. Treasury Bond** | 6.7 |
| **U.S. Treasury Note** | 8.6 |
| **Asset-Backed Securities** | 4.4 |
| **Commercial Mortgage-Backed Securities** | 4.4 |
| **Foreign Government Bonds** | 0.3 |
| **U.S. Government Agencies** | 6.7 |
| **Cash, short-term investment, and other assets, less liabilities** | 3.5 |
| **Municipal Bonds¹** | 0.0 |

---

Expressed as a percentage of net assets. ¹Less than 0.1%

**Householding**

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

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

**Manning & Napier Pro-Blend<sup>®</sup> Extended Term Series Tailored Shareholder Report MNPBEX-L-4/25-SAR**

**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.**

---

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

---

This semi-annual shareholder report contains important information about Class L of Pro-Blend<sup>®</sup> Extended Term Series, a series of Manning & Napier Fund Inc., for the period of November 1, 2024 to April 30, 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**  | **Costs of a $10,000 investment**  | **Costs paid as a percentage of a $10,000 investment**  |
| Class L <br>| $89 <br>| 1.80% <br>|

---

Expenses are equal to Class L shares annualized expense ratio (for the six-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.

**Key Fund Statistics (as of April 30, 2025)**

---

| | |
|:---|:---|
|  |  |
| **Fund Size** <br>| $515387613 <br>|
| **Number of Holdings** <br>| 221 <br>|
| **Annual Portfolio Turnover** <br>| 42% <br>|

---

**Sector Allocation (% of net assets)** ![](hrm61mc0hy7xu.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 April 30, 2025)

---

| | |
|:---|:---|
| **Top Investment Types** | **%** |
| **Common Stocks** | 55.0 |
| **Corporate Bonds** | 10.4 |
| **U.S. Treasury Bond** | 6.7 |
| **U.S. Treasury Note** | 8.6 |
| **Asset-Backed Securities** | 4.4 |
| **Commercial Mortgage-Backed Securities** | 4.4 |
| **Foreign Government Bonds** | 0.3 |
| **U.S. Government Agencies** | 6.7 |
| **Cash, short-term investment, and other assets, less liabilities** | 3.5 |
| **Municipal Bonds¹** | 0.0 |

---

Expressed as a percentage of net assets. ¹Less than 0.1%

**Householding**

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

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

**Manning & Napier Pro-Blend<sup>®</sup> Extended Term Series Tailored Shareholder Report MNPBEX-W-4/25-SAR**

**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.**

---

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

---

This semi-annual shareholder report contains important information about Class W of Pro-Blend<sup>®</sup> Extended Term Series, a series of Manning & Napier Fund Inc., for the period of November 1, 2024 to April 30, 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**  | **Costs of a $10,000 investment**  | **Costs paid as a percentage of a $10,000 investment**  |
| Class W <br>| $5 <br>| 0.10% <br>|

---

Expenses are equal to Class W shares annualized expense ratio (for the six-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.

**Key Fund Statistics (as of April 30, 2025)**

---

| | |
|:---|:---|
|  |  |
| **Fund Size** <br>| $515387613 <br>|
| **Number of Holdings** <br>| 221 <br>|
| **Annual Portfolio Turnover** <br>| 42% <br>|

---

**Sector Allocation (% of net assets)** ![](hrm61mc0hy7xu.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 April 30, 2025)

---

| | |
|:---|:---|
| **Top Investment Types** | **%** |
| **Common Stocks** | 55.0 |
| **Corporate Bonds** | 10.4 |
| **U.S. Treasury Bond** | 6.7 |
| **U.S. Treasury Note** | 8.6 |
| **Asset-Backed Securities** | 4.4 |
| **Commercial Mortgage-Backed Securities** | 4.4 |
| **Foreign Government Bonds** | 0.3 |
| **U.S. Government Agencies** | 6.7 |
| **Cash, short-term investment, and other assets, less liabilities** | 3.5 |
| **Municipal Bonds¹** | 0.0 |

---

Expressed as a percentage of net assets. ¹Less than 0.1%

**Householding**

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

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

**Manning & Napier Pro-Blend<sup>®</sup> Maximum Term Series Tailored Shareholder Report MNPBMA-S-4/25-SAR**

**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.**

---

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

---

This semi-annual shareholder report contains important information about Class S of Pro-Blend<sup>®</sup> Maximum Term Series, a series of Manning & Napier Fund Inc., for the period of November 1, 2024 to April 30, 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**  | **Costs of a $10,000 investment**  | **Costs paid as a percentage of a $10,000 investment**  |
| Class S <br>| $54 <br>| 1.10% <br>|

---

Expenses are equal to Class S shares annualized expense ratio (for the six-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.

**Key Fund Statistics (as of April 30, 2025)**

---

| | |
|:---|:---|
|  |  |
| **Fund Size** <br>| $436476726 <br>|
| **Number of Holdings** <br>| 151 <br>|
| **Annual Portfolio Turnover** <br>| 45% <br>|

---

**Sector Allocation (% of net assets)** ![](hrm61mc0i0iqj.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 April 30, 2025)

---

| | |
|:---|:---|
| **Top Investment Types** | **%** |
| **Common Stocks** | 85.4 |
| **Corporate Bonds** | 4.5 |
| **U.S. Treasury Bond** | 1.9 |
| **U.S. Treasury Note** | 4.3 |
| **Cash, short-term investment, and liabilities, less other assets** | 3.9 |
| **Asset-Backed Securities¹** | 0.0 |
| **Commercial Mortgage-Backed Securities¹** | 0.0 |
| **U.S. Government Agencies¹** | 0.0 |

---

Expressed as a percentage of net assets. ¹Less than 0.1%

**Householding**

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

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

**Manning & Napier Pro-Blend<sup>®</sup> Maximum Term Series Tailored Shareholder Report MNPBMA-I-4/25-SAR**

**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.**

---

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

---

This semi-annual shareholder report contains important information about Class I of Pro-Blend<sup>®</sup> Maximum Term Series, a series of Manning & Napier Fund Inc., for the period of November 1, 2024 to April 30, 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**  | **Costs of a $10,000 investment**  | **Costs paid as a percentage of a $10,000 investment**  |
| Class I <br>| $42 <br>| 0.85% <br>|

---

Expenses are equal to Class I shares annualized expense ratio (for the six-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.

**Key Fund Statistics (as of April 30, 2025)**

---

| | |
|:---|:---|
|  |  |
| **Fund Size** <br>| $436476726 <br>|
| **Number of Holdings** <br>| 151 <br>|
| **Annual Portfolio Turnover** <br>| 45% <br>|

---

**Sector Allocation (% of net assets)** ![](hrm61mc0i0iqj.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 April 30, 2025)

---

| | |
|:---|:---|
| **Top Investment Types** | **%** |
| **Common Stocks** | 85.4 |
| **Corporate Bonds** | 4.5 |
| **U.S. Treasury Bond** | 1.9 |
| **U.S. Treasury Note** | 4.3 |
| **Cash, short-term investment, and liabilities, less other assets** | 3.9 |
| **Asset-Backed Securities¹** | 0.0 |
| **Commercial Mortgage-Backed Securities¹** | 0.0 |
| **U.S. Government Agencies¹** | 0.0 |

---

Expressed as a percentage of net assets. ¹Less than 0.1%

**Householding**

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

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

**Manning & Napier Pro-Blend<sup>®</sup> Maximum Term Series Tailored Shareholder Report MNPBMA-R-4/25-SAR**

**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.**

---

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

---

This semi-annual shareholder report contains important information about Class R of Pro-Blend<sup>®</sup> Maximum Term Series, a series of Manning & Napier Fund Inc., for the period of November 1, 2024 to April 30, 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**  | **Costs of a $10,000 investment**  | **Costs paid as a percentage of a $10,000 investment**  |
| Class R <br>| $65 <br>| 1.31% <br>|

---

Expenses are equal to Class R shares annualized expense ratio (for the six-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.

**Key Fund Statistics (as of April 30, 2025)**

---

| | |
|:---|:---|
|  |  |
| **Fund Size** <br>| $436476726 <br>|
| **Number of Holdings** <br>| 151 <br>|
| **Annual Portfolio Turnover** <br>| 45% <br>|

---

**Sector Allocation (% of net assets)** ![](hrm61mc0i0iqj.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 April 30, 2025)

---

| | |
|:---|:---|
| **Top Investment Types** | **%** |
| **Common Stocks** | 85.4 |
| **Corporate Bonds** | 4.5 |
| **U.S. Treasury Bond** | 1.9 |
| **U.S. Treasury Note** | 4.3 |
| **Cash, short-term investment, and liabilities, less other assets** | 3.9 |
| **Asset-Backed Securities¹** | 0.0 |
| **Commercial Mortgage-Backed Securities¹** | 0.0 |
| **U.S. Government Agencies¹** | 0.0 |

---

Expressed as a percentage of net assets. ¹Less than 0.1%

**Householding**

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

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

**Manning & Napier Pro-Blend<sup>®</sup> Maximum Term Series Tailored Shareholder Report MNPBMA-L-4/25-SAR**

**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.**

---

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

---

This semi-annual shareholder report contains important information about Class L of Pro-Blend<sup>®</sup> Maximum Term Series, a series of Manning & Napier Fund Inc., for the period of November 1, 2024 to April 30, 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** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class L | $91 | 1.84% |

---

Expenses are equal to Class L shares annualized expense ratio (for the six-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.

**Key Fund Statistics (as of April 30, 2025)**

---

| | |
|:---|:---|
|  |  |
| **Fund Size** <br>| $436476726 <br>|
| **Number of Holdings** <br>| 151 <br>|
| **Annual Portfolio Turnover** <br>| 45% <br>|

---

**Sector Allocation (% of net assets)** ![](hrm61mc0i0iqj.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 April 30, 2025)

---

| | |
|:---|:---|
| **Top Investment Types** | **%** |
| **Common Stocks** | 85.4 |
| **Corporate Bonds** | 4.5 |
| **U.S. Treasury Bond** | 1.9 |
| **U.S. Treasury Note** | 4.3 |
| **Cash, short-term investment, and liabilities, less other assets** | 3.9 |
| **Asset-Backed Securities¹** | 0.0 |
| **Commercial Mortgage-Backed Securities¹** | 0.0 |
| **U.S. Government Agencies¹** | 0.0 |

---

Expressed as a percentage of net assets. ¹Less than 0.1%

**Householding**

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

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

**Manning & Napier Pro-Blend<sup>®</sup> Maximum Term Series Tailored Shareholder Report MNPBMA-W-4/25-SAR**

**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.**

---

| | |
|:---|:---|
| **SEMi-annual shareholder report**<br> **Pro-Blend<sup>®</sup> Maximum Term Series - Class W**<br> ticker: MNHWX<br>| <br> ![](d7qy18jf8lx4xgcvm.jpg)<br>|

---

This semi-annual shareholder report contains important information about Class W of Pro-Blend<sup>®</sup> Maximum Term Series, a series of Manning & Napier Fund Inc., for the period of November 1, 2024 to April 30, 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**  | **Costs of a $10,000 investment**  | **Costs paid as a percentage of a $10,000 investment**  |
| Class W <br>| $5 <br>| 0.10% <br>|

---

Expenses are equal to Class W shares annualized expense ratio (for the six-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.

**Key Fund Statistics (as of April 30, 2025)**

---

| | |
|:---|:---|
|  |  |
| **Fund Size** <br>| $436476726 <br>|
| **Number of Holdings** <br>| 151 <br>|
| **Annual Portfolio Turnover** <br>| 45% <br>|

---

**Sector Allocation (% of net assets)** ![](hrm61mc0i0iqj.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 April 30, 2025)

---

| | |
|:---|:---|
| **Top Investment Types** | **%** |
| **Common Stocks** | 85.4 |
| **Corporate Bonds** | 4.5 |
| **U.S. Treasury Bond** | 1.9 |
| **U.S. Treasury Note** | 4.3 |
| **Cash, short-term investment, and liabilities, less other assets** | 3.9 |
| **Asset-Backed Securities¹** | 0.0 |
| **Commercial Mortgage-Backed Securities¹** | 0.0 |
| **U.S. Government Agencies¹** | 0.0 |

---

Expressed as a percentage of net assets. ¹Less than 0.1%

**Householding**

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

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

**Manning & Napier Disciplined Value Series Tailored Shareholder Report MNDIV-S-4/25-SAR**

**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.**

---

| | |
|:---|:---|
| **SEMi-annual shareholder report**<br> **Disciplined Value Series - Class S**<br> ticker: MDFSX<br>| <br> ![](d7qy18jf8lx4xgcvm.jpg)<br>|

---

This semi-annual shareholder report contains important information about Class S of Disciplined Value Series, a series of Manning & Napier Fund Inc., for the period of November 1, 2024 to April 30, 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**  | **Costs of a $10,000 investment**  | **Costs paid as a percentage of a $10,000 investment**  |
| Class S <br>| $39 <br>| 0.80% <br>|

---

Expenses are equal to Class S shares annualized expense ratio (for the six-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.

**Key Fund Statistics (as of April 30, 2025)**

---

| | |
|:---|:---|
|  |  |
| **Fund Size** <br>| $140793968 <br>|
| **Number of Holdings** <br>| 111 <br>|
| **Annual Portfolio Turnover** <br>| 27% <br>|

---

**Sector Allocation (% of net assets)** ![](d7qycmkmazquwo8.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 April 30, 2025)

---

| | |
|:---|:---|
| **Top Investment Types**  | **%**  |
| **Cash, short-term investment, and liabilities, less other assets** <br>| 1.4 <br>|
| **Common Stocks** <br>| 98.6 <br>|

---

Expressed as a percentage of net assets.

**Householding**

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

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

**Manning & Napier Disciplined Value Series Tailored Shareholder Report MNDIV-I-4/25-SAR**

**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.**

---

| | |
|:---|:---|
| **SEMi-annual shareholder report**<br> **Disciplined Value Series - Class I**<br> ticker: MNDFX<br>| <br> ![](d7qy18jf8lx4xgcvm.jpg)<br>|

---

This semi-annual shareholder report contains important information about Class I of Disciplined Value Series, a series of Manning & Napier Fund Inc., for the period of November 1, 2024 to April 30, 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**  | **Costs of a $10,000 investment**  | **Costs paid as a percentage of a $10,000 investment**  |
| Class I <br>| $29 <br>| 0.60% <br>|

---

Expenses are equal to Class I shares annualized expense ratio (for the six-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.

**Key Fund Statistics (as of April 30, 2025)**

---

| | |
|:---|:---|
|  |  |
| **Fund Size** <br>| $140793968 <br>|
| **Number of Holdings** <br>| 111 <br>|
| **Annual Portfolio Turnover** <br>| 27% <br>|

---

**Sector Allocation (% of net assets)** ![](d7qycmkmazquwo8.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 April 30, 2025)

---

| | |
|:---|:---|
| **Top Investment Types**  | **%**  |
| **Cash, short-term investment, and liabilities, less other assets** <br>| 1.4 <br>|
| **Common Stocks** <br>| 98.6 <br>|

---

Expressed as a percentage of net assets.

**Householding**

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

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

**Manning & Napier Disciplined Value Series Tailored Shareholder Report MNDIV-W-4/25-SAR**

**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.**

---

| | |
|:---|:---|
| **SEMi-annual shareholder report**<br> **Disciplined Value Series - Class W**<br> ticker: MDVWX<br>| <br> ![](d7qy18jf8lx4xgcvm.jpg)<br>|

---

This semi-annual shareholder report contains important information about Class W of Disciplined Value Series, a series of Manning & Napier Fund Inc., for the period of November 1, 2024 to April 30, 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**  | **Costs of a $10,000 investment**  | **Costs paid as a percentage of a $10,000 investment**  |
| Class W <br>| $7 <br>| 0.15% <br>|

---

Expenses are equal to Class W shares annualized expense ratio (for the six-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.

**Key Fund Statistics (as of April 30, 2025)**

---

| | |
|:---|:---|
|  |  |
| **Fund Size** <br>| $140793968 <br>|
| **Number of Holdings** <br>| 111 <br>|
| **Annual Portfolio Turnover** <br>| 27% <br>|

---

**Sector Allocation (% of net assets)** ![](d7qycmkmazquwo8.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 April 30, 2025)

---

| | |
|:---|:---|
| **Top Investment Types**  | **%**  |
| **Cash, short-term investment, and liabilities, less other assets** <br>| 1.4 <br>|
| **Common Stocks** <br>| 98.6 <br>|

---

Expressed as a percentage of net assets.

**Householding**

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

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

**Manning & Napier Disciplined Value Series Tailored Shareholder Report MNDIV-Z-4/25-SAR**

**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.**

---

| | |
|:---|:---|
| **SEMi-annual shareholder report**<br> **Disciplined Value Series - Class Z**<br> ticker: MDVZX<br>| <br> ![](d7qy18jf8lx4xgcvm.jpg)<br>|

---

This semi-annual shareholder report contains important information about Class Z of Disciplined Value Series, a series of Manning & Napier Fund Inc., for the period of November 1, 2024 to April 30, 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**  | **Costs of a $10,000 investment**  | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z <br>| $22 <br>| 0.45% <br>|

---

Expenses are equal to Class Z shares annualized expense ratio (for the six-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.

**Key Fund Statistics (as of April 30, 2025)**

---

| | |
|:---|:---|
|  |  |
| **Fund Size** <br>| $140793968 <br>|
| **Number of Holdings** <br>| 111 <br>|
| **Annual Portfolio Turnover** <br>| 27% <br>|

---

**Sector Allocation (% of net assets)** ![](d7qycmkmazquwo8.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 April 30, 2025)

---

| | |
|:---|:---|
| **Top Investment Types**  | **%**  |
| **Cash, short-term investment, and liabilities, less other assets** <br>| 1.4 <br>|
| **Common Stocks** <br>| 98.6 <br>|

---

Expressed as a percentage of net assets.

**Householding**

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

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

**Manning & Napier Rainier International Discovery Series Tailored Shareholder Report MNIDS-S-4/25-SAR**

**The Manning & Napier Fund, Inc. (the Fund) is managed by Manning & Napier Advisors, LLC (Manning & Napier). Manning & Napier Investor Services, Inc. (MNBD), an affiliate of Manning & Napier, is the distributor of the Fund shares. Manning & Napier has contracted Rainier Investment Management, LLC, an affiliate of Manning & Napier and MNBD, to sub-advise the International Discovery Series.**

---

| | |
|:---|:---|
| **SEMi-annual shareholder report**<br> **Rainier International Discovery Series - Class S**<br> ticker: RISAX<br>| <br> ![](d7qy18jf8lx4xgcvm.jpg)<br>|

---

This semi-annual shareholder report contains important information about Class S of Rainier International Discovery Series, a series of Manning & Napier Fund Inc., for the period of November 1, 2024 to April 30, 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**  | **Costs of a $10,000 investment**  | **Costs paid as a percentage of a $10,000 investment**  |
| Class S <br>| $72 <br>| 1.40% <br>|

---

Expenses are equal to Class S shares annualized expense ratio (for the six-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.

**Key Fund Statistics (as of April 30, 2025)**

---

| | |
|:---|:---|
|  |  |
| **Fund Size** <br>| $397682464 <br>|
| **Number of Holdings** <br>| 104 <br>|
| **Annual Portfolio Turnover** <br>| 31% <br>|

---

**Sector Allocation (% of net assets)** ![](d7qycmkmazq3gep.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 April 30, 2025)

---

| | |
|:---|:---|
| **Top Investment Types**  | **%**  |
| **Cash, short-term investment, and liabilities, less other assets** <br>| 3.9 <br>|
| **Common Stocks** <br>| 96.1 <br>|

---

Expressed as a percentage of net assets.

**Householding**

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

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

**Manning & Napier Rainier International Discovery Series Tailored Shareholder Report MNIDS-I-4/25-SAR**

**The Manning & Napier Fund, Inc. (the Fund) is managed by Manning & Napier Advisors, LLC (Manning & Napier). Manning & Napier Investor Services, Inc. (MNBD), an affiliate of Manning & Napier, is the distributor of the Fund shares. Manning & Napier has contracted Rainier Investment Management, LLC, an affiliate of Manning & Napier and MNBD, to sub-advise the International Discovery Series.**

---

| | |
|:---|:---|
| **SEMi-annual shareholder report**<br> **Rainier International Discovery Series - Class I**<br> ticker: RAIIX<br>| <br> ![](d7qy18jf8lx4xgcvm.jpg)<br>|

---

This semi-annual shareholder report contains important information about Class I of Rainier International Discovery Series, a series of Manning & Napier Fund Inc., for the period of November 1, 2024 to April 30, 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**  | **Costs of a $10,000 investment**  | **Costs paid as a percentage of a $10,000 investment**  |
| Class I <br>| $59 <br>| 1.15% <br>|

---

Expenses are equal to Class I shares annualized expense ratio (for the six-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.

**Key Fund Statistics (as of April 30, 2025)**

---

| | |
|:---|:---|
|  |  |
| **Fund Size** <br>| $397682464 <br>|
| **Number of Holdings** <br>| 104 <br>|
| **Annual Portfolio Turnover** <br>| 31% <br>|

---

**Sector Allocation (% of net assets)** ![](d7qycmkmazq3gep.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 April 30, 2025)

---

| | |
|:---|:---|
| **Top Investment Types**  | **%**  |
| **Cash, short-term investment, and liabilities, less other assets** <br>| 3.9 <br>|
| **Common Stocks** <br>| 96.1 <br>|

---

Expressed as a percentage of net assets.

**Householding**

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

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

**Manning & Napier Rainier International Discovery Series Tailored Shareholder Report MNIDS-W-4/25-SAR**

**The Manning & Napier Fund, Inc. (the Fund) is managed by Manning & Napier Advisors, LLC (Manning & Napier). Manning & Napier Investor Services, Inc. (MNBD), an affiliate of Manning & Napier, is the distributor of the Fund shares. Manning & Napier has contracted Rainier Investment Management, LLC, an affiliate of Manning & Napier and MNBD, to sub-advise the International Discovery Series.**

---

| | |
|:---|:---|
| **SEMi-annual shareholder report**<br> **Rainier International Discovery Series - Class W**<br> ticker: RAIWX<br>| <br> ![](d7qy18jf8lx4xgcvm.jpg)<br>|

---

This semi-annual shareholder report contains important information about Class W of Rainier International Discovery Series, a series of Manning & Napier Fund Inc., for the period of November 1, 2024 to April 30, 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** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class W | $5 | 0.10% |

---

Expenses are equal to Class W shares annualized expense ratio (for the six-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.

**Key Fund Statistics (as of April 30, 2025)**

---

| | |
|:---|:---|
|  |  |
| **Fund Size** <br>| $397682464 <br>|
| **Number of Holdings** <br>| 104 <br>|
| **Annual Portfolio Turnover** <br>| 31% <br>|

---

**Sector Allocation (% of net assets)** ![](d7qycmkmazq3gep.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 April 30, 2025)

---

| | |
|:---|:---|
| **Top Investment Types**  | **%**  |
| **Cash, short-term investment, and liabilities, less other assets** <br>| 3.9 <br>|
| **Common Stocks** <br>| 96.1 <br>|

---

Expressed as a percentage of net assets.

**Householding**

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

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

**Manning & Napier Rainier International Discovery Series Tailored Shareholder Report MNIDS-Z-4/25-SAR**

**The Manning & Napier Fund, Inc. (the Fund) is managed by Manning & Napier Advisors, LLC (Manning & Napier). Manning & Napier Investor Services, Inc. (MNBD), an affiliate of Manning & Napier, is the distributor of the Fund shares. Manning & Napier has contracted Rainier Investment Management, LLC, an affiliate of Manning & Napier and MNBD, to sub-advise the International Discovery Series.**

---

| | |
|:---|:---|
| **SEMi-annual shareholder report**<br> **Rainier International Discovery Series - Class Z**<br> ticker: RAIRX<br>| <br> ![](d7qy18jf8lx4xgcvm.jpg)<br>|

---

This semi-annual shareholder report contains important information about Class Z of Rainier International Discovery Series, a series of Manning & Napier Fund Inc., for the period of November 1, 2024 to April 30, 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** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class Z | $51 | 1.00% |

---

Expenses are equal to Class Z shares annualized expense ratio (for the six-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.

**Key Fund Statistics (as of April 30, 2025)**

---

| | |
|:---|:---|
|  |  |
| **Fund Size** <br>| $397682464 <br>|
| **Number of Holdings** <br>| 104 <br>|
| **Annual Portfolio Turnover** <br>| 31% <br>|

---

**Sector Allocation (% of net assets)** ![](d7qycmkmazq3gep.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 April 30, 2025)

---

| | |
|:---|:---|
| **Top Investment Types**  | **%**  |
| **Cash, short-term investment, and liabilities, less other assets** <br>| 3.9 <br>|
| **Common Stocks** <br>| 96.1 <br>|

---

Expressed as a percentage of net assets.

**Householding**

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

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

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

**Item 2. Code of Ethics.**

Not applicable for Semi-Annual Reports.

**Item 3. Audit Committee Financial Expert.**

Not applicable for Semi-Annual Reports.

**Item 4. Principal Accountant Fees and Services.**

Not applicable for Semi-Annual Reports.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable.

**Item 6. Investments.**

(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.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(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 semi-annual financial statements are attached herewith.

![](manning7ancsr001.jpg)

---

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

---

Equity Series

**Investment Portfolio - April 30, 2025** 

(unaudited)

---

| | | |
|:---|:---|:---|
|  | SHARES | VALUE <br> (NOTE 2) |
| **COMMON STOCKS - 97.8%** |  |  |
| **Communication Services - 8.1%** |  |  |
| &nbsp;&nbsp;&nbsp;**Interactive Media & Services - 8.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | 18816 | $2987981 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | 3836 | 2105964 |
| **Total Communication Services** |  | 5093945 |
| **Consumer Discretionary - 5.8%** |  |  |
| &nbsp;&nbsp;&nbsp;**Broadline Retail - 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.\* | 12842 | 2368322 |
| &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure - 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc.\* | 25112 | 1268658 |
| **Total Consumer Discretionary** |  | 3636980 |
| **Consumer Staples - 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;**Beverages - 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;The Coca-Cola Co. | 19285 | 1399127 |
| **Financials - 20.5%** |  |  |
| &nbsp;&nbsp;&nbsp;**Banks - 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 3996 | 977501 |
| &nbsp;&nbsp;&nbsp;**Capital Markets - 10.3%** |  |  |
| &nbsp;&nbsp;&nbsp;BlackRock, Inc. | 1445 | 1321106 |
| &nbsp;&nbsp;&nbsp;Cboe Global Markets, Inc. | 3573 | 792491 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | 4440 | 745787 |
| &nbsp;&nbsp;&nbsp;Moody's Corp. | 2078 | 941583 |
| &nbsp;&nbsp;&nbsp;MSCI, Inc. | 1185 | 645955 |
| &nbsp;&nbsp;&nbsp;Nasdaq, Inc. | 14879 | 1133929 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. | 1725 | 862586 |
|  |  | 6443437 |
| &nbsp;&nbsp;&nbsp;**Financial Services - 8.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc.\* | 5776 | 1066076 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc. - Class A | 4497 | 2464626 |
| &nbsp;&nbsp;&nbsp;Visa, Inc. - Class A | 5419 | 1872265 |
|  |  | 5402967 |
| **Total Financials** |  | 12823905 |
| **Health Care - 8.7%** |  |  |
| &nbsp;&nbsp;&nbsp;**Biotechnology - 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.\* | 2187 | 1114276 |
| &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies - 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc.\* | 1958 | 1009936 |
| &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services - 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Danaher Corp. | 4902 | 977116 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | 3343 | 1434147 |
|  |  | 2411263 |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals - 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 5902 | 922542 |
| **Total Health Care** |  | 5458017 |
| **Industrials - 18.2%** |  |  |
| &nbsp;&nbsp;&nbsp;**Aerospace & Defense - 4.0%** |  |  |
| &nbsp;&nbsp;&nbsp;HEICO Corp. - Class A | 4819 | 968282 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES | VALUE <br> (NOTE 2) |
| **COMMON STOCKS** (continued) |  |  |
| **Industrials** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;**Aerospace & Defense** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | 7119 | $1566322 |
|  |  | 2534604 |
| &nbsp;&nbsp;&nbsp;**Building Products - 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Masco Corp. | 14006 | 848904 |
| &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies - 4.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Copart, Inc.\* | 27949 | 1705727 |
| &nbsp;&nbsp;&nbsp;Rollins, Inc. | 22292 | 1273542 |
|  |  | 2979269 |
| &nbsp;&nbsp;&nbsp;**Ground Transportation - 4.9%** |  |  |
| &nbsp;&nbsp;&nbsp;CSX Corp. | 43394 | 1218070 |
| &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | 4268 | 956245 |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp. | 4149 | 894773 |
|  |  | 3069088 |
| &nbsp;&nbsp;&nbsp;**Professional Services - 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;TransUnion | 23826 | 1976605 |
| **Total Industrials** |  | 11408470 |
| **Information Technology - 28.2%** |  |  |
| &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components - 4.2%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components - 4.2%** |  |
| &nbsp;&nbsp;&nbsp;Amphenol Corp. - Class A | 18910 | 1455124 |
| &nbsp;&nbsp;&nbsp;CDW Corp. | 7385 | 1185736 |
|  |  | 2640860 |
| &nbsp;&nbsp;&nbsp;**IT Services - 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;EPAM Systems, Inc.\* | 5972 | 937067 |
| &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 5.1%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 5.1%** |  |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 29278 | 3188960 |
| &nbsp;&nbsp;&nbsp;**Software - 17.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc.\* | 7312 | 2177075 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 8362 | 3305164 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc. | 2566 | 689510 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc.\* | 2648 | 2528866 |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc.\* | 2010 | 922610 |
| &nbsp;&nbsp;&nbsp;Workday, Inc. - Class A\* | 5270 | 1291150 |
|  |  | 10914375 |
| **Total Information Technology** |  | 17681262 |
| **Materials - 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;**Chemicals - 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;The Sherwin-Williams Co. | 3151 | 1112051 |
| **Real Estate - 4.3%** |  |  |
| &nbsp;&nbsp;&nbsp;**Real Estate Management & Development - 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;CBRE Group, Inc. - Class A\* | 13969 | 1706733 |
| &nbsp;&nbsp;&nbsp;**Specialized REITs - 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. | 6587 | 965127 |
| **Total Real Estate** |  | 2671860 |
| **TOTAL COMMON STOCKS** <br> (Identified Cost $51,450,146) |  | **61285617** |

---

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

**1** 

Equity Series

**Investment Portfolio - April 30, 2025** 

(unaudited)

---

| | | |
|:---|:---|:---|
|  | SHARES | VALUE <br> (NOTE 2) |
| **SHORT-TERM INVESTMENT - 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 4.21%<sup>1</sup> |  |  |
| &nbsp;&nbsp;&nbsp;(Identified Cost $1,608,744) | 1608744 | $**1608744** |
| **TOTAL INVESTMENTS - 100.4%** <br> (Identified Cost $53,058,890) |  | **62894361** |
| **LIABILITIES, LESS OTHER ASSETS - (0.4%)** |  | **(228794)** |
| **NET ASSETS - 100%.** |  | $**62665567** |

---

REIT - Real Estate Investment Trust

\*Non-income producing security.

<sup>1</sup>Rate shown is the current yield as of April 30, 2025.

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

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

**2** 

Equity Series

**Statement of Assets and Liabilities** 

April 30, 2025 (unaudited)

---

| | |
|:---|:---|
| **ASSETS:** | |
| Investments, at value (identified cost $53,058,890) (Note 2) | $62894361 |
| Dividends receivable | 8319 |
| Receivable for fund shares sold | 2214 |
| Prepaid expenses | 7005 |
| TOTAL ASSETS | 62911899 |
| **LIABILITIES:** |  |
| Accrued management fees<sup>1</sup> | 21579 |
| Accrued shareholder services fees (Class S)<sup>1</sup> | 12333 |
| Accrued fund accounting and administration fees<sup>1</sup> | 12279 |
| Accrued transfer agent fees<sup>1</sup> | 3079 |
| Directors' fees payable<sup>1</sup> | 2630 |
| Payable for fund shares repurchased | 162657 |
| Professional fees payable | 27019 |
| Other payables and accrued expenses | 4756 |
| TOTAL LIABILITIES | 246332 |
| Commitments and contingent liabilities<sup>1</sup> |  |
| **TOTAL NET ASSETS** | $**62665567** |
| **NET ASSETS CONSIST OF:** |  |
| Capital stock | $45798 |
| Additional paid-in-capital | 47702093 |
| Total distributable earnings (loss) | 14917676 |
| **TOTAL NET ASSETS** | $**62665567** |
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class S** <br> ($62,659,631/4,579,255 shares) | $**13.68** |
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class W** <br> ($5,936/578 shares) | $**10.26** |

---

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

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

**3** 

Equity Series

**Statement of Operations** 

For the Six Months Ended April 30, 2025 (unaudited)

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** |  |
| Dividends | $346975 |
| **EXPENSES:** |  |
| Management fees (Note 3) | 257228 |
| Shareholder services fees (Class S) (Note 3) | 85735 |
| Fund accounting and administration fees (Note 3) | 24352 |
| Directors' fees (Note 3) | 4991 |
| Chief Compliance Officer service fees (Note 3) | 4092 |
| Professional fees | 24956 |
| Registration and filing fees | 21407 |
| Custodian fees | 1617 |
| Miscellaneous | 22946 |
| Total Expenses | 447324 |
| Less reduction of expenses (Note 3) | (87236) |
| Net Expenses | 360088 |
| NET INVESTMENT LOSS | (13113) |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:** |  |
| Net realized gain (loss) on investments | 5129846 |
| Net change in unrealized appreciation (depreciation) on investments | (7865532) |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS | (2735686) |
| NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $(2748799) |

---

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

**4** 

Equity Series

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | FOR THE <br> SIX MONTHS<br> ENDED <br> 4/30/25 <br> (UNAUDITED) | FOR THE <br> YEAR ENDED <br> 10/31/24 |
| **INCREASE (DECREASE) IN NET ASSETS:** |  |  |
| **OPERATIONS:** |  |  |
| Net investment income (loss) | $(13113) | $83355 |
| Net realized gain (loss) on investments | 5129846 | 8067974 |
| Net change in unrealized appreciation (depreciation) on investments | (7865532) | 9360280 |
| Net increase (decrease) from operations | (2748799) | 17511609 |
| **DISTRIBUTIONS TO SHAREHOLDERS (Note 10):** |  |  |
| Class S | (7676787) | (1990633) |
| Class W | (931) | (447) |
| Total distributions to shareholders | (7677718) | (1991080) |
| **CAPITAL STOCK ISSUED AND REPURCHASED:** |  |  |
| Net increase (decrease) from capital share transactions (Note 6) | 2491861 | (2638336) |
| Net increase (decrease) in net assets | (7934656) | 12882193 |
| **NET ASSETS:** |  |  |
| Beginning of period | 70600223 | 57718030 |
| **End of period** | $62665567 | $70600223 |

---

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

**5** 

Equity Series

**Financial Highlights - Class S**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;FOR THE | &nbsp;&nbsp;FOR THE YEAR ENDED | &nbsp;&nbsp;FOR THE YEAR ENDED | &nbsp;&nbsp;FOR THE YEAR ENDED | &nbsp;&nbsp;FOR THE YEAR ENDED | &nbsp;&nbsp;FOR THE YEAR ENDED |
|  | &nbsp;&nbsp;SIX MONTHS |  |  |  |  |  |
|  | &nbsp;&nbsp;ENDED |  |  |  |  |  |
|  | &nbsp;&nbsp;4/30/25 |  |  |  |  |  |
|  | &nbsp;&nbsp; (UNAUDITED) | &nbsp;&nbsp;10/31/24 | &nbsp;&nbsp;10/31/23 | &nbsp;&nbsp;10/31/22 | &nbsp;&nbsp;10/31/21 | &nbsp;&nbsp;10/31/20 |
| **Per share data (for a share outstanding throughout each period):** |  |  |  |  |  |  |
| **Net asset value - Beginning of period** | $15.94 | $12.56 | $13.13 | $18.71 | $14.32 | $13.89 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> | (0.00)<sup>2</sup> | 0.02 | 0.02 | (0.02) | (0.02) | 0.01 |
| Net realized and unrealized gain (loss) on investments | (0.52) | 3.80 | 0.96 | (2.85) | 5.67 | 1.81 |
| Total from investment operations | (0.52) | 3.82 | 0.98 | (2.87) | 5.65 | 1.82 |
| Less distributions to shareholders: |  |  |  |  |  |  |
| From net investment income | (0.01) | (0.02) |  |  | (0.00)<sup>2</sup> | (0.03) |
| From net realized gain on investments | (1.73) | (0.42) | (1.55) | (2.71) | (1.26) | (1.36) |
| Total distributions to shareholders | (1.74) | (0.44) | (1.55) | (2.71) | (1.26) | (1.39) |
| **Net asset value - End of period** | **$13.68** | **$15.94** | **$12.56** | **$13.13** | **$18.71** | **$14.32** |
| **Net assets - End of period** (000's omitted) | **$62660** | **$70594** | **$57710** | **$62848** | **$78687** | **$59789** |
| Total return<sup>3</sup> | (4.45%) | 30.90% | 7.84% | (17.78%)<sup>4</sup> | 41.71% | 14.00%<sup>5</sup> |
| **Ratios (to average net assets)/ Supplemental Data:** |  |  |  |  |  |  |
| Expenses\* | 1.05%<sup>6</sup> | 1.05% | 1.05% | 1.05% | 1.05% | 1.05% |
| Net investment income (loss) | (0.04%)<sup>6</sup> | 0.12% | 0.16% | (0.13%) | (0.15%) | 0.04% |
| Series portfolio turnover | 27% | 57% | 35% | 44% | 35% | 49% |

---

\*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:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 0.25%<sup>6</sup> | 0.23% | 0.31% | 0.26% | 0.24% | 0.26% |

---

 

<sup>1</sup>Calculated based on average shares outstanding during the periods.

<sup>2</sup>Less than $(0.01).

<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>Includes litigation proceeds. Excluding this amount, the total return would have been (17.84%).

<sup>5</sup>Includes litigation proceeds. Excluding this amount, the total return would have been 13.76%.

<sup>6</sup>Annualized.

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

**6**

Equity Series

**Financial Highlights - Class W**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;FOR THE | &nbsp;&nbsp;FOR THE YEAR ENDED | &nbsp;&nbsp;FOR THE YEAR ENDED | &nbsp;&nbsp;FOR THE YEAR ENDED | &nbsp;&nbsp;FOR THE YEAR ENDED | &nbsp;&nbsp;FOR THE YEAR ENDED |
|  | &nbsp;&nbsp;SIX MONTHS |  |  |  |  |  |
|  | &nbsp;&nbsp;ENDED |  |  |  |  |  |
|  | &nbsp;&nbsp;4/30/25 |  |  |  |  |  |
|  | &nbsp;&nbsp; (UNAUDITED) | &nbsp;&nbsp;10/31/24 | &nbsp;&nbsp;10/31/23 | &nbsp;&nbsp;10/31/22 | &nbsp;&nbsp;10/31/21 | &nbsp;&nbsp;10/31/20 |
| **Per share data (for a share outstanding throughout each period):** |  |  |  |  |  |  |
| **Net asset value - Beginning of period** | $12.43 | $9.88 | $13.39 | $18.87 | $14.42 | $13.98 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.05 | 0.13 | 0.12 | 0.13 | 0.14 | 0.14 |
| Net realized and unrealized gain (loss) on investments | (0.35) | 2.97 | 0.89 | (2.90) | 5.72 | 1.82 |
| Total from investment operations | (0.30) | 3.10 | 1.01 | (2.77) | 5.86 | 1.96 |
| Less distributions to shareholders: |  |  |  |  |  |  |
| From net investment income | (0.14) | (0.13) | (2.97) |  | (0.15) | (0.16) |
| From net realized gain on investments | (1.73) | (0.42) | (1.55) | (2.71) | (1.26) | (1.36) |
| Total distributions to shareholders | (1.87) | (0.55) | (4.52) | (2.71) | (1.41) | (1.52) |
| **Net asset value - End of period** | **$10.26** | **$12.43** | **$9.88** | **$13.39** | **$18.87** | **$14.42** |
| **Net assets - End of period** (000's omitted) | **$6** | **$6** | **$8** | **$7** | **$480** | **$358** |
| Total return<sup>2</sup> | (4.00%) | 32.21% | 8.98% | (17.00%)<sup>3</sup> | 43.17% | 15.15%<sup>4</sup> |
| **Ratios (to average net assets)/ Supplemental Data:** |  |  |  |  |  |  |
| Expenses\* | 0.05%<sup>5</sup> | 0.05% | 0.05% | 0.05% | 0.05% | 0.05% |
| Net investment income | 0.96%<sup>5</sup> | 1.17% | 1.16% | 0.83% | 0.85% | 1.03% |
| Series portfolio turnover | 27% | 57% | 35% | 44% | 35% | 49% |

---

\*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:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 1.01%<sup>5</sup> | 0.98% | 1.06% | 1.01% | 0.99% | 1.01% |

---

<sup>1</sup>Calculated based on average shares outstanding during the periods.

<sup>2</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>3</sup>Includes litigation proceeds. Excluding this amount, the total return would have been (17.06%). 

<sup>4</sup>Includes litigation proceeds. Excluding this amount, the total return would have been 14.99%.

<sup>5</sup>Annualized.

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

**7**

Equity Series

**Notes to Financial Statements**

(unaudited)

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

Equity Series (the "Series") is a no-load diversified series of Manning & Napier Fund, Inc. (the "Fund"). The Fund is organized in Maryland and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company.

The Series' investment objective is to provide long-term growth of capital.

The Series is authorized to issue two classes of shares (Class S and Class W). Each class of shares is substantially the same, except that Class S shares bear shareholder servicing fees.

The Fund's Advisor is Manning & Napier Advisors, LLC (the "Advisor"). Shares of the Series are offered to investors, clients and employees of the Advisor and its affiliates. The total authorized capital stock of the Fund consists of 15 billion shares of common stock each having a par value of $0.01. As of April 30, 2025, 6.9 billion shares have been designated in total among 15 series, of which 200 million have been designated as Equity Series Class S common stock and 100 million have been designated as Equity Series Class W common stock.

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

&nbsp;&nbsp;&nbsp;&nbsp;2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Series. The Series is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 - Investment Companies, which is part of accounting principles generally accepted in the United States of America ("GAAP").

**Security Valuation**

Portfolio securities, including domestic equities, listed on an exchange other than the NASDAQ Stock Market are valued at the latest quoted sales price of the exchange on which the security is primarily traded. Securities not traded on valuation date or securities not listed on an exchange are valued at the latest quoted bid price provided by the Fund's pricing service. Securities listed on the NASDAQ Stock Market are valued in accordance with the NASDAQ Official Closing Price.

Short-term investments that mature in sixty days or less may be valued at amortized cost, which approximates fair value. Investments in open-end investment companies are valued at their net asset value per share on valuation date.

Volume and level of activity in established markets for an asset or liability are evaluated to determine whether recent transactions and quoted prices are determinative of fair value. Where there have been significant decreases in volume and level of activity, further analysis and adjustment may be necessary to estimate fair value. In these instances, fair value is measured by the use of inputs and valuation techniques which may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry and/or expectation of future cash flows. As a result of trading in relatively thin markets and/or markets that experience significant volatility, the prices used to value these securities may differ from the value that would be realized if these securities were sold, and the differences could be material.

**Fair Value**

The Series' financial instruments are valued at the close of the NYSE and are reported at fair value, which GAAP defines as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Board has designated the Advisor as the Fund's valuation designee (Valuation Designee) to make all fair value determinations with respect to each Series' portfolio investments. Subject to oversight by the Board, the Valuation Designee performs the following functions in performing fair value determinations: assesses and manages valuation risks; establishes and applies fair value methodologies; tests fair value methodologies; and evaluates pricing vendors and pricing agents. The Advisor has adopted and implemented policies and procedures to be followed when making fair value determinations, and it has established a Valuation Committee through which the Advisor makes fair value determinations. The Valuation Designee provides periodic reporting to the Board on valuation matters. The Advisor's determination of a security's fair value price often

**8**

Equity Series

**Notes to Financial Statements (continued)** 

(unaudited)

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 April 30, 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 | $5093945 | $5093945 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 3636980 | 3636980 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | 1399127 | 1399127 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 12823905 | 12823905 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | 5458017 | 5458017 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 11408470 | 11408470 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 17681262 | 17681262 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 1112051 | 1112051 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate | 2671860 | 2671860 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investment | 1608744 | 1608744 |  |  |
| &nbsp;&nbsp;&nbsp;Total assets | $62894361 | $62894361 | $— | $— |

---

There were no Level 2 or Level 3 securities held by the Series as of October 31, 2024 or April 30, 2025.

**New Accounting Pronouncement**

In December 2023, the FASB issued Accounting Standards Update (ASU), ASU 2023-09, Income Taxes (Topic 740) – Improvements to Income Taxes Disclosures, which enhances the transparency of income tax disclosures. The ASU requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. The amendments under this ASU are required to be applied prospectively and are effective for fiscal years beginning after December 15, 2024. Management expects that adoption of the guidance will not have a material impact on the Series' financial statements.

**9**

Equity Series

**Notes to Financial Statements (continued)**

(unaudited)

&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.

The Series uses the identified cost method for determining realized gain or loss on investments for both financial statement and federal income tax reporting purposes.

**Federal Taxes**

The Series' policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies. The Series is not subject to federal income tax or excise tax to the extent that the Series distributes to shareholders each year its taxable income, including any net realized gains on investments, in accordance with requirements of the Internal Revenue Code. Accordingly, no provision for federal income tax or excise tax has been made in the financial statements.

Management evaluates its tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is required only when the position is "more likely than not" to be sustained assuming examination by taxing authorities. At April 30, 2025, the Series has recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken in future tax returns.

The Series files income tax returns in the U.S. federal jurisdiction, various states and foreign jurisdictions, as required. No income tax returns are currently under investigation. The statute of limitations on the Series' tax returns remains open for the years ended October 31, 2021 through October 31, 2024. The Series is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

**Foreign Taxes**

Based on the Series' understanding of the tax rules and rates related to income, gains and currency purchase/repatriation transactions for foreign jurisdictions in which it invests, the Series will provide for foreign taxes, and where appropriate, deferred foreign tax.

**Distributions of Income and Gains**

Distributions to shareholders of net investment income and net realized gains are made annually. An additional distribution may be necessary to avoid taxation of the Series. Distributions are recorded on the ex-dividend date.

**Indemnifications**

The Fund's organizational documents provide former and current directors and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

**10**

Equity Series

**Notes to Financial Statements (continued)**

(unaudited)

&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 0.75% of the Series' average daily net assets for investment advisory services.

Under the Agreement, personnel of the Advisor are responsible for management of the Series' portfolio, the execution of securities transactions, and generally administer the affairs of the Fund. The Advisor also provides the Fund with necessary office space and fund administration and support services. The salaries of all officers of the Fund (except a percentage of the Fund's Chief Compliance Officer's salary, which is paid by the Fund), and of all Directors who are "affiliated persons" of the Fund, or of the Advisor, and all personnel of the Fund, or of the Advisor, performing services relating to research, statistical and investment activities, are paid by the Advisor. Each "non-affiliated" Director receives an annual stipend, which is allocated among all the active series of the Fund. In addition, these Directors also receive a fee per Board meeting attended plus a fee for each committee meeting attended and are reimbursed for travel and other out-of-pocket expenses incurred by them in connection with attending such meetings. The Fund also has an Audit Committee Chair, Governance & Nominating Committee Chair and Lead Independent Director who each receive an additional annual stipend for these roles.

The Class S shares of the Series are subject to a shareholder services fee in accordance with a shareholder services plan adopted by the Board. The shareholder services fee is intended to compensate financial intermediaries, including affiliates of the Fund, in connection with the provision of direct client service, personal services, maintenance of shareholder accounts and reporting services. For these services, Class S of the Series pay a fee, computed daily and payable monthly, at an annual rate of 0.25% of the average daily net assets of Class S shares. The Fund has a Shareholder Services Agreement with the Advisor, for which the Advisor receives the shareholder services fee as stated above.

The Advisor has contractually agreed to waive the management fee for the Class W shares. The full management fee will be waived under this agreement because Class W shares are only available to discretionary investment accounts and other accounts managed by the Advisor. These clients pay a management fee to the Advisor that is separate from the Series' expenses. In addition, pursuant to a separate expense limitation agreement, the Advisor has contractually agreed to limit its fees and reimburse expenses to the extent necessary so that the total direct annual fund operating expenses, exclusive of the shareholder services fee and waived Class W management fees (collectively, "excluded expenses"), to 0.80% of the average daily net assets of the Class S shares and 0.05% of the average daily net assets of the Class W shares. These contractual waivers are expected to continue indefinitely, and may not be amended or terminated by the Advisor without the approval of the Series' Board of Directors. The Advisor may receive from a Class the difference between the Class's total direct annual fund operating expenses, not including excluded expenses, and the Class's contractual expense limit to recoup all or a portion of its prior fee waivers (other than Class W management fee waivers) or expense reimbursements made during the rolling three-year period preceding the recoupment if at any point the total direct annual fund operating expenses, not including excluded expenses, are below the contractual expense limit (a) at the time of the fee waiver and/or expense reimbursement and (b) at the time of the recoupment.

Pursuant to the advisory fee waiver, the Advisor waived $23 in management fees for Class W shares for the six months ended April 30, 2025. In addition, pursuant to the separate expense limitation agreement, the Advisor waived or reimbursed expenses of $87,205 and $8 for Class S and Class W shares, respectively, for the six months ended April 30, 2025. These amounts are included as a reduction of expenses on the Statement of Operations. For the six months ended April 30, 2025, the Advisor did not recoup any expenses that have been previously waived or reimbursed.

**11**

Equity Series

**Notes to Financial Statements (continued)**

(unaudited)

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

As of April 30, 2025, the class specific waivers or reimbursements subject to possible future recoupment under the expense limitation agreement are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;CLASS | EXPIRING OCTOBER 31, | EXPIRING OCTOBER 31, | EXPIRING OCTOBER 31, |  |  |
|  | 2025 | 2026 | 2027 | 2028.0 | TOTAL |
| &nbsp;&nbsp;&nbsp;Class S | $181893 | $196609 | $159070 | $87205.0 | $624777 |
| &nbsp;&nbsp;&nbsp;Class W | 766 | 25 | 14 | 8.0 | 813 |

---

Manning & Napier Investor Services, Inc., a registered broker-dealer affiliate of the Advisor, acts as distributor for the Fund's shares. The services of Manning & Napier Investor Services, Inc. are provided at no additional cost to the Series.

Pursuant to a master services agreement, the Fund pays the Advisor an annual fee related to fund accounting and administration of 0.0085% on the first $25 billion of average daily net assets; 0.0075% on the next $15 billion of average daily net assets; and 0.0065% of average daily net assets in excess of $40 billion; plus a base fee of $18,400 per series. Additionally, certain transaction and out-of-pocket expenses, including charges for reporting relating to the Fund's compliance program, are charged. The Advisor has agreements with BNY Mellon Investment Servicing (U.S.) Inc. ("BNY") under which BNY serves as sub-accountant services agent.

&nbsp;&nbsp;&nbsp;&nbsp;4. Segment Reporting

In this reporting period, the Series adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the Series' financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Fund's Chief Legal Officer, President and Principal Executive Officer, Vice President, and Principal Financial Officer act as the Series' CODM. The Series represents a single operating segment, as the CODM monitors the operating results of the Series as a whole and the Series' long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Series' portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented in the Series' financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;5. Purchases and Sales of Securities

For the six months ended April 30, 2025, purchases and sales of securities, other than U.S. Government securities and short-term securities, were $18,329,263 and $23,461,576, respectively. There were no purchases or sales of U.S. Government securities.

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

Transactions in Class S and Class W shares of Equity Series were:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;CLASS S | FOR THE SIX MONTHS<br> ENDED 4/30/25 | FOR THE SIX MONTHS<br> ENDED 4/30/25 | FOR THE YEAR ENDED<br> 10/31/24 | FOR THE YEAR ENDED<br> 10/31/24 |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;&nbsp;Sold | 229566 | $3433791 | 485133 | $7155627 |
| &nbsp;&nbsp;&nbsp;Reinvested | 491886 | 7550456 | 142278 | 1979081 |
| &nbsp;&nbsp;&nbsp;Repurchased | (570030) | (8493316) | (792982) | (11769590) |
| &nbsp;&nbsp;&nbsp;Total | 151422 | $2490931 | (165571) | $(2634882) |

---

**12**

Equity Series

**Notes to Financial Statements (continued)**

(unaudited)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;CLASS W | FOR THE SIX MONTHS<br> ENDED 4/30/25 | FOR THE SIX MONTHS<br> ENDED 4/30/25 | FOR THE YEAR ENDED<br> 10/31/24 | FOR THE YEAR ENDED<br> 10/31/24 |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;&nbsp;Sold |  | $— |  | $— |
| &nbsp;&nbsp;&nbsp;Reinvested | 81 | 930 | 41 | 447 |
| &nbsp;&nbsp;&nbsp;Repurchased |  |  | (361) | (3901) |
| &nbsp;&nbsp;&nbsp;Total | 81 | $930 | (320) | $(3454) |

---

At April 30, 2025, the Advisor and its affiliates owned 15% of the Series. Investment activities of these shareholders may have a material effect on the Series.

&nbsp;&nbsp;&nbsp;&nbsp;7. Line of Credit

The Fund has entered into a 364-day, $50 million credit agreement (the "line of credit") with Bank of New York Mellon. Each series of the Fund may borrow under the line of credit for temporary or emergency purposes, including funding shareholder redemptions and other short-term liquidity purposes. The Fund pays an annual fee on the unused commitment amount, payable quarterly, and is allocated among all the series of the Fund and included in miscellaneous expenses in the Statement of Operations for each series. The line of credit expires in September 2025 unless extended or renewed. During the six months ended April 30, 2025, the Series did not borrow under the line of credit.

&nbsp;&nbsp;&nbsp;&nbsp;8. Financial Instruments

The Series may trade in instruments including written and purchased options, forward foreign currency exchange contracts and futures contracts and other derivatives in the normal course of investing activities to assist in managing exposure to various market risks. The Series may be subject to various elements of risk, which may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. These risks include: the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to over the counter derivative counterparties' failure to perform under contract terms; liquidity risk related to the lack of a liquid market for these contracts allowing the fund to close out its position(s); and documentation risk relating to disagreement over contract terms. No such investments were held by the Series as of April 30, 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 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.

**13**

Equity Series

**Notes to Financial Statements (continued)** 

(unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;10. Federal Income Tax Information (continued)

The final determination of the tax character of the current year distributions will be made at the conclusion of the fiscal year. The tax character of distributions paid for the year ended October 31, 2024, were as follows:

---

| | |
|:---|:---|
| Ordinary income | $91190 |
| Long-term capital gains | 1899890 |

---

At April 30, 2025, the identified cost of investments for federal income tax purposes, the resulting gross unrealized appreciation and depreciation, and the net unrealized appreciation were as follows:

---

| | |
|:---|:---|
| Cost for federal income tax purposes | $53060600 |
| Unrealized appreciation | 11898725 |
| Unrealized depreciation | (2064964) |
| Net unrealized appreciation | $9833761 |

---

&nbsp;&nbsp;&nbsp;&nbsp;11. Market Event

Significant disruptions and volatility in the global financial markets and economies, like the current conditions caused by the Russian invasion of Ukraine, the conflict between Hamas and Israel in the Middle East and the COVID-19 pandemic, could negatively impact the investment performance of the Series. The global market and economic climate may become increasingly uncertain due to numerous factors beyond our control, including but not limited to, impacts on business operations in the U.S. related to the COVID-19 pandemic, such as supply chain disruptions and inflation, concerns related to unpredictable global market and economic factors, uncertainty in U.S. federal fiscal, tax, trade or regulatory policy and the fiscal, tax, trade or regulatory policy of foreign governments, rising interest rates, inflation or deflation, the availability of credit, performance of financial markets, armed conflicts, terrorism, natural or biological catastrophes, public health emergencies, or political uncertainty.

**14**

Equity Series

**Literature Requests**

(unaudited)

Proxy Voting Policies and Procedures

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, without charge, upon request:

By phone 1-800-466-3863 <br> On the Securities and Exchange <br> Commission's (SEC) web site http://www.sec.gov

Proxy Voting Record

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30th is available, without charge, upon request:

By phone 1-800-466-3863 <br> On the SEC's web site http://www.sec.gov <br> On Manning & Napier's web site www.manning-napier.com

Quarterly Portfolio Holdings

The Series' complete schedule of portfolio holdings for the 1st and 3rd quarters of each fiscal year are provided on Form N-PORT, and are available, without charge, upon request:

By phone 1-800-466-3863 <br> On the SEC's web site http://www.sec.gov

Prospectus and Statement of Additional Information (SAI)

*For more information about any of the Manning & Napier Fund, Inc. Series, you may obtain a prospectus and SAI at www.manning-napier.com or by calling 1-(800) 466-3863. Before investing, carefully consider the objectives, risks, charges and expenses of the investment and read the prospectus carefully as it contains this and other information about the investment company. In addition, this information can be found on the SEC's web site, http://www.sec.gov.*

Additional information available at www.manning-napier.com

&nbsp;&nbsp;&nbsp;&nbsp;1. Fund Holdings - Month-End

&nbsp;&nbsp;&nbsp;&nbsp;2. Fund Holdings - Quarter-End

&nbsp;&nbsp;&nbsp;&nbsp;3. Shareholder Report - Annual

&nbsp;&nbsp;&nbsp;&nbsp;4. Shareholder Report - Semi-Annual

&nbsp;&nbsp;&nbsp;&nbsp;5. Financial Statement and Other Information - Annual

&nbsp;&nbsp;&nbsp;&nbsp;6. Financial Statement and Other Information - Semi-Annual

The Fund also offers electronic notification or "e-delivery" when certain documents are available on-line to be downloaded or reviewed. Direct shareholders can elect to receive electronic notification when shareholder reports, prospectus updates, and/or statements are available. If you do not currently have on-line access to your account, you can establish access by going to www.manning-napier.com, click on "Login" in the top corner of the page, and follow the prompts to self-enroll. Once enrolled, you can set your electronic notification preferences by clicking on the Account Options tab located within the green toolbar and then select E-Delivery Option. Should you have any questions on either how to establish on-line access or how to update your account settings, please contact Investor Services at 1-800-466-3863.

