# EDGAR Filing Document

**Accession Number:** 0000751173
**File Stem:** 0001387131-23-002546
**Filing Date:** 2023-2
**Character Count:** 20853
**Document Hash:** 7c408f79fdb44afdf60a4f8a31d52526
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001387131-23-002546.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001387131-23-002546

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**EFFECTIVENESS DATE**: 20230228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MANNING & NAPIER FUND, INC.
- **CENTRAL INDEX KEY:** 0000751173
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 002-92633
- **FILM NUMBER:** 23684832

**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

### 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           |

![](mdfsx-497k_030123img001.gif)

Summary Prospectus \| March 1, 2023

**Disciplined Value Series**

Class/Ticker: **S**/MDFSX **I**/MNDFX **W**/MDVWX **Z**/MDVZX

*This is the Summary Prospectus of the Disciplined Value Series - Class S, Class I, Class W and Class Z Shares, a series of Manning & Napier Fund, Inc. (the "Fund"). Before you invest, you may want to review the prospectus of the Series, which contains more information about the Series and its risks. You can find the prospectus and other information about the Series, including the Series' statement of additional information and most recent reports to shareholders, online at www.manning-napier.com/documents. You can also get this information at no cost from the Fund by calling 1-800-466-3863, by sending an email to orders@mysummaryprospectus.com, or from your financial intermediary. The prospectus and the statement of additional information of the Series, both dated March 1, 2023, as each may be amended or supplemented, are incorporated into this Summary Prospectus.*

Investment Goal

To provide competitive returns consistent with the broad equity market while also providing a level of capital protection during market downturns.

Fees and Expenses

This table describes the fees and expenses you may pay if you buy and hold shares of the Series. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; CLASS | &nbsp;&nbsp; S | &nbsp;&nbsp; I | &nbsp;&nbsp; W | &nbsp;&nbsp; Z |
| &nbsp;&nbsp; **Shareholder Fees** <br> (fees paid directly from your investment) |  |  |  |  |
| &nbsp;&nbsp; **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) | &nbsp;&nbsp; **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) | &nbsp;&nbsp; **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) | &nbsp;&nbsp; **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) | &nbsp;&nbsp; **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) |
| &nbsp;&nbsp; Management Fees | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.30% |
| &nbsp;&nbsp; Distribution and Service (12b-1) Fees | &nbsp;&nbsp; 0.25% |  |  |  |
| &nbsp;&nbsp; Other Expenses | &nbsp;&nbsp; 0.17% | &nbsp;&nbsp; 0.22% | &nbsp;&nbsp; 0.11% | &nbsp;&nbsp; 0.11% |
| &nbsp;&nbsp; Total Annual Fund Operating Expenses | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.52% | &nbsp;&nbsp; 0.41% | &nbsp;&nbsp; 0.41% |
| &nbsp;&nbsp; Less Fee Waiver and/or Expense Reimbursement<sup>1</sup> |  |  | &nbsp;&nbsp; (0.30)% |  |
| &nbsp;&nbsp; **Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement** | &nbsp;&nbsp; **0.72%** | &nbsp;&nbsp; **0.52%** | &nbsp;&nbsp; **0.11%** | &nbsp;&nbsp; **0.41%** |

---

<sup>1</sup>Manning & Napier Advisors, LLC (the Advisor) has contractually agreed to waive the management fee for the Class W shares. 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 of each Class, exclusive of Distribution and Service (12b-1) Fees and waived Class W management fees (collectively, "excluded expenses"), do not exceed 0.60% of the average daily net assets of the Class 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'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.

Example

The Example below is intended to help you compare the cost of investing in the Series with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Series for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Series' operating expenses remain the same (taking into account the Advisor's contractual waivers). Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; CLASS | &nbsp;&nbsp; S | &nbsp;&nbsp; I | &nbsp;&nbsp; W | &nbsp;&nbsp; Z |
| &nbsp;&nbsp; 1 Year | &nbsp;&nbsp; $74 | &nbsp;&nbsp; $53 | &nbsp;&nbsp; $11 | &nbsp;&nbsp; $42 |
| &nbsp;&nbsp; 3 Years | &nbsp;&nbsp; $230 | &nbsp;&nbsp; $167 | &nbsp;&nbsp; $35 | &nbsp;&nbsp; $132 |
| &nbsp;&nbsp; 5 Years | &nbsp;&nbsp; $401 | &nbsp;&nbsp; $291 | &nbsp;&nbsp; $62 | &nbsp;&nbsp; $230 |
| &nbsp;&nbsp; 10 years | &nbsp;&nbsp; $894 | &nbsp;&nbsp; $653 | &nbsp;&nbsp; $141 | &nbsp;&nbsp; $518 |

---

Portfolio Turnover

The Series pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Series shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the Series. During the most recent fiscal year, the portfolio turnover rate of the Series was 31% of the average value of its portfolio.

