# EDGAR Filing Document

**Accession Number:** 0000751173
**File Stem:** 0001387131-23-002455
**Filing Date:** 2023-2
**Character Count:** 2220479
**Document Hash:** 0e6ba57de44b1eae0018c7fd2ab82dd7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001387131-23-002455.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001387131-23-002455

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 84

**FILED AS OF DATE**: 20230227

**DATE AS OF CHANGE**: 20230227

**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:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04087
- **FILM NUMBER:** 23676330

**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
**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:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 002-92633
- **FILM NUMBER:** 23676329

**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           |
| C000010084 | Pro-Blend(R) Conservative Term Series Class Z |  |
| 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           |

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

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

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000010098 | Class S      | EXCPX           |
| C000129800 | Class I      | MNCPX           |
| C000206447 | Class Z      |  |
| C000206448 | Class W      | MUBWX           |

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

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

### 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           |
| C000010103 | Pro-Blend(R) Moderate Term Series Class Z |  |
| 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           |

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

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

### 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           |
| C000010110 | Pro-Blend(R) Extended Term Series Class Z |  |
| 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           |
| C000010115 | Pro-Blend(R) Maximum Term Series Class Z |  |
| 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           |

### 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           |

### 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           |

### Credit Series (Series ID: S000063205)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000204839 | Class W      | MCDWX           |

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

AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON

February 27, 2023

Registration Nos. 2-92633

811-04087

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM N-1A** 

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ☐

Post-Effective Amendment No. 219 ☒

and

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 ☐

Amendment No. 220 ☒

**<u>MANNING & NAPIER FUND, INC.</u>**

(Exact name of registrant as specified in charter)

**290 Woodcliff Drive**

**<u>Fairport, NY 14450</u>** 

(Address of Principal Executive Offices) (Zip Code)

**<u>(585) 325-6880</u>**

(Registrant's Telephone Number, Including Area Code)

**Paul J. Battaglia**

**c/o Manning & Napier Fund, Inc.**

**290 Woodcliff Drive**

**<u>Fairport, NY 14450</u>**

(Name and Address of Agent for Service)

Copies to:

Timothy W. Levin, Esquire

Morgan, Lewis & Bockius, LLP

1701 Market St.

Philadelphia, PA 19103

**It is proposed that this filing will become effective:** 

☐ immediately upon filing pursuant to paragraph (b)

☒ on February 28, 2023 pursuant to paragraph (b)

☐ 60 days after filing pursuant to paragraph (a)(1)

☐ on (date) pursuant to paragraph (a)(1)

☐ 75 days after filing pursuant to paragraph (a)(2)

☐ on (date) pursuant to paragraph (a)(2) of Rule 485

**If appropriate, check the following box:** 

☐ This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

**Title of Securities Being Registered:** Investment Company Shares

![](equity-proimg001.gif)

**Prospectus**

MARCH 1, 2023

![](equity-proimg002.gif)

www.manning-napier.com

---

| | | |
|:---|:---|:---|
| **Manning & Napier Fund, Inc.** | **Class S** | **Class W** |
| Equity Series | EXEYX | MEYWX |

---

The Securities and Exchange Commission has not approved or disapproved these securities or determined whether this prospectus is accurate or complete. Any statement to the contrary is a crime.

Manning & Napier Fund, Inc.

**Table of Contents**

---

| | |
|:---|:---|
| &nbsp;&nbsp; Summary Section |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Series | 1 |
| &nbsp;&nbsp; More Information About the Series' <br>Principal Investment Strategies and Principal Risks | 4 |
| &nbsp;&nbsp; Management | 5 |
| &nbsp;&nbsp; Payments to Broker-Dealers and Other Financial Intermediaries | 6 |
| &nbsp;&nbsp; Choosing a Share Class | 7 |
| &nbsp;&nbsp; How to Buy, Exchange, and Redeem Shares | 7 |
| &nbsp;&nbsp; Investment and Account Information | 10 |
| &nbsp;&nbsp; Dividends, Distributions, and Taxes | 13 |
| &nbsp;&nbsp; Financial Highlights | 15 |

---

**1**

**Summary Section**

Equity Series

Investment Goal

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

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; EQUITY SERIES | &nbsp;&nbsp; CLASS S | &nbsp;&nbsp; CLASS W |
| &nbsp;&nbsp; **Shareholder Fees** (fees paid <br>directly from your investment) | &nbsp;&nbsp; None | &nbsp;&nbsp; None |

---

&nbsp;&nbsp; **Annual Fund Operating Expenses** (expenses that you pay <br>each year as a percentage of the value of your investment)<br>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; Management Fees | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.75% |
| &nbsp;&nbsp; Distribution and Service (12b-1) Fees |  |  |
| &nbsp;&nbsp; Other Expenses | &nbsp;&nbsp; 0.56% | &nbsp;&nbsp; 0.31% |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder Services Fee | &nbsp;&nbsp; 0.25% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Remainder of Other Expenses | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.31% |
| &nbsp;&nbsp; Total Annual Fund Operating Expenses | &nbsp;&nbsp; 1.31% | &nbsp;&nbsp; 1.06% |
| &nbsp;&nbsp; Less Fee Waiver and/or <br>Expense Reimbursement<sup>1</sup> | &nbsp;&nbsp; (0.26)% | &nbsp;&nbsp; (1.01)% |
| &nbsp;&nbsp; **Total Annual Fund Operating Expenses<br> After Fee Waiver and/or Expense<br> Reimbursement** | &nbsp;&nbsp; **1.05%** | &nbsp;&nbsp; **0.05%** |

---

<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 the Shareholder Services Fee and waived Class W management fees (collectively, "excluded expenses"), do not exceed 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'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; AFTER<br> 1 YEAR | &nbsp;&nbsp; AFTER<br> 3 YEARS | &nbsp;&nbsp; AFTER<br> 5 YEARS | &nbsp;&nbsp; AFTER<br> 10 YEARS |
| &nbsp;&nbsp; Class S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $579 | &nbsp;&nbsp;&nbsp;&nbsp; $1283 |
| &nbsp;&nbsp; Class W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $28 | &nbsp;&nbsp;&nbsp;&nbsp; $64 |

---

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 44% of the average value of its portfolio.

Principal Investment Strategies

The Series will, under normal circumstances, invest at least 80% of its assets in equity securities. The Series principally invests in common stocks of U.S. issuers. The Advisor uses a "bottom-up" strategy, focusing on individual security selection to identify companies that it believes will make attractive long-term investments. The Series may invest in stocks of small-, large-, or mid-size companies.

The Series may purchase shares of exchange-traded funds (ETFs), including to establish a diversified position in a particular sector of the market 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.

In selecting individual securities, the Advisor uses fundamental analysis and looks for one or more of the following characteristics:

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

&nbsp;&nbsp;&nbsp;&nbsp;•Improving market share in consolidating industries.

&nbsp;&nbsp;&nbsp;&nbsp;•Low price relative to fundamental or breakup value.

**2**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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.

There are no prescribed limits on the sector allocation of the Series' investments and, from time to time, the Series may focus its investments in one or more sectors.

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. 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.

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.

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.

Sector focus risk — Because the Series' investments may, from time to time, be more heavily invested in a particular sector or sectors, the value of its shares may be especially sensitive to factors and economic risks that specifically affect those sectors. As a result, the Series' share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of 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.

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 Class S shares of the Series by showing changes in the performance 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 W Shares commenced operations on March 1, 2019 and all returns shown for Class W Shares include the returns of the Series' Class S Shares 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.

**3**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br> CALENDAR YEARS ENDED DECEMBER 31

![](equity-proimg003.gif)

Quarterly Returns

Highest (quarter ended 06/30/2020): 22.84%

Lowest (quarter ended 03/31/2020): (16.89)%

&nbsp;&nbsp; AVERAGE ANNUAL TOTAL RETURNS <br> FOR PERIODS ENDED DECEMBER 31, 2022<br>

---

| | | | |
|:---|:---|:---|:---|
|  | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp; Class S Shares |  |  |  |
| &nbsp;&nbsp; Return Before Taxes | (19.61)% | 9.97% | 11.85% |
| &nbsp;&nbsp; Return After Taxes<br>on Distributions | (21.77)% | 6.52% | 7.86% |
| &nbsp;&nbsp; Return After Taxes<br>on Distributions and<br>Sale of Series Shares | (9.94)% | 7.39% | 8.50% |
| &nbsp;&nbsp; Class W Shares –<br>Return Before Taxes | (18.83)% | 10.80% | 12.27% |
| &nbsp;&nbsp; Index: (reflects no deduction for fees, expenses, or taxes) |  |  |  |
| &nbsp;&nbsp; Russell 3000<sup>®</sup> Index  | (19.21)% | 8.79% | 12.13% |

---

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:

**Christian A. Andreach, CFA<sup>®</sup>**Co-Head of Global Equities, Managing Director of Consumer Group, Head of U.S. Equity Core Team, has managed the Series since 2002.

**Marc Tommasi** Co-Head of Global Equities, Chief Investment Strategist, Head of Non-U.S. Equity Core Team, Managing Director of Global Strategies Group, has managed the Series since 2019.

**Jay M. Welles, CFA<sup>®</sup>**Head of Core Equities, Managing Director of Technology Group, has managed the Series since 2015.

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. This minimum is waived for certain qualified retirement plans, discretionary investment accounts of the Advisor, and 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 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.

**4**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

More Information About the Series' Principal Investments

**Equity securities** — Equity securities are primarily common stocks of U.S. companies traded on U.S. exchanges.

**ETFs** — ETFs are investment companies whose shares are bought and sold on a securities exchange. ETFs invest in a portfolio of securities designed to track a particular market segment or index.

More Information About the Series' Principal Risks

**Management risk** — The investment performance of a Series depends largely on the skill of key personnel and investment professionals of the Advisor. The Advisor will apply investment techniques and risk analyses in making investment decisions for a Series and there can be no guarantee that these will produce the desired results. The Series' investment strategies permit investments to be made in a broad range of issuers, securities and transactions. Within these parameters, the Advisor will make investment decisions for a Series as it deems appropriate. No assurance can be given that a Series will be successful in obtaining suitable investments, or that if such investments are made, the objectives of the Series will be achieved.

**Market risk** — The risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. The Series' net asset value (NAV) per share will fluctuate with the market prices of its portfolio securities. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Markets for securities in which the Series invests may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect 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, which in turn could negatively impact the Series' performance and cause losses on your investment in the Series. Recent examples include pandemic risks related to COVID-19 and aggressive measures taken worldwide in response by governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines of large populations, and by businesses, including changes to operations and reducing staff. The impact of the COVID-19 pandemic may be short term or may last for an extended period of time, and in either case could result in a substantial economic downturn or recession.

**Equity risk** — The prices of equity securities rise and fall daily. These price movements may result from factors affecting individual companies, industries or the securities market as a whole. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies

may suffer a decline in response. In addition, the equity market tends to move in cycles which may cause stock prices to fall over short or extended periods of time.

**Large-cap risk** — Large-cap stocks tend to go in and out of favor based on market and economic conditions. The returns on large-cap stocks may underperform other types of investments, such as small- or mid-cap stocks.

**Small- and mid-cap risk** — Small- and mid-cap companies may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small- and mid-cap companies may have limited product lines, markets and financial resources, and may depend upon a relatively small management group. The securities of smaller companies are often traded in the over-the-counter market and, even if listed on a national securities exchange, the trading market (i.e., the volume of trades on any given day) for such securities may be less active than larger companies listed on that exchange. Consequently, the securities of these companies may be less liquid, may have limited market stability, and may be subject to more abrupt or erratic market movements than the securities of larger, more established companies. As a result, the prices of smaller companies owned by a Series may be volatile.

**Risks related to ETFs** — ETFs, like mutual funds, have expenses associated with their operation, including advisory fees. When a Series invests in an ETF, in addition to directly bearing expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses. 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.

**Sector focus risk** — To the extent a Series focuses or concentrates its investments in a particular sector or sectors, the Series will be more susceptible to events or factors affecting companies in those sectors. For example, the values of securities of companies in the same sector may be negatively affected by the common characteristics they share, the common business risks to which they are subject, common regulatory burdens, or regulatory changes that affect them similarly. Such characteristics, risks, burdens or changes include, but are not limited to, changes in governmental regulation, inflation or deflation, rising or falling interest rates, competition from new entrants, and other economic, market or political developments specific to the particular sector or sectors.

**Liquidity risk** — Liquidity risk exists when particular investments are difficult to purchase or sell. The market for certain investments may become illiquid due to specific adverse changes in the conditions of a particular issuer or under adverse market or economic conditions independent of the issuer. A Series' investments in illiquid securities may reduce the returns of that Series because it may be unable to sell the illiquid securities at an advantageous time or price. Further, transactions in illiquid securities may entail transaction costs that are higher than those for transactions in liquid securities.

**More Information About the Series' Principal Investment Strategies and Principal Risks**

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**Large redemption risk** — Certain institutions or individuals may from time to time own (beneficially or of record) or control a significant percentage of a Series' shares. Redemptions by these institutions or individuals in a Series may impact the Series' liquidity and net asset value (NAV). These redemptions may also force a 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.

Defensive Investing

The Series may depart from its principal investment strategies by taking temporary defensive positions in response to adverse market, economic or political conditions. During such times, the Series may invest up to 100% of its assets in cash, cash equivalents or other high quality short-term investments. If the Series takes a temporary defensive position, it may be unable to achieve its investment goal.

Investment Strategy and Goal

The investment strategy of the Series is to invest, under normal circumstances, at least 80% of its assets in equity securities. The Series will notify its shareholders at least sixty days prior to any change in its investment strategy.

The Series' Board of Directors may change the Series' investment goal of providing long-term growth of capital without obtaining the approval of the Series' shareholders. If there is a material change in the Series' investment goal, shareholders will be notified thirty days prior to any such change and will be advised to consider whether the Series remains an appropriate investment in light of their then current financial position and needs. The Series may not succeed in achieving its goal.

More Information About the Series' Benchmark Index

The following information relates to the Russell 3000<sup>®</sup> Index ("Russell 3000") referred to in the Performance Information section of this prospectus. Index data provided is not a representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent. Index returns do not reflect any fees or expenses. You cannot invest directly in an index.

Index data comes from third parties ("Third Party Content"). While we believe these Third-Party Content sources are reliable, we make no representations or warranties as to the Third-Party Content. All Third-Party Content is to be used solely for informational purposes and is provided on an "AS IS" basis. Manning & Napier will not be liable for the use of any Third-Party Content and Manning & Napier's use of Third-Party Content shall not be construed as an endorsement of or affiliation with any Third-Party Content provider.

Some additional disclosures for our Third-Party Content providers are set forth below:

**Russell** 

The Russell 3000<sup>®</sup> Index is an unmanaged index that consists of 3,000 of the largest U.S. companies based on total market capitalization. Index returns are based on a market capitalization-weighted average of relative price changes of the component stocks plus dividends whose reinvestments are compounded daily. Index returns provided by Bloomberg.

Source: London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2023. FTSE Russell is a trading name of certain of the LSE Group companies. "Russell<sup>®</sup>" is a trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

**Management**

The Advisor

The Series' advisor is Manning & Napier Advisors, LLC, 290 Woodcliff Drive, Fairport, New York 14450 ("Manning & Napier" or the "Advisor"). Manning & Napier is registered as an investment advisor with the SEC. The Advisor has claimed an exclusion from the definition of the term "commodity pool operator" (CPO) under the Commodity Exchange Act (CEA) with respect to the Series. Therefore, the Series is not subject to registration or regulation under the CEA.

As of December 31, 2022, Manning & Napier managed $17.9 billion for individual and institutional investors. The Advisor is responsible for the day-to-day portfolio management of the Series and generally oversees the Series' overall business affairs, service providers and officers.

Portfolio Managers

The Series' Portfolio Management Team is jointly and primarily responsible for managing the Series' portfolio. The following investment professionals serve on the Series' Portfolio Management Team.

**Christian A. Andreach, CFA<sup>®</sup>** **, Co-Head of Global Equities, Managing Director of Consumer Group, Head of U.S. Equity Core Team**

Joined the Advisor in 1999. Managing Director since 2002. Co-Head of Global Equities since 2010. Head of U.S. Equity Core Team since 2015. Member of Senior Research Group and Global Core Team since 2002. Member of the Series' Portfolio Management Team since 2002.

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**Marc Tommasi, Co-Head of Global Equities, Chief Investment Strategist, Head of Non-U.S. Equity Core Team, Managing Director of Global Strategies Group**

Joined the Advisor in 1986. Co-Head of Global Equities since 2015. Chief Investment Strategist since 2016. Head of Non-U.S. Equity Core Team since 2015. Managing Director of Global Strategies Group since 2019 and from 1992 – 2015. Member of the Series' Portfolio Management Team since 2019.

**Jay M. Welles, CFA<sup>®</sup>** **, Head of Core Equities, Managing Director of Technology Group**

Joined the Advisor in 2000. Head of Core Equities since 2023. Managing Director of Technology Group since 2015. Member of the Series' Portfolio Management Team since 2015.

The Statement of Additional Information (SAI) contains additional information about the Series' management team, including the structure of their compensation, their role in managing other accounts, and their ownership of securities in the Series.

Discretionary Investment Accounts

The Advisor and its affiliates may use the Series within its client's discretionary investment accounts. From time to time, these discretionary accounts may hold a substantial portion of the outstanding shares of the Series, and transactions in shares of the Series for such accounts may have an impact upon the size and operations of the Series. For instance, transactions in shares of the Series for these accounts may cause the Series' portfolio turnover rate and transaction costs to rise, which may negatively affect fund performance and increase the likelihood of capital gain distributions. In addition, the Series' assets may be significantly less during times when these discretionary accounts are not invested in the Series, which would cause the Series' remaining shareholders to bear greater portions of the Series' fixed operating expenses, subject to any fee waiver then in effect.

Management Fees

In return for the services it provides to the Series, the Advisor receives an annual management fee of 0.75% of the Series' average daily net assets, which is computed daily and payable monthly by the Series. 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 total direct annual fund operating expenses, exclusive of the Shareholder Services Fee (as defined below) 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. Due to fee waivers and expense reimbursements, the Advisor received a management fee of 0.49% for the Series for the fiscal year ended October 31, 2022.

A discussion regarding the basis for the Board of Directors' approval of the Series' investment advisory agreement is available in the Series' annual report dated October 31, 2022, which covers the period November 1, 2021 through October 31, 2022.

The Distributor

The Class S and Class W shares of the Series are offered on a continuous basis through the Fund's principal underwriter, Manning & Napier Investor Services, Inc. (the Distributor).

**Payments to Broker-Dealers and Other Financial Intermediaries**

Shareholder Services Fees

Class S shares of the Series are subject to a shareholder services fee (the "Shareholder Services Fee") in the amount of 0.25% of the Class's average daily net assets, in accordance with a shareholder services plan adopted by the Fund's Board of Directors. 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 to holders of Class S shares of the Series. The Shareholder Services Fee paid to a particular financial intermediary is calculated at the annual rate set forth above and is based on the average daily NAV of the Class S shares owned by the shareholders holding shares through such financial intermediary.

Class W shares of the Series are not subject to a Shareholder Services Fee.

Payments by the Advisor and/or its Affiliates

The Advisor may use its own resources to engage in activities that may promote the sale of the Series' shares, including payments, or other forms of incentives such as discounted fees for products or services of affiliates, to third parties who provide services such as shareholder servicing, marketing support, and distribution assistance to the Series. These fees or other incentives are in addition to any Shareholder Services Fee payable under the shareholder services plan of the Fund. The level of payments made to financial intermediaries may be a fixed fee or based upon one or more of the following factors: gross sales, current assets and/or number of accounts of the Series attributable to the financial intermediary, the particular type of Series, or other measures as agreed to in writing by the Advisor, the Distributor and/or their affiliates and the financial intermediaries or any combination thereof. The amount of these payments is determined at the discretion of the Advisor, the Distributor and/or their affiliates from time to time and may be different for different financial intermediaries based

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on, for example, the nature of the services provided by the financial intermediary.

The Advisor may also, from its own resources, defray or absorb costs relating to distribution, including compensation of employees who are involved in distribution. These payments or discounts may be substantial but are paid or discounted by the Advisor or its affiliates, not by a Series or its shareholders. Such

payments may provide an incentive for the financial intermediary to make shares of a Series available to its customers and may allow a Series greater access to the financial intermediary's customers, and may create a conflict of interest by influencing the financial intermediary to recommend a Series over another investment.

**Choosing a Share Class**

The Series offers two classes of shares: Class S and Class W shares. Each share class has its own investment eligibility criteria, cost structure and other features. The following summarizes the primary features of the Class S and Class W shares. Contact your financial intermediary or the Fund for more information about the Series' share classes and how to choose among them.

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| &nbsp;&nbsp; CLASS NAME | &nbsp;&nbsp; ELIGIBLE INVESTORS | &nbsp;&nbsp; INVESTMENT MINIMUMS | &nbsp;&nbsp; SHAREHOLDER SERVICES FEE |
| &nbsp;&nbsp; Class S | &nbsp;&nbsp; Individual or institutional investors; employee benefit plans, such as defined benefit plans, defined contribution plans, and 401(k) plans; and certain financial intermediaries. | &nbsp;&nbsp; Initial – $2,000<br> Minimum Balance <br>Requirement – $1,000 | &nbsp;&nbsp; 0.25% |
| &nbsp;&nbsp; Class W | &nbsp;&nbsp; The Advisor's discretionary investment account clients and other funds managed by the Advisor. | &nbsp;&nbsp; Initial – None<br> Minimum Balance <br>Requirement – None |  |

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The minimum initial investment and minimum balance requirements for Class S shares are waived for certain qualified retirement plans, the Advisor's discretionary investment accounts clients, and participants in an automatic investment program who invest at least $1,000 in a 12-month period. The Fund reserves the right to change or waive a Class's investment minimums in its sole discretion.

Class S shares are available for direct investment from the Fund or through certain financial intermediaries that have entered into an agreement with the Fund's Distributor. Financial intermediaries include financial planners, investment advisors, broker-dealers or other financial institutions. An investor may be eligible to purchase more than one share class. However, if you are purchasing your shares through a financial intermediary, you may only purchase that class of shares which your financial intermediary sells or services. Your financial intermediary can tell you which class of shares is available through the intermediary.

If you purchase your shares through an intermediary, your financial intermediary may impose different or additional conditions than the Series on purchases, redemptions and exchanges of shares. These differences may include initial, subsequent and maintenance investment requirements, exchange policies, and trading restrictions. Your financial intermediary may independently establish and charge you fees, which may include commissions, transaction fees and account fees in addition to the fees charged by the Series. These additional fees may vary over time and would increase the cost of your investment and lower investment returns. You should consult your financial intermediary directly for information regarding these conditions and fees. The Series is not

responsible for the failure of your financial intermediary to carry out its responsibilities.

The Fund reserves the right to determine which potential investors qualify as eligible investors for each share class. Shares of a class held by a non-eligible investor are subject to involuntary redemption by the Fund.

If your account no longer meets the minimum balance requirement for a share class, the Fund may automatically redeem your shares. The Fund will notify you in writing before any mandatory redemption occurs.

**How to Buy, Exchange, and Redeem Shares**

Actions by Authorized Representative

Shareholders who establish an account directly with the Fund through a financial intermediary have authorized the registered representative of such intermediary indicated on the account application or subsequent documentation to perform transactions in the Series' shares and certain account maintenances on behalf of the shareholders.

Discretionary Investment Accounts

For discretionary investment account clients of the Advisor or its affiliates, investment decisions pertaining to purchases and sales of Fund shares are made at the Advisor's discretion.

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All orders to purchase and redeem shares on behalf of discretionary investment account clients of the Advisor and its affiliates will be processed at the NAV next determined after receipt by the transfer agent of a duly completed purchase or redemption order transmitted by the Advisor to the transfer agent. There is no minimum initial investment for the Advisor's discretionary investment account clients.

The instructions provided below apply to all other investors.

How to Obtain Forms

You can obtain the forms referenced in the following sections by going to the Fund's website at www.manning-napier.com/fundapps or by calling 1-800-466-3863.

How to Buy Shares

Shareholders holding shares through a financial intermediary should contact their intermediary to learn how to place orders to buy shares. Shareholders holding shares directly with the Fund may purchase shares directly from the Fund, as described below.

The initial minimum investment for the Series' Class S shares is $2,000. The minimum initial investment of Class S shares is waived for certain qualified retirement plans, the Advisor's discretionary investment account clients, and 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 Series' Class W shares, which are only available to the Advisor's discretionary investment account clients. Employees, officers and directors of the Advisor or its affiliates, and family members of such persons, are not subject to any minimum initial investment in the Series.

The Fund reserves the right to change or waive the Series' investment minimums in its sole discretion. The Fund also reserves the right to reject purchase orders or to stop offering its shares without notice to shareholders. The Fund does not generally accept investments by non-U.S. persons or certain

U.S. persons living outside the U.S. Such persons may be permitted to invest in the Fund under certain limited circumstances.

Check Acceptance Policy

The Fund reserves the right to reject certain forms of payment for share purchases. Investments that are received in an unacceptable form will be returned. The Fund maintains a check acceptance policy for share purchases. Checks must be made payable to the Manning & Napier Fund, Inc. and must be in U.S. dollars. The Fund will not accept cash, third party checks, starter checks, travelers checks, credit card checks or money orders.

Customer Identification Policy

Shareholder information is subject to independent identity verification and may be shared, as permitted by law and the Fund's Privacy Policy, for identifying and reporting suspected money laundering and terrorist activity. Please review your account application for additional information.

The Fund will not accept a P.O. Box as a primary address. A physical address must be used. A P.O. Box may be used as a mailing address only.

**By Mail**

*Opening an account*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Send a check payable to Manning & Napier Fund, Inc., with the completed original account application.

The address is:

Manning & Napier Fund, Inc.

P.O. Box 534449

Pittsburgh, PA 15253-4449

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•To request an account application, refer to the section *How to Obtain Forms*.

*Adding to an account*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Send a check payable to Manning & Napier Fund, Inc. and a letter of instruction with the name of the Series and share class to be purchased and the account name and number to the above address.

**By Wire**

*Opening or adding to an account*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•After the Fund has received your completed account application, you may wire funds to open or add shares to your account. Before sending a wire, call 1-800-466-3863 for wire instructions. Wire instructions are also available at www.manning-napier.com/fundapps under the General Forms section. Refer to the "Delivery Instructions."

**By Telephone**

*Adding to an Account*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•You may use the Telephone Purchase feature to add to an existing account. To use this service, call 1-800-466-3863 to request a debit from your pre-authorized checking account. Your bank must be a member of the Automated Clearing House (ACH) to use this feature. Any purchases made through this feature will be posted to your account at the NAV calculated when your purchase request is determined to be in good order (generally on the next business day after your call that both the NYSE and banks are open).

**Through the Internet**

*Adding to an Account*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•If you are a registered user of the Fund's website, you may use the Internet to add to an existing account by requesting a debit from your bank account. To use this service, go to www.manning-napier.com, click on the "login" button in the top right-hand corner of the screen, then click on "Mutual Fund" to be directed to the secure sign-in screen. Once logged in, click on the "Trading" tab and follow the prompts. Any purchases made through this feature will be posted to your account at the NAV calculated when your purchase request is determined to be in good order (generally on the next business day after your order that both the NYSE and banks are open).

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Automatic Investment Plan

You may participate in the Automatic Investment Plan by completing the applicable section of the account application (for new accounts) or by completing the appropriate section of the form titled "Account Maintenance Form – Financial EFT Bank Change" (for existing accounts). Through the plan, you can authorize transfers of a specified amount from your bank account into the Series on a regular basis. The minimum amount of each investment is $25. If you have insufficient funds in your account to complete a transfer, your bank may charge you a fee. To request an account application or form, refer to the section How to Obtain Forms.

How to Exchange Shares

Subject to the conditions discussed in the "Excessive Trading" section below, shareholders may exchange shares of the Series for a class of shares of any other Series of the Fund currently available for investment if the registration of both accounts is identical and the exchange order and shareholder meet the minimum investment and other requirements for the Series and class into which they are exchanging. Please read the prospectus of the Series into which you wish to exchange prior to requesting the exchange. The Fund may alter, limit or suspend its exchange privilege on 60 days' notice.

The Fund's exchange privilege is not intended as a vehicle for short-term or excessive trading. The Fund may suspend or terminate your exchange privilege if you engage in a pattern of exchanges that is excessive, as determined in the sole discretion of the Fund. For more information about the Fund's policy on excessive trading, see "Excessive Trading."

An exchange involves a redemption of shares surrendered in the exchange, and therefore it may cause the shareholder to realize a gain that may be subject to income tax. However, an exchange between share classes in the same Series is not reported as a taxable sale.

Shareholders holding shares through a financial intermediary should contact their financial intermediary to learn how to place orders to exchange shares. Shareholders holding shares directly with the Fund may exchange shares directly with the Fund, as described below.

**By Mail**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Send a letter of instruction or a completed "Fund Exchange Request Form" to Manning & Napier Fund, Inc., at the address found in the section *How To Buy, Exchange and Redeem Shares — Opening An Account*, signed by each registered account owner, exactly as your names appear on the account registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Provide the name of the current Series and class of shares, the Series and class of shares to exchange into, and the dollar amount to be exchanged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Provide the account number.

**By Telephone**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Unless you have declined telephone privileges, call the Fund at 1-800-466-3863.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Provide the name of the current Series and class of shares, the Series and class of shares to exchange into, and the dollar amount to be exchanged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Provide the account number.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We will ask for identification, and all telephone calls are recorded.

**Through the Internet**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•If you are a registered user of the Fund's website, you may use the Internet to exchange shares between Series. To use this service, go to www.manning-napier.com, click on the "login" button in the top right-hand corner of the screen, then click on "Mutual Fund" to be directed to the secure sign-in screen. Once logged in, click on the "Trading" tab and follow the prompts. Any exchanges made through this feature prior to the close of trading on the NYSE on a business day will be posted to your account at the NAV calculated on that day.