**The Manning & Napier Fund, Inc. is managed by Manning & Napier Advisors, LLC. Manning & Napier Investor Services, Inc., an affiliate of Manning & Napier Advisors, LLC, is the distributor of the Fund shares.**

MNEQY-04/25-SAR

**15**

![](manning7ancsr002.jpg)

---

| |
|:---|
| **www.manning-napier.com**<br>**Manning & Napier Fund, Inc.** |
| Overseas Series |

---

Overseas Series

**Investment Portfolio - April 30, 2025**

(unaudited)

---

| | | |
|:---|:---|:---|
|  | SHARES | VALUE <br> (NOTE 2) |
| **COMMON STOCKS - 94.3%** |  |  |
| **Communication Services - 6.6%** |  |  |
| &nbsp;&nbsp;&nbsp;**Interactive Media & Services - 6.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Auto Trader Group plc (United Kingdom)<sup>1</sup> | 1052542 | $11825154 |
| &nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. (China) | 189300 | 11594806 |
| **Total Communication Services** |  | 23419960 |
| **Consumer Discretionary - 14.0%** |  |  |
| &nbsp;&nbsp;&nbsp;**Automobiles - 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Ferrari N.V. (Italy) | 17597 | 8125942 |
| &nbsp;&nbsp;&nbsp;**Broadline Retail - 3.6%** |  |  |
| &nbsp;&nbsp;&nbsp;MercadoLibre, Inc. (Brazil)\* | 5354 | 12479371 |
| &nbsp;&nbsp;&nbsp;**Household Durables - 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Bellway plc (United Kingdom) | 55794 | 2003101 |
| &nbsp;&nbsp;&nbsp;Persimmon plc (United Kingdom) | 223814 | 3873316 |
| &nbsp;&nbsp;&nbsp;Taylor Wimpey plc (United Kingdom) | 2488943 | 3910899 |
|  |  | 9787316 |
| &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods - 5.3%** |  |  |
| &nbsp;&nbsp;&nbsp;ANTA Sports Products Ltd. (China) | 461400 | 5451820 |
| &nbsp;&nbsp;&nbsp;Hermes International SCA (France) | 4826 | 13272364 |
|  |  | 18724184 |
| **Total Consumer Discretionary** |  | 49116813 |
| **Consumer Staples - 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;**Personal Care Products - 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;L'Oreal S.A. (France) | 14186 | 6268303 |
| **Financials - 13.9%** |  |  |
| &nbsp;&nbsp;&nbsp;**Banks - 4.2%** |  |  |
| &nbsp;&nbsp;&nbsp;FinecoBank Banca Fineco S.p.A. (Italy) | 176272 | 3527365 |
| &nbsp;&nbsp;&nbsp;HDFC Bank Ltd. - ADR (India) | 154695 | 11244779 |
|  |  | 14772144 |
| &nbsp;&nbsp;&nbsp;**Capital Markets - 6.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Avanza Bank Holding AB (Sweden) | 108395 | 3601986 |
| &nbsp;&nbsp;&nbsp;Deutsche Boerse AG (Germany) | 45782 | 14746103 |
| &nbsp;&nbsp;&nbsp;Intermediate Capital Group plc (United Kingdom) | 231579 | 5825130 |
|  |  | 24173219 |
| &nbsp;&nbsp;&nbsp;**Insurance - 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Admiral Group plc (United Kingdom) | 225811 | 9821071 |
| **Total Financials** |  | 48766434 |
| **Health Care - 11.3%** |  |  |
| &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies - 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Alcon AG (United States) | 74684 | 7289905 |
| &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services - 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Lonza Group AG (Switzerland) | 15629 | 11229582 |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals - 6.0%** |  |  |
| &nbsp;&nbsp;&nbsp;AstraZeneca plc - ADR (United Kingdom) | 169871 | 12195039 |
| &nbsp;&nbsp;&nbsp;Roche Holding AG (United States) | 27371 | 8949948 |
|  |  | 21144987 |
| **Total Health Care** |  | 39664474 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES | VALUE <br> (NOTE 2) |
| **COMMON STOCKS** (continued) |  |  |
| **Industrials - 17.0%** |  |  |
| &nbsp;&nbsp;&nbsp;**Aerospace & Defense - 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;BAE Systems plc (United Kingdom) | 345727 | $8014863 |
| &nbsp;&nbsp;&nbsp;**Air Freight & Logistics - 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Deutsche Post AG (Germany) | 241427 | 10315695 |
| &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies - 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Cleanaway Waste Management Ltd. (Australia) | 3577727 | 5954077 |
| &nbsp;&nbsp;&nbsp;**Ground Transportation - 4.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Canadian National Railway Co. (Canada) | 117455 | 11371993 |
| &nbsp;&nbsp;&nbsp;Canadian Pacific Kansas City Ltd. (Canada) | 59327 | 4299428 |
|  |  | 15671421 |
| &nbsp;&nbsp;&nbsp;**Machinery - 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Spirax Group plc (United Kingdom) | 85595 | 6746255 |
| &nbsp;&nbsp;&nbsp;**Professional Services - 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Experian plc (United States) | 148102 | 7368228 |
| &nbsp;&nbsp;&nbsp;**Transportation Infrastructure - 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Auckland International Airport Ltd. (New Zealand) | 1287983 | 5753265 |
| **Total Industrials** |  | 59823804 |
| **Information Technology - 18.7%** |  |  |
| &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components - 6.1%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components - 6.1%** |  |
| &nbsp;&nbsp;&nbsp;Halma plc (United Kingdom) | 238190 | 8791983 |
| &nbsp;&nbsp;&nbsp;Keyence Corp. (Japan) | 30800 | 12877223 |
|  |  | 21669206 |
| &nbsp;&nbsp;&nbsp;**IT Services - 5.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Globant S.A. (United States)\* | 86979 | 10226121 |
| &nbsp;&nbsp;&nbsp;Softcat plc (United Kingdom) | 343278 | 7666971 |
|  |  | 17893092 |
| &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 6.0%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 6.0%** |  |
| &nbsp;&nbsp;&nbsp;Infineon Technologies AG (Germany) | 254498 | 8429745 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. - ADR (Taiwan) | 75318 | 12554757 |
|  |  | 20984502 |
| &nbsp;&nbsp;&nbsp;**Software - 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Atlassian Corp. - Class A (United States)\* | 23016 | 5254783 |
| **Total Information Technology** |  | 65801583 |
| **Materials - 9.8%** |  |  |
| &nbsp;&nbsp;&nbsp;**Chemicals - 5.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Air Liquide S.A. (France) | 53259 | 10943564 |
| &nbsp;&nbsp;&nbsp;Sociedad Quimica y Minera de Chile S.A. - ADR (Chile) | 213208 | 7291714 |
|  |  | 18235278 |
| **Metals & Mining - 0.9%** |  |  |
| Pilbara Minerals Ltd. (Australia)\* | 3504946 | 3376800 |

---

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

**1** 

Overseas Series

**Investment Portfolio - April 30, 2025**

(unaudited)

---

| | | |
|:---|:---|:---|
|  | SHARES | VALUE <br> (NOTE 2) |
| **COMMON STOCKS** (continued) |  |  |
| **Materials** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;**Paper & Forest Products - 3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;West Fraser Timber Co. Ltd. (Canada) | 174318 | $12906309 |
| **Total Materials** |  | 34518387 |
| **Utilities - 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;**Water Utilities - 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Cia de Saneamento Basico do Estado de Sao Paulo SABESP - ADR (Brazil)\* | 213714 | 4344806 |
| **TOTAL COMMON STOCKS** <br> (Identified Cost $293,844,445) |  | **331724564** |

---

---

| | | |
|:---|:---|:---|
|  | SHARES | VALUE <br> (NOTE 2) |
| **SHORT-TERM INVESTMENT - 4.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 4.21%<sup>2</sup> |  |  |
| &nbsp;&nbsp;&nbsp;(Identified Cost $14,286,582) | 14286582 | $**14286582** |
| **TOTAL INVESTMENTS - 98.4%** <br> (Identified Cost $308,131,027) |  | **346011146** |
| **OTHER ASSETS, LESS LIABILITIES - 1.6%** |  | **5779128** |
| **NET ASSETS - 100%** |  | $**351790274** |

---

ADR - American Depositary Receipt

\*Non-income producing security.

<sup>1</sup>Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act") and determined to be liquid under the Fund's Liquidity Risk Management Program. The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2025 was $11,825,154, which represented 3.4% of the Series' Net Assets.

<sup>2</sup>Rate shown is the current yield as of April 30, 2025.

The Series' portfolio holds, as a percentage of net assets, greater than 10% in the following countries:

United Kingdom - 22.9% and United States - 11.1%.

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

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

**2** 

Overseas Series

**Statement of Assets and Liabilities**

April 30, 2025 (unaudited)

---

| | |
|:---|:---|
| **ASSETS:** | |
| Investments, at value (identified cost $308,131,027) (Note 2) | $346011146 |
| Foreign currency, at value (identified cost $8,060) | 8239 |
| Receivable for securities sold. | 3577054 |
| Foreign tax reclaims receivable | 2010789 |
| Dividends receivable | 639796 |
| Receivable for fund shares sold | 1314 |
| TOTAL ASSETS | 352248338 |
| **LIABILITIES:** |  |
| Due to custodian | 5843 |
| Accrued management fees<sup>1</sup> | 128097 |
| Accrued sub-transfer agent fees<sup>1</sup> | 96787 |
| Accrued distribution and service (Rule 12b-1) fees (Class S)<sup>1</sup> | 32864 |
| Accrued fund accounting and administration fees<sup>1</sup> | 30850 |
| Directors' fees payable<sup>1</sup> | 26783 |
| Professional fees payable | 46821 |
| Accrued custodian fees | 45308 |
| Payable for fund shares repurchased | 16029 |
| Distributions payable | 16 |
| Other payables and accrued expenses | 28666 |
| TOTAL LIABILITIES | 458064 |
| Commitments and contingent liabilities<sup>1</sup> |  |
| **TOTAL NET ASSETS** | $**351790274** |
| **NET ASSETS CONSIST OF:** |  |
| Capital stock | $101310 |
| Additional paid-in-capital | 656527984 |
| Total distributable earnings (loss) | (304839020) |
| **TOTAL NET ASSETS** | $**351790274** |
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class S** <br> ($167,714,371/4,828,957 shares) | $**34.73** |
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class I** <br> ($70,853,463/2,043,288 shares) | $**34.68** |
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class W** <br> ($709,084/20,316 shares) | $**34.90** |
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class Z** <br> ($112,513,356/3,238,410 shares) | $**34.74** |

---

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

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

**3** 

Overseas Series

**Statement of Operations**

For the Six Months Ended April 30, 2025 (unaudited)

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** |  |
| Dividends (net of foreign taxes withheld, $218,776) | $2893102 |
| **EXPENSES:** |  |
| Management fees (Note 3) | 1474332 |
| Distribution and service (Rule 12b-1) fees (Class S) (Note 3) | 204825 |
| Sub-transfer agent fees (Note 3) | 143808 |
| Fund accounting and administration fees (Note 3) | 58609 |
| Directors' fees (Note 3) | 41342 |
| Chief Compliance Officer service fees (Note 3) | 4092 |
| Custodian fees | 76572 |
| Miscellaneous | 143892 |
| Total Expenses | 2147472 |
| Less reduction of expenses (Note 3) | (657342) |
| Net Expenses | 1490130 |
| NET INVESTMENT INCOME | 1402972 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:** |  |
| Net realized gain (loss) on- |  |
| &nbsp;&nbsp;&nbsp;Investments (net of foreign capital gains tax of $16,487) | 49330610 |
| &nbsp;&nbsp;&nbsp;Foreign currency and translation of other assets and liabilities | (97642) |
| &nbsp;&nbsp;&nbsp;Payments by affiliate | 334195 |
|  | 49567163 |
| Net change in unrealized appreciation (depreciation) on- |  |
| &nbsp;&nbsp;&nbsp;Investments | (30328719) |
| &nbsp;&nbsp;&nbsp;Foreign currency and translation of other assets and liabilities | 88052 |
|  | (30240667) |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY | 19326496 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $20729468 |

---

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

**4** 

Overseas Series

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | FOR THE <br> SIX MONTHS <br> ENDED <br> 4/30/25 <br> (UNAUDITED) | FOR THE <br> YEAR ENDED <br> 10/31/24 |
| **INCREASE (DECREASE) IN NET ASSETS:** |  |  |
| **OPERATIONS:** |  |  |
| Net investment income | $1402972 | $7913343 |
| Net realized gain (loss) on investments, foreign currency and payments by affiliate | 49567163 | 25159625 |
| Net change in unrealized appreciation (depreciation) on investments and foreign currency | (30240667) | 97331581 |
| Net increase (decrease) from operations | 20729468 | 130404549 |
| **DISTRIBUTIONS TO SHAREHOLDERS (Note 10):** |  |  |
| Class S | (1616198) | (1550005) |
| Class I | (865869) | (979237) |
| Class W | (5272188) | (5175956) |
| Class Z | (1442300) | (1775039) |
| Total distributions to shareholders | (9196555) | (9480237) |
| **CAPITAL STOCK ISSUED AND REPURCHASED:** |  |  |
| Net increase (decrease) from capital share transactions (Note 6) | (283668442) | (60303546) |
| Net increase (decrease) in net assets | (272135529) | 60620766 |
| **NET ASSETS:** |  |  |
| Beginning of period | 623925803 | 563305037 |
| **End of period** | $351790274 | $623925803 |

---

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

**5** 

Overseas Series

**Financial Highlights - Class S**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | FOR THE | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | SIX MONTHS <br> ENDED <br> 4/30/25 <br> (UNAUDITED) | 10/31/24 | 10/31/23 | 10/31/22 | 10/31/21 | 10/31/20 |
| **Per share data (for a share outstanding throughout each period):** |  |  |  |  |  |  |
| **Net asset value - Beginning of period** | $33.32 | $27.42 | $24.91 | $37.19 | $27.36 | $24.14 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.04 | 0.22 | 0.28 | 0.26 | 0.18 | 0.19 |
| Net realized and unrealized gain (loss) on investments | 1.70 | 5.97 | 2.36 | (12.02) | 9.83 | 3.34<sup>2</sup> |
| Total from investment operations | 1.74 | 6.19 | 2.64 | (11.76) | 10.01 | 3.53 |
| Less distributions to shareholders: |  |  |  |  |  |  |
| From net investment income | (0.33) | (0.29) | (0.13) | (0.52) | (0.18) | (0.31) |
| **Net asset value - End of period** | **$34.73** | **$33.32** | **$27.42** | **$24.91** | **$37.19** | **$27.36** |
| **Net assets - End of period** (000's omitted) | **$167714** | **$167624** | **$146351** | **$147439** | **$222471** | **$190201** |
| Total return<sup>3</sup> | 5.25%<sup>4</sup> | 22.68% | 10.58% | (32.00%)<sup>5</sup> | 36.72% | 14.70%<sup>2</sup> |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| Expenses\* | 1.05%<sup>6</sup> | 1.05% | 1.05% | 1.05% | 1.05% | 1.05% |
| Net investment income | 0.23%<sup>6</sup> | 0.68% | 0.97% | 0.87% | 0.53% | 0.77% |
| Series portfolio turnover | 26% | 57% | 49% | 40% | 47% | 66% |
| \*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: | \*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: | \*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: | \*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: |
|  | 0.07%<sup>6</sup> | 0.01% | 0.08% | 0.04% | 0.03% | 0.06% |

---

<sup>1</sup>Calculated based on average shares outstanding during the periods.

<sup>2</sup>During the reporting period the Fund settled legal claims against an issuer of securities previously held by the Fund. As a result, the net realized and unrealized gain (loss) on investments per share includes proceeds received from the settlement. Without these proceeds the net realized and unrealized gain (loss) on investments per share would have been $2.39. Excluding the proceeds from the settlement, the total return would have been 10.21%.

<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>Includes payment received from an affiliate. Excluding this amount total return would have been 5.19%.

<sup>5</sup>Includes litigation proceeds. Excluding this amount, the total return would have been (32.32%).

<sup>6</sup>Annualized.

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

**6** 

Overseas Series

**Financial Highlights - Class I**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | FOR THE | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | SIX MONTHS<br> ENDED<br> 4/30/25<br> (UNAUDITED) | 10/31/24 | 10/31/23 | 10/31/22 | 10/31/21 | 10/31/20 |
| **Per share data (for a share outstanding throughout each period):** |  |  |  |  |  |  |
| **Net asset value - Beginning of period** | $33.31 | $27.42 | $24.92 | $37.24 | $27.39 | $24.22 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.09 | 0.33 | 0.37 | 0.35 | 0.28 | 0.27 |
| Net realized and unrealized gain (loss) on investments | 1.69 | 5.96 | 2.35 | (12.02) | 9.85 | 3.34<sup>2</sup> |
| Total from investment operations | 1.78 | 6.29 | 2.72 | (11.67) | 10.13 | 3.61 |
| Less distributions to shareholders: |  |  |  |  |  |  |
| From net investment income | (0.41) | (0.40) | (0.22) | (0.65) | (0.28) | (0.44) |
| **Net asset value - End of period** | **$34.68** | **$33.31** | **$27.42** | **$24.92** | **$37.24** | **$27.39** |
| **Net assets - End of period** (000's omitted) | **$70853** | **$70301** | **$66756** | **$85187** | **$117732** | **$52357** |
| Total return<sup>3</sup> | 5.42%<sup>4</sup> | 23.06% | 10.90% | (31.79%)<sup>5</sup> | 37.16% | 15.02%<sup>2</sup> |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| Expenses\* | 0.75%<sup>6</sup> | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
| Net investment income | 0.53%<sup>6</sup> | 1.02% | 1.27% | 1.16% | 0.81% | 1.10% |
| Series portfolio turnover | 26% | 57% | 49% | 40% | 47% | 66% |
| \*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: | \*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: | \*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: | \*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: | \*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: | \*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: | \*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: |
|  | 0.07%<sup>6</sup> | 0.03% | 0.04% | 0.02% | N/A | 0.04% |

---

<sup>1</sup>Calculated based on average shares outstanding during the periods.

<sup>2</sup>During the reporting period the Fund settled legal claims against an issuer of securities previously held by the Fund. As a result, the net realized and unrealized gain (loss) on investments per share includes proceeds received from the settlement. Without these proceeds the net realized and unrealized gain (loss) on investments per share would have been $2.60. Excluding the proceeds from the settlement, the total return would have been 10.57%.

<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 payment received from an affiliate. Excluding this amount total return would have been 5.35%.

<sup>5</sup>Includes litigation proceeds. Excluding this amount, the total return would have been (32.10%).

<sup>6</sup>Annualized.

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

**7** 

Overseas Series

**Financial Highlights - Class W**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | FOR THE | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | SIX MONTHS<br> ENDED<br> 4/30/25<br> (UNAUDITED) | 10/31/24 | 10/31/23 | 10/31/22 | 10/31/21 | 10/31/20 |
| **Per share data (for a share outstanding throughout each period):** |  |  |  |  |  |  |
| **Net asset value - Beginning of period** | $33.63 | $27.67 | $25.15 | $37.57 | $27.59 | $24.31 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.15 | 0.54 | 0.57 | 0.57 | 0.53 | 0.45 |
| Net realized and unrealized gain (loss) on investments | 1.77 | 6.03 | 2.36 | (12.10) | 9.91 | 3.36<sup>2</sup> |
| Total from investment operations | 1.92 | 6.57 | 2.93 | (11.53) | 10.44 | 3.81 |
| Less distributions to shareholders: |  |  |  |  |  |  |
| From net investment income | (0.65) | (0.61) | (0.41) | (0.89) | (0.46) | (0.53) |
| **Net asset value - End of period** | **$34.90** | **$33.63** | **$27.67** | **$25.15** | **$37.57** | **$27.59** |
| **Net assets - End of period** (000's omitted) | **$709** | **$276374** | **$238577** | **$230788** | **$331922** | **$267777** |
| Total return<sup>3</sup> | 5.80%<sup>4</sup> | 23.95% | 11.66% | (31.31%)<sup>5</sup> | 38.13% | 15.80%<sup>2</sup> |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| Expenses\* | 0.05%<sup>6</sup> | 0.05% | 0.05% | 0.05% | 0.05% | 0.05% |
| Net investment income | 0.91%<sup>6</sup> | 1.68% | 1.98% | 1.87% | 1.51% | 1.78% |
| Series portfolio turnover | 26% | 57% | 49% | 40% | 47% | 66% |
| \*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: | \*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: | \*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: | \*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: |
|  | 0.68%<sup>6</sup> | 0.65% | 0.67% | 0.65% | 0.64% | 0.66% |

---

<sup>1</sup>Calculated based on average shares outstanding during the periods.

<sup>2</sup>During the reporting period the Fund settled legal claims against an issuer of securities previously held by the Fund. As a result, the net realized and unrealized gain (loss) on investments per share includes proceeds received from the settlement. Without these proceeds the net realized and unrealized gain (loss) on investments per share would have been $2.35. Excluding the proceeds from the settlement, the total return would have been 11.44%.

<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>Includes payment received from an affiliate. Excluding this amount total return would have been 5.74%.

<sup>5</sup>Includes litigation proceeds. Excluding this amount, the total return would have been (31.61%).

<sup>6</sup>Annualized.

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

**8** 

Overseas Series

**Financial Highlights - Class Z**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | FOR THE | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | SIX MONTHS<br> ENDED<br> 4/30/25<br> (UNAUDITED) | 10/31/24 | 10/31/23 | 10/31/22 | 10/31/21 | 10/31/20 |
| **Per share data (for a share outstanding throughout each period):** |  |  |  |  |  |  |
| **Net asset value - Beginning of period** | $33.38 | $27.47 | $24.96 | $37.29 | $27.41 | $24.24 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.10 | 0.36 | 0.40 | 0.38 | 0.33 | 0.29 |
| Net realized and unrealized gain (loss) on investments | 1.70 | 5.97 | 2.35 | (12.04) | 9.85 | 3.34<sup>2</sup> |
| Total from investment operations | 1.80 | 6.33 | 2.75 | (11.66) | 10.18 | 3.63 |
| Less distributions to shareholders: |  |  |  |  |  |  |
| From net investment income | (0.44) | (0.42) | (0.24) | (0.67) | (0.30) | (0.46) |
| **Net asset value - End of period** | **$34.74** | **$33.38** | **$27.47** | **$24.96** | **$37.29** | **$27.41** |
| **Net assets - End of period** (000's omitted) | **$112513** | **$109628** | **$111622** | **$80456** | **$119148** | **$72614** |
| Total return<sup>3</sup> | 5.46%<sup>4</sup> | 23.20% | 11.01% | (31.75%)<sup>5</sup> | 37.31% | 15.11%<sup>2</sup> |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| Expenses\* | 0.65%<sup>6</sup> | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
| Net investment income | 0.63%<sup>6</sup> | 1.13% | 1.37% | 1.27% | 0.94% | 1.14% |
| Series portfolio turnover | 26% | 57% | 49% | 40% | 47% | 66% |
| \*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: | \*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: | \*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: | \*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: |
|  | 0.08% | 0.05% | 0.07% | 0.05% | 0.04% | 0.06% |

---

<sup>1</sup>Calculated based on average shares outstanding during the periods.

<sup>2</sup>During the reporting period the Fund settled legal claims against an issuer of securities previously held by the Fund. As a result, the net realized and unrealized gain (loss) on investments per share includes proceeds received from the settlement. Without these proceeds the net realized and unrealized gain (loss) on investments per share would have been $2.34. Excluding the proceeds from the settlement, the total return would have been 11.91%.

<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>Includes payment received from an affiliate. Excluding this amount total return would have been 5.40%.

<sup>5</sup>Includes litigation proceeds. Excluding this amount, the total return would have been (32.05%).

<sup>6</sup>Annualized.

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

**9** 

Overseas Series

**Notes to Financial Statements** 

(unaudited)

1. Organization

Overseas Series (the "Series") is a no-load diversified series of Manning & Napier Fund, Inc. (the "Fund"). The Fund is organized in Maryland and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company.

The Series' investment objective is to provide long-term growth.

The Series is authorized to issue four classes of shares (Class I, S, 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 April 30, 2025, 6.9 billion shares have been designated in total among 15 series, of which 200 million have been designated as Overseas Series Class I common stock, 400 million have been designated as Overseas Series Class S common stock, 75 million have been designated as Overseas Series Class W common stock and 100 million have been designated as Overseas Series Class Z common stock. Effective as of close of business on May 29, 2025, the Overseas Series Class W shares were liquidated and closed.

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

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Series. The Series is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 - Investment Companies, which is part of accounting principles generally accepted in the United States of America ("GAAP").

**Security Valuation** 

Portfolio securities, including domestic equities, foreign equities, warrants and options, listed on an exchange other than the NASDAQ Stock Market are valued at the latest quoted sales price of the exchange on which the security is primarily traded. Securities not traded on valuation date or securities not listed on an exchange are valued at the latest quoted bid price provided by the Fund's pricing service. Securities listed on the NASDAQ Stock Market are valued in accordance with the NASDAQ Official Closing Price.

Short-term investments that mature in sixty days or less may be valued at amortized cost, which approximates fair value. Investments in open-end investment companies are valued at their net asset value per share on valuation date.

Volume and level of activity in established markets for an asset or liability are evaluated to determine whether recent transactions and quoted prices are determinative of fair value. Where there have been significant decreases in volume and level of activity, further analysis and adjustment may be necessary to estimate fair value. In these instances, fair value is measured by the use of inputs and valuation techniques which may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry and/or expectation of future cash flows. As a result of trading in relatively thin markets and/or markets that experience significant volatility, the prices used to value these securities may differ from the value that would be realized if these securities were sold, and the differences could be material.

**Fair Value** 

The Series' financial instruments are valued at the close of the NYSE and are reported at fair value, which GAAP defines as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Board has designated the Advisor as the Fund's valuation designee (Valuation Designee) to make all fair value determinations with respect to each Series' portfolio investments. Subject to oversight by the Board, the Valuation Designee performs the following functions in performing fair value determinations: assesses and manages valuation risks;

**10** 

Overseas Series

**Notes to Financial Statements (continued)**

(unaudited)

2. Significant Accounting Policies (continued)

**Fair Value** (continued)

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 April 30, 2025 in valuing the Series' assets or liabilities carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;DESCRIPTION | TOTAL | LEVEL 1 | LEVEL 2<sup>#</sup> | LEVEL 3 |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | $23419960 | $— | $23419960 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 49116813 | 20605313 | 28511500 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | 6268303 |  | 6268303 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 48766434 | 11244779 | 37521655 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | 39664474 | 19484944 | 20179530 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 59823804 | 15671421 | 44152383 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 65801583 | 28035661 | 37765922 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 34518387 | 20198023 | 14320364 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 4344806 | 4344806 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investment | 14286582 | 14286582 |  |  |
| &nbsp;&nbsp;&nbsp;Total assets | $346011146 | $133871529 | $212139617 | $— |

---

# Includes certain foreign equity securities for which a factor from a third party vendor was applied to determine the securities' fair value following the close of local trading.

There were no Level 3 securities held by the Series as of October 31, 2024 or April 30, 2025.

**New Accounting Pronouncement** 

In December 2023, the FASB issued Accounting Standards Update (ASU), ASU 2023-09, Income Taxes (Topic 740) – Improvements to Income Taxes Disclosures, which enhances the transparency of income tax disclosures. The ASU requires

**11** 

Overseas Series

**Notes to Financial Statements (continued)**

(unaudited)

2. Significant Accounting Policies (continued)

**New Accounting Pronouncement** (continued)

public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. The amendments under this ASU are required to be applied prospectively and are effective for fiscal years beginning after December 15, 2024. Management expects that adoption of the guidance will not have a material impact on the Series' financial statements.

**Security Transactions, Investment Income and Expenses** 

Security transactions are accounted for on trade date. Dividend income is recorded on the ex-dividend date, except that if the ex-dividend date has passed, certain dividends from foreign securities are recorded as soon as the Series is informed of the ex-dividend date. Non-cash dividends, if any, are recorded at the fair value of the securities received. Interest income, including amortization of premium and accretion of discounts using the effective interest method, is earned from settlement date and accrued daily.

Expenses are recorded on an accrual basis. Most expenses of the Fund can be attributed to a specific series. Expenses which cannot be directly attributed are apportioned among the series in the Fund in such a manner as deemed equitable by the Fund's Board, taking into consideration, among other things, the nature and type of expense.

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 April 30, 2025, the Series has recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken in future tax returns.

The Series files income tax returns in the U.S. federal jurisdiction, various states and foreign jurisdictions, as required. No income tax returns are currently under investigation. The statute of limitations on the Series' tax returns remains open for the years ended October 31, 2021 through October 31, 2024. The Series is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

**12** 

Overseas Series

**Notes to Financial Statements (continued)**

(unaudited)

2. Significant Accounting Policies (continued)

**Foreign Taxes** 

Based on the Series' understanding of the tax rules and rates related to income, gains and currency purchase/repatriation transactions for foreign jurisdictions in which it invests, the Series will provide for foreign taxes, and where appropriate, deferred foreign tax.

**Distributions of Income and Gains** 

Distributions to shareholders of net investment income and net realized gains are made annually. An additional distribution may be necessary to avoid taxation of the Series. Distributions are recorded on the ex-dividend date.

**Indemnifications** 

The Fund's organizational documents provide former and current directors and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

**Other** 

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

3. Transactions with Affiliates and Other Agreements

The Fund has an Investment Advisory Agreement (the "Agreement") with the Advisor, for which the Series pays a fee, computed daily and payable monthly, at an annual rate of 0.60% of the Series' average daily net assets for investment advisory services.

Under the Agreement, personnel of the Advisor are responsible for management of the Series' portfolio, the execution of securities transactions, and generally administer the affairs of the Fund. The Advisor also provides the Fund with necessary office space and fund administration and support services. The salaries of all officers of the Fund (except a percentage of the Fund's Chief Compliance Officer's salary, which is paid by the Fund), and of all Directors who are "affiliated persons" of the Fund, or of the Advisor, and all personnel of the Fund, or of the Advisor, performing services relating to research, statistical and investment activities, are paid by the Advisor. Each "non-affiliated" Director receives an annual stipend, which is allocated among all the active series of the Fund. In addition, these Directors also receive a fee per Board meeting attended plus a fee for each committee meeting attended and are reimbursed for travel and other out-of-pocket expenses incurred by them in connection with attending such meetings. The Fund also has an Audit Committee Chair, Governance & Nominating Committee Chair and Lead Independent Director who each receive an additional annual stipend for these roles.

The Fund may enter into agreements with financial intermediaries pursuant to which the Fund may pay financial intermediaries for non-distribution related sub-transfer agency, administrative, sub-accounting, and other shareholder services in an annual amount not to exceed 0.15% of the average daily net assets of the Class I and Class S shares of the Series. Payments made pursuant to such agreements are generally based on the current assets and/or number of accounts of the Series attributable to the financial intermediary. Any payments made pursuant to such agreements may be in addition to, rather than in lieu of, any Distribution and Shareholder Services Fee payable under the Rule 12b-1 plan of the Fund.

The Advisor has contractually agreed to waive the management fee for the Class W shares. The full management fee will be waived under this agreement because Class W shares are only available to discretionary investment accounts and other accounts managed by the Advisor. These clients pay a management fee to the Advisor that is separate from the Series' expenses. In addition, pursuant to a separate expense limitation agreement, the Advisor has contractually agreed to limit its fees and reimburse expenses to the extent necessary so that the total direct annual fund operating expenses, exclusive of distribution and service (12b-1) fees and waived Class W management fees (collectively, "excluded expenses"), to 0.75% of the average daily net assets

**13** 

Overseas Series

**Notes to Financial Statements (continued)**

(unaudited)

3. Transactions with Affiliates and Other Agreements (continued)

of the Class I shares, 0.80% of the average daily net assets of the Class S shares, 0.65% of the average daily net assets of the Class Z shares, and 0.05% of the average daily net assets of the Class W shares. These contractual waivers are expected to continue indefinitely, and may not be amended or terminated by the Advisor without the approval of the Series' Board of Directors. The Advisor may receive from a Class the difference between the Class's total direct annual fund operating expenses, not including excluded expenses, and the Class's contractual expense limit to recoup all or a portion of its prior fee waivers (other than Class W management fee waivers) or expense reimbursements made during the rolling three-year period preceding the recoupment if at any point the total direct annual fund operating expenses, not including excluded expenses, are below the contractual expense limit (a) at the time of the fee waiver and/or expense reimbursement and (b) at the time of the recoupment.

Pursuant to the advisory fee waiver, the Advisor waived $469,429 in management fees for Class W shares for the six months ended April 30, 2025. In addition, pursuant to the separate expense limitation agreement, the Advisor waived or reimbursed expenses of $58,267, $23,772, $64,038 and $41,836 for Class S, Class I, Class W and Class Z shares, respectively, for the six months ended April 30, 2025. These amounts are included as a reduction of expenses on the Statement of Operations. For the six months ended April 30, 2025, the Advisor did not recoup any expenses that have been previously waived or reimbursed.

As of April 30, 2025, the class specific waivers or reimbursements subject to possible future recoupment under the expense limitation agreement are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;CLASS | &nbsp;&nbsp;EXPIRING OCTOBER 31, | &nbsp;&nbsp;EXPIRING OCTOBER 31, | &nbsp;&nbsp;EXPIRING OCTOBER 31, | &nbsp;&nbsp;EXPIRING OCTOBER 31, | &nbsp;&nbsp;EXPIRING OCTOBER 31, |
|  | &nbsp;&nbsp;2025 | &nbsp;&nbsp;2026 | &nbsp;&nbsp;2027 | &nbsp;&nbsp;2028 | &nbsp;&nbsp;TOTAL |
| &nbsp;&nbsp;&nbsp;Class S | $80651 | $132790 | $23890 | $58267 | $295598 |
| &nbsp;&nbsp;&nbsp;Class I | 21856 | 33490 | 26010 | 23772 | 105128 |
| &nbsp;&nbsp;&nbsp;Class W | 147958 | 173894 | 149473 | 64038 | 535363 |
| &nbsp;&nbsp;&nbsp;Class Z | 53288 | 68734 | 68943 | 41836 | 232801 |

---

Manning & Napier Investor Services, Inc., a registered broker-dealer affiliate of the Advisor, acts as distributor for the Fund's shares. The Series compensates the distributor for distributing and servicing the Series' Class S shares pursuant to a distribution plan adopted under Rule 12b-1 of the 1940 Act, regardless of expenses actually incurred. Under the agreement, the Series pays distribution and service fees to the distributor at an annual rate of 0.25% of average daily net assets attributable to Class S shares. There are no distribution and service fees on the Class I, Class W or Class Z shares. The fees are accrued daily and paid monthly.

Pursuant to a master services agreement, the Fund pays the Advisor an annual fee related to fund accounting and administration of 0.0085% on the first $25 billion of average daily net assets; 0.0075% on the next $15 billion of average daily net assets; and 0.0065% of average daily net assets in excess of $40 billion; plus a base fee of $18,400 per series. Additionally, certain transaction and out-of-pocket expenses, including charges for reporting relating to the Fund's compliance program, are charged. The Advisor has agreements with BNY Mellon Investment Servicing (U.S.) Inc. ("BNY") under which BNY serves as sub-accountant services agent.

Overseas Series was reimbursed $334,195 by the Advisor, which is included in payments by affiliates in the Statements of Operations, related to an operational error that occurred during the six months ended April 30, 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

**14** 

Overseas Series

**Notes to Financial Statements (continued)**

(unaudited)

4. Segment Reporting (continued)

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 six months ended April 30, 2025, purchases and sales of securities, other than U.S. Government securities and short-term securities, were $124,839,921 and $408,957,367, respectively. There were no purchases or sales of U.S. Government securities.

6. Capital Stock Transactions

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;CLASS S | FOR THE SIX MONTHS<br> ENDED 4/30/25 | FOR THE SIX MONTHS<br> ENDED 4/30/25 | FOR THE YEAR ENDED<br> 10/31/24 | FOR THE YEAR ENDED<br> 10/31/24 |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;&nbsp;Sold | 104068 | $3519725 | 302401 | $9882227 |
| &nbsp;&nbsp;&nbsp;Reinvested | 47965 | 1595314 | 49813 | 1529265 |
| &nbsp;&nbsp;&nbsp;Repurchased | (353601) | (11872730) | (659843) | (21248345) |
| &nbsp;&nbsp;&nbsp;Total | (201568) | $(6757691) | (307629) | $(9836853) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;CLASS I | FOR THE SIX MONTHS<br>ENDED 4/30/25 | FOR THE SIX MONTHS<br>ENDED 4/30/25 | FOR THE YEAR ENDED<br> 10/31/24 | FOR THE YEAR ENDED<br> 10/31/24 |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;&nbsp;Sold | 70439 | $2350578 | 270068 | $8608287 |
| &nbsp;&nbsp;&nbsp;Reinvested | 26094 | 865537 | 31980 | 978917 |
| &nbsp;&nbsp;&nbsp;Repurchased | (163798) | (5469566) | (626243) | (20440679) |
| &nbsp;&nbsp;&nbsp;Total | (67265) | $(2253451) | (324195) | $(10853475) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;CLASS W | FOR THE SIX MONTHS<br> ENDED 4/30/25 | FOR THE SIX MONTHS<br> ENDED 4/30/25 | FOR THE YEAR ENDED<br> 10/31/24 | FOR THE YEAR ENDED<br> 10/31/24 |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;&nbsp;Sold | 75420 | $2532108 | 387090 | $12584260 |
| &nbsp;&nbsp;&nbsp;Reinvested | 155508 | 5176879 | 165989 | 5097523 |
| &nbsp;&nbsp;&nbsp;Repurchased | (8428503) | (281000061) | (955929) | (30840652) |
| &nbsp;&nbsp;&nbsp;Total | (8197575) | $(273291074) | (402850) | $(13158869) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;CLASS Z | FOR THE SIX MONTHS<br> ENDED 4/30/25 | FOR THE SIX MONTHS<br> ENDED 4/30/25 | FOR THE YEAR ENDED<br> 10/31/24 | FOR THE YEAR ENDED<br> 10/31/24 |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;&nbsp;Sold | 454133 | $15216894 | 231163 | $7134503 |
| &nbsp;&nbsp;&nbsp;Reinvested | 43385 | 1441248 | 57276 | 1755505 |
| &nbsp;&nbsp;&nbsp;Repurchased | (542914) | (18024368) | (1067380) | (35344357) |
| &nbsp;&nbsp;&nbsp;Total | (45396) | $(1366226) | (778941) | $(26454349) |

---

**15** 

Overseas Series

**Notes to Financial Statements (continued)**

(unaudited)

6. Capital Stock Transactions (continued)

At April 30, 2025, one shareholder owned 24% of the Series. In addition, the Advisor and its affiliates owned 1% of the Series. Approximately 42% of the shares oustanding (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, $50 million credit agreement (the "line of credit") with Bank of New York Mellon. Each series of the Fund may borrow under the line of credit for temporary or emergency purposes, including funding shareholder redemptions and other short-term liquidity purposes. The Fund pays an annual fee on the unused commitment amount, payable quarterly, and is allocated among all the series of the Fund and included in miscellaneous expenses in the Statement of Operations for each series. The line of credit expires in September 2025 unless extended or renewed. During the Six Months ended April 30, 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 April 30, 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 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 final determination of the tax character of current year distributions will be made at the conclusion of the fiscal year. The tax character of distributions paid for the year ended October 31, 2024 were as follows:

---

| | |
|:---|:---|
| Ordinary income | $9480237 |

---

At April 30, 2025, the identified cost of investments for federal income tax purposes, the resulting gross unrealized appreciation and depreciation, and the net unrealized appreciation were as follows:

---

| | |
|:---|:---|
| Cost for federal income tax purposes | $308785874 |
| Unrealized appreciation | 53116471 |
| Unrealized depreciation | (15891199) |
| Net unrealized appreciation | $37225272 |

---

**16** 

Overseas Series

**Notes to Financial Statements (continued)**

(unaudited)

10. Federal Income Tax Information (continued)

At October 31, 2024, the Series had net short-term capital loss carryforwards of $23,803,901 and net long-term capital loss carryforwards of $367,667,673, which may be carried forward indefinitely.

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.

12. Subsequent Event

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

**17** 

{This page intentionally left blank}

**18** 

Overseas Series

**Literature Requests**

(unaudited)

Proxy Voting Policies and Procedures

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, without charge, upon request:

By phone 1-800-466-3863 <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.**

MNOVS-04/25-SAR

**19**![](manning7ancsr003.jpg)

---

| |
|:---|
| **www.manning-napier.com** |
| **Manning & Napier Fund, Inc.** |
| Pro-Blend<sup>®</sup> Conservative Term Series |
| Pro-Blend<sup>®</sup> Moderate Term Series |
| Pro-Blend<sup>®</sup> Extended Term Series |
| Pro-Blend<sup>®</sup> Maximum Term Series |

---

**Investment Portfolio - April 30, 2025**

(unaudited)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; PRO-BLEND<sup>®</sup> CONSERVATIVE TERM SERIES | SHARES/<br> PRINCIPAL<br> AMOUNT<sup>1</sup> | VALUE<br> (NOTE 2) |
| **COMMON STOCKS - 20.6%** |  |  |
| **Communication Services - 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;**Interactive Media & Services - 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | 12326 | $1957369 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | 3179 | 1745271 |
| **Total Communication Services** |  | 3702640 |
| **Consumer Discretionary - 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;**Automobiles - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Ferrari N.V. (Italy) | 2508 | 1158144 |
| &nbsp;&nbsp;&nbsp;**Broadline Retail - 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.<sup>\*</sup> | 10591 | 1953193 |
| &nbsp;&nbsp;&nbsp;MercadoLibre, Inc. (Brazil)<sup>\*</sup> | 266 | 620006 |
|  |  | 2573199 |
| &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc.<sup>\*</sup> | 23466 | 1185502 |
| &nbsp;&nbsp;&nbsp;**Household Durables - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Persimmon plc - ADR (United Kingdom) | 16498 | 573800 |
| &nbsp;&nbsp;&nbsp;Taylor Wimpey plc - ADR (United Kingdom) | 39946 | 631926 |
|  |  | 1205726 |
| &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Hermes International SCA - ADR (France) | 6330 | 1733977 |
| **Total Consumer Discretionary** |  | 7856548 |
| **Consumer Staples - 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;**Beverages - 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;The Coca-Cola Co. | 23968 | 1738878 |
| **Financials - 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;**Banks - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;HDFC Bank Ltd. - ADR (India) | 16049 | 1166602 |
| &nbsp;&nbsp;&nbsp;**Capital Markets - 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;BlackRock, Inc. | 584 | 533928 |
| &nbsp;&nbsp;&nbsp;Deutsche Boerse AG - ADR (Germany) | 19910 | 638713 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | 3727 | 626024 |
| &nbsp;&nbsp;&nbsp;Moody's Corp. | 1895 | 858662 |
| &nbsp;&nbsp;&nbsp;Nasdaq, Inc. | 8346 | 636049 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. | 1163 | 581558 |
|  |  | 3874934 |
| &nbsp;&nbsp;&nbsp;**Financial Services - 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc.<sup>\*</sup> | 3866 | 713548 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc. - Class A | 4126 | 2261295 |
| &nbsp;&nbsp;&nbsp;Visa, Inc. - Class A | 4398 | 1519509 |
|  |  | 4494352 |
| **Total Financials** |  | 9535888 |
| **Health Care - 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;**Biotechnology - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.<sup>\*</sup> | 2472 | 1259484 |
| &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies - 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc.<sup>\*</sup> | 1134 | 584917 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES/<br> PRINCIPAL<br> AMOUNT<sup>1</sup> | VALUE<br> (NOTE 2)  |
| **COMMON STOCKS** (continued) |  |  |
| **Health Care** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services - 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Danaher Corp. | 2836 | $565300 |
| &nbsp;&nbsp;&nbsp;Lonza Group AG - ADR (Switzerland) | 17684 | 1263698 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | 3968 | 1702272 |
|  |  | 3531270 |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals - 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;AstraZeneca plc - ADR (United Kingdom) | 31447 | 2257580 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 8864 | 1385532 |
| &nbsp;&nbsp;&nbsp;Roche Holding AG - ADR | 28867 | 1176908 |
|  |  | 4820020 |
| **Total Health Care** |  | `10,195,691 |
| **Industrials - 3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;**Aerospace & Defense - 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;BAE Systems plc - ADR (United Kingdom) | 6188 | 576907 |
| &nbsp;&nbsp;&nbsp;HEICO Corp. - Class A | 4579 | 920059 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | 8418 | 1852128 |
|  |  | 3349094 |
| &nbsp;&nbsp;&nbsp;**Air Freight & Logistics - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Deutsche Post AG - ADR (Germany) | 37767 | 1617183 |
| &nbsp;&nbsp;&nbsp;**Building Products - 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Masco Corp. | 8013 | 485668 |
| &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies - 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Copart, Inc.<sup>\*</sup> | 20226 | 1234393 |
| &nbsp;&nbsp;&nbsp;Rollins, Inc. | 11376 | 649911 |
|  |  | 1884304 |
| &nbsp;&nbsp;&nbsp;**Ground Transportation - 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Canadian National Railway Co. (Canada). | 6209 | 601155 |
| &nbsp;&nbsp;&nbsp;CSX Corp. | 19627 | 550930 |
| &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | 2503 | 560797 |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp. | 2441 | 526426 |
|  |  | 2239308 |
| &nbsp;&nbsp;&nbsp;**Professional Services - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;TransUnion | 14298 | 1186162 |
| **Total Industrials** |  | 10761719 |
| **Information Technology - 4.6%** |  |  |
| &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components - 0.4%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components - 0.4%** |  |
| &nbsp;&nbsp;&nbsp;Amphenol Corp. - Class A | 7597 | 584589 |
| &nbsp;&nbsp;&nbsp;Halma plc - ADR (United Kingdom) | 7886 | 594920 |
|  |  | 1179509 |
| &nbsp;&nbsp;&nbsp;**IT Services - 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Globant S.A. <sup>\*</sup> | 7240 | 851207 |
| &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 1.1%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 1.1%** |  |
| &nbsp;&nbsp;&nbsp;Infineon Technologies AG - ADR (Germany) | 25968 | 856165 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 11639 | 1267720 |

---

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

**1**

**Investment Portfolio - April 30, 2025**

(unaudited)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;PRO-BLEND<sup>®</sup> CONSERVATIVE TERM SERIES | SHARES/<br> PRINCIPAL<br> AMOUNT<sup>1</sup> | VALUE<br> (NOTE 2) |
| **COMMON STOCKS** (continued) |  |  |
| **Information Technology** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment** (continued) | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment** (continued) |  |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. - ADR (Taiwan) | 7775 | $1296015 |
|  |  | 3419900 |
| &nbsp;&nbsp;&nbsp;**Software - 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Atlassian Corp. - Class A <sup>\*</sup> | 2711 | 618949 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc.<sup>\*</sup> | 7723 | 2299446 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 7363 | 2910299 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc.<sup>\*</sup> | 1233 | 1177527 |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc.<sup>\*</sup> | 1302 | 597631 |
| &nbsp;&nbsp;&nbsp;Workday, Inc. - Class A<sup>\*</sup> | 4953 | 1213485 |
|  |  | 8817337 |
| **Total Information Technology** |  | 14267953 |
| **Materials - 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;**Chemicals - 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Air Liquide S.A. - ADR (France) | 42400 | 1735432 |
| &nbsp;&nbsp;&nbsp;The Sherwin-Williams Co. | 1760 | 621139 |
| &nbsp;&nbsp;&nbsp;Sociedad Quimica y Minera de Chile S.A. - ADR (Chile) | 19336 | 661291 |
|  |  | 3017862 |
| &nbsp;&nbsp;&nbsp;**Paper & Forest Products - 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;West Fraser Timber Co. Ltd. (Canada) | 11262 | 833163 |
| **Total Materials** |  | 3851025 |
| **Real Estate - 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;**Real Estate Management & Development - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;CBRE Group, Inc. - Class A<sup>\*</sup> | 9701 | 1185268 |
| &nbsp;&nbsp;&nbsp;**Specialized REITs - 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. | 3999 | 585934 |
| **Total Real Estate** |  | 1771202 |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;(Identified Cost $56,134,203) |  | **63681544** |
| **CORPORATE BONDS - 18.9%** |  |  |
| **Non-Convertible Corporate Bonds- 18.9%** |  |  |
| **Communication Services - 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;**Entertainment - 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Warnermedia Holdings, Inc., 4.054%, 3/15/2029 | 1940000 | 1811704 |
| &nbsp;&nbsp;&nbsp;**Interactive Media & Services - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. (China), 3.975%, 4/11/2029<sup>2</sup> | 1320000 | 1299097 |
| &nbsp;&nbsp;&nbsp;**Media - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Open Infra U.S. Assets AB, 11.00%, 2/22/2027 | 400000 | 393289 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES/<br> PRINCIPAL<br> AMOUNT<sup>1</sup> | VALUE<br> (NOTE 2) |
| **CORPORATE BONDS** (continued) |  |  |
| **Non-Convertible Corporate Bonds** (continued) |  |  |
| **Communication Services** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;**Media** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;The Walt Disney Co., 6.65%, 11/15/2037 | 920000 | $1035785 |
|  |  | 1429074 |
| **Total Communication Services** |  | 4539875 |
| **Consumer Discretionary - 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;**Broadline Retail - 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. (China), 4.00%, 12/6/2037 | 2790000 | 2400379 |
| &nbsp;&nbsp;&nbsp;**Household Durables - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;DR Horton, Inc., 4.85%, 10/15/2030 | 1160000 | 1163528 |
| &nbsp;&nbsp;&nbsp;**Specialty Retail - 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc., 1.875%, 4/15/2031 | 380000 | 321706 |
| **Total Consumer Discretionary** |  | 3885613 |
| **Energy - 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;**Energy Equipment & Services - 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Borr IHC Ltd. - Borr Finance LLC (Mexico), 10.00%, 11/15/2028<sup>2</sup> | 324390 | 272173 |
| &nbsp;&nbsp;&nbsp;Telford Finco (United Arab Emirates), 11.00%, 11/6/2029 | 350000 | 340645 |
|  |  | 612818 |
| &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels - 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Brooge Petroleum and Gas Investment Co. FZE (United Arab Emirates), 8.50%, 9/24/2025 (Acquired 09/10/2020-10/29/2021, cost $383,991)<sup>3</sup> | 389843 | 357050 |
| &nbsp;&nbsp;&nbsp;Cenovus Energy, Inc. (Canada), 6.75%, 11/15/2039 | 1810000 | 1900383 |
| &nbsp;&nbsp;&nbsp;Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.375%, 2/1/2031<sup>2</sup> | 1250000 | 1308149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 2/1/2042 | 1890000 | 1889762 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan, Inc., 4.80%, 2/1/2033 | 920000 | 882452 |
| &nbsp;&nbsp;&nbsp;New Fortress Energy, Inc., 8.75%, 3/15/2029<sup>2</sup> | 345000 | 183110 |
|  |  | 6520906 |
| **Total Energy** |  | 7133724 |
| **Financials - 8.9%** |  |  |
| &nbsp;&nbsp;&nbsp;**Banks - 5.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Bank of America Corp., (U.S. Secured Overnight Financing Rate + 1.320%), 2.687%, 4/22/2032<sup>4</sup> | 2050000 | 1809174 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc., (U.S. Secured Overnight Financing Rate + 0.770%), 1.462%, 6/9/2027<sup>4</sup> | 1870000 | 1805534 |
| &nbsp;&nbsp;&nbsp;Citizens Bank NA, (U.S. Secured Overnight Financing Rate + 2.000%), 4.575%, 8/9/2028<sup>4</sup> | 1220000 | 1217385 |

---

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

**2**

**Investment Portfolio - April 30, 2025**

(unaudited)

---

| | | |
|:---|:---|:---|
| PRO-BLEND<sup>®</sup> CONSERVATIVE TERM SERIES | SHARES/<br> PRINCIPAL<br> AMOUNT<sup>1</sup> | VALUE<br> (NOTE 2) |
| **CORPORATE BONDS** (continued) |  |  |
| **Non-Convertible Corporate Bonds** (continued) |  |  |
| **Financials** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;**Banks** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp, (U.S. Secured Overnight Financing Index + 2.192%), 6.361%, 10/27/2028<sup>4</sup> | 545000 | $565996 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc., 2.55%, 2/4/2030 | 1420000 | 1277862 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., (3 mo. U.S. Secured Overnight Financing Rate + 3.790%), 4.493%, 3/24/2031<sup>4</sup> | 3050000 | 3022987 |
| &nbsp;&nbsp;&nbsp;KeyBank NA, 5.85%, 11/15/2027 | 1170000 | 1201172 |
| &nbsp;&nbsp;&nbsp;The PNC Financial Services Group, Inc., (U.S. Secured Overnight Financing Rate + 1.322%), 5.812%, 6/12/2026<sup>4</sup> | 1800000 | 1801020 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp., (U.S. Secured Overnight Financing Rate + 0.862%), 1.887%, 6/7/2029<sup>4</sup> | 1970000 | 1815522 |
| &nbsp;&nbsp;&nbsp;U.S. Bancorp, (U.S. Secured Overnight Financing Rate + 1.230%), 4.653%, 2/1/2029<sup>4</sup> | 1890000 | 1894476 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co., (U.S. Secured Overnight Financing Rate + 1.070%), 5.707%, 4/22/2028<sup>4</sup> | 1840000 | 1880037 |
|  |  | 18291165 |
| &nbsp;&nbsp;&nbsp;**Capital Markets - 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Carlyle Secured Lending, Inc., 6.75%, 2/18/2030.. | 106000 | 106920 |
| &nbsp;&nbsp;&nbsp;The Depository Trust & Clearing Corp., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.606%), 3.375%<sup>2,4,5</sup> | 500000 | 481111 |
| &nbsp;&nbsp;&nbsp;Icahn Enterprises LP - Icahn Enterprises Finance Corp., 10.00%, 11/15/2029<sup>2</sup> | 330000 | 323075 |
| &nbsp;&nbsp;&nbsp;Jefferies Financial Group, Inc., 6.20%, 4/14/2034 | 1810000 | 1831265 |
|  |  | 2742371 |
| &nbsp;&nbsp;&nbsp;**Consumer Finance - 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp., (U.S. Secured Overnight Financing Rate + 3.070%), 7.624%, 10/30/2031<sup>4</sup> | 2170000 | 2413880 |
| &nbsp;&nbsp;&nbsp;Navient Corp., 6.75%, 6/25/2025 | 485000 | 485151 |
|  |  | 2899031 |
| &nbsp;&nbsp;&nbsp;**Financial Services - 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Golden Pear Funding HoldCo LLC, 10.00%, 3/2/2028.. | 230000 | 198929 |
| &nbsp;&nbsp;&nbsp;U.S. Claims Litigation Funding LLC, 10.25%, 3/17/2028 (Acquired 03/14/2023, cost $250,000)<sup>3</sup> | 250000 | 217110 |
|  |  | 416039 |
| &nbsp;&nbsp;&nbsp;**Insurance - 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;MassMutual Global Funding II, 4.85%, 1/17/2029<sup>2</sup> | 660000 | 670380 |
| &nbsp;&nbsp;&nbsp;Metropolitan Life Global Funding I, 4.85%, 1/8/2029<sup>2</sup> | 660000 | 670457 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES/<br> PRINCIPAL<br> AMOUNT<sup>1</sup> | VALUE<br> (NOTE 2) |
| **CORPORATE BONDS** (continued) |  |  |
| **Non-Convertible Corporate Bonds** (continued) |  |  |
| **Financials** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;**Insurance** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;New York Life Global Funding, 4.70%, 1/29/2029<sup>2</sup> | 660000 | $667121 |
| &nbsp;&nbsp;&nbsp;SiriusPoint Ltd. (Sweden), 7.00%, 4/5/2029 | 1220000 | 1261502 |
|  |  | 3269460 |
| **Total Financials** |  | 27618066 |
| **Industrials - 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;**Ground Transportation - 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;BNSF Funding Trust I, (3 mo. CME Term U.S. Secured Overnight Financing Rate + 2.350%), 6.613%, 12/15/2055<sup>4</sup> | 680000 | 680073 |
| &nbsp;&nbsp;&nbsp;**Passenger Airlines - 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Alaska Airlines Pass-Through Trust, <br> Series 2020-1, Class B, 8.00%, 8/15/2025<sup>2</sup> | 62618 | 62975 |
| &nbsp;&nbsp;&nbsp;United Airlines Pass-Through Trust <br> Series 2018-1, Class B, 4.60%, 3/1/2026 | 51269 | 49686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-2, Class B, 3.50%, 5/1/2028 | 260913 | 247704 |
|  |  | 360365 |
| &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 | 1280000 | 1206873 |
| &nbsp;&nbsp;&nbsp;Ashtead Capital, Inc. (United Kingdom), 4.00%, 5/1/2028<sup>2</sup> | 1380000 | 1351136 |
|  |  | 2558009 |
| **Total Industrials** |  | 3598447 |
| **Materials - 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;**Metals & Mining - 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;ACG Holdco 1 Ltd. (United Kingdom), 14.75%, 1/13/2029 | 300000 | 301115 |
| &nbsp;&nbsp;&nbsp;Newcastle Coal Infrastructure Group Pty Ltd. (Australia), 4.40%, 9/29/2027<sup>2</sup> | 1593763 | 1568998 |
| &nbsp;&nbsp;&nbsp;Northwest Acquisitions ULC - Dominion Finco, Inc., 7.125%, 11/1/2022 (Acquired 10/10/2017-05/13/2020, cost $212,263)<sup>3,6</sup> | 880000 | 9 |
| **Total Materials** |  | 1870122 |
| **Real Estate - 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;**Industrial REITs - 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;IIP Operating Partnership LP, 5.50%, 5/25/2026 | 460000 | 440991 |
| &nbsp;&nbsp;&nbsp;**Retail REITs - 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Simon Property Group LP, 2.65%, 2/1/2032 | 2965000 | 2572399 |

---

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

**3**

**Investment Portfolio - April 30, 2025**

(unaudited)

---

| | | |
|:---|:---|:---|
| PRO-BLEND<sup>®</sup> CONSERVATIVE TERM SERIES | SHARES/<br> PRINCIPAL<br> AMOUNT<sup>1</sup> | VALUE<br> (NOTE 2) |
| **CORPORATE BONDS** (continued) |  |  |
| **Non-Convertible Corporate Bonds** (continued) |  |  |
| **Real Estate** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;**Specialized REITs - 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Pelorus Fund REIT LLC, 7.00%, 9/30/2026 (Acquired 07/08/2022, cost $399,500)<sup>3</sup> | 470000 | $475324 |
| &nbsp;&nbsp;&nbsp;SBA Tower Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.599%, 1/15/2028<sup>2</sup> | 1810000 | 1851301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.831%, 10/15/2029<sup>2</sup> | 990000 | 975935 |
|  |  | 3302560 |
| **Total Real Estate** |  | 6315950 |
| **Utilities - 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;**Electric Utilities - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Alexander Funding Trust II, 7.467%, 7/31/2028<sup>2</sup> | 1230000 | 1304111 |
| &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers - 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Palomino Funding Trust I, 7.233%, 5/17/2028<sup>2</sup> | 2290000 | 2410120 |
| **Total Utilities** |  | 3714231 |
| **TOTAL CORPORATE BONDS** |  | **58676028** |
| &nbsp;&nbsp;&nbsp;(Identified Cost $60,086,935) |  |  |
| **U.S. TREASURY SECURITIES - 27.2%** |  |  |
| **U.S. Treasury Notes - 27.2%** |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, 11/15/2026 | 6662000 | 6490506 |
| &nbsp;&nbsp;&nbsp;2.25%, 11/15/2027 | 8699000 | 8410166 |
| &nbsp;&nbsp;&nbsp;3.125%, 11/15/2028 | 9910000 | 9734252 |
| &nbsp;&nbsp;&nbsp;1.75%, 11/15/2029 | 14105000 | 12969988 |
| &nbsp;&nbsp;&nbsp;0.875%, 11/15/2030 | 11208000 | 9573208 |
| &nbsp;&nbsp;&nbsp;1.375%, 11/15/2031 | 11189000 | 9545616 |
| &nbsp;&nbsp;&nbsp;4.125%, 11/15/2032 | 8197000 | 8263601 |
| &nbsp;&nbsp;&nbsp;4.50%, 11/15/2033 | 9031000 | 9293463 |
| &nbsp;&nbsp;&nbsp;4.25%, 11/15/2034 | 9812000 | 9873325 |
| **TOTAL U.S. TREASURY SECURITIES** |  |  |
| &nbsp;&nbsp;&nbsp;(Identified Cost $83,444,332) |  | **84154125** |
| **ASSET-BACKED SECURITIES - 7.1%** |  |  |
| &nbsp;&nbsp;&nbsp;ALLO Issuer LLC, Series 2023-1A, Class A2, 6.20%, 6/20/2053<sup>2</sup> | 1550000 | 1569269 |
| &nbsp;&nbsp;&nbsp;Capteris Equipment Finance LLC, Series 2024-1A, Class A2, 5.58%, 7/20/2032<sup>2</sup> | 1075715 | 1087976 |
| &nbsp;&nbsp;&nbsp;CF Hippolyta Issuer LLC, Series 2020-1, Class B1, 2.28%, 7/15/2060<sup>2</sup> | 2698356 | 2656552 |
| &nbsp;&nbsp;&nbsp;Cogent Ipv4 LLC, Series 2024-1A, Class A2, 7.924%, 5/25/2054<sup>2</sup> | 850000 | 885452 |
| &nbsp;&nbsp;&nbsp;Commonbond Student Loan Trust, Series 2019-AGS, Class A1, 2.54%, 1/25/2047<sup>2</sup> | 560210 | 514136 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES/<br> PRINCIPAL<br> AMOUNT<sup>1</sup> | VALUE<br> (NOTE 2) |
| **ASSET-BACKED SECURITIES** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;DataBank Issuer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2A, Class A2, 2.40%, 10/25/2051<sup>2</sup> | 1630000 | $1556556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A, Class A2, 5.116%, 2/25/2053<sup>2</sup> | 1500000 | 1479706 |
| &nbsp;&nbsp;&nbsp;Flexential Issuer, Series 2021-1A, Class A2, 3.25%, 11/27/2051<sup>2</sup> | 2600000 | 2477175 |
| &nbsp;&nbsp;&nbsp;Nelnet Student Loan Trust, Series 2006- 2, Class A7, (U.S. Secured Overnight Financing Rate 90 Day Average + 0.842%), 5.205%, 1/26/2037<sup>2,7</sup> | 1462043 | 1430922 |
| &nbsp;&nbsp;&nbsp;Oxford Finance Credit Fund III LP, Series 2024-A, Class A2, 6.675%, 1/14/2032<sup>2</sup> | 220000 | 222486 |
| &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> | 1701464 | 1689216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A, Class A2, 6.716%, 2/15/2031<sup>2</sup> | 2312511 | 2321582 |
| &nbsp;&nbsp;&nbsp;PEAR LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1, Class A, 2.60%, 1/15/2034<sup>2</sup> | 604183 | 598126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1, Class A, 7.42%, 7/15/2035<sup>2</sup> | 998697 | 1021211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1, Class A, 6.95%, 2/15/2036<sup>2</sup> | 466094 | 470832 |
| &nbsp;&nbsp;&nbsp;Store Master Funding I-VII and XIV, Series 2019-1, Class A1, 2.82%, 11/20/2049<sup>2</sup> | 2071852 | 2000342 |
| **TOTAL ASSET-BACKED SECURITIES** |  |  |
| &nbsp;&nbsp;&nbsp;(Identified Cost $22,107,981) |  | **21981539** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES - 8.8%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 8.8%** |  |
| &nbsp;&nbsp;&nbsp;BMO Mortgage Trust, Series 2024-5C7, Class A3, 5.566%, 11/15/2057<sup>8</sup> | 570000 | 587599 |
| &nbsp;&nbsp;&nbsp;CIM Trust, Series 2019-INV1, Class A1, 4.00%, 2/25/2049<sup>2,8</sup> | 46567 | 43823 |
| &nbsp;&nbsp;&nbsp;Credit Suisse Mortgage Capital Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-IVR3, Class A1, 2.50%, 5/25/2043<sup>2,8</sup> | 261293 | 230318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-TH1, Class A1, 2.13%, 2/25/2043<sup>2,8</sup> | 149123 | 129801 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMICS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-13, Class PA, 3.00%, 3/25/2048 | 1514172 | 1326409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-31, Class KP, 3.50%, 7/25/2047 | 29288 | 28874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-69, Class WJ, 1.50%, 10/25/2050 | 1003228 | 856975 |
| &nbsp;&nbsp;&nbsp;Finance of America Structured Securities Trust, Series 2022-S6, Class A1, 3.00%, 7/25/2061<sup>2</sup> | 1115578 | 1097135 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMICS, Series 5189, Class CP, 2.50%, 6/25/2049 | 1644406 | 1445125 |