![](mdfsx-497k_030123img002.gif)

Principal Investment Strategies

The Series will, under normal circumstances, invest at least 80% of its assets in dividend-paying common stocks. The Series principally invests in the common stocks of mid- to large- capitalization companies (generally companies with market capitalizations at the time of purchase within the market capitalization range of the companies comprising the Russell 1000<sup>®</sup> Value Index). The Advisor constructs a portfolio consisting primarily of U.S. companies trading on U.S. stock exchanges that it believes will provide competitive returns consistent with the broad equity market while also providing a level of capital protection during sustained market downturns.

In selecting securities for the Series, the Advisor uses a systematic process to identify stocks of companies that it believes are undervalued in the market, based on factors such as free cash flow generation and earnings power, and that meet other investment criteria relating to minimum dividend yield, dividend sustainability, and financial health.

The Series' investment strategy may involve allocating large portions of the Series' portfolio to industry sectors which meet the Advisor's investment criteria. Although stocks may be added to or removed from the Series' portfolio at any time during the year, the Advisor expects that modifications to the Series' portfolio will primarily take place once a year during the Advisor's annual portfolio review and rebalancing.

Principal Risks of Investing in the Series

As with all mutual funds, there is no guarantee that the Series will achieve its investment objective. You could lose money by investing in the Series.

Market risk — Because the Series invests in stocks, the value of your investment will fluctuate in response to stock market movements. This means that you could lose money on your investment in the Series or the Series could underperform if any of the following occurs:

&nbsp;&nbsp;&nbsp;&nbsp;•U.S. stock markets decline.

&nbsp;&nbsp;&nbsp;&nbsp;•An adverse event, such as an unfavorable earnings report, depresses the value of one or more of the Series' portfolio holdings.

&nbsp;&nbsp;&nbsp;&nbsp;•An epidemic, pandemic or natural disaster, or widespread fear that such events may occur, negatively affects the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Series invests.

Investment style risk — Investing primarily in dividend-paying common stocks may cause the Series to underperform funds that do not limit their investments to dividend-paying common stocks during periods when dividend-paying stocks underperform other types of stocks. In addition, if stocks held by the Series reduce or stop paying dividends, the Series' ability to generate income may be affected.

The Advisor's judgments regarding the systematic approach used to select stocks may prove to be incorrect. In addition, the Advisor's approach to value investing, or value investing in general, may go in and out of favor in the market. These risks may cause the Series to underperform its benchmark or funds with other investment styles.

The Advisor will make modifications to the Series' portfolio primarily once a year. Accordingly, the Advisor does not intend to make frequent changes to the Series' portfolio in response to market movements (positive or negative). The Series may perform differently than funds that more actively rebalance their portfolios in response to market movements.

Large-cap risk — Large-cap stocks tend to go in and out of favor based on market and economic conditions. During a period when large-cap stocks fall behind other types of investments — small-cap stocks, for instance — the Series' performance could be reduced to the extent its portfolio is holding large-cap stocks.

Mid-cap risk — The Series may also have special risks due to its investments in stocks of mid-size companies. These risks include the following:

&nbsp;&nbsp;&nbsp;&nbsp;•The stocks of mid-size companies may be subject to more abrupt or erratic market movements than the stocks of larger companies.

&nbsp;&nbsp;&nbsp;&nbsp;•The stocks of mid-size companies may be subject to liquidity risk because such stocks may have lower trading volume and be less marketable than the stocks of larger companies. Liquidity risk is further described below.

Sector focus risk — The Series' investment strategy may involve allocating large portions of the Series' portfolio to industry sectors which meet the Advisor's investment criteria. As a result, poor performance or adverse economic events affecting one or more of these sectors could have a greater impact on the Series than it would if the Series' investments were allocated across a broader range of industry sectors.

Liquidity risk — The Series is subject to the risk that, at certain times, its securities may be difficult or impossible to sell at the time and the price that the Series would like. The Series may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on the Series' management or performance.

Large redemption risk — Certain institutions or individuals may from time to time own (beneficially or of record) or control a significant percentage of the Series' shares. Redemptions by these institutions or individuals in the Series may impact the Series' liquidity and net asset value (NAV). These redemptions may also force the Series to sell securities, which may cause the Series to experience a loss (particularly during periods of declining or illiquid markets), as well as cause the Series' portfolio turnover rate and transaction costs to rise, which may negatively affect the Series' performance and increase the likelihood of capital gain distributions for remaining shareholders.

The risks above could contribute to a decline in the value of the Series' investments and, consequently, the share price of the Series.

![](mdfsx-497k_030123img002.gif)

Summary of Past Performance

The bar chart and average annual total return table provide some indication of the risks of investing in the Series. The bar chart shows the variability in the performance of the Series by showing changes in the performance of the Class I shares of the Series for each of the last ten calendar years. The total return table shows how the average annual total returns for the Series for different periods compare to those of a broad-based securities index. The Series' Class Z Shares and Class W Shares commenced operations on March 1, 2019, and all returns shown for each such class include the returns of the Series' Class I Shares (adjusted to reflect the higher class-related expenses of the class, where applicable) for periods prior to its inception date. Past performance (both before and after taxes) does not necessarily indicate how the Series will perform in the future. Quarterly updated performance information of the Series is available at www.manning-napier.com.

