# EDGAR Filing Document

**Accession Number:** 0000751173
**File Stem:** 0001387131-23-002557
**Filing Date:** 2023-2
**Character Count:** 30561
**Document Hash:** fb789eb6633fabec4df3e7144032b09c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001387131-23-002557.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001387131-23-002557

**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:** 23684975

**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

### Real Estate Series (Series ID: S000025218)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000075173 | Class S      | MNREX           |
| C000116787 | Class I      | MNRIX           |
| C000206463 | Class Z      | MNRZX           |
| C000206464 | Class W      | MNRWX           |

![](mnrix-497k_030123img001.gif)

Summary Prospectus \| March 1, 2023

**Real Estate Series**

Class/Ticker: **I**/MNRIX **S**/MNREX **W**/MNRWX **Z**/MNRZX

*This is the Summary Prospectus of the Real Estate Series - Class I, Class S, 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 Series' prospectus and statement of additional information, both dated March 1, 2023, as each may be amended or supplemented, are incorporated into this Summary Prospectus.*

Investment Goal

The Series' investment objective is to provide high current income and long-term capital appreciation by investing principally in companies in the real estate industry.

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; I | &nbsp;&nbsp; S | &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; 0.60% | &nbsp;&nbsp; 0.60% | &nbsp;&nbsp; 0.60% | &nbsp;&nbsp; 0.60% |
| &nbsp;&nbsp; Distribution and Service (12b-1) Fees |  | &nbsp;&nbsp; 0.25% |  |  |
| &nbsp;&nbsp; Other Expenses | &nbsp;&nbsp; 0.26% | &nbsp;&nbsp; 0.27% | &nbsp;&nbsp; 0.12% | &nbsp;&nbsp; 0.12% |
| &nbsp;&nbsp; Total Annual Fund Operating Expenses | &nbsp;&nbsp; 0.86% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.72% |
| &nbsp;&nbsp; Less Fee Waivers and/or Expense Reimbursements<sup>1</sup> | (0.01)% | &nbsp;&nbsp; (0.02)% | &nbsp;&nbsp; (0.62)% | &nbsp;&nbsp; (0.02)% |
| &nbsp;&nbsp; **Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement** | &nbsp;&nbsp; **0.85%** | &nbsp;&nbsp; **1.10%** | &nbsp;&nbsp; **0.10%** | &nbsp;&nbsp; **0.70%** |

---

<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 0.85% of the average daily net assets of the Class S and Class I shares, 0.70% 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'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; I | &nbsp;&nbsp; S | &nbsp;&nbsp; W | &nbsp;&nbsp; Z |
| &nbsp;&nbsp; 1 Year | &nbsp;&nbsp; $87  | &nbsp;&nbsp; $112 | &nbsp;&nbsp; $10 | &nbsp;&nbsp; $72 |
| &nbsp;&nbsp; 3 Years | &nbsp;&nbsp; $271 | &nbsp;&nbsp; $350 | &nbsp;&nbsp; $32 | &nbsp;&nbsp; $224 |
| &nbsp;&nbsp; 5 Years | &nbsp;&nbsp; $471 | &nbsp;&nbsp; $606 | &nbsp;&nbsp; $56 | &nbsp;&nbsp; $390 |
| &nbsp;&nbsp; 10 Years | &nbsp;&nbsp; $1049 | &nbsp;&nbsp; $1340 | &nbsp;&nbsp; $128 | &nbsp;&nbsp; $871 |

---

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 43% of the average value of its portfolio.

![](mnrix-497k_030123img002.gif)

Principal Investment Strategies

The Series will invest, under normal circumstances, at least 80% of its assets in securities of companies that are principally engaged in the real estate industry. These companies include those directly engaged in the real estate industry as well as in industries serving and/or related to the real estate industry. A company will be considered eligible for investment if, as determined by the Advisor, (i) at least 50% of its assets, revenues or net income is derived from the ownership, leasing, construction, servicing, management, development, financing or sale of residential, commercial or industrial real estate or (ii) it has at least 50% of the value of its assets invested in residential, commercial or industrial real estate. Examples of companies in which the Series may invest include those in the following areas: real estate investment trusts (REITs), real estate operating companies (REOCs), real estate developers and brokers, real estate service providers, building suppliers, and mortgage lenders.