---

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

**4**

**Investment Portfolio - April 30, 2025** 

(unaudited)

---

| | | |
|:---|:---|:---|
| PRO-BLEND<sup>®</sup> CONSERVATIVE TERM SERIES | SHARES/<br> PRINCIPAL<br> AMOUNT<sup>1</sup> | VALUE<br> (NOTE 2) |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust Series 2021-INV1, Class A9, (U.S. Secured Overnight Financing Rate 30 Day Average + 0.850%), 5.00%, 12/25/2051<sup>2,7</sup> | 1325569 | $1228375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-PJ6, Class A8, 2.50%, 11/25/2051<sup>2,8</sup> | 1048431 | 925639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-PJ9, Class A8, 2.50%, 2/26/2052<sup>2,8</sup> | 1058589 | 935591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-PJ1, Class A8, 2.50%, 5/28/2052<sup>2,8</sup> | 1639254 | 1427420 |
| &nbsp;&nbsp;&nbsp;Imperial Fund Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM3, Class A1, 1.595%, 11/25/2056<sup>2,8</sup> | 1138062 | 976968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM1, Class A1, 2.493%, 2/25/2067<sup>2,8</sup> | 2067357 | 1851172 |
| &nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-2, Class 1A1, 3.00%, 6/25/2029<sup>2,8</sup> | 110495 | 108386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-3, Class 1A3, 3.50%, 8/25/2047<sup>2,8</sup> | 26265 | 23907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-6, Class A3, 3.50%, 12/25/2048<sup>2,8</sup> | 57560 | 52150 |
| &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>2,8</sup> | 243914 | 235118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-2A, Class A1, 3.75%, 8/25/2055<sup>2,8</sup> | 233836 | 226527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-4A, Class A1, 3.75%, 11/25/2056<sup>2,8</sup> | 330297 | 315876 |
| &nbsp;&nbsp;&nbsp;NYMT Loan Trust, Series 2022-CP1, Class A1, 2.042%, 7/25/2061<sup>2</sup> | 1143334 | 1063080 |
| &nbsp;&nbsp;&nbsp;OBX Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-INV1, Class A1, 3.00%, 12/25/2051<sup>2,8</sup> | 1958723 | 1656423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-NQM1, Class A1, 5.928%, 11/25/2063<sup>2,9</sup> | 1091549 | 1095688 |
| &nbsp;&nbsp;&nbsp;PCG LLC, Series 2023-1, (1 mo. U.S. Secured Overnight Financing Rate + 6.000%), 10.311%, 7/25/2029 (Acquired 07/24/2023, cost $2,417,630)<sup>3,7</sup> | 2417630 | 2417374 |
| &nbsp;&nbsp;&nbsp;PMT Loan Trust, Series 2013-J1, Class A9, 3.50%, 9/25/2043<sup>2,8</sup> | 542888 | 503555 |
| &nbsp;&nbsp;&nbsp;Provident Funding Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2, Class A2A, 2.00%, 4/25/2051<sup>2,8</sup> | 1317745 | 1118996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1, Class A1, 2.50%, 8/25/2051<sup>2,8</sup> | 2212067 | 1778924 |
| &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> | 123892 | 106047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-6, Class A2, 3.00%, 5/25/2043<sup>8</sup> | 1001758 | 900484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-7, Class A2, 3.00%, 6/25/2043<sup>8</sup> | 151204 | 135943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-8, Class A1, 3.00%, 6/25/2043<sup>8</sup> | 186335 | 168048 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES/<br> PRINCIPAL<br> AMOUNT<sup>1</sup> | SHARES/<br> PRINCIPAL<br> AMOUNT<sup>1</sup> | VALUE<br> (NOTE 2) |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES** (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1, Class A1, 3.50%, 2/25/2050<sup>2,8</sup> |  | 57533 | $51029 |
| &nbsp;&nbsp;&nbsp;Starwood Retail Property Trust, Series 2014-STAR, Class A, (Prime Rate + 0.000%), 7.50%, 11/15/2027<sup>2,7</sup> |  | 1096982 | 621848 |
| &nbsp;&nbsp;&nbsp;Sutherland Commercial Mortgage Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-SBC8, Class A, 2.86%, 4/25/2041<sup>2,8</sup> |  | 1209881 | 1150107 |
| &nbsp;&nbsp;&nbsp;Towd Point Mortgage Trust, Series 2019- HY1, Class A1, (1 mo. U.S. Secured Overnight Financing Rate + 1.114%), 5.441%, 10/25/2048<sup>2,7</sup> |  | 298794 | 299608 |
| &nbsp;&nbsp;&nbsp;WinWater Mortgage Loan Trust, Series 2015-1, Class A1, 3.50%, 1/20/2045<sup>2,8</sup> |  | 88680 | 82308 |
| **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** |  |  |  |
| &nbsp;&nbsp;&nbsp;(Identified Cost $30,429,090) |  |  | **27202650** |
| **FOREIGN GOVERNMENT BONDS - 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Japan Government Two Year Bond, Series 456, (Japan), 0.10%, 1/1/2026 | JPY | 200000000 | 1395348 |
| &nbsp;&nbsp;&nbsp;Mexican Bonos, Series M, (Mexico), 7.75%, 5/29/2031 | MXN | 908000 | 43733 |
| **TOTAL FOREIGN GOVERNMENT BONDS** |  |  |  |
| &nbsp;&nbsp;&nbsp;(Identified Cost $1,419,481) |  |  | **1439081** |
| **MUNICIPAL BONDS - 1.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;South Carolina Public Service Authority, Series B, Revenue Bond, 1.852%, 12/1/2026 (Identified Cost $3,460,000) |  | 3460000 | **3335855** |
| **U.S. GOVERNMENT AGENCIES - 12.4%** |  |  |  |
| **Mortgage-Backed Securities - 12.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Fannie Mae |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA1834, UMBS, 4.50%, 2/1/2034 |  | 185271 | 185292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA1903, UMBS, 4.50%, 5/1/2034 |  | 176462 | 176467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #886904, UMBS, 6.50%, 9/1/2036 |  | 25173 | 26804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #933521, UMBS, 5.00%, 1/1/2038 |  | 5186 | 5264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #889260, UMBS, 5.00%, 4/1/2038 |  | 5362 | 5442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #889576, UMBS, 6.00%, 4/1/2038 |  | 128301 | 134453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #975840, UMBS, 5.00%, 5/1/2038 |  | 19212 | 19489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #995196, UMBS, 6.00%, 7/1/2038 |  | 160291 | 167693 |

---

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

**5**

**Investment Portfolio - April 30, 2025**

(unaudited)

---

| | | |
|:---|:---|:---|
| PRO-BLEND<sup>®</sup> CONSERVATIVE TERM SERIES | SHARES/<br> PRINCIPAL<br> AMOUNT<sup>1</sup> | VALUE<br> (NOTE 2) |
| **U.S. GOVERNMENT AGENCIES** (continued) |  |  |
| **Mortgage-Backed Securities** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Fannie Mae (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #986458, UMBS, 6.00%, 8/1/2038 | 2090 | $2191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #987831, UMBS, 6.00%, 9/1/2038 | 7989 | 8370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #990897, UMBS, 6.00%, 9/1/2038 | 13338 | 13982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AD0220, UMBS, 6.00%, 10/1/2038 | 22207 | 23232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #257497, UMBS, 6.00%, 12/1/2038 | 5889 | 6173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #971022, UMBS, 5.00%, 1/1/2039 | 10446 | 10597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AA1810, UMBS, 5.00%, 1/1/2039 | 29646 | 30076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #983686, UMBS, 5.00%, 2/1/2039 | 12577 | 12758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AE0604, UMBS, 6.00%, 7/1/2039 | 147512 | 154323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AA6788, UMBS, 6.00%, 8/1/2039 | 103004 | 108186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AC0463, UMBS, 5.00%, 11/1/2039 | 11453 | 11620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AC5111, UMBS, 5.00%, 11/1/2039 | 23876 | 24224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA0258, UMBS, 4.50%, 12/1/2039 | 249951 | 248161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA0259, UMBS, 5.00%, 12/1/2039 | 14592 | 14805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AC8573, UMBS, 5.00%, 1/1/2040 | 18749 | 19022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AL1595, UMBS, 6.00%, 1/1/2040 | 145395 | 152367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AE0061, UMBS, 6.00%, 2/1/2040 | 62715 | 65743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AL0152, UMBS, 6.00%, 6/1/2040 | 253192 | 265332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA4203, UMBS, 2.50%, 12/1/2040 | 2022193 | 1806245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AI5172, UMBS, 4.00%, 8/1/2041 | 131076 | 127085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AL1410, UMBS, 4.50%, 12/1/2041 | 282405 | 279781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AB4300, UMBS, 3.50%, 1/1/2042 | 65171 | 61121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA4633, UMBS, 3.50%, 6/1/2042 | 1051313 | 987390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA4687, UMBS, 4.00%, 6/1/2042 | 2555687 | 2427474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA4934, UMBS, 5.00%, 2/1/2043 | 1459808 | 1466005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #FS4616, UMBS, 5.00%, 5/1/2043 | 3051252 | 3059928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AL7729, UMBS, 4.00%, 6/1/2043 | 146415 | 141957 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES/<br> PRINCIPAL<br> AMOUNT<sup>1</sup> | VALUE<br> (NOTE 2) |
| **U.S. GOVERNMENT AGENCIES** (continued) |  |  |
| **Mortgage-Backed Securities** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Fannie Mae (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #BC8677, UMBS, 4.00%, 5/1/2046 | 74225 | $70390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #BD6997, UMBS, 4.00%, 10/1/2046 | 93880 | 89018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #BE3812, UMBS, 4.00%, 12/1/2046 | 106680 | 101155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #BE7845, UMBS, 4.50%, 2/1/2047 | 120483 | 117409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AL8674, 5.633%, 1/1/2049 | 423617 | 438594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #FS9332, UMBS, 3.00%, 3/1/2050 | 1987150 | 1763068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA4020, UMBS, 3.00%, 5/1/2050 | 3732850 | 3260222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #FS4339, UMBS, 3.00%, 12/1/2050 | 1636234 | 1438665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #FS4511, UMBS, 4.00%, 8/1/2051 | 3303594 | 3110015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #FS2998, UMBS, 3.50%, 4/1/2052 | 1202758 | 1095321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #FS4925, UMBS, 3.50%, 4/1/2052 | 3503297 | 3190365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA4807, UMBS, 5.50%, 11/1/2052 | 834851 | 837861 |
| &nbsp;&nbsp;&nbsp;Freddie Mac |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #C91746, 4.50%, 12/1/2033 | 26821 | 26928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #C91762, 4.50%, 5/1/2034 | 254702 | 254965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #G03926, 6.00%, 2/1/2038 | 106925 | 112174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #G05906, 6.00%, 4/1/2040 | 15080 | 15820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #G06789, 6.00%, 5/1/2040 | 85000 | 89173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #A92889, 4.50%, 7/1/2040 | 389958 | 387528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #RB5167, UMBS, 3.50%, 7/1/2042 | 1077248 | 1013033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #RB5188, UMBS, 4.00%, 10/1/2042 | 2139187 | 2034098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #SD8044, UMBS, 3.00%, 2/1/2050 | 2786480 | 2444823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #SD1360, UMBS, 5.50%, 7/1/2052 | 3234373 | 3242600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #SD8276, UMBS, 5.00%, 12/1/2052 | 1147946 | 1129834 |
| &nbsp;&nbsp;&nbsp;Ginnie Mae Pool #671161, 5.50%, 11/15/2037 | 22949 | 23592 |
| **TOTAL U.S. GOVERNMENT AGENCIES** |  |  |
| &nbsp;&nbsp;&nbsp;(Identified Cost $39,176,580) |  | **38535703** |

---

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

**6**

**Investment Portfolio - April 30, 2025**

(unaudited)

---

| | | |
|:---|:---|:---|
|  PRO-BLEND<sup>®</sup> CONSERVATIVE TERM SERIES | SHARES/<br> PRINCIPAL<br> AMOUNT<sup>1</sup> | VALUE<br> (NOTE 2) |
| **SHORT-TERM INVESTMENT - 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 4.21%<sup>10</sup> |  |  |
| &nbsp;&nbsp;&nbsp;(Identified Cost $10,621,720) | 10621720 | $**10621720** |
| **TOTAL INVESTMENTS - 100.0%** |  | **309628245** |
| &nbsp;&nbsp;&nbsp;(Identified Cost $306,880,322) |  |  |
| **OTHER ASSETS, LESS LIABILITIES - 0.0%##** |  | **90214** |
| **NET ASSETS - 100%** |  | $**309718459** |

---

ADR - American Depositary Receipt

JPY - Japanese Yen

MXN - Mexican Peso

REIT - Real Estate Investment Trust

REMICS - Real Estate Mortgage Investment Conduits

UMBS - Uniform Mortgage-Backed Securities

\*Non-income producing security.

##Less than 0.1%.

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

<sup>2</sup>Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act") and determined to be 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 April 30, 2025 was $56,610,560, which represented 18.3% of the Series' Net Assets.

<sup>3</sup>Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act") and determined to be 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 April 30, 2025 was $3,466,867, or 1.1% of the Series' Net Assets.

<sup>4</sup>Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of April 30, 2025. 

<sup>5</sup>Security is perpetual in nature and has no stated maturity date.

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

<sup>7</sup>Floating rate security. Rate shown is the rate in effect as of April 30, 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 April 30, 2025.

<sup>9</sup>Represents a step-up bond that pays initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate shown reflects the current coupon as of April 30, 2025.

<sup>10</sup>Rate shown is the current yield as of April 30, 2025.

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

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

**7**

**Statement of Assets and Liabilities - Pro-Blend<sup>®</sup> Conservative Term Series**

April 30, 2025 (unaudited)

---

| | |
|:---|:---|
| **ASSETS:** | **ASSETS:** |
| Investments in securities, at value (identified cost $306,880,322) (Note 2) | $309628245 |
| Cash | 19078 |
| Foreign currency, at value (identified cost $42) | 43 |
| Interest receivable | 2023082 |
| Receivable for securities sold | 656093 |
| Dividends receivable | 93757 |
| Foreign tax reclaims receivable | 60915 |
| Receivable for fund shares sold | 50081 |
| Prepaid expenses | 5699 |
| TOTAL ASSETS | 312536993 |
| **LIABILITIES:** | **LIABILITIES:** |
| Accrued sub-transfer agent fees<sup>1</sup> | 101290 |
| Accrued management fees<sup>1</sup> | 91249 |
| Accrued distribution and service (Rule 12b-1) fees (Class S) (Class R) (Class L)<sup>1</sup> | 86426 |
| Accrued fund accounting and administration fees<sup>1</sup> | 30519 |
| Directors' fees payable<sup>1</sup> | 13181 |
| Payable for fund shares repurchased | 1241714 |
| Payable for securities purchased | 1159441 |
| Other payables and accrued expenses | 94714 |
| TOTAL LIABILITIES | 2818534 |
| Commitments and contingent liabilities<sup>1</sup> | Commitments and contingent liabilities<sup>1</sup> |
| **TOTAL NET ASSETS** | $**309718459** |
| **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** |
| Capital stock | $235748 |
| Additional paid-in-capital | 308562980 |
| Total distributable earnings (loss) | 919731 |
| **TOTAL NET ASSETS** | $**309718459** |

---

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

The accompanying notes are an integral part of the financial statements

**8**

**Statement of Assets and Liabilities - Pro-Blend<sup>®</sup> Conservative Term Series**

April 30, 2025 (unaudited)

---

| | |
|:---|:---|
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class S** | |
| &nbsp;&nbsp;($166,808,924/12,713,113 shares) | $**13.12** |
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class I** |  |
| &nbsp;&nbsp;($69,999,389/5,331,849 shares) | $**13.13** |
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class R** |  |
| &nbsp;&nbsp;($12,987,159/987,214 shares) | $**13.16** |
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class L** |  |
| &nbsp;&nbsp;($58,065,593/4,401,426 shares) | $**13.19** |
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class W** |  |
| &nbsp;&nbsp;($1,857,394/141,175 shares) | $**13.16** |

---

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

**9**

**Statement of Operations - Pro-Blend<sup>®</sup> Conservative Term Series**

For the Six Months Ended April 30, 2025 (unaudited)

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** |  |
| Interest | $5631574 |
| Dividends (net of foreign taxes withheld, $20,451) | 444001 |
| Total Investment Income | 6075575 |
| **EXPENSES:** |  |
| Management fees (Note 3) | 638871 |
| Distribution and service (Rule 12b-1) fees (Class L) (Note 3) | 293006 |
| Distribution and service (Rule 12b-1) fees (Class S) (Note 3) | 218186 |
| Distribution and service (Rule 12b-1) fees (Class R) (Note 3) | 33728 |
| Sub-transfer agent fees (Note 3). | 143931 |
| Fund accounting and administration fees (Note 3) | 56280 |
| Directors' fees (Note 3) | 22257 |
| Chief Compliance Officer service fees (Note 3) | 4092 |
| Transfer agent fees | 52103 |
| Custodian fees | 15113 |
| Miscellaneous | 114344 |
| Total Expenses | 1591911 |
| Less reduction of expenses (Note 3) | (21754) |
| Net Expenses | 1570157 |
| NET INVESTMENT INCOME | 4505418 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:** |  |
| Net realized gain (loss) on |  |
| &nbsp;&nbsp;&nbsp;Investments (net of foreign capital gains tax of $5,899) | 2748445 |
| &nbsp;&nbsp;&nbsp;Foreign currency and translation of other assets and liabilities | (2716) |
|  | 2745729 |
| Net change in unrealized appreciation (depreciation) on |  |
| &nbsp;&nbsp;&nbsp;Investments in securities | (1324277) |
| &nbsp;&nbsp;&nbsp;Foreign currency and translation of other assets and liabilities | (409) |
|  | (1324686) |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY | 1421043 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $5926461 |

---

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

**10**

**Statements of Changes in Net Assets - Pro-Blend<sup>®</sup> Conservative Term Series**

---

| | | |
|:---|:---|:---|
|  | FOR THE <br>SIX MONTHS <br>ENDED <br>4/30/25 <br>(UNAUDITED) | FOR THE<br> YEAR ENDED <br> 10/31/24 |
| **INCREASE (DECREASE) IN NET ASSETS:** |  |  |
| **OPERATIONS:** |  |  |
| Net investment income | $&nbsp;&nbsp;&nbsp;&nbsp;4505418 | $10425914 |
| Net realized gain (loss) on investments and foreign currency | 2745729 | 1759956 |
| Net change in unrealized appreciation (depreciation) on investments and foreign currency | (1324686) | 27916560 |
| Net increase (decrease) from operations | 5926461 | 40102430 |
| **DISTRIBUTIONS TO SHAREHOLDERS (Note 10):** |  |  |
| Class S | (5785683) | (5295197) |
| Class I | (2508355) | (2061217) |
| Class R | (427912) | (398984) |
| Class L | (1468644) | (1539000) |
| Class W | (72152) | (54109) |
| Total distributions to shareholders | (10262746) | (9348507) |
| **CAPITAL STOCK ISSUED AND REPURCHASED:** |  |  |
| Net increase (decrease) from capital share transactions (Note 6) | (18730925) | (37844161) |
| Net increase (decrease) in net assets | (23067210) | (7090238) |
| **NET ASSETS:** |  |  |
| Beginning of period | 332785669 | 339875907 |
| **End of period** | $309718459 | $332785669 |

---

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

**11**

**Financial Highlights - Pro-Blend<sup>®</sup> Conservative Term Series - Class S**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | FOR THE | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | SIX MONTHS | | | | | |
|  | ENDED | | | | | |
|  | 4/30/25 |  |  |  |  |  |
|  | (UNAUDITED) | 10/31/24 | 10/31/23 | 10/31/22 | 10/31/21 | 10/31/20 |
| **Per share data (for a share outstanding throughout each period):** |  |  |  |  |  |  |
| **Net asset value - Beginning of period** | $13.30 | $12.16 | $12.11 | $14.61 | $14.47 | $14.23 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.19 | 0.40 | 0.34 | 0.16 | 0.17 | 0.21 |
| Net realized and unrealized gain (loss) on investments | 0.06 | 1.09 | 0.09 | (1.94) | 1.34 | 0.59<sup>2</sup> |
| Total from investment operations | 0.25 | 1.49 | 0.43 | (1.78) | 1.51 | 0.80 |
| Less distributions to shareholders: |  |  |  |  |  |  |
| From net investment income | (0.43) | (0.35) | (0.20) | (0.08) | (0.19) | (0.21) |
| From net realized gain on investments |  |  | (0.18) | (0.64) | (1.18) | (0.35) |
| Total distributions to shareholders | (0.43) | (0.35) | (0.38) | (0.72) | (1.37) | (0.56) |
| **Net asset value - End of period** | **$13.12** | **$13.30** | **$12.16** | **$12.11** | **$14.61** | **$14.47** |
| **Net assets - End of period** (000's omitted) | **$166809** | **$181829** | **$189940** | **$218606** | **$291698** | **$294276** |
| Total return<sup>3</sup> | 1.90% | 12.39% | 3.49% | (12.77%) | 10.99% | 5.86%<sup>2</sup> |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| Expenses\* | 0.90%<sup>4</sup> | 0.90%<sup>5</sup> | 0.90% | 0.88% | 0.87% | 0.87% |
| Net investment income | 2.90%<sup>4</sup> | 3.12% | 2.74% | 1.23% | 1.15% | 1.47% |
| Series portfolio turnover | 24% | 59% | 59% | 79% | 73% | 108% |

---

\*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:

---

| | | | |
|:---|:---|:---|:---|
| 0.01%<sup>4</sup> | N/A | 0.03% | N/A |

---

<sup>1</sup>Calculated based on average shares outstanding during the periods.

<sup>2</sup>During the reporting period the Fund settled legal claims against an issuer of securities previously held by the Fund. As a result, the net realized and unrealized gain (loss) on investments per share includes proceeds received from the settlement. These proceeds impacted the net realized and unrealized gain (loss) on investments per share by less than $0.01. Excluding the proceeds from the settlement, the total return would have been 5.78%.

<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>Annualized.

<sup>5</sup>Includes recoupment of past waived and/or reimbursed fees. Excluding this amount, the expense ratio (to average net assets) would have 0.88%.

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

 **12**

**Financial Highlights - Pro-Blend<sup>®</sup> Conservative Term Series - Class I**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | FOR THE | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | SIX MONTHS | | | | | |
|  | ENDED | | | | | |
|  | 4/30/25 |  |  |  |  |  |
|  | (UNAUDITED) | 10/31/24 | 10/31/23 | 10/31/22 | 10/31/21 | 10/31/20 |
| **Per share data (for a share outstanding throughout each period):** |  |  |  |  |  |  |
| **Net asset value - Beginning of period** | $13.32 | $12.17 | $12.14 | $14.95 | $15.43 | $15.38 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.20 | 0.44 | 0.37 | 0.20 | 0.20 | 0.27 |
| Net realized and unrealized gain (loss) on investments | 0.06 | 1.08 | 0.09 | (1.93) | 1.40 | 0.64<sup>2</sup> |
| Total from investment operations | 0.26 | 1.52 | 0.46 | (1.73) | 1.60 | 0.91 |
| Less distributions to shareholders: |  |  |  |  |  |  |
| From net investment income | (0.46) | (0.37) | (0.25) | (0.16) | (0.38) | (0.36) |
| From net realized gain on investments |  |  | (0.18) | (0.92) | (1.70) | (0.50) |
| Total distributions to shareholders | (0.46) | (0.37) | (0.43) | (1.08) | (2.08) | (0.86) |
| **Net asset value - End of period** | **$13.13** | **$13.32** | **$12.17** | **$12.14** | **$14.95** | **$15.43** |
| **Net assets - End of period** (000's omitted) | **$69999** | **$73614** | **$68157** | **$85498** | **$115216** | **$99139** |
| Total return<sup>3</sup> | 2.08% | 12.65% | 3.73% | (12.50%) | 11.16% | 6.27%<sup>2</sup> |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| Expenses\* | 0.65%<sup>4</sup> | 0.65%<sup>5</sup> | 0.65% | 0.63% | 0.62% | 0.60% |
| Net investment income | 3.15%<sup>4</sup> | 3.37% | 2.98% | 1.48% | 1.40% | 1.77% |
| Series portfolio turnover | 24% | 59% | 59% | 79% | 73% | 108% |

---

\*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:

---

| | | | |
|:---|:---|:---|:---|
| 0.01%<sup>4</sup> | N/A | 0.02% | N/A |

---

<sup>1</sup>Calculated based on average shares outstanding during the periods.

<sup>2</sup>During the reporting period the Fund settled legal claims against an issuer of securities previously held by the Fund. As a result, the net realized and unrealized gain (loss) on investments per share includes proceeds received from the settlement. These proceeds impacted the net realized and unrealized gain (loss) on investments per share by less than $0.01. Excluding the proceeds from the settlement, the total return would have been 6.17%.

<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>Annualized.

<sup>5</sup>Includes recoupment of past waived and/or reimbursed fees. Excluding this amount, the expense ratio (to average net assets) would have 0.63%.

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

 **13**

**Financial Highlights - Pro-Blend<sup>®</sup> Conservative Term Series - Class R**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | FOR THE | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | SIX MONTHS | | | | | |
|  | ENDED | | | | | |
|  | 4/30/25 |  |  |  |  |  |
|  | (UNAUDITED) | 10/31/24 | 10/31/23 | 10/31/22 | 10/31/21 | 10/31/20 |
| **Per share data (for a share outstanding throughout each period):** |  |  |  |  |  |  |
| **Net asset value - Beginning of period** | $13.32 | $12.18 | $12.13 | $15.05 | $15.63 | $15.64 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.17 | 0.38 | 0.31 | 0.14 | 0.14 | 0.20 |
| Net realized and unrealized gain (loss) on investments | 0.06 | 1.09 | 0.08 | (1.95) | 1.44 | 0.65<sup>2</sup> |
| Total from investment operations | 0.23 | 1.47 | 0.39 | (1.81) | 1.58 | 0.85 |
| Less distributions to shareholders: |  |  |  |  |  |  |
| From net investment income | (0.40) | (0.33) | (0.16) | (0.12) | (0.35) | (0.32) |
| From net realized gain on investments |  |  | (0.18) | (0.99) | (1.81) | (0.54) |
| Total distributions to shareholders | (0.40) | (0.33) | (0.34) | (1.11) | (2.16) | (0.86) |
| **Net asset value - End of period** | **$13.16** | **$13.32** | **$12.18** | **$12.13** | **$15.05** | **$15.63** |
| **Net assets - End of period** (000's omitted) | **$12987** | **$14382** | **$14923** | **$18808** | **$23527** | **$22539** |
| Total return<sup>3</sup> | 1.81% | 12.25% | 3.17% | (12.93%) | 10.81% | 5.69%<sup>2</sup> |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| Expenses | 1.12%<sup>4</sup> | 1.10% | 1.12% | 1.08% | 1.05% | 1.04% |
| Net investment income | 2.68%<sup>4</sup> | 2.92% | 2.51% | 1.03% | 0.96% | 1.25% |
| Series portfolio turnover | 24% | 59% | 59% | 79% | 73% | 108% |

---

<sup>1</sup>Calculated based on average shares outstanding during the periods.

<sup>2</sup>During the reporting period the Fund settled legal claims against an issuer of securities previously held by the Fund. As a result, the net realized and unrealized gain (loss) on investments per share includes proceeds received from the settlement. These proceeds impacted the net realized and unrealized gain (loss) on investments per share and total return by less than $0.01 and by less than 0.01%, respectively.

<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.

 **14**

**Financial Highlights - Pro-Blend<sup>®</sup> Conservative Term Series - Class L**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | FOR THE | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | SIX MONTHS | | | | | |
|  | ENDED | | | | | |
|  | 4/30/25 |  |  |  |  |  |
|  | (UNAUDITED) | 10/31/24 | 10/31/23 | 10/31/22 | 10/31/21 | 10/31/20 |
| **Per share data (for a share outstanding throughout each period):** |  |  |  |  |  |  |
| **Net asset value - Beginning of period** | $13.31 | $12.21 | $12.12 | $15.07 | $15.64 | $15.65 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.14 | 0.31 | 0.25 | 0.08 | 0.06 | 0.12 |
| Net realized and unrealized gain (loss) on investments | 0.07 | 1.09 | 0.09 | (1.97) | 1.45 | 0.65<sup>2</sup> |
| Total from investment operations | 0.21 | 1.40 | 0.34 | (1.89) | 1.51 | 0.77 |
| Less distributions to shareholders: |  |  |  |  |  |  |
| From net investment income | (0.33) | (0.30) | (0.07) | (0.08) | (0.26) | (0.24) |
| From net realized gain on investments |  |  | (0.18) | (0.98) | (1.82) | (0.54) |
| Total distributions to shareholders | (0.33) | (0.30) | (0.25) | (1.06) | (2.08) | (0.78) |
| **Net asset value - End of period** | **$13.19** | **$13.31** | **$12.21** | **$12.12** | **$15.07** | **$15.64** |
| **Net assets - End of period** (000's omitted) | **$58066** | **$61116** | **$65223** | **$73165** | **$94971** | **$86903** |
| Total return<sup>3</sup> | 1.55% | 11.55% | 2.71% | (13.44%) | 10.26% | 5.16%<sup>2</sup> |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| Expenses | 1.63%<sup>4</sup> | 1.61% | 1.63% | 1.59% | 1.58% | 1.55% |
| Net investment income | 2.17%<sup>4</sup> | 2.41% | 2.00% | 0.52% | 0.44% | 0.79% |
| Series portfolio turnover | 24% | 59% | 59% | 79% | 73% | 108% |

---

<sup>1</sup>Calculated based on average shares outstanding during the periods.

<sup>2</sup>During the reporting period the Fund settled legal claims against an issuer of securities previously held by the Fund. As a result, the net realized and unrealized gain (loss) on investments per share includes proceeds received from the settlement. These proceeds impacted the net realized and unrealized gain (loss) on investments per share and total return by less than $0.01 and by less than 0.01%, respectively.

<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.

 **15**

**Financial Highlights - Pro-Blend<sup>®</sup> Conservative Term Series - Class W**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | FOR THE | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | SIX MONTHS | | | | | |
|  | ENDED | | | | | |
|  | 4/30/25 |  |  |  |  |  |
|  | (UNAUDITED) | 10/31/24 | 10/31/23 | 10/31/22 | 10/31/21 | 10/31/20 |
| **Per share data (for a share outstanding throughout each period):** |  |  |  |  |  |  |
| **Net asset value - Beginning of period** | $13.38 | $12.19 | $12.18 | $14.64 | $14.52 | $14.28 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.24 | 0.51 | 0.44 | 0.27 | 0.28 | 0.32 |
| Net realized and unrealized gain (loss) on investments | 0.07 | 1.08 | 0.09 | (1.94) | 1.35 | 0.59<sup>2</sup> |
| Total from investment operations | 0.31 | 1.59 | 0.53 | (1.67) | 1.63 | 0.91 |
| Less distributions to shareholders: |  |  |  |  |  |  |
| From net investment income | (0.53) | (0.40) | (0.34) | (0.15) | (0.33) | (0.32) |
| From net realized gain on investments |  |  | (0.18) | (0.64) | (1.18) | (0.35) |
| Total distributions to shareholders | (0.53) | (0.40) | (0.52) | (0.79) | (1.51) | (0.67) |
| **Net asset value - End of period** | **$13.16** | **$13.38** | **$12.19** | **$12.18** | **$14.64** | **$14.52** |
| **Net assets - End of period** (000's omitted) | **$1857** | **$1845** | **$1633** | **$1623** | **$1985** | **$1775** |
| Total return<sup>3</sup> | 2.33% | 13.29% | 4.32% | (12.07%) | 11.84% | 6.66%<sup>2</sup> |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| Expenses\* | 0.10%<sup>4</sup> | 0.10% | 0.10% | 0.10% | 0.10% | 0.09% |
| Net investment income | 3.70%<sup>4</sup> | 3.92% | 3.55% | 2.03% | 1.92% | 2.26% |
| Series portfolio turnover | 24% | 59% | 59% | 79% | 73% | 108% |

---

\*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:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 0.47%<sup>4</sup> | 0.46% | 0.47% | 0.44% | 0.42% | 0.40% |

---

<sup>1</sup>Calculated based on average shares outstanding during the periods.

<sup>2</sup>During the reporting period the Fund settled legal claims against an issuer of securities previously held by the Fund. As a result, the net realized and unrealized gain (loss) on investments per share includes proceeds received from the settlement. These proceeds impacted the net realized and unrealized gain (loss) on investments per share and total return by less than $0.01 and by less than 0.01%, respectively.

<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.

 **16**

**Investment Portfolio - April 30, 2025**

(unaudited)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;PRO-BLEND<sup>®</sup> MODERATE TERM SERIES | SHARES/ <br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE <br> (NOTE 2) |
| **COMMON STOCKS - 41.4%** |  |  |
| **Communication Services - 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;**Interactive Media & Services - 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | 27346 | $4342545 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | 6111 | 3354939 |
| **Total Communication Services** |  | 7697484 |
| **Consumer Discretionary - 5.0%** |  |  |
| &nbsp;&nbsp;&nbsp;**Automobiles - 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Ferrari N.V. (Italy) | 4810 | 2221162 |
| &nbsp;&nbsp;&nbsp;**Broadline Retail - 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.\* | 19157 | 3532934 |
| &nbsp;&nbsp;&nbsp;MercadoLibre, Inc. (Brazil)\* | 514 | 1198057 |
|  |  | 4730991 |
| &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure - 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc.\* | 47103 | 2379643 |
| &nbsp;&nbsp;&nbsp;**Household Durables - 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Persimmon plc - ADR (United Kingdom) | 31776 | 1105169 |
| &nbsp;&nbsp;&nbsp;Taylor Wimpey plc - ADR (United Kingdom) | 69526 | 1099867 |
|  |  | 2205036 |
| &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods - 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Hermes International SCA - ADR (France) | 12218 | 3346877 |
| **Total Consumer Discretionary** |  | 14883709 |
| **Consumer Staples - 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;**Beverages - 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;The Coca-Cola Co. | 46493 | 3373067 |
| **Financials - 6.4%** |  |  |
| &nbsp;&nbsp;&nbsp;**Banks - 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;HDFC Bank Ltd. - ADR (India) | 30980 | 2251936 |
| &nbsp;&nbsp;&nbsp;**Capital Markets - 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;BlackRock, Inc. | 1199 | 1096198 |
| &nbsp;&nbsp;&nbsp;Deutsche Boerse AG - ADR (Germany) | 38838 | 1245923 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | 6765 | 1136317 |
| &nbsp;&nbsp;&nbsp;Moody's Corp. | 3985 | 1805683 |
| &nbsp;&nbsp;&nbsp;Nasdaq, Inc. | 15024 | 1144979 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. | 2446 | 1223123 |
|  |  | 7652223 |
| &nbsp;&nbsp;&nbsp;**Financial Services - 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc.\* | 7847 | 1448321 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc. - Class A | 8175 | 4480390 |
| &nbsp;&nbsp;&nbsp;Visa, Inc. - Class A | 8714 | 3010687 |
|  |  | 8939398 |
| **Total Financials** |  | 18843557 |
| **Health Care - 6.6%** |  |  |
| &nbsp;&nbsp;&nbsp;**Biotechnology - 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.\* | 4478 | 2281541 |
| &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc.\* | 2081 | 1073380 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES/ <br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE <br> (NOTE 2) | VALUE <br> (NOTE 2) |
| **COMMON STOCKS** (continued) |  |  |  |
| **Health Care** (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services - 2.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Danaher Corp. | 5760 | $| 1148141 |
| &nbsp;&nbsp;&nbsp;Lonza Group AG - ADR (Switzerland) | 34148 |  | 2440216 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | 7153 |  | 3068637 |
|  |  |  | 6656994 |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals - 3.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;AstraZeneca plc - ADR (United Kingdom) | 62320 |  | 4473952 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 17564 |  | 2745429 |
| &nbsp;&nbsp;&nbsp;Roche Holding AG - ADR | 54374 |  | 2216828 |
|  |  |  | 9436209 |
| **Total Health Care** |  |  | 19448124 |
| **Industrials - 6.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Aerospace & Defense - 2.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;BAE Systems plc - ADR (United Kingdom) | 11919 |  | 1111208 |
| &nbsp;&nbsp;&nbsp;HEICO Corp. - Class A | 8745 |  | 1757133 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | 16042 |  | 3529561 |
|  |  |  | 6397902 |
| &nbsp;&nbsp;&nbsp;**Air Freight & Logistics - 1.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Deutsche Post AG - ADR (Germany) | 74667 |  | 3197241 |
| &nbsp;&nbsp;&nbsp;**Building Products - 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Masco Corp. | 15147 |  | 918060 |
| &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies - 1.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Copart, Inc.\* | 40312 |  | 2460241 |
| &nbsp;&nbsp;&nbsp;Rollins, Inc. | 19688 |  | 1124776 |
|  |  |  | 3585017 |
| &nbsp;&nbsp;&nbsp;**Ground Transportation - 1.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Canadian National Railway Co. (Canada) | 12305 |  | 1191370 |
| &nbsp;&nbsp;&nbsp;CSX Corp. | 38892 |  | 1091698 |
| &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | 4959 |  | 1111064 |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp. | 4836 |  | 1042932 |
|  |  |  | 4437064 |
| &nbsp;&nbsp;&nbsp;**Professional Services - 0.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;TransUnion | 24349 |  | 2019993 |
| **Total Industrials** |  |  | 20555277 |
| **Information Technology - 9.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components - 0.8%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components - 0.8%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components - 0.8%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components - 0.8%** |
| &nbsp;&nbsp;&nbsp;Amphenol Corp. - Class A | 14537 |  | 1118622 |
| &nbsp;&nbsp;&nbsp;Halma plc - ADR (United Kingdom) | 15246 |  | 1150158 |
|  |  |  | 2268780 |
| &nbsp;&nbsp;&nbsp;**IT Services - 0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Globant S.A. \* | 13876 |  | 1631401 |
| &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 2.1%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 2.1%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 2.1%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 2.1%** |
| &nbsp;&nbsp;&nbsp;Infineon Technologies AG - ADR (Germany) | 49976 |  | 1647709 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 22229 |  | 2421183 |

---

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

**17**

**Investment Portfolio - April 30, 2025**

(unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;PRO-BLEND<sup>®</sup> MODERATE TERM SERIES | SHARES/ <br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE <br> (NOTE 2) | VALUE <br> (NOTE 2) |
| **COMMON STOCKS** (continued) |  |  |  |
| **Information Technology** (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment** (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. - ADR (Taiwan) | 13443 | $| 2240813 |
|  |  |  | 6309705 |
| &nbsp;&nbsp;&nbsp;**Software - 5.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Atlassian Corp. - Class A \* | 4839 |  | 1104792 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc.\* | 14984 |  | 4461336 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 14623 |  | 5779887 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc.\* | 2379 |  | 2271969 |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc.\* | 2241 |  | 1028642 |
| &nbsp;&nbsp;&nbsp;Workday, Inc. - Class A\* | 9556 |  | 2341220 |
|  |  |  | 16987846 |
| **Total Information Technology** |  |  | 27197732 |
| **Materials - 2.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Chemicals - 2.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Air Liquide S.A. - ADR (France) | 81781 |  | 3347296 |
| &nbsp;&nbsp;&nbsp;The Sherwin-Williams Co. | 3362 |  | 1186517 |
| &nbsp;&nbsp;&nbsp;Sociedad Quimica y Minera de Chile S.A. - ADR (Chile) | 37719 |  | 1289990 |
|  |  |  | 5823803 |
| &nbsp;&nbsp;&nbsp;**Paper & Forest Products - 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;West Fraser Timber Co. Ltd. (Canada) | 19407 |  | 1435730 |
| **Total Materials** |  |  | 7259533 |
| **Real Estate - 1.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Real Estate Management & Development - 0.7%** | &nbsp;&nbsp;&nbsp;**Real Estate Management & Development - 0.7%** | &nbsp;&nbsp;&nbsp;**Real Estate Management & Development - 0.7%** | &nbsp;&nbsp;&nbsp;**Real Estate Management & Development - 0.7%** |
| &nbsp;&nbsp;&nbsp;CBRE Group, Inc. - Class A\* | 18527 |  | 2263629 |
| &nbsp;&nbsp;&nbsp;**Specialized REITs - 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. | 7808 |  | 1144028 |
| **Total Real Estate** |  |  | 3407657 |
| **TOTAL COMMON STOCKS** <br> (Identified Cost $108,882,156) |  |  | **122666140** |
| **CORPORATE BONDS - 14.7%** |  |  |  |
| **Non-Convertible Corporate Bonds- 14.7%** |  |  |  |
| **Communication Services - 1.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Entertainment - 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Warnermedia Holdings, Inc., 4.054%, 3/15/2029 | 1390000 |  | 1298077 |
| &nbsp;&nbsp;&nbsp;**Interactive Media & Services - 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. (China), 3.975%, 4/11/2029<sup>2</sup> | 930000 |  | 915273 |
| &nbsp;&nbsp;&nbsp;**Media - 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Open Infra U.S. Assets AB, 11.00%, 2/22/2027 | 400000 |  | 393288 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES/ <br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE <br> (NOTE 2) |
| **CORPORATE BONDS** (continued) |  |  |
| **Non-Convertible Corporate Bonds** (continued) |  |  |
| **Communication Services** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;**Media** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;The Walt Disney Co., 6.65%, 11/15/2037 | 620000 | $698029 |
|  |  | 1091317 |
| **Total Communication Services** |  | 3304667 |
| **Consumer Discretionary - 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;**Broadline Retail - 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. (China), 4.00%, 12/6/2037 | 2200000 | 1892772 |
| &nbsp;&nbsp;&nbsp;**Household Durables - 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;DR Horton, Inc., 4.85%, 10/15/2030 | 780000 | 782372 |
| &nbsp;&nbsp;&nbsp;**Specialty Retail - 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc., 1.875%, 4/15/2031 | 255000 | 215882 |
| **Total Consumer Discretionary** |  | 2891026 |
| **Energy - 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;**Energy Equipment & Services - 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Borr IHC Ltd. - Borr Finance LLC (Mexico), 10.00%, 11/15/2028<sup>2</sup> | 305854 | 256620 |
| &nbsp;&nbsp;&nbsp;Telford Finco (United Arab Emirates), 11.00%, 11/6/2029 | 300000 | 291982 |
|  |  | 548602 |
| &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels - 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Brooge Petroleum and Gas Investment Co. FZE (United Arab Emirates), 8.50%, 9/24/2025 (Acquired 09/10/2020-09/01/2023, cost $287,486)<sup>3</sup> | 319173 | 292324 |
| &nbsp;&nbsp;&nbsp;Cenovus Energy, Inc. (Canada), 6.75%, 11/15/2039 | 1290000 | 1354417 |
| &nbsp;&nbsp;&nbsp;Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.375%, 2/1/2031<sup>2</sup> | 890000 | 931402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 2/1/2042 | 1350000 | 1349830 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan, Inc., 4.80%, 2/1/2033 | 620000 | 594696 |
| &nbsp;&nbsp;&nbsp;New Fortress Energy, Inc., 8.75%, 3/15/2029<sup>2</sup> | 335000 | 177802 |
|  |  | 4700471 |
| **Total Energy** |  | 5249073 |
| **Financials - 6.8%** |  |  |
| &nbsp;&nbsp;&nbsp;**Banks - 4.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Bank of America Corp., (U.S. Secured Overnight Financing Rate + 1.320%), 2.687%, 4/22/2032<sup>4</sup> | 1470000 | 1297310 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc., (U.S. Secured Overnight Financing Rate + 0.770%), 1.462%, 6/9/2027<sup>4</sup> | 1370000 | 1322771 |
| &nbsp;&nbsp;&nbsp;Citizens Bank NA, (U.S. Secured Overnight Financing Rate + 2.000%), 4.575%, 8/9/2028<sup>4</sup> | 960000 | 957942 |

---

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

**18**

**Investment Portfolio - April 30, 2025**

(unaudited)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;PRO-BLEND<sup>®</sup> MODERATE TERM SERIES | SHARES/ <br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE <br> (NOTE 2) |
| **CORPORATE BONDS** (continued) |  |  |
| **Non-Convertible Corporate Bonds** (continued) |  |  |
| **Financials** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;**Banks** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp, (U.S. Secured Overnight Financing Index + 2.192%), 6.361%, 10/27/2028<sup>4</sup> | 330000 | $342713 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc., 2.55%, 2/4/2030 | 980000 | 881905 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., (3 mo. U.S. Secured Overnight Financing Rate + 3.790%), 4.493%, 3/24/2031<sup>4</sup> | 2220000 | 2200338 |
| &nbsp;&nbsp;&nbsp;KeyBank NA, 5.85%, 11/15/2027 | 770000 | 790515 |
| &nbsp;&nbsp;&nbsp;The PNC Financial Services Group, Inc., (U.S. Secured Overnight Financing Rate + 1.322%), 5.812%, 6/12/2026<sup>4</sup> | 1270000 | 1270720 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp., (U.S. Secured Overnight Financing Rate + 0.862%), 1.887%, 6/7/2029<sup>4</sup> | 1440000 | 1327083 |
| &nbsp;&nbsp;&nbsp;U.S. Bancorp, (U.S. Secured Overnight Financing Rate + 1.230%), 4.653%, 2/1/2029<sup>4</sup> | 1320000 | 1323126 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co., (U.S. Secured Overnight Financing Rate + 1.070%), 5.707%, 4/22/2028<sup>4</sup> | 1290000 | 1318069 |
|  |  | 13032492 |
| &nbsp;&nbsp;&nbsp;**Capital Markets - 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Carlyle Secured Lending, Inc., 6.75%, 2/18/2030 | 73000 | 73633 |
| &nbsp;&nbsp;&nbsp;The Depository Trust & Clearing Corp., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.606%), 3.375%<sup>2,4,5</sup> | 500000 | 481111 |
| &nbsp;&nbsp;&nbsp;Icahn Enterprises LP - Icahn Enterprises Finance Corp., 10.00%, 11/15/2029<sup>2</sup> | 325000 | 318180 |
| &nbsp;&nbsp;&nbsp;Jefferies Financial Group, Inc., 6.20%, 4/14/2034 | 1230000 | 1244451 |
|  |  | 2117375 |
| &nbsp;&nbsp;&nbsp;**Consumer Finance - 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp., (U.S. Secured Overnight Financing Rate + 3.070%), 7.624%, 10/30/2031<sup>4</sup> | 1700000 | 1891058 |
| &nbsp;&nbsp;&nbsp;Navient Corp., 6.75%, 6/25/2025 | 475000 | 475148 |
|  |  | 2366206 |
| &nbsp;&nbsp;&nbsp;**Financial Services - 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Golden Pear Funding HoldCo LLC, 10.00%, 3/2/2028 | 230000 | 198929 |
| &nbsp;&nbsp;&nbsp;U.S. Claims Litigation Funding LLC, 10.25%, 3/17/2028 (Acquired 03/14/2023, cost $250,000)<sup>3</sup> | 250000 | 217110 |
|  |  | 416039 |
| &nbsp;&nbsp;&nbsp;**Insurance - 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;MassMutual Global Funding II, 4.85%, 1/17/2029<sup>2</sup> | 470000 | 477392 |
| &nbsp;&nbsp;&nbsp;Metropolitan Life Global Funding I, 4.85%, 1/8/2029<sup>2</sup> | 470000 | 477447 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES/ <br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE <br> (NOTE 2) |
| **CORPORATE BONDS** (continued) |  |  |
| **Non-Convertible Corporate Bonds** (continued) |  |  |
| **Financials** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;**Insurance** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;New York Life Global Funding, 4.70%, 1/29/2029<sup>2</sup> | 470000 | $475071 |
| &nbsp;&nbsp;&nbsp;SiriusPoint Ltd. (Sweden), 7.00%, 4/5/2029 | 860000 | 889255 |
|  |  | 2319165 |
| **Total Financials** |  | 20251277 |
| **Industrials - 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;**Ground Transportation - 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;BNSF Funding Trust I, (3 mo. CME Term U.S. Secured Overnight Financing Rate + 2.350%), 6.613%, 12/15/2055<sup>4</sup> | 300000 | 300032 |
| &nbsp;&nbsp;&nbsp;**Passenger Airlines - 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Alaska Airlines Pass-Through Trust, Series 2020-1, Class B, 8.00%, 8/15/2025<sup>2</sup> | 45892 | 46154 |
| &nbsp;&nbsp;&nbsp;United Airlines Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-1, Class B, 4.60%, 3/1/2026 | 47325 | 45864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-2, Class B, 3.50%, 5/1/2028 | 282260 | 267971 |
|  |  | 359989 |
| &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors - 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC - AerCap Global Aviation Trust (Ireland), 3.00%, 10/29/2028 | 1020000 | 961726 |
| &nbsp;&nbsp;&nbsp;Ashtead Capital, Inc. (United Kingdom), 4.00%, 5/1/2028<sup>2</sup> | 980000 | 959503 |
|  |  | 1921229 |
| **Total Industrials** |  | 2581250 |
| **Materials - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;**Metals & Mining - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;ACG Holdco 1 Ltd. (United Kingdom), 14.75%, 1/13/2029 | 300000 | 301115 |
| &nbsp;&nbsp;&nbsp;Newcastle Coal Infrastructure Group Pty Ltd. (Australia), 4.40%, 9/29/2027<sup>2</sup> | 1243913 | 1224584 |
| &nbsp;&nbsp;&nbsp;Northwest Acquisitions ULC - Dominion Finco, Inc., 7.125%, 11/1/2022 (Acquired 10/10/2017-09/18/2020, cost $89,149)<sup>3,6</sup> | 497000 | 5 |
| **Total Materials** |  | 1525704 |
| **Real Estate - 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;**Industrial REITs - 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;IIP Operating Partnership LP, 5.50%, 5/25/2026 | 490000 | 469750 |
| &nbsp;&nbsp;&nbsp;**Retail REITs - 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Simon Property Group LP, 2.65%, 2/1/2032 | 2130000 | 1847963 |

---

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

**19**

**Investment Portfolio - April 30, 2025**

(unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;PRO-BLEND<sup>®</sup> MODERATE TERM SERIES | SHARES/ <br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE <br> (NOTE 2) | VALUE <br> (NOTE 2) |
| **CORPORATE BONDS** (continued) |  |  |  |
| **Non-Convertible Corporate Bonds** (continued) |  |  |  |
| **Real Estate** (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;**Specialized REITs - 0.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;SBA Tower Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.884%, 1/15/2026<sup>2</sup> | 520000 | $| 508930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.599%, 1/15/2028<sup>2</sup> | 1270000 |  | 1298979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.831%, 10/15/2029<sup>2</sup> | 710000 |  | 699913 |
|  |  |  | 2507822 |
| **Total Real Estate** |  |  | 4825535 |
| **Utilities - 1.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Electric Utilities - 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Alexander Funding Trust II, 7.467%, 7/31/2028<sup>2</sup> | 880000 |  | 933022 |
| &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers - 0.7%** | &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers - 0.7%** | &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers - 0.7%** | &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers - 0.7%** |
| &nbsp;&nbsp;&nbsp;Palomino Funding Trust I, 7.233%, 5/17/2028<sup>2</sup> | 1780000 |  | 1873369 |
| **Total Utilities** |  |  | 2806391 |
| **TOTAL CORPORATE BONDS** <br> (Identified Cost $44,475,184) |  |  | **43434923** |
| **U.S. TREASURY SECURITIES - 18.8%** |  |  |  |
| **U.S. Treasury Bonds - 4.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 5/15/2047 | 7980000 |  | 6043603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625%, 2/15/2053 | 9495000 |  | 7871949 |
| **Total U.S. Treasury Bonds** <br> (Identified Cost $14,522,541) |  |  | 13915552 |
| **U.S. Treasury Notes - 14.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125%, 11/15/2028 | 6609000 |  | 6491794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 11/15/2029 | 7132000 |  | 6558097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.875%, 11/15/2030 | 11889000 |  | 10154878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 11/15/2032 | 6104000 |  | 6153595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 11/15/2033 | 6101000 |  | 6278310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 11/15/2034 | 6058000 |  | 6095862 |
| **Total U.S. Treasury Notes** <br> (Identified Cost $41,008,788) |  |  | 41732536 |
| **TOTAL U.S. TREASURY SECURITIES** <br> (Identified Cost $55,531,329) |  |  | **55648088** |
| **ASSET-BACKED SECURITIES - 5.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Capteris Equipment Finance LLC, Series 2024-1A, Class A2, 5.58%, 7/20/2032<sup>2</sup> | 770381 |  | 779162 |
| &nbsp;&nbsp;&nbsp;CF Hippolyta Issuer LLC, Series 2020-1, Class A1, 1.69%, 7/15/2060<sup>2</sup> | 921938 |  | 911280 |
| &nbsp;&nbsp;&nbsp;Cogent Ipv4 LLC, Series 2024-1A, Class A2, 7.924%, 5/25/2054<sup>2</sup> | 615000 |  | 640650 |
| &nbsp;&nbsp;&nbsp;Commonbond Student Loan Trust, Series 2019-AGS, Class A1, 2.54%, 1/25/2047<sup>2</sup> | 428160 |  | 392946 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES/ <br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE <br> (NOTE 2) | VALUE <br> (NOTE 2) |
| **ASSET-BACKED SECURITIES** (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;DataBank Issuer, Series 2023-1A, Class A2, 5.116%, 2/25/2053<sup>2</sup> | 1600000 | $| 1578353 |
| &nbsp;&nbsp;&nbsp;Flexential Issuer, Series 2021-1A, Class A2, 3.25%, 11/27/2051<sup>2</sup> | 2100000 |  | 2000795 |
| &nbsp;&nbsp;&nbsp;Goodgreen Trust, Series 2020-1A, Class A, 2.63%, 4/15/2055<sup>2</sup> | 804498 |  | 674735 |
| &nbsp;&nbsp;&nbsp;Hotwire Funding LLC, Series 2021-1, Class A2, 2.311%, 11/20/2051<sup>2</sup> | 1950000 |  | 1861004 |
| &nbsp;&nbsp;&nbsp;Nelnet Student Loan Trust, Series 2012- 3A, Class A, (U.S. Secured Overnight Financing Rate 30 Day Average + 0.814%), 5.168%, 3/26/2040<sup>2,7</sup> | 120649 |  | 119088 |
| &nbsp;&nbsp;&nbsp;Oxford Finance Credit Fund III LP, Series 2024-A, Class A2, 6.675%, 1/14/2032<sup>2</sup> | 165000 |  | 166865 |
| &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> | 1191024 |  | 1182451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A, Class A2, 6.716%, 2/15/2031<sup>2</sup> | 2007260 |  | 2015134 |
| &nbsp;&nbsp;&nbsp;PEAR LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1, Class A, 2.60%, 1/15/2034<sup>2</sup> | 472877 |  | 468137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1, Class A, 7.42%, 7/15/2035<sup>2</sup> | 685725 |  | 701183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1, Class A, 6.95%, 2/15/2036<sup>2</sup> | 361059 |  | 364729 |
| &nbsp;&nbsp;&nbsp;SLM Student Loan Trust, Series 2012-7, Class A3, (U.S. Secured Overnight Financing Rate 30 Day Average + 0.764%), 5.118%, 5/26/2026<sup>7</sup> | 1653024 |  | 1578693 |
| **TOTAL ASSET-BACKED SECURITIES** <br> (Identified Cost $15,712,337) |  |  | **15435205** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES - 5.9%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 5.9%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 5.9%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 5.9%** |
| &nbsp;&nbsp;&nbsp;Brean Asset Backed Securities Trust, Series 2021-RM2, Class A, 1.75%, 10/25/2061<sup>2,8</sup> | 1069056 |  | 1015634 |
| &nbsp;&nbsp;&nbsp;CIM Trust, Series 2019-INV1, Class A1, 4.00%, 2/25/2049<sup>2,8</sup> | 23945 |  | 22534 |
| &nbsp;&nbsp;&nbsp;Citigroup Mortgage Loan Trust, Inc., Series 2021-INV1, Class A3A, 2.50%, 5/25/2051<sup>2,8</sup> | 575092 |  | 466387 |
| &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>2,8</sup> | 113274 |  | 104699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-IVR2, Class A2, 3.00%, 4/25/2043<sup>2,8</sup> | 259833 |  | 233065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-IVR3, Class A1, 2.50%, 5/25/2043<sup>2,8</sup> | 227240 |  | 200301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-TH1, Class A1, 2.13%, 2/25/2043<sup>2,8</sup> | 132764 |  | 115561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-IVR3, Class A1, 3.50%, 7/25/2044<sup>2,8</sup> | 43071 |  | 40356 |
| &nbsp;&nbsp;&nbsp;Deephaven Residential Mortgage Trust, Series 2021-3, Class A1, 1.194%, 8/25/2066<sup>2,8</sup> | 854176 |  | 741503 |

---

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

**20**

**Investment Portfolio - April 30, 2025**

(unaudited)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;PRO-BLEND<sup>®</sup> MODERATE TERM SERIES | SHARES/ <br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE (NOTE 2) |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES** (continued) | **COMMERCIAL MORTGAGE-BACKED SECURITIES** (continued) | **COMMERCIAL MORTGAGE-BACKED SECURITIES** (continued) |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMICS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-31, Class KP, 3.50%, 7/25/2047 | 15230 | $15015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-69, Class WJ, 1.50%, 10/25/2050 | 782738 | 668629 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMICS, Series 5189, Class CP, 2.50%, 6/25/2049 | 1826276 | 1604954 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 2017-54, Class AH, 2.60%, 12/16/2056 | 181393 | 166960 |
| &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1, Class A9, (U.S. Secured Overnight Financing Rate 30 Day Average + 0.850%), 5.00%, 12/25/2051<sup>2,7</sup> | 1053993 | 976711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-PJ6, Class A8, 2.50%, 11/25/2051<sup>2,8</sup> | 792300 | 699506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-PJ9, Class A8, 2.50%, 2/26/2052<sup>2,8</sup> | 811585 | 717287 |
| &nbsp;&nbsp;&nbsp;Imperial Fund Mortgage Trust, Series 2021-NQM3, Class A1, 1.595%, 11/25/2056<sup>2,8</sup> | 882436 | 757526 |
| &nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-2, Class 1A1, 3.00%, 6/25/2029<sup>2,8</sup> | 95658 | 93832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-2, Class A3, 3.50%, 5/25/2047<sup>2,8</sup> | 10578 | 9381 |
| &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>2,8</sup> | 195115 | 188078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-2A, Class A1, 3.75%, 8/25/2055<sup>2,8</sup> | 219186 | 212335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-4A, Class A1, 3.75%, 11/25/2056<sup>2,8</sup> | 247158 | 236368 |
| &nbsp;&nbsp;&nbsp;OBX Trust, Series 2024-NQM1, Class A1, 5.928%, 11/25/2063<sup>2,9</sup> | 803501 | 806548 |
| &nbsp;&nbsp;&nbsp;PCG LLC, Series 2023-1, (1 mo. U.S. Secured Overnight Financing Rate + 6.000%), 10.311%, 7/25/2029 (Acquired 07/24/2023, cost $1,855,391)<sup>3,7</sup> | 1855391 | 1855194 |
| &nbsp;&nbsp;&nbsp;PMT Loan Trust, Series 2013-J1, Class A9, 3.50%, 9/25/2043<sup>2,8</sup> | 789269 | 732085 |
| &nbsp;&nbsp;&nbsp;Provident Funding Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2, Class A2A, 2.00%, 4/25/2051<sup>2,8</sup> | 978014 | 830505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1, Class A1, 2.50%, 8/25/2051<sup>2,8</sup> | 1689215 | 1358451 |
| &nbsp;&nbsp;&nbsp;RCKT Mortgage Trust, Series 2021-6, Class A1, 2.50%, 12/25/2051<sup>2,8</sup> | 1092969 | 888136 |
| &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> | 185606 | 158873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-6, Class A2, 3.00%, 5/25/2043<sup>8</sup> | 358864 | 322584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-7, Class A2, 3.00%, 6/25/2043<sup>8</sup> | 129193 | 116154 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | SHARES/ <br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE <br> (NOTE 2) |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES** (continued) | **COMMERCIAL MORTGAGE-BACKED SECURITIES** (continued) | **COMMERCIAL MORTGAGE-BACKED SECURITIES** (continued) |  |
| &nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-8, Class A1, 3.00%, 6/25/2043<sup>8</sup> |  | 161245 | $145421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-6, Class A19, 3.50%, 9/25/2047<sup>2,8</sup> |  | 66702 | 59838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1, Class A1, 3.50%, 2/25/2050<sup>2,8</sup> |  | 65752 | 58318 |
| &nbsp;&nbsp;&nbsp;Starwood Retail Property Trust, Series 2014-STAR, Class A, (Prime Rate + 0.000%), 7.50%, 11/15/2027<sup>2,7</sup> |  | 935875 | 530521 |
| &nbsp;&nbsp;&nbsp;Sutherland Commercial Mortgage Trust, Series 2019-SBC8, Class A, 2.86%, 4/25/2041<sup>2,8</sup> |  | 112809 | 107235 |
| &nbsp;&nbsp;&nbsp;Towd Point Mortgage Trust, Series 2019- HY1, Class A1, (1 mo. U.S. Secured Overnight Financing Rate + 1.114%), 5.441%, 10/25/2048<sup>2,7</sup> |  | 156927 | 157354 |
| &nbsp;&nbsp;&nbsp;WinWater Mortgage Loan Trust, Series 2015-1, Class A1, 3.50%, 1/20/2045<sup>2,8</sup> |  | 73047 | 67798 |
| **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** <br> (Identified Cost $19,661,514) |  |  | **17481637** |
| **FOREIGN GOVERNMENT BONDS - 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Japan Government Two Year Bond, Series 456, (Japan), 0.10%, 1/1/2026 | JPY | 165000000 | 1151162 |
| &nbsp;&nbsp;&nbsp;Mexican Bonos, Series M, (Mexico), 7.75%, 5/29/2031 | MXN | 1081000 | 52066 |
| **TOTAL FOREIGN GOVERNMENT BONDS** <br> (Identified Cost $1,197,373) |  |  | **1203228** |
| **MUNICIPAL BONDS - 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;South Carolina Public Service Authority, Series B, Revenue Bond, 2.329%, 12/1/2028 (Identified Cost $955,000) |  | 955000 | **893324** |
| **U.S. GOVERNMENT AGENCIES - 9.4%** |  |  |  |
| **Mortgage-Backed Securities - 9.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Fannie Mae |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA3463, UMBS, 4.00%, 9/1/2033 |  | 236531 | 234082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA1834, UMBS, 4.50%, 2/1/2034 |  | 178898 | 178918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA1903, UMBS, 4.50%, 5/1/2034 |  | 132625 | 132629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #889576, UMBS, 6.00%, 4/1/2038 |  | 128417 | 134575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA3412, UMBS, 3.50%, 7/1/2038 |  | 227537 | 217885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #995196, UMBS, 6.00%, 7/1/2038 |  | 267594 | 279951 |

---

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

**21**

**Investment Portfolio - April 30, 2025**

(unaudited)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;PRO-BLEND<sup>®</sup> MODERATE TERM SERIES | SHARES/ <br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE <br> (NOTE 2) |
| **U.S. GOVERNMENT AGENCIES** (continued) |  |  |
| **Mortgage-Backed Securities** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Fannie Mae (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AD0207, UMBS, 6.00%, 10/1/2038 | 48117 | $50424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AD0220, UMBS, 6.00%, 10/1/2038 | 14671 | 15348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA0258, UMBS, 4.50%, 12/1/2039 | 241598 | 239868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AL1595, UMBS, 6.00%, 1/1/2040 | 163264 | 171092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AL0152, UMBS, 6.00%, 6/1/2040 | 253421 | 265573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA4203, UMBS, 2.50%, 12/1/2040 | 1681040 | 1501524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA4687, UMBS, 4.00%, 6/1/2042 | 1798446 | 1708222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AL7068, UMBS, 4.50%, 9/1/2042 | 79182 | 78615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA4934, UMBS, 5.00%, 2/1/2043 | 2189712 | 2199007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AX5234, UMBS, 4.50%, 11/1/2044 | 297742 | 292810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #BD1381, UMBS, 3.50%, 6/1/2046 | 39080 | 35893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #BE7845, UMBS, 4.50%, 2/1/2047 | 53780 | 52408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AL8674, 5.633%, 1/1/2049 | 631839 | 654177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #FS1179, UMBS, 3.50%, 12/1/2049 | 862912 | 791009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #FS9332, UMBS, 3.00%, 3/1/2050 | 1785555 | 1584206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA4020, UMBS, 3.00%, 5/1/2050 | 2913087 | 2544252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #FS4339, UMBS, 3.00%, 12/1/2050 | 2208916 | 1942197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #FS2696, UMBS, 3.00%, 12/1/2051 | 2198150 | 1926397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #FS4925, UMBS, 3.50%, 4/1/2052 | 1981579 | 1804574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA4733, UMBS, 4.50%, 9/1/2052 | 1134143 | 1086080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA4807, UMBS, 5.50%, 11/1/2052 | 1019482 | 1023157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA4868, UMBS, 5.00%, 1/1/2053 | 1703292 | 1673281 |
| &nbsp;&nbsp;&nbsp;Freddie Mac |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #C91762, 4.50%, 5/1/2034 | 195067 | 195269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #C91771, 4.50%, 6/1/2034 | 3674 | 3678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #C91780, 4.50%, 7/1/2034 | 5170 | 5176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #G03781, 6.00%, 1/1/2038 | 44591 | 46781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #G03926, 6.00%, 2/1/2038 | 68840 | 72220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #G05900, 6.00%, 3/1/2040 | 39245 | 41172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #G05906, 6.00%, 4/1/2040 | 35054 | 36775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #A92889, 4.50%, 7/1/2040 | 447453 | 444665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #G08772, 4.50%, 7/1/2047 | 50048 | 48587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #ZS4751, UMBS, 3.50%, 1/1/2048 | 100892 | 92485 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES/ <br> PRINCIPAL<br> AMOUNT<sup>1</sup> | VALUE<br> (NOTE 2) |
| **U.S. GOVERNMENT AGENCIES** (continued) |  |  |
| **Mortgage-Backed Securities** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Freddie Mac (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #SD1360, UMBS, 5.50%, 7/1/2052 | 2526256 | $2532681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #SD8276, UMBS, 5.00%, 12/1/2052 | 1641138 | 1615243 |
| **TOTAL U.S. GOVERNMENT AGENCIES** <br> (Identified Cost $28,732,325) |  | **27952886** |
| **SHORT-TERM INVESTMENT - 4.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 4.21%<sup>10</sup> |  |  |
| &nbsp;&nbsp;&nbsp;(Identified Cost $12,096,584) | 12096584 | **12096584** |
| **TOTAL INVESTMENTS - 100.2%** <br> (Identified Cost $287,243,802) |  | **296812015** |
| **LIABILITIES, LESS OTHER ASSETS - (0.2%)** |  | **(629336)** |
| **NET ASSETS - 100%** |  | $**296182679** |

---

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

**22**

**Investment Portfolio - April 30, 2025**

(unaudited)

ADR - American Depositary Receipt

JPY - Japanese Yen

MXN - Mexican Peso

REIT - Real Estate Investment Trust

REMICS - Real Estate Mortgage Investment Conduits

UMBS - Uniform Mortgage-Backed Securities

\*Non-income producing security.