<br> <u> CALENDAR YEARS ENDED DECEMBER 31 </u>

![](mdfsx-497k_030123img003.gif)

Quarterly Returns

Highest (quarter ended 12/31/2022): 15.22% <br>Lowest (quarter ended 03/31/2020): (25.06)%

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; AVERAGE ANNUAL TOTAL RETURNS<br>FOR PERIODS ENDED DECEMBER 31, 2022 | &nbsp;&nbsp; AVERAGE ANNUAL TOTAL RETURNS<br>FOR PERIODS ENDED DECEMBER 31, 2022 | &nbsp;&nbsp; AVERAGE ANNUAL TOTAL RETURNS<br>FOR PERIODS ENDED DECEMBER 31, 2022 | &nbsp;&nbsp; AVERAGE ANNUAL TOTAL RETURNS<br>FOR PERIODS ENDED DECEMBER 31, 2022 |
|  | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp; Class I Shares |  |  |  |
| &nbsp;&nbsp; Return Before Taxes | (4.26)% | 7.46% | 10.88% |
| &nbsp;&nbsp; Return After Taxes <br>on Distributions | (6.26)% | 5.62% | 8.54% |
| &nbsp;&nbsp; Return After Taxes <br> on Distributions and Sale<br> of Series Shares | (1.04)% | 5.63% | 8.40% |
| &nbsp;&nbsp; Class S Shares – <br>Return Before Taxes | (4.35)% | 7.24% | 10.61% |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; AVERAGE ANNUAL TOTAL RETURNS<br>FOR PERIODS ENDED DECEMBER 31, 2022 | &nbsp;&nbsp; AVERAGE ANNUAL TOTAL RETURNS<br>FOR PERIODS ENDED DECEMBER 31, 2022 | &nbsp;&nbsp; AVERAGE ANNUAL TOTAL RETURNS<br>FOR PERIODS ENDED DECEMBER 31, 2022 | &nbsp;&nbsp; AVERAGE ANNUAL TOTAL RETURNS<br>FOR PERIODS ENDED DECEMBER 31, 2022 |
|  | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp; Class W Shares – <br>Return Before Taxes | (3.74)% | 7.83% | 11.07% |
| &nbsp;&nbsp; Class Z Shares – <br>Return Before Taxes | (4.14)% | 7.56% | 10.93% |
| &nbsp;&nbsp; Index: (reflects no deduction for fees, expenses, or taxes) |  |  |  |
| &nbsp;&nbsp; Russell 1000<sup>®</sup> Value Index  | (7.54)% | 6.67% | 10.29% |

---

The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax figures are shown for one share class only, and would be different for the other share classes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Series shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

Investment Advisor

The investment advisor of the Series is Manning & Napier Advisors, LLC.

Portfolio Managers

A portfolio management team made up of investment professionals employed by the Advisor is jointly and primarily responsible for making all of the Series' investment decisions. The following investment professionals serve on the Series' Portfolio Management Team:

**Kelly Covley, CFA<sup>®</sup>** **, CAIA**<br> Analyst, has managed the Series since 2021.

**Alex Gurevich, CFA<sup>®</sup>** ****<br> Senior Analyst, has managed the Series since 2018.

**Christopher F. Petrosino, CFA<sup>®</sup>** ****<br> Managing Director of Quantitative Strategies Group, has managed the Series since 2008.

Purchase and Sale of Series Shares

You may purchase or redeem shares of the Series on any day the New York Stock Exchange (NYSE) is open. The minimum initial investment for the Class S shares of the Series is $2,000. The minimum initial investment for the Class I and Class Z shares of the Series is $1,000,000. There is no minimum initial investment for the Class W shares, which are only available to the Advisor's discretionary investment account clients. The minimum initial investments of the Class S, Class I and Class Z shares are waived for certain qualified retirement plans and the Advisor's discretionary investment account clients. In addition, the Class S shares investment minimum is waived for participants in an automatic investment program who invest at least $1,000

![](mdfsx-497k_030123img002.gif)

in a 12-month period. There is no minimum for subsequent investments. You may purchase or redeem shares of the Series held directly with the Fund by mail (Manning & Napier Fund, Inc. P.O. Box 534449, Pittsburgh, PA 15253-4449), by Internet (www.manning-napier.com), by telephone (1-800-466-3863) or by wire. Shareholders holding shares through a financial intermediary should contact their financial intermediary to learn how to place purchase or redemption orders.

Tax Information

The distributions made by the Series generally are taxable, and will be taxed as qualified dividend income, ordinary income or capital gains. If you are investing through a tax-deferred arrangement, such as a 401(k) plan or individual retirement account, you will generally not be subject to federal taxation on Series distributions until you begin receiving distributions from your tax-deferred arrangement. You should consult your tax advisor regarding the rules governing your tax-deferred arrangement.

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase the Series' shares through a broker-dealer or other financial intermediary (such as a bank), the Series and its related companies may pay the intermediary for the sale of Series shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Series over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

MDFSX Summ 03/01/2023