How to Redeem Shares

The Fund typically expects to pay out redemption proceeds to redeeming shareholders within one business day following receipt of shareholder redemption requests. The Fund may, however, postpone payment of redemption proceeds for up to seven days. In addition, the Fund may suspend redemptions or postpone payment of redemption proceeds for longer than seven days when the NYSE is closed, other than during customary weekends or holidays, or as otherwise permitted by the SEC. If you recently purchased your shares by check, redemption proceeds may not be available until your check has cleared (which may take up to 10 days from your date of purchase).

The Fund may sell portfolio assets, hold cash or cash equivalents, draw on a line of credit, use short-term borrowings from its custodian, and/or redeem shares in-kind (as described below), as necessary, to meet redemption requests.

A Medallion Signature Guarantee may be required for certain redemption requests, such as redemption requests over $100,000 sent to an address other than a pre-designated bank account. Likewise, certain types of account maintenance, such as address changes, result in a thirty calendar day hold on your account during which any redemption requests via check to the new address must include a Medallion Guarantee.

Shareholders holding shares through a financial intermediary should contact their financial intermediary to learn how to place orders to redeem shares. Shareholders holding shares directly with the Fund may place redemption orders directly with the Fund, as described below.

**By Mail**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Complete the applicable form or send a letter of instruction to Manning & Napier Fund, Inc., at the address found in the section *How To Buy, Exchange and Redeem Shares — Opening An Account*, signed by each registered account owner, exactly as your names appear in the account registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Provide the name of the Series, the class of shares, and the number of shares or dollar amount to be sold.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Provide the account number.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•To obtain a form, refer to the section *How to Obtain Forms*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Additional documentation, including Medallion Guarantees, may be required (call the Fund for details).

**By Telephone**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Unless you have declined telephone privileges, call us at 1-800-466-3863.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Provide the name of the Series, the class of shares, and the number of shares or dollar amount to be sold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Provide the account number.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We will ask for identification, and all telephone calls are recorded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Redemption proceeds from sales requested by telephone will be sent only to an address that has been on file with us for at least 30 days or a pre-designated bank account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Amounts over $100,000 may only be sent to a pre-designated bank account.

**Through the Internet**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•If you are a registered user of the Fund's website, you may use the Internet to redeem shares from your account. To use this service, go to www.manning-napier.com, click on the "login" button in the top right-hand corner of the screen, then click on "Mutual Fund" to be directed to the secure sign-in screen. Once logged in, click on the "Trading" tab and follow the prompts. Proceeds from redemptions requested over the Internet will be sent only to an address that has been on file with us for at least 30 days or a pre-designated bank account. Amounts over $100,000 may only be sent to a pre-designated bank account. Any redemptions made through this feature prior to the close of trading on the NYSE on a business day will be posted to your account at the NAV calculated on that day.

**Investment and Account Information**

More About Purchases, Exchanges, and Redemptions

All orders to purchase, exchange, or redeem shares must be sent to the transfer agent at the address found in the section *How To Buy, Exchange and Redeem Shares — Opening An Account* or to an authorized financial intermediary.

Transaction requests received in good order (i.e., with all required information, and, as relevant, signatures, documentation and upon verification by the Fund (or its agent) of ACH information) before the close of regular trading on the NYSE on a business day will be executed at that day's share price. The close of regular trading is typically 4:00 p.m. Eastern time, although it may be earlier. Transaction requests received in good order after the close of regular trading will be processed at the NAV next determined after receipt. The Fund is open for business each day the NYSE is open. All orders must include the required documentation and signatures, and all purchase orders must be accompanied by proper payment. The Fund has authorized a number of financial intermediaries to accept purchase and redemption orders on its behalf, and those intermediaries are

authorized to designate other intermediaries to accept purchase and redemption orders on the Fund's behalf. Orders placed with an authorized financial intermediary will be processed at the share price of the Series next computed after they are received in good order by the financial intermediary or its designee. Accordingly, for you to receive the current business day's share price, your order must be received by an authorized financial intermediary or its designee in good order before the close of regular trading on the NYSE. Your financial intermediary is responsible for transmitting requests and delivering funds to the Series on a timely basis.

The Series' distributor imposes no sales charge on purchases and redemptions of shares of the Series. However, your financial intermediary may charge you a transaction fee on purchases and redemptions.

Excessive Trading

The Series is intended for long-term investment purposes only. Do not invest in the Fund if you are a market timer. The Fund's Board of Directors has adopted policies and procedures designed to detect and deter "market timing" or other types of excessive short-term trading by shareholders. Excessive trading into and out of the Series may present risks to the Series' long-term shareholders, all of which could adversely affect shareholder returns. The risks posed by frequent trading include interfering with the efficient implementation of the Series' investment strategies, triggering the recognition of taxable gains and losses on the sale of the Series' investments, requiring the Series to maintain higher cash balances to meet redemption requests, and experiencing increased transaction costs. In addition, the Fund may, in its sole discretion, reject or limit purchase orders (including purchases by exchange) by an investor or group of investors for any reason without prior notice, including when it believes in its sole discretion that the trading activity in the account(s) would be detrimental to the Series. For purposes of applying these policies, the Fund and its service providers may consider the trading history of accounts under common ownership or control.

Shareholders may make up to 2 "round trips" during any 90 day period. A "round trip" is defined as a purchase or exchange into a Series followed by a redemption or exchange out of the same Series. After the second "round trip", the Fund may block for a period of 90 days additional purchases and exchange purchases into the Fund from your account or any account with the same tax identification number or broker identification number.

The following types of transactions will be exempted from these procedures:

&nbsp;&nbsp;&nbsp;&nbsp;•Transactions under certain monetary thresholds that have been determined by the Fund, in its sole discretion, not to be harmful or disruptive to the Series

&nbsp;&nbsp;&nbsp;&nbsp;•Systematic withdrawals

&nbsp;&nbsp;&nbsp;&nbsp;•Automatic investments (including investments made by payroll deduction)

&nbsp;&nbsp;&nbsp;&nbsp;•Mandatory distributions from IRAs and retirement plans

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;•IRA transfers and rollovers

&nbsp;&nbsp;&nbsp;&nbsp;•Roth IRA conversions and re-characterizations

&nbsp;&nbsp;&nbsp;&nbsp;•Reinvestments of dividends and capital gains

The Fund's ability to monitor trades that are placed by individual shareholders through omnibus accounts, which are accounts maintained by financial intermediaries on behalf of multiple beneficial shareholders, is limited to the extent that the Fund does not have direct access to the underlying shareholder account information. However, the Fund and/or its service providers monitor aggregate trades placed in omnibus accounts and seek to work with financial intermediaries to discourage shareholders from engaging in market timing and to restrict excessive trading. The Fund and/or its service providers have entered into agreements with such financial intermediaries that require the financial intermediaries to provide the Fund and/or its service providers with certain shareholder transaction information to enable the Fund and/or its service providers to review the trading activity in the omnibus accounts. If excessive trading is identified in an omnibus account, the Fund will work with the financial intermediary to restrict trading by the shareholder and may require the financial intermediary to prohibit the shareholder from future purchases or exchanges into the Series. Transactions placed by shareholders through financial intermediaries in violation of the Fund's excessive trading policy may be cancelled or the shares purchased may be redeemed by the Fund.

The Fund may also defer to a financial intermediary's frequent trading policies with respect to those shareholders who invest in a Series through such intermediary. The Fund will defer to an intermediary's policies only after the Fund determines that the intermediary's frequent trading policies adequately protect Series shareholders. Transactions by Series shareholders investing through such intermediaries will be subject to the restrictions of the intermediary's frequent trading policies, which may differ from those of the Fund. Shareholders who invest through financial intermediaries should consult with their intermediaries to determine the frequent trading restrictions that apply to their Series transactions.

The Fund and its service providers will take steps reasonably designed to detect and deter frequent trading by shareholders pursuant to the Fund's policies and procedures described in this prospectus and approved by the Fund's Board of Directors. Despite these efforts, however, the Fund and its service providers may not be able to detect or prevent all instances of short-term trading in the Series, and, as a result, frequent trading could adversely affect the Series and its long-term shareholders as discussed above. For example, certain investors who engage in market timing and other short-term trading activities may employ a variety of techniques to avoid detection. Further, the detection of frequent trading patterns and the blocking of further trading are inherently subjective and therefore involve some selectivity in their application. The Fund and its service providers, however, seek to apply these policies to the best of their abilities uniformly and in a manner they believe is consistent with the interests of the Series' long-term shareholders.

The Fund may amend these policies and procedures in response to changing regulatory requirements or to enhance their effectiveness.

Telephone and Internet Transactions

We will employ steps reasonably designed to ensure that purchase, exchange, or redemption orders placed by telephone or through the Internet are genuine, which may include recording telephone calls and requesting personally identifiable information prior to acting upon instructions. For transactions conducted over the Internet, we recommend the use of a secure Internet browser. We are not responsible for any losses that may occur as long as we follow procedures reasonably designed to prevent fraudulent orders. Interruptions in service may mean that a shareholder will be unable to effect a telephone or Internet order when desired. In addition, you should verify the accuracy of your confirmation statements immediately after you receive them.

Accounts with Low Balances

Discretionary Investment Clients — The Fund does not impose a minimum balance requirement for discretionary investment accounts managed by the Advisor or its affiliates.

Other Shareholders — If your account falls below the minimum balance requirement for your share class (see table above) due to the redemption of shares, the Fund may ask you to bring your account up to the minimum requirement. If your account is still below the minimum balance requirement after 60 days, the Fund may redeem your shares and send you the redemption proceeds.

Inactive Accounts

Each state has rules governing the definition and treatment of unclaimed property. Triggers include inactivity (e.g., no owner-generated activity for a certain period), returned mail (e.g., when mail sent to a shareholder is returned to the Fund's transfer agent as undeliverable, also known as "RPO"), or a combination of both inactivity and RPO. Once property is flagged as unclaimed, an attempt is made to contact the shareholder, but if that attempt is unsuccessful, the account may be considered abandoned and escheated to the state.

Shareholders that reside in the state of Texas may designate a representative to receive escheatment notifications by completing and submitting a designation form that can be found on the website of the Texas Comptroller. While the designated representative does not have any rights to claim or access the shareholder's account or assets, the escheatment period will cease if the representative communicates knowledge of the shareholder's location and confirms that the shareholder has not abandoned his or her property. If a shareholder designates a representative to receive escheatment notifications, any escheatment notices will be delivered both to the shareholder and the designated representative. A completed designation form may be mailed to the Fund (if shares are held directly with the Fund) or to the shareholder's financial intermediary (if shares are not held directly with the Fund).

For more information on unclaimed property and how to maintain an active account, please call us at 1-800-466-3863.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

In-Kind Purchases and Redemptions

Securities you own may be used to purchase shares of the Series. The Advisor will determine if acquiring the securities is consistent with the Series' goals and policies. If accepted, the securities will be valued the same way the Series values securities it already owns.

The Fund may make payment for shares redeemed in part by giving you portfolio securities. As a redeeming shareholder, you will pay transaction costs to dispose of these securities. In addition, you will continue to be subject to the risks of any market fluctuation in the value of the securities until they are sold.

An in-kind distribution of portfolio securities could include illiquid securities. Illiquid securities may not be able to be sold quickly or at a price that reflects full value, or there may not be a market for such securities, which could cause you to realize losses on the security if the security is sold at a price lower than that at which it had been valued.

Medallion Guarantees and Notary Stamps

Financial transactions:

A Medallion Guarantee may be required for certain redemption requests, account transfers and other types of financial transactions. A Medallion Guarantee is a type of signature guarantee that can be obtained from most brokers, banks, savings institutions or credit unions. A Medallion Guarantee is a formal certification offered by firms participating in the Medallion Stamp Program that guarantees a signature is original and authentic.

Non-financial transactions:

Although the Fund will accept a Medallion Guarantee for non-financial transactions, such as changing banking instructions, the Fund will also accept a notary stamp for non-financial transactions. A notary stamp can be obtained from a Notary Public, which is an official appointed by state government to serve the public as an impartial witness in performing a variety of official fraud deterrent acts related to the signing of important documents.

Please contact the Fund at 1-800-466-3863 for more information.

Valuation of Shares

The Series offers its shares at the NAV per share of the Series. The Series calculates its NAV once daily as of the close of regular trading on the NYSE (generally 4:00 p.m. Eastern time) on each day the exchange is open. If the exchange closes early, the Series will accelerate the calculation of its NAV and transaction deadlines to that time.

The Series generally values the securities in its portfolio on the basis of market quotations and valuations provided by independent pricing services. If market prices are not readily available or are unreliable, such as in the case of a security value that has been materially affected by events occurring after the close of the relevant market, securities are valued at fair value. The Board has designated the Advisor as the Series' valuation designee to make all fair value determinations with respect to the Series' portfolio investments, subject to the

Board's oversight. 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 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 that the Advisor assigns 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.

Although the Series' stock holdings consist primarily of U.S. companies that are traded on U.S. exchanges, there may be limited circumstances in which the Series would price these securities at fair value — for example, if the exchange on which a portfolio security is principally traded closed early or if trading in a particular security was halted during the day and did not resume prior to the time the Series calculated its NAV.

Communicating with the Manning & Napier Fund

By Phone: You can reach us at 1-800-466-3863 business days from 8:00 a.m. to 6:00 p.m. Eastern time. Telephone calls may be recorded.

By Mail:

Manning & Napier Fund, Inc.

P.O. Box 534449

Pittsburgh, PA 15253-4449

By Overnight Mail:

Manning & Napier Fund, Inc.

Attention: 534449

500 Ross Street, 154-0520

Pittsburgh, PA 15253-4449

Automated account information: You can obtain automated account information, such as share prices and account balances, 24 hours a day, 7 days a week, by calling 1-800-466-3863 or by logging into your account at www.manning-napier.com.

Disclosure of the Series' Portfolio Holdings

The Series discloses its complete portfolio holdings in each Annual and Semi-Annual Report and, following the first and third fiscal quarters, in a quarterly holdings report filed with the Securities and Exchange Commission (SEC) as exhibits to Form N-PORT. Annual and Semi-Annual Reports are distributed to Series shareholders, and the most recent Reports are available on the Fund's website at www.manning-napier.com. Quarterly holdings reports filed with the SEC are not distributed to Series shareholders, but are available, free of charge, on the EDGAR Database on the SEC's website, www.sec.gov. In addition, the Series' month-end and quarter-end complete portfolio holdings are available on the Fund's website. This information is provided with a lag of at least eight days. Portfolio holdings information will be available on the website at least until it is superseded by a quarterly portfolio holdings report distributed to shareholders (with respect to Annual and Semi-Annual Reports) or filed with the SEC (with respect to an exhibit to Form N-PORT). The Series may also disclose certain commentary and analytical, statistical,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

performance or similar information relating to the Series or its portfolio holdings to third parties if such disclosure is deemed to be for a legitimate business purpose and the information is deemed to be non-material. A description of the Fund's policy and procedures with respect to the circumstances under which the Fund discloses its portfolio securities is available in the SAI.

**Dividends, Distributions, and Taxes**

Dividends and Distributions

The Series generally:

&nbsp;&nbsp;&nbsp;&nbsp;• Pays
dividends once a year, in December.

• Makes net capital gains distributions, if any, once a year, typically in December.

The Series may pay additional distributions and dividends at other times if necessary for the Series to avoid incurring a federal tax.

Unless you have instructed the Fund otherwise, capital gain distributions and dividends are reinvested in additional shares of the same Series and Class that you hold. Alternatively, you can instruct the Fund in writing or by telephone to have your capital gains and/or dividends paid in cash. You can change your choice at any time to be effective as of the next distribution or dividend, except that any change given to the transfer agent after the record date will not be effective until the next distribution or dividend is made. If you have elected to receive your distributions by check, all capital gain distributions and dividends less than $10 will be reinvested. No interest will accrue on amounts represented by uncashed distribution or redemption checks.

Taxes

The Series has elected and intends to qualify each year for treatment as a regulated investment company (a "RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended. If it meets certain minimum distribution requirements, a RIC is not subject to tax at the Series level on income and gains from investments that are timely distributed to shareholders. However, the Series' failure to qualify as a RIC or to meet minimum distribution requirements would result (if certain relief provisions were not available) in Series-level taxation and, consequently, a reduction in income available for distribution to shareholders.

Dividends are paid from income earned on the Series' portfolio holdings as well as from interest on its cash investments. Distributions of capital gain will be treated as long-term or short-term gain depending on how long the Series held the securities sold, without regard to how long you have owned your shares of the Series. If you are investing through a tax-deferred arrangement, such as a 401(k) plan or other retirement account, you generally will not be subject to federal taxation on Series distributions; however, distributions from tax-deferred arrangements are generally subject to federal taxation.

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| | |
|:---|:---|
| &nbsp;&nbsp; TRANSACTION | &nbsp;&nbsp; FEDERAL TAX STATUS |
| &nbsp;&nbsp; Redemption or exchange of shares | &nbsp;&nbsp; Usually taxable as capital gain or loss; long-term only if shares owned more than one year |
| &nbsp;&nbsp; Long-term capital gain distributions | &nbsp;&nbsp; Taxable as long-term capital gain |
| &nbsp;&nbsp; Short-term capital gain distributions | &nbsp;&nbsp; Generally taxable as ordinary income |
| &nbsp;&nbsp; Dividends | &nbsp;&nbsp; Taxable as ordinary income unless they qualify for treatment as qualified dividend income |

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Distributions of investment income reported by the Series as derived from qualified dividend income may qualify to be taxed to non-corporate shareholders at the lower rate applicable to long-term capital gains, which is currently set at a maximum rate of 20% (lower rates apply to individuals in lower tax brackets). Qualified dividend income is, in general, dividend income from taxable domestic corporations and certain foreign corporations (e.g., foreign corporations incorporated in a possession of the United States or in certain foreign countries with a comprehensive tax treaty with the United States, or the stock of which is readily tradable on an established securities market in the United States).

If you are a taxable investor, you may want to avoid buying shares when the Series is about to declare a capital gain distribution or a dividend, because it will be taxable to you even though economically it may actually be a return of a portion of your investment.

Dividends and interest received by the Series may be subject to income, withholding or other taxes imposed by foreign countries and United States possessions that would reduce the yield on the Series' securities. Tax conventions between certain countries and the United States may reduce or eliminate these taxes. Foreign countries generally do not impose taxes on capital gains with respect to investments by foreign investors.

When you sell or redeem your Series shares, or exchange them for shares of a different Series, you will generally realize a capital gain or loss for federal and state tax purposes.

For tax purposes, an exchange of your shares for shares of another Series is treated the same as a sale. An exchange between share classes in the same Series is not reported as a taxable sale.

After the end of each year, the Series will provide you with information about the distributions and dividends that you received and any redemptions of shares during the previous year. In calculating your gain or loss on any sale of shares, note that your tax basis in your shares is increased by the amounts of dividends and distributions that you have reinvested in the Series. If you have owned your shares of the Series for more

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

than one year, any net long-term capital gains from the sale of shares will generally qualify for the reduced rates of federal income taxation on long-term capital gains for non-corporate shareholders. Dividends and distributions are taxable as described above whether received in cash or reinvested.

The Series is required to report to you and the Internal Revenue Service annually on Form 1099-B the gross proceeds of Series shares you sell or redeem and also the cost basis for shares. Cost basis will be calculated using the Series' default method of average cost, unless you instruct the Series to use a different calculation method. Shareholders should carefully review the cost basis information provided by the Series and make any additional basis, holding period or other adjustments that are required when reporting these amounts on their federal income tax returns. If your account is held through a financial intermediary (such as a financial advisor or broker), please contact the financial intermediary with respect to reporting of cost basis and available elections for your account. Tax-advantaged retirement accounts will not be affected.

If the Series' distributions exceed its earnings and profits (as calculated for federal income tax purposes) for a taxable year, all or a portion of the distributions made in the taxable year may be re-characterized as a return of capital to shareholders. A return of capital distribution will not be taxable to the extent of a shareholder's adjusted basis but will reduce such basis and result in a higher capital gain or lower capital loss when those shares on which the distribution was received are sold. To the extent a return of capital distribution exceeds a shareholder's adjusted basis, the distribution will be treated as gain from the sale of shares.

U.S. individuals with income exceeding $200,000 ($250,000 if married and filing jointly) are subject to a 3.8% tax on their "net investment income," including interest, dividends, and capital gains (including capital gains realized on the sale or exchange of shares).

If you do not provide the Series with your correct taxpayer identification number and any required certifications, you may be subject to backup withholding of 24% of your distributions, dividends and redemption proceeds.

This discussion is for general information only and is not tax advice. You should consult your own tax advisor regarding your particular circumstances, and about any federal, state, local and foreign tax consequences before making an investment in the Series. Additional information about the tax consequences of investing in the Series may be found in the SAI.

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**Financial Highlights**

The financial highlights tables are intended to help you understand the Series' financial performance for the past five years or, if shorter, the period of a Class' operations. Certain information reflects financial results for a single share. The total returns in the tables represent the rate that an investor would have earned, or lost, on an investment in the Series (assuming reinvestment of all dividends and distributions). This information has been audited by PricewaterhouseCoopers LLP, whose report, along with the Series' financial statements, is included in the Series' annual report, which is available upon request.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
| Equity Series - Class S\* | **10/31/22** | **10/31/21** | **10/31/20** | **10/31/19** | **10/31/18** |
| **Per share data (for a share outstanding throughout each year):** |  |  |  |  |  |
| Net asset value - Beginning of year | $18.71 | $14.32 | $13.89 | $14.28 | $14.27 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> | (0.02) | (0.02) | 0.01 | 0.02 | (0.02) |
| Net realized and unrealized gain (loss) on investments | (2.85) | 5.67 | 1.81 | 1.86 | 1.07 |
| *Total from investment operations* | (2.87) | 5.65 | 1.82 | 1.88 | 1.05 |
| **Less distributions to shareholders:** |  |  |  |  |  |
| From net investment income |  | (0.00)<sup>2</sup> | (0.03) | (0.01) |  |
| From net realized gain on investments | (2.71) | (1.26) | (1.36) | (2.26) | (1.04) |
| *Total distributions to shareholders* | (2.71) | (1.26) | (1.39) | (2.27) | (1.04) |
| ***Net asset value - End of year*** | ***$13.13*** | ***$18.71*** | ***$14.32*** | ***$13.89*** | ***$14.28*** |
| **Net assets - End of year** (000's omitted) | **$62848** | **$78687** | **$59789** | **$63701** | **$69562** |
| Total return<sup>3</sup> | (17.78%)<sup>4</sup> | 41.71% | 14.00%<sup>5</sup> | 16.88% | 7.67% |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |
| Expenses\*\* | 1.05% | 1.05% | 1.05% | 1.05% | 1.05% |
| Net investment income (loss) | (0.13%) | (0.15%) | 0.04% | 0.12% | (0.17%) |
| Series portfolio turnover | 44% | 35% | 49% | 48% | 45% |
| \*Effective March 1, 2017, Class A shares of the Series have been designated as Class S shares. |  |  |  |  |  |
| \*\*The investment advisor did not impose all or a portion of its management and/or other fees during the years, and may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | 0.26% | 0.24% | 0.26% | 0.24% | 0.17% |

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

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

<sup>3</sup> Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been waived or reimbursed during the years.

<sup>4</sup> Includes litigation proceeds. Excluding this amount, the total return would have been (17.84%).

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED  | FOR THE YEAR ENDED  | FOR THE YEAR ENDED  | **FOR THE PERIOD 3/1/19<sup>1</sup>** **to 10/31/19** |
| Equity Series - Class W | **10/31/22** | **10/31/21** | **10/31/20** | **FOR THE PERIOD 3/1/19<sup>1</sup>** **to 10/31/19** |
| **Per share data (for a share outstanding throughout each period):** |  |  |  |  |
| Net asset value - Beginning of period | $18.87 | $14.42 | $13.98 | $12.53 |
| **Income (loss) from investment operations:** |  |  |  |  |
| Net investment income<sup>2</sup> | 0.13 | 0.14 | 0.14 | 0.09 |
| Net realized and unrealized gain (loss) on investments | (2.90) | 5.72 | 1.82 | 1.36 |
| *Total from investment operations* | (2.77) | 5.86 | 1.96 | 1.45 |
| **Less distributions to shareholders:** |  |  |  |  |
| From net investment income |  | (0.15) | (0.16) |  |
| From net realized gain on investments | (2.71) | (1.26) | (1.36) |  |
| *Total distributions to shareholders* | (2.71) | (1.41) | (1.52) |  |
| ***Net asset value - End of period*** | ***$13.39*** | ***$18.87*** | ***$14.42*** | ***$13.98*** |
| **Net assets - End of period** (000's omitted) | **$7** | **$480** | **$358** | **$369** |
| Total return<sup>3</sup> | (17.00%)<sup>4</sup> | 43.17% | 15.15%<sup>5</sup> | 11.57% |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |
| Expenses\* | 0.05% | 0.05% | 0.05% | 0.05%<sup>6</sup> |
| Net investment income | 0.83% | 0.85% | 1.03% | 1.04%<sup>6</sup> |
| Series portfolio turnover | 44% | 35% | 49% | 48% |
| \*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% | 0.99%  | 1.01% | 1.00%<sup>6</sup> |

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

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

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

<sup>4</sup> Includes litigation proceeds. Excluding this amount, the total return would have been (17.06%).

<sup>5</sup> Includes litigation proceeds. Excluding this amount, the total return would have been 14.99%.

<sup>6</sup> Annualized.

**Manning & Napier Fund, Inc.**

**Equity Series**

**Class S & Class W Shares**

Shareholder Reports and the Statement of Additional Information (SAI)

Annual and semi-annual reports to shareholders provide additional information about the Series' investments. These reports discuss the market conditions and investment strategies that significantly affected the Series' performance during its last fiscal year. The SAI provides more detailed information about the Series. It is incorporated by reference into this prospectus, making it legally part of the prospectus.

How to Obtain the Shareholder Reports, SAI, and Additional Information

&nbsp;&nbsp;&nbsp;&nbsp;•You may obtain shareholder reports and the SAI or other information about the Series without charge, by calling 1800-466-3863 or sending written requests to Manning & Napier Fund, Inc., P.O. Box 805, Fairport, New York 14450. Note that this address should not be used for transaction requests. These documents are also available at www.manning-napier.com.

&nbsp;&nbsp;&nbsp;&nbsp;•Shareholder reports, the prospectus, the SAI and other information about the Series are available on the EDGAR Database on the Commission's Internet site at http://www.sec.gov. You may obtain copies of this information, after paying a duplicating fee, by sending an email request to publicinfo@sec.gov.

Shareholder Mailings

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 1-800-466-3863 or contact your financial intermediary.

The Fund also offers electronic delivery of certain documents. Direct shareholders can elect to receive shareholder reports, prospectus updates, and statements via e-delivery. For more information or to sign up for e-delivery, please visit the Fund's website at www.manning-napier.com.

If someone makes a statement about the Series that is not in this prospectus, you should not rely upon that information. Neither the Series nor its distributor is offering to sell shares of the Series to any person to whom the Series may not lawfully sell its shares.

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|:---|:---|
| **Investment Company Act File No. 811-04087** | **EXEYX03/01/2023** |

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![](disc-val_proimg001.gif)

**Prospectus**

MARCH 1, 2023

![](disc-val_proimg002.gif)

www.manning-napier.com

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|:---|:---|:---|:---|:---|
| **Manning & Napier Fund, Inc.** | **Class S** | **Class I** | **Class W** | **Class Z** |
| Disciplined Value Series | MDFSX | MNDFX | MDVWX | MDVZX |

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The Securities and Exchange Commission has not approved or disapproved these securities or determined whether this prospectus is accurate or complete. Any statement to the contrary is a crime.

Manning & Napier Fund, Inc.

**Table of Contents**

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| | |
|:---|:---|
| &nbsp;&nbsp; Summary Section |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Disciplined Value Series | 1 |
| &nbsp;&nbsp; More Information About the Series' <br>Principal Investment Strategies and Principal Risks | 5 |
| &nbsp;&nbsp; Management | 6 |
| &nbsp;&nbsp; Payments to Broker-Dealers and Other Financial Intermediaries | 7 |
| &nbsp;&nbsp; Choosing a Share Class | 8 |
| &nbsp;&nbsp; How to Buy, Exchange, and Redeem Shares | 9 |
| &nbsp;&nbsp; Investment and Account Information | 11 |
| &nbsp;&nbsp; Dividends, Distributions, and Taxes | 14 |
| &nbsp;&nbsp; Financial Highlights | 16 |

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**1**

**Summary Section**

Disciplined Value Series

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.

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|:---|:---|:---|:---|:---|
| &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; None | &nbsp;&nbsp; None | &nbsp;&nbsp; None | &nbsp;&nbsp; None |

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|:---|:---|:---|:---|
| &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; 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; Total Annual Fund Operating Expenses | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.52% | &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%** |

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<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:

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|:---|:---|:---|:---|:---|
| &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 |

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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.

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.

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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.

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.

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<br> CALENDAR YEARS ENDED DECEMBER 31

![](disc-val_proimg003.gif)

Quarterly Returns

Highest (quarter ended 12/31/2022): 15.22%

Lowest (quarter ended 03/31/2020): (25.06)%

&nbsp;&nbsp; AVERAGE ANNUAL TOTAL RETURNS <br>FOR PERIODS ENDED DECEMBER 31, 2022<br>

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| | | | |
|:---|:---|:---|:---|
|  | 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 on<br> 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; 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% |

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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** Analyst, has managed the Series since 2021.

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

**Christopher F. Petrosino, CFA<sup>®</sup>**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 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.

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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.

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The Series' Investment Methodology

In managing the Series' portfolio, the Advisor uses a systematic process to seek to identify stocks of companies that meet the following investment criteria at the time of purchase:

&nbsp;&nbsp;&nbsp;&nbsp;•Attractive valuation, based on factors such as free cash flow yield (i.e., cash generated by a company that is available to equity holders) and underlying earnings power.