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

<sup>2</sup>Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act") and determined to be 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 April 30, 2025 was $38,339,117, which represented 12.9% of the Series' Net Assets.

<sup>3</sup>Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act") and determined to be 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 April 30, 2025 was $2,364,633, or 0.8% of the Series' Net Assets.

<sup>4</sup>Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of April 30, 2025.

<sup>5</sup>Security is perpetual in nature and has no stated maturity date.

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

<sup>7</sup>Floating rate security. Rate shown is the rate in effect as of April 30, 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 April 30, 2025.

<sup>9</sup>Represents a step-up bond that pays initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate shown reflects the current coupon as of April 30, 2025.

<sup>10</sup>Rate shown is the current yield as of April 30, 2025.

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

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

**23**

**Statement of Assets and Liabilities - Pro-Blend<sup>®</sup> Moderate Term Series**

April 30, 2025 (unaudited)

---

| | |
|:---|:---|
| **ASSETS:** | **ASSETS:** |
| Investments in securities, at value (identified cost $287,243,802) (Note 2) | $296812015 |
| Cash | 15030 |
| Foreign currency, at value (identified cost $325) | 340 |
| Receivable for securities sold | 1872265 |
| Interest receivable | 1456801 |
| Dividends receivable | 172995 |
| Foreign tax reclaims receivable | 122631 |
| Receivable for fund shares sold | 21930 |
| Prepaid expenses | 4905 |
| TOTAL ASSETS | 300478912 |
| **LIABILITIES:** | **LIABILITIES:** |
| Accrued management fees<sup>1</sup> | 138335 |
| Accrued distribution and service (Rule 12b-1) fees (Class S) (Class R) (Class L)<sup>1</sup> | 91404 |
| Accrued sub-transfer agent fees<sup>1</sup> | 74225 |
| Accrued fund accounting and administration fees<sup>1</sup> | 28891 |
| Directors' fees payable<sup>1</sup> | 12674 |
| Payable for fund shares repurchased | 3082127 |
| Payable for securities purchased | 779624 |
| Other payables and accrued expenses | 88953 |
| TOTAL LIABILITIES | 4296233 |
| Commitments and contingent liabilities<sup>1</sup> | Commitments and contingent liabilities<sup>1</sup> |
| **TOTAL NET ASSETS** | $**296182679** |
| **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** |
| Capital stock | $208282 |
| Additional paid-in-capital | 278470756 |
| Total distributable earnings (loss) | 17503641 |
| **TOTAL NET ASSETS** | $**296182679** |

---

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

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

**24**

**Statement of Assets and Liabilities - Pro-Blend<sup>®</sup> Moderate Term Series**

April 30, 2025 (unaudited)

---

| | |
|:---|:---|
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class S** | |
| &nbsp;&nbsp;&nbsp;($128,462,374/9,065,148 shares) | $**14.17** |
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class I** |  |
| &nbsp;&nbsp;&nbsp;($77,126,257/5,418,528 shares) | $**14.23** |
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class R** |  |
| &nbsp;&nbsp;&nbsp;($20,338,985/1,427,080 shares) | $**14.25** |
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class L** |  |
| &nbsp;&nbsp;&nbsp;($70,147,201/4,909,882 shares) | $**14.29** |
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class W** |  |
| &nbsp;&nbsp;&nbsp;($107,862/7,547 shares) | $**14.29** |

---

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

**25**

**Statement of Operations - Pro-Blend<sup>®</sup> Moderate Term Series**

For the Six Months Ended April 30, 2025 (unaudited)

**INVESTMENT INCOME:**

---

| | |
|:---|:---|
| Interest | $4047085 |
| Dividends (net of foreign taxes withheld, $42,386) | 878237 |
| Total Investment Income | 4925322 |
| **EXPENSES:** |  |
| Management fees (Note 3) | 940769 |
| Distribution and service (Rule 12b-1) fees (Class L) (Note 3) | 366725 |
| Distribution and service (Rule 12b-1) fees (Class S) (Note 3) | 170114 |
| Distribution and service (Rule 12b-1) fees (Class R) (Note 3) | 52428 |
| Sub-transfer agent fees (Note 3) | 104570 |
| Fund accounting and administration fees (Note 3) | 54124 |
| Directors' fees (Note 3) | 21962 |
| Chief Compliance Officer service fees (Note 3) | 4092 |
| Transfer agent fees | 73960 |
| Custodian fees | 15510 |
| Miscellaneous | 106405 |
| Total Expenses | 1910659 |
| Less reduction of expenses (Note 3) | (16050) |
| Net Expenses | 1894609 |
| NET INVESTMENT INCOME | 3030713 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:** |  |
| Net realized gain (loss) on- |  |
| &nbsp;&nbsp;&nbsp;Investments (net of foreign capital gains tax of $3,256) | 7152943 |
| &nbsp;&nbsp;&nbsp;Foreign currency and translation of other assets and liabilities | (2730) |
|  | 7150213 |
| Net change in unrealized appreciation (depreciation) on- |  |
| &nbsp;&nbsp;&nbsp;Investments in securities | (7772962) |
| &nbsp;&nbsp;&nbsp;Foreign currency and translation of other assets and liabilities | (193) |
|  | (7773155) |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY | (622942) |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $2407771 |

---

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

**26**

**Statements of Changes in Net Assets - Pro-Blend<sup>®</sup> Moderate Term Series**

---

| | | |
|:---|:---|:---|
|  | FOR THE | |
|  | SIX MONTHS | |
|  | ENDED | FOR THE |
|  | 4/30/25 | YEAR ENDED |
|  | (UNAUDITED) | 10/31/24 |
| **INCREASE (DECREASE) IN NET ASSETS:** |  |  |
| **OPERATIONS:** |  |  |
| Net investment income | $3030713 | $7277248 |
| Net realized gain (loss) on investments and foreign currency | 7150213 | 9243656 |
| Net change in unrealized appreciation (depreciation) on investments and foreign currency | (7773155) | 35348342 |
| Net increase (decrease) from operations | 2407771 | 51869246 |
| **DISTRIBUTIONS TO SHAREHOLDERS (Note 10):** |  |  |
| Class S | (6034865) | (2794527) |
| Class I | (3956561) | (1789345) |
| Class R | (876556) | (390780) |
| Class L | (2686254) | (1194217) |
| Class W | (5597) | (2497) |
| Total distributions to shareholders | (13559833) | (6171366) |
| **CAPITAL STOCK ISSUED AND REPURCHASED:** |  |  |
| Net increase (decrease) from capital share transactions (Note 6) | (21272742) | (40700735) |
| Net increase (decrease) in net assets | (32424804) | 4997145 |
| **NET ASSETS:** |  |  |
| Beginning of period | 328607483 | 323610338 |
| **End of period** | $296182679 | $328607483 |

---

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

**27**

**Financial Highlights - Pro-Blend<sup>®</sup> Moderate Term Series - Class S**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | FOR THE | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | SIX MONTHS | | | | | |
|  | ENDED | | | | | |
|  | 4/30/25 |  |  |  |  |  |
|  | (UNAUDITED) | 10/31/24 | 10/31/23 | 10/31/22 | 10/31/21 | 10/31/20 |
| **Per share data (for a share outstanding throughout each period):** |  |  |  |  |  |  |
| **Net asset value - Beginning of period** | $14.69 | $12.80 | $12.47 | $15.88 | $14.57 | $13.96 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.15 | 0.33 | 0.27 | 0.13 | 0.09 | 0.14 |
| Net realized and unrealized gain (loss) on investments | (0.03) | 1.82 | 0.24 | (2.56) | 2.13 | 1.11<sup>2</sup> |
| Total from investment operations | 0.12 | 2.15 | 0.51 | (2.43) | 2.22 | 1.25 |
| Less distributions to shareholders: |  |  |  |  |  |  |
| From net investment income | (0.34) | (0.26) | (0.17) | (0.05) | (0.07) | (0.14) |
| From net realized gain on investments | (0.30) |  | (0.01) | (0.93) | (0.84) | (0.50) |
| Total distributions to shareholders | (0.64) | (0.26) | (0.18) | (0.98) | (0.91) | (0.64) |
| **Net asset value - End of period** | **$14.17** | **$14.69** | **$12.80** | **$12.47** | **$15.88** | **$14.57** |
| **Net assets - End of period** (000's omitted) | **$128462** | **$141534** | **$140872** | **$186398** | **$244965** | **$237656** |
| Total return<sup>3</sup> | 0.76% | 16.95% | 4.05% | (16.27%) | 15.78% | 9.27%<sup>2</sup> |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| Expenses\* | 1.08%<sup>4</sup> | 1.06%<sup>5</sup> | 1.10% | 1.07% | 1.05% | 1.07% |
| Net investment income | 2.06%<sup>4</sup> | 2.31% | 2.06% | 0.94% | 0.59% | 1.02% |
| Series portfolio turnover | 41% | 59% | 56% | 69% | 74% | 105% |

---

\*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 | 0.00%<sup>6</sup> | N/A |

---

<sup>1</sup>Calculated based on average shares outstanding during the periods.

<sup>2</sup>During the reporting period the Fund settled legal claims against an issuer of securities previously held by the Fund. As a result, the net realized and unrealized gain (loss) on investments per share includes proceeds received from the settlement. Without these proceeds the net realized and unrealized gain (loss) on investments per share would have been $1.10. Excluding the proceeds from the settlement, the total return would have been 9.12%.

<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>Annualized.

<sup>5</sup>Includes recoupment of past waived and/or reimbursed fees with no financial impact to the expense ratios.

<sup>6</sup>Less than 0.01%.

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

**28**

**Financial Highlights - Pro-Blend<sup>®</sup> Moderate Term Series - Class I**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | FOR THE | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | SIX MONTHS | | | | | |
|  | ENDED | | | | | |
|  | 4/30/25 |  |  |  |  |  |
|  | (UNAUDITED) | 10/31/24 | 10/31/23 | 10/31/22 | 10/31/21 | 10/31/20 |
| **Per share data (for a share outstanding throughout each period):** |  |  |  |  |  |  |
| **Net asset value - Beginning of period** | $14.77 | $12.85 | $12.53 | $16.44 | $15.49 | $15.14 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.16 | 0.36 | 0.30 | 0.16 | 0.12 | 0.19 |
| Net realized and unrealized gain (loss) on investments | (0.03) | 1.84 | 0.24 | (2.58) | 2.25 | 1.17<sup>2</sup> |
| Total from investment operations | 0.13 | 2.20 | 0.54 | (2.42) | 2.37 | 1.36 |
| Less distributions to shareholders: |  |  |  |  |  |  |
| From net investment income | (0.37) | (0.28) | (0.21) | (0.10) | (0.16) | (0.27) |
| From net realized gain on investments | (0.30) |  | (0.01) | (1.39) | (1.26) | (0.74) |
| Total distributions to shareholders | (0.67) | (0.28) | (0.22) | (1.49) | (1.42) | (1.01) |
| **Net asset value - End of period** | **$14.23** | **$14.77** | **$12.85** | **$12.53** | **$16.44** | **$15.49** |
| **Net assets - End of period** (000's omitted) | **$77126** | **$88226** | **$84949** | **$98235** | **$127248** | **$108333** |
| Total return<sup>3</sup> | 0.83% | 17.27% | 4.29% | (16.09%) | 16.10% | 9.37%<sup>2</sup> |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| Expenses\* | 0.85%<sup>4</sup> | 0.85% | 0.85% | 0.85% | 0.84% | 0.85% |
| Net investment income | 2.29%<sup>4</sup> | 2.53% | 2.32% | 1.15% | 0.79% | 1.26% |
| Series portfolio turnover | 41% | 59% | 56% | 69% | 74% | 105% |

---

\*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:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 0.04%<sup>4</sup> | 0.01% | 0.05% | 0.00%<sup>5</sup> | N/A | 0.01% |

---

<sup>1</sup>Calculated based on average shares outstanding during the periods.

<sup>2</sup>During the reporting period the Fund settled legal claims against an issuer of securities previously held by the Fund. As a result, the net realized and unrealized gain (loss) on investments per share includes proceeds received from the settlement. Without these proceeds the net realized and unrealized gain (loss) on investments per share would have been $1.16. Excluding the proceeds from the settlement, the total return would have been 9.27%.

<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>Annualized.

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

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

**29**

**Financial Highlights - Pro-Blend<sup>®</sup> Moderate Term Series - Class R**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | FOR THE | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | SIX MONTHS | | | | | |
|  | ENDED | | | | | |
|  | 4/30/25 |  |  |  |  |  |
|  | (UNAUDITED) | 10/31/24 | 10/31/23 | 10/31/22 | 10/31/21 | 10/31/20 |
| **Per share data (for a share outstanding throughout each period):** |  |  |  |  |  |  |
| **Net asset value - Beginning of period** | $14.75 | $12.86 | $12.52 | $16.35 | $15.32 | $14.91 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.13 | 0.30 | 0.25 | 0.11 | 0.06 | 0.10 |
| Net realized and unrealized gain (loss) on investments | (0.03) | 1.84 | 0.23 | (2.58) | 2.23 | 1.17<sup>2</sup> |
| Total from investment operations | 0.10 | 2.14 | 0.48 | (2.47) | 2.29 | 1.27 |
| Less distributions to shareholders: |  |  |  |  |  |  |
| From net investment income | (0.30) | (0.25) | (0.13) | (0.07) | (0.10) | (0.17) |
| From net realized gain on investments | (0.30) |  | (0.01) | (1.29) | (1.16) | (0.69) |
| Total distributions to shareholders | (0.60) | (0.25) | (0.14) | (1.36) | (1.26) | (0.86) |
| **Net asset value - End of period** | **$14.25** | **$14.75** | **$12.86** | **$12.52** | **$16.35** | **$15.32** |
| **Net assets - End of period** (000's omitted) | **$20339** | **$21876** | **$20749** | **$21692** | **$28121** | **$32824** |
| Total return<sup>3</sup> | 0.65% | 16.75% | 3.77% | (16.43%) | 15.62% | 8.89%<sup>2</sup> |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| Expenses\* | 1.31%<sup>4</sup> | 1.28% | 1.30% | 1.26% | 1.26%<sup>5</sup> | 1.35% |
| Net investment income | 1.83%<sup>4</sup> | 2.09% | 1.87% | 0.74% | 0.39% | 0.66% |
| Series portfolio turnover | 41% | 59% | 56% | 69% | 74% | 105% |

---

\*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 | 0.01% |

---

<sup>1</sup>Calculated based on average shares outstanding during the periods.

<sup>2</sup>During the reporting period the Fund settled legal claims against an issuer of securities previously held by the Fund. As a result, the net realized and unrealized gain (loss) on investments per share includes proceeds received from the settlement. Without these proceeds the net realized and unrealized gain (loss) on investments per share would have been $1.16. These proceeds impacted the total return by less than 0.01%.

<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>Annualized.

<sup>5</sup>Includes recoupment of past waived and/or reimbursed fees. Without recoupment the expense ratio would have been 1.25%.

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

**30**

**Financial Highlights - Pro-Blend<sup>®</sup> Moderate Term Series - Class L**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | FOR THE | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | SIX MONTHS | | | | | |
|  | ENDED | | | | | |
|  | 4/30/25 |  |  |  |  |  |
|  | (UNAUDITED) | 10/31/24 | 10/31/23 | 10/31/22 | 10/31/21 | 10/31/20 |
| **Per share data (for a share outstanding throughout each period):** |  |  |  |  |  |  |
| **Net asset value - Beginning of period** | $14.74 | $12.88 | $12.50 | $16.44 | $15.49 | $15.12 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> | 0.09 | 0.22 | 0.18 | 0.03 | (0.01) | 0.04 |
| Net realized and unrealized gain (loss) on investments | (0.02) | 1.84 | 0.23 | (2.57) | 2.23 | 1.18<sup>2</sup> |
| Total from investment operations | 0.07 | 2.06 | 0.41 | (2.54) | 2.22 | 1.22 |
| Less distributions to shareholders: |  |  |  |  |  |  |
| From net investment income | (0.22) | (0.20) | (0.02) | (0.03) | (0.03) | (0.12) |
| From net realized gain on investments | (0.30) |  | (0.01) | (1.37) | (1.24) | (0.73) |
| Total distributions to shareholders | (0.52) | (0.20) | (0.03) | (1.40) | (1.27) | (0.85) |
| **Net asset value - End of period** | **$14.29** | **$14.74** | **$12.88** | **$12.50** | **$16.44** | **$15.49** |
| **Net assets - End of period** (000's omitted) | **$70147** | **$76858** | **$76944** | **$85200** | **$108544** | **$95532** |
| Total return<sup>3</sup> | 0.44% | 16.14% | 3.27% | (16.89%) | 14.94% | 8.43%<sup>2</sup> |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| Expenses | 1.82%<sup>4</sup> | 1.81% | 1.82% | 1.78% | 1.77% | 1.77% |
| Net investment income (loss) | 1.32%<sup>4</sup> | 1.57% | 1.35% | 0.22% | (0.13%) | 0.33% |
| Series portfolio turnover | 41% | 59% | 56% | 69% | 74% | 105% |

---

<sup>1</sup>Calculated based on average shares outstanding during the periods.

<sup>2</sup>During the reporting period the Fund settled legal claims against an issuer of securities previously held by the Fund. As a result, the net realized and unrealized gain (loss) on investments per share includes proceeds received from the settlement. Without these proceeds the net realized and unrealized gain (loss) on investments per share would have been $1.17. Excluding the proceeds from the settlement, the total return would have been 8.32%.

<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.

**31**

**Financial Highlights - Pro-Blend<sup>®</sup> Moderate Term Series - Class W**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | FOR THE | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | SIX MONTHS | | | | | |
|  | ENDED | | | | | |
|  | 4/30/25 |  |  |  |  |  |
|  | (UNAUDITED) | 10/31/24 | 10/31/23 | 10/31/22 | 10/31/21 | 10/31/20 |
| **Per share data (for a share outstanding throughout each period):** |  |  |  |  |  |  |
| **Net asset value - Beginning of period** | $14.83 | $12.87 | $12.60 | $15.99 | $14.65 | $14.00 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.22 | 0.44 | 0.40 | 0.26 | 0.24 | 0.28 |
| Net realized and unrealized gain (loss) on investments | (0.03) | 1.85 | 0.25 | (2.58) | 2.15 | 1.11<sup>2</sup> |
| Total from investment operations | 0.19 | 2.29 | 0.65 | (2.32) | 2.39 | 1.39 |
| Less distributions to shareholders: |  |  |  |  |  |  |
| From net investment income | (0.43) | (0.33) | (0.37) | (0.14) | (0.21) | (0.24) |
| From net realized gain on investments | (0.30) |  | (0.01) | (0.93) | (0.84) | (0.50) |
| Total distributions to shareholders | (0.73) | (0.33) | (0.38) | (1.07) | (1.05) | (0.74) |
| **Net asset value - End of period** | **$14.29** | **$14.83** | **$12.87** | **$12.60** | **$15.99** | **$14.65** |
| **Net assets - End of period** (000's omitted) | **$108** | **$113** | **$97** | **$106** | **$238** | **$255** |
| Total return<sup>3</sup> | 1.25% | 18.04% | 5.10% | (15.53%) | 16.98% | 10.31%<sup>2</sup> |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| Expenses\* | 0.10%<sup>4</sup> | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
| Net investment income | 3.04%<sup>4</sup> | 3.06% | 3.06% | 1.82% | 1.54% | 2.00% |
| Series portfolio turnover | 41% | 59% | 56% | 69% | 74% | 105% |

---

\*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:

---

| | | | |
|:---|:---|:---|:---|
| 0.68%<sup>4</sup> | 0.67% | 0.64% | 0.63% |

---

<sup>1</sup>Calculated based on average shares outstanding during the periods.

<sup>2</sup>During the reporting period the Fund settled legal claims against an issuer of securities previously held by the Fund. As a result, the net realized and unrealized gain (loss) on investments per share includes proceeds received from the settlement. Without these proceeds the net realized and unrealized gain (loss) on investments per share would have been $1.10. Excluding the proceeds from the settlement, the total return would have been 10.16%.

<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.

**32**

**Investment Portfolio - April 30, 2025**

(unaudited)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;PRO-BLEND<sup>®</sup> EXTENDED TERM SERIES | SHARES/ <br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE <br> (NOTE 2) |
| **COMMON STOCKS - 55.0%** |  |  |
| **Communication Services - 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;**Interactive Media & Services - 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | 60991 | $9685371 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | 13851 | 7604199 |
| **Total Communication Services** |  | 17289570 |
| **Consumer Discretionary - 6.7%** |  |  |
| &nbsp;&nbsp;&nbsp;**Automobiles - 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Ferrari N.V. (Italy) | 11168 | 5157159 |
| &nbsp;&nbsp;&nbsp;**Broadline Retail - 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.\* | 44248 | 8160216 |
| &nbsp;&nbsp;&nbsp;MercadoLibre, Inc. (Brazil)\* | 1180 | 2750403 |
|  |  | 10910619 |
| &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure - 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc.\* | 105920 | 5351078 |
| &nbsp;&nbsp;&nbsp;**Household Durables - 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Persimmon plc - ADR (United Kingdom) | 73902 | 2570312 |
| &nbsp;&nbsp;&nbsp;Taylor Wimpey plc - ADR (United Kingdom) | 178309 | 2820759 |
|  |  | 5391071 |
| &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods - 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Hermes International SCA - ADR (France) | 28292 | 7750028 |
| **Total Consumer Discretionary** |  | 34559955 |
| **Consumer Staples - 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;**Beverages - 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;The Coca-Cola Co. | 113779 | 8254666 |
| **Financials - 8.3%** |  |  |
| &nbsp;&nbsp;&nbsp;**Banks - 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;HDFC Bank Ltd. - ADR (India) | 71578 | 5203005 |
| &nbsp;&nbsp;&nbsp;**Capital Markets - 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;BlackRock, Inc. | 2673 | 2443817 |
| &nbsp;&nbsp;&nbsp;Deutsche Boerse AG - ADR (Germany) | 89107 | 2858552 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | 15614 | 2622684 |
| &nbsp;&nbsp;&nbsp;Moody's Corp. | 9055 | 4103002 |
| &nbsp;&nbsp;&nbsp;Nasdaq, Inc. | 34802 | 2652260 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. | 5557 | 2778778 |
|  |  | 17459093 |
| &nbsp;&nbsp;&nbsp;**Financial Services - 3.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc.\* | 17418 | 3214840 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc. - Class A | 18392 | 10079920 |
| &nbsp;&nbsp;&nbsp;Visa, Inc. - Class A | 19604 | 6773182 |
|  |  | 20067942 |
| **Total Financials** |  | 42730040 |
| **Health Care - 8.8%** |  |  |
| &nbsp;&nbsp;&nbsp;**Biotechnology - 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.\* | 11191 | 5701815 |
| &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc.\* | 5146 | 2654307 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES/ <br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE <br> (NOTE 2) | VALUE <br> (NOTE 2) |
| **COMMON STOCKS** (continued) |  |  |  |
| **Health Care** (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services - 3.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Danaher Corp. | 12885 | $| 2568367 |
| &nbsp;&nbsp;&nbsp;Lonza Group AG - ADR (Switzerland) | 78240 |  | 5591030 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | 17880 |  | 7670520 |
|  |  |  | 15829917 |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals - 4.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;AstraZeneca plc - ADR (United Kingdom) | 140223 |  | 10066609 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 39517 |  | 6176902 |
| &nbsp;&nbsp;&nbsp;Roche Holding AG - ADR | 125066 |  | 5098941 |
|  |  |  | 21342452 |
| **Total Health Care** |  |  | 45528491 |
| **Industrials - 9.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Aerospace & Defense - 2.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;BAE Systems plc - ADR (United Kingdom) | 27549 |  | 2568393 |
| &nbsp;&nbsp;&nbsp;HEICO Corp. - Class A | 19741 |  | 3966559 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | 36158 |  | 7955483 |
|  |  |  | 14490435 |
| &nbsp;&nbsp;&nbsp;**Air Freight & Logistics - 1.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Deutsche Post AG - ADR (Germany) | 168592 |  | 7219109 |
| &nbsp;&nbsp;&nbsp;**Building Products - 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Masco Corp. | 34229 |  | 2074620 |
| &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies - 1.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Copart, Inc.<sup>\*</sup> | 91333 |  | 5574053 |
| &nbsp;&nbsp;&nbsp;Rollins, Inc. | 45862 |  | 2620096 |
|  |  |  | 8194149 |
| &nbsp;&nbsp;&nbsp;**Ground Transportation - 1.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Canadian National Railway Co. (Canada) | 27686 |  | 2680559 |
| &nbsp;&nbsp;&nbsp;CSX Corp. | 87505 |  | 2456265 |
| &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | 11156 |  | 2499502 |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp. | 10881 |  | 2346596 |
|  |  |  | 9982922 |
| &nbsp;&nbsp;&nbsp;**Professional Services - 0.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;TransUnion | 55336 |  | 4590675 |
| **Total Industrials** |  |  | 46551910 |
| **Information Technology - 12.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components - 1.0%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components - 1.0%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components - 1.0%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components - 1.0%** |
| &nbsp;&nbsp;&nbsp;Amphenol Corp. - Class A | 33736 |  | 2595985 |
| &nbsp;&nbsp;&nbsp;Halma plc - ADR (United Kingdom) | 34961 |  | 2637458 |
|  |  |  | 5233443 |
| &nbsp;&nbsp;&nbsp;**IT Services - 0.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Globant S.A. <sup>\*</sup> | 32045 |  | 3767531 |
| &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 2.9%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 2.9%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 2.9%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 2.9%** |
| &nbsp;&nbsp;&nbsp;Infineon Technologies AG - ADR (Germany) | 115556 |  | 3809881 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 50180 |  | 5465606 |

---

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

**33**

**Investment Portfolio - April 30, 2025**

(unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;PRO-BLEND<sup>®</sup> EXTENDED TERM SERIES | SHARES/ <br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE <br> (NOTE 2) | VALUE <br> (NOTE 2) |
| **COMMON STOCKS** (continued) |  |  |  |
| **Information Technology** (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment** (continued) | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment** (continued) | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment** (continued) | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment** (continued) |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. - ADR (Taiwan) | 33520 | $| 5587449 |
|  |  |  | 14862936 |
| &nbsp;&nbsp;&nbsp;**Software - 7.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Atlassian Corp. - Class A <sup>\*</sup> | 11008 |  | 2513236 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc.<sup>\*</sup> | 34872 |  | 10382789 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 33236 |  | 13136861 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc.<sup>\*</sup> | 5453 |  | 5207670 |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc.<sup>\*</sup> | 5855 |  | 2687504 |
| &nbsp;&nbsp;&nbsp;Workday, Inc. - Class A<sup>\*</sup> | 21905 |  | 5366725 |
|  |  |  | 39294785 |
| **Total Information Technology** |  |  | 63158695 |
| **Materials - 3.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Chemicals - 2.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Air Liquide S.A. - ADR (France) | 188658 |  | 7721772 |
| &nbsp;&nbsp;&nbsp;The Sherwin-Williams Co. | 7589 |  | 2678310 |
| &nbsp;&nbsp;&nbsp;Sociedad Quimica y Minera de Chile S.A. - ADR (Chile) | 97324 |  | 3328481 |
|  |  |  | 13728563 |
| &nbsp;&nbsp;&nbsp;**Paper & Forest Products - 0.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;West Fraser Timber Co. Ltd. (Canada) | 50902 |  | 3765730 |
| **Total Materials** |  |  | 17494293 |
| **Real Estate - 1.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Real Estate Management & Development - 1.0%** | &nbsp;&nbsp;&nbsp;**Real Estate Management & Development - 1.0%** | &nbsp;&nbsp;&nbsp;**Real Estate Management & Development - 1.0%** | &nbsp;&nbsp;&nbsp;**Real Estate Management & Development - 1.0%** |
| &nbsp;&nbsp;&nbsp;CBRE Group, Inc. - Class A<sup>\*</sup> | 41823 |  | 5109934 |
| &nbsp;&nbsp;&nbsp;**Specialized REITs - 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. | 17912 |  | 2624466 |
| **Total Real Estate** |  |  | 7734400 |
| **TOTAL COMMON STOCKS** <br> (Identified Cost $249,868,841) |  |  | **283302020** |
| **CORPORATE BONDS - 10.4%** |  |  |  |
| **Non-Convertible Corporate Bonds- 10.4%** |  |  |  |
| **Communication Services - 0.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Entertainment - 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Warnermedia Holdings, Inc., 4.054%, 3/15/2029 | 1690000 |  | 1578237 |
| &nbsp;&nbsp;&nbsp;**Interactive Media & Services - 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. (China), 3.975%, 4/11/2029<sup>2</sup> | 1180000 |  | 1161314 |
| &nbsp;&nbsp;&nbsp;**Media - 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Open Infra U.S. Assets AB, 11.00%, 2/22/2027 | 600000 |  | 589933 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES/ <br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE <br> (NOTE 2) |
| **CORPORATE BONDS** (continued) |  |  |
| **Non-Convertible Corporate Bonds** (continued) |  |  |
| **Communication Services** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;**Media** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;The Walt Disney Co., 6.65%, 11/15/2037 | 780000 | $878165 |
|  |  | 1468098 |
| **Total Communication Services** |  | 4207649 |
| **Consumer Discretionary - 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;**Broadline Retail - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. (China), 4.00%, 12/6/2037 | 2430000 | 2090652 |
| &nbsp;&nbsp;&nbsp;**Household Durables - 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;DR Horton, Inc., 4.85%, 10/15/2030 | 970000 | 972950 |
| &nbsp;&nbsp;&nbsp;**Specialty Retail - 0.0%##** |  |  |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc., 1.875%, 4/15/2031 | 320000 | 270911 |
| **Total Consumer Discretionary** |  | 3334513 |
| **Energy - 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;**Energy Equipment & Services - 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Borr IHC Ltd. - Borr Finance LLC (Mexico), 10.00%, 11/15/2028<sup>2</sup> | 491220 | 412147 |
| &nbsp;&nbsp;&nbsp;Telford Finco (United Arab Emirates), 11.00%, 11/6/2029 | 550000 | 535300 |
|  |  | 947447 |
| &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels - 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Brooge Petroleum and Gas Investment Co. FZE (United Arab Emirates), 8.50%, 9/24/2025 (Acquired 09/10/2020-09/01/2023, cost $443,185)<sup>3</sup> | 500163 | 458090 |
| &nbsp;&nbsp;&nbsp;Cenovus Energy, Inc. (Canada), 6.75%, 11/15/2039 | 1480000 | 1553904 |
| &nbsp;&nbsp;&nbsp;Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.375%, 2/1/2031<sup>2</sup> | 1000000 | 1046519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 2/1/2042 | 1510000 | 1509810 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan, Inc., 4.80%, 2/1/2033 | 780000 | 748166 |
| &nbsp;&nbsp;&nbsp;New Fortress Energy, Inc., 8.75%, 3/15/2029<sup>2</sup> | 560000 | 297221 |
|  |  | 5613710 |
| **Total Energy** |  | 6561157 |
| **Financials - 4.9%** |  |  |
| &nbsp;&nbsp;&nbsp;**Banks - 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Bank of America Corp., (U.S. Secured Overnight Financing Rate + 1.320%), 2.687%, 4/22/2032<sup>4</sup> | 1840000 | 1623844 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc., (U.S. Secured Overnight Financing Rate + 0.770%), 1.462%, 6/9/2027<sup>4</sup> | 1670000 | 1612429 |
| &nbsp;&nbsp;&nbsp;Citizens Bank NA, (U.S. Secured Overnight Financing Rate + 2.000%), 4.575%, 8/9/2028<sup>4</sup> | 990000 | 987878 |

---

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

**34**

**Investment Portfolio - April 30, 2025**

(unaudited)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;PRO-BLEND<sup>®</sup> EXTENDED TERM SERIES | SHARES/ <br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE <br> (NOTE 2) |
| **CORPORATE BONDS** (continued) |  |  |
| **Non-Convertible Corporate Bonds** (continued) | **Non-Convertible Corporate Bonds** (continued) | **Non-Convertible Corporate Bonds** (continued) |
| **Financials** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;**Banks** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp, (U.S. Secured Overnight Financing Index + 2.192%), 6.361%, 10/27/2028<sup>4</sup> | 1050000 | $1090451 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc., 2.55%, 2/4/2030 | 1200000 | 1079883 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., (3 mo. U.S. Secured Overnight Financing Rate + 3.790%), 4.493%, 3/24/2031<sup>4</sup> | 2690000 | 2666175 |
| &nbsp;&nbsp;&nbsp;KeyBank NA, 5.85%, 11/15/2027 | 950000 | 975310 |
| &nbsp;&nbsp;&nbsp;The PNC Financial Services Group, Inc., (U.S. Secured Overnight Financing Rate + 1.322%), 5.812%, 6/12/2026<sup>4</sup> | 1580000 | 1580896 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp., (U.S. Secured Overnight Financing Rate + 0.862%), 1.887%, 6/7/2029<sup>4</sup> | 1770000 | 1631206 |
| &nbsp;&nbsp;&nbsp;U.S. Bancorp, (U.S. Secured Overnight Financing Rate + 1.230%), 4.653%, 2/1/2029<sup>4</sup> | 1600000 | 1603789 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co., (U.S. Secured Overnight Financing Rate + 1.070%), 5.707%, 4/22/2028<sup>4</sup> | 1560000 | 1593944 |
|  |  | 16445805 |
| &nbsp;&nbsp;&nbsp;**Capital Markets - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Carlyle Secured Lending, Inc., 6.75%, 2/18/2030 | 86000 | 86746 |
| &nbsp;&nbsp;&nbsp;The Depository Trust & Clearing Corp., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.606%), 3.375%<sup>2,4,5</sup> | 500000 | 481110 |
| &nbsp;&nbsp;&nbsp;Icahn Enterprises LP - Icahn Enterprises Finance Corp., 10.00%, 11/15/2029<sup>2</sup> | 550000 | 538458 |
| &nbsp;&nbsp;&nbsp;Jefferies Financial Group, Inc., 6.20%, 4/14/2034 | 1530000 | 1547976 |
|  |  | 2654290 |
| &nbsp;&nbsp;&nbsp;**Consumer Finance - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp., (U.S. Secured Overnight Financing Rate + 3.070%), 7.624%, 10/30/2031<sup>4</sup> | 1900000 | 2113536 |
| &nbsp;&nbsp;&nbsp;Navient Corp., 6.75%, 6/25/2025 | 635000 | 635198 |
|  |  | 2748734 |
| &nbsp;&nbsp;&nbsp;**Financial Services - 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Golden Pear Funding HoldCo LLC, 10.00%, 3/2/2028 | 340000 | 294069 |
| &nbsp;&nbsp;&nbsp;U.S. Claims Litigation Funding LLC, 10.25%, 3/17/2028 (Acquired 03/14/2023, cost $275,000)<sup>3</sup> | 275000 | 238821 |
|  |  | 532890 |
| &nbsp;&nbsp;&nbsp;**Insurance - 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;MassMutual Global Funding II, 4.85%, 1/17/2029<sup>2</sup> | 600000 | 609437 |
| &nbsp;&nbsp;&nbsp;Metropolitan Life Global Funding I, 4.85%, 1/8/2029<sup>2</sup> | 600000 | 609506 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES/ <br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE <br> (NOTE 2) |
| **CORPORATE BONDS** (continued) |  |  |
| **Non-Convertible Corporate Bonds** (continued) | **Non-Convertible Corporate Bonds** (continued) | **Non-Convertible Corporate Bonds** (continued) |
| **Financials** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;**Insurance** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;New York Life Global Funding, 4.70%, 1/29/2029<sup>2</sup> | 520000 | $525611 |
| &nbsp;&nbsp;&nbsp;SiriusPoint Ltd. (Sweden), 7.00%, 4/5/2029 | 1030000 | 1065038 |
|  |  | 2809592 |
| **Total Financials** |  | 25191311 |
| **Industrials - 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;**Ground Transportation - 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;BNSF Funding Trust I, (3 mo. CME Term U.S. Secured Overnight Financing Rate + 2.350%), 6.613%, 12/15/2055<sup>4</sup> | 490000 | 490053 |
| &nbsp;&nbsp;&nbsp;**Passenger Airlines - 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Alaska Airlines Pass-Through Trust, Series 2020-1, Class B, 8.00%, 8/15/2025<sup>2</sup> | 63230 | 63590 |
| &nbsp;&nbsp;&nbsp;United Airlines Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-1, Class B, 4.60%, 3/1/2026 | 67044 | 64974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-2, Class B, 3.50%, 5/1/2028 | 400857 | 380564 |
|  |  | 509128 |
| &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC - AerCap Global Aviation Trust (Ireland), 3.00%, 10/29/2028 | 1130000 | 1065441 |
| &nbsp;&nbsp;&nbsp;Ashtead Capital, Inc. (United Kingdom), 4.00%, 5/1/2028<sup>2</sup> | 1070000 | 1047620 |
|  |  | 2113061 |
| **Total Industrials** |  | 3112242 |
| **Materials - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;**Metals & Mining - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;ACG Holdco 1 Ltd. (United Kingdom), 14.75%, 1/13/2029 | 500000 | 501858 |
| &nbsp;&nbsp;&nbsp;Newcastle Coal Infrastructure Group Pty Ltd. (Australia), 4.40%, 9/29/2027<sup>2</sup> | 1477146 | 1454194 |
| &nbsp;&nbsp;&nbsp;Northwest Acquisitions ULC - Dominion Finco, Inc., 7.125%, 11/1/2022 (Acquired 10/10/2017-09/18/2020, cost $118,233)<sup>3,6</sup> | 653000 | 7 |
| **Total Materials** |  | 1956059 |
| **Real Estate - 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;**Industrial REITs - 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;IIP Operating Partnership LP, 5.50%, 5/25/2026 | 700000 | 671072 |
| &nbsp;&nbsp;&nbsp;**Retail REITs - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Simon Property Group LP, 2.65%, 2/1/2032 | 2665000 | 2312123 |

---

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

**35**

**Investment Portfolio - April 30, 2025**

(unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;PRO-BLEND<sup>®</sup> EXTENDED TERM SERIES | SHARES/ <br> PRINCIPAL <br> AMOUNT<sup>1</sup> | 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) |
| **Real Estate** (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;**Specialized REITs - 0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Pelorus Fund REIT LLC, 7.00%, 9/30/2026 (Acquired 07/08/2022, cost $552,500)<sup>3</sup> | 650000 | $| 657364 |
| &nbsp;&nbsp;&nbsp;SBA Tower Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.599%, 1/15/2028<sup>2</sup> | 1530000 |  | 1564911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.831%, 10/15/2029<sup>2</sup> | 920000 |  | 906930 |
|  |  |  | 3129205 |
| **Total Real Estate** |  |  | 6112400 |
| **Utilities - 0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Electric Utilities - 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Alexander Funding Trust II, 7.467%, 7/31/2028<sup>2</sup> | 990000 |  | 1049650 |
| &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers - 0.4%** | &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers - 0.4%** | &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers - 0.4%** | &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers - 0.4%** |
| &nbsp;&nbsp;&nbsp;Palomino Funding Trust I, 7.233%, 5/17/2028<sup>2</sup> | 2020000 |  | 2125958 |
| **Total Utilities** |  |  | 3175608 |
| **TOTAL CORPORATE BONDS** <br> (Identified Cost $54,693,114) |  |  | **53650939** |
| **U.S. TREASURY SECURITIES - 15.3%** |  |  |  |
| **U.S. Treasury Bonds - 6.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.375%, 2/15/2042 | 20844000 |  | 15287771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 5/15/2047 | 10826000 |  | 8199004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625%, 2/15/2053 | 13421000 |  | 11126848 |
| **Total U.S. Treasury Bonds** <br> (Identified Cost $36,225,973) |  |  | 34613623 |
| **U.S. Treasury Notes - 8.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 11/15/2027 | 11296000 |  | 10920938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.875%, 11/15/2030 | 13047000 |  | 11143973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.375%, 11/15/2031 | 19172000 |  | 16356112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 11/15/2034 | 5502000 |  | 5536387 |
| **Total U.S. Treasury Notes** <br> (Identified Cost $43,033,086) |  |  | 43957410 |
| **TOTAL U.S. TREASURY SECURITIES** <br> (Identified Cost $79,259,059) |  |  | **78571033** |
| **ASSET-BACKED SECURITIES - 4.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Aligned Data Centers Issuer LLC, Series 2021-1A, Class A2, 1.937%, 8/15/2046<sup>2</sup> | 1800000 |  | 1721051 |
| &nbsp;&nbsp;&nbsp;ALLO Issuer LLC, Series 2023-1A, Class A2, 6.20%, 6/20/2053<sup>2</sup> | 1450000 |  | 1468025 |
| &nbsp;&nbsp;&nbsp;CF Hippolyta Issuer LLC, Series 2020-1, Class A1, 1.69%, 7/15/2060<sup>2</sup> | 831993 |  | 822374 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES/ <br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE <br> (NOTE 2) | VALUE <br> (NOTE 2) |
| **ASSET-BACKED SECURITIES** (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;Cogent Ipv4 LLC, Series 2024-1A, Class A2, 7.924%, 5/25/2054<sup>2</sup> | 830000 | $| 864618 |
| &nbsp;&nbsp;&nbsp;Commonbond Student Loan Trust, Series 2019-AGS, Class A1, 2.54%, 1/25/2047<sup>2</sup> | 418557 |  | 384133 |
| &nbsp;&nbsp;&nbsp;Flexential Issuer, Series 2021-1A, Class A2, 3.25%, 11/27/2051<sup>2</sup> | 2150000 |  | 2048433 |
| &nbsp;&nbsp;&nbsp;Hotwire Funding LLC, Series 2023-1A, Class A2, 5.687%, 5/20/2053<sup>2</sup> | 2200000 |  | 2207017 |
| &nbsp;&nbsp;&nbsp;Nelnet Student Loan Trust, Series 2012-3A, Class A, (U.S. Secured Overnight Financing Rate 30 Day Average + 0.814%), 5.168%, 3/26/2040<sup>2,7</sup> | 109134 |  | 107722 |
| &nbsp;&nbsp;&nbsp;New Economy Assets - Phase 1 Sponsor LLC, Series 2021-1, Class A1, 1.91%, 10/20/2061<sup>2</sup> | 2275000 |  | 2123065 |
| &nbsp;&nbsp;&nbsp;Oxford Finance Credit Fund III LP, Series 2024-A, Class A2, 6.675%, 1/14/2032<sup>2</sup> | 220000 |  | 222486 |
| &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> | 1221960 |  | 1213164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A, Class A2, 6.716%, 2/15/2031<sup>2</sup> | 2358762 |  | 2368014 |
| &nbsp;&nbsp;&nbsp;PEAR LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1, Class A, 2.60%, 1/15/2034<sup>2</sup> | 483524 |  | 478676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1, Class A, 7.42%, 7/15/2035<sup>2</sup> | 1301119 |  | 1330451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1, Class A, 6.95%, 2/15/2036<sup>2</sup> | 492353 |  | 497358 |
| &nbsp;&nbsp;&nbsp;Slam Ltd., Series 2021-1A, Class A, (Cayman Islands), 2.434%, 6/15/2046<sup>2</sup> | 1368720 |  | 1268978 |
| &nbsp;&nbsp;&nbsp;SLM Student Loan Trust, Series 2012-7, Class A3, (U.S. Secured Overnight Financing Rate 30 Day Average + 0.764%), 5.118%, 5/26/2026<sup>7</sup> | 2202830 |  | 2103776 |
| &nbsp;&nbsp;&nbsp;Stack Infrastructure Issuer LLC, Series 2021-1A, Class A2, 1.877%, 3/26/2046<sup>2</sup> | 1500000 |  | 1454729 |
| **TOTAL ASSET-BACKED SECURITIES** <br> (Identified Cost $23,081,584) |  |  | **22684070** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES - 4.4%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 4.4%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 4.4%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 4.4%** |
| &nbsp;&nbsp;&nbsp;Brean Asset Backed Securities Trust, Series 2021-RM2, Class A, 1.75%, 10/25/2061<sup>2,8</sup> | 1069056 |  | 1015634 |
| &nbsp;&nbsp;&nbsp;CIM Trust, Series 2019-INV1, Class A1, 4.00%, 2/25/2049<sup>2,8</sup> | 22824 |  | 21479 |
| &nbsp;&nbsp;&nbsp;Citigroup Mortgage Loan Trust, Inc., Series 2021-INV1, Class A3A, 2.50%, 5/25/2051<sup>2,8</sup> | 766790 |  | 621850 |
| &nbsp;&nbsp;&nbsp;COLT Mortgage Loan Trust, Series 2021-4, Class A1, 1.397%, 10/25/2066<sup>2,8</sup> | 2098961 |  | 1793280 |

---

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

**36**

**Investment Portfolio - April 30, 2025**

(unaudited)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;PRO-BLEND<sup>®</sup> EXTENDED TERM SERIES | SHARES/ <br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE <br> (NOTE 2) |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES** (continued) | **COMMERCIAL MORTGAGE-BACKED SECURITIES** (continued) | **COMMERCIAL MORTGAGE-BACKED SECURITIES** (continued) |
| &nbsp;&nbsp;&nbsp;Credit Suisse Mortgage Capital Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-IVR3, Class A1, 2.50%, 5/25/2043<sup>2,8</sup> | 144247 | $127147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-TH1, Class A1, 2.13%, 2/25/2043<sup>2,8</sup> | 88719 | 77223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-IVR3, Class A1, 3.50%, 7/25/2044<sup>2,8</sup> | 42690 | 39999 |
| &nbsp;&nbsp;&nbsp;Deephaven Residential Mortgage Trust, Series 2021-3, Class A1, 1.194%, 8/25/2066<sup>2,8</sup> | 1927499 | 1673246 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMICS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-31, Class KP, 3.50%, 7/25/2047 | 11715 | 11549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-69, Class WJ, 1.50%, 10/25/2050 | 776859 | 663607 |
| &nbsp;&nbsp;&nbsp;Finance of America Structured Securities Trust, Series 2022-S6, Class A1, 3.00%, 7/25/2061<sup>2</sup> | 1018571 | 1001732 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMICS, Series 5189, Class CP, 2.50%, 6/25/2049 | 1644406 | 1445125 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 2017-54, Class AH, 2.60%, 12/16/2056 | 183267 | 168684 |
| &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1, Class A9, (U.S. Secured Overnight Financing Rate 30 Day Average + 0.850%), 5.00%, 12/25/2051<sup>2,7</sup> | 1073226 | 994534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-PJ6, Class A8, 2.50%, 11/25/2051<sup>2,8</sup> | 782054 | 690460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-PJ9, Class A8, 2.50%, 2/26/2052<sup>2,8</sup> | 811585 | 717287 |
| &nbsp;&nbsp;&nbsp;Imperial Fund Mortgage Trust, Series 2021-NQM3, Class A1, 1.595%, 11/25/2056<sup>2,8</sup> | 903446 | 775562 |
| &nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-2, Class 1A1, 3.00%, 6/25/2029<sup>2,8</sup> | 75949 | 74499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-2, Class A3, 3.50%, 5/25/2047<sup>2,8</sup> | 91104 | 80803 |
| &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>2,8</sup> | 139965 | 134917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-2A, Class A1, 3.75%, 8/25/2055<sup>2,8</sup> | 184251 | 178493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-4A, Class A1, 3.75%, 11/25/2056<sup>2,8</sup> | 201561 | 192761 |
| &nbsp;&nbsp;&nbsp;OBX Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-INV1, Class A1, 3.00%, 12/25/2051<sup>2,8</sup> | 1273170 | 1076675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-NQM1, Class A1, 5.928%, 11/25/2063<sup>2,9</sup> | 1091549 | 1095688 |
| &nbsp;&nbsp;&nbsp;PCG LLC, Series 2023-1, (1 mo. U.S. Secured Overnight Financing Rate + 6.000%), 10.311%, 7/25/2029 (Acquired 07/24/2023, cost $2,136,511)<sup>3,7</sup> | 2136511 | 2136284 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | SHARES/ <br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE <br> (NOTE 2) |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES** (continued) | **COMMERCIAL MORTGAGE-BACKED SECURITIES** (continued) | **COMMERCIAL MORTGAGE-BACKED SECURITIES** (continued) |  |
| &nbsp;&nbsp;&nbsp;PMT Loan Trust, Series 2013-J1, Class A9, 3.50%, 9/25/2043<sup>2,8</sup> |  | 807020 | $748550 |
| &nbsp;&nbsp;&nbsp;Provident Funding Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2, Class A2A, 2.00%, 4/25/2051<sup>2,8</sup> |  | 960856 | 815934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1, Class A1, 2.50%, 8/25/2051<sup>2,8</sup> |  | 1689215 | 1358452 |
| &nbsp;&nbsp;&nbsp;RCKT Mortgage Trust, Series 2021-6, Class A1, 2.50%, 12/25/2051<sup>2,8</sup> |  | 1720414 | 1397991 |
| &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> |  | 193998 | 166056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-6, Class A2, 3.00%, 5/25/2043<sup>8</sup> |  | 395039 | 355102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-7, Class A2, 3.00%, 6/25/2043<sup>8</sup> |  | 86607 | 77866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-8, Class A1, 3.00%, 6/25/2043<sup>8</sup> |  | 103786 | 93600 |
| &nbsp;&nbsp;&nbsp;Starwood Retail Property Trust, Series 2014-STAR, Class A, (Prime Rate + 0.000%), 7.50%, 11/15/2027<sup>2,7</sup> |  | 1167416 | 661774 |
| &nbsp;&nbsp;&nbsp;Sutherland Commercial Mortgage Trust, Series 2019-SBC8, Class A, 2.86%, 4/25/2041<sup>2,8</sup> |  | 119625 | 113715 |
| &nbsp;&nbsp;&nbsp;Towd Point Mortgage Trust, Series 2019-HY1, Class A1, (1 mo. U.S. Secured Overnight Financing Rate + 1.114%), 5.441%, 10/25/2048<sup>2,7</sup> |  | 194216 | 194745 |
| &nbsp;&nbsp;&nbsp;WinWater Mortgage Loan Trust, Series 2015-1, Class A1, 3.50%, 1/20/2045<sup>2,8</sup> |  | 41397 | 38422 |
| **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** <br> (Identified Cost $25,329,539) |  |  | **22830725** |
| **FOREIGN GOVERNMENT BONDS - 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Japan Government Two Year Bond, Series 456, (Japan), 0.10%, 1/1/2026 | JPY | 210000000 | 1465115 |
| &nbsp;&nbsp;&nbsp;Mexican Bonos, Series M, (Mexico), 7.75%, 5/29/2031 | MXN | 972000 | 46816 |
| **TOTAL FOREIGN GOVERNMENT BONDS** <br> (Identified Cost $1,491,929) |  |  | **1511931** |
| **MUNICIPAL BONDS - 0.0%##** |  |  |  |
| &nbsp;&nbsp;&nbsp;South Carolina Public Service Authority, Series B, Revenue Bond, 2.329%, 12/1/2028<br> (Identified Cost $230,000) |  | 230000 | **215146** |

---

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

**37**

**Investment Portfolio - April 30, 2025**

(unaudited)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;PRO-BLEND<sup>®</sup> EXTENDED TERM SERIES | SHARES/ <br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE <br> (NOTE 2) |
| **U.S. GOVERNMENT AGENCIES - 6.7%** |  |  |
| **Mortgage-Backed Securities - 6.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Fannie Mae |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA3463, UMBS, 4.00%, 9/1/2033 | 147134 | $145610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA1834, UMBS, 4.50%, 2/1/2034 | 212862 | 212886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA1903, UMBS, 4.50%, 5/1/2034 | 94355 | 94358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #889576, UMBS, 6.00%, 4/1/2038 | 85587 | 89691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #889579, UMBS, 6.00%, 5/1/2038 | 70091 | 73452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA3412, UMBS, 3.50%, 7/1/2038 | 227537 | 217885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #995196, UMBS, 6.00%, 7/1/2038 | 4045 | 4232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AD0207, UMBS, 6.00%, 10/1/2038 | 229048 | 240031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AD0220, UMBS, 6.00%, 10/1/2038 | 7110 | 7438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA0258, UMBS, 4.50%, 12/1/2039 | 154025 | 152922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AL1595, UMBS, 6.00%, 1/1/2040 | 79567 | 83383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AL0152, UMBS, 6.00%, 6/1/2040 | 168899 | 176998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA4203, UMBS, 2.50%, 12/1/2040 | 1671152 | 1492691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AL0241, UMBS, 4.00%, 4/1/2041 | 282243 | 273492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AI5172, UMBS, 4.00%, 8/1/2041 | 168810 | 163670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AL1410, UMBS, 4.50%, 12/1/2041 | 298392 | 295620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA4687, UMBS, 4.00%, 6/1/2042 | 2016881 | 1915699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA4934, UMBS, 5.00%, 2/1/2043 | 2773635 | 2785409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AL7729, UMBS, 4.00%, 6/1/2043 | 153529 | 148854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AX5234, UMBS, 4.50%, 11/1/2044 | 174498 | 171607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AS4103, UMBS, 4.50%, 12/1/2044 | 238597 | 234630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #BC6764, UMBS, 3.50%, 4/1/2046 | 119379 | 109644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #BD6997, UMBS, 4.00%, 10/1/2046 | 79447 | 75333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #BE7845, UMBS, 4.50%, 2/1/2047 | 90362 | 88057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AL8674, 5.633%, 1/1/2049 | 539500 | 558574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #FS1179, UMBS, 3.50%, 12/1/2049 | 1999430 | 1832826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #FS9332, UMBS, 3.00%, 3/1/2050 | 1219170 | 1081689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #FS4339, UMBS, 3.00%, 12/1/2050 | 3476997 | 3057163 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES/ <br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE <br> (NOTE 2) |
| **U.S. GOVERNMENT AGENCIES** (continued) |  |  |
| **Mortgage-Backed Securities** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Fannie Mae (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #FS4511, UMBS, 4.00%, 8/1/2051 | 1269361 | $1194981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #FS2696, UMBS, 3.00%, 12/1/2051 | 2488398 | 2180763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA4644, UMBS, 4.00%, 5/1/2052 | 2191119 | 2042821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA4733, UMBS, 4.50%, 9/1/2052 | 2500930 | 2394946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA4807, UMBS, 5.50%, 11/1/2052 | 971318 | 974819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA4868, UMBS, 5.00%, 1/1/2053 | 3151090 | 3095570 |
| &nbsp;&nbsp;&nbsp;Freddie Mac |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #C91762, 4.50%, 5/1/2034 | 130914 | 131049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #C91771, 4.50%, 6/1/2034 | 134034 | 134179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #C91780, 4.50%, 7/1/2034 | 186436 | 186662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #G03926, 6.00%, 2/1/2038 | 34420 | 36110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #G05906, 6.00%, 4/1/2040 | 32358 | 33946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #Q33778, 4.00%, 6/1/2045 | 187622 | 178613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #SD8044, UMBS, 3.00%, 2/1/2050 | 2129698 | 1868570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #SD1129, UMBS, 4.00%, 8/1/2051 | 2277962 | 2144482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #SD8276, UMBS, 5.00%, 12/1/2052 | 2125826 | 2092284 |
| **TOTAL U.S. GOVERNMENT AGENCIES** <br> (Identified Cost $35,672,475) |  | **34473639** |
| **SHORT-TERM INVESTMENT - 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 4.21%<sup>10</sup> |  |  |
| &nbsp;&nbsp;&nbsp;(Identified Cost $15,879,640) | 15879640 | **15879640** |
| **TOTAL INVESTMENTS - 99.6%** <br> (Identified Cost $485,506,181) |  | **513119143** |
| **OTHER ASSETS, LESS LIABILITIES - 0.4%** |  | **2268470** |
| **NET ASSETS - 100%** |  | $**515387613** |

---

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

**38**

**Investment Portfolio - April 30, 2025**

(unaudited)

ADR - American Depositary Receipt

JPY - Japanese Yen

MXN - Mexican Peso

REIT - Real Estate Investment Trust

REMICS - Real Estate Mortgage Investment Conduits

UMBS - Uniform Mortgage-Backed Securities

<sup>\*</sup>Non-income producing security.