The Series may invest in common stocks, convertible securities and other equity securities, principally ETFs (defined below), as well as derivative instruments, principally options (as described below). It may invest in securities issued as part of, or a short period after, a company's initial public offering (IPO).

The Series may invest in common stocks of foreign companies, including companies located in emerging market countries. The Series may also invest in American Depository Receipts (ADRs) and other U.S. dollar denominated securities of foreign issuers. The Series may invest in securities of small-, large-, or mid-size companies.

The Series may also invest in debt securities. The Series' investment in debt securities is subject to a limit of 20% of the Series' assets (measured at the time of purchase). The Series will typically invest in investment grade debt securities, those securities rated BBB- or above by S&P or Baa3 or above by Moody's (or determined to be of equivalent quality by the Advisor); however, the Series may invest up to 5% of its assets (measured at the time of purchase) in below investment grade debt securities (junk bonds), those rated below BBB- by S&P and those rated below Baa3 by Moody's (or determined to be of equivalent quality by the Advisor). The Series' investments in debt securities are not subject to any restrictions on maturity or duration.

The Series may purchase shares of exchange-traded funds (ETFs), including to establish a diversified position in a particular market sector or to manage cash flows. The Advisor believes that purchasing ETFs may allow it to manage the Series' portfolio more efficiently than would otherwise be possible.

The Advisor uses a "bottom-up" strategy, focusing on individual security selection. The Advisor analyzes factors such as the management, financial condition, and market position of individual companies to select companies in the real estate industry that it believes will make attractive long-term investments. The Advisor looks for one or more of the following characteristics:

&nbsp;&nbsp;&nbsp;&nbsp;•Strong strategic profiles (e.g., strong market position, benefits from technology, market share gains in a mature market and high barriers to entry).

&nbsp;&nbsp;&nbsp;&nbsp;•Companies well-positioned to benefit from an anticipated upturn in an industry sub-sector due to sharply reduced competition and improving demand.

&nbsp;&nbsp;&nbsp;&nbsp;•Companies trading at very low valuations relative to fundamental or break-up value.

The Advisor will consider selling a security if:

&nbsp;&nbsp;&nbsp;&nbsp;•it no longer fits the Series' investment strategies or valuation discipline;

&nbsp;&nbsp;&nbsp;&nbsp;•it has reached the Advisor's target sell price; or

&nbsp;&nbsp;&nbsp;&nbsp;•a more attractive investment opportunity is identified.

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.

Management risk — The value of your investment may decline if the Advisor's judgments about the attractiveness, relative value or potential appreciation of a particular security or strategy prove to be incorrect.

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. and/or foreign stock or bond 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.

Real estate investment risk — The Series' concentration in securities of issuers in the real estate industry, including its investments in REITs and REOCs (together, real estate companies, or RECs), may subject it to additional risks even though the Series does not invest directly in real estate. These risks include, but are not limited to, the following: fluctuations in the value of real estate properties and interest rates, defaults by borrowers or tenants, extended vacancies and declining rents, a lack of ability to obtain mortgage financing or other limits to accessing the credit or capital markets, increased competition and overbuilding and increases in real estate or operating taxes. Any geographic concentration of the Series' real estate related investments could result in the Series being subject to the above risks to a greater degree.