&nbsp;&nbsp;&nbsp;&nbsp;•Dividend yield equal to or exceeding the dividend yield of the broad equity market.

&nbsp;&nbsp;&nbsp;&nbsp;•A high likelihood of being able to maintain its dividend.

&nbsp;&nbsp;&nbsp;&nbsp;•Strong financial health, based on factors such as profitability and leverage.

On an annual basis, the Advisor reviews the Series' portfolio holdings against the investment criteria set forth above, and will sell those holdings that no longer meet such 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.

More Information About the Series' Principal Investments

**Equity securities** — Equity securities are primarily common stocks of U.S. companies traded on U.S. exchanges.

More Information About the Series' Principal Risks

**Market risk** — The risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. The Series' net asset value (NAV) per share will fluctuate with the market prices of its portfolio securities. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Markets for securities in which the Series invests may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect 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, which in turn could negatively impact the Series' performance and cause losses on your investment in the Series. Recent examples include pandemic risks related to COVID-19 and aggressive measures taken worldwide in response by governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines of large populations, and by businesses, including changes to operations and reducing staff. The impact of the COVID-19 pandemic may be short term or may last for an extended period of time, and in either case could result in a substantial economic downturn or recession.

**Equity risk** — The prices of equity securities rise and fall daily. These price movements may result from factors affecting individual companies, industries or the securities market as a whole. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. In addition, the equity market tends to move in cycles which may cause stock prices to fall over short or extended periods of time.

**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.

**Large- and mid-cap risk** — Both large- and mid-cap stocks tend to go in and out of favor based on market and economic conditions. However, stocks of mid-cap companies tend to be more volatile than those of large-cap companies because mid-cap companies tend to be more susceptible to adverse business or economic events than larger, more established companies. During a period when large- and mid-cap stocks underperform other types of investments — small-cap stocks, for instance — a Series' performance may also lag these investments. Investments in mid-cap stocks are also subject to liquidity risk, which is described below.

**Sector focus risk** — To the extent a Series focuses or concentrates its investments in a particular sector or sectors, the Series will be more susceptible to events or factors affecting companies in those sectors. For example, the values of securities of companies in the same sector may be negatively affected by the common characteristics they share, the common business risks to which they are subject, common regulatory burdens, or regulatory changes that affect them similarly. Such characteristics, risks, burdens or changes include, but are not limited to, changes in governmental regulation, inflation or deflation, rising or falling interest rates, competition from new entrants, and other economic, market or political developments specific to the particular sector or sectors.

**Liquidity risk** — Liquidity risk exists when particular investments are difficult to purchase or sell. The market for certain investments may become illiquid due to specific adverse changes in the conditions of a particular issuer or under adverse market or economic conditions independent of the issuer. The Series' investments in illiquid securities may reduce the returns of the Series because it may be unable to sell the illiquid securities at an advantageous time or price. Further, transactions in illiquid securities may entail transaction costs that are higher than those for transactions in liquid securities.

**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 a Series may impact the Series' liquidity and net asset value (NAV). These redemptions may also force a Series to sell securities, which may cause the Series

**More Information About the Series' Principal Investment Strategies and Principal Risks**

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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.

Defensive Investing

The Series may depart from its principal investment strategies by taking temporary defensive positions in response to adverse market, economic or political conditions. During such times, the Series may invest up to 100% of its assets in cash, cash equivalents or other high quality short-term investments. If the Series takes a temporary defensive position, it may be unable to achieve its investment goal.

Investment Strategy and Goal

The investment strategy of the Series is to invest, under normal circumstances, at least 80% of its assets in dividend-paying common stocks. The Series will notify its shareholders at least sixty days prior to any change in its investment strategy.

The Series' Board of Directors may change the Series' investment goal of providing competitive returns consistent with the broad equity market while also providing a level of capital protection during market downturns without obtaining the approval of shareholders. If there is a material change in the Series' investment goal, shareholders will be notified thirty days prior to any such change and will be advised to consider whether the Series remains an appropriate investment in light of their then current financial position and needs. The Series may not succeed in achieving its goal.

More Information About the Series' Benchmark Index

The following information relates to the Russell 1000<sup>®</sup> Value Index referred to in the Performance Information section of this prospectus. Index data provided is not a representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent. Index returns do not reflect any fees or expenses. You cannot invest directly in an index.

Index data comes from third parties ("Third Party Content"). While we believe these Third-Party Content sources are reliable, we make no representations or warranties as to the Third-Party Content. All Third-Party Content is to be used solely for informational purposes and is provided on an "AS IS" basis. Manning & Napier will not be liable for the use of any Third-Party Content and Manning & Napier's use of Third-Party Content shall not be construed as an endorsement of or affiliation with any Third-Party Content provider.

Some additional disclosures for our Third-Party Content providers are set forth below:

**Russell** 

The Russell 1000<sup>®</sup> Value Index is an unmanaged, market capitalization-weighted index consisting of those Russell 1000<sup>®</sup> Index companies with lower price-to-book ratios and lower forecasted growth values. The Index returns are based on a

market capitalization-weighted average of relative price changes of the component stocks plus dividends whose reinvestments are compounded daily. Index returns provided by Bloomberg.

Source: London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2023. FTSE Russell is a trading name of certain of the LSE Group companies. "Russell<sup>®</sup>" is a trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

**Management**

The Advisor

The Series' advisor is Manning & Napier Advisors, LLC, 290 Woodcliff Drive, Fairport, New York 14450 ("Manning & Napier" or the "Advisor"). Manning & Napier is registered as an investment advisor with the SEC. The Advisor has claimed an exclusion from the definition of the term "commodity pool operator" (CPO) under the Commodity Exchange Act (CEA) with respect to the Series. Therefore, the Series is not subject to registration or regulation under the CEA.

As of December 31, 2022, Manning & Napier managed $17.9 billion for individual and institutional investors. The Advisor is responsible for the day-to-day portfolio management of the Series and generally oversees the Series' overall business affairs, service providers and officers.

Portfolio Managers

The Series' Portfolio Management Team is jointly and primarily responsible for managing the Series' portfolio. The following investment professionals serve on the Series' Portfolio Management Team.

**Kelly Covley, CFA<sup>®</sup>** **, CAIA, Analyst**

Joined the Advisor in 2015. Analyst since 2021. Previous positions held in the last five years: Senior Associate, 2018 – 2020; Associate, 2017 – 2018; Member of the Series' Portfolio Management Team since 2021.

**Alex Gurevich, CFA<sup>®</sup>** **, Senior Analyst**

Joined the Advisor in 2007. Senior Analyst since 2021. Previous positions held in the last five years: Analyst, 2019 – 2020; Junior Analyst, 2017 – 2019; Member of the Series' Portfolio Management Team since 2018.

**Christopher F. Petrosino, CFA<sup>®</sup>** **, Managing Director of Quantitative Strategies Group**

Joined the Advisor in 2001. Managing Director since 2012. Member of the Series' Portfolio Management Team since 2008.

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The Statement of Additional Information (SAI) contains additional information about the Series' management team, including the structure of their compensation, their role in managing other accounts, and their ownership of securities in the Series.

Discretionary Investment Accounts

The Advisor and its affiliates may use the Series within its client's discretionary investment accounts. From time to time, these discretionary accounts may hold a substantial portion of the outstanding shares of the Series, and transactions in shares of the Series for such accounts may have an impact upon the size and operations of the Series. For instance, transactions in shares of the Series for these accounts may cause the Series' portfolio turnover rate and transaction costs to rise, which may negatively affect fund performance and increase the likelihood of capital gain distributions. In addition, the Series' assets may be significantly less during times when these discretionary accounts are not invested in the Series, which would cause the Series' remaining shareholders to bear greater portions of the Series' fixed operating expenses, subject to any fee waiver then in effect.

Management Fees

In return for the services it provides to the Series, the Advisor receives an annual management fee of 0.30% of the Series' average daily net assets, which is computed daily and payable monthly by the Series. 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 total direct annual fund operating expenses, exclusive of Rule 12b-1 Fees (as defined below) 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. Due to fee waivers and expense reimbursements, the Advisor received a management fee of 0.13% for the Series for the fiscal year ended October 31, 2022.

A discussion regarding the basis for the Board of Directors' approval of the Series' investment advisory agreement is available in the Series' annual report dated October 31, 2022, which covers the period November 1, 2021 through October 31, 2022.

The Distributor

The Class S, Class I, Class W and Class Z shares of the Series are offered on a continuous basis through the Fund's principal underwriter, Manning & Napier Investor Services, Inc. (the Distributor).

**Payments to Broker-Dealers and Other Financial Intermediaries**

Distribution and Service (12b-1) Fees

Class S shares of the Series are subject to an annual distribution and shareholder services fee (a Rule 12b-1 Fee) of up to 0.25% of the Class's average daily net assets in accordance with a distribution and shareholder services plan (the Rule 12b-1 Plan) adopted by the Fund's Board of Directors pursuant to Rule 12b-1 under the Investment Company Act of 1940. The Rule 12b-1 Fee is intended to compensate the Distributor for services and expenses primarily intended to result in the sale of Class S shares and/or in connection with the provision of direct client service, personal services, maintenance of shareholder accounts and reporting services to holders of Class S shares of the Series. Generally, the Rule 12b-1 Fee will not be retained by the Distributor but will instead be reallowed to financial intermediaries who provide these services.

Expenses and services for which the Distributor or another intermediary or agent may be compensated include, without limitation, expenses (including overhead and telephone expenses) of, and compensation to, employees of the Distributor or of intermediaries who engage in distribution or servicing of Class S shares, printing of prospectuses and reports for other than existing Class S shareholders, advertising, preparing, printing and distributing sales literature and forwarding communications from the Fund to such persons. The Rule 12b-1 Plan is of the type known as a "compensation" plan. This means that the fees are payable to compensate the Distributor or intermediary for services rendered even if the amount paid exceeds the Distributor's or intermediary's expenses. Because these fees are paid out of the Series' assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than other types of sales charges.

Class I shares, Class W shares and Class Z shares of the Series are not subject to a Rule 12b-1 Fee.

Other Payments by the Fund

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 Rule 12b-1 Fee payable under the Rule 12b-1 Plan of the Fund.

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Payments by the Advisor and/or its Affiliates

The Advisor may use its own resources to engage in activities that may promote the sale of the Series' shares, including payments, or other forms of incentives such as discounted fees for products or services of affiliates, to third parties who provide services such as shareholder servicing, marketing support, and distribution assistance to the Series. These fees or other incentives are in addition to any payments made to financial intermediaries by the Fund. The level of payments made to financial intermediaries may be a fixed fee or based upon one or more of the following factors: gross sales, current assets and/or number of accounts of the Series attributable to the financial intermediary, the particular type of Series, or other measures as agreed to in writing by the Advisor, the Distributor and/or their affiliates and the financial intermediaries or any combination thereof. The amount of these payments is determined at the

discretion of the Advisor, the Distributor and/ or their affiliates from time to time and may be different for different financial intermediaries based on, for example, the nature of the services provided by the financial intermediary.

The Advisor may also, from its own resources, defray or absorb costs relating to distribution, including compensation of employees who are involved in distribution. These payments or discounts may be substantial but are paid or discounted by the Advisor or its affiliates, not by a Series or its shareholders. Such payments may provide an incentive for the financial intermediary to make shares of a Series available to its customers and may allow a Series greater access to the financial intermediary's customers, and may create a conflict of interest by influencing the financial intermediary to recommend a Series over another investment.

**Choosing a Share Class**

The Series offers four classes of shares to investors: Class S, Class I, Class W, and Class Z shares. Each share class has its own investment eligibility criteria, cost structure and other features. The following summarizes the primary features of the Class S, Class I, Class W and Class Z shares. Contact your financial intermediary or the Fund for more information about the Series' share classes and how to choose among them.

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|:---|:---|:---|:---|
| &nbsp;&nbsp; CLASS NAME | &nbsp;&nbsp; ELIGIBLE INVESTORS | &nbsp;&nbsp; INVESTMENT MINIMUMS | &nbsp;&nbsp; RULE 12B-1<br>FEE |
| &nbsp;&nbsp; Class S | &nbsp;&nbsp; Individual or institutional investors; employee benefit plans, such as defined benefit plans, defined contribution plans, and 401(k) plans; and certain financial intermediaries. | &nbsp;&nbsp; Initial – $2,000 <br>Minimum Balance <br>Requirement – $1,000 | &nbsp;&nbsp; 0.25% |
| &nbsp;&nbsp; Class I | &nbsp;&nbsp; Institutions, such as investment companies, foundations, endowments, banks, trusts and corporate capital and cash management accounts; individual investors; employee benefit plans; and certain financial intermediaries. | &nbsp;&nbsp; Initial – $1,000,000 <br>Minimum Balance <br>Requirement – $1,000,000\* |  |
| &nbsp;&nbsp; Class W | &nbsp;&nbsp; The Advisor's discretionary investment account clients and other funds managed by the Advisor. | &nbsp;&nbsp; Initial – None <br>Minimum Balance <br>Requirement – None |  |
| &nbsp;&nbsp; Class Z | &nbsp;&nbsp; Institutions, such as investment companies, foundations, endowments, banks, trusts and corporate capital and cash management accounts; individual investors; employee benefit plans; individual investors; and certain financial intermediaries. | &nbsp;&nbsp; Initial – $1,000,000 <br>Minimum Balance <br>Requirement – $1,000,000 |  |

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\*Shareholders holding Class I shares of the Series prior to February 29, 2012 are not subject to the minimum balance requirement.

The minimum initial investment and minimum balance requirements for Class I, Class S, and Class Z shares are waived for certain qualified retirement plans and the Advisor's discretionary investment account clients. In addition, the minimum investment and minimum balance requirements of the Class S shares are waived for participants in an automatic investment program who invest at least $1,000 in a 12-month period. The Fund reserves the right to change or waive a Class's investment minimums in its sole discretion.

Class I, Class S, and Class Z shares are offered to investors who purchase shares directly from the Distributor or through certain financial intermediaries such as financial planners, investment advisors, broker-dealers or other financial institutions. An

investor may be eligible to purchase more than one share class. However, if you are purchasing your shares through a financial intermediary, you may only purchase that class of shares which your financial intermediary sells or services. Your financial intermediary can tell you which class of shares is available through the intermediary.

If you purchase your shares through an intermediary, your financial intermediary may impose different or additional conditions than the Series on purchases, redemptions and exchanges of shares. These differences may include initial, subsequent and maintenance investment requirements, exchange policies, and trading restrictions. Your financial intermediary may independently establish and charge you

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fees, which may include commissions, transaction fees and account fees in addition to the fees charged by the Series. These additional fees may vary over time and would increase the cost of your investment and lower investment returns. You should consult your financial intermediary directly for information regarding these conditions and fees. The Series is not responsible for the failure of your financial intermediary to carry out its responsibilities.

You or your financial intermediary may request that the shares in your account be converted to another share class with lower total expenses if you meet the eligibility requirements of the other share class. In addition, certain financial intermediaries have arranged for the Fund to automatically implement such conversions in specified circumstances for shares held through the financial intermediary or in an account established directly with the Fund through the financial intermediary.

The Fund reserves the right to determine which potential investors qualify as eligible investors for each share class. Shares of a class held by a non-eligible investor are subject to involuntary redemption by the Fund.

If your account no longer meets the minimum balance requirement for a share class, the Fund may automatically convert the shares in the account to another share class or redeem your shares, as appropriate. The Fund will notify you in writing before any mandatory conversion or redemption occurs.

**How to Buy, Exchange, and Redeem Shares**

Actions by Authorized Representative

Shareholders who establish an account directly with the Fund through a financial intermediary have authorized the registered representative of such intermediary indicated on the account application or subsequent documentation to perform transactions in the Series' shares and certain account maintenances on behalf of the shareholders.

Discretionary Investment Accounts

For discretionary investment account clients of the Advisor or its affiliates, investment decisions pertaining to purchases and sales of Fund shares are made at the Advisor's discretion.

All orders to purchase and redeem shares on behalf of discretionary investment account clients of the Advisor and its affiliates will be processed at the NAV next determined after receipt by the transfer agent of a duly completed purchase or redemption order transmitted by the Advisor to the transfer agent. There is no minimum initial investment for the Advisor's discretionary investment account clients.

The instructions provided below apply to all other investors.

How to Obtain Forms

You can obtain the forms referenced in the following sections by going to the Fund's website at www.manning-napier.com/fundapps or by calling 1-800-466-3863.

How to Buy Shares

Shareholders investing through a financial intermediary should contact their intermediary to learn how to place orders to buy shares. Shareholders investing directly with the Fund may purchase shares as described below.

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 Series' 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 in a 12-month period. There is no minimum for subsequent investments. Employees, officers and directors of the Advisor or its affiliates, and family members of such persons, are not subject to any minimum initial investment in the Series.

The Fund reserves the right to change or waive the Series' investment minimums in its sole discretion. The Fund also reserves the right to reject purchase orders or to stop offering its shares without notice to shareholders. The Fund does not generally accept investments by non-U.S. persons or certain U.S. persons living outside the U.S. Such persons may be permitted to invest in the Fund under certain limited circumstances.

Check Acceptance Policy

The Fund maintains a check acceptance policy for share purchases. Investments that are received in an unacceptable form will be returned. The Fund reserves the right to reject certain forms of payment for share purchases. Checks must be made payable to the Manning & Napier Fund, Inc. and must be in U.S. dollars. The Fund will not accept cash, third party checks, starter checks, travelers checks, credit card checks or money orders.

Customer Identification Policy

Shareholder information is subject to independent identity verification and may be shared, as permitted by law and the Fund's Privacy Policy, for identifying and reporting suspected money laundering and terrorist activity. Please review your account application for additional information.

The Fund will not accept a P.O. Box as a primary address. A physical address must be used. A P.O. Box may be used as a mailing address only.

**By Mail** *Opening an account*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Send a check payable to Manning & Napier Fund, Inc., with the completed original account application.

The address is:

Manning & Napier Fund, Inc.

P.O. Box 534449

Pittsburgh, PA 15253-4449

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•To request an account application, refer to the section *How to Obtain Forms*.

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*Adding to an account*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Send a check payable to Manning & Napier Fund, Inc. and a letter of instruction with the name of the Series and share class to be purchased and the account name and number to the above address.

**By Wire** *Opening or adding to an account*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•After the Fund has received your completed account application, you may wire funds to open or add shares to your account. Before sending a wire, call 1-800-466-3863 for wire instructions. Wire instructions are also available at www.manning-napier.com/fundapps under the General Forms section. Refer to the "Delivery Instructions."

**By Telephone** *Adding to an Account*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•You may use the Telephone Purchase feature to add to an existing account. To use this service, call 1-800-466-3863 to request a debit from your pre-authorized checking account. Your bank must be a member of the Automated Clearing House (ACH) to use this feature. Any purchases made through this feature will be posted to your account at the NAV calculated when your purchase request is determined to be in good order (generally on the next business day after your call that both the NYSE and banks are open).

**Through the Internet** *Adding to an Account*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•If you are a registered user of the Fund's website, you may use the Internet to add to an existing account by requesting a debit from your bank account. To use this service, go to www.manning-napier.com, click on the "login" button in the top right-hand corner of the screen, then click on "Mutual Fund" to be directed to the secure sign-in screen. Once logged in, click on the "Trading" tab and follow the prompts. Any purchases made through this feature will be posted to your account at the NAV calculated when your purchase request is determined to be in good order (generally on the next business day after your order that both the NYSE and banks are open).

Automatic Investment Plan

You may participate in the Automatic Investment Plan by completing the applicable section of the account application (for new accounts) or by completing the appropriate section of the form titled "Account Maintenance Form – Financial EFT Bank Change" (for existing accounts). Through the plan, you can authorize transfers of a specified amount from your bank account into the Series on a regular basis. The minimum amount of each investment is $25. If you have insufficient funds in your account to complete a transfer, your bank may charge you a fee. To request an account application or form, refer to the section *How to Obtain Forms*.

How to Exchange Shares

Subject to the conditions discussed in the "Excessive Trading" section below, shareholders may exchange shares of the Series for a class of shares of any other Series of the Fund currently available for investment if the registration of both accounts is identical and the exchange order and shareholder meet the minimum investment and other requirements for the Series and class into which they are exchanging. Please read the prospectus of the Series into which you wish to exchange prior to requesting the exchange. The Fund may alter, limit or suspend its exchange privilege on 60 days' notice.

The Fund's exchange privilege is not intended as a vehicle for short-term or excessive trading. The Fund may suspend or terminate your exchange privilege if you engage in a pattern of exchanges that is excessive, as determined in the sole discretion of the Fund. For more information about the Fund's policy on excessive trading, see "Excessive Trading."

An exchange involves a redemption of shares surrendered in the exchange, and therefore it may cause the shareholder to realize a gain that may be subject to income tax. However, an exchange between share classes in the same Series is not reported as a taxable sale.

Shareholders holding shares through a financial intermediary should contact their financial intermediary to learn how to place orders to exchange shares. Shareholders holding shares directly with the Fund may exchange shares directly with the Fund, as described below.

**By Mail**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Send a letter of instruction or a completed "Fund Exchange Request Form" to Manning & Napier Fund, Inc., at the address found in the section *How To Buy, Exchange and Redeem Shares — Opening An Account*, signed by each registered account owner, exactly as your names appear on the account registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Provide the name of the current Series and class of shares, the Series and class of shares to exchange into, and the dollar amount to be exchanged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Provide the account number.

**By Telephone**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Unless you have declined telephone privileges, call the Fund at 1-800-466-3863.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Provide the name of the current Series and class of shares, the Series and class of shares to exchange into, and the dollar amount to be exchanged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Provide the account number.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We will ask for identification, and all telephone calls are recorded.

**Through the Internet**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•If you are a registered user of the Fund's website, you may use the Internet to exchange shares between Series. To use this service, go to www.manning-napier.com, click on the "login" button in the top right-hand corner of the screen, then click on "Mutual Fund" to be directed to the secure sign-in screen. Once logged in, click on the "Trading" tab and

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follow the prompts. Any exchanges made through this feature prior to the close of trading on the NYSE on a business day will be posted to your account at the NAV calculated on that day.

How to Redeem Shares

The Fund typically expects to pay out redemption proceeds to redeeming shareholders within one business day following receipt of shareholder redemption requests. The Fund may, however, postpone payment of redemption proceeds for up to seven days. In addition, the Fund may suspend redemptions or postpone payment of redemption proceeds for longer than seven days when the NYSE is closed, other than during customary weekends or holidays, or as otherwise permitted by the SEC. If you recently purchased your shares by check, redemption proceeds may not be available until your check has cleared (which may take up to 10 days from your date of purchase).

The Fund may sell portfolio assets, hold cash or cash equivalents, draw on a line of credit, use short-term borrowings from its custodian, and/or redeem shares in-kind (as described below), as necessary, to meet redemption requests.

A Medallion Signature Guarantee may be required for certain redemption requests, such as redemption requests over $100,000 sent to an address other than a pre-designated bank account. Likewise, certain types of account maintenance, such as address changes, result in a thirty calendar day hold on your account during which any redemption requests via check to the new address must include a Medallion Guarantee.

Shareholders holding shares through a financial intermediary should contact their financial intermediary to learn how to place orders to redeem shares. Shareholders holding shares directly with the Fund may place redemption orders directly with the Fund, as described below.

**By Mail**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Complete the applicable form or send a letter of instruction to Manning & Napier Fund, Inc., at the address found in the section *How To Buy, Exchange and Redeem Shares — Opening An Account*, signed by each registered account owner, exactly as your names appear in the account registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Provide the name of the Series, the class of shares, and the number of shares or dollar amount to be sold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Provide the account number.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•To obtain a form, refer to the section *How to Obtain Forms*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Additional documentation, including Medallion Guarantees, may be required (call the Fund for details).

**By Telephone**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Unless you have declined telephone privileges, call us at 1-800-466-3863.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Provide the name of the Series, the class of shares, and the number of shares or dollar amount to be sold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Provide the account number.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We will ask for identification, and all telephone calls are recorded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Redemption proceeds from sales requested by telephone will be sent only to an address that has been on file with us for at least 30 days or a pre-designated bank account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Amounts over $100,000 may only be sent to a pre-designated bank account.

**Through the Internet**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•If you are a registered user of the Fund's website, you may use the Internet to redeem shares from your account. To use this service, go to www.manning-napier.com, click on the "login" button in the top right-hand corner of the screen, then click on "Mutual Fund" to be directed to the secure sign-in screen. Once logged in, click on the "Trading" tab and follow the prompts. Proceeds from redemptions requested over the Internet will be sent only to an address that has been on file with us for at least 30 days or a pre-designated bank account. Amounts over $100,000 may only be sent to a pre-designated bank account. Any redemptions made through this feature prior to the close of trading on the NYSE on a business day will be posted to your account at the NAV calculated on that day.

**Investment and Account Information**

More About Purchases, Exchanges, and Redemptions

All orders to purchase, exchange, or redeem shares must be sent to the transfer agent at the address found in the section *How To Buy, Exchange and Redeem Shares — Opening An Account* or to an authorized financial intermediary.

Transaction requests received in good order (i.e., with all required information, and, as relevant, signatures, documentation and upon verification by the Fund (or its agent) of ACH information) before the close of regular trading on the NYSE on a business day will be executed at that day's share price. The close of regular trading is typically 4:00 p.m. Eastern time, although it may be earlier. Transaction requests received in good order after the close of regular trading will be processed at the NAV next determined after receipt. The Fund is open for business each day the NYSE is open. All orders must include the required documentation and signatures, and all purchase orders must be accompanied by proper payment.

The Fund has authorized a number of financial intermediaries to accept purchase and redemption orders on its behalf, and those intermediaries are authorized to designate other intermediaries to accept purchase and redemption orders on the Fund's behalf. Orders placed with an authorized financial intermediary will be processed at the share price of the Series next computed after they are received in good order by the financial intermediary or its designee. Accordingly, for you to receive the current business day's share price, your order must be received by an authorized financial intermediary or its designee in good order before the close of regular trading on the NYSE. Your financial intermediary is responsible for transmitting requests and delivering funds to the Series on a timely basis.

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The Series' distributor imposes no sales charge on purchases and redemptions of shares of the Series. However, your financial intermediary may charge you a transaction fee on purchases and redemptions.

Excessive Trading

The Series is intended for long-term investment purposes only. Do not invest in the Fund if you are a market timer. The Fund's Board of Directors has adopted policies and procedures designed to detect and deter "market timing" or other types of excessive short-term trading by shareholders. Excessive trading into and out of the Series may present risks to the Series' long-term shareholders, all of which could adversely affect shareholder returns. The risks posed by frequent trading include interfering with the efficient implementation of the Series' investment strategies, triggering the recognition of taxable gains and losses on the sale of the Series' investments, requiring the Series to maintain higher cash balances to meet redemption requests, and experiencing increased transaction costs. In addition, the Fund may, in its sole discretion, reject or limit purchase orders (including purchases by exchange) by an investor or group of investors for any reason without prior notice, including when it believes in its sole discretion that the trading activity in the account(s) would be detrimental to the Series. For purposes of applying these policies, the Fund and its service providers may consider the trading history of accounts under common ownership or control.

Shareholders may make up to 2 "round trips" during any 90 day period. A "round trip" is defined as a purchase or exchange into a Series followed by a redemption or exchange out of the same Series. After the second "round trip", the Fund may block for a period of 90 days additional purchases and exchange purchases into the Fund from your account or any account with the same tax identification number or broker identification number.

The following types of transactions will be exempted from these procedures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions under certain monetary thresholds that have been determined by the Fund, in its sole discretion, not to be harmful or disruptive to the Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Systematic withdrawals

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Automatic investments (including investments made by payroll deduction)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Mandatory distributions from IRAs and retirement plans

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•IRA transfers and rollovers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Roth IRA conversions and re-characterizations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Reinvestments of dividends and capital gains

The Fund's ability to monitor trades that are placed by individual shareholders through omnibus accounts, which are accounts maintained by financial intermediaries on behalf of multiple beneficial shareholders, is limited to the extent that the Fund does not have direct access to the underlying shareholder account information. However, the Fund and/or its service providers monitor aggregate trades placed in omnibus accounts and seek to work with financial intermediaries to discourage shareholders from engaging in market timing and to restrict

excessive trading. The Fund and/or its service providers have entered into agreements with such financial intermediaries that require the financial intermediaries to provide the Fund and/or its service providers with certain shareholder transaction information to enable the Fund and/or its service providers to review the trading activity in the omnibus accounts. If excessive trading is identified in an omnibus account, the Fund will work with the financial intermediary to restrict trading by the shareholder and may require the financial intermediary to prohibit the shareholder from future purchases or exchanges into the Series. Transactions placed by shareholders through financial intermediaries in violation of the Fund's excessive trading policy may be cancelled or the shares purchased may be redeemed by the Fund.

The Fund may also defer to a financial intermediary's frequent trading policies with respect to those shareholders who invest in a Series through such intermediary. The Fund will defer to an intermediary's policies only after the Fund determines that the intermediary's frequent trading policies adequately protect Series shareholders. Transactions by Series shareholders investing through such intermediaries will be subject to the restrictions of the intermediary's frequent trading policies, which may differ from those of the Fund. Shareholders who invest through financial intermediaries should consult with their intermediaries to determine the frequent trading restrictions that apply to their Series transactions.

The Fund and its service providers will take steps reasonably designed to detect and deter frequent trading by shareholders pursuant to the Fund's policies and procedures described in this prospectus and approved by the Fund's Board of Directors.

Despite these efforts, however, the Fund and its service providers may not be able to detect or prevent all instances of short-term trading in the Series, and, as a result, frequent trading could adversely affect the Series and its long-term shareholders as discussed above. For example, certain investors who engage in market timing and other short-term trading activities may employ a variety of techniques to avoid detection. Further, the detection of frequent trading patterns and the blocking of further trading are inherently subjective and therefore involve some selectivity in their application. The Fund and its service providers, however, seek to apply these policies to the best of their abilities uniformly and in a manner they believe is consistent with the interests of the Series' long-term shareholders.