## Less than 0.1%.

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

<sup>2</sup>Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act") and determined to be 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 April 30, 2025 was $52,187,322, which represented 10.1% of the Series' Net Assets.

<sup>3</sup>Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act") and determined to be 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 April 30, 2025 was $3,490,566, or 0.7% of the Series' Net Assets.

<sup>4</sup>Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of April 30, 2025.

<sup>5</sup>Security is perpetual in nature and has no stated maturity date.

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

<sup>7</sup>Floating rate security. Rate shown is the rate in effect as of April 30, 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 April 30, 2025.

<sup>9</sup>Represents a step-up bond that pays initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate shown reflects the current coupon as of April 30, 2025.

<sup>10</sup>Rate shown is the current yield as of April 30, 2025.

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

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

**39**

**Statement of Assets and Liabilities - Pro-Blend<sup>®</sup> Extended Term Series**

April 30, 2025 (unaudited)

---

| | |
|:---|:---|
| **ASSETS:** | |
| Investments in securities, at value (identified cost $485,506,181) (Note 2) | $513119143 |
| Cash | 10377 |
| Foreign currency, at value (identified cost $330) | 342 |
| Receivable for securities sold | 3336921 |
| Interest receivable | 1609132 |
| Dividends receivable | 378915 |
| Foreign tax reclaims receivable | 267506 |
| Receivable for fund shares sold | 29276 |
| Prepaid expenses | 1457 |
| TOTAL ASSETS | 518753069 |
| **LIABILITIES:** | **LIABILITIES:** |
| Accrued management fees<sup>1</sup> | 248694 |
| Accrued distribution and service (Rule 12b-1) fees (Class S) (Class R) (Class L)<sup>1</sup> | 135450 |
| Accrued sub-transfer agent fees<sup>1</sup> | 71241 |
| Accrued fund accounting and administration fees<sup>1</sup> | 33695 |
| Directors' fees payable<sup>1</sup> | 20875 |
| Payable for fund shares repurchased | 1759987 |
| Payable for securities purchased | 969533 |
| Distributions payable | 2026 |
| Other payables and accrued expenses | 123955 |
| TOTAL LIABILITIES | 3365456 |
| Commitments and contingent liabilities<sup>1</sup> | Commitments and contingent liabilities<sup>1</sup> |
| **TOTAL NET ASSETS** | $**515387613** |
| **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** |
| Capital stock | $266512 |
| Additional paid-in-capital | 470264210 |
| Total distributable earnings (loss) | 44856891 |
| **TOTAL NET ASSETS** | $**515387613** |

---

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

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

**40**

**Statement of Assets and Liabilities - Pro-Blend<sup>®</sup> Extended Term Series** 

April 30, 2025 (unaudited)

---

| | |
|:---|:---|
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class S** | |
| &nbsp;&nbsp;($251,163,688/13,012,103 shares) | $**19.30** |
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class I** |  |
| &nbsp;&nbsp;($136,351,732/7,044,229 shares) | $**19.36** |
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class R** |  |
| &nbsp;&nbsp;($43,498,741/2,244,077 shares) | $**19.38** |
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class L** |  |
| &nbsp;&nbsp;($84,241,377/4,343,978 shares) | $**19.39** |
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class W** |  |
| &nbsp;&nbsp;($132,075/6,774 shares) | $**19.50** |

---

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

**41**

**Statement of Operations - Pro-Blend<sup>®</sup> Extended Term Series**

For the Six Months Ended April 30, 2025 (unaudited)

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** |  |
| Interest | $5146829 |
| Dividends (net of foreign taxes withheld, $93,759) | 1935010 |
| Total Investment Income | 7081839 |
| **EXPENSES:** |  |
| Management fees (Note 3) | 1602180 |
| Distribution and service (Rule 12b-1) fees (Class L) (Note 3) | 435727 |
| Distribution and service (Rule 12b-1) fees (Class S) (Note 3) | 329125 |
| Distribution and service (Rule 12b-1) fees (Class R) (Note 3) | 112380 |
| Sub-transfer agent fees (Note 3) | 106135 |
| Fund accounting and administration fees (Note 3) | 64124 |
| Directors' fees (Note 3) | 37081 |
| Chief Compliance Officer service fees (Note 3) | 4092 |
| Transfer agent fees | 149430 |
| Custodian fees | 20964 |
| Miscellaneous | 123095 |
| Total Expenses | 2984333 |
| Less reduction of expenses (Note 3) | (425) |
| Net Expenses | 2983908 |
| NET INVESTMENT INCOME | 4097931 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:** |  |
| Net realized gain (loss) on- |  |
| &nbsp;&nbsp;&nbsp;Investments (net of foreign capital gains tax of $5,768) | 16529955 |
| &nbsp;&nbsp;&nbsp;Foreign currency and translation of other assets and liabilities | (8332) |
|  | 16521623 |
| Net change in unrealized appreciation (depreciation) on- |  |
| &nbsp;&nbsp;&nbsp;Investments in securities | (20022555) |
| &nbsp;&nbsp;&nbsp;Foreign currency and translation of other assets and liabilities | 3313 |
|  | (20019242) |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY | (3497619) |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $600312 |

---

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

**42**

**Statements of Changes in Net Assets - Pro-Blend<sup>®</sup> Extended Term Series**

---

| | | |
|:---|:---|:---|
|  | FOR THE<br> SIX MONTHS<br> ENDED<br> 4/30/25<br> (UNAUDITED) | FOR THE <br>YEAR ENDED <br>10/31/24 |
| **INCREASE (DECREASE) IN NET ASSETS:** |  |  |
| **OPERATIONS:** |  |  |
| Net investment income | $4097931 | $10618375 |
| Net realized gain (loss) on investments and foreign currency | 16521623 | 21434863 |
| Net change in unrealized appreciation (depreciation) on investments and foreign currency | (20019242) | 68170854 |
| Net increase (decrease) from operations | 600312 | 100224092 |
| **DISTRIBUTIONS TO SHAREHOLDERS (Note 10):** |  |  |
| Class S | (10987346) | (4890099) |
| Class I | (5879471) | (2570814) |
| Class R | (1753493) | (702281) |
| Class L | (2896911) | (1190661) |
| Class W | (6428) | (2857) |
| Total distributions to shareholders | (21523649) | (9356712) |
| **CAPITAL STOCK ISSUED AND REPURCHASED:** |  |  |
| Net increase (decrease) from capital share transactions (Note 6) | (20044962) | (56236429) |
| Net increase (decrease) in net assets | (40968299) | 34630951 |
| **NET ASSETS:** |  |  |
| Beginning of period | 556355912 | 521724961 |
| **End of period** | $515387613 | $556355912 |

---

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

**43**

**Financial Highlights - Pro-Blend<sup>®</sup> Extended Term Series - Class S**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | FOR THE | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | |
|  | SIX MONTHS |  | | | | |
|  | ENDED |  | | | | |
|  | 4/30/25 |  |  |  |  |  |
|  | (UNAUDITED) | 10/31/24 | 10/31/23 | 10/31/22 | 10/31/21 | 10/31/20 |
| **Per share data (for a share outstanding throughout each period):**  |  |  |  |  |  |  |
| **Net asset value - Beginning of period** | $20.08 | $17.03 | $16.90 | $21.76 | $19.12 | $18.02 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.16 | 0.38 | 0.31 | 0.17 | 0.11 | 0.16 |
| Net realized and unrealized gain (loss) on investments | (0.13) | 2.99 | 0.46 | (3.98) | 3.80 | 1.72<sup>2</sup> |
| Total from investment operations | 0.03 | 3.37 | 0.77 | (3.81) | 3.91 | 1.88 |
| Less distributions to shareholders: |  |  |  |  |  |  |
| From net investment income | (0.39) | (0.32) | (0.20) | (0.05) | (0.06) | (0.12) |
| From net realized gain on investments | (0.42) |  | (0.44) | (1.00) | (1.21) | (0.66) |
| Total distributions to shareholders | (0.81) | (0.32) | (0.64) | (1.05) | (1.27) | (0.78) |
| **Net asset value - End of period** | **$19.30** | **$20.08** | **$17.03** | **$16.90** | **$21.76** | **$19.12** |
| **Net assets - End of period** (000's omitted) | **$251164** | **$275451** | **$263179** | **$276523** | **$365077** | **$334977** |
| Total return<sup>3</sup> | 0.06% | 19.97% | 4.48% | (18.35%) | 21.19% | 10.74%<sup>2</sup> |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| Expenses | 1.03%<sup>4</sup> | 1.02% | 1.04% | 1.02% | 1.01% | 1.02% |
| Net investment income | 1.62%<sup>4</sup> | 1.98% | 1.78% | 0.91% | 0.54% | 0.87% |
| Series portfolio turnover | 42% | 71% | 56% | 66% | 66% | 120% |

---

<sup>1</sup>Calculated based on average shares outstanding during the periods.

<sup>2</sup>During the reporting period the Fund settled legal claims against an issuer of securities previously held by the Fund. As a result, the net realized and unrealized gain (loss) on investments per share includes proceeds received from the settlement. Without these proceeds the net realized and unrealized gain (loss) on investments per share would have been $1.70. Excluding the proceeds from the settlement, the total return would have been 10.63%.

<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.

**44**

**Financial Highlights - Pro-Blend<sup>®</sup> Extended Term Series - Class I**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | FOR THE | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | | |
|  | SIX MONTHS |  | | | | |
|  | ENDED |  | | | | |
|  | 4/30/25 |  |  |  |  |  |
|  | (UNAUDITED) | 10/31/24 | 10/31/23 | 10/31/22 | 10/31/21 | 10/31/20 |
| **Per share data (for a share outstanding throughout each period):**  |  |  |  |  |  |  |
| **Net asset value - Beginning of period** | $20.16 | $17.08 | $16.96 | $23.33 | $22.09 | $21.83 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.18 | 0.43 | 0.35 | 0.21 | 0.17 | 0.24 |
| Net realized and unrealized gain (loss) on investments | (0.12) | 2.99 | 0.47 | (4.00) | 4.22 | 2.00<sup>2</sup> |
| Total from investment operations | 0.06 | 3.42 | 0.82 | (3.79) | 4.39 | 2.24 |
| Less distributions to shareholders: |  |  |  |  |  |  |
| From net investment income | (0.44) | (0.34) | (0.26) | (0.19) | (0.26) | (0.41) |
| From net realized gain on investments | (0.42) |  | (0.44) | (2.39) | (2.89) | (1.57) |
| Total distributions to shareholders | (0.86) | (0.34) | (0.70) | (2.58) | (3.15) | (1.98) |
| **Net asset value - End of period** | **$19.36** | **$20.16** | **$17.08** | **$16.96** | **$23.33** | **$22.09** |
| **Net assets - End of period** (000's omitted) | **$136352** | **$142682** | **$130709** | **$137658** | **$192593** | **$149603** |
| Total return<sup>3</sup> | 0.22% | 20.23% | 4.76% | (18.14%) | 21.48% | 10.88%<sup>2</sup> |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| Expenses | 0.80%<sup>4</sup> | 0.77% | 0.82% | 0.79% | 0.79% | 0.81%<sup>5</sup> |
| Net investment income | 1.86%<sup>4</sup> | 2.22% | 2.00% | 1.14% | 0.75% | 1.06% |
| Series portfolio turnover | 42% | 71% | 56% | 66% | 66% | 120% |

---

<sup>1</sup>Calculated based on average shares outstanding during the periods.

<sup>2</sup>During the reporting period the Fund settled legal claims against an issuer of securities previously held by the Fund. As a result, the net realized and unrealized gain (loss) on investments per share includes proceeds received from the settlement. Without these proceeds the net realized and unrealized gain (loss) on investments per share would have been $1.98. These proceeds impacted the total return by less than 0.01%.

<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.

<sup>5</sup>Includes recoupment of past waived and/or reimbursed fees with no financial impact to the expense ratios.

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

**45**

**Financial Highlights - Pro-Blend<sup>®</sup> Extended Term Series - Class R**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | FOR THE | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | |
|  | SIX MONTHS |  | | | | |
|  | ENDED |  | | | | |
|  | 4/30/25 |  |  |  |  |  |
|  | (UNAUDITED) | 10/31/24 | 10/31/23 | 10/31/22 | 10/31/21 | 10/31/20 |
| **Per share data (for a share outstanding throughout each period):** |  |  |  |  |  |  |
| **Net asset value - Beginning of period** | $20.14 | $17.10 | $16.94 | $22.80 | $21.08 | $20.48 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.13 | 0.33 | 0.27 | 0.13 | 0.08 | 0.09 |
| Net realized and unrealized gain (loss) on investments | (0.13) | 3.00 | 0.46 | (4.00) | 4.05 | 1.96<sup>2</sup> |
| Total from investment operations | 0.00 | 3.33 | 0.73 | (3.87) | 4.13 | 2.05 |
| Less distributions to shareholders: |  |  |  |  |  |  |
| From net investment income | (0.34) | (0.29) | (0.13) | (0.10) | (0.13) | (0.21) |
| From net realized gain on investments | (0.42) |  | (0.44) | (1.89) | (2.28) | (1.24) |
| Total distributions to shareholders | (0.76) | (0.29) | (0.57) | (1.99) | (2.41) | (1.45) |
| **Net asset value - End of period** | **$19.38** | **$20.14** | **$17.10** | **$16.94** | **$22.80** | **$21.08** |
| **Net assets - End of period** (000's omitted) | **$43499** | **$46372** | **$41368** | **$42104** | **$56058** | **$52600** |
| Total return<sup>3</sup> | (0.07%) | 19.66% | 4.27% | (18.48%) | 20.86% | 10.53%<sup>2</sup> |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| Expenses | 1.28%<sup>4</sup> | 1.27% | 1.28% | 1.25% | 1.24% | 1.31%<sup>5</sup> |
| Net investment income | 1.37%<sup>4</sup> | 1.73% | 1.54% | 0.68% | 0.31% | 0.41% |
| Series portfolio turnover | 42% | 71% | 56% | 66% | 66% | 120% |

---

<sup>1</sup>Calculated based on average shares outstanding during the periods.

<sup>2</sup>During the reporting period the Fund settled legal claims against an issuer of securities previously held by the Fund. As a result, the net realized and unrealized gain (loss) on investments per share includes proceeds received from the settlement. Without these proceeds the net realized and unrealized gain (loss) on investments per share would have been $1.94. Excluding the proceeds from the settlement, the total return would have been 10.43%.

<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.

<sup>5</sup>Includes recoupment of past waived and/or reimbursed fees with no financial impact to the expense ratios.

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

**46**

**Financial Highlights - Pro-Blend<sup>®</sup> Extended Term Series - Class L**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | FOR THE | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | |
|  | SIX MONTHS |  | | | | |
|  | ENDED |  | | | | |
|  | 4/30/25 |  |  |  |  |  |
|  | (UNAUDITED) | 10/31/24 | 10/31/23 | 10/31/22 | 10/31/21 | 10/31/20 |
| **Per share data (for a share outstanding throughout each period):** |  |  |  |  |  |  |
| **Net asset value - Beginning of period** | $20.09 | $17.09 | $16.93 | $23.08 | $21.54 | $21.10 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> | 0.08 | 0.23 | 0.18 | 0.03 | (0.04) | 0.02 |
| Net realized and unrealized gain (loss) on investments | (0.13) | 3.01 | 0.45 | (4.03) | 4.15 | 1.96<sup>2</sup> |
| Total from investment operations | (0.05) | 3.24 | 0.63 | (4.00) | 4.11 | 1.98 |
| Less distributions to shareholders: |  |  |  |  |  |  |
| From net investment income | (0.23) | (0.24) | (0.03) | (0.04) | (0.02) | (0.15) |
| From net realized gain on investments | (0.42) |  | (0.44) | (2.11) | (2.55) | (1.39) |
| Total distributions to shareholders | (0.65) | (0.24) | (0.47) | (2.15) | (2.57) | (1.54) |
| **Net asset value - End of period** | **$19.39** | **$20.09** | **$17.09** | **$16.93** | **$23.08** | **$21.54** |
| **Net assets - End of period** (000's omitted) | **$84241** | **$91719** | **$86349** | **$89871** | **$113582** | **$100254** |
| Total return<sup>3</sup> | (0.32%) | 19.08% | 3.67% | (19.03%) | 20.38% | 9.87%<sup>2</sup> |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| Expenses | 1.80%<sup>4</sup> | 1.78% | 1.81% | 1.78% | 1.76% | 1.77% |
| Net investment income (loss) | 0.85%<sup>4</sup> | 1.22% | 1.01% | 0.16% | (0.22%) | 0.13% |
| Series portfolio turnover | 42% | 71% | 56% | 66% | 66% | 120% |

---

<sup>1</sup>Calculated based on average shares outstanding during the periods.

<sup>2</sup>During the reporting period the Fund settled legal claims against an issuer of securities previously held by the Fund. As a result, the net realized and unrealized gain (loss) on investments per share includes proceeds received from the settlement. Without these proceeds the net realized and unrealized gain (loss) on investments per share would have been $1.94. Excluding the proceeds from the settlement, the total return would have been 9.76%.

<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.

**47**

**Financial Highlights - Pro-Blend<sup>®</sup> Extended Term Series - Class W**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | FOR THE | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | | |
|  | SIX MONTHS |  | | | | |
|  | ENDED |  | | | | |
|  | 4/30/25 |  |  |  |  |  |
|  | (UNAUDITED) | 10/31/24 | 10/31/23 | 10/31/22 | 10/31/21 | 10/31/20 |
| **Per share data (for a share outstanding throughout each period):** |  |  |  |  |  |  |
| **Net asset value - Beginning of period** | $20.36 | $17.19 | $17.04 | $21.85 | $19.18 | $18.08 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.25 | 0.56 | 0.48 | 0.39 | 0.30 | 0.33 |
| Net realized and unrealized gain (loss) on investments | (0.12) | 3.02 | 0.47 | (4.04) | 3.82 | 1.71<sup>2</sup> |
| Total from investment operations | 0.13 | 3.58 | 0.95 | (3.65) | 4.12 | 2.04 |
| Less distributions to shareholders: |  |  |  |  |  |  |
| From net investment income | (0.57) | (0.41) | (0.36) | (0.16) | (0.24) | (0.28) |
| From net realized gain on investments | (0.42) |  | (0.44) | (1.00) | (1.21) | (0.66) |
| Total distributions to shareholders | (0.99) | (0.41) | (0.80) | (1.16) | (1.45) | (0.94) |
| **Net asset value - End of period** | **$19.50** | **$20.36** | **$17.19** | **$17.04** | **$21.85** | **$19.18** |
| **Net assets - End of period** (000's omitted) | **$132** | **$132** | **$120** | **$118** | **$7** | **$6** |
| Total return<sup>3</sup> | 0.54% | 21.08% | 5.51% | (17.60%) | 22.34% | 11.70%<sup>2</sup> |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| Expenses\* | 0.10%<sup>4</sup> | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
| Net investment income | 2.56%<sup>4</sup> | 2.89% | 2.72% | 2.23% | 1.44% | 1.78% |
| Series portfolio turnover | 42% | 71% | 56% | 66% | 66% | 120% |

---

\*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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| 0.65%<sup>4</sup> | 0.64% | 0.66% | 0.63% | 0.62% |

---

<sup>1</sup>Calculated based on average shares outstanding during the periods.

<sup>2</sup>During the reporting period the Fund settled legal claims against an issuer of securities previously held by the Fund. As a result, the net realized and unrealized gain (loss) on investments per share includes proceeds received from the settlement. Without these proceeds the net realized and unrealized gain (loss) on investments per share would have been $1.69. Excluding the proceeds from the settlement, the total return would have been 11.64%.

<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.

**48**

**Investment Portfolio - April 30, 2025**

(unaudited)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;PRO-BLEND<sup>®</sup> MAXIMUM TERM SERIES | SHARES/ <br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE <br> (NOTE 2) |
| **COMMON STOCKS - 85.4%** |  |  |
| **Communication Services - 4.0%** |  |  |
| &nbsp;&nbsp;&nbsp;**Interactive Media & Services - 4.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | 62765 | $9967082 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | 13679 | 7509771 |
| **Total Communication Services** |  | 17476853 |
| **Consumer Discretionary - 9.6%** |  |  |
| &nbsp;&nbsp;&nbsp;**Automobiles - 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Ferrari N.V. (Italy) | 11255 | 5197334 |
| &nbsp;&nbsp;&nbsp;**Broadline Retail - 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.\* | 70353 | 12974500 |
| &nbsp;&nbsp;&nbsp;MercadoLibre, Inc. (Brazil)<sup>\*</sup> | 1519 | 3540561 |
|  |  | 16515061 |
| &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure - 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc.\* | 116052 | 5862947 |
| &nbsp;&nbsp;&nbsp;**Household Durables - 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Persimmon plc - ADR (United Kingdom) | 97193 | 3380372 |
| &nbsp;&nbsp;&nbsp;Taylor Wimpey plc - ADR (United Kingdom) | 203104 | 3213004 |
|  |  | 6593376 |
| &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods - 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Hermes International SCA - ADR (France) | 28103 | 7698255 |
| **Total Consumer Discretionary** |  | 41866973 |
| **Consumer Staples - 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;**Beverages - 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;The Coca-Cola Co. | 114935 | 8338534 |
| &nbsp;&nbsp;&nbsp;**Personal Care Products - 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;L'Oreal S.A. - ADR (France) | 44280 | 3887784 |
| **Total Consumer Staples** |  | 12226318 |
| **Financials - 14.4%** |  |  |
| &nbsp;&nbsp;&nbsp;**Banks - 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;HDFC Bank Ltd. - ADR (India) | 53434 | 3884118 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 12357 | 3022769 |
|  |  | 6906887 |
| &nbsp;&nbsp;&nbsp;**Capital Markets - 6.8%** |  |  |
| &nbsp;&nbsp;&nbsp;BlackRock, Inc. | 7859 | 7185169 |
| &nbsp;&nbsp;&nbsp;Deutsche Boerse AG - ADR (Germany) | 101264 | 3248549 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | 17897 | 3006159 |
| &nbsp;&nbsp;&nbsp;Moody's Corp. | 10808 | 4897321 |
| &nbsp;&nbsp;&nbsp;MSCI, Inc. | 6358 | 3465809 |
| &nbsp;&nbsp;&nbsp;Nasdaq, Inc. | 53393 | 4069081 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. | 7960 | 3980398 |
|  |  | 29852486 |
| &nbsp;&nbsp;&nbsp;**Financial Services - 6.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc.<sup>\*</sup> | 30810 | 5686602 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc. - Class A | 20021 | 10972709 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES/ <br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE <br> (NOTE 2) |
| **COMMON STOCKS** (continued) |  |  |
| **Financials** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;**Financial Services** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Visa, Inc. - Class A | 28016 | $9679528 |
|  |  | 26338839 |
| **Total Financials** |  | 63098212 |
| **Health Care - 10.9%** |  |  |
| &nbsp;&nbsp;&nbsp;**Biotechnology - 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.<sup>\*</sup> | 9730 | 4957435 |
| &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies - 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Alcon AG | 23811 | 2324192 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc.<sup>\*</sup> | 8607 | 4439490 |
|  |  | 6763682 |
| &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services - 3.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Danaher Corp. | 19961 | 3978826 |
| &nbsp;&nbsp;&nbsp;Lonza Group AG - ADR (Switzerland) | 88471 | 6322138 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | 16013 | 6869577 |
|  |  | 17170541 |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals - 4.3%** |  |  |
| &nbsp;&nbsp;&nbsp;AstraZeneca plc - ADR (United Kingdom) | 137232 | 9851885 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 30031 | 4694146 |
| &nbsp;&nbsp;&nbsp;Roche Holding AG - ADR | 104466 | 4259079 |
|  |  | 18805110 |
| **Total Health Care** |  | 47696768 |
| **Industrials - 15.5%** |  |  |
| &nbsp;&nbsp;&nbsp;**Aerospace & Defense - 3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;BAE Systems plc - ADR (United Kingdom) | 20600 | 1920538 |
| &nbsp;&nbsp;&nbsp;HEICO Corp. - Class A | 28437 | 5713846 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | 34633 | 7619953 |
|  |  | 15254337 |
| &nbsp;&nbsp;&nbsp;**Air Freight & Logistics - 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Deutsche Post AG - ADR (Germany) | 221421 | 9481247 |
| &nbsp;&nbsp;&nbsp;**Building Products - 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Masco Corp. | 68148 | 4130450 |
| &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies - 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Copart, Inc.<sup>\*</sup> | 112317 | 6854707 |
| &nbsp;&nbsp;&nbsp;Rollins, Inc. | 69996 | 3998871 |
|  |  | 10853578 |
| &nbsp;&nbsp;&nbsp;**Ground Transportation - 4.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Canadian National Railway Co. (Canada) | 51458 | 4982164 |
| &nbsp;&nbsp;&nbsp;Canadian Pacific Kansas City Ltd. (Canada) | 42233 | 3060626 |
| &nbsp;&nbsp;&nbsp;CSX Corp. | 166233 | 4666160 |
| &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | 12839 | 2876578 |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp. | 11890 | 2564197 |
|  |  | 18149725 |

---

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

**49**

**Investment Portfolio - April 30, 2025**

(unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;PRO-BLEND<sup>®</sup> MAXIMUM TERM SERIES | SHARES/ <br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE <br> (NOTE 2) | VALUE <br> (NOTE 2) |
| **COMMON STOCKS** (continued) |  |  |  |
| **Industrials** (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;**Professional Services - 2.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Experian plc - ADR | 59951 | $| 2980164 |
| &nbsp;&nbsp;&nbsp;TransUnion | 81841 |  | 6789530 |
|  |  |  | 9769694 |
| **Total Industrials** |  |  | 67639031 |
| **Information Technology - 21.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components - 2.7%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components - 2.7%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components - 2.7%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components - 2.7%** |
| &nbsp;&nbsp;&nbsp;Amphenol Corp. - Class A | 58924 |  | 4534202 |
| &nbsp;&nbsp;&nbsp;CDW Corp. | 25441 |  | 4084807 |
| &nbsp;&nbsp;&nbsp;Halma plc - ADR (United Kingdom) | 39519 |  | 2981313 |
|  |  |  | 11600322 |
| &nbsp;&nbsp;&nbsp;**IT Services - 1.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;EPAM Systems, Inc.<sup>\*</sup> | 18814 |  | 2952105 |
| &nbsp;&nbsp;&nbsp;Globant S.A. <sup>\*</sup> | 41904 |  | 4926653 |
|  |  |  | 7878758 |
| &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 6.0%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 6.0%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 6.0%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 6.0%** |
| &nbsp;&nbsp;&nbsp;Infineon Technologies AG - ADR (Germany) | 184594 |  | 6086064 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 117920 |  | 12843847 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. - ADR (Taiwan) | 45052 |  | 7509718 |
|  |  |  | 26439629 |
| &nbsp;&nbsp;&nbsp;**Software - 10.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Atlassian Corp. - Class A <sup>\*</sup> | 11865 |  | 2708898 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc.<sup>\*</sup> | 34715 |  | 10336044 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 26118 |  | 10323401 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc. | 10840 |  | 2912816 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc.<sup>\*</sup> | 11261 |  | 10754368 |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc.<sup>\*</sup> | 7809 |  | 3584409 |
| &nbsp;&nbsp;&nbsp;Workday, Inc. - Class A<sup>\*</sup> | 24719 |  | 6056155 |
|  |  |  | 46676091 |
| **Total Information Technology** |  |  | 92594800 |
| **Materials - 4.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Chemicals - 3.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Air Liquide S.A. - ADR (France) | 188540 |  | 7716942 |
| &nbsp;&nbsp;&nbsp;The Sherwin-Williams Co. | 11308 |  | 3990820 |
| &nbsp;&nbsp;&nbsp;Sociedad Quimica y Minera de Chile S.A. - ADR (Chile) | 131125 |  | 4484475 |
|  |  |  | 16192237 |
| &nbsp;&nbsp;&nbsp;**Paper & Forest Products - 0.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;West Fraser Timber Co. Ltd. (Canada) | 38676 |  | 2861250 |
| **Total Materials** |  |  | 19053487 |
| **Real Estate - 2.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Real Estate Management & Development - 1.9%** | &nbsp;&nbsp;&nbsp;**Real Estate Management & Development - 1.9%** | &nbsp;&nbsp;&nbsp;**Real Estate Management & Development - 1.9%** | &nbsp;&nbsp;&nbsp;**Real Estate Management & Development - 1.9%** |
| &nbsp;&nbsp;&nbsp;CBRE Group, Inc. - Class A<sup>\*</sup> | 66955 |  | 8180562 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES/ <br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE <br> (NOTE 2) |
| **COMMON STOCKS** (continued) |  |  |
| **Real Estate** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;**Specialized REITs - 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. | 20385 | $2986810 |
| **Total Real Estate** |  | 11167372 |
| **TOTAL COMMON STOCKS** <br> (Identified Cost $315,530,372) |  | **372819814** |
| **CORPORATE BONDS - 4.5%** |  |  |
| **Non-Convertible Corporate Bonds- 4.5%** |  |  |
| **Communication Services - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;**Entertainment - 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Warnermedia Holdings, Inc., 4.054%, 3/15/2029 | 630000 | 588337 |
| &nbsp;&nbsp;&nbsp;**Interactive Media & Services - 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. (China), 3.975%, 4/11/2029<sup>2</sup> | 490000 | 482241 |
| &nbsp;&nbsp;&nbsp;**Media - 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Open Infra U.S. Assets AB, 11.00%, 2/22/2027 | 200000 | 196644 |
| &nbsp;&nbsp;&nbsp;The Walt Disney Co., 6.65%, 11/15/2037 | 315000 | 354644 |
|  |  | 551288 |
| **Total Communication Services** |  | 1621866 |
| **Consumer Discretionary - 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;**Broadline Retail - 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. (China), 4.00%, 12/6/2037 | 900000 | 774316 |
| &nbsp;&nbsp;&nbsp;**Household Durables - 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;DR Horton, Inc., 4.85%, 10/15/2030 | 390000 | 391186 |
| &nbsp;&nbsp;&nbsp;**Specialty Retail - 0.0%##** |  |  |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc., 1.875%, 4/15/2031 | 130000 | 110057 |
| **Total Consumer Discretionary** |  | 1275559 |
| **Energy - 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;**Energy Equipment & Services - 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Borr IHC Ltd. - Borr Finance LLC (Mexico), 10.00%, 11/15/2028<sup>2</sup> | 194634 | 163303 |
| &nbsp;&nbsp;&nbsp;Telford Finco (United Arab Emirates), 11.00%, 11/6/2029 | 200000 | 194655 |
|  |  | 357958 |
| &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Brooge Petroleum and Gas Investment Co. FZE (United Arab Emirates), 8.50%, 9/24/2025 (Acquired 09/10/2020-09/01/2023, cost $184,042)<sup>3</sup> | 203589 | 186463 |
| &nbsp;&nbsp;&nbsp;Cenovus Energy, Inc. (Canada), 6.75%, 11/15/2039 | 560000 | 587964 |
| &nbsp;&nbsp;&nbsp;Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.375%, 2/1/2031<sup>2</sup> | 370000 | 387212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 2/1/2042 | 580000 | 579927 |

---

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

**50**

**Investment Portfolio - April 30, 2025**

(unaudited)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;PRO-BLEND<sup>®</sup> MAXIMUM TERM SERIES | 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;Kinder Morgan, Inc., 4.80%, 2/1/2033 | 315000 | $302144 |
| &nbsp;&nbsp;&nbsp;New Fortress Energy, Inc., 8.75%, 3/15/2029<sup>2</sup> | 230000 | 122073 |
|  |  | 2165783 |
| **Total Energy** |  | 2523741 |
| **Financials - 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;**Banks - 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Bank of America Corp., (U.S. Secured Overnight Financing Rate + 1.320%), 2.687%, 4/22/2032<sup>4</sup> | 660000 | 582466 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc., (U.S. Secured Overnight Financing Rate + 0.770%), 1.462%, 6/9/2027<sup>4</sup> | 600000 | 579316 |
| &nbsp;&nbsp;&nbsp;Citizens Bank NA, (U.S. Secured Overnight Financing Rate + 2.000%), 4.575%, 8/9/2028<sup>4</sup> | 500000 | 498928 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp, (U.S. Secured Overnight Financing Index + 2.192%), 6.361%, 10/27/2028<sup>4</sup> | 150000 | 155779 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc., 2.55%, 2/4/2030 | 440000 | 395957 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., (3 mo. U.S. Secured Overnight Financing Rate + 3.790%), 4.493%, 3/24/2031<sup>4</sup> | 990000 | 981232 |
| &nbsp;&nbsp;&nbsp;KeyBank NA, 5.85%, 11/15/2027 | 480000 | 492788 |
| &nbsp;&nbsp;&nbsp;The PNC Financial Services Group, Inc., (U.S. Secured Overnight Financing Rate + 1.322%), 5.812%, 6/12/2026<sup>4</sup> | 580000 | 580329 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp., (U.S. Secured Overnight Financing Rate + 0.862%), 1.887%, 6/7/2029<sup>4</sup> | 640000 | 589814 |
| &nbsp;&nbsp;&nbsp;U.S. Bancorp, (U.S. Secured Overnight Financing Rate + 1.230%), 4.653%, 2/1/2029<sup>4</sup> | 580000 | 581373 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co., (U.S. Secured Overnight Financing Rate + 1.070%), 5.707%, 4/22/2028<sup>4</sup> | 570000 | 582403 |
|  |  | 6020385 |
| &nbsp;&nbsp;&nbsp;**Capital Markets - 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Carlyle Secured Lending, Inc., 6.75%, 2/18/2030 | 23000 | 23200 |
| &nbsp;&nbsp;&nbsp;The Depository Trust & Clearing Corp., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.606%), 3.375%<sup>2,4,5</sup> | 250000 | 240555 |
| &nbsp;&nbsp;&nbsp;Icahn Enterprises LP - Icahn Enterprises Finance Corp., 10.00%, 11/15/2029<sup>2</sup> | 240000 | 234964 |
| &nbsp;&nbsp;&nbsp;Jefferies Financial Group, Inc., 6.20%, 4/14/2034 | 580000 | 586814 |
|  |  | 1085533 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES/ <br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE <br> (NOTE 2) |
| **CORPORATE BONDS** (continued) |  |  |
| **Non-Convertible Corporate Bonds** (continued) |  |  |
| **Financials** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;**Consumer Finance - 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp., (U.S. Secured Overnight Financing Rate + 3.070%), 7.624%, 10/30/2031<sup>4</sup> | 700000 | $778671 |
| &nbsp;&nbsp;&nbsp;Navient Corp., 6.75%, 6/25/2025 | 235000 | 235073 |
|  |  | 1013744 |
| &nbsp;&nbsp;&nbsp;**Financial Services - 0.0%##** |  |  |
| &nbsp;&nbsp;&nbsp;Golden Pear Funding HoldCo LLC, 10.00%, 3/2/2028 | 135000 | 116763 |
| &nbsp;&nbsp;&nbsp;**Insurance - 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;MassMutual Global Funding II, 4.85%, 1/17/2029<sup>2</sup> | 250000 | 253932 |
| &nbsp;&nbsp;&nbsp;Metropolitan Life Global Funding I, 4.85%, 1/8/2029<sup>2</sup> | 250000 | 253961 |
| &nbsp;&nbsp;&nbsp;New York Life Global Funding, 4.70%, 1/29/2029<sup>2</sup> | 190000 | 192050 |
| &nbsp;&nbsp;&nbsp;SiriusPoint Ltd. (Sweden), 7.00%, 4/5/2029 | 380000 | 392927 |
|  |  | 1092870 |
| **Total Financials** |  | 9329295 |
| **Industrials - 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;**Ground Transportation - 0.0%##** |  |  |
| &nbsp;&nbsp;&nbsp;BNSF Funding Trust I, (3 mo. CME Term U.S. Secured Overnight Financing Rate + 2.350%), 6.613%, 12/15/2055<sup>4</sup> | 140000 | 140015 |
| &nbsp;&nbsp;&nbsp;**Passenger Airlines - 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Alaska Airlines Pass-Through Trust, Series 2020-1, Class B, 8.00%, 8/15/2025<sup>2</sup> | 22436 | 22564 |
| &nbsp;&nbsp;&nbsp;United Airlines Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-1, Class B, 4.60%, 3/1/2026 | 23662 | 22932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-2, Class B, 3.50%, 5/1/2028 | 186434 | 176996 |
|  |  | 222492 |
| &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors - 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC - AerCap Global Aviation Trust (Ireland), 3.00%, 10/29/2028 | 410000 | 386576 |
| &nbsp;&nbsp;&nbsp;Ashtead Capital, Inc. (United Kingdom), 4.00%, 5/1/2028<sup>2</sup> | 540000 | 528706 |
|  |  | 915282 |
| **Total Industrials** |  | 1277789 |
| **Materials - 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;**Metals & Mining - 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;ACG Holdco 1 Ltd. (United Kingdom), 14.75%, 1/13/2029 | 200000 | 200744 |
| &nbsp;&nbsp;&nbsp;Newcastle Coal Infrastructure Group Pty Ltd. (Australia), 4.40%, 9/29/2027<sup>2</sup> | 340132 | 334847 |

---

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

**51**

**Investment Portfolio - April 30, 2025**

(unaudited)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;PRO-BLEND<sup>®</sup> MAXIMUM TERM SERIES | SHARES/ <br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE <br> (NOTE 2) |
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Non-Convertible Corporate Bonds (continued)** | **Non-Convertible Corporate Bonds (continued)** | **Non-Convertible Corporate Bonds (continued)** |
| **Materials (continued)** | **Materials (continued)** | **Materials (continued)** |
| &nbsp;&nbsp;&nbsp;**Metals & Mining (continued)** | &nbsp;&nbsp;&nbsp;**Metals & Mining (continued)** | &nbsp;&nbsp;&nbsp;**Metals & Mining (continued)** |
| &nbsp;&nbsp;&nbsp;Northwest Acquisitions ULC - Dominion Finco, Inc., 7.125%, 11/1/2022 (Acquired 10/10/2017-09/18/2020, cost $44,437)<sup>3,6</sup> | 220000 | 2 |
| **Total Materials** |  | 535593 |
| **Real Estate - 0.4%** | **Real Estate - 0.4%** | **Real Estate - 0.4%** |
| &nbsp;&nbsp;&nbsp;**Industrial REITs - 0.0%##** | &nbsp;&nbsp;&nbsp;**Industrial REITs - 0.0%##** | &nbsp;&nbsp;&nbsp;**Industrial REITs - 0.0%##** |
| &nbsp;&nbsp;&nbsp;IIP Operating Partnership LP, 5.50%, 5/25/2026 | 230000 | 220495 |
| &nbsp;&nbsp;&nbsp;**Retail REITs - 0.2%** | &nbsp;&nbsp;&nbsp;**Retail REITs - 0.2%** | &nbsp;&nbsp;&nbsp;**Retail REITs - 0.2%** |
| &nbsp;&nbsp;&nbsp;Simon Property Group LP | &nbsp;&nbsp;&nbsp;Simon Property Group LP | &nbsp;&nbsp;&nbsp;Simon Property Group LP |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 1/15/2032 | 180000 | 153261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.65%, 2/1/2032 | 740000 | 642015 |
|  |  | 795276 |
| &nbsp;&nbsp;&nbsp;**Specialized REITs - 0.2%** | &nbsp;&nbsp;&nbsp;**Specialized REITs - 0.2%** | &nbsp;&nbsp;&nbsp;**Specialized REITs - 0.2%** |
| &nbsp;&nbsp;&nbsp;Pelorus Fund REIT LLC, 7.00%, 9/30/2026 (Acquired 07/08/2022, cost $208,250)<sup>3</sup> | 245000 | 247776 |
| &nbsp;&nbsp;&nbsp;SBA Tower Trust, 6.599%, 1/15/2028<sup>2</sup> | 405000 | 414241 |
|  |  | 662017 |
| **Total Real Estate** |  | 1677788 |
| **Utilities - 0.3%** | **Utilities - 0.3%** | **Utilities - 0.3%** |
| &nbsp;&nbsp;&nbsp;**Electric Utilities - 0.1%** | &nbsp;&nbsp;&nbsp;**Electric Utilities - 0.1%** | &nbsp;&nbsp;&nbsp;**Electric Utilities - 0.1%** |
| &nbsp;&nbsp;&nbsp;Alexander Funding Trust II, 7.467%, 7/31/2028<sup>2</sup> | 370000 | 392293 |
| &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers - 0.2%** | &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers - 0.2%** | &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers - 0.2%** |
| &nbsp;&nbsp;&nbsp;Palomino Funding Trust I, 7.233%, 5/17/2028<sup>2</sup> | 640000 | 673571 |
| **Total Utilities** |  | 1065864 |
| **TOTAL CORPORATE BONDS <br> (Identified Cost $19,400,642)** |  | **19307495** |
| **U.S. TREASURY SECURITIES - 6.2%** | **U.S. TREASURY SECURITIES - 6.2%** | **U.S. TREASURY SECURITIES - 6.2%** |
| **U.S. Treasury Bonds - 1.9%** | **U.S. Treasury Bonds - 1.9%** | **U.S. Treasury Bonds - 1.9%** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bond | &nbsp;&nbsp;&nbsp;U.S. Treasury Bond | &nbsp;&nbsp;&nbsp;U.S. Treasury Bond |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.375%, 2/15/2042 | 5522000 | 4050042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 5/15/2047 | 5700000 | 4316859 |
| **Total U.S. Treasury Bonds <br> (Identified Cost $8,546,051)** |  | 8366901 |
| **U.S. Treasury Notes - 4.3%** | **U.S. Treasury Notes - 4.3%** | **U.S. Treasury Notes - 4.3%** |
| &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 | 4867000 | 4705400 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES/ <br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE <br> (NOTE 2) | VALUE <br> (NOTE 2) |
| **U.S. TREASURY SECURITIES (continued)** | **U.S. TREASURY SECURITIES (continued)** | **U.S. TREASURY SECURITIES (continued)** | **U.S. TREASURY SECURITIES (continued)** |
| **U.S. Treasury Notes (continued)** | **U.S. Treasury Notes (continued)** | **U.S. Treasury Notes (continued)** | **U.S. Treasury Notes (continued)** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note (continued) | &nbsp;&nbsp;&nbsp;U.S. Treasury Note (continued) | &nbsp;&nbsp;&nbsp;U.S. Treasury Note (continued) | &nbsp;&nbsp;&nbsp;U.S. Treasury Note (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.375%, 11/15/2031 | 16348000 | $| 13946888 |
| **Total U.S. Treasury Notes <br> (Identified Cost $18,429,671)** |  |  | 18652288 |
| **TOTAL U.S. TREASURY SECURITIES <br> (Identified Cost $26,975,722)** |  |  | **27019189** |
| **ASSET-BACKED SECURITIES - 0.0%##** | **ASSET-BACKED SECURITIES - 0.0%##** | **ASSET-BACKED SECURITIES - 0.0%##** | **ASSET-BACKED SECURITIES - 0.0%##** |
| &nbsp;&nbsp;&nbsp;Commonbond Student Loan Trust, Series 2019-AGS, Class A1, 2.54%, 1/25/2047<sup>2</sup> | 3601 |  | 3305 |
| &nbsp;&nbsp;&nbsp;Nelnet Student Loan Trust, Series 2012- 3A, Class A, (U.S. Secured Overnight Financing Rate 30 Day Average + 0.814%), 5.168%, 3/26/2040<sup>2,7</sup> | 5604 |  | 5532 |
| &nbsp;&nbsp;&nbsp;Oxford Finance Credit Fund III LP, Series 2024-A, Class A2, 6.675%, 1/14/2032<sup>2</sup> | 50000 |  | 50565 |
| **TOTAL ASSET-BACKED SECURITIES <br> (Identified Cost $59,232)** |  |  | **59402** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.0%##** | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.0%##** | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.0%##** | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.0%##** |
| &nbsp;&nbsp;&nbsp;CIM Trust, Series 2019-INV1, Class A1, 4.00%, 2/25/2049<sup>2,8</sup> | 230 |  | 216 |
| &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-IVR3, Class A1, 2.50%, 5/25/2043<sup>2,8</sup> | 1713 |  | 1510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-IVR3, Class A1, 3.50%, 7/25/2044<sup>2,8</sup> | 2199 |  | 2061 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 2017-54, Class AH, 2.60%, 12/16/2056 | 2052 |  | 1889 |
| &nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust | &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>2,8</sup> | 902 |  | 885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-2, Class A3, 3.50%, 5/25/2047<sup>2,8</sup> | 4663 |  | 4136 |
| &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;New Residential Mortgage Loan Trust |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-3A, Class AFX3, 3.75%, 11/25/2054<sup>2,8</sup> | 1671 |  | 1611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-2A, Class A1, 3.75%, 8/25/2055<sup>2,8</sup> | 2254 |  | 2184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-4A, Class A1, 3.75%, 11/25/2056<sup>2,8</sup> | 2417 |  | 2311 |
| &nbsp;&nbsp;&nbsp;PMT Loan Trust, Series 2013-J1, Class A9, 3.50%, 9/25/2043<sup>2,8</sup> | 2879 |  | 2671 |
| &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 2013-2, Class A, 1.874%, 2/25/2043<sup>8</sup> | 991 |  | 848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-6, Class A2, 3.00%, 5/25/2043<sup>8</sup> | 2882 |  | 2591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-8, Class A1, 3.00%, 6/25/2043<sup>8</sup> | 1284 |  | 1158 |

---

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

**52**

**Investment Portfolio - April 30, 2025**

(unaudited)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;PRO-BLEND<sup>®</sup> MAXIMUM TERM SERIES | SHARES/ <br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE<br> (NOTE 2) |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;Starwood Retail Property Trust, Series 2014-STAR, Class A, (Prime Rate + 0.000%), 7.50%, 11/15/2027<sup>2,7</sup> | 14572 | $8261 |
| &nbsp;&nbsp;&nbsp;Sutherland Commercial Mortgage Trust, Series 2019-SBC8, Class A, 2.86%, 4/25/2041<sup>2,8</sup> | 6135 | 5831 |
| &nbsp;&nbsp;&nbsp;Towd Point Mortgage Trust, Series 2019- HY1, Class A1, (1 mo. U.S. Secured Overnight Financing Rate + 1.114%), 5.441%, 10/25/2048<sup>2,7</sup> | 2032 | 2037 |
| **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES <br> (Identified Cost $49,077)**  |  | **40200** |
| **U.S. GOVERNMENT AGENCIES - 0.0%##** | **U.S. GOVERNMENT AGENCIES - 0.0%##** | **U.S. GOVERNMENT AGENCIES - 0.0%##** |
| **Mortgage-Backed Securities - 0.0%##** | **Mortgage-Backed Securities - 0.0%##** | **Mortgage-Backed Securities - 0.0%##** |
| &nbsp;&nbsp;&nbsp;Fannie Mae | &nbsp;&nbsp;&nbsp;Fannie Mae | &nbsp;&nbsp;&nbsp;Fannie Mae |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA1834, UMBS, 4.50%, 2/1/2034 | 2568 | 2568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AD0207, UMBS, 6.00%, 10/1/2038 | 2822 | 2958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA0258, UMBS, 4.50%, 12/1/2039 | 1899 | 1885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AL8674, 5.633%, 1/1/2049 | 6622 | 6856 |
| &nbsp;&nbsp;&nbsp;Freddie Mac | &nbsp;&nbsp;&nbsp;Freddie Mac | &nbsp;&nbsp;&nbsp;Freddie Mac |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #C91762, 4.50%, 5/1/2034 | 1638 | 1639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #C91771, 4.50%, 6/1/2034 | 1647 | 1649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #C91780, 4.50%, 7/1/2034 | 2262 | 2265 |
| **TOTAL U.S. GOVERNMENT AGENCIES <br> (Identified Cost $21,334)** |  | **19820** |
| **SHORT-TERM INVESTMENT - 4.7%** | **SHORT-TERM INVESTMENT - 4.7%** | **SHORT-TERM INVESTMENT - 4.7%** |
| &nbsp;&nbsp;&nbsp;Dreyfus Government Cash Management, <br> Institutional Shares, 4.21%<sup>9</sup> | &nbsp;&nbsp;&nbsp;Dreyfus Government Cash Management, <br> Institutional Shares, 4.21%<sup>9</sup> | &nbsp;&nbsp;&nbsp;Dreyfus Government Cash Management, <br> Institutional Shares, 4.21%<sup>9</sup> |
| &nbsp;&nbsp;&nbsp;(Identified Cost $20,628,259) | 20628259 | **20628259** |
| **TOTAL INVESTMENTS - 100.8% <br> (Identified Cost $382,664,638)** |  | **439894179** |
| **LIABILITIES, LESS OTHER ASSETS - (0.8%)** |  | **(3417453)** |
| **NET ASSETS - 100%** |  | $**436476726** |

---

ADR - American Depositary Receipt

REIT - Real Estate Investment Trust

UMBS - Uniform Mortgage-Backed Securities

\*Non-income producing security.

## Less than 0.1%.

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

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

**53**

**Investment Portfolio - April 30, 2025**

(unaudited)

<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 April 30, 2025 was $4,789,629, which represented 1.1% of the Series' Net Assets.

<sup>3</sup>Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act") and determined to be 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 April 30, 2025 was $434,241, or 0.1% of the Series' Net Assets.

<sup>4</sup>Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of April 30, 2025. 

<sup>5</sup>Security is perpetual in nature and has no stated maturity date.

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

<sup>7</sup>Floating rate security. Rate shown is the rate in effect as of April 30, 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 April 30, 2025.

<sup>9</sup>Rate shown is the current yield as of April 30, 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.

**54**

**Statement of Assets and Liabilities - Pro-Blend<sup>®</sup> Maximum Term Series**

April 30, 2025 (unaudited)

---

| | |
|:---|:---|
| **ASSETS:** | **ASSETS:** |
| Investments in securities, at value (identified cost $382,664,638) (Note 2) | $439894179 |
| Foreign currency, at value (identified cost $4,574) | 4598 |
| Receivable for securities sold | 1633465 |
| Interest receivable | 514317 |
| Dividends receivable | 360133 |
| Foreign tax reclaims receivable | 254767 |
| Receivable for fund shares sold | 215697 |
| Prepaid expenses | 3729 |
| TOTAL ASSETS | 442880885 |
| **LIABILITIES:** | **LIABILITIES:** |
| Due to custodian | 2139 |
| Accrued management fees<sup>1</sup> | 166533 |
| Accrued distribution and service (Rule 12b-1) fees (Class S) (Class R) (Class L)<sup>1</sup> | 108642 |
| Accrued sub-transfer agent fees<sup>1</sup> | 106238 |
| Accrued fund accounting and administration fees<sup>1</sup> | 27717 |
| Directors' fees payable<sup>1</sup> | 16712 |
| Payable for fund shares repurchased | 5453346 |
| Payable for securities purchased | 389812 |
| Other payables and accrued expenses | 133020 |
| TOTAL LIABILITIES | 6404159 |
| Commitments and contingent liabilities<sup>1</sup> | Commitments and contingent liabilities<sup>1</sup> |
| **TOTAL NET ASSETS** | $**436476726** |
| **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** |
| Capital stock | $177717 |
| Additional paid-in-capital | 353774223 |
| Total distributable earnings (loss) | 82524786 |
| **TOTAL NET ASSETS** | $**436476726** |

---

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

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

**55**

**Statement of Assets and Liabilities - Pro-Blend<sup>®</sup> Maximum Term Series**

April 30, 2025 (unaudited)

---

| | |
|:---|:---|
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class S**<br> ($231,418,943/9,433,959 shares) | $**24.53** |
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class I**<br> ($102,252,802/4,144,583 shares) | $**24.67** |
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class R**<br> ($45,936,815/1,867,296 shares) | $**24.60** |
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class L**<br> ($54,995,224/2,250,660 shares) | $**24.44** |
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class W**<br> ($1,872,942/75,191 shares) | $**24.91** |

---

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

**56**

**Statement of Operations - Pro-Blend<sup>®</sup> Maximum Term Series** 

For the Six Months Ended April 30, 2025 (unaudited)

**INVESTMENT INCOME:**

---

| | |
|:---|:---|
| Dividends (net of foreign taxes withheld, $80,704) | $2288106 |
| Interest | 1304640 |
| Total Investment Income | 3592746 |
| **EXPENSES:** |  |
| Management fees (Note 3) | 1380603 |
| Distribution and service (Rule 12b-1) fees (Class S) (Note 3) | 312948 |
| Distribution and service (Rule 12b-1) fees (Class L) (Note 3) | 280141 |
| Distribution and service (Rule 12b-1) fees (Class R) (Note 3) | 119784 |
| Sub-transfer agent fees (Note 3) | 166641 |
| Fund accounting and administration fees (Note 3) | 54291 |
| Directors' fees (Note 3) | 31644 |
| Chief Compliance Officer service fees (Note 3) | 4092 |
| Transfer agent fees | 214358 |
| Custodian fees | 19930 |
| Recoupment of past waived and/or reimbursed fees (Note 3) | 4619 |
| Miscellaneous | 116835 |
| Total Expenses | 2705886 |
| Less reduction of expenses (Note 3) | (58994) |
| Net Expenses | 2646892 |
| NET INVESTMENT INCOME | 945854 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:** |  |
| Net realized gain (loss) on- |  |
| &nbsp;&nbsp;&nbsp;Investments (net of foreign capital gains tax of $3,605) | 25951687 |
| &nbsp;&nbsp;&nbsp;Foreign currency and translation of other assets and liabilities | (658) |
|  | 25951029 |
| Net change in unrealized appreciation (depreciation) on- |  |
| &nbsp;&nbsp;&nbsp;Investments | (30222196) |
| &nbsp;&nbsp;&nbsp;Foreign currency and translation of other assets and liabilities | (812) |
|  | (30223008) |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY | (4271979) |
| NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $(3326125) |

---

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

**57**

**Statements of Changes in Net Assets - Pro-Blend<sup>®</sup> Maximum Term Series**

---

| | | |
|:---|:---|:---|
|  | FOR THE<br> SIX MONTHS<br> ENDED <br> 4/30/25 <br> (UNAUDITED) | FOR THE<br> YEAR ENDED <br> 10/31/24 |
| **INCREASE (DECREASE) IN NET ASSETS:** | **INCREASE (DECREASE) IN NET ASSETS:** | **INCREASE (DECREASE) IN NET ASSETS:** |
| **OPERATIONS:** | **OPERATIONS:** | **OPERATIONS:** |
| Net investment income | $945854 | $3230998 |
| Net realized gain (loss) on investments and foreign currency | 25951029 | 26857571 |
| Net change in unrealized appreciation (depreciation) on investments and foreign currency | (30223008) | 75626297 |
| Net increase (decrease) from operations | (3326125) | 105714866 |
| **DISTRIBUTIONS TO SHAREHOLDERS (Note 10):** | **DISTRIBUTIONS TO SHAREHOLDERS (Note 10):** | **DISTRIBUTIONS TO SHAREHOLDERS (Note 10):** |
| Class S | (15442332) | (5152583) |
| Class I | (6450270) | (2148129) |
| Class R | (2871031) | (881885) |
| Class L | (3179404) | (889260) |
| Class W | (123820) | (41490) |
| Total distributions to shareholders | (28066857) | (9113347) |
| **CAPITAL STOCK ISSUED AND REPURCHASED:** | **CAPITAL STOCK ISSUED AND REPURCHASED:** | **CAPITAL STOCK ISSUED AND REPURCHASED:** |
| Net increase (decrease) from capital share transactions (Note 6) | (1394848) | (42596532) |
| Net increase (decrease) in net assets | (32787830) | 54004987 |
| **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| Beginning of period | 469264556 | 415259569 |
| **End of period** | $436476726 | $469264556 |

---

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

**58**

**Financial Highlights - Pro-Blend<sup>®</sup> Maximum Term Series - Class S**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | FOR THE | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | SIX MONTHS | | | | | |
|  | ENDED | | | | | |
|  | 4/30/25 |  |  |  |  |  |
|  | (UNAUDITED) | 10/31/24 | 10/31/23 | 10/31/22 | 10/31/21 | 10/31/20 |
| **Per share data (for a share outstanding throughout each period):** |  |  |  |  |  |  |
| **Net asset value - Beginning of period** | $26.26 | $21.20 | $22.09 | $29.84 | $22.70 | $21.32 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.06 | 0.18 | 0.16 | 0.08 | 0.02 | 0.05 |
| Net realized and unrealized gain (loss) on investments | (0.19) | 5.36 | 1.21 | (6.13) | 7.95 | 2.40<sup>2</sup> |
| Total from investment operations | (0.13) | 5.54 | 1.37 | (6.05) | 7.97 | 2.45 |
| Less distributions to shareholders: |  |  |  |  |  |  |
| From net investment income | (0.16) | (0.14) | (0.11) | (0.01) |  | (0.03) |
| From net realized gain on investments | (1.44) | (0.34) | (2.15) | (1.69) | (0.83) | (1.04) |
| Total distributions to shareholders | (1.60) | (0.48) | (2.26) | (1.70) | (0.83) | (1.07) |
| **Net asset value - End of period** | **$24.53** | **$26.26** | **$21.20** | **$22.09** | **$29.84** | **$22.70** |
| **Net assets - End of period** (000's omitted) | **$231419** | **$256332** | **$235843** | **$249884** | **$331183** | **$261094** |
| Total return<sup>3</sup> | (0.83%) | 26.38% | 6.24% | (21.39%) | 35.82% | 11.85%<sup>2</sup> |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| Expenses\* | 1.10%<sup>4,5</sup> | 1.10%<sup>6</sup> | 1.10% | 1.10% | 1.10% | 1.10% |
| Net investment income | 0.46%<sup>4</sup> | 0.75% | 0.71% | 0.33% | 0.06% | 0.25% |
| Series portfolio turnover | 45% | 60% | 56% | 62% | 49% | 88% |
| \*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: | \*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: | \*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: | \*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: | \*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: | \*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: | \*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: |
|  | 0.02%<sup>4</sup> | N/A | 0.06% | 0.03% | 0.00%<sup>7</sup> | N/A |

---

<sup>1</sup>Calculated based on average shares outstanding during the periods.