![](mnrix-497k_030123img002.gif)

The value of a REIT or REOC can depend on its legal structure and cash flow generation. While RECs raise equity and debt capital through the private and public markets, RECs are neither mutual funds, nor hedge funds, nor private equity funds. Much as other operating companies, RECs incur operating expenses necessary to manage and maintain properties. Investing in the Series will result in absorbing duplicate levels of fees for the Series' investments in RECs. In addition, REITs are subject to certain tax treatment pursuant to federal tax laws and if the REIT fails to qualify for such tax treatment, significant adverse consequences could occur for any such REIT investment. For example, a qualified REIT may be adversely affected by its failure to qualify for tax-free pass through of income.

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.

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

&nbsp;&nbsp;&nbsp;&nbsp;•The stocks of small- and 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 small- and 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.

&nbsp;&nbsp;&nbsp;&nbsp;•Small- and mid-size companies may have limited product lines, markets, or financial resources, and they may depend on a small management group. As a result, they fail more often than larger companies.

Foreign securities risk — Because the Series may invest in securities of foreign issuers, the Series is subject to additional risks. These include risks of adverse changes in foreign economic, political, regulatory and other conditions. The prices of foreign common stocks may, at times, move in a different direction than the prices of U.S. stocks. The Series' investments may be denominated in the currencies of the countries in which they are located; therefore, the value of the Series may be affected by changes in exchange rates between those foreign currencies and the U.S. dollar. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Series to sell such investments at inopportune times or prevent an investment the Advisor otherwise believes is attractive, each of which could result in losses to the Series. These restrictions may also negatively impact the market for securities of issuers that are similar to those directly impacted by the restrictions resulting in reduced liquidity and price declines in those securities as well.

Emerging markets risk — The Series may also have special risks due to its investments in emerging market countries. In addition to the risks discussed above relating to investments in foreign companies located in developed countries, the Series' investments in emerging market countries are subject to the following risks:

&nbsp;&nbsp;&nbsp;&nbsp;•Emerging markets may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries.

&nbsp;&nbsp;&nbsp;&nbsp;•Emerging market countries often have less uniformity in accounting and reporting requirements and unreliable securities valuation.

&nbsp;&nbsp;&nbsp;&nbsp;•It is sometimes difficult to obtain and enforce court judgments in emerging market countries and there is often a greater potential for nationalization and/or expropriation of assets by the government of an emerging market country.

&nbsp;&nbsp;&nbsp;&nbsp;•There will tend to be an increased risk of price volatility associated with the Series' investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar.

Options risk – Options, like all derivatives, can be extremely sensitive to changes in the market value of the underlying investment, and changes in the value of an option contract may not correlate perfectly with the underlying investment. Investments in options are also subject to liquidity risk, which is described below.

Risks related to ETFs — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio of securities. The Series will also bear its proportionate share of the expenses of the purchased ETF in addition to its own expenses.

Risk of initial public offerings — The Series may purchase shares issued as part of, or a short period after, a company's initial public offering (IPO), and may at times dispose of those shares shortly after their acquisition. The Series' purchase of shares issued in IPOs exposes it to the risks associated with companies that have little operating history as public companies, as well as to the risks inherent in those sectors of the market where these new issuers operate. The market for IPO issuers has been volatile, and share prices of newly-public companies have fluctuated significantly over short periods of time.

Fixed income risk — Because the Series may invest in fixed income securities, 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;•Interest rates go up, which will make bond prices go down and reduce the value of the bonds held in the Series' portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;•The issuer of a fixed income security owned by the Series defaults on its obligation to pay principal and/or interest or has its credit rating downgraded; this risk is greater for junk bonds and other lower quality bonds.

Current market conditions may pose heightened risks for the Series. Interest rates in the U.S. are coming off historic lows, but recent changes in government policy have caused interest rates to rise and there is an increased risk that interest rates will continue to rise in the near future. An increase in interest rates may, in turn, increase volatility and reduce liquidity in the

![](mnrix-497k_030123img002.gif)

fixed income markets, and result in a decline in the value of the fixed income investments held by the Series. In addition, reductions in dealer market-making capacity as a result of structural or regulatory changes could further decrease liquidity and/or increase volatility in the fixed income markets. As a result of these conditions, the Series' value may fluctuate and/or the Series may experience increased redemptions from shareholders, which may impact the Series' liquidity or force the Series to sell securities into a declining or illiquid market.