The Fund may amend these policies and procedures in response to changing regulatory requirements or to enhance their effectiveness.

Telephone and Internet Transactions

We will employ steps reasonably designed to ensure that purchase, exchange, or redemption orders placed by telephone or through the Internet are genuine, which may include recording telephone calls and requesting personally identifiable information prior to acting upon instructions. For transactions conducted over the Internet, we recommend the use of a secure Internet browser. We are not responsible for any losses that may occur as long as we follow procedures reasonably designed to prevent fraudulent orders. Interruptions in service may mean that a shareholder will

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be unable to effect a telephone or Internet order when desired. In addition, you should verify the accuracy of your confirmation statements immediately after you receive them.

Accounts with Low Balances

Discretionary Investment Clients — The Fund does not impose a minimum balance requirement for discretionary investment accounts managed by the Advisor or its affiliates.

Other Shareholders — If your account falls below the minimum balance requirement for your share class (see table above) due to the redemption of shares, the Fund may ask you to bring your account up to the minimum requirement. If your account is still below the minimum balance requirement after 60 days, the Fund may redeem your shares and send you the redemption proceeds, or, if shares are held directly with the Fund, automatically convert the shares in the account to another share class, as appropriate.

Inactive Accounts

Each state has rules governing the definition and treatment of unclaimed property. Triggers include inactivity (e.g., no owner-generated activity for a certain period), returned mail (e.g., when mail sent to a shareholder is returned to the Fund's transfer agent as undeliverable, also known as "RPO"), or a combination of both inactivity and RPO. Once property is flagged as unclaimed, an attempt is made to contact the shareholder, but if that attempt is unsuccessful, the account may be considered abandoned and escheated to the state.

Shareholders that reside in the state of Texas may designate a representative to receive escheatment notifications by completing and submitting a designation form that can be found on the website of the Texas Comptroller. While the designated representative does not have any rights to claim or access the shareholder's account or assets, the escheatment period will cease if the representative communicates knowledge of the shareholder's location and confirms that the shareholder has not abandoned his or her property. If a shareholder designates a representative to receive escheatment notifications, any escheatment notices will be delivered both to the shareholder and the designated representative. A completed designation form may be mailed to the Fund (if shares are held directly with the Fund) or to the shareholder's financial intermediary (if shares are not held directly with the Fund).

For more information on unclaimed property and how to maintain an active account, please call us at 1-800-466-3863.

In-Kind Purchases and Redemptions

Securities you own may be used to purchase shares of the Series. The Advisor will determine if acquiring the securities is consistent with the Series' goals and policies. If accepted, the securities will be valued the same way the Series values securities it already owns.

The Fund may make payment for shares redeemed in part by giving you portfolio securities. As a redeeming shareholder, you will pay transaction costs to dispose of these securities. In

addition, you will continue to be subject to the risks of any market fluctuation in the value of the securities until they are sold.

An in-kind distribution of portfolio securities could include illiquid securities. Illiquid securities may not be able to be sold quickly or at a price that reflects full value, or there may not be a market for such securities, which could cause you to realize losses on the security if the security is sold at a price lower than that at which it had been valued.

Medallion Guarantees and Notary Stamps

Financial transactions:

A Medallion Guarantee may be required for certain redemption requests, account transfers and other types of financial transactions. A Medallion Guarantee is a type of signature guarantee that can be obtained from most brokers, banks, savings institutions or credit unions. A Medallion Guarantee is a formal certification offered by firms participating in the Medallion Stamp Program that guarantees a signature is original and authentic.

Non-financial transactions:

Although the Fund will accept a Medallion Guarantee for non-financial transactions, such as changing banking instructions, the Fund will also accept a notary stamp for non-financial transactions. A notary stamp can be obtained from a Notary Public, which is an official appointed by state government to serve the public as an impartial witness in performing a variety of official fraud deterrent acts related to the signing of important documents.

Please contact the Fund at 1-800-466-3863 for more information.

Valuation of Shares

The Series offers its shares at the NAV per share of the Series. The Series calculates its NAV once daily as of the close of regular trading on the NYSE (generally 4:00 p.m. Eastern time) on each day the exchange is open. If the exchange closes early, the Series will accelerate the calculation of its NAV and transaction deadlines to that time.

The Series generally values the securities in its portfolio on the basis of market quotations and valuations provided by independent pricing services. If market prices are not readily available or are unreliable, such as in the case of a security value that has been materially affected by events occurring after the close of the relevant market, securities are valued at fair value. The Board has designated the Advisor as the Series' valuation designee to make all fair value determinations with respect to the Series' portfolio investments, subject to the Board's oversight. 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 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 that the Advisor assigns 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.

**14**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Although the Series invests primarily in the stocks of U.S. companies that are traded on U.S. exchanges, there may be limited circumstances in which the Advisor would price these securities at fair value — for example, if the exchange on which a portfolio security is principally traded closed early or if trading in a particular security was halted during the day and did not resume prior to the time the Series calculated its NAV.

Communicating with the Manning & Napier Fund

By Phone: You can reach us at 1-800-466-3863 business days from 8:00 a.m. to 6:00 p.m. Eastern time. Telephone calls may be recorded.

By Mail:

Manning & Napier Fund, Inc.

P.O. Box 534449

Pittsburgh, PA 15253-4449

By Overnight Mail:

Manning & Napier Fund, Inc.

Attention: 534449

500 Ross Street, 154-0520

Pittsburgh, PA 15262

Automated account information: You can obtain automated account information, such as share prices and account balances, 24 hours a day, 7 days a week, by calling 1-800-466-3863 or by logging into your account at www.manning-napier.com.

Disclosure of the Series' Portfolio Holdings

The Series discloses its complete portfolio holdings in each Annual and Semi-Annual Report and, following the first and third fiscal quarters, in a quarterly holdings report filed with the Securities and Exchange Commission (SEC) as exhibits to Form N-PORT. Annual and Semi-Annual Reports are distributed to Series shareholders, and the most recent Reports are available on the Fund's website at www.manning-napier.com. Quarterly holdings reports filed with the SEC are not distributed to Series shareholders, but are available, free of charge, on the EDGAR Database on the SEC's website, www.sec.gov. In addition, the Series' month-end and quarter-end complete portfolio holdings are available on the Fund's website. This information is provided with a lag of at least eight days. Portfolio holdings information will be available on the website at least until it is superseded by a quarterly portfolio holdings report distributed to shareholders (with respect to Annual and Semi-Annual Reports) or filed with the SEC (with respect to an exhibit to Form N-PORT). The Series may also disclose certain commentary and analytical, statistical, performance or similar information relating to the Series or its portfolio holdings to third parties if such disclosure is deemed to be for a legitimate business purpose and the information is deemed to be non-material. A description of the Fund's policy and procedures with respect to the circumstances under which the Fund discloses its portfolio securities is available in the SAI.

**Dividends, Distributions, and Taxes**

Dividends and Distributions

The Series generally:

&nbsp;&nbsp;&nbsp;&nbsp;•Pays dividends quarterly, in March, June, September, and December.

&nbsp;&nbsp;&nbsp;&nbsp;•Makes net capital gains distributions, if any, once a year, typically in December.

The Series may pay additional distributions and dividends at other times if necessary for the Series to avoid incurring a federal tax.

Unless you have instructed the Fund otherwise, capital gain distributions and dividends are reinvested in additional shares of the same Series and Class that you hold. Alternatively, you can instruct the Fund in writing or by telephone to have your capital gains and/or dividends paid in cash. You can change your choice at any time to be effective as of the next distribution or dividend, except that any change given to the transfer agent after the record date will not be effective until the next distribution or dividend is made. If you have elected to receive your distributions by check, all capital gain distributions and dividends less than $10 will be reinvested. No interest will accrue on amounts represented by uncashed distribution or redemption checks.

Taxes

The Series has elected and intends to qualify each year for treatment as a regulated investment company (a "RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended. If it meets certain minimum distribution requirements, a RIC is not subject to tax at the Series level on income and gains from investments that are timely distributed to shareholders. However, the Series' failure to qualify as a RIC or to meet minimum distribution requirements would result (if certain relief provisions were not available) in Series-level taxation and, consequently, a reduction in income available for distribution to shareholders.

Dividends are paid from income earned on the Series' portfolio holdings as well as from interest on its cash investments. Distributions of capital gain will be treated as long-term or short-term gain depending on how long the Series held the securities sold, without regard to how long you have owned your shares of the Series. If you are investing through a tax-deferred arrangement, such as a 401(k) plan or other retirement account, you generally will not be subject to federal taxation on Series distributions; however, distributions from tax-deferred arrangements are generally subject to federal taxation.

**15**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| &nbsp;&nbsp; TRANSACTION | &nbsp;&nbsp; FEDERAL TAX STATUS |
| &nbsp;&nbsp; Redemption or exchange of shares | &nbsp;&nbsp; Usually taxable as capital gain or loss; long-term only if shares owned more than one year |
| &nbsp;&nbsp; Long-term capital gain distributions | &nbsp;&nbsp; Taxable as long-term capital gain |
| &nbsp;&nbsp; Short-term capital gain distributions | &nbsp;&nbsp; Generally taxable as ordinary income |
| &nbsp;&nbsp; Dividends | &nbsp;&nbsp; Taxable as ordinary income unless they qualify for treatment as qualified dividend income |

---

Distributions of investment income reported by the Series as derived from qualified dividend income may qualify to be taxed to non-corporate shareholders at the lower rate applicable to long-term capital gains, which is currently set at a maximum rate of 20% (lower rates apply to individuals in lower tax brackets). Qualified dividend income is, in general, dividend income from taxable domestic corporations and certain foreign corporations (e.g., foreign corporations incorporated in a possession of the United States or in certain foreign countries with a comprehensive tax treaty with the United States, or the stock of which is readily tradable on an established securities market in the United States). If you are a taxable investor, you may want to avoid buying shares when the Series is about to declare a capital gain distribution or a dividend, because it will be taxable to you even though economically it may actually be a return of a portion of your investment.

Dividends and interest received by the Series may be subject to income, withholding or other taxes imposed by foreign countries and United States possessions that would reduce the yield on the Series' securities. Tax conventions between certain countries and the United States may reduce or eliminate these taxes. Foreign countries generally do not impose taxes on capital gains with respect to investments by foreign investors.

When you sell or redeem your Series shares, or exchange them for shares of a different Series, you will generally realize a capital gain or loss for federal and state income tax purposes. An exchange between share classes in the same Series is not reported as a taxable sale.

After the end of each year, the Series will provide you with information about the distributions and dividends that you received and any redemptions of shares during the previous year. In calculating your gain or loss on any sale of shares, note that your tax basis in your shares is increased by the amounts of dividends and distributions that you have reinvested in the Series. If you have owned your shares of the Series for more than one year, any net long-term capital gains from the sale of shares will generally qualify for the reduced rates of federal income taxation on long-term capital gains for non-corporate shareholders. Dividends and distributions are taxable as described above whether received in cash or reinvested.

The Series is required to report to you and the Internal Revenue Service annually on Form 1099-B the gross proceeds of Series shares you sell or redeem and also their cost basis for shares. Cost basis will be calculated using the Series' default method of average cost, unless you instruct the Series to use a different calculation method. Shareholders should carefully review the cost basis information provided by the Series and make any additional basis, holding period or other adjustments that are required when reporting these amounts on their federal income tax returns. If your account is held through a financial intermediary (such as a financial advisor or broker), please contact the financial intermediary with respect to reporting of cost basis and available elections for your account. Tax-advantaged retirement accounts will not be affected.

If the Series' distributions exceed its earnings and profits (as calculated for federal income tax purposes) for a taxable year, all or a portion of the distributions made in the taxable year may be re-characterized as a return of capital to shareholders. A return of capital distribution will not be taxable to the extent of a shareholder's adjusted basis but will reduce such basis and result in a higher capital gain or lower capital loss when those shares on which the distribution was received are sold. To the extent a return of capital distribution exceeds a shareholder's adjusted basis, the distribution will be treated as gain from the sale of shares.

U.S. individuals with income exceeding $200,000 ($250,000 if married and filing jointly) are subject to a 3.8% tax on their "net investment income," including interest, dividends, and capital gains (including capital gains realized on the sale or exchange of shares).

If you do not provide the Series with your correct taxpayer identification number and any required certifications, you may be subject to backup withholding of 24% of your distributions, dividends and redemption proceeds.

This discussion is for general information only and is not tax advice. You should consult your own tax advisor regarding your particular circumstances, and about any federal, state, local and foreign tax consequences before making an investment in the Series. Additional information about the tax consequences of investing in the Series may be found in the SAI.

**16**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Financial Highlights**

The financial highlights tables are intended to help you understand the Series' financial performance for the past five fiscal years, or, if shorter, the period of a Class' operations. Certain information reflects financial results for a single share. The total returns in the tables represent the rate that an investor would have earned, or lost, on an investment in the Series (assuming reinvestment of all dividends and distributions). This information has been audited by PricewaterhouseCoopers LLP, whose report, along with the Series' financial statements, is included in the Series' annual report, which is available upon request.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
| Disciplined Value Series - Class S | **10/31/22** | **10/31/21** | **10/31/20** | **10/31/19** | **10/31/18** |
| **Per share data (for a share outstanding throughout each year):** |  |  |  |  |  |
| Net asset value - Beginning of year | $9.17 | $6.78 | $7.67 | $8.77 | $11.42 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.17 | 0.15 | 0.16 | 0.16 | 0.16 |
| Net realized and unrealized gain (loss) on investments | (0.45) | 2.36 | (0.68) | 0.54 | 0.72 |
| *Total from investment operations* | (0.28) | 2.51 | (0.52) | 0.70 | 0.88 |
| **Less distributions to shareholders:** |  |  |  |  |  |
| From net investment income | (0.14) | (0.12) | (0.14) | (0.19) | (0.27) |
| From net realized gain on investments | (0.52) |  | (0.23) | (1.61) | (3.26) |
| *Total distributions to shareholders* | (0.66) | (0.12) | (0.37) | (1.80) | (3.53) |
| ***Net asset value - End of year*** | ***$8.23*** | ***$9.17*** | ***$6.78*** | ***$7.67*** | ***$8.77*** |
| **Net assets - End of year** (000's omitted) | **$64323** | **$72925** | **$64205** | **$83332** | **$72088** |
| Total return<sup>2</sup> | (3.39%) | 37.17% | (7.09%) | 11.11% | 8.14% |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |
| Expenses\* | 0.72% | 0.72% | 0.76% | 0.82% | 0.85% |
| Net investment income | 1.98% | 1.74% | 2.26% | 2.14% | 1.71% |
| Series portfolio turnover | 31% | 55% | 29% | 35% | 96% |
| \*For certain years presented, the investment advisor did not impose all or a portion of its management and/or other fees, and in some years may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | N/A | N/A | N/A | N/A | 0.04% |

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

<sup>2</sup>Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been waived or reimbursed during certain years.

**17**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
| Disciplined Value Series - Class I | **10/31/22** | **10/31/21** | **10/31/20<sup>1</sup>** | **10/31/19<sup>1</sup>** | **10/31/18<sup>1</sup>** |
| **Per share data (for a share outstanding throughout each year):** |  |  |  |  |  |
| Net asset value - Beginning of year | $9.68 | $7.15 | $8.07 | $8.31 | $9.58 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.19 | 0.17 | 0.18 | 0.19 | 0.17 |
| Net realized and unrealized gain (loss) on investments | (0.48) | 2.49 | (0.71) | 0.61 | 0.59 |
| *Total from investment operations* | (0.29) | 2.66 | (0.53) | 0.80 | 0.76 |
| **Less distributions to shareholders:** |  |  |  |  |  |
| From net investment income | (0.15) | (0.13) | (0.16) | (0.12) | (0.17) |
| From net realized gain on investments | (0.52) |  | (0.23) | (0.92) | (1.86) |
| *Total distributions to shareholders* | (0.67) | (0.13) | (0.39) | (1.04) | (2.03) |
| ***Net asset value - End of year*** | ***$8.72*** | ***$9.68*** | ***$7.15*** | ***$8.07*** | ***$8.31*** |
| **Net assets - End of year** (000's omitted) | **$86444** | **$109845** | **$120221** | **$137296** | **$88864** |
| Total return<sup>3</sup> | (3.24%) | 37.44% | (6.89%) | 11.44% | 8.35% |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |
| Expenses\* | 0.52% | 0.54% | 0.55% | 0.58% | 0.60% |
| Net investment income | 2.16% | 1.93% | 2.45% | 2.38% | 2.05% |
| Series portfolio turnover | 31% | 55% | 29% | 35% | 96% |
| \*For certain years presented, the investment advisor did not impose all or a portion of its management and/or other fees, and in some years may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | N/A | N/A | N/A | N/A | 0.04% |

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<sup>1</sup>Per share amounts have been adjusted to reflect a 1.75-for-1 stock split effective after the close of business on December 5, 2019.

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

<sup>3</sup>Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been waived or reimbursed during certain years.

**18**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | **FOR THE PERIOD 3/1/19<sup>1</sup>** **to 10/31/19** |
| Disciplined Value Series - Class W | **10/31/22** | **10/31/21** | **10/31/20** | **FOR THE PERIOD 3/1/19<sup>1</sup>** **to 10/31/19** |
| **Per share data (for a share outstanding throughout each period):** |  |  |  |  |
| Net asset value - Beginning of period | $9.20 | $6.80 | $7.69 | $7.36 |
| **Income (loss) from investment operations:** |  |  |  |  |
| Net investment income<sup>2</sup> | 0.22 | 0.20 | 0.20 | 0.13 |
| Net realized and unrealized gain (loss) on investments | (0.45) | 2.37 | (0.68) | 0.35 |
| *Total from investment operations* | (0.23) | 2.57 | (0.48) | 0.48 |
| **Less distributions to shareholders:** |  |  |  |  |
| From net investment income | (0.19) | (0.17) | (0.18) | (0.15) |
| From net realized gain on investments | (0.52) |  | (0.23) |  |
| *Total distributions to shareholders* | (0.71) | (0.17) | (0.41) | (0.15) |
| ***Net asset value - End of period*** | ***$8.26*** | ***$9.20*** | ***$6.80*** | ***$7.69*** |
| **Net assets - End of period** (000's omitted) | **$211178** | **$244197** | **$116106** | **$76322** |
| Total return<sup>3</sup> | (2.75%) | 37.98% | (6.45%) | 6.58% |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |
| Expenses\* | 0.11% | 0.11% | 0.14%<sup>4</sup> | 0.15%<sup>5</sup> |
| Net investment income | 2.58% | 2.31% | 2.84% | 2.63%<sup>5</sup> |
| Series portfolio turnover | 31% | 55% | 29% | 35% |
| \*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: | 0.30% | 0.30% | 0.30% | 0.32%<sup>5</sup> |

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

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

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

<sup>4</sup>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>5</sup>Annualized.

**19**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | **FOR THE PERIOD 3/1/19<sup>1</sup>** **to 10/31/19<sup>2</sup>** |
| Disciplined Value Series - Class Z | **10/31/22** | **10/31/21** | **10/31/20<sup>2</sup>** | **FOR THE PERIOD 3/1/19<sup>1</sup>** **to 10/31/19<sup>2</sup>** |
| **Per share data (for a share outstanding throughout each period):** |  |  |  |  |
| Net asset value - Beginning of period | $9.68 | $7.15 | $8.07 | $7.67 |
| **Income (loss) from investment operations:** |  |  |  |  |
| Net investment income<sup>3</sup> | 0.20 | 0.19 | 0.19 | 0.12 |
| Net realized and unrealized gain (loss) on investments | (0.48) | 2.48 | (0.72) | 0.36 |
| *Total from investment operations* | (0.28) | 2.67 | (0.53) | 0.48 |
| **Less distributions to shareholders:** |  |  |  |  |
| From net investment income | (0.16) | (0.14) | (0.16) | (0.08) |
| From net realized gain on investments | (0.52) |  | (0.23) |  |
| *Total distributions to shareholders* | (0.68) | (0.14) | (0.39) | (0.08) |
| ***Net asset value - End of period*** | ***$8.72*** | ***$9.68*** | ***$7.15*** | ***$8.07*** |
| **Net assets - End of period** (000's omitted) | **$24049** | **$24111** | **$15781** | **$18454** |
| Total return<sup>4</sup> | (3.12%) | 37.61% | (6.77%) | 6.31% |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |
| Expenses\* | 0.41% | 0.41% | 0.45%<sup>5</sup> | 0.45%<sup>6</sup> |
| Net investment income | 2.27% | 2.04% | 2.55% | 2.35%<sup>6</sup> |
| Series portfolio turnover | 31% | 55% | 29% | 35% |
| \*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 | N/A | 0.02%<sup>6</sup> |

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

<sup>2</sup>Per share amounts have been adjusted to reflect a 1.75-for-1 stock split effective after the close of business on December 5, 2019.

<sup>3</sup>Calculated based on average shares outstanding during the periods.

<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>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%.

<sup>6</sup>Annualized.

**Manning & Napier Fund, Inc.**

**Disciplined Value Series**

**Class S, Class I, Class W and Class Z shares**

Shareholder Reports and the Statement of Additional Information (SAI)

Annual and semi-annual reports to shareholders provide additional information about the Series' investments. These reports discuss the market conditions and investment strategies that significantly affected the Series' performance during its last fiscal year. The SAI provides more detailed information about the Series. It is incorporated by reference into this prospectus, making it legally part of the prospectus.

How to Obtain the Shareholder Reports, SAI, and Additional Information

&nbsp;&nbsp;&nbsp;&nbsp;•You may obtain shareholder reports and the SAI or other information about the Series without charge, by calling 1-800-466-3863 or sending written requests to Manning & Napier Fund, Inc., P.O. Box 805, Fairport, New York 14450. Note that this address should not be used for transaction requests. These documents are also available at www.manning-napier.com.

&nbsp;&nbsp;&nbsp;&nbsp;•Shareholder reports, the prospectus, the SAI and other information about the Series are available on the EDGAR Database on the Commission's Internet site at http:// www.sec.gov. You may obtain copies of this information, after paying a duplicating fee, by sending an email request to publicinfo@sec.gov.

Shareholder Mailings

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 1-800-466-3863 or contact your financial intermediary.

The Fund also offers electronic delivery of certain documents. Direct shareholders can elect to receive shareholder reports, prospectus updates, and statements via e-delivery. For more information or to sign up for e-delivery, please visit the Fund's website at www.manning-napier.com.

If someone makes a statement about the Series that is not in this prospectus, you should not rely upon that information. Neither the Series nor its distributor is offering to sell shares of the Series to any person to whom the Series may not lawfully sell its shares.

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| | |
|:---|:---|
| **Investment Company Act File No. 811-04087** | **MDFSX03/01/2023** |

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![](overseas-proimg001.gif)

**Prospectus**

MARCH 1, 2023

![](overseas-proimg002.gif)

www.manning-napier.com

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| | | | | |
|:---|:---|:---|:---|:---|
| **Manning & Napier Fund, Inc.** | **Class I** | **Class S** | **Class W** | **Class Z** |
| Overseas Series | EXOSX | MNOSX | MNOWX | MNOZX |

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The Securities and Exchange Commission has not approved or disapproved these securities or determined whether this prospectus is accurate or complete. Any statement to the contrary is a crime.

Manning & Napier Fund, Inc.

**Table of Contents**

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| | |
|:---|:---|
| &nbsp;&nbsp; Summary Section |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Overseas Series | 1 |
| &nbsp;&nbsp; More Information About the Series' <br>Principal Investment Strategies and Principal Risks | 5 |
| &nbsp;&nbsp; Management | 7 |
| &nbsp;&nbsp; Payments to Broker-Dealers and Other Financial Intermediaries | 8 |
| &nbsp;&nbsp; Choosing a Share Class | 9 |
| &nbsp;&nbsp; How to Buy, Exchange, and Redeem Shares | 10 |
| &nbsp;&nbsp; Investment and Account Information | 12 |
| &nbsp;&nbsp; Dividends, Distributions, and Taxes | 15 |
| &nbsp;&nbsp; Financial Highlights | 17 |

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**1**

**Summary Section**

Overseas Series

Investment Goal

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

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.

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| | | | | |
|:---|:---|:---|:---|:---|
| &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; None | &nbsp;&nbsp; None | &nbsp;&nbsp; None | &nbsp;&nbsp; None |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) | **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) | **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) | **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) | **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; 0.17% | &nbsp;&nbsp; 0.24% | &nbsp;&nbsp; 0.10% | &nbsp;&nbsp; 0.10% |
| &nbsp;&nbsp; Total Annual Fund Operating Expenses | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 1.09% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.70% |
| &nbsp;&nbsp; Less Fee Waiver and/or Expense Reimbursement<sup>1</sup> | (0.02)% | &nbsp;&nbsp; (0.04)% | &nbsp;&nbsp; (0.65)% | &nbsp;&nbsp; (0.05)% |
| &nbsp;&nbsp; **Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement** | &nbsp;&nbsp; **0.75%** | &nbsp;&nbsp; **1.05%** | &nbsp;&nbsp; **0.05%** | &nbsp;&nbsp; **0.65%** |

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<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 0.75% of the average daily net assets of the Class I shares, 0.80% of the average daily net assets of the Class S shares, 0.65% of the average daily net assets of the Class Z shares, and 0.05% of the average daily net assets of the Class W shares. These contractual waivers are expected to continue indefinitely, and may not be amended or terminated by the Advisor without the approval of the Series' Board of Directors. The Advisor'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:

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; CLASS | &nbsp;&nbsp; I | &nbsp;&nbsp; S | &nbsp;&nbsp; W | &nbsp;&nbsp; Z |
| &nbsp;&nbsp; 1 Year | &nbsp;&nbsp; $77 | &nbsp;&nbsp; $107 | &nbsp;&nbsp; $5 | &nbsp;&nbsp; $66 |
| &nbsp;&nbsp; 3 Years | &nbsp;&nbsp; $240 | &nbsp;&nbsp; $334 | &nbsp;&nbsp; $16 | &nbsp;&nbsp; $208 |
| &nbsp;&nbsp; 5 Years | &nbsp;&nbsp; $417 | &nbsp;&nbsp; $579 | &nbsp;&nbsp; $28 | &nbsp;&nbsp; $362 |
| &nbsp;&nbsp; 10 Years | &nbsp;&nbsp; $930 | &nbsp;&nbsp; $1283 | &nbsp;&nbsp; $64 | &nbsp;&nbsp; $810 |

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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 40% of the average value of its portfolio.

Principal Investment Strategies

The Series invests primarily in common stocks of issuers from outside the United States. The Series will, under normal circumstances, invest at least 80% of its assets in securities of issuers from countries outside the United States; typically, the actual percentage will be considerably higher. The Series may invest in securities denominated in foreign currencies and American Depository Receipts (ADRs) and other U.S. dollar denominated securities of foreign issuers. The Series may invest in stocks of companies both in developed countries and in emerging market countries. The maximum allocation to any one country, measured at the time of purchase, is the higher of 15% or double the country's weighting in the MSCI EAFE Index. Total holdings in emerging market countries are limited to 35% of the portfolio measured at the time of purchase. The Series may invest in small-, large-, or mid-size companies.

The Series may purchase shares of exchange-traded funds (ETFs), including to establish a diversified position in a particular sector of the market 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 Series may, but is not required to, undertake hedging activities and may invest in forward foreign currency contracts to hedge currency risks associated with the purchase of individual securities denominated in a foreign currency.

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The Advisor uses a "bottom-up" strategy, focusing on individual security selection to choose stocks from companies around the world. The Advisor analyzes factors such as the management, financial condition, and market position of individual companies to select companies that it believes will make attractive long-term investments.

In selecting individual securities, the Advisor uses fundamental analysis and 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;•Improving market share in consolidating industries.

&nbsp;&nbsp;&nbsp;&nbsp;•Low price 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.

There are no prescribed limits on the sector allocation of the Series' investments and, from time to time, the Series may focus its investments in one or more sectors.

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;•Foreign 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.

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. The Advisor's attempt to manage the currency risk described above may not accurately predict movements in currency exchange rates, which could cause the Series to sustain losses. 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.

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.

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&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.

Forward contracts risk — The Series is subject to the following risks due to its ability to invest in forward contracts:

&nbsp;&nbsp;&nbsp;&nbsp;•Forwards, like all derivatives, can be extremely sensitive to changes in the market value of the underlying investment, and changes in the value of a forward contract may not correlate perfectly with the underlying investment.

&nbsp;&nbsp;&nbsp;&nbsp;•The Series may not be able to receive amounts payable to it under its forward contracts as quickly as it may be able to sell or otherwise obtain payments from other investments, so the Series' investments in such contracts may not be as liquid as the Series' other investments.

&nbsp;&nbsp;&nbsp;&nbsp;•The Series' use of forwards is also subject to the risk that the counterparty to the forward contract will default or otherwise become unable to honor its obligation to the Series.

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.

Sector focus risk — Because the Series' investments may, from time to time, be more heavily invested in a particular sector or sectors, the value of its shares may be especially sensitive to factors and economic risks that specifically affect those sectors. As a result, the Series' share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of 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.