<sup>2</sup>During the reporting period the Fund settled legal claims against an issuer of securities previously held by the Fund. As a result, the net realized and unrealized gain (loss) on investments per share includes proceeds received from the settlement. Without these proceeds the net realized and unrealized gain (loss) on investments per share would have been $2.37. Excluding the proceeds from the settlement, the total return would have been 11.70%.

<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>Annualized.

<sup>5</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%.

<sup>6</sup>Includes recoupment of past waived and/or reimbursed fees. Excluding this amount, the expense ratio (to average net assets) would have 1.09%.

<sup>7</sup>Less than 0.01%.

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

**59**

**Financial Highlights - Pro-Blend<sup>®</sup> Maximum Term Series - Class I**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | FOR THE | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | SIX MONTHS | | | | | |
|  | ENDED | | | | | |
|  | 4/30/25 |  |  |  |  |  |
|  | (UNAUDITED) | 10/31/24 | 10/31/23 | 10/31/22 | 10/31/21 | 10/31/20 |
| **Per share data (for a share outstanding throughout each period):** |  |  |  |  |  |  |
| **Net asset value - Beginning of period** | $26.41 | $21.30 | $22.19 | $33.24 | $26.55 | $26.72 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.09 | 0.25 | 0.21 | 0.14 | 0.09 | 0.14 |
| Net realized and unrealized gain (loss) on investments | (0.19) | 5.39 | 1.20 | (6.23) | 9.03 | 2.89<sup>2</sup> |
| Total from investment operations | (0.10) | 5.64 | 1.41 | (6.09) | 9.12 | 3.03 |
| Less distributions to shareholders: |  |  |  |  |  |  |
| From net investment income | (0.20) | (0.19) | (0.15) | (0.17) | (0.08) | (0.25) |
| From net realized gain on investments | (1.44) | (0.34) | (2.15) | (4.79) | (2.35) | (2.95) |
| Total distributions to shareholders | (1.64) | (0.53) | (2.30) | (4.96) | (2.43) | (3.20) |
| **Net asset value - End of period** | **$24.67** | **$26.41** | **$21.30** | **$22.19** | **$33.24** | **$26.55** |
| **Net assets - End of period** (000's omitted) | **$102253** | **$105999** | **$86866** | **$86355** | **$120573** | **$71034** |
| Total return<sup>3</sup> | (0.75%) | 26.78% | 6.42% | (21.17%) | 36.17% | 12.23%<sup>2</sup> |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| Expenses\* | 0.85%<sup>4</sup> | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
| Net investment income | 0.71%<sup>4</sup> | 0.99% | 0.96% | 0.58% | 0.31% | 0.51% |
| Series portfolio turnover | 45% | 60% | 56% | 62% | 49% | 88% |
| \*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: | \*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: | \*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: | \*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: |
|  | 0.04%<sup>4</sup> | 0.01% | 0.08% | 0.05% | 0.04% | 0.04% |

---

<sup>1</sup>Calculated based on average shares outstanding during the periods.

<sup>2</sup>During the reporting period the Fund settled legal claims against an issuer of securities previously held by the Fund. As a result, the net realized and unrealized gain (loss) on investments per share includes proceeds received from the settlement. Without these proceeds the net realized and unrealized gain (loss) on investments per share would have been $2.86. Excluding the proceeds from the settlement, the total return would have been 12.11%.

<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.

**60**

**Financial Highlights - Pro-Blend<sup>®</sup> Maximum Term Series - Class R**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | FOR THE | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | SIX MONTHS | | | | | |
|  | ENDED | | | | | |
|  | 4/30/25 |  |  |  |  |  |
|  | (UNAUDITED) | 10/31/24 | 10/31/23 | 10/31/22 | 10/31/21 | 10/31/20 |
| **Per share data (for a share outstanding throughout each period):** |  |  |  |  |  |  |
| **Net asset value - Beginning of period** | $26.33 | $21.27 | $22.17 | $31.61 | $24.71 | $24.10 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> | 0.03 | 0.13 | 0.10 | 0.04 | (0.04) | (0.00)<sup>2</sup> |
| Net realized and unrealized gain (loss) on investments | (0.19) | 5.39 | 1.21 | (6.21) | 8.52 | 2.68<sup>3</sup> |
| Total from investment operations | (0.16) | 5.52 | 1.31 | (6.17) | 8.48 | 2.68 |
| Less distributions to shareholders: |  |  |  |  |  |  |
| From net investment income | (0.13) | (0.12) | (0.06) | (0.04) | (0.00)<sup>2</sup> | (0.08) |
| From net realized gain on investments | (1.44) | (0.34) | (2.15) | (3.23) | (1.58) | (1.99) |
| Total distributions to shareholders | (1.57) | (0.46) | (2.21) | (3.27) | (1.58) | (2.07) |
| **Net asset value - End of period** | **$24.60** | **$26.33** | **$21.27** | **$22.17** | **$31.61** | **$24.71** |
| **Net assets - End of period** (000's omitted) | **$45937** | **$48685** | **$41847** | **$42363** | **$54899** | **$46036** |
| Total return<sup>4</sup> | (0.96%) | 26.18% | 5.96% | (21.59%) | 35.60% | 11.69%<sup>3</sup> |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| Expenses | 1.31%<sup>5</sup> | 1.30% | 1.33% | 1.32% | 1.29% | 1.30% |
| Net investment income (loss) | 0.25%<sup>5</sup> | 0.54% | 0.48% | 0.12% | (0.12%) | (0.01%) |
| Series portfolio turnover | 45% | 60% | 56% | 62% | 49% | 88% |

---

<sup>1</sup>Calculated based on average shares outstanding during the periods.

<sup>2</sup>Less than $(0.01).

<sup>3</sup>During the reporting period the Fund settled legal claims against an issuer of securities previously held by the Fund. As a result, the net realized and unrealized gain (loss) on investments per share includes proceeds received from the settlement. Without these proceeds the net realized and unrealized gain (loss) on investments per share would have been $2.65. Excluding the proceeds from the settlement, the total return would have been 11.60%.

<sup>4</sup>Represents aggregate total return for the periods indicated, and assumes reinvestment of all distributions. Periods less than one year are not annualized.

<sup>5</sup>Annualized.

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

**61**

**Financial Highlights - Pro-Blend<sup>®</sup> Maximum Term Series - Class L**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | FOR THE | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | SIX MONTHS | | | | | |
|  | ENDED | | | | | |
|  | 4/30/25 |  |  |  |  |  |
|  | (UNAUDITED) | 10/31/24 | 10/31/23 | 10/31/22 | 10/31/21 | 10/31/20 |
| **Per share data (for a share outstanding throughout each period):** |  |  |  |  |  |  |
| **Net asset value - Beginning of period** | $26.15 | $21.19 | $22.13 | $32.87 | $26.30 | $26.30 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment loss<sup>1</sup> | (0.03) | 0.00<sup>2</sup> | (0.01) | (0.10) | (0.21) | (0.10) |
| Net realized and unrealized gain (loss) on investments | (0.19) | 5.35 | 1.22 | (6.23) | 8.95 | 2.84<sup>3</sup> |
| Total from investment operations | (0.22) | 5.35 | 1.21 | (6.33) | 8.74 | 2.74 |
| Less distributions to shareholders: |  |  |  |  |  |  |
| From net investment income | (0.05) | (0.05) |  |  |  | (0.03) |
| From net realized gain on investments | (1.44) | (0.34) | (2.15) | (4.41) | (2.17) | (2.71) |
| Total distributions to shareholders | (1.49) | (0.39) | (2.15) | (4.41) | (2.17) | (2.74) |
| **Net asset value - End of period** | **$24.44** | **$26.15** | **$21.19** | **$22.13** | **$32.87** | **$26.30** |
| **Net assets - End of period** (000's omitted) | **$54995** | **$56335** | **$49439** | **$48415** | **$62765** | **$52854** |
| Total return<sup>4</sup> | (1.18%) | 25.44% | 5.49% | (21.99%) | 34.77% | 11.09%<sup>3</sup> |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| Expenses\* | 1.84%<sup>5</sup> | 1.84%<sup>6</sup> | 1.85% | 1.84% | 1.82% | 1.81% |
| Net investment income (loss) | (0.28%)<sup>5</sup> | 0.01% | (0.04%) | (0.41%) | (0.65%) | (0.46%) |
| Series portfolio turnover | 45% | 60% | 56% | 62% | 49% | 88% |
| \*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: | \*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: | \*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: | \*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: | \*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: | \*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: | \*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 | N/A | 0.02% | N/A | N/A | N/A |

---

<sup>1</sup>Calculated based on average shares outstanding during the periods.

<sup>2</sup>Less than $0.01.

<sup>3</sup>During the reporting period the Fund settled legal claims against an issuer of securities previously held by the Fund. As a result, the net realized and unrealized gain (loss) on investments per share includes proceeds received from the settlement. Without these proceeds the net realized and unrealized gain (loss) on investments per share would have been $2.81. Excluding the proceeds from the settlement, the total return would have been 10.87%.

<sup>4</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>5</sup>Annualized.

<sup>6</sup>Includes recoupment of past waived and/or reimbursed fees. Excluding this amount, the expense ratio (to average net assets) would have 1.82%.

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

**62**

**Financial Highlights - Pro-Blend<sup>®</sup> Maximum Term Series - Class W**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | FOR THE | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | SIX MONTHS | | | | | |
|  | ENDED | | | | | |
|  | 4/30/25 |  |  |  |  |  |
|  | (UNAUDITED) | 10/31/24 | 10/31/23 | 10/31/22 | 10/31/21 | 10/31/20 |
| **Per share data (for a share outstanding throughout each period):** |  |  |  |  |  |  |
| **Net asset value - Beginning of period** | $26.65 | $21.48 | $22.33 | $30.11 | $22.84 | $21.39 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.19 | 0.43 | 0.38 | 0.34 | 0.29 | 0.27 |
| Net realized and unrealized gain (loss) on investments | (0.19) | 5.43 | 1.22 | (6.19) | 8.01 | 2.41<sup>2</sup> |
| Total from investment operations | 0.00 | 5.86 | 1.60 | (5.85) | 8.30 | 2.68 |
| Less distributions to shareholders: |  |  |  |  |  |  |
| From net investment income | (0.30) | (0.35) | (0.30) | (0.24) | (0.20) | (0.19) |
| From net realized gain on investments | (1.44) | (0.34) | (2.15) | (1.69) | (0.83) | (1.04) |
| Total distributions to shareholders | (1.74) | (0.69) | (2.45) | (1.93) | (1.03) | (1.23) |
| **Net asset value - End of period** | **$24.91** | **$26.65** | **$21.48** | **$22.33** | **$30.11** | **$22.84** |
| **Net assets - End of period** (000's omitted) | **$1873** | **$1914** | **$1264** | **$1273** | **$825** | **$615** |
| Total return<sup>3</sup> | (0.37%) | 27.66% | 7.30% | (20.58%) | 37.19% | 12.97%<sup>2</sup> |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| Expenses\* | 0.10%<sup>4</sup> | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
| Net investment income | 1.46%<sup>4</sup> | 1.72% | 1.71% | 1.34% | 1.06% | 1.25% |
| Series portfolio turnover | 45% | 60% | 56% | 62% | 49% | 88% |
| \*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: | \*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: | \*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: | \*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: |
|  | 0.69%<sup>4</sup> | 0.68% | 0.71% | 0.69% | 0.67% | 0.66% |

---

<sup>1</sup>Calculated based on average shares outstanding during the periods.

<sup>2</sup>During the reporting period the Fund settled legal claims against an issuer of securities previously held by the Fund. As a result, the net realized and unrealized gain (loss) on investments per share includes proceeds received from the settlement. Without these proceeds the net realized and unrealized gain (loss) on investments per share would have been $2.38. Excluding the proceeds from the settlement, the total return would have been 12.82%.

<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.

**63**

**Notes to Financial Statements**

(unaudited)

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

Pro-Blend<sup>®</sup> Conservative Term Series, Pro-Blend<sup>®</sup> Moderate Term Series, Pro-Blend<sup>®</sup> Extended Term Series and Pro-Blend<sup>®</sup> Maximum Term Series (each the "Series") are no-load diversified series of Manning & Napier Fund, Inc. (the "Fund"). The Fund is organized in Maryland and is registered under the Investment Company Act of 1940 (the "1940 Act"), as amended, as an open-end management investment company.

The Series are asset allocation funds. Each invests in a combination of stocks, bonds and cash and is managed according to specific objectives. The objectives are as follows: Pro-Blend<sup>®</sup> Conservative Term Series - primary objective is preservation of capital; secondary objective is to provide income and long-term growth of capital. Pro-Blend<sup>®</sup> Moderate Term Series - equal emphasis on long-term growth of capital and preservation of capital. Pro-Blend<sup>®</sup> Extended Term Series - primary objective is long-term growth of capital; secondary objective is preservation of capital. Pro-Blend<sup>®</sup> Maximum Term Series - primary objective is long-term growth of capital.

Each Series is authorized to issue six classes of shares (Class S, I, R, L, W, and Z). Each class of shares is substantially the same, except that class-specific distribution and shareholder servicing expenses are borne by the specific class of shares to which they relate.

The Fund's Advisor is Manning & Napier Advisors, LLC (the "Advisor"). Shares of each Series are offered to investors and employees of the Advisor and its affiliates. The total authorized capital stock of the Fund consists of 15 billion shares of common stock each having a par value of $0.01. As of April 30, 2025, 6.9 billion shares have been designated in total among 15 series, of which 162.5 million have been designated as Pro-Blend<sup>®</sup> Conservative Term Series Class S common stock, 75 million have been designated as Pro-Blend<sup>®</sup> Conservative Term Series Class I common stock, 125 million each have been designated as Class S common stock and Class I common stock for Pro-Blend<sup>®</sup> Moderate Term Series, 125 million each have been designated as Class S common stock for Pro-Blend<sup>®</sup> Extended Term Series and Pro-Blend<sup>®</sup> Maximum Term Series, 200 million each have been designated as Class I common stock for Pro-Blend<sup>®</sup> Extended Term Series and Pro-Blend<sup>®</sup> Maximum Term Series, 52.5 million have been designated in each of the Series as Class R common stock, 25 million have been designated in each of the Series as Class L common stock, 100 million have been designated in each of the Series as Class W common stock and Class Z common stock. Class Z common stock is not currently offered for sale.

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

&nbsp;&nbsp;&nbsp;&nbsp;2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Series. Each Series is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 - Investment Companies, which is part of accounting principles generally accepted in the United States of America ("GAAP").

**Security Valuation**

Portfolio securities, including domestic equities, foreign equities, warrants and options, listed on an exchange other than the NASDAQ Stock Market are valued at the latest quoted sales price of the exchange on which the security is primarily traded. Securities not traded on valuation date or securities not listed on an exchange are valued at the latest quoted bid price provided by the Fund's pricing service. Securities listed on the NASDAQ Stock Market are valued in accordance with the NASDAQ Official Closing Price.

Debt securities, including government bonds, foreign bonds, asset-backed securities, structured notes, supranational obligations, sovereign bonds, corporate bonds and mortgage-backed securities will normally be valued on the basis of evaluated bid prices provided directly by an independent pricing service (the "Service"). The pricing services use multiple valuation techniques to determine fair value. In instances where sufficient market activity exists, the pricing services may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services also utilize proprietary valuation models which may consider market characteristics such as benchmark yield curves, option-adjusted spreads, credit spreads, estimated defaulted rates, coupon rates, anticipated timing of

**64**

**Notes to Financial Statements (continued)**

(unaudited)

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

**Security Valuation** (continued)

principal repayments, underlying collateral and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair value. Certain investments in securities held by the Series may be valued on a basis of a price provided directly by a principal market maker. These prices may differ from the value that would have been used had a broader market for securities existed.

Municipal securities will normally be valued on the basis of market valuations provided by an independent pricing service. The Service utilizes the latest price quotations and a matrix system (which considers such factors as security prices of similar securities, yields, maturities and ratings). The Service has been approved by the Fund's Board of Directors (the "Board").

Short-term investments that mature in sixty days or less may be valued at amortized cost, which approximates fair value. Investments in open-end investment companies are valued at their net asset value per share on valuation date.

Volume and level of activity in established markets for an asset or liability are evaluated to determine whether recent transactions and quoted prices are determinative of fair value. Where there have been significant decreases in volume and level of activity, further analysis and adjustment may be necessary to estimate fair value. In these instances, fair value is measured by the use of inputs and valuation techniques which may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry and/or expectation of future cash flows. As a result of trading in relatively thin markets and/or markets that experience significant volatility, the prices used to value these securities may differ from the value that would be realized if these securities were sold, and the differences could be material.

**Fair Value**

The Series' financial instruments are valued at the close of the NYSE and are reported at fair value, which GAAP defines as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Board has designated the Advisor as the Fund's valuation designee (Valuation Designee) to make all fair value determinations with respect to each Series' portfolio investments. Subject to oversight by the Board, the Valuation Designee performs the following functions in performing fair value determinations: assesses and manages valuation risks; establishes and applies fair value methodologies; tests fair value methodologies; and evaluates pricing vendors and pricing agents. The Advisor has adopted and implemented policies and procedures to be followed when making fair value determinations, and it has established a Valuation Committee through which the Advisor makes fair value determinations. The Valuation Designee provides periodic reporting to the Board on valuation matters. The Advisor's determination of a security's fair value price often involves the consideration of a number of subjective factors, and is therefore subject to the unavoidable risk that the value assigned to a security may be higher or lower than the security's value would be if a reliable market quotation for the security was readily available. If trading or events occurring after the close of the principal market in which securities are traded are expected to materially affect the value of those securities, then they may be valued at their fair value, taking this trading or these events into account. The Advisor may use a pricing service to obtain the value of the Fund's portfolio securities where the prices provided by such pricing service are believed to reflect the fair market value of such securities. The methods used by the pricing service and the valuations so established will be reviewed by the Advisor under the general supervision of the Fund's Board of Directors. Several pricing services are available, one or more of which may be used by the Advisor, as approved by the Board. A change in a pricing service or a material change in a pricing methodology for investments with no readily available market quotations will be reported to the Board by the Advisor in accordance with certain requirements.

GAAP establishes the following fair value hierarchy that categorizes the inputs used to measure fair value. Level 1 includes quoted prices (unadjusted) in active markets for identical financial instruments that the Series' can access at the reporting date. Level 2 includes other significant observable inputs (including, but not limited to, quoted prices for similar financial instruments in active markets, quoted prices for identical or similar financial instruments in inactive markets, interest rates and yield curves, implied volatilities, and credit spreads). Level 3 includes unobservable inputs (including the Valuation Designee's own assumptions in determining fair value). A financial instrument's level within the fair value hierarchy is based on the lowest level of any input both individually and in aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

**65**

**Notes to Financial Statements (continued)**

(unaudited)

&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 April 30, 2025 in valuing the Series' assets or liabilities carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | PRO-BLEND<sup>®</sup> CONSERVATIVE TERM SERIES | PRO-BLEND<sup>®</sup> CONSERVATIVE TERM SERIES | PRO-BLEND<sup>®</sup> CONSERVATIVE TERM SERIES | PRO-BLEND<sup>®</sup> CONSERVATIVE TERM SERIES |
| &nbsp;&nbsp;&nbsp;DESCRIPTION | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | $3702640 | $3702640 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 7856548 | 7856548 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | 1738878 | 1738878 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 9535888 | 9535888 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | 10195691 | 10195691 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 10761719 | 10761719 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 14267953 | 14267953 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 3851025 | 3851025 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate | 1771202 | 1771202 |  |  |
| &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 | 122689828 |  | 122689828 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;States and political subdivisions (municipals) | 3335855 |  | 3335855 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate debt: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | 4539875 |  | 4539875 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 3885613 |  | 3885613 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 7133724 |  | 7133724 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 27618066 |  | 27618066 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 3598447 |  | 3598447 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 1870122 |  | 1870122 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate | 6315950 |  | 6315950 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 3714231 |  | 3714231 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset-backed securities | 21981539 |  | 21981539 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial mortgage-backed securities | 27202650 |  | 27202650 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign government bonds | 1439081 |  | 1439081 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investment | 10621720 | 10621720 |  |  |
| &nbsp;&nbsp;&nbsp;Total assets | $309628245 | $74303264 | $235324981 | $— |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | PRO-BLEND<sup>®</sup> MODERATE TERM SERIES | PRO-BLEND<sup>®</sup> MODERATE TERM SERIES | PRO-BLEND<sup>®</sup> MODERATE TERM SERIES |  |
| &nbsp;&nbsp;&nbsp;DESCRIPTION | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | $7697484 | $7697484 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 14883709 | 14883709 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | 3373067 | 3373067 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 18843557 | 18843557 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | 19448124 | 19448124 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 20555277 | 20555277 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 27197732 | 27197732 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 7259533 | 7259533 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate | 3407657 | 3407657 |  |  |

---

**66**

**Notes to Financial Statements (continued)**

(unaudited)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fair Value (continued)** | | | | |
|  | PRO-BLEND<sup>®</sup> MODERATE TERM SERIES | PRO-BLEND<sup>®</sup> MODERATE TERM SERIES | PRO-BLEND<sup>®</sup> MODERATE TERM SERIES | PRO-BLEND<sup>®</sup> MODERATE TERM SERIES |
| &nbsp;&nbsp;&nbsp;DESCRIPTION | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury and other U.S. Government agencies | $83600974 | $— | $83600974 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;States and political subdivisions (municipals) | 893324 |  | 893324 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate debt: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | 3304667 |  | 3304667 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 2891026 |  | 2891026 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 5249073 |  | 5249073 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 20251277 |  | 20251277 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 2581250 |  | 2581250 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 1525704 |  | 1525704 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate | 4825535 |  | 4825535 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 2806391 |  | 2806391 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset-backed securities | 15435205 |  | 15435205 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial mortgage-backed securities | 17481637 |  | 17481637 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign government bonds | 1203228 |  | 1203228 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investment | 12096584 | 12096584 |  |  |
| &nbsp;&nbsp;&nbsp;Total assets | $296812015 | $134762724 | $162049291 | $— |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | PRO-BLEND<sup>®</sup> EXTENDED TERM SERIES | PRO-BLEND<sup>®</sup> EXTENDED TERM SERIES | PRO-BLEND<sup>®</sup> EXTENDED TERM SERIES | PRO-BLEND<sup>®</sup> EXTENDED TERM SERIES |
| &nbsp;&nbsp;&nbsp;DESCRIPTION | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | $17289570 | $17289570 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 34559955 | 34559955 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | 8254666 | 8254666 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 42730040 | 42730040 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | 45528491 | 45528491 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 46551910 | 46551910 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 63158695 | 63158695 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 17494293 | 17494293 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate | 7734400 | 7734400 |  |  |
| &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 | 113044672 |  | 113044672 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;States and political subdivisions (municipals) | 215146 |  | 215146 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate debt: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | 4207649 |  | 4207649 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 3334513 |  | 3334513 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 6561157 |  | 6561157 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 25191311 |  | 25191311 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 3112242 |  | 3112242 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 1956059 |  | 1956059 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate | 6112400 |  | 6112400 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 3175608 |  | 3175608 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset-backed securities | 22684070 |  | 22684070 |  |

---

**67**

**Notes to Financial Statements (continued)**

(unaudited)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fair Value (continued)** | | | | |
|  | PRO-BLEND<sup>®</sup> EXTENDED TERM SERIES | PRO-BLEND<sup>®</sup> EXTENDED TERM SERIES | PRO-BLEND<sup>®</sup> EXTENDED TERM SERIES | PRO-BLEND<sup>®</sup> EXTENDED TERM SERIES |
| &nbsp;&nbsp;&nbsp;DESCRIPTION | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial mortgage-backed securities | $22830725 | $— | $22830725 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign government bonds | 1511931 |  | 1511931 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investment | 15879640 | 15879640 |  |  |
| &nbsp;&nbsp;&nbsp;Total assets | $513119143 | $299181660 | $213937483 | $— |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | PRO-BLEND<sup>®</sup> MAXIMUM TERM SERIES | PRO-BLEND<sup>®</sup> MAXIMUM TERM SERIES | PRO-BLEND<sup>®</sup> MAXIMUM TERM SERIES | PRO-BLEND<sup>®</sup> MAXIMUM TERM SERIES |
| &nbsp;&nbsp;&nbsp;DESCRIPTION | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | $17476853 | $17476853 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 41866973 | 41866973 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | 12226318 | 12226318 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 63098212 | 63098212 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | 47696768 | 47696768 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 67639031 | 67639031 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 92594800 | 92594800 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 19053487 | 19053487 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate | 11167372 | 11167372 |  |  |
| &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 | 27039009 |  | 27039009 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate debt: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | 1621866 |  | 1621866 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 1275559 |  | 1275559 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 2523741 |  | 2523741 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 9329295 |  | 9329295 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 1277789 |  | 1277789 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 535593 |  | 535593 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate | 1677788 |  | 1677788 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 1065864 |  | 1065864 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset-backed securities | 59402 |  | 59402 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial mortgage-backed securities | 40200 |  | 40200 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investment | 20628259 | 20628259 |  |  |
| &nbsp;&nbsp;&nbsp;Total assets | $439894179 | $393448073 | $46446106 | $— |

---

There were no Level 3 securities held by any of the Pro-Blend<sup>®</sup> Series as of October 31, 2024 or April 30, 2025.

**New Accounting Pronouncement**

In December 2023, the FASB issued Accounting Standards Update (ASU), ASU 2023-09, Income Taxes (Topic 740) – Improvements to Income Taxes Disclosures, which enhances the transparency of income tax disclosures. The ASU requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. The amendments under this ASU are required to be applied prospectively and are effective for fiscal years beginning after December 15, 2024. Management expects that adoption of the guidance will not have a material impact on the Series' financial statements.

**68**

**Notes to Financial Statements (continued)**

(unaudited)

&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 class specific expenses), and realized and unrealized gains and losses are prorated among the classes based on the relative net assets of each class. Class specific expenses are directly charged to that Class.

The Series use the identified cost method for determining realized gain or loss on investments for both financial statement and federal income tax reporting purposes.

**Foreign Currency Translation**

The books and records of the Series are maintained in U.S. dollars. Foreign currencies, investments and other assets and liabilities are translated into U.S. dollars at the current exchange rates. Purchases and sales of investment securities and income and expenses are translated on the respective dates of such transactions. The Series do not isolate realized and unrealized gains and losses attributable to changes in the exchange rates from gains and losses that arise from changes in the fair value of investments. Such fluctuations are included with net realized and unrealized gain or loss on investments. Net realized foreign currency gains and losses represent foreign currency gains and losses between trade date and settlement date on securities transactions, gains and losses on disposition of foreign currencies and the difference between the amount of income and foreign withholding taxes recorded on the books of the Series and the amounts actually received or paid.

**Asset-Backed Securities**

Each Series may invest in asset-backed securities. Asset-backed securities are generally issued as pass-through certificates or as debt instruments. Asset-backed securities issued as pass-through certificates represent undivided fractional ownership interests in an underlying pool of assets. Asset-backed securities issued as debt instruments, which are also known as collateralized obligations, are typically issued as the debt of a special purpose entity organized solely for the purpose of owning such assets and issuing such debt. Asset-backed securities are often backed by a pool of assets representing the obligations of a number of different parties. The yield characteristics of certain asset-backed securities may differ from traditional debt securities. One such major difference is that all or a principal part of the obligations may be prepaid at any time because the underlying assets (i.e. loans) may be prepaid at any time. As a result, a decrease in interest rates in the market may result in increases in the level of prepayments as borrowers, particularly mortgagors, refinance and repay their loans. An increased prepayment rate with respect to an asset-backed security will have the effect of shortening the maturity of the security. In addition, a Series may subsequently have to reinvest the proceeds at lower interest rates. If a Series has purchased such an asset-backed security at a premium, a faster than anticipated prepayment rate could result in a loss of principal to the extent of the premium paid.

**Mortgage-Backed Securities**

Each Series may invest in mortgage-backed securities ("MBS" or pass-through certificates) that represent an interest in a pool of specific underlying mortgage loans and entitle a Series to the periodic payments of principal and interest from those mortgages. MBS may be issued by government agencies or corporations, or private issuers. Most MBS issued by government agencies are guaranteed; however, the degree of protection differs based on the issuer. For MBS there are a number of important differences among the agencies and instrumentalities of the U.S. Government that issue mortgage-related securities and among the securities that they issue. For example, mortgage-related securities guaranteed by Ginnie Mae are guaranteed as to the timely payment of principal and interest by Ginnie Mae and such guarantee is backed by the full faith and credit of the United States. However, mortgage-related securities issued by Freddie Mac and Fannie Mae, including Freddie Mac and Fannie Mae guaranteed

**69**

**Notes to Financial Statements (continued)**

(unaudited)

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

**Mortgage-Backed Securities** (continued)

mortgage pass-through certificates, which are solely the obligations of Freddie Mac and Fannie Mae, are not backed by or entitled to the full faith and credit of the United States, but are supported by the right of the issuer to borrow from the U.S. Treasury. Non-agency mortgage-backed securities are securities issued by non-governmental issuers and have no direct or indirect government guarantees of payment and are subject to various risks. Non-agency mortgage loans are obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or entity. The ability of a borrower to repay a loan is dependent upon the income or assets of the borrower. A number of factors, including a general economic downturn, acts of God, terrorism, social unrest and civil disturbances, may impair a borrower's ability to repay its loans.

**Inflation-Indexed Bonds**

Each Series may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. If the index measuring inflation rises or falls, the principal value of inflation-indexed bonds will be adjusted upward or downward, and consequently the interest payable on these securities (calculated with respect to a larger or smaller principal amount) will be increased or reduced, respectively. Any upward or downward adjustment in the principal amount of an inflation-indexed bond will be included as interest income in the Statements of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

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

Each Series may purchase securities on a when-issued basis or forward commitment. These transactions involve a commitment by the Series to purchase securities for a predetermined price with payment and delivery taking place beyond the customary settlement period. When such purchases are outstanding, the Series will designate liquid assets in an amount sufficient to meet the purchase price. When purchasing a security on a delayed delivery basis, the Series assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and take such fluctuations into account when determining their net asset value. The Series may sell the when-issued securities before they are delivered, which may result in a capital gain or loss.

In connection with their ability to purchase or sell securities on a forward commitment basis, the Series may enter into forward roll transactions principally using To Be Announced (TBA) securities. Forward roll transactions require the sale of securities for delivery in the current month, and a simultaneous agreement to repurchase substantially similar (same type, coupon and maturity) securities on a specified future date. Risks of entering into forward roll transactions include the potential inability of the counterparty to meet the terms of the agreement; the potential of the Series to receive inferior securities at redelivery as compared to the securities sold to the counterparty; counterparty credit risk; and the potential pay down speed variance between the mortgage-backed pools. During the roll period, the Series forgoes principal and interest paid on the securities. The Series accounts for such dollar rolls as purchases and sales. No such investments were held by the Series on April 30, 2025.

**Interest Only Securities**

The Series may invest in stripped mortgage-backed securities issued by the U.S. government, its agencies and instrumentalities. Stripped mortgage-backed securities are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. In certain cases, one class will receive all of the interest (the interest-only or "IO" class), while the other class will receive all of the principal (the principal-only or "PO" class). The yield to maturity on IOs is sensitive to the rate of principal repayments (including prepayments) on the related underlying mortgage assets, and principal payments may have a material effect on yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, a Series may not fully recoup its initial investment in IOs.

**Federal Taxes**

Each Series' policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies. The Series are not subject to federal income tax or excise tax to the extent that each Series distributes to shareholders each year its taxable income, including any net realized gains on investments, in accordance with requirements of the Internal Revenue Code. Accordingly, no provision for federal income tax or excise tax has been made in the financial statements.

**70**

**Notes to Financial Statements (continued)**

(unaudited)

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

**Federal Taxes** (continued)

Management evaluates its tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is required only when the position is "more likely than not" to be sustained assuming examination by taxing authorities. At April 30, 2025, the Series have recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken in future tax returns.

The Series file income tax returns in the U.S. federal jurisdiction, various states and foreign jurisdictions, as required. No income tax returns are currently under investigation. The statute of limitations on the Series' tax returns remains open for the years ended October 31, 2021 through October 31, 2024. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

**Foreign Taxes**

Based on the Series' understanding of the tax rules and rates related to income, gains and currency purchase/repatriation transactions for foreign jurisdictions in which they invests, the Series will provide for foreign taxes, and where appropriate, deferred foreign tax.

**Distributions of Income and Gains**

Distributions to shareholders of net investment income are made semi-annually. Distributions of net realized gains are made annually. An additional distribution may be necessary to avoid taxation of a Series. Distributions are recorded on the ex-dividend date.

**Indemnifications**

The Fund's organizational documents provide former and current directors and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

**Other**

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

&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 each Series pays a fee, computed daily and payable monthly, at an annual rate of 0.40% for Pro-Blend<sup>®</sup> Conservative Term Series and 0.60% for Pro- Blend<sup>®</sup> Moderate Term Series, Pro-Blend<sup>®</sup> Extended Term Series and Pro-Blend<sup>®</sup> Maximum Term Series, of the Series' average daily net assets for investment advisory services.

Under the Agreement, personnel of the Advisor are responsible for management of the Series' portfolio, the execution of securities transactions, and generally administer the affairs of the Fund. The Advisor also provides the Fund with necessary office space and fund administration and support services. The salaries of all officers of the Fund (except a percentage of the Fund's Chief Compliance Officer's salary, which is paid by the Fund), and of all Directors who are "affiliated persons" of the Fund, or of the Advisor, and all personnel of the Fund, or of the Advisor, performing services relating to research, statistical and investment activities, are paid by the Advisor. Each "non-affiliated" Director receives an annual stipend, which is allocated among all the active series of the Fund. In addition, these Directors also receive a fee per Board meeting attended plus a fee for each committee meeting attended and are reimbursed for travel and other out-of-pocket expenses incurred by them in connection with attending

**71**

**Notes to Financial Statements (continued)**

(unaudited)

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

such meetings. The Fund also has an Audit Committee Chair, Governance & Nominating Committee Chair and Lead Independent Director who each receive an additional annual stipend for these roles.

The Fund may enter into agreements with financial intermediaries pursuant to which the Fund may pay financial intermediaries for non-distribution related sub-transfer agency, administrative, sub-accounting, and other shareholder services in an amount not to exceed 0.15% of the average daily net assets of the Class S, Class I, Class R and Class L shares. Payments made pursuant to such agreements are generally based on the current assets and/or number of accounts of the Series attributable to the financial intermediary. Any payments made pursuant to such agreements may be in addition to, rather than in lieu of, any Distribution and Shareholder Services Fee payable under the Rule 12b-1 plan of the Fund.

The Advisor has contractually agreed to waive the management fee for the Class W shares. The full management fee will be waived under this agreement because Class W shares are only available to discretionary investment accounts and other accounts managed by the Advisor. These clients pay a management fee to the Advisor that is separate from the Series' expenses. In addition, pursuant to a separate expense limitation agreement, the Advisor has contractually agreed to limit its fees and reimburse expenses to the extent necessary so that the total direct annual fund operating expenses, exclusive of the shareholder services fee and/or distribution and service (12b-1) fees and waived Class W management fees (collectively, "excluded expenses"), at no more than the amounts presented in the following table, of average daily net assets each year.

---

| | |
|:---|:---|
| &nbsp;&nbsp;SERIES/CLASS | &nbsp;&nbsp;EXPENSE LIMIT |
| &nbsp;&nbsp;Pro-Blend<sup>®</sup> Conservative Term Series Class S, I, R and L | 0.65% |
| &nbsp;&nbsp;Pro-Blend<sup>®</sup> Conservative Term Series Class Z | 0.50% |
| &nbsp;&nbsp;Pro-Blend<sup>®</sup> Conservative Term Series Class W | 0.10% |
| &nbsp;&nbsp;Pro-Blend<sup>®</sup> Moderate Term Series Class S, I, R and L | 0.85% |
| &nbsp;&nbsp;Pro-Blend<sup>®</sup> Moderate Term Series Class Z | 0.70% |
| &nbsp;&nbsp;Pro-Blend<sup>®</sup> Moderate Term Series Class W | 0.10% |
| &nbsp;&nbsp;Pro-Blend<sup>®</sup> Extended Term Series Class S, I, R and L | 0.85% |
| &nbsp;&nbsp;Pro-Blend<sup>®</sup> Extended Term Series Class Z | 0.70% |
| &nbsp;&nbsp;Pro-Blend<sup>®</sup> Extended Term Series Class W | 0.10% |
| &nbsp;&nbsp;Pro-Blend<sup>®</sup> Maximum Term Series Class S, I, R and L | 0.85% |
| &nbsp;&nbsp;Pro-Blend<sup>®</sup> Maximum Term Series Class Z | 0.70% |
| &nbsp;&nbsp;Pro-Blend<sup>®</sup> Maximum Term Series Class W | 0.10% |

---

The contractual waivers are expected to continue indefinitely, and may not be amended or terminated by the Advisor without the approval of the Series' Board of Directors. The Advisor's agreement to limit each Class's operating expenses is limited to direct operating expenses and, therefore, does not apply to acquired fund fees and expenses, which are indirect expenses incurred by the Series through its investments in other investment companies. The Advisor may receive from a Class the difference between the Class's total direct annual fund operating expenses, not including excluded expenses, and the Class's contractual expense limit to recoup all or a portion of its prior fee waivers (other than Class W management fee waivers) or expense reimbursements made during the rolling three-year period preceding the recoupment if at any point the total direct annual fund operating expenses, not including excluded expenses, are below the contractual expense limit (a) at the time of the fee waiver and/or expense reimbursement and (b) at the time of the recoupment.

Pursuant to the advisory fee waiver, the Advisor waived the following management fees for Class W shares for the six months ended April 30, 2025. In addition, pursuant to the separate expense limitation agreement, the Advisor waived or reimbursed the

**72**

**Notes to Financial Statements (continued)**

(unaudited)

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

following expenses for Class S, Class I, Class R, Class L and Class W shares for the six months ended April 30, 2025. These amounts are included as a reduction of expenses on the Statement of Operations:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;SERIES/CLASS | CLASS W<br> MANAGEMENT<br> FEE WAIVER | WAIVED<br> OPERATING<br> EXPENSES |
| &nbsp;&nbsp;&nbsp;Pro-Blend<sup>®</sup> Conservative Term Series | $3651 | $18103 |
| &nbsp;&nbsp;&nbsp;Pro-Blend<sup>®</sup> Moderate Term Series | 331 | 15719 |
| &nbsp;&nbsp;&nbsp;Pro-Blend<sup>®</sup> Extended Term Series | 391 | 34 |
| &nbsp;&nbsp;&nbsp;Pro-Blend<sup>®</sup> Maximum Term Series | 5841 | 53153 |

---

For the six months ended April 30, 2025, the Advisor recouped the following waivers and/or reimbursements previously recorded by the Series:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;SERIES/CLASS | <br> RECOUPED<br> AMOUNT |
| &nbsp;&nbsp;&nbsp;Pro-Blend<sup>®</sup> Maximum Term Series |  |
| &nbsp;&nbsp;&nbsp;Class S | $4619 |

---

For the six months ended April 30, 2025, the Advisor did not recoup any expenses from Pro-Blend<sup>®</sup> Conservative Term Series, Pro-Blend<sup>®</sup> Moderate Term Series and Pro-Blend<sup>®</sup> Extended Term Series that have been previously waived or reimbursed.

As of April 30, 2025, the class specific waivers or reimbursements subject to possible future recoupment under the expense limitation agreement are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;SERIES/CLASS | EXPIRING OCTOBER 31, | EXPIRING OCTOBER 31, | EXPIRING OCTOBER 31, | EXPIRING OCTOBER 31, |  |
|  | 2025 | 2026 | 2027 | 2028 | TOTAL |
| &nbsp;&nbsp;&nbsp;Pro-Blend<sup>®</sup> Conservative Term Series |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class S | $— | $25656 | $— | $12249 | $37905 |
| &nbsp;&nbsp;&nbsp;Class I |  | 5397 |  | 5256 | 10653 |
| &nbsp;&nbsp;&nbsp;Class W | 651 | 1125 | 1039 | 598 | 3413 |
| &nbsp;&nbsp;&nbsp;Pro-Blend<sup>®</sup> Moderate Term Series |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class I | $231 | $42920 | $5150 | $15677 | $63978 |
| &nbsp;&nbsp;&nbsp;Class W | 65 | 75 | 41 | 42 | 223 |
| &nbsp;&nbsp;&nbsp;Pro-Blend<sup>®</sup> Extended Term Series |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class W | $7 | $69 | $56 | $34 | $166 |
| &nbsp;&nbsp;&nbsp;Pro-Blend<sup>®</sup> Maximum Term Series |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class S | $59166 | $148049 | $— | $29314 | $236529 |
| &nbsp;&nbsp;&nbsp;Class I | 54276 | 72922 | 11697 | 22947 | 161842 |
| &nbsp;&nbsp;&nbsp;Class W | 784 | 1504 | 1290 | 892 | 4470 |

---

Manning & Napier Investor Services, Inc., a registered broker-dealer affiliate of the Advisor, acts as distributor for the Fund's shares. Each Series compensates the distributor for distributing and servicing the Series' Class L, Class R and Class S shares pursuant to a distribution plan adopted under Rule 12b-1 of the 1940 Act, regardless of expenses actually incurred. Under the agreement, each Series pays distribution and service fees to the distributor at an annual rate of 0.25% of average daily net assets attributable to Class S shares, 1.00% of average daily net assets attributable to Class L shares and an annual rate of 0.50% of daily net assets attributable to Class R shares. There are no distribution and service fees on the Class I, Class W, and Class Z shares of each Series. The fees are accrued daily and paid monthly.

Pursuant to a master services agreement, the Fund pays the Advisor an annual fee related to fund accounting and administration of 0.0085% on the first $25 billion of average daily net assets; 0.0075% on the next $15 billion of average daily net assets; and

**73**

**Notes to Financial Statements (continued)**

(unaudited)

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

0.0065% of average daily net assets in excess of $40 billion; plus a base fee of $18,400 per series. Additionally, certain transaction and out-of-pocket expenses, including charges for reporting relating to the Fund's compliance program, are charged. The Advisor has agreements with BNY Mellon Investment Servicing (U.S.) Inc. ("BNY") under which BNY serves as sub-accountant services agent.

&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 six months ended April 30, 2025, purchases and sales of securities, including paydowns and other than short-term securities, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| SERIES | PURCHASES<br> OTHER ISSUERS | GOVERNMENT | SALES<br> OTHER ISSUERS | GOVERNMENT |
| Pro-Blend<sup>®</sup> Conservative Term Series | $37761408 | $37509400 | $50095251 | $51879116 |
| Pro-Blend<sup>®</sup> Moderate Term Series | 64280235 | 62139555 | 81167006 | 74445098 |
| Pro-Blend<sup>®</sup> Extended Term Series | 146386701 | 74730621 | 174199718 | 84287912 |
| Pro-Blend<sup>®</sup> Maximum Term Series | 145192685 | 60539347 | 170142941 | 69998512 |

---

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

Transactions in Class S, Class I, Class R, Class L, and Class W shares were:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;PRO-BLEND<sup>®</sup> CONSERVATIVE TERM SERIES |  |  |  |  |
| &nbsp;&nbsp;&nbsp;CLASS S | FOR THE SIX MONTHS<br> ENDED 4/30/25 | FOR THE SIX MONTHS<br> ENDED 4/30/25 | FOR THE YEAR ENDED<br> 10/31/24 | FOR THE YEAR ENDED<br> 10/31/24 |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;&nbsp;Sold | 322869 | $4217919 | 1085915 | $14026150 |
| &nbsp;&nbsp;&nbsp;Reinvested | 441067 | 5755922 | 418678 | 5266973 |
| &nbsp;&nbsp;&nbsp;Repurchased | (1722662) | (22530964) | (3455937) | (44428095) |
| &nbsp;&nbsp;&nbsp;Total | (958726) | $(12557123) | (1951344) | $(25134972) |

---

**74**

**Notes to Financial Statements (continued)**

(unaudited)

6. Capital Stock Transactions (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;PRO-BLEND<sup>®</sup> CONSERVATIVE TERM SERIES CLASS I | FOR THE SIX MONTHS<br> ENDED 4/30/25 | FOR THE SIX MONTHS<br> ENDED 4/30/25 | FOR THE YEAR ENDED<br> 10/31/24 | FOR THE YEAR ENDED<br> 10/31/24 |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;&nbsp;Sold | 425666 | $5583999 | 1278203 | $16427161 |
| &nbsp;&nbsp;&nbsp;Reinvested | 191058 | 2491399 | 162888 | 2047507 |
| &nbsp;&nbsp;&nbsp;Repurchased | (809603) | (10612147) | (1517111) | (19590959) |
| &nbsp;&nbsp;&nbsp;Total | (192879) | $(2536749) | (76020) | $(1116291) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;PRO-BLEND<sup>®</sup> CONSERVATIVE TERM SERIES CLASS R | FOR THE SIX MONTHS<br> ENDED 4/30/25 | FOR THE SIX MONTHS<br> ENDED 4/30/25 | FOR THE YEAR ENDED<br> 10/31/24 | FOR THE YEAR ENDED<br> 10/31/24 |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;&nbsp;Sold | 46608 | $610902 | 39433 | $502584 |
| &nbsp;&nbsp;&nbsp;Reinvested | 32690 | 427911 | 31640 | 398985 |
| &nbsp;&nbsp;&nbsp;Repurchased | (172054) | (2234390) | (215968) | (2776565) |
| &nbsp;&nbsp;&nbsp;Total | (92756) | $(1195577) | (144895) | $(1874996) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;PRO-BLEND<sup>®</sup> CONSERVATIVE TERM SERIES CLASS L | FOR THE SIX MONTHS<br> ENDED 4/30/25 | FOR THE SIX MONTHS<br> ENDED 4/30/25 | FOR THE YEAR ENDED<br> 10/31/24 | FOR THE YEAR ENDED<br> 10/31/24 |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;&nbsp;Sold | 170485 | $2238765 | 215637 | $2806795 |
| &nbsp;&nbsp;&nbsp;Reinvested | 111569 | 1468244 | 121376 | 1537831 |
| &nbsp;&nbsp;&nbsp;Repurchased | (470858) | (6191506) | (1090211) | (14110711) |
| &nbsp;&nbsp;&nbsp;Total | (188804) | $(2484497) | (753198) | $(9766085) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;PRO-BLEND<sup>®</sup> CONSERVATIVE TERM SERIES CLASS W | FOR THE SIX MONTHS<br> ENDED 4/30/25 | FOR THE SIX MONTHS<br> ENDED 4/30/25 | FOR THE YEAR ENDED<br> 10/31/24 | FOR THE YEAR ENDED<br> 10/31/24 |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;&nbsp;Sold |  | $— |  | $— |
| &nbsp;&nbsp;&nbsp;Reinvested | 5533 | 72152 | 4308 | 54109 |
| &nbsp;&nbsp;&nbsp;Repurchased | (2232) | (29131) | (468) | (5926) |
| &nbsp;&nbsp;&nbsp;Total | 3301 | $43021 | 3840 | $48183 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;PRO-BLEND<sup>®</sup> MODERATE TERM SERIES CLASS S | FOR THE SIX MONTHS<br> ENDED 4/30/25 | FOR THE SIX MONTHS<br> ENDED 4/30/25 | FOR THE YEAR ENDED<br> 10/31/24 | FOR THE YEAR ENDED<br> 10/31/24 |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;&nbsp;Sold | 299650 | $4263728 | 617936 | $8712917 |
| &nbsp;&nbsp;&nbsp;Reinvested | 416327 | 5974288 | 203282 | 2760570 |
| &nbsp;&nbsp;&nbsp;Repurchased | (1285915) | (18336138) | (2194956) | (30653712) |
| &nbsp;&nbsp;&nbsp;Total | (569938) | $(8098122) | (1373738) | $(19180225) |

---

**75**

**Notes to Financial Statements (continued)**

(unaudited)

6. Capital Stock Transactions (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;PRO-BLEND<sup>®</sup> MODERATE TERM SERIES CLASS I | FOR THE SIX MONTHS<br> ENDED 4/30/25 | FOR THE SIX MONTHS<br> ENDED 4/30/25 | FOR THE YEAR ENDED<br> 10/31/24 | FOR THE YEAR ENDED<br> 10/31/24 |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;&nbsp;Sold | 191807 | $2795887 | 788465 | $11191450 |
| &nbsp;&nbsp;&nbsp;Reinvested | 271764 | 3913398 | 129689 | 1767662 |
| &nbsp;&nbsp;&nbsp;Repurchased | (1020116) | (14723570) | (1553547) | (21848354) |
| &nbsp;&nbsp;&nbsp;Total | (556545) | $(8014285) | (635393) | $(8889242) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;PRO-BLEND<sup>®</sup> MODERATE TERM SERIES CLASS R | FOR THE SIX MONTHS<br> ENDED 4/30/25 | FOR THE SIX MONTHS<br> ENDED 4/30/25 | FOR THE YEAR ENDED<br> 10/31/24 | FOR THE YEAR ENDED<br> 10/31/24 |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;&nbsp;Sold | 66303 | $949133 | 134939 | $1894729 |
| &nbsp;&nbsp;&nbsp;Reinvested | 60511 | 874382 | 28385 | 388020 |
| &nbsp;&nbsp;&nbsp;Repurchased | (182722) | (2619320) | (293266) | (4157594) |
| &nbsp;&nbsp;&nbsp;Total | (55908) | $(795805) | (129942) | $(1874845) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;PRO-BLEND<sup>®</sup> MODERATE TERM SERIES CLASS L | FOR THE SIX MONTHS<br> ENDED 4/30/25 | FOR THE SIX MONTHS<br> ENDED 4/30/25 | FOR THE YEAR ENDED<br> 10/31/24 | FOR THE YEAR ENDED<br> 10/31/24 |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;&nbsp;Sold | 66422 | $957410 | 235596 | $3342454 |
| &nbsp;&nbsp;&nbsp;Reinvested | 184861 | 2682342 | 86903 | 1192306 |
| &nbsp;&nbsp;&nbsp;Repurchased | (554600) | (8002914) | (1080925) | (15297759) |
| &nbsp;&nbsp;&nbsp;Total | (303317) | $(4363162) | (758426) | $(10762999) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;PRO-BLEND<sup>®</sup> MODERATE TERM SERIES CLASS W | FOR THE SIX MONTHS<br> ENDED 4/30/25 | FOR THE SIX MONTHS<br> ENDED 4/30/25 | FOR THE YEAR ENDED<br> 10/31/24 | FOR THE YEAR ENDED<br> 10/31/24 |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;&nbsp;Sold |  | $— | 8941 | $130033 |
| &nbsp;&nbsp;&nbsp;Reinvested | 388 | 5597 | 184 | 2497 |
| &nbsp;&nbsp;&nbsp;Repurchased | (485) | (6965) | (9008) | (125954) |
| &nbsp;&nbsp;&nbsp;Total | (97) | $(1368) | 117 | $6576 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;PRO-BLEND<sup>®</sup> EXTENDED TERM SERIES CLASS S | FOR THE SIX MONTHS<br> ENDED 4/30/25 | FOR THE SIX MONTHS<br> ENDED 4/30/25 | FOR THE YEAR ENDED<br> 10/31/24 | FOR THE YEAR ENDED<br> 10/31/24 |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;&nbsp;Sold | 415352 | $8185988 | 689704 | $13091427 |
| &nbsp;&nbsp;&nbsp;Reinvested | 549239 | 10863946 | 262376 | 4814590 |
| &nbsp;&nbsp;&nbsp;Repurchased | (1667591) | (32742466) | (2687328) | (51504389) |
| &nbsp;&nbsp;&nbsp;Total | (703000) | $(13692532) | (1735248) | $(33598372) |

---

**76**

**Notes to Financial Statements (continued)**

(unaudited)

6. Capital Stock Transactions (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;PRO-BLEND<sup>®</sup> EXTENDED TERM SERIES CLASS I | FOR THE SIX MONTHS<br> ENDED 4/30/25 | FOR THE SIX MONTHS<br> ENDED 4/30/25 | FOR THE YEAR ENDED<br> 10/31/24 | FOR THE YEAR ENDED<br> 10/31/24 |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;&nbsp;Sold | 543122 | $10694913 | 559178 | $10725443 |
| &nbsp;&nbsp;&nbsp;Reinvested | 293458 | 5813394 | 138498 | 2545600 |
| &nbsp;&nbsp;&nbsp;Repurchased | (868109) | (17375047) | (1274477) | (24236184) |
| &nbsp;&nbsp;&nbsp;Total | (31529) | $(866740) | (576801) | $(10965141) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;PRO-BLEND<sup>®</sup> EXTENDED TERM SERIES CLASS R | FOR THE SIX MONTHS<br> ENDED 4/30/25 | FOR THE SIX MONTHS<br> ENDED 4/30/25 | FOR THE YEAR ENDED<br> 10/31/24 | FOR THE YEAR ENDED<br> 10/31/24 |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;&nbsp;Sold | 48852 | $959784 | 118036 | $2279066 |
| &nbsp;&nbsp;&nbsp;Reinvested | 88153 | 1752476 | 38043 | 701507 |
| &nbsp;&nbsp;&nbsp;Repurchased | (195106) | (3835085) | (272946) | (5212005) |
| &nbsp;&nbsp;&nbsp;Total | (58101) | $(1122825) | (116867) | $(2231432) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;PRO-BLEND<sup>®</sup> EXTENDED TERM SERIES CLASS L | FOR THE SIX MONTHS<br> ENDED 4/30/25 | FOR THE SIX MONTHS<br> ENDED 4/30/25 | FOR THE YEAR ENDED<br> 10/31/24 | FOR THE YEAR ENDED<br> 10/31/24 |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;&nbsp;Sold | 115767 | $2275104 | 234521 | $4463815 |
| &nbsp;&nbsp;&nbsp;Reinvested | 145214 | 2894116 | 64267 | 1187660 |
| &nbsp;&nbsp;&nbsp;Repurchased | (481739) | (9537638) | (785203) | (15084124) |
| &nbsp;&nbsp;&nbsp;Total | (220758) | $(4368418) | (486415) | $(9432649) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;PRO-BLEND<sup>®</sup> EXTENDED TERM SERIES CLASS W | FOR THE SIX MONTHS<br> ENDED 4/30/25 | FOR THE SIX MONTHS<br> ENDED 4/30/25 | FOR THE YEAR ENDED<br> 10/31/24 | FOR THE YEAR ENDED<br> 10/31/24 |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;&nbsp;Sold | 140 | $2788 |  | $— |
| &nbsp;&nbsp;&nbsp;Reinvested | 323 | 6428 | 155 | 2857 |
| &nbsp;&nbsp;&nbsp;Repurchased | (184) | (3663) | (623) | (11692) |
| &nbsp;&nbsp;&nbsp;Total | 279 | $5553 | (468) | $(8835) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;PRO-BLEND<sup>®</sup> MAXIMUM TERM SERIES CLASS S | FOR THE SIX MONTHS<br> ENDED 4/30/25 | FOR THE SIX MONTHS<br> ENDED 4/30/25 | FOR THE YEAR ENDED<br> 10/31/24 | FOR THE YEAR ENDED<br> 10/31/24 |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;&nbsp;Sold | 355773 | $9104052 | 577819 | $14153211 |
| &nbsp;&nbsp;&nbsp;Reinvested | 588603 | 15297796 | 218542 | 5109519 |
| &nbsp;&nbsp;&nbsp;Repurchased | (1270220) | (32074097) | (2161502) | (52957719) |
| &nbsp;&nbsp;&nbsp;Total | (325844) | $(7672249) | (1365141) | $(33694989) |

---

**77**

**Notes to Financial Statements (continued)**

(unaudited)

6. Capital Stock Transactions (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;PRO-BLEND<sup>®</sup> MAXIMUM TERM SERIES CLASS I | FOR THE SIX MONTHS<br> ENDED 4/30/25 | FOR THE SIX MONTHS<br> ENDED 4/30/25 | FOR THE YEAR ENDED<br> 10/31/24 | FOR THE YEAR ENDED<br> 10/31/24 |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;&nbsp;Sold | 350809 | $8918287 | 938551 | $23064714 |
| &nbsp;&nbsp;&nbsp;Reinvested | 244692 | 6391357 | 90512 | 2130761 |
| &nbsp;&nbsp;&nbsp;Repurchased | (465004) | (12043351) | (1092401) | (27037454) |
| &nbsp;&nbsp;&nbsp;Total | 130497 | $3266293 | (63338) | $(1841979) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;PRO-BLEND<sup>®</sup> MAXIMUM TERM SERIES CLASS R | FOR THE SIX MONTHS<br> ENDED 4/30/25 | FOR THE SIX MONTHS<br> ENDED 4/30/25 | FOR THE YEAR ENDED<br> 10/31/24 | FOR THE YEAR ENDED<br> 10/31/24 |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;&nbsp;Sold | 50297 | $1285880 | 114701 | $2835036 |
| &nbsp;&nbsp;&nbsp;Reinvested | 110030 | 2870688 | 37553 | 881370 |
| &nbsp;&nbsp;&nbsp;Repurchased | (142129) | (3657139) | (270203) | (6644257) |
| &nbsp;&nbsp;&nbsp;Total | 18198 | $499429 | (117949) | $(2927851) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;PRO-BLEND<sup>®</sup> MAXIMUM TERM SERIES CLASS L | FOR THE SIX MONTHS<br> ENDED 4/30/25 | FOR THE SIX MONTHS<br> ENDED 4/30/25 | FOR THE YEAR ENDED<br> 10/31/24 | FOR THE YEAR ENDED<br> 10/31/24 |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;&nbsp;Sold | 147358 | $3665763 | 139373 | $3438549 |
| &nbsp;&nbsp;&nbsp;Reinvested | 122396 | 3178610 | 37826 | 886262 |
| &nbsp;&nbsp;&nbsp;Repurchased | (173158) | (4421456) | (356761) | (8776857) |
| &nbsp;&nbsp;&nbsp;Total | 96596 | $2422917 | (179562) | $(4452046) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;PRO-BLEND<sup>®</sup> MAXIMUM TERM SERIES CLASS W | FOR THE SIX MONTHS<br> ENDED 4/30/25 | FOR THE SIX MONTHS<br> ENDED 4/30/25 | FOR THE YEAR ENDED<br> 10/31/24 | FOR THE YEAR ENDED<br> 10/31/24 |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;&nbsp;Sold |  | $— | 13117 | $324235 |
| &nbsp;&nbsp;&nbsp;Reinvested | 4710 | 123820 | 1740 | 41490 |
| &nbsp;&nbsp;&nbsp;Repurchased | (1338) | (35058) | (1883) | (45392) |
| &nbsp;&nbsp;&nbsp;Total | 3372 | $88762 | 12974 | $320333 |

---

At April 30, 2025, one shareholder owned 10% of the Pro-Blend<sup>®</sup> Extended Term Series. The Advisor and its affiliates owned less than 0.1% of Pro-Blend<sup>®</sup> Conservative Term Series and Pro-Blend<sup>®</sup> Extended Term Series and 0.1% of Pro-Blend<sup>®</sup> Moderate Term Series and Pro-Blend<sup>®</sup> Maximum Term Series.