High-yield securities risk — The Series is subject to additional risks due to its ability to invest in high-yield securities (junk bonds):

&nbsp;&nbsp;&nbsp;&nbsp;•High-yield securities may underperform other sectors of the bond market, or the bond market as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;•The performance of high-yield securities tends to be more volatile than that of other sectors of the bond market.

&nbsp;&nbsp;&nbsp;&nbsp;•Given the total size of the high-yield securities market, high-yield securities can be less liquid than investment grade securities.

&nbsp;&nbsp;&nbsp;&nbsp;•The Series' investments in high-yield securities will subject it to a substantial degree of credit risk because the prospect for repayment of principal and interest of many of these bonds is speculative.

Risks of lower-rated investment grade securities — Securities with the lowest ratings within the investment grade categories carry more risk than those with the highest ratings. When a Series invests in securities in the lower rating categories, the achievement of its goals is more dependent on the Advisor's ability than would be the case if the Series were to invest in higher-rated securities within the investment grade categories. The Advisor seeks to minimize this risk through investment analysis and attention to current developments in interest rates and economic conditions.

Convertible securities risk — The Series' investments in convertible securities are subject to interest rate risk and credit risk, similar to fixed income securities. In addition, they are also subject to the risk that the price of the underlying common stock will go down, which may cause a proportionate (or disproportionate) decline in the price of the convertible security.

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.

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 S shares of the Series for each full calendar year since its inception. 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 S 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 performance information of the Series is available at www.manning-napier.com.

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

![](mnrix-497k_030123img003.gif)

Quarterly Returns

Highest (quarter ended 12/31/2021): 17.26% <br>Lowest (quarter ended 03/31/2020): (23.12)%

![](mnrix-497k_030123img002.gif)

---

| | | | |
|:---|:---|:---|:---|
| &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 S Shares |  |  |  |
| &nbsp;&nbsp; Return Before Taxes | (26.96)% | 3.45% | 6.65% |
| &nbsp;&nbsp; Return After Taxes<br>on Distributions | (29.30)% | 1.89% | 4.56% |
| &nbsp;&nbsp; Return After Taxes<br>on Distributions and Sale<br>of Series Shares | (14.36)% | 2.52% | 4.81% |
| &nbsp;&nbsp; Class I Shares – <br>Return Before Taxes | (26.83)% | 3.72% | 6.91% |
| &nbsp;&nbsp; Class W Shares – <br>Return Before Taxes | (26.26)% | 4.24% | 7.05% |
| &nbsp;&nbsp; Class Z Shares – <br>Return Before Taxes | (26.67)% | 3.78% | 6.82% |
| &nbsp;&nbsp; Index: (reflects no deduction for fees. expenses, or taxes) |  |  |  |
| &nbsp;&nbsp; MSCI US REIT Index | (25.37)% | 2.48% | 5.20% |

---

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 class. 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:

**Joseph R. Rydzynski, CFA<sup>®</sup>**

Senior Analyst, has managed the Series since 2015.

**Corey A. Van Lare, CFA<sup>®</sup>**

Senior Analyst, has managed the Series since 2018.

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. 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 in a 12-month period. There is no minimum initial investment for the Class W shares, which are only available to the Advisor's discretionary investment account clients. 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 and redemption orders.

Shares of the Series may be purchased from time to time by the Advisor for the accounts of its advisory clients who utilize discretionary account management services provided by the Advisor or its affiliates. Purchases and sales of Series shares for these clients are made at the Advisor's discretion pursuant to client authorization.

Tax Information

The distributions made by the Series generally are taxable, and will be taxed as 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.

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.

MNRIX Summ 03/01/2023