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 compared to those of a broad-based securities index. The Series' Class Z Shares, Class S Shares and Class W Shares commenced operations on May 1, 2018, September 21, 2018 and March 1, 2019, respectively, 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. The Series' performance in calendar year 2020 includes the impact of the Fund's receipt of a onetime payment of litigation settlement proceeds relating to a prior portfolio investment. This one-time payment was received during the third quarter of 2020 and contributed approximately 3.6% to the Series' performance in 2020. The impact of this contribution to the Series' average annual total returns will vary by timeframe. 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> CALENDAR YEARS ENDED DECEMBER 31

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Quarterly Returns

Highest (quarter ended 06/30/2020): 22.64%

Lowest (quarter ended 03/31/2020): (20.81)%

&nbsp;&nbsp; AVERAGE ANNUAL TOTAL RETURNS <br>FOR PERIODS ENDED DECEMBER 31, 2022<br>

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| | | | |
|:---|:---|:---|:---|
|  | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp; Class I Shares |  |  |  |
| &nbsp;&nbsp; Return Before Taxes | (24.26)% | 2.52% | 4.10% |
| &nbsp;&nbsp; Return After Taxes <br>on Distributions | (24.28)% | 2.34% | 3.57% |
| &nbsp;&nbsp; Return After Taxes <br>on Distributions and Sale <br>of Series Shares | (14.12)% | 2.08% | 3.27% |
| &nbsp;&nbsp; Class S Shares – <br>Return Before Taxes | (24.50)% | 2.22% | 3.79% |
| &nbsp;&nbsp; Class W Shares – <br>Return Before Taxes | (23.74)% | 3.08% | 4.38% |
| &nbsp;&nbsp; Class Z Shares – <br>Return Before Taxes | (24.19)% | 2.62% | 4.15% |
| &nbsp;&nbsp; Index: (reflects no deduction for fees, expenses, or taxes) |  |  |  |
| &nbsp;&nbsp; MSCI ACWI ex USA | (16.00)% | 0.88% | 3.80% |

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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:

**Christian A. Andreach, CFA<sup>®</sup>**Co-Head of Global Equities, Managing Director of Consumer Group, Head of U.S. Equity Core Team, has managed the Series since 2019.

**Marc Tommasi** Co-Head of Global Equities, Chief Investment Strategist, Head of Non-U.S. Equity Core Team, Managing Director of Global Strategies Group, has managed the Series since 2002.

**Jay M. Welles, CFA<sup>®</sup>**Head of Core Equities, Managing Director of Technology Group, has managed the Series since 2019.

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 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.

**5**

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More Information About the Series' Principal Investments

**Equity securities** — Equity securities are primarily common stocks of non-U.S. companies.

**Foreign securities** — Foreign securities include foreign stocks and ADRs and other U.S. dollar and non-U.S. dollar denominated securities of foreign issuers, including those in emerging markets. ADRs are securities that are listed and traded in the United States but represent an ownership interest in securities issued by a foreign issuer. ADRs are subject to many of the risks associated with investing directly in foreign securities, which are described below.

**ETFs** — ETFs are investment companies whose shares are bought and sold on a securities exchange. ETFs invest in a portfolio of securities designed to track a particular market segment or index.

**Currency hedging** — In order to attempt to manage the currency risk associated with owning and trading foreign securities, a Series may, but is not required to, hedge against changes in the value of foreign currencies relative to the U.S. dollar primarily through the use of forward foreign currency exchange contracts. These derivatives may be used to hedge against changes in the value of foreign currencies relative to the U.S. dollar in connection with specific transactions or portfolio positions.

More Information About the Series' Principal Risks

**Management risk** — The investment performance of a Series depends largely on the skill of key personnel and investment professionals of the Advisor. The Advisor will apply investment techniques and risk analyses in making investment decisions for a Series and there can be no guarantee that these will produce the desired results. The Series' investment strategies permit investments to be made in a broad range of issuers, securities and transactions. Within these parameters, the Advisor will make investment decisions for a Series as it deems appropriate. No assurance can be given that a Series will be successful in obtaining suitable investments, or that if such investments are made, the objectives of the Series will be achieved.

**Market risk** — The risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. The Series' net asset value (NAV) per share will fluctuate with the market prices of its portfolio securities. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Markets for securities in which the Series invests may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect 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, which in turn could negatively impact the Series' performance and cause losses on your investment in the Series. Recent examples include pandemic risks related to COVID-19 and aggressive measures taken worldwide in response by governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines of large populations, and by businesses, including changes to operations and reducing staff. The impact of the COVID-19 pandemic may be short term or may last for an extended period of time, and in either case could result in a substantial economic downturn or recession.

**Equity risk** — The prices of equity securities rise and fall daily. These price movements may result from factors affecting individual companies, industries or the securities market as a whole. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. In addition, the equity market tends to move in cycles which may cause stock prices to fall over short or extended periods of time.

**Large-cap risk** — Large-cap stocks tend to go in and out of favor based on market and economic conditions. The returns on large-cap stocks may underperform other types of investments, such as small- or mid-cap stocks.

**Small- and mid-cap risk** — Small- and mid-cap companies may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small- and mid-cap companies may have limited product lines, markets and financial resources, and may depend upon a relatively small management group. The securities of smaller companies are often traded in the over-the-counter market and, even if listed on a national securities exchange, the trading market (i.e., the volume of trades on any given day) for such securities may be less active than larger companies listed on that exchange. Consequently, the securities of these companies may be less liquid, may have limited market stability, and may be subject to more abrupt or erratic market movements than the securities of larger, more established companies. As a result, the prices of smaller companies owned by a Series may be volatile.

**Foreign securities risk** — Investments in securities of foreign issuers involve certain risks that are greater than those associated with investments in securities of U.S. issuers. These include risks of adverse changes in foreign economic, political, regulatory and other conditions, or changes in currency exchange rates or exchange control regulations (including limitations on currency movements and exchanges). In certain countries, legal remedies available to investors may be more limited than those available with respect to investments in the United States. The securities of some foreign companies may be less liquid and, at times, more volatile than securities of comparable U.S. companies. The securities of foreign companies may also experience more rapid or extreme changes in value than securities of U.S. companies because the securities markets of many foreign countries are relatively small, with a limited number of companies representing a small number of industries. There also is the risk that the cost of buying, selling, and holding

**More Information About the Series' Principal Investment Strategies and Principal Risks**

**6**

foreign securities, including brokerage, tax, and custody costs, may be higher than those involved in domestic transactions. During any period when foreign securities underperform other types of investments —U.S. securities, for instance — the performance of a Series that holds foreign securities may lag these investments. A Series' investments in foreign securities may be subject to foreign withholding and other taxes. Although in some countries all or a portion of these taxes are recoverable, the non-recovered portion will reduce the income received by the Series. In addition, a Series' investments in foreign securities may increase or accelerate the Series' recognition of ordinary income or may affect the timing or amount of the Series' distributions. Additionally, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may result in the Series having to sell such prohibited securities at inopportune times. Such prohibited securities may have less liquidity as a result of such U.S. Government designation and the market price of such prohibited securities may decline, which may cause the Series to incur losses.

**Emerging markets risk** — Emerging market countries are countries that the World Bank or the United Nations considers to be emerging or developing. Emerging markets may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries. Emerging market countries often have less uniformity in accounting and reporting requirements and unreliable securities valuation. It is sometimes difficult to obtain and enforce court judgments in such countries and there is often a greater potential for nationalization and/or expropriation of assets by the government of an emerging market country. In addition, the financial stability of issuers (including governments) in emerging market countries may be more precarious than in other countries. As a result, there will tend to be an increased risk of price volatility associated with investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar.

**Currency risk** — Investments in securities denominated in, and/or receiving revenues in, foreign currencies will be subject to currency risk. This is the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedged positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the security would be adversely affected. Currencies in non-U.S. countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates; intervention by U.S. or foreign governments, central banks or supranational agencies, such as the International Monetary Fund; or by the imposition of currency controls or other political developments in the United States or abroad.

**Risks related to currency hedging and use of forward contracts** — A hedging strategy relies upon the ability of the Advisor to accurately predict movements in currency exchange rates. In addition, a Series could be exposed to risk if the counterparty to a forward contract is unable to meet the terms of the contract or if the value of the currency changes unfavorably relative to the U.S. dollar. Also, there may not be an exact relationship between changes in the prices of a forward foreign

currency exchange contract and the underlying currency. A Series' use of forward contracts is also subject to liquidity risk, which is discussed below.

**Risks related to ETFs** — ETFs, like mutual funds, have expenses associated with their operation, including advisory fees. When a Series invests in an ETF, in addition to directly bearing expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses. 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.

**Sector focus risk** — To the extent a Series focuses or concentrates its investments in a particular sector or sectors, the Series will be more susceptible to events or factors affecting companies in those sectors. For example, the values of securities of companies in the same sector may be negatively affected by the common characteristics they share, the common business risks to which they are subject, common regulatory burdens, or regulatory changes that affect them similarly. Such characteristics, risks, burdens or changes include, but are not limited to, changes in governmental regulation, inflation or deflation, rising or falling interest rates, competition from new entrants, and other economic, market or political developments specific to the particular sector or sectors.

**Liquidity risk** — Liquidity risk exists when particular investments are difficult to purchase or sell. The market for certain investments may become illiquid due to specific adverse changes in the conditions of a particular issuer or under adverse market or economic conditions independent of the issuer. A Series' investments in illiquid securities may reduce the returns of that Series because it may be unable to sell the illiquid securities at an advantageous time or price. Further, transactions in illiquid securities may entail transaction costs that are higher than those for transactions in liquid securities.

**Large redemption risk** — Certain institutions or individuals may from time to time own (beneficially or of record) or control a significant percentage of a Series' shares. Redemptions by these institutions or individuals in a Series may impact the Series' liquidity and net asset value (NAV). These redemptions may also force a 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.

Defensive Investing

The Series may depart from its principal investment strategies by taking temporary defensive positions in response to adverse market, economic or political conditions. During such times, the Series may invest up to 100% of its assets in cash, cash equivalents or other high quality short-term investments. If the Series takes a temporary defensive position, it may be unable to achieve its investment goal.

**7**

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Investment Strategy and Goal

The investment strategy of the Series is to invest, under normal circumstances, at least 80% of its assets in securities of issuers from countries outside the United States. The Series will notify its shareholders at least sixty days prior to any change in its investment strategy.

The Series' Board of Directors may change the Series' investment goal of providing long-term growth without obtaining the approval of the Series' shareholders. If there is a material change in the Series' investment goal, shareholders will be notified thirty days prior to any such change and will be advised to consider whether the Series remains an appropriate investment in light of their then current financial position and needs. The Series may not succeed in achieving its goal.

More Information About the Series' Benchmark Index

The following information relates to the MSCI ACWI ex USA Index referred to in the Performance Information section of this prospectus. Index data provided is not a representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent. Index returns do not reflect any fees or expenses. You cannot invest directly in an index.

Index data comes from third parties ("Third Party Content"). While we believe these Third-Party Content sources are reliable, we make no representations or warranties as to the Third-Party Content. All Third-Party Content is to be used solely for informational purposes and is provided on an "AS IS" basis. Manning & Napier will not be liable for the use of any Third-Party Content and Manning & Napier's use of Third-Party Content shall not be construed as an endorsement of or affiliation with any Third-Party Content provider.

Some additional disclosures for our Third-Party Content providers are set forth below:

**MSCI** 

The MSCI ACWI ex USA Index is designed to measure large and mid-cap representation across 22 of 23 Developed Markets countries (excluding the U.S.) and 24 Emerging Markets countries. The Index is denominated in U.S. dollars. Index returns are net of withholding taxes. They assume daily reinvestment of net dividends thus accounting for any applicable dividend taxation. Index returns provided by Bloomberg.

Source: MSCI. Neither MSCI nor any other party involved in or related to compiling, computing or creating the MSCI data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such data. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any third party involved in or related to compiling, computing or creating the data have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. No further distribution or dissemination of the MSCI data is permitted without MSCI's express written consent.

**Management**

The Advisor

The Series' advisor is Manning & Napier Advisors, LLC, 290 Woodcliff Drive, Fairport, New York 14450 ("Manning & Napier" or the "Advisor"). Manning & Napier is registered as an investment advisor with the SEC. The Advisor has claimed an exclusion from the definition of the term "commodity pool operator" (CPO) under the Commodity Exchange Act (CEA) with respect to the Series. Therefore, the Series is not subject to registration or regulation under the CEA.

As of December 31, 2022, Manning & Napier managed $17.9 billion for individual and institutional investors. The Advisor is responsible for the day-to-day portfolio management of the Series and generally oversees the Series' overall business affairs, service providers and officers.

Portfolio Managers

The following investment professionals serve on the Series' Portfolio Management Team, and are jointly and primarily responsible for making investment decisions for the Series.

**Christian A. Andreach, CFA<sup>®</sup>** **, Co-Head of Global Equities, Managing Director of Consumer Group, Head of U.S. Equity Core Team**

Joined the Advisor in 1999.Managing Director since 2002. Co-Head of Global Equities since 2010. Head of U.S. Equity Core Team since 2015. Member of Senior Research Group and Global Core Team since 2002. Member of the Series' Portfolio Management Team since 2019.

**Marc Tommasi, Co-Head of Global Equities, Chief Investment Strategist, Head of Non-U.S. Equity Core Team, Managing Director of Global Strategies Group**

Joined the Advisor in 1986. Co-Head of Global Equities since 2015. Chief Investment Strategist since 2016. Head of Non-U.S. Equity Core Team since 2015. Managing Director of Global Strategies Group since 2019 and from 1992 – 2015. Member of the Series' Portfolio Management Team since 2002.

**Jay M. Welles, CFA<sup>®</sup>** **, Head of Core Equities, Managing Director of Technology Group**

Joined the Advisor in 2000. Head of Core Equities since 2023. Managing Director of Technology Group since 2015. Member of the Series' Portfolio Management Team since 2019.

The Statement of Additional Information (SAI) contains additional information about the Series' management team, including the structure of their compensation, their role in managing other accounts, and their ownership of securities in the Series.

Discretionary Investment Accounts

The Advisor and its affiliates may use the Series within its client's discretionary investment accounts. From time to time, these discretionary accounts may hold a substantial portion of the outstanding shares of the Series, and transactions in shares of the Series for such accounts may have an impact upon the size and operations of the Series. For instance, transactions in

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shares of the Series for these accounts may cause the Series' portfolio turnover rate and transaction costs to rise, which may negatively affect fund performance and increase the likelihood of capital gain distributions. In addition, the Series' assets may be significantly less during times when these discretionary accounts are not invested in the Series, which would cause the Series' remaining shareholders to bear greater portions of the Series' fixed operating expenses, subject to any fee waiver then in effect.

Management Fees

In return for the services it provides to the Series, the Advisor receives an annual management fee of 0.60% of the Series' average daily net assets, which is computed daily and payable monthly by the Series. 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 total direct annual fund operating expenses, exclusive of Rule 12b-1 Fees (as defined below) and waived Class W management fees (collectively, "excluded expenses"), to 0.75% of the average daily net assets of the Class I shares, 0.80% of the average daily net assets of the Class S shares, 0.65% of 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. Due to fee waivers and expense reimbursements, the Advisor received a management fee of 0.30% for the Series for the fiscal year ended October 31, 2022.

A discussion regarding the basis for the Board of Directors' approval of the Series' investment advisory agreement is available in the Series' annual report dated October 31, 2022, which covers the period November 1, 2021 through October 31, 2022.

The Distributor

The Class I, Class S, Class W, and Class Z shares of the Series are offered on a continuous basis through the Fund's principal underwriter, Manning & Napier Investor Services, Inc. (the Distributor).

**Payments to Broker-Dealers and Other Financial Intermediaries**

Distribution and Shareholder Service (12b-1) Fees

Class S shares of the Series are subject to an annual distribution and shareholder services fee (a Rule 12b-1 Fee) of up to 0.25%

of the Class's average daily net assets in accordance with a distribution and shareholder services plan (the Rule 12b-1 Plan) adopted by the Fund's Board of Directors pursuant to Rule 12b-1 under the 1940 Act. The Rule 12b-1 Fee is intended to compensate the Distributor for services and expenses primarily intended to result in the sale of Class S shares and/or in connection with the provision of direct client service, personal services, maintenance of shareholder accounts and reporting services to holders of Class S shares of the Series. Generally, the Rule 12b-1 Fee will not be retained by the Distributor but will instead be reallowed to financial intermediaries who provide these services.

Expenses and services for which the Distributor or another intermediary or agent may be compensated include, without limitation, expenses (including overhead and telephone expenses) of, and compensation to, employees of the Distributor or of intermediaries who engage in distribution or servicing of Class S shares, printing of prospectuses and reports for other than existing Class S shareholders, advertising, preparing, printing and distributing sales literature and forwarding communications from the Fund to such persons. The Rule 12b-1 Plan is of the type known as a "compensation" plan. This means that the fees are payable to compensate the Distributor or intermediary for services rendered even if the amount paid exceeds the Distributor's or intermediary's expenses. Because these fees are paid out of the Series' assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than other types of sales charges.

Class I shares, Class W shares and Class Z shares of the Series are not subject to a Rule 12b-1 Fee.

Other Payments by the Fund

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 Rule 12b-1 Fee payable under the Rule 12b-1 Plan of the Fund.

Payments by the Advisor and/or its Affiliates

The Advisor may use its own resources to engage in activities that may promote the sale of the Series' shares, including payments, or other forms of incentives such as discounted fees for products or services of affiliates, to third parties who provide services such as shareholder servicing, marketing support, and distribution assistance to the Series. These fees or other incentives are in addition to any payments made to financial intermediaries by the Fund. The level of payments made to financial intermediaries may be a fixed fee or based upon one or more of the following factors: gross sales, current assets and/or number of accounts of the Series attributable to the financial intermediary, the particular type of Series, or other measures as

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agreed to in writing by the Advisor, the Distributor and/or their affiliates and the financial intermediaries or any combination thereof. The amount of these payments is determined at the discretion of the Advisor, the Distributor and/ or their affiliates from time to time and may be different for different financial intermediaries based on, for example, the nature of the services provided by the financial intermediary.

The Advisor may also, from its own resources, defray or absorb costs relating to distribution, including compensation of

employees who are involved in distribution. These payments or discounts may be substantial but are paid or discounted by the Advisor or its affiliates, not by a Series or its shareholders. Such payments may provide an incentive for the financial intermediary to make shares of a Series available to its customers and may allow a Series greater access to the financial intermediary's customers, and may create a conflict of interest by influencing the financial intermediary to recommend a Series over another investment.

**Choosing a Share Class**

The Series offers four classes of shares: Class I, Class S, Class W, and Class Z shares. Each share class has its own investment eligibility criteria, cost structure and other features. The following summarizes the primary features of the Class I, Class S, Class W, and Class Z shares. Contact your financial intermediary or the Fund for more information about the Series' share classes and how to choose among them.

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| &nbsp;&nbsp; CLASS NAME | &nbsp;&nbsp; ELIGIBLE INVESTORS | &nbsp;&nbsp; INVESTMENT MINIMUMS | &nbsp;&nbsp; RULE12B-1<br>FEE |
| &nbsp;&nbsp; Class I | &nbsp;&nbsp; Institutions, such as investment companies, foundations, endowments, banks, trusts and corporate capital and cash management accounts; employee benefit plans; individual investors; and certain financial intermediaries. | &nbsp;&nbsp; Initial – $1,000,000<br>Minimum Balance<br>Requirement $1,000,000 |  |
| &nbsp;&nbsp; Class S | &nbsp;&nbsp; Individual or institutional investors; employee benefit plans, such as defined benefit plans, defined contribution plans, and 401(k) plans; and certain financial intermediaries. | &nbsp;&nbsp; Initial – $2,000<br>Minimum Balance<br>Requirement $1,000 | &nbsp;&nbsp; 0.25% |
| &nbsp;&nbsp; Class W | &nbsp;&nbsp; The Advisor's discretionary investment account clients and other funds managed by the Advisor. | &nbsp;&nbsp; Initial – None<br>Minimum Balance<br>Requirement None |  |
| &nbsp;&nbsp; Class Z | &nbsp;&nbsp; Institutions, such as investment companies, foundations, endowments, banks, trusts and corporate capital and cash management accounts; employee benefit plans; individual investors; and certain financial intermediaries. | &nbsp;&nbsp; Initial – $1,000,000<br>Minimum Balance<br>Requirement $1,000,000 |  |

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The minimum initial investment and minimum balance requirements for Class I, Class S, and Class Z shares are waived for certain qualified retirement plans and the Advisor's discretionary investment account clients. In addition, the minimum investment and minimum balance requirements of the Class S shares are waived for participants in an automatic investment program who invest at least $1,000 in a 12-month period. The Fund reserves the right to change or waive a Class's investment minimums in its sole discretion.

Class I, Class S, and Class Z shares are available for direct investment from the Fund or through certain financial intermediaries that have entered into an agreement with the Fund's Distributor. Financial intermediaries include financial planners, investment advisors, broker-dealers or other financial institutions. An investor may be eligible to purchase more than one share class. However, if you are purchasing your shares through a financial intermediary, you may only purchase that class of shares which your financial intermediary sells or services. Your financial intermediary can tell you which class of shares is available through the intermediary.

If you purchase your shares through an intermediary, your financial intermediary may impose different or additional conditions than the Series on purchases, redemptions and exchanges of shares. These differences may include initial, subsequent and maintenance investment requirements, exchange policies, and trading restrictions. Your financial intermediary may independently establish and charge you fees, which may include commissions, transaction fees and account fees in addition to the fees charged by the Series. These additional fees may vary over time and would increase the cost of your investment and lower investment returns. You should consult your financial intermediary directly for information regarding these conditions and fees. The Series is not responsible for the failure of your financial intermediary to carry out its responsibilities.

You or your financial intermediary may request that the shares in your account be converted to another share class with lower total expenses if you meet the eligibility requirements of the other share class. In addition, certain financial intermediaries have arranged for the Fund to automatically implement such conversions in specified circumstances for shares held through the financial intermediary or in an account established directly with the Fund through the financial intermediary.

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The Fund reserves the right to determine which potential investors qualify as eligible investors for each share class. Shares of a class held by a non-eligible investor are subject to involuntary redemption by the Fund.

If your account no longer meets the minimum balance requirement for a share class, the Fund may automatically convert the shares in the account to another share class or redeem your shares, as appropriate. The Fund will notify you in writing before any mandatory conversion or redemption occurs.

**How to Buy, Exchange, and Redeem Shares**

Actions by Authorized Representative

Shareholders who establish an account directly with the Fund through a financial intermediary have authorized the registered representative of such intermediary indicated on the account application or subsequent documentation to perform transactions in the Series' shares and certain account maintenances on behalf of the shareholders.

Discretionary Investment Accounts

For discretionary investment account clients of the Advisor or its affiliates, investment decisions pertaining to purchases and sales of Fund shares are made at the Advisor's discretion.

All orders to purchase and redeem shares on behalf of discretionary investment account clients of the Advisor and its affiliates will be processed at the NAV next determined after receipt by the transfer agent of a duly completed purchase or redemption order transmitted by the Advisor to the transfer agent. There is no minimum initial investment for the Advisor's discretionary investment account clients.

The instructions provided below apply to all other investors.

How to Obtain Forms

You can obtain the forms referenced in the following sections by going to the Fund's website at www.manning-napier.com/fundapps or by calling 1-800-466-3863.

How to Buy Shares

Shareholders holding shares through a financial intermediary should contact their intermediary to learn how to place orders to buy shares. Shareholders holding shares directly with the Fund may purchase shares directly from the Fund, as described below.

The initial minimum investment for the Series' Class S shares is $2,000. The initial minimum investment for the Series' Class I and Class Z shares is $1,000,000. There is no minimum initial investment for the Series' 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 of the Advisor. 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.

Employees, officers and directors of the Advisor or its affiliates, and immediate family members of such persons, are not subject to any minimum initial investment in the Series. The Fund reserves the right to change or waive the Series' investment minimums in its sole discretion. The Fund also reserves the right to reject purchase orders or to stop offering its shares without notice to shareholders. The Fund does not generally accept investments by non-U.S. persons or certain U.S. persons living outside the U.S. Such persons may be permitted to invest in the Fund under certain limited circumstances.

Check Acceptance Policy

The Fund reserves the right to reject certain forms of payment for share purchases. Investments that are received in an unacceptable form will be returned. The Fund maintains a check acceptance policy for share purchases. Checks must be made payable to the Manning & Napier Fund, Inc. and must be in U.S. dollars. The Fund will not accept cash, third party checks, starter checks, travelers checks, credit card checks or money orders.

Customer Identification Policy

Shareholder information is subject to independent identity verification and may be shared, as permitted by law and the Fund's Privacy Policy, for identifying and reporting suspected money laundering and terrorist activity. Please review your account application for additional information.

The Fund will not accept a P.O. Box as a primary address. A physical address must be used. A P.O. Box may be used as a mailing address only.

**By Mail** *Opening an account*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Send a check payable to Manning & Napier Fund, Inc., with the completed original account application.

The address is:

Manning & Napier Fund, Inc.

P.O. Box 534449

Pittsburgh, PA 15253-4449

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•To request an account application, refer to the section How to Obtain Forms.

*Adding to an account*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Send a check payable to Manning & Napier Fund, Inc. and a letter of instruction with the name of the Series and share class to be purchased and the account name and number to the above address.

**By Wire** *Opening or adding to an account*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•After the Fund has received your completed account application, you may wire funds to open or add shares to your account. Before sending a wire, call 1-800-466-3863 for wire instructions. Wire instructions are also available at www.manning-napier.com/ fundapps under the General Forms section. Refer to the "Delivery Instructions."

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**By Telephone** *Adding to an Account*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•You may use the Telephone Purchase feature to add to an existing account. To use this service, call 1-800-466-3863 to request a debit from your pre-authorized checking account. Your bank must be a member of the Automated Clearing House (ACH) to use this feature. Any purchases made through this feature will be posted to your account at the NAV calculated when your purchase request is determined to be in good order (generally on the next business day after your call that both the NYSE and banks are open).

**Through the Internet** *Adding to an Account*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•If you are a registered user of the Fund's website, you may use the Internet to add to an existing account by requesting a debit from your bank account. To use this service, go to www.manning-napier.com, click on the "login" button in the top right-hand corner of the screen, then click on "Mutual Fund" to be directed to the secure sign-in screen. Once logged in, click on the "Trading" tab and follow the prompts. Any purchases made through this feature will be posted to your account at the NAV calculated when your purchase request is determined to be in good order (generally on the next business day after your order that both the NYSE and banks are open).

Automatic Investment Plan

You may participate in the Automatic Investment Plan by completing the applicable section of the account application (for new accounts) or by completing the appropriate section of the form titled "Account Maintenance Form – Financial EFT Bank Change" (for existing accounts). Through the plan, you can authorize transfers of a specified amount from your bank account into the Series on a regular basis. The minimum amount of each investment is $25. If you have insufficient funds in your account to complete a transfer, your bank may charge you a fee. To request an account application or form, refer to the section *How to Obtain Forms*.

How to Exchange Shares

Subject to the conditions discussed in the "Excessive Trading" section below, shareholders may exchange shares of the Series for a class of shares of any other Series of the Fund currently available for investment if the registration of both accounts is identical and the exchange order and shareholder meet the minimum investment and other requirements for the Series and class into which they are exchanging. Please read the prospectus of the Series into which you wish to exchange prior to requesting the exchange. The Fund may alter, limit or suspend its exchange privilege on 60 days' notice.

The Fund's exchange privilege is not intended as a vehicle for short-term or excessive trading. The Fund may suspend or terminate your exchange privilege if you engage in a pattern of exchanges that is excessive, as determined in the sole discretion

of the Fund. For more information about the Fund's policy on excessive trading, see "Excessive Trading."

An exchange involves a redemption of shares surrendered in the exchange, and therefore it may cause the shareholder to realize a gain that may be subject to income tax. However, an exchange between share classes in the same Series is not reported as a taxable sale.

Shareholders holding shares through a financial intermediary should contact their financial intermediary to learn how to place orders to exchange shares. Shareholders holding shares directly with the Fund may exchange shares directly with the Fund, as described below.

**By Mail**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Send a letter of instruction or a completed "Fund Exchange Request Form" to Manning & Napier Fund, Inc., at the address found in the section *How To Buy, Exchange and Redeem Shares — Opening An Account*, signed by each registered account owner, exactly as your names appear on the account registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Provide the name of the current Series and class of shares, the Series and class of shares to exchange into, and the dollar amount to be exchanged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Provide the account number.

**By Telephone**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Unless you have declined telephone privileges, call the Fund at 1-800-466-3863.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Provide the name of the current Series and class of shares, the Series and class of shares to exchange into, and the dollar amount to be exchanged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provide the account number.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We will ask for identification, and all telephone calls are recorded.

**Through the Internet**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•If you are a registered user of the Fund's website, you may use the Internet to exchange shares between Series. To use this service, go to www.manning-napier.com, click on the "login" button in the top right-hand corner of the screen, then click on "Mutual Fund" to be directed to the secure sign-in screen. Once logged in, click on the "Trading" tab and follow the prompts. Any exchanges made through this feature prior to the close of trading on the NYSE on a business day will be posted to your account at the NAV calculated on that day.

How to Redeem Shares

The Fund typically expects to pay out redemption proceeds to redeeming shareholders within one business day following receipt of shareholder redemption requests. The Fund may, however, postpone payment of redemption proceeds for up to seven days. In addition, the Fund may suspend redemptions or postpone payment of redemption proceeds for longer than seven days when the NYSE is closed, other than during customary weekends or holidays, or as otherwise permitted by the SEC.

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If you recently purchased your shares by check, redemption proceeds may not be available until your check has cleared (which may take up to 10 days from your date of purchase).

The Fund may sell portfolio assets, hold cash or cash equivalents, draw on a line of credit, use short-term borrowings from its custodian, and/or redeem shares in-kind (as described below), as necessary, to meet redemption requests.

A Medallion Signature Guarantee may be required for certain redemption requests, such as redemption requests over $100,000 sent to an address other than a pre-designated bank account. Likewise, certain types of account maintenance, such as address changes, result in a thirty calendar day hold on your account during which any redemption requests via check to the new address must include a Medallion Guarantee.

Shareholders holding shares through a financial intermediary should contact their financial intermediary to learn how to place orders to redeem shares. Shareholders holding shares directly with the Fund may place redemption orders directly with the Fund, as described below.