7. Line of Credit

The Fund has entered into a 364-day, $50 million credit agreement (the "line of credit") with Bank of New York Mellon. Each series of the Fund may borrow under the line of credit for temporary or emergency purposes, including funding shareholder redemptions and other short-term liquidity purposes. The Fund pays an annual fee on the unused commitment amount, payable quarterly, and is allocated among all the series of the Fund and included in miscellaneous expenses in the Statement of Operations for each series. The line of credit expires in September 2025 unless extended or renewed. During the six months ended April 30, 2025, none of the Series borrowed under the line of credit.

**78**

**Notes to Financial Statements (continued)**

(unaudited)

8. Financial Instruments and Loan Assignments

The Series may trade in instruments including written and purchased options, forward foreign currency exchange contracts and futures contracts and other derivatives in the normal course of investing activities to assist in managing exposure to various market risks. The Series may be subject to various elements of risk which may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. These risks include: the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to over the counter derivative counterparties' failure to perform under contract terms; liquidity risk related to the lack of a liquid market for these contracts allowing the fund to close out its position(s); and documentation risk relating to disagreement over contract terms. No such investments were held by the Series on April 30, 2025.

The Series may invest in a loan assignment of all or a portion of the loans. A Series has direct rights against the borrower on a loan when it purchases an assignment; however, the Series' rights may be more limited than the lender from which it acquired the assignment and the Series may be able to enforce its rights only through an administrative agent. Loan assignments are vulnerable to market conditions and may become illiquid due to economic conditions or other events may reduce the demand for loan assignments and certain loan assignments which were liquid when purchased may become illiquid. At April 30, 2025, none of the Series held any loan assignments.

9. Foreign Securities

Investing in securities of foreign companies and foreign governments involves special risks and considerations not typically associated with investing in securities of domestic companies and the U.S. Government. These risks include revaluation of currencies and future adverse political and economic developments. Moreover, securities of foreign companies and foreign governments and their markets may be less liquid and their prices more volatile than those of comparable domestic companies and the U.S. Government.

10. Federal Income Tax Information

The amount and characterization of certain income and capital gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Each Series may periodically make reclassifications among its capital accounts to reflect income and gains available for distribution (or available capital loss carryovers) under income tax regulations, without impacting the Series' net asset value. Any such reclassifications are not reflected in the financial highlights.

The final determination of the tax character of current year distributions will be made at the conclusion of the fiscal year. The tax character of distributions paid for the year ended October 31, 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | PRO-BLEND<sup>®</sup> CONSERVATIVE <br> TERM SERIES | PRO-BLEND<sup>®</sup> <br> MODERATE TERM <br> SERIES | PRO-BLEND<sup>®</sup> <br> EXTENDED TERM <br> SERIES | PRO-BLEND<sup>®</sup> <br> MAXIMUM TERM <br> SERIES |
| Ordinary income | $9348507 | $6171366 | $9356712 | $2624538 |
| Long-term capital gains |  |  |  | 6488809 |

---

**79**

**Notes to Financial Statements (continued)**

(unaudited)

10. Federal Income Tax Information (continued)

At April 30, 2025, the identified cost of investments for federal income tax purposes, the resulting gross unrealized appreciation and depreciation, and the net unrealized appreciation were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | PRO-BLEND<sup>®</sup> CONSERVATIVE <br> TERM SERIES | PRO-BLEND<sup>®</sup> <br> MODERATE TERM <br> SERIES | PRO-BLEND<sup>®</sup> <br> EXTENDED TERM <br> SERIES | PRO-BLEND<sup>®</sup> <br> MAXIMUM TERM <br> SERIES |
| Cost for federal income tax purposes | $307393993 | $287634950 | $486140809 | $382918332 |
| Unrealized appreciation | 11222976 | 18537517 | 42688636 | 67668981 |
| Unrealized depreciation | (8988724) | (9360452) | (15710302) | (10693134) |
| Net unrealized appreciation | $2234252 | $9177065 | $26978334 | $56975847 |

---

At October 31, 2024, Pro-Blend<sup>®</sup> Conservative Term Series, had net short-term capital loss carryforwards of $2,930,528, and had long-term capital loss carryforwards of $3,683,230, available, to the extent allowed by the Internal Revenue Code, to offset future net capital gain, if any, which may be carried forward indefinitely.

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.

**80**

**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.**

MNPRO-04/25-SAR

**81**

![](manning7ancsr004.jpg)

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

---

Disciplined Value Series

**Investment Portfolio - April 30, 2025** 

(unaudited)

---

| | | |
|:---|:---|:---|
|  | SHARES | VALUE<br> (NOTE 2) |
| **COMMON STOCKS - 98.6%** | **COMMON STOCKS - 98.6%** | **COMMON STOCKS - 98.6%** |
| **Communication Services - 0.5%** | **Communication Services - 0.5%** | **Communication Services - 0.5%** |
| &nbsp;&nbsp;&nbsp;**Media - 0.5%** | &nbsp;&nbsp;&nbsp;**Media - 0.5%** | &nbsp;&nbsp;&nbsp;**Media - 0.5%** |
| &nbsp;&nbsp;&nbsp;Omnicom Group, Inc. | 9262 | $705394 |
| **Consumer Discretionary - 5.1%** |  |  |
| &nbsp;&nbsp;&nbsp;**Broadline Retail - 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;eBay, Inc. | 19029 | 1297017 |
| &nbsp;&nbsp;&nbsp;**Distributors - 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Genuine Parts Co. | 6744 | 792757 |
| &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure - 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Las Vegas Sands Corp. | 12485 | 457825 |
| &nbsp;&nbsp;&nbsp;**Household Durables - 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Lennar Corp. - Class A | 7699 | 836188 |
| &nbsp;&nbsp;&nbsp;**Specialty Retail - 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Best Buy Co., Inc. | 7338 | 489371 |
| &nbsp;&nbsp;&nbsp;Dick's Sporting Goods, Inc. | 3893 | 730872 |
| &nbsp;&nbsp;&nbsp;The Home Depot, Inc. | 3624 | 1306416 |
| &nbsp;&nbsp;&nbsp;Williams-Sonoma, Inc. | 4258 | 657733 |
|  |  | 3184392 |
| &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Ralph Lauren Corp. | 764 | 171862 |
| &nbsp;&nbsp;&nbsp;Tapestry, Inc. | 5318 | 375717 |
|  |  | 547579 |
| **Total Consumer Discretionary** |  | 7115758 |
| **Consumer Staples - 8.6%** |  |  |
| &nbsp;&nbsp;&nbsp;**Beverages - 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Brown-Forman Corp. - Class B | 16785 | 584789 |
| &nbsp;&nbsp;&nbsp;Constellation Brands, Inc. - Class A | 1788 | 335322 |
| &nbsp;&nbsp;&nbsp;Molson Coors Beverage Co. - Class B | 2846 | 163730 |
|  |  | 1083841 |
| &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail - 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;The Kroger Co. | 11725 | 846662 |
| &nbsp;&nbsp;&nbsp;Sysco Corp. | 18074 | 1290484 |
|  |  | 2137146 |
| &nbsp;&nbsp;&nbsp;**Food Products - 4.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland Co. | 9179 | 438297 |
| &nbsp;&nbsp;&nbsp;Conagra Brands, Inc. | 6607 | 163259 |
| &nbsp;&nbsp;&nbsp;General Mills, Inc. | 21348 | 1211286 |
| &nbsp;&nbsp;&nbsp;The Hershey Co. | 7815 | 1306590 |
| &nbsp;&nbsp;&nbsp;The Kraft Heinz Co. | 44175 | 1285493 |
| &nbsp;&nbsp;&nbsp;Mondelez International, Inc. - Class A | 37811 | 2576063 |
|  |  | 6980988 |
| &nbsp;&nbsp;&nbsp;**Household Products - 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | 12154 | 1120477 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | 6314 | 832059 |
|  |  | 1952536 |
| **Total Consumer Staples** |  | 12154511 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES | VALUE<br> (NOTE 2) |
| **COMMON STOCKS** (continued) | **COMMON STOCKS** (continued) | **COMMON STOCKS** (continued) |
| **Energy - 15.4%** | **Energy - 15.4%** | **Energy - 15.4%** |
| &nbsp;&nbsp;&nbsp;**Energy Equipment & Services - 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Baker Hughes Co. | 10490 | $371346 |
| &nbsp;&nbsp;&nbsp;Halliburton Co. | 38388 | 760850 |
| &nbsp;&nbsp;&nbsp;Schlumberger N.V. | 44425 | 1477132 |
|  |  | 2609328 |
| &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels - 13.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Chevron Corp. | 24505 | 3334150 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips | 28896 | 2575212 |
| &nbsp;&nbsp;&nbsp;Coterra Energy, Inc. | 34481 | 846853 |
| &nbsp;&nbsp;&nbsp;Devon Energy Corp. | 12450 | 378604 |
| &nbsp;&nbsp;&nbsp;EOG Resources, Inc. | 16296 | 1797938 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 43702 | 4616242 |
| &nbsp;&nbsp;&nbsp;Hess Corp. | 5264 | 679319 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | 10339 | 1420682 |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | 29990 | 1181906 |
| &nbsp;&nbsp;&nbsp;Phillips 66 | 9626 | 1001682 |
| &nbsp;&nbsp;&nbsp;Valero Energy Corp. | 11023 | 1279660 |
|  |  | 19112248 |
| **Total Energy** |  | 21721576 |
| **Financials - 24.0%** |  |  |
| &nbsp;&nbsp;&nbsp;**Banks - 15.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. | 62583 | 2495810 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. | 44198 | 3022259 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | 27569 | 990830 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | 60086 | 873050 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 22154 | 5419312 |
| &nbsp;&nbsp;&nbsp;The PNC Financial Services Group, Inc. | 6063 | 974263 |
| &nbsp;&nbsp;&nbsp;Regions Financial Corp. | 9662 | 197201 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp. | 42442 | 1627226 |
| &nbsp;&nbsp;&nbsp;U.S. Bancorp | 45879 | 1850759 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 64805 | 4601803 |
|  |  | 22052513 |
| &nbsp;&nbsp;&nbsp;**Capital Markets - 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Cboe Global Markets, Inc. | 1340 | 297212 |
| &nbsp;&nbsp;&nbsp;**Insurance - 8.1%** |  |  |
| &nbsp;&nbsp;&nbsp;The Allstate Corp. | 9095 | 1804357 |
| &nbsp;&nbsp;&nbsp;Chubb Ltd. | 5297 | 1515366 |
| &nbsp;&nbsp;&nbsp;Cincinnati Financial Corp. | 7064 | 983379 |
| &nbsp;&nbsp;&nbsp;Everest Group Ltd. | 1651 | 592428 |
| &nbsp;&nbsp;&nbsp;The Hartford Insurance Group, Inc. | 11277 | 1383350 |
| &nbsp;&nbsp;&nbsp;The Progressive Corp. | 7262 | 2045996 |
| &nbsp;&nbsp;&nbsp;The Travelers Companies, Inc. | 7332 | 1936601 |
| &nbsp;&nbsp;&nbsp;W. R. Berkley Corp. | 16245 | 1164604 |
|  |  | 11426081 |
| **Total Financials** |  | 33775806 |
| **Health Care - 17.3%** |  |  |
| &nbsp;&nbsp;&nbsp;**Biotechnology - 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | 32172 | 3427605 |

---

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

**1**

Disciplined Value Series

**Investment Portfolio - April 30, 2025** 

(unaudited)

---

| | | |
|:---|:---|:---|
|  | SHARES | VALUE<br> (NOTE 2) |
| **COMMON STOCKS** (continued) | **COMMON STOCKS** (continued) | **COMMON STOCKS** (continued) |
| **Health Care** (continued) | **Health Care** (continued) | **Health Care** (continued) |
| &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies - 3.8%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies - 3.8%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies - 3.8%** |
| &nbsp;&nbsp;&nbsp;Baxter International, Inc. | 17304 | $539366 |
| &nbsp;&nbsp;&nbsp;Becton Dickinson & Co. | 9000 | 1863810 |
| &nbsp;&nbsp;&nbsp;Medtronic plc | 33834 | 2867770 |
|  |  | 5270946 |
| &nbsp;&nbsp;&nbsp;**Health Care Providers & Services - 3.8%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services - 3.8%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services - 3.8%** |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. | 4772 | 2007008 |
| &nbsp;&nbsp;&nbsp;Humana, Inc. | 2529 | 663205 |
| &nbsp;&nbsp;&nbsp;Labcorp Holdings, Inc. | 2048 | 493588 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. | 3812 | 679375 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 3440 | 1415353 |
|  |  | 5258529 |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals - 7.3%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals - 7.3%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals - 7.3%** |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 56995 | 2861149 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 33349 | 5212782 |
| &nbsp;&nbsp;&nbsp;Merck & Co., Inc. | 26234 | 2235137 |
|  |  | 10309068 |
| **Total Health Care** |  | 24266148 |
| **Industrials - 17.9%** | **Industrials - 17.9%** | **Industrials - 17.9%** |
| &nbsp;&nbsp;&nbsp;**Aerospace & Defense - 4.5%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense - 4.5%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense - 4.5%** |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | 1828 | 402196 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | 6093 | 2910931 |
| &nbsp;&nbsp;&nbsp;RTX Corp. | 24506 | 3090942 |
|  |  | 6404069 |
| &nbsp;&nbsp;&nbsp;**Air Freight & Logistics - 0.8%** | &nbsp;&nbsp;&nbsp;**Air Freight & Logistics - 0.8%** | &nbsp;&nbsp;&nbsp;**Air Freight & Logistics - 0.8%** |
| &nbsp;&nbsp;&nbsp;FedEx Corp. | 5694 | 1197619 |
| &nbsp;&nbsp;&nbsp;**Building Products - 0.5%** | &nbsp;&nbsp;&nbsp;**Building Products - 0.5%** | &nbsp;&nbsp;&nbsp;**Building Products - 0.5%** |
| &nbsp;&nbsp;&nbsp;Masco Corp. | 8385 | 508215 |
| &nbsp;&nbsp;&nbsp;Owens Corning | 1085 | 157770 |
|  |  | 665985 |
| &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies - 0.2%** | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies - 0.2%** | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies - 0.2%** |
| &nbsp;&nbsp;&nbsp;RB Global, Inc. (Canada) | 2242 | 225769 |
| &nbsp;&nbsp;&nbsp;**Electrical Equipment - 1.2%** | &nbsp;&nbsp;&nbsp;**Electrical Equipment - 1.2%** | &nbsp;&nbsp;&nbsp;**Electrical Equipment - 1.2%** |
| &nbsp;&nbsp;&nbsp;Emerson Electric Co. | 13215 | 1389029 |
| &nbsp;&nbsp;&nbsp;Rockwell Automation, Inc. | 1081 | 267742 |
|  |  | 1656771 |
| &nbsp;&nbsp;&nbsp;**Ground Transportation - 1.2%** | &nbsp;&nbsp;&nbsp;**Ground Transportation - 1.2%** | &nbsp;&nbsp;&nbsp;**Ground Transportation - 1.2%** |
| &nbsp;&nbsp;&nbsp;CSX Corp. | 61633 | 1730038 |
| &nbsp;&nbsp;&nbsp;**Industrial Conglomerates - 1.8%** | &nbsp;&nbsp;&nbsp;**Industrial Conglomerates - 1.8%** | &nbsp;&nbsp;&nbsp;**Industrial Conglomerates - 1.8%** |
| &nbsp;&nbsp;&nbsp;3M Co. | 12325 | 1712066 |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc. | 3966 | 834843 |
|  |  | 2546909 |
| &nbsp;&nbsp;&nbsp;**Machinery - 6.2%** | &nbsp;&nbsp;&nbsp;**Machinery - 6.2%** | &nbsp;&nbsp;&nbsp;**Machinery - 6.2%** |
| &nbsp;&nbsp;&nbsp;Caterpillar, Inc. | 10753 | 3325580 |
| &nbsp;&nbsp;&nbsp;CNH Industrial N.V. | 30697 | 355164 |
| &nbsp;&nbsp;&nbsp;Cummins, Inc. | 4843 | 1423067 |
| &nbsp;&nbsp;&nbsp;Deere & Co. | 5311 | 2461967 |
| &nbsp;&nbsp;&nbsp;PACCAR, Inc. | 8335 | 751901 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES | VALUE<br> (NOTE 2) |
| **COMMON STOCKS** (continued) | **COMMON STOCKS** (continued) | **COMMON STOCKS** (continued) |
| **Industrials** (continued) | **Industrials** (continued) | **Industrials** (continued) |
| &nbsp;&nbsp;&nbsp;**Machinery** (continued) | &nbsp;&nbsp;&nbsp;**Machinery** (continued) | &nbsp;&nbsp;&nbsp;**Machinery** (continued) |
| &nbsp;&nbsp;&nbsp;Snap-on, Inc. | 1346 | 422388 |
|  |  | 8740067 |
| &nbsp;&nbsp;&nbsp;**Professional Services - 0.8%** | &nbsp;&nbsp;&nbsp;**Professional Services - 0.8%** | &nbsp;&nbsp;&nbsp;**Professional Services - 0.8%** |
| &nbsp;&nbsp;&nbsp;Booz Allen Hamilton Holding Corp. | 3033 | 364021 |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc. | 1233 | 298879 |
| &nbsp;&nbsp;&nbsp;SS&C Technologies Holdings, Inc. | 5783 | 437195 |
|  |  | 1100095 |
| &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors - 0.7%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors - 0.7%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors - 0.7%** |
| &nbsp;&nbsp;&nbsp;Ferguson Enterprises, Inc. | 5725 | 971304 |
| **Total Industrials** |  | 25238626 |
| **Information Technology - 2.9%** | **Information Technology - 2.9%** | **Information Technology - 2.9%** |
| &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components - 0.3%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components - 0.3%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components - 0.3%** |
| &nbsp;&nbsp;&nbsp;CDW Corp. | 2842 | 456311 |
| &nbsp;&nbsp;&nbsp;**IT Services - 1.7%** | &nbsp;&nbsp;&nbsp;**IT Services - 1.7%** | &nbsp;&nbsp;&nbsp;**IT Services - 1.7%** |
| &nbsp;&nbsp;&nbsp;Accenture plc - Class A (Ireland) | 3353 | 1003050 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp. - Class A | 18403 | 1353909 |
|  |  | 2356959 |
| &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 0.9%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 0.9%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 0.9%** |
| &nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | 3622 | 166902 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | 6187 | 918522 |
| &nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc. | 3634 | 233593 |
|  |  | 1319017 |
| **Total Information Technology** |  | 4132287 |
| **Materials - 6.9%** | **Materials - 6.9%** | **Materials - 6.9%** |
| &nbsp;&nbsp;&nbsp;**Chemicals - 1.6%** | &nbsp;&nbsp;&nbsp;**Chemicals - 1.6%** | &nbsp;&nbsp;&nbsp;**Chemicals - 1.6%** |
| &nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | 4127 | 323433 |
| &nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc. | 5630 | 441729 |
| &nbsp;&nbsp;&nbsp;PPG Industries, Inc. | 9487 | 1032755 |
| &nbsp;&nbsp;&nbsp;Westlake Corp. | 4460 | 412238 |
|  |  | 2210155 |
| &nbsp;&nbsp;&nbsp;**Construction Materials - 0.7%** | &nbsp;&nbsp;&nbsp;**Construction Materials - 0.7%** | &nbsp;&nbsp;&nbsp;**Construction Materials - 0.7%** |
| &nbsp;&nbsp;&nbsp;CRH plc | 10440 | 996185 |
| &nbsp;&nbsp;&nbsp;**Containers & Packaging - 1.0%** | &nbsp;&nbsp;&nbsp;**Containers & Packaging - 1.0%** | &nbsp;&nbsp;&nbsp;**Containers & Packaging - 1.0%** |
| &nbsp;&nbsp;&nbsp;Avery Dennison Corp. | 2971 | 508368 |
| &nbsp;&nbsp;&nbsp;Smurfit WestRock plc | 22268 | 935701 |
|  |  | 1444069 |
| &nbsp;&nbsp;&nbsp;**Metals & Mining - 3.6%** | &nbsp;&nbsp;&nbsp;**Metals & Mining - 3.6%** | &nbsp;&nbsp;&nbsp;**Metals & Mining - 3.6%** |
| &nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | 21999 | 792624 |
| &nbsp;&nbsp;&nbsp;Newmont Corp. | 19088 | 1005556 |
| &nbsp;&nbsp;&nbsp;Nucor Corp. | 9089 | 1084954 |
| &nbsp;&nbsp;&nbsp;Reliance, Inc. | 2006 | 578189 |
| &nbsp;&nbsp;&nbsp;Southern Copper Corp. (Mexico) | 11006 | 985257 |

---

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

**2**

Disciplined Value Series

**Investment Portfolio - April 30, 2025** 

(unaudited)

---

| | | |
|:---|:---|:---|
|  | SHARES | VALUE<br> (NOTE 2) |
| **COMMON STOCKS** (continued) | **COMMON STOCKS** (continued) | **COMMON STOCKS** (continued) |
| **Materials** (continued) | **Materials** (continued) | **Materials** (continued) |
| &nbsp;&nbsp;&nbsp;**Metals & Mining** (continued) | &nbsp;&nbsp;&nbsp;**Metals & Mining** (continued) | &nbsp;&nbsp;&nbsp;**Metals & Mining** (continued) |
| &nbsp;&nbsp;&nbsp;Steel Dynamics, Inc. | 5012 | $650107 |
|  |  | 5096687 |
| **Total Materials** |  | 9747096 |
| **TOTAL COMMON STOCKS** <br> (Identified Cost $135,449,524) |  | **138857202** |
| **SHORT-TERM INVESTMENT - 1.5%** | **SHORT-TERM INVESTMENT - 1.5%** | **SHORT-TERM INVESTMENT - 1.5%** |
| &nbsp;&nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 4.21%<sup>1</sup> | &nbsp;&nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 4.21%<sup>1</sup> | &nbsp;&nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 4.21%<sup>1</sup> |
| &nbsp;&nbsp;&nbsp;(Identified Cost $2,103,244) | 2103244 | **2103244** |
| **TOTAL INVESTMENTS - 100.1%** <br> (Identified Cost $137,552,768) |  | **140960446** |
| **LIABILITIES, LESS OTHER ASSETS - (0.1%)** |  | **(166478)** |
| **NET ASSETS - 100%** |  | $**140793968** |

---

<sup>1</sup>Rate shown is the current yield as of April 30, 2025.

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

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

**3**

Disciplined Value Series

**Statement of Assets and Liabilities**

April 30, 2025 (unaudited)

---

| | |
|:---|:---|
| **ASSETS:** | **ASSETS:** |
| Investments, at value (identified cost $137,552,768) (Note 2) | $140960446 |
| Dividends receivable | 135122 |
| Receivable for fund shares sold | 24248 |
| Prepaid expenses | 5787 |
| TOTAL ASSETS | 141125603 |
| **LIABILITIES:** | **LIABILITIES:** |
| Accrued sub-transfer agent fees<sup>1</sup> | 45099 |
| Accrued management fees<sup>1</sup> | 21803 |
| Accrued fund accounting and administration fees<sup>1</sup> | 18313 |
| Directors' fees payable<sup>1</sup> | 8949 |
| Accrued distribution and service (Rule 12b-1) fees (Class S)<sup>1</sup> | 7407 |
| Payable for fund shares repurchased | 179968 |
| Professional fees payable | 32770 |
| Other payables and accrued expenses | 17326 |
| TOTAL LIABILITIES | 331635 |
| Commitments and contingent liabilities<sup>1</sup> | Commitments and contingent liabilities<sup>1</sup> |
| **TOTAL NET ASSETS** | $**140793968** |
| **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** |
| Capital stock | $185541 |
| Additional paid-in-capital | 133789924 |
| Total distributable earnings (loss) | 6818503 |
| **TOTAL NET ASSETS** | $**140793968** |
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class S** <br> ($36,397,814/4,989,998 shares) | $**7.29** |
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class I** <br> ($51,394,983/6,530,356 shares) | $**7.87** |
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class W** <br> ($30,618,908/4,189,586 shares) | $**7.31** |
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class Z** <br> ($22,382,263/2,844,168 shares) | $**7.87** |

---

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

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

**4**

Disciplined Value Series

**Statement of Operations**

For the Six Months Ended April 30, 2025 (unaudited)

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** | **INVESTMENT INCOME:** |
| Dividends | $2462201 |
| **EXPENSES:** | **EXPENSES:** |
| Management fees (Note 3) | 263307 |
| Distribution and service (Rule 12b-1) fees (Class S) (Note 3) | 51596 |
| Sub-transfer agent fees (Note 3) | 51349 |
| Fund accounting and administration fees (Note 3) | 35672 |
| Directors' fees (Note 3) | 13005 |
| Chief Compliance Officer service fees (Note 3) | 4092 |
| Registration and filing fees | 37980 |
| Professional fees | 26701 |
| Custodian fees | 4796 |
| Interest expense | 2132 |
| Miscellaneous | 37447 |
| Total Expenses | 528077 |
| Less reduction of expenses (Note 3) | (92815) |
| Net Expenses | 435262 |
| NET INVESTMENT INCOME | 2026939 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:** | **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:** |
| Net realized gain (loss) on investments | 4147991 |
| Net change in unrealized appreciation (depreciation) on investments | (11788387) |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS | (7640396) |
| NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $(5613457) |

---

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

**5**

Disciplined Value Series

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | FOR THE <br> SIX MONTHS <br> ENDED <br> 4/30/25 <br> (UNAUDITED) | FOR THE <br> YEAR ENDED <br> 10/31/24 |
| **INCREASE (DECREASE) IN NET ASSETS:** | **INCREASE (DECREASE) IN NET ASSETS:** | **INCREASE (DECREASE) IN NET ASSETS:** |
| **OPERATIONS:** | **OPERATIONS:** | **OPERATIONS:** |
| Net investment income | $2026939 | $4963118 |
| Net realized gain (loss) on investments | 4147991 | 15822589 |
| Net change in unrealized appreciation (depreciation) on investments | (11788387) | 28630249 |
| Net increase (decrease) from operations | (5613457) | 49415956 |
| **DISTRIBUTIONS TO SHAREHOLDERS (Note 9):** | **DISTRIBUTIONS TO SHAREHOLDERS (Note 9):** | **DISTRIBUTIONS TO SHAREHOLDERS (Note 9):** |
| Class S | (4013258) | (4551887) |
| Class I | (5314494) | (6682681) |
| Class W | (4866499) | (5947957) |
| Class Z | (2138034) | (2110572) |
| Total distributions to shareholders | (16332285) | (19293097) |
| **CAPITAL STOCK ISSUED AND REPURCHASED:** | **CAPITAL STOCK ISSUED AND REPURCHASED:** | **CAPITAL STOCK ISSUED AND REPURCHASED:** |
| Net increase (decrease) from capital share transactions (Note 6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | (26982345) | (50841639) |
| Net increase (decrease) in net assets | (48928087) | (20718780) |
| **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| Beginning of period | 189722055 | 210440835 |
| **End of period** | $140793968 | $189722055 |

---

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

**6**

Disciplined Value Series

**Financial Highlights - Class S**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **FOR THE <br> SIX MONTHS <br> ENDED <br> 4/30/25 <br> (UNAUDITED)** | **FOR THE YEAR ENDED** | **FOR THE YEAR ENDED** | **FOR THE YEAR ENDED** | **FOR THE YEAR ENDED** | **FOR THE YEAR ENDED** |
|  | **FOR THE <br> SIX MONTHS <br> ENDED <br> 4/30/25 <br> (UNAUDITED)** | **<br>10/31/24** | **10/31/23** | **10/31/22** | **10/31/21** | **10/31/20** |
| **Per share data (for a share outstanding throughout each period):** |  |  |  |  |  |  |
| **Net asset value - Beginning of period** | $8.30 | $7.21 | $8.23 | $9.17 | $6.78 | $7.67 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.08 | 0.17 | 0.17 | 0.17 | 0.15 | 0.16 |
| Net realized and unrealized gain (loss) on investments | (0.34) | 1.65 | (0.42) | (0.45) | 2.36 | (0.68) |
| Total from investment operations | (0.26) | 1.82 | (0.25) | (0.28) | 2.51 | (0.52) |
| Less distributions to shareholders: |  |  |  |  |  |  |
| From net investment income | (0.09) | (0.30) | (0.16) | (0.14) | (0.12) | (0.14) |
| From net realized gain on investments | (0.66) | (0.42) | (0.61) | (0.52) |  | (0.23) |
| Total distributions to shareholders | (0.75) | (0.72) | (0.77) | (0.66) | (0.12) | (0.37) |
| **Net asset value - End of period** | **$7.29** | **$8.30** | **$7.21** | **$8.23** | **$9.17** | **$6.78** |
| **Net assets - End of period** (000's omitted) | **$36398** | **$46135** | **$49633** | **$64323** | **$72925** | **$64205** |
| Total return<sup>2</sup> | (3.73%) | 26.33% | (3.84%) | (3.39%) | 37.17% | (7.09%) |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| Expenses | 0.80%<sup>3</sup> | 0.75% | 0.76% | 0.72% | 0.72% | 0.76% |
| Net investment income | 2.01%<sup>3</sup> | 2.13% | 2.20% | 1.98% | 1.74% | 2.26% |
| Series portfolio turnover | 27% | 58% | 35% | 31% | 55% | 29% |

---

<sup>1</sup> Calculated based on average shares outstanding during the periods.

<sup>2</sup> Represents aggregate total return for the periods indicated, and assumes reinvestment of all distributions. Periods less than one year are not annualized.

<sup>3</sup> Annualized.

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

**7**

Disciplined Value Series

**Financial Highlights - Class I**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **FOR THE <br> SIX MONTHS <br> ENDED <br> 4/30/25 <br> (UNAUDITED)** | **FOR THE YEAR ENDED** | **FOR THE YEAR ENDED** | **FOR THE YEAR ENDED** | **FOR THE YEAR ENDED** | **FOR THE YEAR ENDED** |
|  | **FOR THE <br> SIX MONTHS <br> ENDED <br> 4/30/25 <br> (UNAUDITED)** | **<br>10/31/24** | **10/31/23** | **10/31/22** | **10/31/21** | **10/31/20** |
| **Per share data (for a share outstanding throughout each period):** |  |  |  |  |  |  |
| **Net asset value - Beginning of period** | $8.90 | $7.68 | $8.72 | $9.68 | $7.15 | $8.07 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.09 | 0.20 | 0.20 | 0.19 | 0.17 | 0.18 |
| Net realized and unrealized gain (loss) on investments | (0.36) | 1.77 | (0.45) | (0.48) | 2.49 | (0.71) |
| Total from investment operations | (0.27) | 1.97 | (0.25) | (0.29) | 2.66 | (0.53) |
| Less distributions to shareholders: |  |  |  |  |  |  |
| From net investment income | (0.10) | (0.32) | (0.18) | (0.15) | (0.13) | (0.16) |
| From net realized gain on investments | (0.66) | (0.42) | (0.61) | (0.52) |  | (0.23) |
| Total distributions to shareholders | (0.76) | (0.74) | (0.79) | (0.67) | (0.13) | (0.39) |
| **Net asset value - End of period** | **$7.87** | **$8.90** | **$7.68** | **$8.72** | **$9.68** | **$7.15** |
| **Net assets - End of period** (000's omitted) | **$51395** | **$64385** | **$73449** | **$86444** | **$109845** | **$120221** |
| Total return<sup>2</sup> | (3.59%) | 26.67% | (3.68%) | (3.24%) | 37.44% | (6.89%) |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| Expenses\* | 0.60%<sup>3</sup> | 0.55% | 0.55% | 0.52% | 0.54% | 0.55% |
| Net investment income | 2.21%<sup>3</sup> | 2.34% | 2.40% | 2.16% | 1.93% | 2.45% |
| Series portfolio turnover | 27% | 58% | 35% | 31% | 55% | 29% |
| <br> \*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: | <br> \*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: | <br> \*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: | <br> \*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: | <br> \*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: | <br> \*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: | <br> \*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: |
|  | 0.01%<sup>3</sup> | N/A | N/A | N/A | N/A | N/A |

---

<sup>1</sup>Calculated based on average shares outstanding during the periods.

<sup>2</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>3</sup>Annualized.

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

**8**

Disciplined Value Series

**Financial Highlights - Class W**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **FOR THE <br> SIX MONTHS <br> ENDED <br> 4/30/25 <br> (UNAUDITED)** | **FOR THE YEAR ENDED** | **FOR THE YEAR ENDED** | **FOR THE YEAR ENDED** | **FOR THE YEAR ENDED** | **FOR THE YEAR ENDED** |
|  | **FOR THE <br> SIX MONTHS <br> ENDED <br> 4/30/25 <br> (UNAUDITED)** | **<br>10/31/24** | **10/31/23** | **10/31/22** | **10/31/21** | **10/31/20** |
| **Per share data (for a share outstanding throughout each period):** |  |  |  |  |  |  |
| **Net asset value - Beginning of period** | $8.32 | $7.23 | $8.26 | $9.20 | $6.80 | $7.69 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.10 | 0.22 | 0.23 | 0.22 | 0.20 | 0.20 |
| Net realized and unrealized gain (loss) on investments | (0.34) | 1.64 | (0.44) | (0.45) | 2.37 | (0.68) |
| Total from investment operations | (0.24) | 1.86 | (0.21) | (0.23) | 2.57 | (0.48) |
| Less distributions to shareholders: |  |  |  |  |  |  |
| From net investment income | (0.11) | (0.35) | (0.21) | (0.19) | (0.17) | (0.18) |
| From net realized gain on investments | (0.66) | (0.42) | (0.61) | (0.52) |  | (0.23) |
| Total distributions to shareholders | (0.77) | (0.77) | (0.82) | (0.71) | (0.17) | (0.41) |
| **Net asset value - End of period** | **$7.31** | **$8.32** | **$7.23** | **$8.26** | **$9.20** | **$6.80** |
| **Net assets - End of period** (000's omitted) | **$30619** | **$54217** | **$65430** | **$211178** | **$244197** | **$116106** |
| Total return<sup>2</sup> | (3.39%) | 27.15% | (3.32%) | (2.75%) | 37.98% | (6.45%) |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| Expenses\* | 0.15%<sup>3</sup> | 0.15% | 0.12% | 0.11% | 0.11% | 0.14%<sup>4</sup> |
| Net investment income | 2.65%<sup>3</sup> | 2.76% | 2.89% | 2.58% | 2.31% | 2.84% |
| Series portfolio turnover | 27% | 58% | 35% | 31% | 55% | 29% |
| \*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: | \*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: | \*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: | \*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: |
|  | 0.33%<sup>3</sup> | 0.30% | 0.30% | 0.30% | 0.30% | 0.30% |

---

<sup>1</sup>Calculated based on average shares outstanding during the periods.

<sup>2</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>3</sup>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 decreased by less than 0.01%.

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

**9**

Disciplined Value Series

**Financial Highlights - Class Z**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **FOR THE <br> SIX MONTHS <br> ENDED <br> 4/30/25 <br> (UNAUDITED)** | **FOR THE YEAR ENDED** | **FOR THE YEAR ENDED** | **FOR THE YEAR ENDED** | **FOR THE YEAR ENDED** | **FOR THE YEAR ENDED** |
|  | **FOR THE <br> SIX MONTHS <br> ENDED <br> 4/30/25 <br> (UNAUDITED)** | **<br>10/31/24** | **10/31/23** | **10/31/22** | **10/31/21** | **10/31/20** |
| **Per share data (for a share outstanding throughout each period):** |  |  |  |  |  |  |
| **Net asset value - Beginning of period** | $8.90 | $7.68 | $8.72 | $9.68 | $7.15 | $8.07 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.10 | 0.20 | 0.21 | 0.20 | 0.19 | 0.19 |
| Net realized and unrealized gain (loss) on investments | (0.37) | 1.77 | (0.45) | (0.48) | 2.48 | (0.72) |
| Total from investment operations | (0.27) | 1.97 | (0.24) | (0.28) | 2.67 | (0.53) |
| Less distributions to shareholders: |  |  |  |  |  |  |
| From net investment income | (0.10) | (0.33) | (0.19) | (0.16) | (0.14) | (0.16) |
| From net realized gain on investments | (0.66) | (0.42) | (0.61) | (0.52) |  | (0.23) |
| Total distributions to shareholders | (0.76) | (0.75) | (0.80) | (0.68) | (0.14) | (0.39) |
| **Net asset value - End of period** | **$7.87** | **$8.90** | **$7.68** | **$8.72** | **$9.68** | **$7.15** |
| **Net assets - End of period** (000's omitted) | **$22382** | **$24985** | **$21929** | **$24049** | **$24111** | **$15781** |
| Total return<sup>2</sup> | (3.55%) | 26.83% | (3.55%) | (3.12%) | 37.61% | (6.77%) |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| Expenses\* | 0.45%<sup>3</sup> | 0.45% | 0.42% | 0.41% | 0.41% | 0.45%<sup>4</sup> |
| Net investment income | 2.34%<sup>3</sup> | 2.41% | 2.53% | 2.27% | 2.04% | 2.55% |
| Series portfolio turnover | 27% | 58% | 35% | 31% | 55% | 29% |
| \*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: | \*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: | \*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: | \*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: | \*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: | \*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: | \*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: |
|  | 0.03%<sup>3</sup> | N/A | N/A | N/A | N/A | N/A |

---

<sup>1</sup>Calculated based on average shares outstanding during the periods.

<sup>2</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>3</sup>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 decreased by 0.01%.

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

**10**

Disciplined Value Series

**Notes to Financial Statements**

(unaudited)

1. Organization

Disciplined Value Series (the "Series") is a no-load diversified series of Manning & Napier Fund, Inc. (the "Fund"). The Fund is organized in Maryland and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company.

The Series' investment objective is to provide competitive returns consistent with the broad equity market while providing a level of capital protection during market downturns.

The Series is authorized to issue four classes of shares (Class S, I, W, and Z). Each class of shares is substantially the same, except that class-specific distribution and shareholder servicing expenses are borne by the specific class of shares to which they relate.

The Fund's Advisor is Manning & Napier Advisors, LLC (the "Advisor"). Shares of the Series are offered to investors, clients and employees of the Advisor and its affiliates. The total authorized capital stock of the Fund consists of 15 billion shares of common stock each having a par value of $0.01. As of April 30, 2025, 6.9 billion shares have been designated in total among 15 series, of which 100 million have been designated as Disciplined Value Series Class I common stock, Disciplined Value Series Class S common stock, Disciplined Value Series Class W common stock, and Disciplined Value Series Class Z common stock.

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

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Series. The Series is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 - Investment Companies, which is part of accounting principles generally accepted in the United States of America ("GAAP").

**Security Valuation**

Portfolio securities, including domestic equities, foreign equities, warrants and options, listed on an exchange other than the NASDAQ Stock Market are valued at the latest quoted sales price of the exchange on which the security is primarily traded. Securities not traded on valuation date or securities not listed on an exchange are valued at the latest quoted bid price provided by the Fund's pricing service. Securities listed on the NASDAQ Stock Market are valued in accordance with the NASDAQ Official Closing Price.

Short-term investments that mature in sixty days or less may be valued at amortized cost, which approximates fair value. Investments in open-end investment companies are valued at their net asset value per share on valuation date.

Volume and level of activity in established markets for an asset or liability are evaluated to determine whether recent transactions and quoted prices are determinative of fair value. Where there have been significant decreases in volume and level of activity, further analysis and adjustment may be necessary to estimate fair value. In these instances, fair value is measured by the use of inputs and valuation techniques which may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry and/or expectation of future cash flows. As a result of trading in relatively thin markets and/or markets that experience significant volatility, the prices used to value these securities may differ from the value that would be realized if these securities were sold, and the differences could be material.

**Fair Value**

The Series' financial instruments are valued at the close of the NYSE and are reported at fair value, which GAAP defines as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Board has designated the Advisor as the Fund's valuation designee (Valuation Designee) to make all fair value determinations with respect to each Series' portfolio investments. Subject to oversight by the Board, the Valuation Designee performs the following functions in performing fair value determinations: assesses and manages valuation risks; establishes and applies fair value methodologies; tests fair value methodologies; and evaluates pricing vendors and pricing agents.

**11**

Disciplined Value Series

**Notes to Financial Statements (continued)**

(unaudited)

2. Significant Accounting Policies (continued)

**Fair Value** (continued)

The Advisor has adopted and implemented policies and procedures to be followed when making fair value determinations, and it has established a Valuation Committee through which the Advisor makes fair value determinations. The Valuation Designee provides periodic reporting to the Board on valuation matters. The Advisor's determination of a security's fair value price often involves the consideration of a number of subjective factors, and is therefore subject to the unavoidable risk that the value assigned to a security may be higher or lower than the security's value would be if a reliable market quotation for the security was readily available. If trading or events occurring after the close of the principal market in which securities are traded are expected to materially affect the value of those securities, then they may be valued at their fair value, taking this trading or these events into account. The Advisor may use a pricing service to obtain the value of the Fund's portfolio securities where the prices provided by such pricing service are believed to reflect the fair market value of such securities. The methods used by the pricing service and the valuations so established will be reviewed by the Advisor under the general supervision of the Fund's Board of Directors. Several pricing services are available, one or more of which may be used by the Advisor, as approved by the Board. A change in a pricing service or a material change in a pricing methodology for investments with no readily available market quotations will be reported to the Board by the Advisor in accordance with certain requirements.

GAAP establishes the following fair value hierarchy that categorizes the inputs used to measure fair value. Level 1 includes quoted prices (unadjusted) in active markets for identical financial instruments that the Series' can access at the reporting date. Level 2 includes other significant observable inputs (including, but not limited to, quoted prices for similar financial instruments in active markets, quoted prices for identical or similar financial instruments in inactive markets, interest rates and yield curves, implied volatilities, and credit spreads). Level 3 includes unobservable inputs (including the Valuation Designee's own assumptions in determining fair value). A financial instrument's level within the fair value hierarchy is based on the lowest level of any input both individually and in aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the valuation levels used for major security types as of April 30, 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 | $705394 | $705394 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 7115758 | 7115758 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | 12154511 | 12154511 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 21721576 | 21721576 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 33775806 | 33775806 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | 24266148 | 24266148 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 25238626 | 25238626 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 4132287 | 4132287 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 9747096 | 9747096 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investment | 2103244 | 2103244 |  |  |
| &nbsp;&nbsp;&nbsp;Total assets | $140960446 | $140960446 | $— | $— |

---

There were no Level 2 or Level 3 securities held by the Series as of October 31, 2024 or April 30, 2025.

**New Accounting Pronouncement**

In December 2023, the FASB issued Accounting Standards Update (ASU), ASU 2023-09, Income Taxes (Topic 740) – Improvements to Income Taxes Disclosures, which enhances the transparency of income tax disclosures. The ASU requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. The amendments under this ASU are required to be applied prospectively and

**12**

Disciplined Value Series

**Notes to Financial Statements (continued)**

(unaudited)

2. Significant Accounting Policies (continued)

**New Accounting Pronouncement** (continued)

are effective for fiscal years beginning after December 15, 2024. Management expects that adoption of the guidance will not have a material impact on the Series' financial statements.

**Security Transactions, Investment Income and Expenses**

Security transactions are accounted for on trade date. Dividend income is recorded on the ex-dividend date, except that if the ex-dividend date has passed, certain dividends from foreign securities are recorded as soon as the Series is informed of the ex-dividend date. Non-cash dividends, if any, are recorded at the fair value of the securities received. Interest income, including amortization of premium and accretion of discounts using the effective interest method, is earned from settlement date and accrued daily.

Expenses are recorded on an accrual basis. Most expenses of the Fund can be attributed to a specific series. Expenses which cannot be directly attributed are apportioned among the series in the Fund in such a manner as deemed equitable by the Fund's Board, taking into consideration, among other things, the nature and type of expense. Income, expenses (other than class specific expenses), and realized and unrealized gains and losses are prorated among the classes based on the relative net assets of each class. Class specific expenses are directly charged to that class.

The Series uses the identified cost method for determining realized gain or loss on investments for both financial statement and federal income tax reporting purposes.

**Federal Taxes**

The Series' policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies. The Series is not subject to federal income tax or excise tax to the extent that the Series distributes to shareholders each year its taxable income, including any net realized gains on investments, in accordance with requirements of the Internal Revenue Code. Accordingly, no provision for federal income tax or excise tax has been made in the financial statements.

Management evaluates its tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is required only when the position is "more likely than not" to be sustained assuming examination by taxing authorities. At April 30, 2025, the Series has recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken in future tax returns.

The Series files income tax returns in the U.S. federal jurisdiction, various states and foreign jurisdictions, as required. No income tax returns are currently under investigation. The statute of limitations on the Series' tax returns remains open for the years ended October 31, 2021 through October 31, 2024. The Series is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

**Foreign Taxes**

Based on the Series' understanding of the tax rules and rates related to income, gains and currency purchase/repatriation transactions for foreign jurisdictions in which it invests, the Series will provide for foreign taxes, and where appropriate, deferred foreign tax.

**Distributions of Income and Gains**

Distributions to shareholders of net investment income are made quarterly. Distributions of net realized gains are made annually. An additional distribution may be necessary to avoid taxation of the Series. Distributions are recorded on the ex-dividend date.

**Indemnifications**

The Fund's organizational documents provide former and current directors and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may

**13**

Disciplined Value Series

**Notes to Financial Statements (continued)**

(unaudited)

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 0.30% of the Series' average daily net assets for investment advisory services.

Under the Agreement, personnel of the Advisor are responsible for management of the Series' portfolio, the execution of securities transactions, and generally administer the affairs of the Fund. The Advisor also provides the Fund with necessary office space and fund administration and support services. The salaries of all officers of the Fund (except a percentage of the Fund's Chief Compliance Officer's salary, which is paid by the Fund), and of all Directors who are "affiliated persons" of the Fund, or of the Advisor, and all personnel of the Fund, or of the Advisor, performing services relating to research, statistical and investment activities, are paid by the Advisor. Each "non-affiliated" Director receives an annual stipend, which is allocated among all the active series of the Fund. In addition, these Directors also receive a fee per Board meeting attended plus a fee for each committee meeting attended and are reimbursed for travel and other out-of-pocket expenses incurred by them in connection with attending such meetings. The Fund also has an Audit Committee Chair, Governance & Nominating Committee Chair and Lead Independent Director who each receive an additional annual stipend for these roles.

The Fund may enter into agreements with financial intermediaries pursuant to which the Fund may pay financial intermediaries for non-distribution related sub-transfer agency, administrative, sub-accounting, and other shareholder services in an amount not to exceed 0.15% of the average daily net assets of the Class S and Class I shares. Payments made pursuant to such agreements are generally based on the current assets and/or number of accounts of the Series attributable to the financial intermediary. Any payments made pursuant to such agreements may be in addition to, rather than in lieu of, any Distribution and Shareholder Services Fee payable under the Rule 12b-1 plan of the Fund.

The Advisor has contractually agreed to waive the management fee for the Class W shares. The full management fee will be waived under this agreement because Class W shares are only available to discretionary investment accounts and other accounts managed by the Advisor. These clients pay a management fee to the Advisor that is separate from the Series' expenses. In addition, pursuant to a separate expense limitation agreement, the Advisor has contractually agreed to limit its fees and reimburse expenses to the extent necessary so that the total direct annual fund operating expenses, exclusive of the shareholder services fee and/or distribution and service (12b-1) fees and waived Class W management fees (collectively, "excluded expenses"), to 0.60% of the average daily net assets of the Class I and Class S shares, 0.45% of the average daily net assets of the Class Z shares, and 0.15% of the average daily net assets of the Class W shares. These contractual waivers are expected to continue indefinitely, and may not be amended or terminated by the Advisor without the approval of the Series' Board of Directors. The Advisor may receive from a Class the difference between the Class's total direct annual fund operating expenses, not including excluded expenses, and the Class's contractual expense limit to recoup all or a portion of its prior fee waivers (other than Class W management fee waivers) or expense reimbursements made during the rolling three-year period preceding the recoupment if at any point the total direct annual fund operating expenses, not including excluded expenses, are below the contractual expense limit (a) at the time of the fee waiver and/or expense reimbursement and (b) at the time of the recoupment.

**14**

Disciplined Value Series

**Notes to Financial Statements (continued)**

(unaudited)

3. Transactions with Affiliates and Other Agreements (continued)

Pursuant to the advisory fee waiver, the Advisor waived $76,895 in management fees for Class W shares for the six months ended April 30, 2025. In addition, pursuant to the separate expense limitation agreement, the Advisor waived or reimbursed expenses of $2,782, $8,845 and $4,203 for Class I, Class W and Class Z shares, respectively, for six months ended April 30, 2025. These amounts are included as a reduction of expenses on the Statement of Operations. For the six months ended April 30, 2025, the Advisor did not recoup any expenses that have been previously waived or reimbursed.

For the six months ended April 30, 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<br> OCTOBER 31,<br> 2028 |
| &nbsp;&nbsp;&nbsp;Class I | $2872 |
| &nbsp;&nbsp;&nbsp;Class W | 8845 |
| &nbsp;&nbsp;&nbsp;Class Z | 4203 |

---

Manning & Napier Investor Services, Inc., a registered broker-dealer affiliate of the Advisor, acts as distributor for the Fund's shares. The Series compensates the distributor for distributing and servicing the Series' Class S shares pursuant to a distribution plan adopted under Rule 12b-1 of the 1940 Act, regardless of expenses actually incurred. Under the agreement, the Series pays distribution and service fees to the distributor at an annual rate of 0.25% of average daily net assets attributable to Class S shares. There are no distribution and service fees on the Class I, Class W or Class Z shares. The fees are accrued daily and paid monthly.

Pursuant to a master services agreement, the Fund pays the Advisor an annual fee related to fund accounting and administration of 0.0085% on the first $25 billion of average daily net assets; 0.0075% on the next $15 billion of average daily net assets; and 0.0065% of average daily net assets in excess of $40 billion; plus a base fee of $18,400 per series. Additionally, certain transaction and out-of-pocket expenses, including charges for reporting relating to the Fund's compliance program, are charged. The Advisor has agreements with BNY Mellon Investment Servicing (U.S.) Inc. ("BNY") under which BNY serves as sub-accountant services agent.

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 six months ended April 30, 2025, purchases and sales of securities, other than U.S. Government securities and short-term securities, were $47,053,823 and $89,098,377, respectively. There were no purchases or sales of U.S. Government securities.

**15**

Disciplined Value Series

**Notes to Financial Statements (continued)**

(unaudited)

6. Capital Stock Transactions

Transactions in Class S, Class I, Class W, and Class Z shares of Disciplined Value Series were:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;CLASS S | FOR THE SIX MONTHS<br> ENDED 4/30/25 | FOR THE SIX MONTHS<br> ENDED 4/30/25 | FOR THE YEAR ENDED 10/31/24 | FOR THE YEAR ENDED 10/31/24 |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;&nbsp;Sold | 164045 | $1305632 | 423677 | $3386664 |
| &nbsp;&nbsp;&nbsp;Reinvested | 514386 | 4001461 | 608748 | 4521138 |
| &nbsp;&nbsp;&nbsp;Repurchased | (1244070) | (9646733) | (2362256) | (18169637) |
| &nbsp;&nbsp;&nbsp;Total | (565639) | $(4339640) | (1329831) | $(10261835) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;CLASS I | FOR THE SIX MONTHS<br> ENDED 4/30/25 | FOR THE SIX MONTHS<br> ENDED 4/30/25 | FOR THE YEAR ENDED 10/31/24 | FOR THE YEAR ENDED 10/31/24 |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;&nbsp;Sold | 532527 | $4536710 | 1053601 | $8817852 |
| &nbsp;&nbsp;&nbsp;Reinvested | 606029 | 5078235 | 814336 | 6481643 |
| &nbsp;&nbsp;&nbsp;Repurchased | (1840022) | (15577034) | (4197921) | (35242950) |
| &nbsp;&nbsp;&nbsp;Total | (701466) | $(5962089) | (2329984) | $(19943455) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;CLASS W | FOR THE SIX MONTHS<br> ENDED 4/30/25 | FOR THE SIX MONTHS<br> ENDED 4/30/25 | FOR THE YEAR ENDED 10/31/24 | FOR THE YEAR ENDED 10/31/24 |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;&nbsp;Sold | 450037 | $3454645 | 375427 | $2951725 |
| &nbsp;&nbsp;&nbsp;Reinvested | 620141 | 4824308 | 791159 | 5900054 |
| &nbsp;&nbsp;&nbsp;Repurchased | (3395507) | (25362646) | (3701490) | (28914122) |
| &nbsp;&nbsp;&nbsp;Total | (2325329) | $(17083693) | (2534904) | $(20062343) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;CLASS Z | FOR THE SIX MONTHS<br> ENDED 4/30/25 | FOR THE SIX MONTHS<br> ENDED 4/30/25 | FOR THE YEAR ENDED 10/31/24 | FOR THE YEAR ENDED 10/31/24 |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;&nbsp;Sold | 135025 | $1128321 | 72650 | $606116 |
| &nbsp;&nbsp;&nbsp;Reinvested | 253646 | 2125413 | 263798 | 2101853 |
| &nbsp;&nbsp;&nbsp;Repurchased | (351665) | (2850657) | (383866) | (3281975) |
| &nbsp;&nbsp;&nbsp;Total | 37006 | $403077 | (47418) | $(574006) |

---

At April 30, 2025, the Advisor and its affiliates owned 0.3% of the Series. Approximately 29% 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, $50 million credit agreement (the "line of credit") with Bank of New York Mellon. Each series of the Fund may borrow under the line of credit for temporary or emergency purposes, including funding shareholder redemptions and other short-term liquidity purposes. The Fund pays an annual fee on the unused commitment amount, payable quarterly, and is allocated among all the series of the Fund and included in miscellaneous expenses in the Statement of Operations for each series. The line of credit expires in September 2025 unless extended or renewed. During the six months ended April 30, 2025, the Series borrowed for 3 days and the daily amount of borrowings outstanding under the line of credit was $4,500,000 with an interest rate of 5.69%. As of April 30, 2025, there was no borrowing outstanding.

**16**

Disciplined Value Series

**Notes to Financial Statements (continued)**

(unaudited)

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 April 30, 2025.

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 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 final determination of the tax character of current year distributions will be made at the conclusion of the fiscal year. The tax character of distributions paid for the year ended October 31, 2024 were as follows:

---

| | |
|:---|:---|
| Ordinary income | $8263338 |
| Long-term capital gains | 11029759 |

---

At April 30, 2025, the identified cost of investments for federal income tax purposes, the resulting gross unrealized appreciation and depreciation, and the net unrealized appreciation were as follows:

---

| | |
|:---|:---|
| Cost for federal income tax purposes | $139172251 |
| Unrealized appreciation | 11312353 |
| Unrealized depreciation | (9524158) |
| Net unrealized appreciation | $1788195 |

---

10. Market Event

Significant disruptions and volatility in the global financial markets and economies, like the current conditions caused by the Russian invasion of Ukraine, the conflict between Hamas and Israel in the Middle East and the COVID-19 pandemic, could negatively impact the investment performance of the Series. The global market and economic climate may become increasingly uncertain due to numerous factors beyond our control, including but not limited to, impacts on business operations in the U.S. related to the COVID-19 pandemic, such as supply chain disruptions and inflation, concerns related to unpredictable global market and economic factors, uncertainty in U.S. federal fiscal, tax, trade or regulatory policy and the fiscal, tax, trade or regulatory policy of foreign governments, rising interest rates, inflation or deflation, the availability of credit, performance of financial markets, armed conflicts, terrorism, natural or biological catastrophes, public health emergencies, or political uncertainty.