**By Mail**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Complete the applicable form or send a letter of instruction to Manning & Napier Fund, Inc., at the address found in the section *How To Buy, Exchange and Redeem Shares — Opening An Account*, signed by each registered account owner, exactly as your names appear in the account registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Provide the name of the Series, the class of shares, and the number of shares or dollar amount to be sold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provide the account number.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•To obtain a form, refer to the section *How to Obtain Forms*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Additional documentation, including Medallion Guarantees, may be required (call the Fund for details).

**By Telephone**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Unless you have declined telephone privileges, call us at 1-800-466-3863.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Provide the name of the Series, the class of shares, and the number of shares or dollar amount to be sold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provide the account number.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We will ask for identification, and all telephone calls are recorded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Redemption proceeds from sales requested by telephone will be sent only to an address that has been on file with us for at least 30 days or a pre-designated bank account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Amounts over $100,000 may only be sent to a pre-designated bank account.

**Through the Internet**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•If you are a registered user of the Fund's website, you may use the Internet to redeem shares from your account. To use this service, go to www.manning-napier.com, click on the "login" button in the top right-hand corner of the screen, then click on "Mutual Fund" to be directed to the secure sign-in screen. Once logged in, click on the "Trading" tab and follow the prompts.

Proceeds from redemptions requested over the Internet will be sent only to an address that has been on file with us for at least 30 days or a pre-designated bank account. Amounts over $100,000 may only be sent to a pre-designated bank account. Any redemptions made through this feature prior to the close of trading on the NYSE on a business day will be posted to your account at the NAV calculated on that day.

**Investment and Account Information**

More About Purchases, Exchanges, and Redemptions

All orders to purchase, exchange, or redeem shares must be sent to the transfer agent at the address found in the section *How To Buy, Exchange and Redeem Shares — Opening An Account* or to an authorized financial intermediary.

Transaction requests received in good order (i.e., with all required information, and, as relevant, signatures, documentation and upon verification by the Fund (or its agent) of ACH information) before the close of regular trading on the NYSE on a business day will be executed at that day's share price. The close of regular trading is typically 4:00 p.m. Eastern time, although it may be earlier. Transaction requests received in good order after the close of regular trading will be processed at the NAV next determined after receipt. The Fund is open for business each day the NYSE is open. All orders must include the required documentation and signatures, and all purchase orders must be accompanied by proper payment.

The Fund has authorized a number of financial intermediaries to accept purchase and redemption orders on its behalf, and those intermediaries are authorized to designate other intermediaries to accept purchase and redemption orders on the Fund's behalf. Orders placed with an authorized financial intermediary will be processed at the share price of the Series next computed after they are received in good order by the financial intermediary or its designee. Accordingly, for you to receive the current business day's share price, your order must be received by an authorized financial intermediary or its designee in good order before the close of regular trading on the NYSE. Your financial intermediary is responsible for transmitting requests and delivering funds to the Series on a timely basis.

The Series' distributor imposes no sales charge on purchases and redemptions of shares of the Series. However, your financial intermediary may charge you a transaction fee on purchases and redemptions.

Excessive Trading

The Series is intended for long-term investment purposes only. Do not invest in the Fund if you are a market timer. The Fund's Board of Directors has adopted policies and procedures designed to detect and deter "market timing" or other types of excessive short-term trading by shareholders. Excessive trading into and out of the Series may present risks to the Series' long-term shareholders, all of which could adversely affect shareholder returns. The risks posed by frequent trading include interfering with the efficient implementation of the Series' investment

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strategies, triggering the recognition of taxable gains and losses on the sale of the Series' investments, requiring the Series to maintain higher cash balances to meet redemption requests, and experiencing increased transaction costs. In addition, the Fund may, in its sole discretion, reject or limit purchase orders (including purchases by exchange) by an investor or group of investors for any reason without prior notice, including when it believes in its sole discretion that the trading activity in the account(s) would be detrimental to the Series. For purposes of applying these policies, the Fund and its service providers may consider the trading history of accounts under common ownership or control.

Shareholders may make up to 2 "round trips" during any 90 day period. A "round trip" is defined as a purchase or exchange into a Series followed by a redemption or exchange out of the same Series. After the second "round trip", the Fund may block for a period of 90 days additional purchases and exchange purchases into the Fund from your account or any account with the same tax identification number or broker identification number.

The following types of transactions will be exempted from these procedures:

&nbsp;&nbsp;&nbsp;&nbsp;•Transactions under certain monetary thresholds that have been determined by the Fund, in its sole discretion, not to be harmful or disruptive to the Series

&nbsp;&nbsp;&nbsp;&nbsp;•Systematic withdrawals

&nbsp;&nbsp;&nbsp;&nbsp;•Automatic investments (including investments made by payroll deduction)

&nbsp;&nbsp;&nbsp;&nbsp;•Mandatory distributions from IRAs and retirement plans • IRA transfers and rollovers

&nbsp;&nbsp;&nbsp;&nbsp;• Roth IRA conversions and re-characterizations

&nbsp;&nbsp;&nbsp;&nbsp;•Reinvestments of dividends and capital gains

The Fund's ability to monitor trades that are placed by individual shareholders through omnibus accounts, which are accounts maintained by financial intermediaries on behalf of multiple beneficial shareholders, is limited to the extent that the Fund does not have direct access to the underlying shareholder account information. However, the Fund and/or its service providers monitor aggregate trades placed in omnibus accounts and seek to work with financial intermediaries to discourage shareholders from engaging in market timing and to restrict excessive trading. The Fund and/or its service providers have entered into agreements with such financial intermediaries that require the financial intermediaries to provide the Fund and/or its service providers with certain shareholder transaction information to enable the Fund and/or its service providers to review the trading activity in the omnibus accounts. If excessive trading is identified in an omnibus account, the Fund will work with the financial intermediary to restrict trading by the shareholder and may require the financial intermediary to prohibit the shareholder from future purchases or exchanges into the Series. Transactions placed by shareholders through financial intermediaries in violation of the Fund's excessive trading policy may be cancelled or the shares purchased may be redeemed by the Fund.

The Fund may also defer to a financial intermediary's frequent trading policies with respect to those shareholders who invest in a Series through such intermediary. The Fund will defer to an intermediary's policies only after the Fund determines that the intermediary's frequent trading policies adequately protect Series shareholders. Transactions by Series shareholders investing through such intermediaries will be subject to the restrictions of the intermediary's frequent trading policies, which may differ from those of the Fund. Shareholders who invest through financial intermediaries should consult with their intermediaries to determine the frequent trading restrictions that apply to their Series transactions.

The Fund and its service providers will take steps reasonably designed to detect and deter frequent trading by shareholders pursuant to the Fund's policies and procedures described in this prospectus and approved by the Fund's Board of Directors. Despite these efforts, however, the Fund and its service providers may not be able to detect or prevent all instances of short-term trading in the Series, and, as a result, frequent trading could adversely affect the Series and its long-term shareholders as discussed above. For example, certain investors who engage in market timing and other short-term trading activities may employ a variety of techniques to avoid detection. Further, the detection of frequent trading patterns and the blocking of further trading are inherently subjective and therefore involve some selectivity in their application. The Fund and its service providers, however, seek to apply these policies to the best of their abilities uniformly and in a manner they believe is consistent with the interests of the Series' long-term shareholders.

The Fund may amend these policies and procedures in response to changing regulatory requirements or to enhance their effectiveness.

Telephone and Internet Transactions

We will employ steps reasonably designed to ensure that purchase, exchange, or redemption orders placed by telephone or through the Internet are genuine, which may include recording telephone calls and requesting personally identifiable information prior to acting upon instructions. For transactions conducted over the Internet, we recommend the use of a secure Internet browser. We are not responsible for any losses that may occur as long as we follow procedures reasonably designed to prevent fraudulent orders. Interruptions in service may mean that a shareholder will be unable to effect a telephone or Internet order when desired. In addition, you should verify the accuracy of your confirmation statements immediately after you receive them.

Accounts with Low Balances

Discretionary Investment Clients — The Fund does not impose a minimum balance requirement for discretionary investment accounts managed by the Advisor or its affiliates.

Other Shareholders — If your account falls below the minimum balance requirement for your share class (see table above) due to the redemption of shares, the Fund may ask you to bring your account up to the minimum requirement. If your account is still below the minimum balance requirement after 60 days, the Fund

**14**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

may redeem your shares and send you the redemption proceeds, or, if shares are held directly with the Fund, automatically convert the shares in the account to another share class, as appropriate.

Inactive Accounts

Each state has rules governing the definition and treatment of unclaimed property. Triggers include inactivity (e.g., no owner-generated activity for a certain period), returned mail (e.g., when mail sent to a shareholder is returned to the Fund's transfer agent as undeliverable, also known as "RPO"), or a combination of both inactivity and RPO. Once property is flagged as unclaimed, an attempt is made to contact the shareholder, but if that attempt is unsuccessful, the account may be considered abandoned and escheated to the state.

Shareholders that reside in the state of Texas may designate a representative to receive escheatment notifications by completing and submitting a designation form that can be found on the website of the Texas Comptroller. While the designated representative does not have any rights to claim or access the shareholder's account or assets, the escheatment period will cease if the representative communicates knowledge of the shareholder's location and confirms that the shareholder has not abandoned his or her property. If a shareholder designates a representative to receive escheatment notifications, any escheatment notices will be delivered both to the shareholder and the designated representative. A completed designation form may be mailed to the Fund (if shares are held directly with the Fund) or to the shareholder's financial intermediary (if shares are not held directly with the Fund).

For more information on unclaimed property and how to maintain an active account, please call us at 1-800-466-3863.

In-Kind Purchases and Redemptions

Securities you own may be used to purchase shares of the Series. The Advisor will determine if acquiring the securities is consistent with the Series' goals and policies. If accepted, the securities will be valued the same way the Series values securities it already owns.

The Fund may make payment for shares redeemed in part by giving you portfolio securities. As a redeeming shareholder, you will pay transaction costs to dispose of these securities. In addition, you will continue to be subject to the risks of any market fluctuation in the value of the securities until they are sold.

An in-kind distribution of portfolio securities could include illiquid securities. Illiquid securities may not be able to be sold quickly or at a price that reflects full value, or there may not be a market for such securities, which could cause you to realize losses on the security if the security is sold at a price lower than that at which it had been valued.

Medallion Guarantees and Notary Stamps

Financial transactions:

A Medallion Guarantee may be required for certain redemption requests, account transfers and other types of financial transactions. A Medallion Guarantee is a type of signature

guarantee that can be obtained from most brokers, banks, savings institutions or credit unions. A Medallion Guarantee is a formal certification offered by firms participating in the Medallion Stamp Program that guarantees a signature is original and authentic.

Non-financial transactions:

Although the Fund will accept a Medallion Guarantee for non-financial transactions, such as changing banking instructions, the Fund will also accept a notary stamp for non-financial transactions. A notary stamp can be obtained from a Notary Public, which is an official appointed by state government to serve the public as an impartial witness in performing a variety of official fraud deterrent acts related to the signing of important documents.

Please contact the Fund at 1-800-466-3863 for more information.

Valuation of Shares

The Series offers its shares at the NAV per share of the Series. The Series calculates its NAV once daily as of the close of regular trading on the NYSE (generally 4:00 p.m. Eastern time) on each day the exchange is open. If the exchange closes early, the Series will accelerate the calculation of its NAV and transaction deadlines to that time.

The Series generally values the securities in its portfolio on the basis of market quotations and valuations provided by independent pricing services. If market prices are not readily available or are unreliable, such as in the case of a security value that has been materially affected by events occurring after the close of the relevant market, securities are valued at fair value. The Board has designated the Advisor as the Series' valuation designee to make all fair value determinations with respect to the Series' portfolio investments, subject to the Board's oversight. 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 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 that the Advisor assigns 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.

International securities markets may be open on days when the U.S. markets are closed. In such cases, the value of securities owned by the Series may be significantly affected on days when investors cannot buy or sell shares of the Series. In addition, due to the difference in times between the close of the international markets and the time the Series prices its shares, the value the Advisor assigns to securities for the Series may not be the same as the quoted or published prices of those securities on their primary markets or exchanges. In determining fair value prices of non-U.S. securities, the Advisor may consider the performance of securities on their primary exchanges, factors influencing specific foreign markets or issuers, foreign currency appreciation/depreciation, securities market movements in the U.S., or other relevant information as related to the securities.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Communicating with the Manning & Napier Fund

By Phone: You can reach us at 1-800-466-3863 business days from 8:00 a.m. to 6:00 p.m. Eastern time. Telephone calls may be recorded.

By Mail:

Manning & Napier Fund, Inc.

P.O. 534449

Pittsburgh, PA 15253-4449

By Overnight Mail:

Manning & Napier Fund, Inc.

Attention: 534449

500 Ross Street, 154-0520

Pittsburgh, PA 15262

Automated account information: You can obtain automated account information, such as share prices and account balances, 24 hours a day, 7 days a week, by calling 1-800-466-3863 or by logging into your account at www.manning-napier.com.

Disclosure of the Series' Portfolio Holdings

The Series discloses its complete portfolio holdings in each Annual and Semi-Annual Report and, following the first and third fiscal quarters, in a quarterly holdings report filed with the Securities and Exchange Commission (SEC) as exhibits to Form N-PORT. Annual and Semi-Annual Reports are distributed to Series shareholders, and the most recent Reports are available on the Fund's website at www.manning-napier.com. Quarterly holdings reports filed with the SEC are not distributed to Series shareholders, but are available, free of charge, on the EDGAR Database on the SEC's website, www.sec.gov. In addition, the Series' month-end and quarter-end complete portfolio holdings are available on the Fund's website. This information is provided with a lag of at least eight days. Portfolio holdings information will be available on the website at least until it is superseded by a quarterly portfolio holdings report distributed to shareholders (with respect to Annual and Semi-Annual Reports) or filed with the SEC (with respect to an exhibit to Form N-PORT). The Series may also disclose certain commentary and analytical, statistical, performance or similar information relating to the Series or its portfolio holdings to third parties if such disclosure is deemed to be for a legitimate business purpose and the information is deemed to be non-material. A description of the Fund's policy and procedures with respect to the circumstances under which the Fund discloses its portfolio securities is available in the SAI.

**Dividends, Distributions, and Taxes**

Dividends and Distributions

The Series generally:

&nbsp;&nbsp;&nbsp;&nbsp;•Pays dividends once a year, in December.

&nbsp;&nbsp;&nbsp;&nbsp;•Makes net capital gains distributions, if any, once a year, typically in December.

The Series may pay additional distributions and dividends at other times if necessary for the Series to avoid incurring a federal tax.

Unless you have instructed the Fund otherwise, capital gain distributions and dividends are reinvested in additional shares of the same Series and Class that you hold. Alternatively, you can instruct the Fund in writing or by telephone to have your capital gains and/or dividends paid in cash. You can change your choice at any time to be effective as of the next distribution or dividend, except that any change given to the transfer agent after the record date will not be effective until the next distribution or dividend is made. If you have elected to receive your distributions by check, all capital gain distributions and dividends less than $10 will be reinvested. No interest will accrue on amounts represented by uncashed distribution or redemption checks.

Taxes

The Series has elected and intends to qualify each year for treatment as a regulated investment company (a "RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended. If it meets certain minimum distribution requirements, a RIC is not subject to tax at the Series level on income and gains from investments that are timely distributed to shareholders. However, the Series' failure to qualify as a RIC or to meet minimum distribution requirements would result (if certain relief provisions were not available) in Series-level taxation and, consequently, a reduction in income available for distribution to shareholders.

Dividends are paid from income earned on the Series' portfolio holdings as well as from interest on its cash investments. Distributions of capital gain will be treated as long-term or short-term gain depending on how long the Series held the securities sold, without regard to how long you have owned your shares of the Series. If you are investing through a tax-deferred arrangement, such as a 401(k) plan or other retirement account, you generally will not be subject to federal taxation on Series distributions; however, distributions from tax-deferred arrangements are generally subject to federal taxation.

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| | |
|:---|:---|
| &nbsp;&nbsp; TRANSACTION | &nbsp;&nbsp; FEDERAL TAX STATUS |
| &nbsp;&nbsp; Redemption or exchange of shares | &nbsp;&nbsp; Usually taxable as capital gain or loss; long-term only if shares owned more than one year |
| &nbsp;&nbsp; Long-term capital gain distributions | &nbsp;&nbsp; Taxable as long-term capital gain |
| &nbsp;&nbsp; Short-term capital gain distributions | &nbsp;&nbsp; Generally taxable as ordinary income |
| &nbsp;&nbsp; Dividends | &nbsp;&nbsp; Taxable as ordinary income unless they qualify for treatment as qualified dividend income |

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Distributions of investment income reported by the Series as derived from qualified dividend income may qualify to be taxed to non-corporate shareholders at the lower rate applicable to long-term capital gains, which is currently set at a maximum rate of 20% (lower rates apply to individuals in lower tax brackets). Qualified dividend income is, in general, dividend income from taxable domestic corporations and certain foreign corporations

**16**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(e.g., foreign corporations incorporated in a possession of the United States or in certain foreign countries with a comprehensive tax treaty with the United States, or the stock of which is readily tradable on an established securities market in the United States). Certain of the Series' investment strategies may limit its ability to make distributions eligible for the reduced tax rates applicable to qualified dividend income.

If you are a taxable investor, you may want to avoid buying shares when the Series is about to declare a capital gain distribution or a dividend, because it will be taxable to you even though economically it may actually be a return of a portion of your investment. Dividends and interest received by the Series may be subject to income, withholding or other taxes imposed by foreign countries and United States possessions that would reduce the yield on the Series' securities. Tax conventions between certain countries and the United States may reduce or eliminate these taxes. Foreign countries generally do not impose taxes on capital gains with respect to investments by foreign investors. If more than 50% of the value of the Series' total assets at the close of its taxable year consists of stock or securities of foreign corporations, the Series will be eligible to, and may, file an election with the Internal Revenue Service that will enable shareholders, in effect, to receive the benefit of the foreign tax credit with respect to any foreign and United States possessions income taxes paid by the Series. Pursuant to the election (if made), the Series will treat those taxes as dividends paid to its shareholders. Each shareholder will be required to include a proportionate share of those taxes in gross income as income received from a foreign source and must treat the amount so included as if the shareholder had paid the foreign tax directly. The shareholder may then either deduct the taxes deemed paid by him or her in computing his or her taxable income or, alternatively, use the foregoing information in calculating the foreign tax credit (subject to significant limitations) against the shareholder's federal income tax. If the Series makes the election, it will report annually to its shareholders the respective amounts per share of the Series' income from sources within, and taxes paid to, foreign countries and United States possessions.

When you sell or redeem your Series shares, or exchange them for shares of a different Series, you will generally realize a capital gain or loss for federal and state tax purposes. An exchange between share classes in the same Series is not reported as a taxable sale.

After the end of each year, the Series will provide you with information about the distributions and dividends that you received and any redemptions of shares during the previous year. In calculating your gain or loss on any sale of shares, note that your tax basis in your shares is increased by the amounts of dividends and distributions that you have reinvested in the Series. If you have owned your shares of the Series for more than one year, any net long-term capital gains from the sale of shares will generally qualify for the reduced rates of federal income taxation on long-term capital gains for non-corporate shareholders. Dividends and distributions are taxable as described above whether received in cash or reinvested.

The Series is required to report to you and the Internal Revenue Service annually on Form 1099-B the gross proceeds of Series shares you sell or redeem and also the cost basis for shares.

Cost basis will be calculated using the Series' default method of average cost, unless you instruct the Series to use a different calculation method. Shareholders should carefully review the cost basis information provided by the Series and make any additional basis, holding period or other adjustments that are required when reporting these amounts on their federal income tax returns. If your account is held through a financial intermediary (such as a financial advisor or broker), please contact the financial intermediary with respect to reporting of cost basis and available elections for your account. Tax-advantaged retirement accounts will not be affected.

If the Series' distributions exceed its earnings and profits (as calculated for federal income tax purposes) for a taxable year, all or a portion of the distributions made in the taxable year may be re-characterized as a return of capital to shareholders. A return of capital distribution will not be taxable to the extent of a shareholder's adjusted basis but will reduce such basis and result in a higher capital gain or lower capital loss when those shares on which the distribution was received are sold. To the extent a return of capital distribution exceeds a shareholder's adjusted basis, the distribution will be treated as gain from the sale of shares.

U.S. individuals with income exceeding $200,000 ($250,000 if married and filing jointly) are subject to a 3.8% tax on their "net investment income," including interest, dividends, and capital gains (including capital gains realized on the sale or exchange of shares). If you do not provide the Series with your correct taxpayer identification number and any required certifications, you may be subject to backup withholding of 24% of your distributions, dividends and redemption proceeds.

This discussion is for general information only and is not tax advice. You should consult your own tax advisor regarding your particular circumstances, and about any federal, state, local and foreign tax consequences before making an investment in the Series. Additional information about the tax consequences of investing in the Series may be found in the SAI.

**17**

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**Financial Highlights**

The financial highlights tables are intended to help you understand the Series' financial performance for the past five years, or, if shorter, the period of a Class's operations. Certain information reflects financial results for a single share. The total returns in the tables represent the rate that an investor would have earned, or lost, on an investment in the Series (assuming reinvestment of all dividends and distributions). This information has been audited by PricewaterhouseCoopers LLP, whose report, along with the Series' financial statements, is included in the Series' annual report, which is available upon request.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | **FOR THE<br>PERIOD<br>9/21/18<sup>1</sup><br>to<br>10/31/18** |
| Overseas Series - Class S | **10/31/22** | **10/31/21** | **10/31/20** | **10/31/19** | **FOR THE<br>PERIOD<br>9/21/18<sup>1</sup><br>to<br>10/31/18** |
| **Per share data (for a share outstanding throughout each period):** |  |  |  |  |  |
| Net asset value - Beginning of period | $37.19 | $27.36 | $24.14 | $22.17 | $24.72 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.26 | 0.18 | 0.19 | 0.35 | 0.01 |
| Net realized and unrealized gain (loss) on investments | (12.02) | 9.83 | 3.34<sup>3</sup> | 1.81 | (2.56) |
| *Total from investment operations* | (11.76) | 10.01 | 3.53 | 2.16 | (2.55) |
| **Less distributions to shareholders:** |  |  |  |  |  |
| From net investment income | (0.52) | (0.18) | (0.31) | (0.19) |  |
| ***Net asset value - End of period*** | ***$24.91*** | ***$37.19*** | ***$27.36*** | ***$24.14*** | ***$22.17*** |
| **Net assets - End of period** (000's omitted) | **$147439** | **$222471** | **$190201** | **$272760** | **$500950** |
| Total return<sup>4</sup> | (32.00%)<sup>5</sup> | 36.72% | 14.70%<sup>3</sup> | 9.88% | (10.32%) |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |
| Expenses\* | 1.05% | 1.05% | 1.05% | 1.05% | 1.05%<sup>6</sup> |
| Net investment income | 0.87% | 0.53% | 0.77% | 1.55% | 0.38%<sup>6</sup> |
| Series portfolio turnover | 40% | 47% | 66% | 43% | 34% |
| \*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% | 0.03% | 0.06% | 0.04% | 0.06%<sup>6</sup> |

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

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

<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 $2.39. Excluding the proceeds from the settlement, the total return would have been 10.21%.

<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 the periods. Periods less than one year are not annualized.

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

<sup>6</sup>Annualized.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
| Overseas Series - Class I | **10/31/22** | **10/31/21** | **10/31/20** | **10/31/19** | **10/31/18** |
| **Per share data (for a share outstanding throughout each year):** |  |  |  |  |  |
| Net asset value - Beginning of year | $37.24 | $27.39 | $24.22 | $22.18 | $24.73 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.35 | 0.28 | 0.27 | 0.42 | 0.41 |
| Net realized and unrealized gain (loss) on investments | (12.02) | 9.85 | 3.34<sup>2</sup> | 1.81 | (2.51) |
| *Total from investment operations* | (11.67) | 10.13 | 3.61 | 2.23 | (2.10) |
| **Less distributions to shareholders:** |  |  |  |  |  |
| From net investment income | (0.65) | (0.28) | (0.44) | (0.19) | (0.45) |
| ***Net asset value - End of year*** | ***$24.92*** | ***$37.24*** | ***$27.39*** | ***$24.22*** | ***$22.18*** |
| **Net assets - End of year** (000's omitted) | **$85187** | **$117732** | **$52357** | **$74325** | **$140653** |
| Total return<sup>3</sup> | (31.79%)<sup>4</sup> | 37.16% | 15.02%<sup>2</sup> | 10.18% | (8.69%) |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |
| Expenses\* | 0.75%<sup>5</sup> | 0.75%<sup>5</sup> | 0.75% | 0.75% | 0.75% |
| Net investment income | 1.16% | 0.81% | 1.10% | 1.86% | 1.62% |
| Series portfolio turnover | 40% | 47% | 66% | 43% | 34% |
| \*For certain years presented, the investment advisor did not impose all or a portion of its management and/or other fees, and in some years may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | 0.02% | N/A | 0.04% | 0.05% | 0.02% |

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

<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 years indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been waived or reimbursed during certain years.

<sup>4</sup>Includes litigation proceeds. Excluding this amount, the total return would have been (32.10%).

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

**19**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | **FOR THE <br>PERIOD <br>3/1/19<sup>1</sup>** **to<br>10/31/19** |
| Overseas Series - Class W | **10/31/22** | **10/31/21** | **10/31/20** | **FOR THE <br>PERIOD <br>3/1/19<sup>1</sup>** **to<br>10/31/19** |
| **Per share data (for a share outstanding throughout each period):** |  |  |  |  |
| Net asset value - Beginning of period | $37.57 | $27.59 | $24.31 | $22.95 |
| **Income (loss) from investment operations:** |  |  |  |  |
| Net investment income<sup>2</sup> | 0.57 | 0.53 | 0.45 | 0.35 |
| Net realized and unrealized gain (loss) on investments | (12.10) | 9.91 | 3.36<sup>3</sup> | 1.01 |
| *Total from investment operations* | (11.53) | 10.44 | 3.81 | 1.36 |
| **Less distributions to shareholders:** |  |  |  |  |
| From net investment income | (0.89) | (0.46) | (0.53) |  |
| ***Net asset value - End of period*** | ***$25.15*** | ***$37.57*** | ***$27.59*** | ***$24.31*** |
| **Net assets - End of period** (000's omitted) | **$230788** | **$331922** | **$267777** | **$107192** |
| Total return<sup>4</sup> | (31.31%)<sup>5</sup> | 38.13% | 15.80%<sup>3</sup> | 5.93% |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |
| Expenses\* | 0.05% | 0.05% | 0.05% | 0.05%<sup>6</sup> |
| Net investment income | 1.87% | 1.51% | 1.78% | 2.23%<sup>6</sup> |
| Series portfolio turnover | 40% | 47% | 66% | 43% |
| \*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% | 0.64% | 0.66% | 0.67%<sup>6</sup> |

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

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

<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 $2.35. Excluding the proceeds from the settlement, the total return would have been 11.44%.

<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 the periods. Periods less than one year are not annualized.

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

<sup>6</sup>Annualized.

**20**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED  | FOR THE YEAR ENDED  | FOR THE YEAR ENDED  | FOR THE YEAR ENDED  | **FOR THE <br>PERIOD <br>5/1/18<sup>1</sup> to<br>10/31/18** |
| Overseas Series - Class Z | **10/31/22** | **10/31/21** | **10/31/20** | **10/31/19** | **FOR THE <br>PERIOD <br>5/1/18<sup>1</sup> to<br>10/31/18** |
| **Per share data (for a share outstanding throughout each period):** |  |  |  |  |  |
| Net asset value - Beginning of period | $37.29 | $27.41 | $24.24 | $22.19 | $24.85 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.38 | 0.33 | 0.29 | 0.44 | 0.13 |
| Net realized and unrealized gain (loss) on investments | (12.04) | 9.85 | 3.34<sup>3</sup> | 1.82 | (2.79) |
| *Total from investment operations* | (11.66) | 10.18 | 3.63 | 2.26 | (2.66) |
| **Less distributions to shareholders:** |  |  |  |  |  |
| From net investment income | (0.67) | (0.30) | (0.46) | (0.21) |  |
| ***Net asset value - End of period*** | ***$24.96*** | ***$37.29*** | ***$27.41*** | ***$24.24*** | ***$22.19*** |
| **Net assets - End of period** (000's omitted) | **$80456** | **$119148** | **$72614** | **$50566** | **$104538** |
| Total return<sup>4</sup> | (31.75%)<sup>5</sup> | 37.31% | 15.11%<sup>3</sup> | 10.36% | (10.71%) |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |
| Expenses\* | 0.65% | 0.65% | 0.65% | 0.65% | 0.65%<sup>6</sup> |
| Net investment income | 1.27% | 0.94% | 1.14% | 1.95% | 1.04%<sup>6</sup> |
| Series portfolio turnover | 40% | 47% | 66% | 43% | 34% |
| \*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: | 0.05% | 0.04% | 0.06% | 0.07% | 0.09%<sup>6</sup> |

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

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

<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 $2.34. Excluding the proceeds from the settlement, the total return would have been 11.91%.

<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 the periods. Periods less than one year are not annualized.

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

<sup>6</sup>Annualized.

**Manning & Napier Fund, Inc.**

**Overseas Series**

**Class I, Class S, Class W, and Class Z Shares**

Shareholder Reports and the Statement of Additional Information (SAI)

Annual and semi-annual reports to shareholders provide additional information about the Series' investments. These reports discuss the market conditions and investment strategies that significantly affected the Series' performance during its last fiscal year. The SAI provides more detailed information about the Series. It is incorporated by reference into this prospectus, making it legally part of the prospectus.

How to Obtain the Shareholder Reports, SAI, and Additional Information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•You may obtain shareholder reports and the SAI or other information about the Series without charge, by calling 1-800-466-3863 or sending written requests to Manning & Napier Fund, Inc., P.O. Box 805, Fairport, New York 14450. Note that this address should not be used for transaction requests. These documents are also available at www.manning-napier.com.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Shareholder reports, the prospectus, the SAI and other information about the Series are available on the EDGAR Database on the Commission's Internet site at http:// www.sec.gov. You may obtain copies of this information, after paying a duplicating fee, by sending an email request to publicinfo@sec.gov.

Shareholder Mailings

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 1-800-466-3863 or contact your financial intermediary.

The Fund also offers electronic delivery of certain documents. Direct shareholders can elect to receive shareholder reports, prospectus updates, and statements via e-delivery. For more information or to sign up for e-delivery, please visit the Fund's website at www.manning-napier.com.

If someone makes a statement about the Series that is not in this prospectus, you should not rely upon that information. Neither the Series nor its distributor is offering to sell shares of the Series to any person to whom the Series may not lawfully sell its shares.

---

| | |
|:---|:---|
| **Investment Company Act File No. 811-04087** | **EXOSX03/01/2023** |

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![](problend-proimg001.gif)

**Prospectus**

MARCH 1, 2023

![](problend-proimg002.gif)

www.manning-napier.com

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Manning & Napier Fund, Inc.** | **Class S** | **Class I** | **Class R** | **Class L** | **Class W** | **Class Z** |
| Pro-Blend<sup>®</sup> Conservative Term Series | EXDAX | MNCIX | MNCRX | MNCCX | MNCWX | NO TICKER SYMBOL |
| Pro-Blend<sup>®</sup> Moderate Term Series | EXBAX | MNMIX | MNMRX | MNMCX | MNMWX | NO TICKER SYMBOL |
| Pro-Blend<sup>®</sup> Extended Term Series | MNBAX | MNBIX | MNBRX | MNECX | MNBWX | NO TICKER SYMBOL |
| Pro-Blend<sup>®</sup> Maximum Term Series | EXHAX | MNHIX | MNHRX | MNHCX | MNHWX | NO TICKER SYMBOL |

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The Securities and Exchange Commission has not approved or disapproved these securities or determined whether this prospectus is accurate or complete. Any statement to the contrary is a crime.

Manning & Napier Fund, Inc.

**Table of Contents**

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| | |
|:---|:---|
| &nbsp;&nbsp; Summary Sections |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pro-Blend<sup>®</sup> Conservative Term Series | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pro-Blend<sup>®</sup> Moderate Term Series | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pro-Blend<sup>®</sup> Extended Term Series | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pro-Blend<sup>®</sup> Maximum Term Series | 16 |
| &nbsp;&nbsp; Additional Series Summary Information | 21 |
| &nbsp;&nbsp; More Information About the Series' <br>Principal Investment Strategies and Principal Risks | 22 |
| &nbsp;&nbsp; Management | 30 |
| &nbsp;&nbsp; Payments to Broker-Dealers and Other Financial Intermediaries | 31 |
| &nbsp;&nbsp; Choosing a Share Class | 32 |
| &nbsp;&nbsp; How to Buy, Exchange, and Redeem Shares | 33 |
| &nbsp;&nbsp; Investment and Account Information | 35 |
| &nbsp;&nbsp; Dividends, Distributions, and Taxes | 38 |
| &nbsp;&nbsp; Financial Highlights | 41 |

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**1**

**Summary Section**

Pro-Blend<sup>®</sup>

Conservative Term Series

Investment Goal

The Series' primary objective is to provide preservation of capital,

and its secondary objectives are to provide income and long-term growth of capital.

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.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; CLASS | &nbsp;&nbsp; S | &nbsp;&nbsp; I | &nbsp;&nbsp; R | &nbsp;&nbsp; L | &nbsp;&nbsp; W | &nbsp;&nbsp; Z |
| &nbsp;&nbsp; **Shareholder Fees** (fees paid directly from your investment) | &nbsp;&nbsp; None | &nbsp;&nbsp; None | &nbsp;&nbsp; None | &nbsp;&nbsp; None | &nbsp;&nbsp; None | &nbsp;&nbsp; None |

---

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &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; **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; 0.40% | &nbsp;&nbsp; 0.40% | &nbsp;&nbsp; 0.40% | &nbsp;&nbsp; 0.40% | &nbsp;&nbsp; 0.40% | &nbsp;&nbsp; 0.40% |
| &nbsp;&nbsp; Distribution and Service (12b-1) Fees | &nbsp;&nbsp; 0.25% |  | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 1.00% |  |  |
| &nbsp;&nbsp; Other Expenses | &nbsp;&nbsp; 0.23% | &nbsp;&nbsp; 0.23% | &nbsp;&nbsp; 0.18% | &nbsp;&nbsp; 0.19% | &nbsp;&nbsp; 0.14% | &nbsp;&nbsp; 0.14%<sup>1</sup> |
| &nbsp;&nbsp; Total Annual Fund Operating Expenses | &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 1.08% | &nbsp;&nbsp; 1.59% | &nbsp;&nbsp; 0.54% | &nbsp;&nbsp; 0.54% |
| &nbsp;&nbsp; Less Fee Waiver and/or Expense Reimbursement<sup>2</sup> |  |  |  |  | &nbsp;&nbsp; (0.44)% | &nbsp;&nbsp; (0.04)% |
| &nbsp;&nbsp; **Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement** | &nbsp;&nbsp; **0.88%** | &nbsp;&nbsp; **0.63%** | &nbsp;&nbsp; **1.08%** | &nbsp;&nbsp; **1.59%** | &nbsp;&nbsp; **0.10%** | &nbsp;&nbsp; **0.50%** |

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<sup>1</sup> Other expenses are based on estimated amounts for the current fiscal year.

<sup>2</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, exclusive of Distribution and Service (12b-1) Fees and waived Class W management fees (collectively, "excluded expenses"), do not exceed 0.65% of the average daily net assets of the Class S, Class I, Class R, and Class L shares, 0.50% 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:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; CLASS | &nbsp;&nbsp; S | &nbsp;&nbsp; I | &nbsp;&nbsp; R | &nbsp;&nbsp; L | &nbsp;&nbsp; W | &nbsp;&nbsp; Z |
| &nbsp;&nbsp; 1 Year | &nbsp;&nbsp; $90 | &nbsp;&nbsp; $64 | &nbsp;&nbsp; $110 | &nbsp;&nbsp; $162 | &nbsp;&nbsp; $10 | &nbsp;&nbsp; $51 |
| &nbsp;&nbsp; 3 Years | &nbsp;&nbsp; $281 | &nbsp;&nbsp; $202 | &nbsp;&nbsp; $343 | &nbsp;&nbsp; $502 | &nbsp;&nbsp; $32 | &nbsp;&nbsp; $160 |
| &nbsp;&nbsp; 5 Years | &nbsp;&nbsp; $488 | &nbsp;&nbsp; $351 | &nbsp;&nbsp; $595 | &nbsp;&nbsp; $866 | &nbsp;&nbsp; $56 | &nbsp;&nbsp; $280 |
| &nbsp;&nbsp; 10 Years | &nbsp;&nbsp; $1084 | &nbsp;&nbsp; $786 | &nbsp;&nbsp; $1317 | &nbsp;&nbsp; $1889 | &nbsp;&nbsp; $128 | &nbsp;&nbsp; $628 |

---

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 79% of the average value of its portfolio.

Principal Investment Strategies

In pursuit of the Series' primary goal, the Advisor seeks to protect capital while generating income and seeking growth opportunities as secondary priorities.

The Series invests primarily in fixed income securities, including U.S. Treasury securities and U.S. and foreign mortgage-backed and asset-backed securities and corporate bonds. The Series invests primarily in fixed income securities with short- to

**2**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

intermediate-term maturities of 3 to 5 years but may also invest in longer term securities (such as bonds with maturities of 10 years or more). The Series invests primarily in investment grade 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), but may also invest in non-investment grade securities (junk bonds). The Series may also invest in U.S. and foreign stocks, including those in emerging markets, American Depository Receipts (ADRs), and derivative instruments (as described below). There are no prescribed limits on the sector allocations of the Series' investments and, from time to time, the Series may focus its investments in one or more sectors.

The Series may invest in stocks of small-, large-, or mid-size companies, and the Series' investments in stocks may be focused on dividend-paying common stocks. With respect to the portion of the Series that is invested in dividend-paying common stocks, the Advisor uses a systematic process to construct a portfolio consisting primarily of 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. The Series may also invest in securities of U.S. and foreign issuers in the real estate industry, including equity and mortgage real estate investment trusts (REITs) and real estate operating companies (REOCs).

When the Advisor wishes to purchase or sell a security at a specified price, it may seek to generate additional gains for the Series by writing (selling) options on the underlying security.

In addition, the Series may buy and sell futures contracts based on fixed income securities, interest rates, and currencies, to seek to enhance returns, manage duration, hedge interest rate risk, and reduce volatility.

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.

The words "Conservative Term" in the Series' name describe the investment horizon of those investors who may want to consider investing in the Series and do not reflect the Series' maturity restrictions with respect to its investments in fixed income securities.

Please see the "More Information About the Series' Principal Investment Strategies and Principal Risks" section of the prospectus for the historical high and low equity exposures of the Series.

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.

Because a portion of the Series' portfolio is selected using a systematic process, the Series is subject to the additional risk that the Advisor's judgments regarding the investment criteria underlying the systematic process may prove to be incorrect.

Market risk — Because the Series invests in both stocks and bonds, the value of your investment will fluctuate in response to stock market movements and changes in interest rates. 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;•The issuer of a bond 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 lower-rated investment grade securities and junk bonds.

&nbsp;&nbsp;&nbsp;&nbsp;•Interest rates rise, credit spreads widen, and/or repayment spreads widen. These events alone or in combination can cause bond prices to fall and reduce the value of the Series' portfolio. Longer-term bonds will experience greater fluctuations than shorter-term bonds given their greater sensitivity to interest rate changes.

&nbsp;&nbsp;&nbsp;&nbsp;•Market volatility and/or prepayment spreads change to such a degree that prepayment uncertainty/risks are reassessed; the greater the uncertainty/risk, the wider the requisite prepayment spread.

&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.

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 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

**3**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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.

Real estate investment risk — The Series' holdings in securities of issuers in the real estate industry, including its investments in REITs and REOCs, 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.

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. In addition, investments in emerging market countries may be more volatile than investments in more developed countries. 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 investment 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.

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.

Risks of dividend-paying common stocks — Dividend-paying common stocks may be subject to additional risk that may cause them to underperform other types of stocks. In addition, if stocks held by a Series reduce or stop paying dividends, the Series' ability to generate income may be affected.

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 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.

U.S. Government securities risk — Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency's own resources, and, therefore, such obligations are not backed by the full faith and credit of the United States government.

Mortgage- and asset-backed securities risks — The Series' investments in mortgage-backed and asset-backed securities may subject it to the following additional risks:

&nbsp;&nbsp;&nbsp;&nbsp;•Mortgage-backed securities are affected by, among other things, interest rate changes and the possibility of prepayment of the underlying mortgage loans. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations.

&nbsp;&nbsp;&nbsp;&nbsp;•Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities, and asset-backed securities may not have the benefit of any security interest in the related assets.

**4**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Options and futures risk — The Series is subject to the following risks due to its ability to invest in options and futures:

&nbsp;&nbsp;&nbsp;&nbsp;•Options and futures, 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 or futures contract may not correlate perfectly with the underlying investment.

&nbsp;&nbsp;&nbsp;&nbsp;•The Series may not be able to receive amounts payable to it under its options and futures contracts as quickly as it may be able to sell or otherwise obtain payments from other investments, so the Series' investments in such contracts may not be as liquid as the Series' other investments.

Sector focus risk — Because the Series' investments may, from time to time, be more heavily invested in a particular sector or sectors, the value of its shares may be especially sensitive to factors and economic risks that specifically affect those sectors. As a result, the Series' share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of 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.

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 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 and a blended index. The Conservative Term Composite Benchmark is a blend of the Russell 3000<sup>®</sup> Index (Russell 3000), MSCI ACWI ex USA Index (ACWIxUS), and Bloomberg U.S. Intermediate Aggregate Bond Index (BIAB) in the following weightings: 15% Russell 3000, 5% ACWIxUS, and 80% BIAB through 05/31/2012; 22% Russell 3000, 8% ACWIxUS, and 70% BIAB through 12/31/2021; and 15% Russell 3000, 5% ACWIxUS, and 80% BIAB beginning 01/01/2022. The Conservative Term Composite Benchmark is provided because it better reflects the asset allocation of the Series as compared with the broad-based index. Because the Series' asset allocation will vary over time, the composition of the Series' portfolio may not match the composition of the comparative indices' portfolios. 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> CALENDAR YEARS ENDED DECEMBER 31

![](problend-proimg003.gif)

Quarterly Returns

Highest (quarter ended 06/30/2020): 8.35%

Lowest (quarter ended 03/31/2020): (5.23)%

**5**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp; AVERAGE ANNUAL TOTAL RETURNS <br>FOR PERIODS ENDED DECEMBER 31, 2022<br>

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| | | | |
|:---|:---|:---|:---|
|  | 1 Year | 5 Years  | 10 Years |
| &nbsp;&nbsp; Class S Shares |  |  |  |
| &nbsp;&nbsp; Return Before Taxes | (11.13)% | 2.70% | 3.49% |
| &nbsp;&nbsp; Return After Taxes on Distributions | (11.85)% | 1.06% | 2.08% |
| &nbsp;&nbsp; Return After Taxes on Distributions and Sale of Series Shares | (6.33)% | 1.67% | 2.35% |
| &nbsp;&nbsp; Class I Shares – <br>Return Before Taxes | (10.83)% | 2.97% | 3.72% |
| &nbsp;&nbsp; Class R Shares – <br>Return Before Taxes | (11.27)% | 2.50% | 3.23% |
| &nbsp;&nbsp; Class L Shares – <br>Return Before Taxes | (11.72)% | 1.97% | 2.71% |
| &nbsp;&nbsp; Class W Shares – <br>Return Before Taxes | (10.36)% | 3.33% | 3.80% |
| &nbsp;&nbsp; Indices: (reflect no deduction for fees, expenses, or taxes) | &nbsp;&nbsp; Indices: (reflect no deduction for fees, expenses, or taxes) | &nbsp;&nbsp; Indices: (reflect no deduction for fees, expenses, or taxes) | &nbsp;&nbsp; Indices: (reflect no deduction for fees, expenses, or taxes) |
| &nbsp;&nbsp; Bloomberg U.S. Intermediate Aggregate Bond Index | (9.51)% | 0.31% | 1.00% |
| &nbsp;&nbsp; Conservative Term <br>Composite Benchmark<sup>1</sup> | (11.13)% | 2.70% | 3.92% |

---

<sup>1</sup> Returns provided are calculated monthly using a blended allocation, as noted above.

The Series' Class W Shares commenced operation on April 1, 2019, and all returns shown for 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. No performance is shown for the Class Z Shares because they were not active prior to the date of this prospectus. Except for differences in returns resulting from differences in expenses, the classes would have substantially similar returns because each class invests in the same portfolio of securities.

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

The Advisor's Global Core Team is jointly and primarily responsible for managing the overall asset allocation of the Series, approving the Series' equity investments, and working with the Advisor's other groups, including the Fixed Income Group, to construct the Series' portfolio. The members of the Global Core Team and the head of the Fixed Income Group are listed below.

**Global Core Team:**

**Christian A. Andreach, CFA<sup>®</sup>**

Co-Head of Global Equities, Managing Director of Consumer Group, Head of U.S. Equity Core Team, has managed the Series since 2002.

**Marc Tommasi**

Co-Head of Global Equities, Chief Investment Strategist, Head of Non-U.S. Equity Core Team, Managing Director of Global Strategies Group, has managed the Series since 1995.

**Jay M. Welles, CFA<sup>®</sup>**

Head of Core Equities, Managing Director of Technology Group, has managed the Series since 2023.

**Head of Fixed Income Group:**

**Marc Bushallow, CFA<sup>®</sup>**

Managing Director of Fixed Income, has managed the Series since 2015.

Purchase and Sale of Series Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries

For important information about purchase and sale of Series shares, tax information and financial intermediary compensation, please refer to the section "Additional Series Summary Information" found on page 21 in this prospectus.

**6**

**Summary Section**

Pro-Blend<sup>®</sup>

Moderate Term Series

Investment Goal

The Series' investment objective is to provide equal emphasis on long-term growth of capital and preservation of capital.

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; R | &nbsp;&nbsp; L | &nbsp;&nbsp; W | &nbsp;&nbsp; Z |
| &nbsp;&nbsp; **Shareholder Fees** (fees paid directly from your investment) | &nbsp;&nbsp; None | &nbsp;&nbsp; None | &nbsp;&nbsp; None | &nbsp;&nbsp; None | &nbsp;&nbsp; None | &nbsp;&nbsp; None |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &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; **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; 0.60% | &nbsp;&nbsp; 0.60% |
| &nbsp;&nbsp; Distribution and Service (12b-1) Fees | &nbsp;&nbsp; 0.25% |  | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 1.00% |  |  |
| &nbsp;&nbsp; Other Expenses | &nbsp;&nbsp; 0.22% | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.16% | &nbsp;&nbsp; 0.18% | &nbsp;&nbsp; 0.14% | &nbsp;&nbsp; 0.14%<sup>1</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Previously Waived Fees and/or Reimbursed Expenses Recovered <sup>2</sup> |  |  | &nbsp;&nbsp; 0.01% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Operating Expenses | &nbsp;&nbsp; 0.22% | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.15% | &nbsp;&nbsp; 0.18% | &nbsp;&nbsp; 0.14% | &nbsp;&nbsp; 0.14% |
| &nbsp;&nbsp; Total Annual Fund Operating Expenses | &nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 1.26% | &nbsp;&nbsp; 1.78% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.74% |
| &nbsp;&nbsp; Less Fee Waiver and/or Expense Reimbursement <sup>2</sup> |  |  |  |  | &nbsp;&nbsp; (0.64)% | &nbsp;&nbsp; (0.04)% |
| &nbsp;&nbsp; **Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement** | &nbsp;&nbsp; **1.07%** | &nbsp;&nbsp; **0.85%** | &nbsp;&nbsp; **1.26%** | &nbsp;&nbsp; **1.78%** | &nbsp;&nbsp; **0.10%** | &nbsp;&nbsp; **0.70%** |

---

<sup>1</sup> Other expenses are based on estimated amounts for the current fiscal year.

<sup>2</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, 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, Class I, Class R, and Class L 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 | S | I | R | L | W | Z |
| &nbsp;&nbsp; 1 Year | &nbsp;&nbsp; $109 | &nbsp;&nbsp; $87 | &nbsp;&nbsp; $128 | &nbsp;&nbsp; $181 | &nbsp;&nbsp; $10 | &nbsp;&nbsp; $72 |
| &nbsp;&nbsp; 3 Years | &nbsp;&nbsp; $340 | &nbsp;&nbsp; $271 | &nbsp;&nbsp; $400 | &nbsp;&nbsp; $560 | &nbsp;&nbsp; $32 | &nbsp;&nbsp; $224 |
| &nbsp;&nbsp; 5 Years | &nbsp;&nbsp; $590 | &nbsp;&nbsp; $471 | &nbsp;&nbsp; $692 | &nbsp;&nbsp; $964 | &nbsp;&nbsp; $56 | &nbsp;&nbsp; $390 |
| &nbsp;&nbsp; 10 Years | &nbsp;&nbsp; $1306 | &nbsp;&nbsp; $1049 | &nbsp;&nbsp; $1523 | &nbsp;&nbsp; $2095 | &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 69% of the average value of its portfolio.

Principal Investment Strategies

The Advisor seeks to balance conflicting goals of growth of capital and preservation of capital in order to generate a more stable rate of return for this portfolio relative to an investment in the general stock market.

**7**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The Series invests primarily in common stocks and intermediate to long-term fixed income securities. The Series may invest in U.S. and foreign stocks, including those in emerging markets, American Depository Receipts (ADRs), and derivative instruments (as described below). The Series may invest in stocks of small-, large-, or mid-size companies. In the fixed income portion of the portfolio, the Series invests primarily in U.S. Treasury securities, and U.S. and foreign mortgage-backed and asset-backed securities and corporate bonds. The Series invests primarily in fixed income securities with maturities of 5 to 10 years but may invest in securities of any maturity. The Series invests primarily in investment grade 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), but may also invest in non-investment grade securities (junk bonds). There are no prescribed limits on the sector allocations of the Series' investments and, from time to time, the Series may focus its investments in one or more sectors.

When the Advisor wishes to purchase or sell a security at a specified price, it may seek to generate additional gains for the Series by writing (selling) options on the underlying security.

In addition, the Series may buy and sell futures contracts based on fixed income securities, interest rates, and currencies, to seek to enhance returns, manage duration, hedge interest rate risk, and reduce volatility.

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.

The words "Moderate Term" in the Series' name describe the investment horizon of those investors who may want to consider investing in the Series and do not reflect the Series' maturity restrictions with respect to its investments in fixed income securities.

Please see the "More Information About the Series' Principal Investment Strategies and Principal Risks" section of the prospectus for the historical high and low equity exposures of the Series.

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 both stocks and bonds, the value of your investment will fluctuate in response to stock market movements and changes in interest rates.

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;•The issuer of a bond 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 lower-rated investment grade securities and junk bonds.

&nbsp;&nbsp;&nbsp;&nbsp;•Interest rates rise, credit spreads widen, and/or repayment spreads widen. These events alone or in combination can cause bond prices to fall and reduce the value of the Series' portfolio. Longer-term bonds will experience greater fluctuations than shorter-term bonds given their greater sensitivity to interest rate changes.

&nbsp;&nbsp;&nbsp;&nbsp;•Market volatility and/or prepayment spreads change to such a degree that prepayment uncertainty/risks are reassessed; the greater the uncertainty/risk, the wider the requisite prepayment spread.

&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.

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 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.

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. In addition, investments in emerging market countries may be more volatile than investments in more developed countries. The Series' investments may be denominated in the currencies of the

**8**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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.

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.

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 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.

U.S. Government securities risk — Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency's own resources, and, therefore, such obligations are not backed by the full faith and credit of the United States government.

Mortgage- and asset-backed securities risks — The Series' investments in mortgage-backed and asset-backed securities may subject it to the following additional risks:

&nbsp;&nbsp;&nbsp;&nbsp;•Mortgage-backed securities are affected by, among other things, interest rate changes and the possibility of prepayment of the underlying mortgage loans. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations.

&nbsp;&nbsp;&nbsp;&nbsp;•Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities, and asset-backed securities may not have the benefit of any security interest in the related assets.

Options and futures risk — The Series is subject to the following risks due to its ability to invest in options and futures:

&nbsp;&nbsp;&nbsp;&nbsp;•Options and futures, 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 or futures contract may not correlate perfectly with the underlying investment.

&nbsp;&nbsp;&nbsp;&nbsp;•The Series may not be able to receive amounts payable to it under its options and futures contracts as quickly as it may be able to sell or otherwise obtain payments from other investments, so the Series' investments in such contracts may not be as liquid as the Series' other investments.

**9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Sector focus risk — Because the Series' investments may, from time to time, be more heavily invested in a particular sector or sectors, the value of its shares may be especially sensitive to factors and economic risks that specifically affect those sectors. As a result, the Series' share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of 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.

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 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 and a 30/10/30/30 Blended Index, 30% of which is the Russell 3000<sup>®</sup> Index, 10% of which is the MSCI ACWI ex USA Index, 30% of which is the Bloomberg U.S. Aggregate Bond Index, and 30% of which is the Bloomberg U.S. Intermediate Aggregate Bond Index. The 30/10/30/30 Blended Index is provided because it better reflects the asset allocation of the Series as compared with the broad-based index. Because the Series' asset allocation will vary over time, the composition of the Series' portfolio may not match the composition of the comparative indices' portfolios. 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> CALENDAR YEARS ENDED DECEMBER 31

![](problend-proimg004.gif)

Quarterly Returns

Highest (quarter ended 06/30/2020): 10.81%

Lowest (quarter ended 06/30/2022): (7.69)%

&nbsp;&nbsp; AVERAGE ANNUAL TOTAL RETURNS <br>FOR PERIODS ENDED DECEMBER 31, 2022<br>

---

| | | | |
|:---|:---|:---|:---|
|  | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp; Class S Shares |  |  |  |
| &nbsp;&nbsp; Return Before Taxes | (14.53)% | 3.52% | 4.31% |
| &nbsp;&nbsp; Return After Taxes on Distributions | (14.79)% | 2.11% | 2.95% |
| &nbsp;&nbsp; Return After Taxes on Distributions and Sale of Series Shares | (8.52)% | 2.45% | 3.07% |
| &nbsp;&nbsp; Class I Shares – <br>Return Before Taxes | (14.34)% | 3.76% | 4.55% |
| &nbsp;&nbsp; Class R Shares – <br>Return Before Taxes | (14.66)% | 3.27% | 4.05% |
| &nbsp;&nbsp; Class L Shares – <br>Return Before Taxes | (15.14)% | 2.77% | 3.53% |
| &nbsp;&nbsp; Class W Shares – <br>Return Before Taxes | (13.69)% | 4.26% | 4.68% |
| &nbsp;&nbsp; Indices: (reflect no deduction for fees, expenses, or taxes) | &nbsp;&nbsp; Indices: (reflect no deduction for fees, expenses, or taxes) | &nbsp;&nbsp; Indices: (reflect no deduction for fees, expenses, or taxes) | &nbsp;&nbsp; Indices: (reflect no deduction for fees, expenses, or taxes) |
| &nbsp;&nbsp; Bloomberg U.S.<br>Aggregate Bond Index | (13.01)% | 0.02% | 1.06% |
| &nbsp;&nbsp; 30/10/30/30 Blended Index<sup>1</sup> | (13.86)% | 3.16% | 4.81% |

---

<sup>1</sup> Returns provided are calculated monthly using a blended allocation, as noted above.

**10**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The Series' Class W Shares commenced operation on April 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. No performance is shown for the Class Z Shares because they were not active prior to the date of this prospectus. Except for differences in returns resulting from differences in expenses, the classes would have substantially similar returns because each class invests in the same portfolio of securities.

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 returns 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

The Advisor's Global Core Team is jointly and primarily responsible for managing the overall asset allocation of the Series, approving the Series' equity investments, and working with the Advisor's other groups, including the Fixed Income Group, to construct the Series' portfolio. The members of the Global Core Team and the head of the Fixed Income Group are listed below.

**Global Core Team:**

**Christian A. Andreach, CFA<sup>®</sup>**

Co-Head of Global Equities, Managing Director of Consumer Group, Head of U.S. Equity Core Team, has managed the Series since 2002.

**Marc Tommasi**

Co-Head of Global Equities, Chief Investment Strategist, Head of Non-U.S. Equity Core Team, Managing Director of Global Strategies Group, has managed the Series since 1993.

**Jay M. Welles, CFA<sup>®</sup>**

Head of Core Equities, Managing Director of Technology Group, has managed the Series since 2023.

**Head of Fixed Income Group:**

**Marc Bushallow, CFA<sup>®</sup>**

Managing Director of Fixed Income, has managed the Series since 2015.

Purchase and Sale of Series Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries

For important information about purchase and sale of Series shares, tax information and financial intermediary compensation, please refer to the section "Additional Series Summary Information" found on page 21 in this prospectus.

**11**

**Summary Section**

Pro-Blend<sup>®</sup>

Extended Term Series

Investment Goal

The Series' primary objective is to provide long-term growth of capital,

and its secondary objective is to provide preservation of capital.

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; R | &nbsp;&nbsp; L | &nbsp;&nbsp; W | &nbsp;&nbsp; Z |
| &nbsp;&nbsp; **Shareholder Fees** (fees pa id directly from your investment) | &nbsp;&nbsp; None | &nbsp;&nbsp; None | &nbsp;&nbsp; None | &nbsp;&nbsp; None | &nbsp;&nbsp; None | &nbsp;&nbsp; None |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &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; **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; 0.60% | &nbsp;&nbsp; 0.60% |
| &nbsp;&nbsp; Distribution and Service (12b-1) Fees | &nbsp;&nbsp; 0.25% |  | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 1.00% |  |  |
| &nbsp;&nbsp; Other Expenses | &nbsp;&nbsp; 0.17% | &nbsp;&nbsp; 0.19% | &nbsp;&nbsp; 0.15% | &nbsp;&nbsp; 0.18% | &nbsp;&nbsp; 0.13% | &nbsp;&nbsp; 0.13%<sup>1</sup> |
| &nbsp;&nbsp; Total Annual Fund Operating Expenses | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 1.25% | &nbsp;&nbsp; 1.78% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.73% |
| &nbsp;&nbsp; Less Fee Waiver and/or Expense Reimbursement<sup>2</sup> |  |  |  |  | &nbsp;&nbsp; (0.63)% | &nbsp;&nbsp; (0.03)% |
| &nbsp;&nbsp; **Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement** | &nbsp;&nbsp; **1.02%** | &nbsp;&nbsp; **0.79%** | &nbsp;&nbsp; **1.25%** | &nbsp;&nbsp; **1.78%** | &nbsp;&nbsp; **0.10%** | &nbsp;&nbsp; **0.70%** |

---

<sup>1</sup> Other expenses are based on estimated amounts for the current fiscal year.

<sup>2</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, 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, Class I, Class R, and Class L 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:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; CLASS | &nbsp;&nbsp; S | &nbsp;&nbsp; I | &nbsp;&nbsp; R | &nbsp;&nbsp; L | &nbsp;&nbsp; W | &nbsp;&nbsp; Z |
| &nbsp;&nbsp; 1 Year | &nbsp;&nbsp; $104 | &nbsp;&nbsp; $81 | &nbsp;&nbsp; $127 | &nbsp;&nbsp; $181 | &nbsp;&nbsp; $10 | &nbsp;&nbsp; $72 |
| &nbsp;&nbsp; 3 Years | &nbsp;&nbsp; $325 | &nbsp;&nbsp; $252 | &nbsp;&nbsp; $397 | &nbsp;&nbsp; $560 | &nbsp;&nbsp; $32 | &nbsp;&nbsp; $224 |
| &nbsp;&nbsp; 5 Years | &nbsp;&nbsp; $563 | &nbsp;&nbsp; $439 | &nbsp;&nbsp; $686 | &nbsp;&nbsp; $964 | &nbsp;&nbsp; $56 | &nbsp;&nbsp; $390 |
| &nbsp;&nbsp; 10 Years | &nbsp;&nbsp; $1248 | &nbsp;&nbsp; $978 | &nbsp;&nbsp; $1511 | &nbsp;&nbsp; $2095 | &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 66% of the average value of its portfolio.