**17**

Disciplined Value Series

**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

&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.**

MNDIV-04/25-SAR

**18**

![](manning7ancsr005.jpg)

**www.manning-napier.com**

**Manning & Napier Fund, Inc.**

Rainier International Discovery Series

Rainier International Discovery Series

**Investment Portfolio - April 30, 2025**

(unaudited)

---

| | | |
|:---|:---|:---|
|  | SHARES | VALUE <br> (NOTE 2) |
| **COMMON STOCKS - 96.1%** | **COMMON STOCKS - 96.1%** | **COMMON STOCKS - 96.1%** |
| **Communication Services - 10.2%** | **Communication Services - 10.2%** | **Communication Services - 10.2%** |
| &nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services - 2.0%** | &nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services - 2.0%** | &nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services - 2.0%** |
| &nbsp;&nbsp;&nbsp;Internet Initiative Japan, Inc. (Japan) | 280600 | $5203273 |
| &nbsp;&nbsp;&nbsp;U-Next Holdings Co. Ltd. (Japan) | 186400 | 2667449 |
|  |  | 7870722 |
| &nbsp;&nbsp;&nbsp;**Entertainment - 2.3%** | &nbsp;&nbsp;&nbsp;**Entertainment - 2.3%** | &nbsp;&nbsp;&nbsp;**Entertainment - 2.3%** |
| &nbsp;&nbsp;&nbsp;CTS Eventim AG & Co. KGaA (Germany) | 55970 | 6631716 |
| &nbsp;&nbsp;&nbsp;NetEase Cloud Music, Inc. (China)\*<sup>1</sup> | 111800 | 2614644 |
|  |  | 9246360 |
| &nbsp;&nbsp;&nbsp;**Interactive Media & Services - 5.9%** | &nbsp;&nbsp;&nbsp;**Interactive Media & Services - 5.9%** | &nbsp;&nbsp;&nbsp;**Interactive Media & Services - 5.9%** |
| &nbsp;&nbsp;&nbsp;Auto Trader Group plc (United Kingdom)<sup>1</sup> | 397450 | 4465292 |
| &nbsp;&nbsp;&nbsp;CAR Group Ltd. (Australia) | 87585 | 1869440 |
| &nbsp;&nbsp;&nbsp;Hemnet Group AB (Sweden) | 82967 | 2847904 |
| &nbsp;&nbsp;&nbsp;Rightmove plc (United Kingdom) | 679652 | 6712352 |
| &nbsp;&nbsp;&nbsp;Scout24 SE (Germany)<sup>1</sup> | 63721 | 7594065 |
|  |  | 23489053 |
| **Total Communication Services** |  | 40606135 |
| **Consumer Discretionary - 7.5%** | **Consumer Discretionary - 7.5%** | **Consumer Discretionary - 7.5%** |
| &nbsp;&nbsp;&nbsp;**Automobiles - 0.5%** | &nbsp;&nbsp;&nbsp;**Automobiles - 0.5%** | &nbsp;&nbsp;&nbsp;**Automobiles - 0.5%** |
| &nbsp;&nbsp;&nbsp;Yadea Group Holdings Ltd. (China)<sup>1</sup> | 1132000 | 2043097 |
| &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure - 1.1%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure - 1.1%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure - 1.1%** |
| &nbsp;&nbsp;&nbsp;GENDA, Inc. (Japan)\* | 242200 | 1856295 |
| &nbsp;&nbsp;&nbsp;Indian Hotels Co. Ltd. (India) | 293083 | 2727011 |
|  |  | 4583306 |
| &nbsp;&nbsp;&nbsp;**Household Durables - 2.7%** | &nbsp;&nbsp;&nbsp;**Household Durables - 2.7%** | &nbsp;&nbsp;&nbsp;**Household Durables - 2.7%** |
| &nbsp;&nbsp;&nbsp;Coway Co. Ltd. (South Korea) | 37346 | 2299410 |
| &nbsp;&nbsp;&nbsp;GN Store Nord A/S (Denmark)\* | 52802 | 797218 |
| &nbsp;&nbsp;&nbsp;Nikon Corp. (Japan) | 533600 | 5130804 |
| &nbsp;&nbsp;&nbsp;Rinnai Corp. (Japan) | 112712 | 2524576 |
|  |  | 10752008 |
| &nbsp;&nbsp;&nbsp;**Leisure Products - 0.4%** | &nbsp;&nbsp;&nbsp;**Leisure Products - 0.4%** | &nbsp;&nbsp;&nbsp;**Leisure Products - 0.4%** |
| &nbsp;&nbsp;&nbsp;Thule Group AB (Sweden)<sup>1</sup> | 62816 | 1431824 |
| &nbsp;&nbsp;&nbsp;**Specialty Retail - 0.8%** | &nbsp;&nbsp;&nbsp;**Specialty Retail - 0.8%** | &nbsp;&nbsp;&nbsp;**Specialty Retail - 0.8%** |
| &nbsp;&nbsp;&nbsp;JUMBO S.A. (Greece) | 100264 | 3157637 |
| &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods - 2.0%** | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods - 2.0%** | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods - 2.0%** |
| &nbsp;&nbsp;&nbsp;Brunello Cucinelli S.p.A. (Italy) | 50400 | 5690145 |
| &nbsp;&nbsp;&nbsp;Eclat Textile Co. Ltd. (Taiwan) | 168000 | 2189776 |
|  |  | 7879921 |
| **Total Consumer Discretionary** |  | 29847793 |
| **Consumer Staples - 2.1%** | **Consumer Staples - 2.1%** | **Consumer Staples - 2.1%** |
| &nbsp;&nbsp;&nbsp;**Food Products - 1.1%** | &nbsp;&nbsp;&nbsp;**Food Products - 1.1%** | &nbsp;&nbsp;&nbsp;**Food Products - 1.1%** |
| &nbsp;&nbsp;&nbsp;Gruma S.A.B. de C.V. - Class B (Mexico) | 104671 | 1994356 |
| &nbsp;&nbsp;&nbsp;LT Foods Ltd. (India) | 541310 | 2222393 |
|  |  | 4216749 |
| &nbsp;&nbsp;&nbsp;**Personal Care Products - 1.0%** | &nbsp;&nbsp;&nbsp;**Personal Care Products - 1.0%** | &nbsp;&nbsp;&nbsp;**Personal Care Products - 1.0%** |
| &nbsp;&nbsp;&nbsp;Cosmax, Inc. (South Korea) | 28598 | 3470478 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES | VALUE <br> (NOTE 2) |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Consumer Staples (continued)** | **Consumer Staples (continued)** | **Consumer Staples (continued)** |
| &nbsp;&nbsp;&nbsp;**Personal Care Products (continued)** | &nbsp;&nbsp;&nbsp;**Personal Care Products (continued)** | &nbsp;&nbsp;&nbsp;**Personal Care Products (continued)** |
| &nbsp;&nbsp;&nbsp;Milbon Co. Ltd. (Japan) | 39179 | 744986 |
|  |  | 4215464 |
| **Total Consumer Staples** |  | 8432213 |
| **Energy - 1.5%** | **Energy - 1.5%** | **Energy - 1.5%** |
| &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels - 1.5%** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels - 1.5%** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels - 1.5%** |
| &nbsp;&nbsp;&nbsp;Gaztransport Et Technigaz S.A. (France) | 36882 | 6011866 |
| **Financials - 18.4%** | **Financials - 18.4%** | **Financials - 18.4%** |
| &nbsp;&nbsp;&nbsp;**Banks - 4.7%** | &nbsp;&nbsp;&nbsp;**Banks - 4.7%** | &nbsp;&nbsp;&nbsp;**Banks - 4.7%** |
| &nbsp;&nbsp;&nbsp;Fukuoka Financial Group, Inc. (Japan) | 237400 | 6272171 |
| &nbsp;&nbsp;&nbsp;Kyoto Financial Group, Inc. (Japan) | 360800 | 6192960 |
| &nbsp;&nbsp;&nbsp;Ringkjoebing Landbobank A/S (Denmark) | 33507 | 6406408 |
|  |  | 18871539 |
| &nbsp;&nbsp;&nbsp;**Capital Markets - 10.8%** | &nbsp;&nbsp;&nbsp;**Capital Markets - 10.8%** | &nbsp;&nbsp;&nbsp;**Capital Markets - 10.8%** |
| &nbsp;&nbsp;&nbsp;360 ONE WAM Ltd. (India) | 119784 | 1395254 |
| &nbsp;&nbsp;&nbsp;Euronext N.V. (Netherlands)<sup>1</sup> | 75904 | 12687134 |
| &nbsp;&nbsp;&nbsp;Intermediate Capital Group plc (United Kingdom) | 110000 | 2766936 |
| &nbsp;&nbsp;&nbsp;Kfin Technologies Ltd. (India) | 172165 | 2447165 |
| &nbsp;&nbsp;&nbsp;Multi Commodity Exchange of India Ltd. (India) | 46884 | 3405226 |
| &nbsp;&nbsp;&nbsp;Nordnet AB publ (Sweden) | 259866 | 6879233 |
| &nbsp;&nbsp;&nbsp;St. James's Place plc (United Kingdom) | 439386 | 5538609 |
| &nbsp;&nbsp;&nbsp;Swissquote Group Holding S.A. (Switzerland) | 14897 | 7689791 |
|  |  | 42809348 |
| &nbsp;&nbsp;&nbsp;**Insurance - 2.9%** | &nbsp;&nbsp;&nbsp;**Insurance - 2.9%** | &nbsp;&nbsp;&nbsp;**Insurance - 2.9%** |
| &nbsp;&nbsp;&nbsp;Definity Financial Corp. (Canada) | 196315 | 9798662 |
| &nbsp;&nbsp;&nbsp;Steadfast Group Ltd. (Australia) | 450471 | 1692809 |
|  |  | 11491471 |
| **Total Financials** |  | 73172358 |
| **Health Care - 5.8%** | **Health Care - 5.8%** | **Health Care - 5.8%** |
| &nbsp;&nbsp;&nbsp;**Biotechnology - 0.3%** | &nbsp;&nbsp;&nbsp;**Biotechnology - 0.3%** | &nbsp;&nbsp;&nbsp;**Biotechnology - 0.3%** |
| &nbsp;&nbsp;&nbsp;BioGaia AB - Class B (Sweden) | 120500 | 1282755 |
| &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;Asahi Intecc Co. Ltd. (Japan) | 63900 | 982449 |
| &nbsp;&nbsp;&nbsp;Classys, Inc. (South Korea) | 57335 | 2592545 |
|  |  | 3574994 |
| &nbsp;&nbsp;&nbsp;**Health Care Providers & Services - 1.4%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services - 1.4%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services - 1.4%** |
| &nbsp;&nbsp;&nbsp;KPJ Healthcare Bhd (Malaysia) | 3201622 | 2134289 |
| &nbsp;&nbsp;&nbsp;Max Healthcare Institute Ltd. (India) | 259841 | 3371244 |
|  |  | 5505533 |
| &nbsp;&nbsp;&nbsp;**Health Care Technology - 1.1%** | &nbsp;&nbsp;&nbsp;**Health Care Technology - 1.1%** | &nbsp;&nbsp;&nbsp;**Health Care Technology - 1.1%** |
| &nbsp;&nbsp;&nbsp;JMDC, Inc. (Japan) | 76200 | 1719204 |
| &nbsp;&nbsp;&nbsp;Pro Medicus Ltd. (Australia) | 18038 | 2644918 |
|  |  | 4364122 |

---

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

**1**

Rainier International Discovery Series

**Investment Portfolio - April 30, 2025**

(unaudited)

---

| | | |
|:---|:---|:---|
|  | SHARES | VALUE <br> (NOTE 2) |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Health Care (continued)** | **Health Care (continued)** | **Health Care (continued)** |
| &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services - 0.3%** | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services - 0.3%** | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services - 0.3%** |
| &nbsp;&nbsp;&nbsp;Gerresheimer AG (Germany) | 16227 | $1100965 |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals - 1.8%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals - 1.8%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals - 1.8%** |
| &nbsp;&nbsp;&nbsp;ALK-Abello A/S (Denmark)\* | 302514 | 7051753 |
| **Total Health Care** |  | 22880122 |
| **Industrials - 27.4%** | **Industrials - 27.4%** | **Industrials - 27.4%** |
| &nbsp;&nbsp;&nbsp;**Aerospace & Defense - 5.1%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense - 5.1%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense - 5.1%** |
| &nbsp;&nbsp;&nbsp;Babcock International Group plc (United Kingdom) | 851227 | 9170084 |
| &nbsp;&nbsp;&nbsp;Saab AB - Class B (Sweden) | 240516 | 11199512 |
|  |  | 20369596 |
| &nbsp;&nbsp;&nbsp;**Building Products - 1.0%** | &nbsp;&nbsp;&nbsp;**Building Products - 1.0%** | &nbsp;&nbsp;&nbsp;**Building Products - 1.0%** |
| &nbsp;&nbsp;&nbsp;Blue Star Ltd. (India) | 159560 | 3224789 |
| &nbsp;&nbsp;&nbsp;Munters Group AB (Sweden)<sup>1</sup> | 61971 | 793124 |
|  |  | 4017913 |
| &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies - 5.2%** | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies - 5.2%** | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies - 5.2%** |
| &nbsp;&nbsp;&nbsp;Daiei Kankyo Co. Ltd. (Japan) | 239000 | 4896403 |
| &nbsp;&nbsp;&nbsp;Element Fleet Management Corp. (Canada) | 370760 | 8119283 |
| &nbsp;&nbsp;&nbsp;Japan Elevator Service Holdings Co. Ltd. (Japan) | 346500 | 7491045 |
|  |  | 20506731 |
| &nbsp;&nbsp;&nbsp;**Electrical Equipment - 3.1%** | &nbsp;&nbsp;&nbsp;**Electrical Equipment - 3.1%** | &nbsp;&nbsp;&nbsp;**Electrical Equipment - 3.1%** |
| &nbsp;&nbsp;&nbsp;Hyosung Heavy Industries Corp. (South Korea) | 9124 | 3155735 |
| &nbsp;&nbsp;&nbsp;NKT A/S (Denmark)\* | 28297 | 2303996 |
| &nbsp;&nbsp;&nbsp;SWCC Corp. (Japan) | 88000 | 3998946 |
| &nbsp;&nbsp;&nbsp;Voltronic Power Technology Corp. (Taiwan) | 65498 | 3071284 |
|  |  | 12529961 |
| &nbsp;&nbsp;&nbsp;**Ground Transportation - 0.6%** | &nbsp;&nbsp;&nbsp;**Ground Transportation - 0.6%** | &nbsp;&nbsp;&nbsp;**Ground Transportation - 0.6%** |
| &nbsp;&nbsp;&nbsp;TFI International, Inc. (Canada) | 27341 | 2222621 |
| &nbsp;&nbsp;&nbsp;**Machinery - 4.3%** | &nbsp;&nbsp;&nbsp;**Machinery - 4.3%** | &nbsp;&nbsp;&nbsp;**Machinery - 4.3%** |
| &nbsp;&nbsp;&nbsp;The Japan Steel Works Ltd. (Japan) | 149900 | 6176652 |
| &nbsp;&nbsp;&nbsp;Konecranes OYJ (Finland) | 64077 | 4293033 |
| &nbsp;&nbsp;&nbsp;Krones AG (Germany) | 17088 | 2497721 |
| &nbsp;&nbsp;&nbsp;Mitsui E&S Co. Ltd. (Japan) | 107900 | 1376731 |
| &nbsp;&nbsp;&nbsp;MNC Solution Co. Ltd. (South Korea) | 8733 | 611903 |
| &nbsp;&nbsp;&nbsp;THK Co. Ltd. (Japan) | 81000 | 1995434 |
|  |  | 16951474 |
| &nbsp;&nbsp;&nbsp;**Professional Services - 2.9%** | &nbsp;&nbsp;&nbsp;**Professional Services - 2.9%** | &nbsp;&nbsp;&nbsp;**Professional Services - 2.9%** |
| &nbsp;&nbsp;&nbsp;ALS Ltd. (Australia) | 439168 | 4818754 |
| &nbsp;&nbsp;&nbsp;BayCurrent, Inc. (Japan) | 85300 | 4596271 |
| &nbsp;&nbsp;&nbsp;Insource Co. Ltd. (Japan) | 358200 | 2293611 |
|  |  | 11708636 |
| &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors - 5.2%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors - 5.2%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors - 5.2%** |
| &nbsp;&nbsp;&nbsp;Ashtead Technology Holdings plc (United Kingdom) | 216942 | 1446718 |
| &nbsp;&nbsp;&nbsp;Diploma plc (United Kingdom) | 110014 | 5837510 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES | VALUE <br> (NOTE 2) |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Industrials (continued)** | **Industrials (continued)** | **Industrials (continued)** |
| &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors (continued)** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors (continued)** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors (continued)** |
| &nbsp;&nbsp;&nbsp;Howden Joinery Group plc (United Kingdom) | 495057 | 5090919 |
| &nbsp;&nbsp;&nbsp;Sojitz Corp. (Japan) | 187100 | 4426383 |
| &nbsp;&nbsp;&nbsp;Toromont Industries Ltd. (Canada) | 45302 | 3832892 |
|  |  | 20634422 |
| **Total Industrials** |  | 108941354 |
| **Information Technology - 16.2%** | **Information Technology - 16.2%** | **Information Technology - 16.2%** |
| &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components - 6.7%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components - 6.7%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components - 6.7%** |
| &nbsp;&nbsp;&nbsp;AAC Technologies Holdings, Inc. (China) | 498500 | 2386301 |
| &nbsp;&nbsp;&nbsp;Celestica, Inc. (Canada)\* | 18181 | 1551306 |
| &nbsp;&nbsp;&nbsp;Cowell e Holdings, Inc. (Hong Kong)\* | 752743 | 2163231 |
| &nbsp;&nbsp;&nbsp;E Ink Holdings, Inc. (Taiwan) | 387000 | 2703423 |
| &nbsp;&nbsp;&nbsp;Halma plc (United Kingdom) | 152143 | 5615847 |
| &nbsp;&nbsp;&nbsp;Kaynes Technology India Ltd. (India)\* | 43947 | 3005110 |
| &nbsp;&nbsp;&nbsp;Lagercrantz Group AB - Class B (Sweden) | 316772 | 7217907 |
| &nbsp;&nbsp;&nbsp;Oxford Instruments plc (United Kingdom) | 97466 | 2144382 |
|  |  | 26787507 |
| &nbsp;&nbsp;&nbsp;**IT Services - 1.5%** | &nbsp;&nbsp;&nbsp;**IT Services - 1.5%** | &nbsp;&nbsp;&nbsp;**IT Services - 1.5%** |
| &nbsp;&nbsp;&nbsp;JBCC Holdings, Inc. (Japan) | 191400 | 1605652 |
| &nbsp;&nbsp;&nbsp;Netcompany Group A/S (Denmark)\*<sup>1</sup> | 54372 | 2454564 |
| &nbsp;&nbsp;&nbsp;Sopra Steria Group (France) | 9132 | 1872416 |
|  |  | 5932632 |
| &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 1.8%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 1.8%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 1.8%** |
| &nbsp;&nbsp;&nbsp;ASPEED Technology, Inc. (Taiwan) | 29000 | 2728216 |
| &nbsp;&nbsp;&nbsp;BE Semiconductor Industries N.V. (Netherlands) | 16970 | 1837914 |
| &nbsp;&nbsp;&nbsp;eMemory Technology, Inc. (Taiwan) | 35000 | 2818253 |
|  |  | 7384383 |
| &nbsp;&nbsp;&nbsp;**Software - 6.2%** | &nbsp;&nbsp;&nbsp;**Software - 6.2%** | &nbsp;&nbsp;&nbsp;**Software - 6.2%** |
| &nbsp;&nbsp;&nbsp;Cellebrite DI Ltd. (Israel)\* | 61753 | 1222092 |
| &nbsp;&nbsp;&nbsp;The Descartes Systems Group, Inc. (Canada)\* | 51720 | 5446620 |
| &nbsp;&nbsp;&nbsp;Fortnox AB (Sweden) | 454737 | 4117612 |
| &nbsp;&nbsp;&nbsp;Kinaxis, Inc. (Canada)\* | 34390 | 4643623 |
| &nbsp;&nbsp;&nbsp;Kingdee International Software Group Co. Ltd. (China)\* | 1497000 | 2546075 |
| &nbsp;&nbsp;&nbsp;Sansan, Inc. (Japan)\* | 55600 | 759574 |
| &nbsp;&nbsp;&nbsp;Technology One Ltd. (Australia) | 192327 | 3712328 |
| &nbsp;&nbsp;&nbsp;Yubico AB (Sweden)\* | 103628 | 2076053 |
|  |  | 24523977 |
| **Total Information Technology** |  | 64628499 |
| **Materials - 4.1%** | **Materials - 4.1%** | **Materials - 4.1%** |
| &nbsp;&nbsp;&nbsp;**Chemicals - 0.8%** | &nbsp;&nbsp;&nbsp;**Chemicals - 0.8%** | &nbsp;&nbsp;&nbsp;**Chemicals - 0.8%** |
| &nbsp;&nbsp;&nbsp;Fuso Chemical Co. Ltd. (Japan) | 125200 | 3038011 |
| &nbsp;&nbsp;&nbsp;**Construction Materials - 0.9%** | &nbsp;&nbsp;&nbsp;**Construction Materials - 0.9%** | &nbsp;&nbsp;&nbsp;**Construction Materials - 0.9%** |
| &nbsp;&nbsp;&nbsp;Wienerberger AG (Austria) | 107580 | 3777339 |

---

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

**2**

Rainier International Discovery Series

**Investment Portfolio - April 30, 2025**

(unaudited)

---

| | | |
|:---|:---|:---|
|  | SHARES | VALUE <br> (NOTE 2) |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Materials (continued)** | **Materials (continued)** | **Materials (continued)** |
| &nbsp;&nbsp;&nbsp;**Metals & Mining - 2.4%** | &nbsp;&nbsp;&nbsp;**Metals & Mining - 2.4%** | &nbsp;&nbsp;&nbsp;**Metals & Mining - 2.4%** |
| &nbsp;&nbsp;&nbsp;Altius Minerals Corp. (Canada) | 60178 | $1182520 |
| &nbsp;&nbsp;&nbsp;Osisko Gold Royalties Ltd. (Canada) | 201481 | 4828763 |
| &nbsp;&nbsp;&nbsp;SSAB AB - Class B (Sweden) | 542980 | 3375105 |
|  |  | 9386388 |
| **Total Materials** |  | 16201738 |
| **Real Estate - 2.0%** | **Real Estate - 2.0%** | **Real Estate - 2.0%** |
| &nbsp;&nbsp;&nbsp;**Real Estate Management & Development - 2.0%** | &nbsp;&nbsp;&nbsp;**Real Estate Management & Development - 2.0%** | &nbsp;&nbsp;&nbsp;**Real Estate Management & Development - 2.0%** |
| &nbsp;&nbsp;&nbsp;Nomura Real Estate Holdings, Inc. (Japan) | 678600 | 4035935 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES | VALUE<br> (NOTE 2) |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Real Estate (continued)** | **Real Estate (continued)** | **Real Estate (continued)** |
| &nbsp;&nbsp;&nbsp;**Real Estate Management & Development (continued)** | &nbsp;&nbsp;&nbsp;**Real Estate Management & Development (continued)** | &nbsp;&nbsp;&nbsp;**Real Estate Management & Development (continued)** |
| &nbsp;&nbsp;&nbsp;The Phoenix Mills Ltd. (India) | 193704 | $3812758 |
| **Total Real Estate** |  | 7848693 |
| **Utilities - 0.9%** | **Utilities - 0.9%** | **Utilities - 0.9%** |
| &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers - 0.9%** | &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers - 0.9%** | &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers - 0.9%** |
| &nbsp;&nbsp;&nbsp;NHPC Ltd. (India) | 3625600 | 3674659 |
| **TOTAL COMMON STOCKS <br> (Identified Cost $291,833,903)** |  | **382245430** |
| **SHORT-TERM INVESTMENT - 4.1%** | **SHORT-TERM INVESTMENT - 4.1%** | **SHORT-TERM INVESTMENT - 4.1%** |
| &nbsp;&nbsp;&nbsp;Dreyfus Government Cash Management, <br> Institutional Shares, 4.21%<sup>2</sup> | &nbsp;&nbsp;&nbsp;Dreyfus Government Cash Management, <br> Institutional Shares, 4.21%<sup>2</sup> | &nbsp;&nbsp;&nbsp;Dreyfus Government Cash Management, <br> Institutional Shares, 4.21%<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;(Identified Cost $16,298,440) | 16298440 | **16298440** |
| **TOTAL INVESTMENTS - 100.2% <br> (Identified Cost $308,132,343)** |  | **398543870** |
| **LIABILITIES, LESS OTHER ASSETS - (0.2%)** |  | **(861406)** |
| **NET ASSETS - 100%** |  | $**397682464** |

---

\*Non-income producing security.

<sup>1</sup>Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act") and determined to be liquid under the Fund's Liquidity Risk Management Program. The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2025 was $34,083,744, which represented 8.6% of the Series' Net Assets.

<sup>2</sup>Rate shown is the current yield as of April 30, 2025.

The Series' portfolio holds, as a percentage of net assets, greater than 10% in the following countries:

Japan - 20.1%, United Kingdom - 12.3%, Canada - 10.5% and Sweden - 10.4%.

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

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

**3**

Rainier International Discovery Series

**Statement of Assets and Liabilities**

April 30, 2025 (unaudited)

---

| | |
|:---|:---|
| **ASSETS:** | |
| Investments, at value (identified cost $308,132,343) (Note 2) | $398543870 |
| Foreign currency, at value (identified cost $741,582) | 747882 |
| Receivable for securities sold | 4845890 |
| Dividends receivable | 1349082 |
| Foreign tax reclaims receivable | 632143 |
| Receivable for fund shares sold | 327246 |
| Prepaid expenses | 524 |
| TOTAL ASSETS | 406446637 |
| **LIABILITIES:** | **LIABILITIES:** |
| Accrued management fees<sup>1</sup> | 252918 |
| Accrued sub-transfer agent fees<sup>1</sup> | 112719 |
| Accrued fund accounting and administration fees<sup>1</sup> | 50024 |
| Directors' fees payable<sup>1</sup> | 21531 |
| Accrued distribution and service (Rule 12b-1) fees (Class S)<sup>1</sup> | 4169 |
| Accrued foreign capital gains tax (Note 2) | 1150154 |
| Payable for securities purchased | 6914201 |
| Payable for fund shares repurchased | 118172 |
| Distributions payable | 9 |
| Other payables and accrued expenses | 140276 |
| TOTAL LIABILITIES | 8764173 |
| Commitments and contingent liabilities<sup>1</sup> | Commitments and contingent liabilities<sup>1</sup> |
| **TOTAL NET ASSETS** | $**397682464** |
| **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** |
| Capital stock | $159007 |
| Additional paid-in-capital | 346518589 |
| Total distributable earnings | 51004868 |
| **TOTAL NET ASSETS** | $**397682464** |
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class S <br> ($21,462,526/875,501 shares)** | $**24.51** |
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class I <br> ($217,943,898/8,718,717 shares)** | $**25.00** |
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class W <br> ($24,280,163/972,268 shares)** | $**24.97** |
| **NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class Z <br> ($133,995,877/5,334,225 shares)** | $**25.12** |

---

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

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

**4**

Rainier International Discovery Series

**Statement of Operations**

For the Six Months Ended April 30, 2025 (unaudited)

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** | |
| Dividends (net of foreign taxes withheld, $547,964) | $3538148 |
| **EXPENSES:** | **EXPENSES:** |
| Management fees (Note 3) | 1740814 |
| Sub-transfer agent fees (Note 3) | 138341 |
| Fund accounting and administration fees (Note 3) | 76416 |
| Directors' fees (Note 3) | 29159 |
| Distribution and service (Rule 12b-1) fees (Class S) (Note 3) | 27015 |
| Chief Compliance Officer service fees (Note 3) | 4092 |
| Custodian fees | 66819 |
| Miscellaneous | 154963 |
| Total Expenses | 2237619 |
| Less reduction of expenses (Note 3) | (204314) |
| Net Expenses | 2033305 |
| NET INVESTMENT INCOME | 1504843 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:** | **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:** |
| Net realized gain (loss) on- | Net realized gain (loss) on- |
| &nbsp;&nbsp;&nbsp;Investments (net of foreign capital gains tax of $381,234) | 14153114 |
| &nbsp;&nbsp;&nbsp;Foreign currency and translation of other assets and liabilities | (147374) |
|  | 14005740 |
| Net change in unrealized appreciation (depreciation) on- | Net change in unrealized appreciation (depreciation) on- |
| &nbsp;&nbsp;&nbsp;Investments (net of decrease in accrued foreign capital gains tax of $557,921) | 11918659 |
| &nbsp;&nbsp;&nbsp;Foreign currency and translation of other assets and liabilities | 118824 |
|  | 12037483 |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY | 26043223 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $27548066 |

---

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

**5**

Rainier International Discovery Series

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | FOR THE | |
|  | SIX MONTHS | |
|  | ENDED | FOR THE |
|  | 4/30/25 | YEAR ENDED |
|  | (UNAUDITED) | 10/31/24 |
| **INCREASE (DECREASE) IN NET ASSETS:** |  |  |
| **OPERATIONS:** |  |  |
| Net investment income | $1504843 | $3419106 |
| Net realized gain (loss) on investments and foreign currency | 14005740 | 47065773 |
| Net change in unrealized appreciation (depreciation) on investments and foreign currency | 12037483 | 41232495 |
| Net increase (decrease) from operations | 27548066 | 91717374 |
| **DISTRIBUTIONS TO SHAREHOLDERS (Note 10):** |  |  |
| Class S |  | (313094) |
| Class I | (295208) | (3552679) |
| Class W | (258788) | (529411) |
| Class Z | (293068) | (3357659) |
| Total distributions to shareholders | (847064) | (7752843) |
| **CAPITAL STOCK ISSUED AND REPURCHASED:** |  |  |
| Net increase (decrease) from capital share transactions (Note 6) | (47128621) | (183049801) |
| Net increase (decrease) in net assets | (20427619) | (99085270) |
| **NET ASSETS:** |  |  |
| Beginning of period | 418110083 | 517195353 |
| **End of period** | $397682464 | $418110083 |

---

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

**6**

Rainier International Discovery Series

**Financial Highlights - Class S**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | FOR THE | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | SIX MONTHS | | | | | |
|  | ENDED | | | | | |
|  | 4/30/25 |  |  |  |  |  |
|  | (UNAUDITED) | 10/31/24 | 10/31/23 | 10/31/22 | 10/31/21 | 10/31/20 |
| **Per share data (for a share outstanding throughout each period):** |  |  |  |  |  |  |
| **Net asset value - Beginning of period** | $22.86 | $19.64 | $20.31 | $34.75 | $25.62 | $20.41 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> | 0.05 | 0.08 | 0.09 | (0.00)<sup>2</sup> | (0.13) | (0.11) |
| Net realized and unrealized gain (loss) on investments | 1.60 | 3.37 | (0.76) | (10.85) | 9.77 | 5.32 |
| Total from investment operations | 1.65 | 3.45 | (0.67) | (10.85) | 9.64 | 5.21 |
| Less distributions to shareholders: |  |  |  |  |  |  |
| From net investment income |  | (0.23) |  |  |  |  |
| From net realized gain on investments |  |  |  | (3.59) | (0.51) |  |
| Total distributions to shareholders |  | (0.23) |  | (3.59) | (0.51) |  |
| **Net asset value - End of period** | **$24.51** | **$22.86** | **$19.64** | **$20.31** | **$34.75** | **$25.62** |
| **Net assets - End of period** (000's omitted) | **$21463** | **$23389** | **$28930** | **$32038** | **$47911** | **$36577** |
| Total return<sup>3</sup> | 7.22% | 17.62% | (3.30%) | (34.40%) | 38.06% | 25.53% |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| Expenses\* | 1.40%<sup>4</sup> | 1.40%<sup>5</sup> | 1.40% | 1.39% | 1.40% | 1.40% |
| Net investment income (loss) | 0.41%<sup>4</sup> | 0.35% | 0.42% | (0.02%) | (0.41%) | (0.48%) |
| Series portfolio turnover | 31% | 66% | 64% | 76% | 76% | 91% |
| \*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: | \*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: | \*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: | \*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: | \*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: | \*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: | \*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: |
|  | 0.07%<sup>4</sup> | N/A | 0.06% | N/A | 0.00%<sup>6</sup> | 0.05% |

---

<sup>1</sup>Calculated based on average shares outstanding during the periods.

<sup>2</sup>Less than $(0.01).

<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>Annualized.

<sup>5</sup>Includes recoupment of past waived and/or reimbursed fees with no financial impact to the expense ratios.

<sup>6</sup>Less than 0.01%.

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

**7**

Rainier International Discovery Series

**Financial Highlights - Class I**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | FOR THE | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | SIX MONTHS | | | | | |
|  | ENDED | | | | | |
|  | 4/30/25 |  |  |  |  |  |
|  | (UNAUDITED) | 10/31/24 | 10/31/23 | 10/31/22 | 10/31/21 | 10/31/20 |
| **Per share data (for a share outstanding throughout each period):** |  |  |  |  |  |  |
| **Net asset value - Beginning of period** | $23.31 | $20.04 | $20.66 | $35.24 | $25.91 | $20.64 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> | 0.08 | 0.14 | 0.15 | 0.07 | (0.05) | (0.05) |
| Net realized and unrealized gain (loss) on investments | 1.64 | 3.44 | (0.77) | (11.03) | 9.89 | 5.38 |
| Total from investment operations | 1.72 | 3.58 | (0.62) | (10.96) | 9.84 | 5.33 |
| Less distributions to shareholders: |  |  |  |  |  |  |
| From net investment income | (0.03) | (0.30) |  | (0.03) |  | (0.06) |
| From net realized gain on investments |  |  |  | (3.59) | (0.51) |  |
| Total distributions to shareholders | (0.03) | (0.30) |  | (3.62) | (0.51) | (0.06) |
| **Net asset value - End of period** | **$25.00** | **$23.31** | **$20.04** | **$20.66** | **$35.24** | **$25.91** |
| **Net assets - End of period** (000's omitted) | **$217944** | **$231802** | **$257083** | **$281907** | **$335259** | **$174435** |
| Total return<sup>2</sup> | 7.35% | 17.94% | (3.00%) | (34.25%) | 38.41% | 25.88% |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| Expenses\* | 1.15%<sup>3</sup> | 1.15%<sup>4</sup> | 1.15% | 1.12% | 1.13%<sup>5</sup> | 1.15% |
| Net investment income (loss) | 0.68%<sup>3</sup> | 0.59% | 0.69% | 0.28% | (0.14%) | (0.22%) |
| Series portfolio turnover | 31% | 66% | 64% | 76% | 76% | 91% |
| \*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: | \*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: | \*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: | \*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: | \*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: | \*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: | \*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: |
|  | 0.04%<sup>3</sup> | N/A | 0.03% | N/A | N/A | 0.00%<sup>6</sup> |

---

<sup>1</sup>Calculated based on average shares outstanding during the periods.

<sup>2</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>3</sup>Annualized.

<sup>4</sup>Includes recoupment of past waived and/or reimbursed fees. Without the recoupment the ratio would have been 1.13%.

<sup>5</sup>Includes recoupment of past waived and/or reimbursed fees. Without the recoupment the ratio would have been 1.11%.

<sup>6</sup>Less than 0.01%.

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

**8**

Rainier International Discovery Series

**Financial Highlights - Class W**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | FOR THE | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | SIX MONTHS |  |  |  |  |  |
|  | ENDED |  |  |  |  |  |
|  | 4/30/25 |  |  |  |  |  |
|  | (UNAUDITED) | 10/31/24 | 10/31/23 | 10/31/22 | 10/31/21 | 10/31/20 |
| **Per share data (for a share outstanding throughout each period):** |  |  |  |  |  |  |
| **Net asset value - Beginning of period** | $23.40 | $20.13 | $20.75 | $35.39 | $25.93 | $20.59 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.20 | 0.39 | 0.38 | 0.33 | 0.28 | 0.19 |
| Net realized and unrealized gain (loss) on investments | 1.64 | 3.44 | (0.77) | (11.03) | 9.90 | 5.36 |
| Total from investment operations | 1.84 | 3.83 | (0.39) | (10.70) | 10.18 | 5.55 |
| Less distributions to shareholders: |  |  |  |  |  |  |
| From net investment income | (0.27) | (0.55) | (0.23) | (0.35) | (0.21) | (0.21) |
| From net realized gain on investments |  |  |  | (3.59) | (0.51) |  |
| Total distributions to shareholders | (0.27) | (0.55) | (0.23) | (3.94) | (0.72) | (0.21) |
| **Net asset value - End of period** | **$24.97** | **$23.40** | **$20.13** | **$20.75** | **$35.39** | **$25.93** |
| **Net assets - End of period** (000's omitted) | **$24280** | **$23364** | **$19504** | **$22552** | **$32618** | **$24962** |
| Total return<sup>2</sup> | 7.91% | 19.13% | (2.01%) | (33.57%) | 39.91% | 27.17% |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| Expenses\* | 0.10%<sup>3</sup> | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
| Net investment income | 1.74%<sup>3</sup> | 1.66% | 1.72% | 1.28% | 0.87% | 0.84% |
| Series portfolio turnover | 31% | 66% | 64% | 76% | 76% | 91% |
| \*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: | \*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: | \*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: | \*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: |
|  | 0.97%<sup>3</sup> | 0.95% | 0.96% | 0.92% | 0.93% | 0.97% |

---

<sup>1</sup>Calculated based on average shares outstanding during the periods.

<sup>2</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>3</sup>Annualized.

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

**9**

Rainier International Discovery Series

**Financial Highlights - Class Z**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | FOR THE | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
|  | SIX MONTHS | | | | | |
|  | ENDED | | | | | |
|  | 4/30/25 |  |  |  |  |  |
|  | (UNAUDITED) | 10/31/24 | 10/31/23 | 10/31/22 | 10/31/21 | 10/31/20 |
| **Per share data (for a share outstanding throughout each period):** |  |  |  |  |  |  |
| **Net asset value - Beginning of period** | $23.43 | $20.14 | $20.75 | $35.36 | $25.96 | $20.67 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> | 0.10 | 0.17 | 0.18 | 0.09 | (0.01) | (0.01) |
| Net realized and unrealized gain (loss) on investments | 1.64 | 3.45 | (0.77) | (11.06) | 9.92 | 5.38 |
| Total from investment operations | 1.74 | 3.62 | (0.59) | (10.97) | 9.91 | 5.37 |
| Less distributions to shareholders: |  |  |  |  |  |  |
| From net investment income | (0.05) | (0.33) | (0.02) | (0.05) | (0.00)<sup>2</sup> | (0.08) |
| From net realized gain on investments |  |  |  | (3.59) | (0.51) |  |
| Total distributions to shareholders | (0.05) | (0.33) | (0.02) | (3.64) | (0.51) | (0.08) |
| **Net asset value - End of period** | **$25.12** | **$23.43** | **$20.14** | **$20.75** | **$35.36** | **$25.96** |
| **Net assets - End of period** (000's omitted) | **$133996** | **$139556** | **$211678** | **$305353** | **$404306** | **$283566** |
| Total return<sup>3</sup> | 7.44% | 18.06% | (2.86%) | (34.17%) | 38.61% | 26.06% |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| Expenses\* | 1.00%<sup>4</sup> | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Net investment income (loss) | 0.83%<sup>4</sup> | 0.72% | 0.81% | 0.34% | (0.03%) | (0.05%) |
| Series portfolio turnover | 31% | 66% | 64% | 76% | 76% | 91% |
| \*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: | \*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: | \*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: | \*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: |
|  | 0.07%<sup>4</sup> | 0.05% | 0.06% | 0.02% | 0.03% | 0.07% |

---

<sup>1</sup>Calculated based on average shares outstanding during the periods.

<sup>2</sup>Less than $(0.01).

<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.

**10**

Rainier International Discovery Series

**Notes to Financial Statements**

(unaudited)

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

Rainier International Discovery Series (the "Series") is a no-load diversified series of Manning & Napier Fund, Inc. (the "Fund"). The Fund is organized in Maryland and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company.

The Series' investment objective is to seek long-term capital appreciation.

The Series is authorized to issue four classes of shares (Class S, I, W and Z). Each class is substantially the same, except that class specific distribution and shareholder servicing expenses are borne by the specific class of shares to which they relate.

The Fund's advisor is Manning & Napier Advisors, LLC (the "Advisor"). The investment sub-advisor of the Series is Rainier Investment Management, LLC ("Rainier" or the "Sub-Advisor"), an affiliate of the Advisor. Shares of the Series are offered to investors, clients and employees of the Advisor and its affiliates. The total authorized capital stock of the Fund consists of 15 billion shares of common stock each having a par value of $0.01. As of April 30, 2025, 6.9 billion shares have been designated in total among 15 series, of which 100 million have been designated as Rainier International Discovery Series Class I common stock, Rainier International Discovery Series Class S (formerly Class K) common stock, Rainier International Discovery Series Class W common stock and Rainier International Discovery Series Class Z (formerly Class R6) common stock.

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

&nbsp;&nbsp;&nbsp;&nbsp;2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Series. The Series is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 - Investment Companies, which is part of accounting principles generally accepted in the United States of America ("GAAP").

**Security Valuation**

Portfolio securities, including domestic equities, foreign equities, warrants and options, listed on an exchange other than the NASDAQ Stock Market are valued at the latest quoted sales price of the exchange on which the security is primarily traded. Securities not traded on valuation date or securities not listed on an exchange are valued at the latest quoted bid price provided by the Fund's pricing service. Securities listed on the NASDAQ Stock Market are valued in accordance with the NASDAQ Official Closing Price.

Short-term investments that mature in sixty days or less may be valued at amortized cost, which approximates fair value. Investments in open-end investment companies are valued at their net asset value per share on valuation date.

Volume and level of activity in established markets for an asset or liability are evaluated to determine whether recent transactions and quoted prices are determinative of fair value. Where there have been significant decreases in volume and level of activity, further analysis and adjustment may be necessary to estimate fair value. In these instances, fair value is measured by the use of inputs and valuation techniques which may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry and/or expectation of future cash flows. As a result of trading in relatively thin markets and/or markets that experience significant volatility, the prices used to value these securities may differ from the value that would be realized if these securities were sold, and the differences could be material.

**Fair Value**

The Series' financial instruments are valued at the close of the NYSE and are reported at fair value, which GAAP defines as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Board has designated the Advisor as the Fund's valuation designee (Valuation Designee) to make all fair value determinations with respect to each Series' portfolio investments. Subject to oversight by the Board, the Valuation Designee performs the following functions in performing fair value determinations: assesses and manages valuation risks; establishes and applies fair value methodologies; tests fair value methodologies; and evaluates pricing vendors and pricing agents.

**11**

Rainier International Discovery Series

**Notes to Financial Statements (continued)**

(unaudited)

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

**Fair Value** (continued)

The Advisor has adopted and implemented policies and procedures to be followed when making fair value determinations, and it has established a Valuation Committee through which the Advisor makes fair value determinations. The Valuation Designee provides periodic reporting to the Board on valuation matters. The Advisor's determination of a security's fair value price often involves the consideration of a number of subjective factors, and is therefore subject to the unavoidable risk that the value assigned to a security may be higher or lower than the security's value would be if a reliable market quotation for the security was readily available. If trading or events occurring after the close of the principal market in which securities are traded are expected to materially affect the value of those securities, then they may be valued at their fair value, taking this trading or these events into account. The Advisor may use a pricing service to obtain the value of the Fund's portfolio securities where the prices provided by such pricing service are believed to reflect the fair market value of such securities. The methods used by the pricing service and the valuations so established will be reviewed by the Advisor under the general supervision of the Fund's Board of Directors. Several pricing services are available, one or more of which may be used by the Advisor, as approved by the Board. A change in a pricing service or a material change in a pricing methodology for investments with no readily available market quotations will be reported to the Board by the Advisor in accordance with certain requirements.

GAAP establishes the following fair value hierarchy that categorizes the inputs used to measure fair value. Level 1 includes quoted prices (unadjusted) in active markets for identical financial instruments that the Series' can access at the reporting date. Level 2 includes other significant observable inputs (including, but not limited to, quoted prices for similar financial instruments in active markets, quoted prices for identical or similar financial instruments in inactive markets, interest rates and yield curves, implied volatilities, and credit spreads). Level 3 includes unobservable inputs (including the Valuation Designee's own assumptions in determining fair value). A financial instrument's level within the fair value hierarchy is based on the lowest level of any input both individually and in aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the valuation levels used for major security types as of April 30, 2025 in valuing the Series' assets or liabilities carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;DESCRIPTION | TOTAL | LEVEL 1 | LEVEL 2<sup>#</sup> | LEVEL 3 |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | $40606135 | $— | $40606135 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 29847793 |  | 29847793 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | 8432213 | 1994356 | 6437857 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 6011866 |  | 6011866 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 73172358 | 9798662 | 63373696 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | 22880122 |  | 22880122 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 108941354 | 14174796 | 94766558 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 64628499 | 12863641 | 51764858 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 16201738 | 6011283 | 10190455 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate | 7848693 |  | 7848693 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 3674659 |  | 3674659 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investment | 16298440 | 16298440 |  |  |
| &nbsp;&nbsp;&nbsp;Total assets | $398543870 | $61141178 | $337402692 | $— |

---

#Includes certain foreign equity securities for which a factor from a third party vendor was applied to determine the securities' fair value following the close of local trading.

There were no Level 3 securities held by the Series as of October 31, 2024 or April 30, 2025.

**12**

Rainier International Discovery Series

**Notes to Financial Statements (continued)**

(unaudited)

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

**New Accounting Pronouncement**

In December 2023, the FASB issued Accounting Standards Update (ASU), ASU 2023-09, Income Taxes (Topic 740) – Improvements to Income Taxes Disclosures, which enhances the transparency of income tax disclosures. The ASU requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. The amendments under this ASU are required to be applied prospectively and are effective for fiscal years beginning after December 15, 2024. Management expects that adoption of the guidance will not have a material impact on the Series' financial statements.

**Security Transactions, Investment Income and Expenses**

Security transactions are accounted for on trade date. Dividend income is recorded on the ex-dividend date, except that if the ex-dividend date has passed, certain dividends from foreign securities are recorded as soon as the Series is informed of the ex-dividend date. Non-cash dividends, if any, are recorded at the fair value of the securities received. Interest income, including amortization of premium and accretion of discounts using the effective interest method, is earned from settlement date and accrued daily.

Expenses are recorded on an accrual basis. Most expenses of the Fund can be attributed to a specific series. Expenses which cannot be directly attributed are apportioned among the series in the Fund in such a manner as deemed equitable by the Fund's Board, taking into consideration, among other things, the nature and type of expense. Income, expenses (other than shareholder services fees), and realized and unrealized gains and losses are prorated among the classes based on the relative net assets of each class. Class specific expenses are directly charged to that class.

The Series uses the identified cost method for determining realized gain or loss on investments for both financial statement and federal income tax reporting purposes.

**Foreign Currency Translation**

The books and records of the Series are maintained in U.S. dollars. Foreign currencies, investments and other assets and liabilities are translated into U.S. dollars at the current exchange rates. Purchases and sales of investment securities and income and expenses are translated on the respective dates of such transactions. The Series does not isolate realized and unrealized gains and losses attributable to changes in the exchange rates from gains and losses that arise from changes in the fair value of investments. Such fluctuations are included with net realized and unrealized gain or loss on investments. Net realized foreign currency gains and losses represent foreign currency gains and losses between trade date and settlement date on securities transactions, gains and losses on disposition of foreign currencies and the difference between the amount of income and foreign withholding taxes recorded on the books of the Series and the amounts actually received or paid.

**Federal Taxes**

The Series' policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies. The Series is not subject to federal income tax or excise tax to the extent that the Series distributes to shareholders each year its taxable income, including any net realized gains on investments, in accordance with requirements of the Internal Revenue Code. Accordingly, no provision for federal income tax or excise tax has been made in the financial statements.

Management evaluates its tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is required only when the position is "more likely than not" to be sustained assuming examination by taxing authorities. At April 30, 2025, the Series has recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken in future tax returns.

The Series files income tax returns in the U.S. federal jurisdiction, various states and foreign jurisdictions, as required. No income tax returns are currently under investigation. The statute of limitations on the Series' tax returns remains open for the years ended

**13**

Rainier International Discovery Series

**Notes to Financial Statements (continued)**

(unaudited)

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

**Federal Taxes** (continued)

October 31, 2021 through October 31, 2024. The Series is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

**Foreign Taxes**

Based on the Series' understanding of the tax rules and rates related to income, gains and currency purchase/repatriation transactions for foreign jurisdictions in which it invests, the Series will provide for foreign taxes, and where appropriate, deferred foreign tax. The Series is subject to a tax imposed on short term capital gains on securities of issuers domiciled in India. The Series records an estimated deferred tax liability for securities that have been held for less than a year at the end of the reporting period, assuming those positions were disposed of at the end of the period. This amount is reported in Accrued foreign capital gains tax in the accompanying Statement of Assets and Liabilities. Realized losses on the sale of securities of issuers domiciled in India can be carried forward for eight years to offset potential future short term realized capital gains.

**Distributions of Income and Gains**

Distributions to shareholders of net investment income and net realized gains are made annually. An additional distribution may be necessary to avoid taxation of the Series. Distributions are recorded on the ex-dividend date.

**Indemnifications**

The Fund's organizational documents provide former and current directors and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

**Other**

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

&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 0.90% of the Series' average daily net assets for investment advisory services. The Advisor pays the Sub-Advisor out of the fee received from the Series at an annual rate of 0.70% of the Series' average daily net assets.

Under the Agreement, personnel of the Advisor maintain the Series' organization and generally administer the affairs of the Fund. The Advisor also selects and oversees the Sub-Advisor, who is responsible for management of the Series' portfolio and the execution of securities transactions. The Advisor also provides the Fund with necessary office space and fund administration and support services. The salaries of all officers of the Fund (except a percentage of the Fund's Chief Compliance Officer's salary, which is paid by the Fund), and of all Directors who are "affiliated persons" of the Fund, or of the Advisor and/or Sub-Advisor, and all personnel of the Fund, or of the Advisor, performing services relating to research, statistical and investment activities, are paid by the Advisor and/or Sub-Advisor. Each "non-affiliated" Director receives an annual stipend, which is allocated among all the active series of the Fund. In addition, these Directors also receive a fee per Board meeting attended plus a fee for each committee meeting attended and are reimbursed for travel and other out-of-pocket expenses incurred by them in connection with attending such meetings. The Fund also has an Audit Committee Chair, Governance & Nominating Committee Chair and Lead Independent Director who each receive an additional annual stipend for these roles.

The Fund may enter into agreements with financial intermediaries pursuant to which the Fund may pay financial intermediaries for non-distribution related sub-transfer agency, administrative, sub-accounting, and other shareholder services in an amount

**14**

Rainier International Discovery Series

**Notes to Financial Statements (continued)**

(unaudited)

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

not to exceed 0.15% of the average daily net assets of the Class S shares and Class I shares. Payments made pursuant to such agreements are generally based on the current assets and/or number of accounts of the Series attributable to the financial intermediary. Any payments made pursuant to such agreements may be in addition to, rather than in lieu of, any Distribution and Shareholder Services Fee payable under the Rule 12b-1 plan of the Fund.

The Advisor has contractually agreed to waive the management fee for the Class W shares. The full management fee will be waived under this agreement because Class W shares are only available to discretionary investment accounts and other accounts managed by the Advisor. These clients pay a management fee to the Advisor that is separate from the Series' expenses. In addition, pursuant to a separate expense limitation agreement, the Advisor has contractually agreed to limit its fees and reimburse expenses to the extent necessary so that the total direct annual fund operating expenses, exclusive of distribution and service (12b-1) fees and waived Class W management fees (collectively, "excluded expenses"), to 1.15% of the average daily net assets of the Class I and Class S shares, 1.00% of the average daily net assets of the Class Z shares, and 0.10% of the average daily net assets of the Class W shares. These contractual waivers are expected to continue indefinitely, and may not be amended or terminated by the Advisor without the approval of the Series' Board of Directors. The Advisor may receive from a Class the difference between the Class's total direct annual fund operating expenses, not including excluded expenses, and the Class's contractual expense limit to recoup all or a portion of its prior fee waivers (other than Class W management fee waivers) or expense reimbursements made during the rolling three-year period preceding the recoupment if at any point the total direct annual fund operating expenses, not including excluded expenses, are below the contractual expense limit (a) at the time of the fee waiver and/or expense reimbursement and (b) at the time of the recoupment.

Pursuant to these agreements, the Advisor waived $103,141 in management fees for Class W shares for the six months ended April 30, 2025. In addition, pursuant to the separate expense limitation agreement, the Advisor waived or reimbursed expenses of $7,638, $38,845, $8,131, and $46,559 for Class S, Class I, Class W, and Class Z shares, respectively, for the six months ended April 30, 2025. These amounts are included as a reduction of expenses on the Statement of Operations. For the six months ended April 30, 2025, the Advisor did not recoup any expenses that have been previously waived or reimbursed.

As of April 30, 2025, the class specific waivers or reimbursements subject to possible future recoupment under the expense limitation agreement are as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;CLASS | EXPIRING OCTOBER 31, | EXPIRING OCTOBER 31, | EXPIRING OCTOBER 31, | EXPIRING OCTOBER 31, | EXPIRING OCTOBER 31, | EXPIRING OCTOBER 31, | EXPIRING OCTOBER 31, | EXPIRING OCTOBER 31, |  |  |
|  | 2025 | 2025 | 2026 | 2026 | 2027 | 2027 | 2028 | 2028 | TOTAL | TOTAL |
| &nbsp;&nbsp;&nbsp;Class S | $— |  | $— | 19335 | $— |  | $— | 7638 | $— | 26973 |
| &nbsp;&nbsp;&nbsp;Class I |  |  |  | 18363 |  |  |  | 38845 |  | 57208 |
| &nbsp;&nbsp;&nbsp;Class W |  | 6376 |  | 14511 |  | 10583 |  | 8131 |  | 39601 |
| &nbsp;&nbsp;&nbsp;Class Z |  | 77934 |  | 160927 |  | 102573 |  | 46559 |  | 387993 |

---

Manning & Napier Investor Services, Inc., a registered broker-dealer affiliate of the Advisor, acts as distributor for the Fund's shares. The Series compensates the distributor for distributing and servicing the Series' Class S shares pursuant to a distribution plan adopted under Rule 12b-1 of the 1940 Act, regardless of expenses actually incurred. Under the agreement, the Series pays distribution and service fees to the distributor at an annual rate of 0.25% of average daily net assets attributable to Class S shares. There are no distribution and service fees on the Class I, Class W or Class Z shares. The fees are accrued daily and paid monthly.

Pursuant to a master services agreement, the Fund pays the Advisor an annual fee related to fund accounting and administration of 0.0085% on the first $25 billion of average daily net assets; 0.0075% on the next $15 billion of average daily net assets; and 0.0065% of average daily net assets in excess of $40 billion; plus a base fee of $18,400 per series. Additionally, certain transaction and out-of-pocket expenses, including charges for reporting relating to the Fund's compliance program, are charged. The Advisor has agreements with BNY Mellon Investment Servicing (U.S.) Inc. ("BNY") under which BNY serves as sub-accountant services agent.

**15**

Rainier International Discovery Series

**Notes to Financial Statements (continued)**

(unaudited)

&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 six months ended April 30, 2025, purchases and sales of securities, other than U.S. Government securities and short-term securities, were $115,347,293 and $156,845,527, respectively. There were no purchases or sales of U.S. Government securities.

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

Transactions in Class S, Class I, Class W and Class Z shares of Rainier International Discovery Series were:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;CLASS S | FOR THE SIX MONTHS<br> ENDED 4/30/25 | FOR THE SIX MONTHS<br> ENDED 4/30/25 | FOR THE YEAR ENDED<br> 10/31/24 | FOR THE YEAR ENDED<br> 10/31/24 |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;&nbsp;Sold | 23974 | $548671 | 200360 | $4543590 |
| &nbsp;&nbsp;&nbsp;Reinvested |  |  | 12261 | 266196 |
| &nbsp;&nbsp;&nbsp;Repurchased | (171535) | (3918285) | (662523) | (14990453) |
| &nbsp;&nbsp;&nbsp;Total | (147561) | $(3369614) | (449902) | $(10180667) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;CLASS I | FOR THE SIX MONTHS<br> ENDED 4/30/25 | FOR THE SIX MONTHS<br> ENDED 4/30/25 | FOR THE YEAR ENDED<br> 10/31/24 | FOR THE YEAR ENDED<br> 10/31/24 |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;&nbsp;Sold | 966093 | $22645095 | 2523600 | $58171724 |
| &nbsp;&nbsp;&nbsp;Reinvested | 12317 | 291542 | 159090 | 3514295 |
| &nbsp;&nbsp;&nbsp;Repurchased | (2202077) | (51570501) | (5570410) | (128129961) |
| &nbsp;&nbsp;&nbsp;Total | (1223667) | $(28633864) | (2887720) | $(66443942) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;CLASS W | FOR THE SIX MONTHS<br> ENDED 4/30/25 | FOR THE SIX MONTHS<br> ENDED 4/30/25 | FOR THE YEAR ENDED<br> 10/31/24 | FOR THE YEAR ENDED<br> 10/31/24 |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;&nbsp;Sold | 15186 | $351770 | 56897 | $1336948 |
| &nbsp;&nbsp;&nbsp;Reinvested | 10989 | 258788 | 24097 | 529411 |
| &nbsp;&nbsp;&nbsp;Repurchased | (52322) | (1239432) | (51664) | (1199675) |
| &nbsp;&nbsp;&nbsp;Total | (26147) | $(628874) | 29330 | $666684 |

---

**16**

Rainier International Discovery Series

**Notes to Financial Statements (continued)**

(unaudited)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;CLASS Z | FOR THE SIX MONTHS<br> ENDED 4/30/25 | FOR THE SIX MONTHS<br> ENDED 4/30/25 | FOR THE YEAR ENDED<br> 10/31/24 | FOR THE YEAR ENDED<br> 10/31/24 |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;&nbsp;Sold | 300329 | $7105512 | 786973 | $18187004 |
| &nbsp;&nbsp;&nbsp;Reinvested | 7669 | 182292 | 102032 | 2262043 |
| &nbsp;&nbsp;&nbsp;Repurchased | (930033) | (21784073) | (5445578) | (127540923) |
| &nbsp;&nbsp;&nbsp;Total | (622035) | $(14496269) | (4556573) | $(107091876) |

---

At April 30, 2025, one shareholder account owned 12% of the Series. In addition, the Advisor and its affiliates owned 0.1% of the Series. Investment activities of these shareholders may have a material effect on the Series.

&nbsp;&nbsp;&nbsp;&nbsp;7. Line of Credit

The Fund has entered into a 364-day, $50 million credit agreement (the "line of credit") with Bank of New York Mellon. Each series of the Fund may borrow under the line of credit for temporary or emergency purposes, including funding shareholder redemptions and other short-term liquidity purposes. The Fund pays an annual fee on the unused commitment amount, payable quarterly, and is allocated among all the series of the Fund and included in miscellaneous expenses in the Statement of Operations for each series. The line of credit expires in September 2025 unless extended or renewed. During the six months ended April 30, 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 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 April 30, 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 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 final determination of the tax character of current year distributions will be made at the conclusion of the fiscal year. The tax character of distributions paid for the year ended October 31, 2024, were as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Ordinary income | $7752843 |

---

**17**

Rainier International Discovery Series

**Notes to Financial Statements (continued)**

(unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;10. Federal Income Tax Information (continued)

At April 30, 2025, the identified cost of investments for federal income tax purposes, the resulting gross unrealized appreciation and depreciation, and the net unrealized appreciation were as follows:

---

| | |
|:---|:---|
| Cost for federal income tax purposes | $310135095 |
| Unrealized appreciation | 96106408 |
| Unrealized depreciation | (7697633) |
| Net unrealized appreciation | $88408775 |

---

At October 31, 2024, the Series had net short-term capital loss carryforwards of $46,048,149, which may be carried forward indefinitely.

&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.

**18**

Rainier International Discovery Series

**Literature Requests**

(unaudited)

Proxy Voting Policies and Procedures

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, without charge, upon request:

By phone 1-800-466-3863 <br> On the Securities and Exchange <br> Commission's (SEC) web site http://www.sec.gov

Proxy Voting Record

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30th is available, without charge, upon request:

By phone 1-800-466-3863 <br> On the SEC's web site http://www.sec.gov <br> On Manning & Napier's web site www.manning-napier.com

Quarterly Portfolio Holdings

The Series' complete schedule of portfolio holdings for the 1st and 3rd quarters of each fiscal year are provided on Form N-PORT, and are available, without charge, upon request:

By phone 1-800-466-3863 <br> On the SEC's web site http://www.sec.gov

Prospectus and Statement of Additional Information (SAI)

*For more information about any of the Manning & Napier Fund, Inc. Series, you may obtain a prospectus and SAI at www.manning-napier.com or by calling 1-(800) 466-3863. Before investing, carefully consider the objectives, risks, charges and expenses of the investment and read the prospectus carefully as it contains this and other information about the investment company. In addition, this information can be found on the SEC's web site, http://www.sec.gov.*

Additional information available at www.manning-napier.com

&nbsp;&nbsp;&nbsp;&nbsp;1. Fund Holdings - Month-End

&nbsp;&nbsp;&nbsp;&nbsp;2. Fund Holdings - Quarter-End

&nbsp;&nbsp;&nbsp;&nbsp;3. Shareholder Report - Annual

&nbsp;&nbsp;&nbsp;&nbsp;4. Shareholder Report - Semi-Annual

&nbsp;&nbsp;&nbsp;&nbsp;5. Financial Statement and Other Information - Annual

&nbsp;&nbsp;&nbsp;&nbsp;6. Financial Statement and Other Information - Semi-Annual

The Fund also offers electronic notification or "e-delivery" when certain documents are available on-line to be downloaded or reviewed. Direct shareholders can elect to receive electronic notification when shareholder reports, prospectus updates, and/or statements are available. If you do not currently have on-line access to your account, you can establish access by going to www.manning-napier.com, click on "Login" in the top corner of the page, and follow the prompts to self-enroll. Once enrolled, you can set your electronic notification preferences by clicking on the Account Options tab located within the green toolbar and then select E-Delivery Option. Should you have any questions on either how to establish on-line access or how to update your account settings, please contact Investor Services at 1-800-466-3863.

**The Manning & Napier Fund, Inc. (the Fund) is managed by Manning & Napier Advisors, LLC (Manning & Napier). Manning & Napier Investor Services, Inc. (MNBD), an affiliate of Manning & Napier, is the distributor of the Fund shares. Manning & Napier has contracted Rainier Investment Management, LLC, an affiliate of Manning & Napier and MNBD, to sub-advise the International Discovery Series.**

MNIDS-04/25-SAR

**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.**

Not applicable.

**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.**

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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) Not applicable for Semi-Annual Reports.

(a)(2) Not applicable for Semi-Annual Reports.

---

| | |
|:---|:---|
| (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.

(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-99.906 CERT. 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.](ex99-906.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: June 30, 2025

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: June 30, 2025

---

| |
|:---|
| /s/ Jill Peeper |
| Jill Peeper |

---

Treasurer and Principal Financial Officer

Manning & Napier Fund, Inc.

Date: June 30, 2025

## Ex-99.Cert

[Manning & Napier Fund, Inc. N-CSRS](mn-ncsrs_043025.htm)

**Exhibit 99.CERT**

**Certification** 

I, Paul J. Battaglia, certify that:

1. I
 have reviewed this report on Form N-CSR of Disciplined Value Series, Equity Series, Overseas
 Series, Pro-Blend<sup>®</sup>Conservative Term Series, Pro-Blend<sup>®</sup> Moderate
 Term Series, Pro-Blend<sup>®</sup> Extended Term Series, Pro-Blend<sup>®</sup> Maximum
 Term Series, and Rainier International Discovery Series, each a series of Manning &
 Napier Fund, Inc.;

2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

4. The
 registrant's other certifying officer(s) and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under
 the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented in
 this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting that
 occurred during the period covered by this report that has materially affected, or is reasonably
 likely to materially affect, the registrant's internal control over financial reporting;
 and

5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
 and the audit committee of the registrant's board of directors (or persons performing the
 equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | June 30, 2025 | /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 Disciplined Value Series, Equity Series, Overseas
 Series, Pro-Blend<sup>®</sup>Conservative Term Series, Pro-Blend<sup>®</sup> Moderate
 Term Series, Pro-Blend<sup>®</sup> Extended Term Series, Pro-Blend<sup>®</sup> Maximum
 Term Series, and Rainier International Discovery Series, each a series of Manning & Napier
 Fund, Inc.;

2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

4. The
 registrant's other certifying officer(s) and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under
 the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented in
 this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting that
 occurred during the period covered by this report that has materially affected, or is reasonably
 likely to materially affect, the registrant's internal control over financial reporting;
 and

5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
 and the audit committee of the registrant's board of directors (or persons performing the
 equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | June 30, 2025 | /s/ Jill Peeper |
|  |  | Jill Peeper |
|  |  | Treasurer and Principal Financial Officer |
|  |  | Manning & Napier Fund, Inc. |

---

## Exhibit 99.906

[Manning & Napier Fund, Inc. N-CSRS](mn-ncsrs_043025.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 April 30, 2025 (the "Form N-CSR") fully complies
 with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The
 information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations
 of the Registrant.

---

| | |
|:---|:---|
| President & Principal Executive Officer<br>Manning & Napier Fund, Inc. | Treasurer and Principal Financial Officer <br> Manning & Napier Fund, Inc. |
| /s/ Paul J. Battaglia | /s/ Jill Peeper |
| Paul J. Battaglia | Jill Peeper |
| Date: June 30, 2025 | Date: June 30, 2025 |

---

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.