Principal Investment Strategies

By focusing on growth of capital and to a lesser extent on preservation of capital, the Advisor seeks to participate, over the long term, in the growth of the stock market, but with less volatility than is typically associated with an investment in the general stock market.

**12**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The Series invests primarily in common stocks and long-term fixed income securities. The Series may invest in U.S. and foreign stocks, including those in emerging markets, American Depository Receipts (ADRs), and derivative instruments (as described below). The Series may invest in stocks of small-, large-, or mid-size companies. In the fixed income portion of the portfolio, the Series invests primarily in U.S. Treasury securities, and U.S. and foreign mortgage-backed and asset-backed securities and corporate bonds. The Series invests primarily in fixed income securities with maturities of 7 to 20 years but may invest in securities of any maturity. The Series invests primarily in investment grade 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), but may also invest in non-investment grade securities (junk bonds). There are no prescribed limits on the sector allocations of the Series' investments and, from time to time, the Series may focus its investments in one or more sectors.

When the Advisor wishes to purchase or sell a security at a specified price, it may seek to generate additional gains for the Series by writing (selling) options on the underlying security.

In addition, the Series may buy and sell futures contracts based on fixed income securities, interest rates, and currencies, to seek to enhance returns, manage duration, hedge interest rate risk, and reduce volatility.

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.

The words "Extended Term" in the Series' name describe the investment horizon of those investors who may want to consider investing in the Series and do not reflect the Series' maturity restrictions with respect to its investments in fixed income securities.

Please see the "More Information About the Series' Principal Investment Strategies and Principal Risks" section of the prospectus for the historical high and low equity exposures of the Series.

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 both stocks and bonds, the value of your investment will fluctuate in response to stock market movements and changes in interest rates. 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;•The issuer of a bond 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 lower-rated investment grade securities and junk bonds.

&nbsp;&nbsp;&nbsp;&nbsp;•Interest rates rise, credit spreads widen, and/or repayment spreads widen. These events alone or in combination can cause bond prices to fall and reduce the value of the Series' portfolio. Longer-term bonds will experience greater fluctuations than shorter-term bonds given their greater sensitivity to interest rate changes.

&nbsp;&nbsp;&nbsp;&nbsp;•Market volatility and/or prepayment spreads change to such a degree that prepayment uncertainty/risks are reassessed; the greater the uncertainty/risk, the wider the requisite prepayment spread.

&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.

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 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.

**13**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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. In addition, investments in emerging market countries may be more volatile than investments in more developed countries. 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.

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.

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 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.

U.S. Government securities risk — Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency's own resources, and, therefore, such obligations are not backed by the full faith and credit of the United States government.

Mortgage- and asset-backed securities risks — The Series' investments in mortgage-backed and asset-backed securities may subject it to the following additional risks:

&nbsp;&nbsp;&nbsp;&nbsp;•Mortgage-backed securities are affected by, among other things, interest rate changes and the possibility of prepayment of the underlying mortgage loans. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations.

&nbsp;&nbsp;&nbsp;&nbsp;•Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities, and asset-backed securities may not have the benefit of any security interest in the related assets.

Options and futures risk — The Series is subject to the following risks due to its ability to invest in options and futures:

&nbsp;&nbsp;&nbsp;&nbsp;•Options and futures, 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 or futures contract may not correlate perfectly with the underlying investment.

&nbsp;&nbsp;&nbsp;&nbsp;•The Series may not be able to receive amounts payable to it under its options and futures contracts as quickly as it may be able to sell or otherwise obtain payments from other investments, so the Series' investments in such contracts may not be as liquid as the Series' other investments.

**14**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Sector focus risk — Because the Series' investments may, from time to time, be more heavily invested in a particular sector or sectors, the value of its shares may be especially sensitive to factors and economic risks that specifically affect those sectors. As a result, the Series' share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of 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.

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 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 and a 40/15/45 Blended Index, 40% of which is the Russell 3000<sup>®</sup> Index, 15% of which is the MSCI ACWI ex USA Index, and 45% of which is the Bloomberg U.S. Aggregate Bond Index. The 40/15/45 Blended Index is provided because it better reflects the asset allocation of the Series as compared with the broad-based index. Because the Series' asset allocation will vary over time, the composition of the Series' portfolio may not match the composition of the comparative indices' portfolios. 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> CALENDAR YEARS ENDED DECEMBER 31

![](problend-proimg005.gif)

Quarterly Returns

Highest (quarter ended 06/30/2020): 12.83%

Lowest (quarter ended 06/30/2022): (9.46)%

&nbsp;&nbsp; AVERAGE ANNUAL TOTAL RETURNS <br>FOR PERIODS ENDED DECEMBER 31, 2022<br>

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| | | | |
|:---|:---|:---|:---|
|  | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp; Class S Shares |  |  |  |
| &nbsp;&nbsp; Return Before Taxes | (16.72)% | 4.48% | 5.61% |
| &nbsp;&nbsp; Return After Taxes on Distributions | (17.45)% | 3.02% | 4.19% |
| &nbsp;&nbsp; Return After Taxes on Distributions and Sale of Series Shares | (9.43)% | 3.22% | 4.13% |
| &nbsp;&nbsp; Class I Shares – <br>Return Before Taxes | (16.58)% | 4.72% | 5.87% |
| &nbsp;&nbsp; Class R Shares – <br>Return Before Taxes | (16.89)% | 4.22% | 5.35% |
| &nbsp;&nbsp; Class L Shares – <br>Return Before Taxes | (17.35)% | 3.69% | 4.82% |
| &nbsp;&nbsp; Class W Shares – <br>Return Before Taxes | (15.94)% | 5.21% | 5.98% |
| &nbsp;&nbsp; Indices: (reflect no deduction <br>for fees, expenses, or taxes) | &nbsp;&nbsp; Indices: (reflect no deduction <br>for fees, expenses, or taxes) | &nbsp;&nbsp; Indices: (reflect no deduction <br>for fees, expenses, or taxes) | &nbsp;&nbsp; Indices: (reflect no deduction <br>for fees, expenses, or taxes) |
| &nbsp;&nbsp; Bloomberg U.S.<br>Aggregate Bond Index | (13.01)% | 0.02% | 1.06% |
| &nbsp;&nbsp; 40/15/45 Blended Index<sup>1</sup> | (15.65)% | 4.00% | 6.08% |

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<sup>1</sup> Returns provided are calculated monthly using a blended allocation, as noted above.

**15**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The Series' Class W Shares commenced operation on April 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. No performance is shown for the Class Z Shares because they were not active prior to the date of this prospectus. Except for differences in returns resulting from differences in expenses, the classes would have substantially similar returns because each class invests in the same portfolio of securities.

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 returns 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

The Advisor's Global Core Team is jointly and primarily responsible for managing the overall asset allocation of the Series, approving the Series' equity investments, and working with the Advisor's other groups, including the Fixed Income Group, to construct the Series' portfolio. The members of the Global Core Team and the head of the Fixed Income Group are listed below.

**Global Core Team:**

**Christian A. Andreach, CFA<sup>®</sup>**

Co-Head of Global Equities, Managing Director of Consumer Group, Head of U.S. Equity Core Team, has managed the Series since 2002.

**Marc Tommasi**

Co-Head of Global Equities, Chief Investment Strategist, Head of Non-U.S. Equity Core Team, Managing Director of Global Strategies Group, has managed the Series since 1993.

**Jay M. Welles, CFA<sup>®</sup>**

Head of Core Equities, Managing Director of Technology Group, has managed the Series since 2023.

**Head of Fixed Income Group:**

**Marc Bushallow, CFA<sup>®</sup>**

Managing Director of Fixed Income, has managed the Series since 2015.

Purchase and Sale of Series Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries

For important information about purchase and sale of Series shares, tax information and financial intermediary compensation, please refer to the section "Additional Series Summary Information" found on page 21 in this prospectus.

**16**

**Summary Section**

Pro-Blend<sup>®</sup>

Maximum Term Series

Investment Goal

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

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.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; CLASS | &nbsp;&nbsp; S | &nbsp;&nbsp; I | &nbsp;&nbsp; R | &nbsp;&nbsp; L | &nbsp;&nbsp; W | &nbsp;&nbsp; Z |
| &nbsp;&nbsp; **Shareholder Fees** (fees paid directly from your investment) | &nbsp;&nbsp; None | &nbsp;&nbsp; None | &nbsp;&nbsp; None | &nbsp;&nbsp; None | &nbsp;&nbsp; None | &nbsp;&nbsp; None |

---

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &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; **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; 0.60% | &nbsp;&nbsp; 0.60% |
| &nbsp;&nbsp; Distribution and Service (12b-1) Fees | &nbsp;&nbsp; 0.25% |  | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 1.00% |  |  |
| &nbsp;&nbsp; Other Expenses | &nbsp;&nbsp; 0.28% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.22% | &nbsp;&nbsp; 0.24% | &nbsp;&nbsp; 0.19% | &nbsp;&nbsp; 0.19%<sup>1</sup> |
| &nbsp;&nbsp; Total Annual Fund Operating Expenses | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 1.32% | &nbsp;&nbsp; 1.84% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.79% |
| &nbsp;&nbsp; Less Fee Waiver and/or Expense Reimbursement<sup>2</sup> | &nbsp;&nbsp; (0.03)% | &nbsp;&nbsp; (0.05)% |  |  | &nbsp;&nbsp; (0.69)% | &nbsp;&nbsp; (0.09)% |
| &nbsp;&nbsp; **Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement** | &nbsp;&nbsp; **1.10%** | &nbsp;&nbsp; **0.85%** | &nbsp;&nbsp; **1.32%** | &nbsp;&nbsp; **1.84%** | &nbsp;&nbsp; **0.10%** | &nbsp;&nbsp; **0.70%** |

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<sup>1</sup> Other expenses are based on estimated amounts for the current fiscal year.

<sup>2</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, 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, Class I, Class R, and Class L 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; S | &nbsp;&nbsp; I | &nbsp;&nbsp; R | &nbsp;&nbsp; L | &nbsp;&nbsp; W | &nbsp;&nbsp; Z |
| &nbsp;&nbsp; 1 Year | &nbsp;&nbsp; $112 | &nbsp;&nbsp; $87 | &nbsp;&nbsp; $134 | &nbsp;&nbsp; $187 | &nbsp;&nbsp; $10 | &nbsp;&nbsp; $72 |
| &nbsp;&nbsp; 3 Years | &nbsp;&nbsp; $350 | &nbsp;&nbsp; $271 | &nbsp;&nbsp; $418 | &nbsp;&nbsp; $579 | &nbsp;&nbsp; $32 | &nbsp;&nbsp; $224 |
| &nbsp;&nbsp; 5 Years | &nbsp;&nbsp; $606 | &nbsp;&nbsp; $471 | &nbsp;&nbsp; $723 | &nbsp;&nbsp; $995 | &nbsp;&nbsp; $56 | &nbsp;&nbsp; $390 |
| &nbsp;&nbsp; 10 Years | &nbsp;&nbsp; $1340 | &nbsp;&nbsp; $1049 | &nbsp;&nbsp; $1590 | &nbsp;&nbsp; $2159 | &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). Ahigher 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 62% of the average value of its portfolio.

Principal Investment Strategies

The Advisor seeks to generate the high level of long-term capital growth typically associated with a long-term investment in the general stock market.

The Series invests primarily in common stocks and in long-term fixed income securities. The Series may invest in U.S. and foreign stocks, including those in emerging markets, American Depository Receipts (ADRs), and derivatives instruments (as

**17**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

described below). The Series may invest in stocks of small-, large-, or mid-size companies. In the fixed income portion of the portfolio, the Series invests primarily in U.S. Treasury securities, and U.S. and foreign mortgage-backed and asset-backed securities and corporate bonds. The Series invests primarily in fixed income securities with maturities of 7 to 20 years, but may invest in securities of any maturity. The Series invests primarily in investment grade 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), but may also invest in non-investment grade securities (junk bonds). There are no prescribed limits on the sector allocations of the Series' investments and, from time to time, the Series may focus its investments in one or more sectors.

When the Advisor wishes to purchase or sell a security at a specified price, it may seek to generate additional gains for the Series by writing (selling) options on the underlying security.

In addition, the Series may buy and sell futures contracts based on fixed income securities, interest rates, and currencies, to seek to enhance returns, manage duration, hedge interest rate risk, and reduce volatility.

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.

The words "Maximum Term" in the Series' name describe the investment horizon of those investors who may want to consider investing in the Series and do not reflect the Series' maturity restrictions with respect to its investments in fixed income securities.

Please see the "More Information About the Series' Principal Investment Strategies and Principal Risks" section of the prospectus for the historical high and low equity exposures of the Series.

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 both stocks and bonds, the value of your investment will fluctuate in response to stock market movements and changes in interest rates. This means that you could lose money on your investment in the Series or the Series could underperform if any of the following occurs:

• 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;•The issuer of a bond 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 lower-rated investment grade securities and junk bonds.

&nbsp;&nbsp;&nbsp;&nbsp;•Interest rates rise, credit spreads widen, and/or repayment spreads widen. These events alone or in combination can cause bond prices to fall and reduce the value of the Series' portfolio. Longer-term bonds will experience greater fluctuations than shorter-term bonds given their greater sensitivity to interest rate changes.

&nbsp;&nbsp;&nbsp;&nbsp;•Market volatility and/or prepayment spreads change to such a degree that prepayment uncertainty/risks are reassessed; the greater the uncertainty/risk, the wider the requisite prepayment spread.

&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.

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 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.

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. In addition, investments in emerging market countries may be more volatile than investments in more developed countries. 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 investment in issuers from certain foreign countries may require the Series to sell such investments at inopportune times or prevent an investment the

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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.

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.

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 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.

U.S. Government securities risk — Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency's own resources, and, therefore, such obligations are not backed by the full faith and credit of the United States government.

Mortgage- and asset-backed securities risks — The Series' investments in mortgage-backed and asset-backed securities may subject it to the following additional risks:

&nbsp;&nbsp;&nbsp;&nbsp;•Mortgage-backed securities are affected by, among other things, interest rate changes and the possibility of prepayment of the underlying mortgage loans. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations.

&nbsp;&nbsp;&nbsp;&nbsp;•Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities, and asset-backed securities may not have the benefit of any security interest in the related assets.

Options and futures risk — The Series is subject to the following risks due to its ability to invest in options and futures:

&nbsp;&nbsp;&nbsp;&nbsp;•Options and futures, 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 or futures contract may not correlate perfectly with the underlying investment.

&nbsp;&nbsp;&nbsp;&nbsp;•The Series may not be able to receive amounts payable to it under its options and futures contracts as quickly as it may be able to sell or otherwise obtain payments from other investments, so the Series' investments in such contracts may not be as liquid as the Series' other investments.

Sector focus risk — Because the Series' investments may, from time to time, be more heavily invested in a particular sector or sectors, the value of its shares may be especially sensitive to factors and economic risks that specifically affect those sectors. As a result, the Series' share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of 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.

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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 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 and a 65/20/15 Blended Index, 65% of which is the Russell 3000<sup>®</sup> Index, 20% of which is the MSCI ACWI ex USA Index, and 15% of which is the Bloomberg U.S. Aggregate Bond Index. The 65/20/15 Blended Index is provided because it better reflects the asset allocation of the Series as compared with the broad-based index. Because the Series' asset allocation will vary over time, the composition of the Series' portfolio may not match the composition of the comparative indices' portfolios. 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> CALENDAR YEARS ENDED DECEMBER 31

![](problend-proimg006.gif)

Quarterly Returns

Highest (quarter ended 06/30/2020): 20.63%

Lowest (quarter ended 03/31/2020): (15.86)%

&nbsp;&nbsp; AVERAGE ANNUAL TOTAL RETURNS <br>FOR PERIODS ENDED DECEMBER 31, 2022<br>

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| | | | |
|:---|:---|:---|:---|
|  | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp; Class S Shares |  |  |  |
| &nbsp;&nbsp; Return Before Taxes | (20.41)% | 6.58% | 8.45% |
| &nbsp;&nbsp; Return After Taxes on Distributions | (22.22)% | 4.78% | 6.65% |
| &nbsp;&nbsp; Return After Taxes on Distributions and Sale of Series Shares | (10.70)% | 4.95% | 6.43% |
| &nbsp;&nbsp; Class I Shares – <br>Return Before Taxes | (20.22)% | 6.85% | 8.72% |
| &nbsp;&nbsp; Class R Shares – <br>Return Before Taxes | (20.56)% | 6.34% | 8.19% |
| &nbsp;&nbsp; Class L Shares – <br>Return Before Taxes | (21.02)% | 5.81% | 7.65% |
| &nbsp;&nbsp; Class W Shares – <br>Return Before Taxes | (19.58)% | 7.39% | 8.86% |
| &nbsp;&nbsp; Indices: (reflect no deduction <br>for fees, expenses, or taxes) | &nbsp;&nbsp; Indices: (reflect no deduction <br>for fees, expenses, or taxes) | &nbsp;&nbsp; Indices: (reflect no deduction <br>for fees, expenses, or taxes) | &nbsp;&nbsp; Indices: (reflect no deduction <br>for fees, expenses, or taxes) |
| &nbsp;&nbsp; Russell 3000<sup>®</sup> Index | (19.21)% | 8.79% | 12.13% |
| &nbsp;&nbsp; 65/20/15 Blended Index<sup>1</sup> | (17.44)% | 6.08% | 8.90% |

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<sup>1</sup> Returns provided are calculated monthly using a blended allocation, as noted above.

The Series' Class W Shares commenced operation on April 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. No performance is shown for the Class Z Shares because they were not active prior to the date of this prospectus. Except for differences in returns resulting from differences in expenses, the classes would have substantially similar returns because each class invests in the same portfolio of securities.

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.

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Investment Advisor

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

Portfolio Managers

The Advisor's Global Core Team is jointly and primarily responsible for managing the overall asset allocation of the Series, approving the Series' equity investments, and working with the Advisor's other groups, including the Fixed Income Group, to construct the Series' portfolio. The members of the Global Core Team and the head of the Fixed Income Group are listed below.

**Global Core Team:**

**Christian A. Andreach, CFA<sup>®</sup>**

Co-Head of Global Equities, Managing Director of Consumer Group, Head of U.S. Equity Core Team, has managed the Series since 2002.

**Marc Tommasi**

Co-Head of Global Equities, Chief Investment Strategist, Head of Non-U.S. Equity Core Team, Managing Director of Global Strategies Group, has managed the Series since 1995.

**Jay M. Welles, CFA<sup>®</sup>**

Head of Core Equities, Managing Director of Technology Group, has managed the Series since 2023.

**Head of Fixed Income Group:**

**Marc Bushallow, CFA<sup>®</sup>**

Managing Director of Fixed Income, has managed the Series since 2015.

Purchase and Sale of Series Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries

For important information about purchase and sale of Series shares, tax information and financial intermediary compensation, please refer to the section "Additional Series Summary Information" found on page 21 in this prospectus.

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**Additional Series Summary Information**

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 of the Class S, Class R and Class L shares of each Series is $2,000. The minimum initial investment of the Class I shares and Class Z shares of each Series is $1,000,000. There is no minimum initial investment for the Series' 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, Class R, Class L and Class Z shares are waived for certain qualified retirement accounts and the Advisor's discretionary investment account clients. In addition, the Class S, Class R and Class L shares investment minimums are waived for participants in an automatic investment program who invest at least $1,000 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 their 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.

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**More Information About the Series' Principal Investment Strategies and Principal Risks**

The Advisor's Investment Strategies

The Pro-Blend Conservative Term Series, Pro-Blend Moderate Term Series, Pro-Blend Extended Term Series, and Pro-Blend Maximum Term Series are asset allocation funds. Each invests in a combination of equity, fixed income and cash investments and is managed according to specific goals discussed in each Series' Summary Section of this prospectus. Equity investments include derivatives with equity characteristics and fixed income investments include derivatives with fixed income characteristics.

The Advisor's Global Core Team allocates each Series' assets to equity, fixed income and cash investments based on the Series' investment goals and objectives, as well as the team's assessment of equity valuations and other market and economic factors. For instance, the Global Core Team will generally increase the Series' equity exposures during periods of lower market valuations, and decrease the Series' equity exposures during periods of higher market valuations. The Global Core Team will generally adjust the Series' derivatives holdings based on its expectations regarding interest rates, market volatility and the derivatives markets.

The following sections provide additional information regarding the Advisor's asset allocation and security selection processes.

How the Advisor Allocates Assets within Each Series

The Series offer a range of investment strategies from fairly conservative to fairly aggressive. As you move along the investment risk spectrum, the emphasis on growth increases while the focus on income and capital preservation declines. This movement toward growth usually involves a higher percentage of the portfolio being invested in equity investments and a lower percentage invested in fixed income investments.

The pie charts below illustrate how the allocation of each Series' portfolio has varied in the past. The Advisor believes that the most important factor affecting portfolio performance is asset allocation. A Series' actual asset allocation will vary and may not fall within the ranges shown below depending primarily on current or anticipated market trends.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **HISTORICAL HIGH AND LOW EQUITY EXPOSURES**<br> **(as measured on calendar quarters)** | &nbsp;&nbsp; **HISTORICAL HIGH AND LOW EQUITY EXPOSURES**<br> **(as measured on calendar quarters)** | &nbsp;&nbsp; **HISTORICAL HIGH AND LOW EQUITY EXPOSURES**<br> **(as measured on calendar quarters)** | &nbsp;&nbsp; **HISTORICAL HIGH AND LOW EQUITY EXPOSURES**<br> **(as measured on calendar quarters)** | &nbsp;&nbsp; **HISTORICAL HIGH AND LOW EQUITY EXPOSURES**<br> **(as measured on calendar quarters)** |
|  | &nbsp;&nbsp; **High** | &nbsp;&nbsp; **High** | &nbsp;&nbsp; **Low** | &nbsp;&nbsp; **Low** |
| &nbsp;&nbsp; **Pro-Blend Conservative Term Series**<br> 6/30/96-12/31/22 |  **Equity - 36.7%**<br>  **Fixed Income - 60.7%**<br>  **Cash - 2.6%** | ![](problend-proimg007.gif)  |  **Equity - 6.2%**<br>  **Fixed Income - 71.0%**<br>  **Cash - 22.8%** | ![](problend-proimg008.gif)  |
| &nbsp;&nbsp; **Pro-Blend Moderate Term Series**<br> 3/31/94-12/31/22 |  **Equity - 56.2%**<br>  **Fixed Income - 43.1%**<br>  **Cash - 0.7%** | ![](problend-proimg009.gif)  |  **Equity - 18.4%**<br>  **Fixed Income - 64.9%**<br>  **Cash - 16.7%** | ![](problend-proimg010.gif)  |
| &nbsp;&nbsp; **Pro-Blend Extended Term Series**<br> 3/31/94-12/31/22 |  **Equity - 71.1%**<br>  **Fixed Income - 25.0%**<br>  **Cash - 3.9%** | ![](problend-proimg011.gif)  |  **Equity - 44.3%**<br>  **Fixed Income - 52.7%**<br>  **Cash - 3.0%** | ![](problend-proimg012.gif)  |
| &nbsp;&nbsp; **Pro-Blend Maximum Term Series**<br> 6/30/96-12/31/22 |  **Equity - 95.5%**<br>  **Fixed Income - 2.2%**<br>  **Cash - 2.3%** | ![](problend-proimg013.gif)  |  **Equity - 72.7%**<br>  **Fixed Income - 27.3%**<br>  **Cash - 0.0%** | ![](problend-proimg014.gif)  |

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| | | | |
|:---|:---|:---|:---|
| THE SERIES' ASSET ALLOCATIONS <br>AS OF DECEMBER 31, 2022 | THE SERIES' ASSET ALLOCATIONS <br>AS OF DECEMBER 31, 2022 | THE SERIES' ASSET ALLOCATIONS <br>AS OF DECEMBER 31, 2022 | THE SERIES' ASSET ALLOCATIONS <br>AS OF DECEMBER 31, 2022 |
| The Series' asset allocations as of December 31, 2022 were as follows: | The Series' asset allocations as of December 31, 2022 were as follows: | The Series' asset allocations as of December 31, 2022 were as follows: | The Series' asset allocations as of December 31, 2022 were as follows: |
| **Series** | **Equity** | **Fixed Income** | **Cash** |
| Pro-Blend Conservative<br>Term Series | 17.90% | 80.56% | 1.54% |
| Pro-Blend Moderate <br>Term Series | 36.30% | 60.71% | 2.99% |
| Pro-Blend Extended <br>Term Series | 48.13% | 48.48% | 3.39% |
| Pro-Blend Maximum<br>Term Series | 79.69% | 16.50% | 3.81% |

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Each Series' asset allocation varies over time depending primarily on current or anticipated market trends. Accordingly, a Series' current or future asset allocation may not match its historical asset allocation.

Equity Selection Process

The Global Core Team selects equity investments for each Series from among stocks of companies that are recommended by the Advisor's equity analysts and have 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;•Improving market share in consolidating industries.

&nbsp;&nbsp;&nbsp;&nbsp;•Low price relative to fundamental or breakup value.

In managing the portion of the Pro-Blend Conservative Term Series invested in dividend-paying common stocks, the Quantitative Strategies Group uses a systematic process to identify stocks of companies that it believes meet the following investment criteria:

&nbsp;&nbsp;&nbsp;&nbsp;•Attractive valuation, based on factors such as free cash flow yield (i.e., cash generated by a company that is available to equity holders) and underlying earnings power.

&nbsp;&nbsp;&nbsp;&nbsp;•Dividend yield equal to or exceeding the dividend yield of the broad equity market.

&nbsp;&nbsp;&nbsp;&nbsp;•A high likelihood of being able to maintain its dividend.

&nbsp;&nbsp;&nbsp;&nbsp;•Strong financial health, based on factors such as profitability and leverage.

On an annual basis, the Quantitative Strategies Group reviews the portfolio holdings in this portion of the Series' portfolio against the investment criteria set forth above, and will recommend selling those holdings that no longer meet such criteria. Although stocks may be added to or removed from this portion of the Series' portfolio at any time during the year, modifications to this portion of the portfolio are expected to primarily take place once a year.

Fixed Income Selection Process

The Global Core Team works with the Advisor's Fixed Income Group to manage the Series' fixed income investments.

The Fixed Income Group selects individual bonds, emphasizing bond market sectors and securities that it believes offer yields sufficient to compensate the investor for the risks specific to the sector or security. In evaluating bonds, this group considers:

&nbsp;&nbsp;&nbsp;&nbsp;•Interest rate sensitivity of particular sectors and securities.

&nbsp;&nbsp;&nbsp;&nbsp;•Narrowing or widening of interest rate spreads between sectors, securities of different credit quality or securities of different maturities.

&nbsp;&nbsp;&nbsp;&nbsp;•For mortgage-backed and asset-backed securities, anticipated changes in prepayment rates.

Derivatives Selection Processes:

In managing the Series' options positions, the Global Core Team works with the Advisor's equity analysts to target options with premiums that are believed to offer sufficient income to compensate the Series for the risks associated with the option. Options are written only on stocks that the Global Core Team is planning to buy (in the case of puts) or sell (in the case of calls). The following factors are considered with respect to options:

&nbsp;&nbsp;&nbsp;&nbsp;•The proximity of the stock's price to the Global Core Team's target buy or sell price for the stock.

&nbsp;&nbsp;&nbsp;&nbsp;•The attractiveness of the option based on factors such as its exercise price (strike price), time to expiration (duration) and implied volatility.

&nbsp;&nbsp;&nbsp;&nbsp;•Factors specific to the stock, such as the expected release of company news and announcements.

The Global Core Team works with the Fixed Income Group to target fixed income futures that are believed to offer the Series the opportunity to more efficiently manage duration and gain exposure to certain markets. The factors considered in selecting fixed income futures are similar to the factors considered in selecting fixed income securities, as described above.

More Information About the Series' Principal Investments

**Equity securities** — Equity securities are primarily common stocks of U.S. and foreign companies.

**Foreign securities** — Foreign securities include foreign stocks and ADRs and other U.S. dollar and non-U.S. dollar denominated securities of foreign issuers, including those in emerging markets. ADRs are securities that are listed and traded in the United States but represent an ownership interest in securities issued by a foreign issuer. ADRs are subject to many of the risks associated with investing directly in foreign securities, which are described below.

**Fixed income securities** — Fixed income securities may be issued by the U.S. Government or any of its agencies or instrumentalities, foreign governments or any of their agencies or

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instrumentalities, supranational entities such as the World Bank, and U.S. and foreign companies. Certain U.S. and foreign fixed income securities are not guaranteed or insured by the U.S. or foreign government. These securities may be backed solely by their issuers' ability to borrow from their government or by the credit of their issuers.

Investments in fixed income securities may have all types of interest rate payment and reset terms and may include mortgage-backed and asset-backed securities.

**High-yield securities (junk bonds)** — High-yield securities are lower-rated debt securities often referred to as "junk bonds." These securities offer a higher yield compared to investment grade securities, but they carry a greater degree of risk and are considered speculative by the major credit rating agencies. High-yield securities may be issued by companies that are restructuring, are smaller and less creditworthy, or are more highly indebted than other companies. In addition, foreign countries with political or economic instability may issue high- yield securities. Issuers of high-yield securities may, therefore, have more difficulty making scheduled payments of principal and interest. Compared to investment grade securities, high- yield securities are influenced more by changes in the financial and business position of the issuer than by changes in interest rates.

**Mortgage-backed securities** — Mortgage-backed securities are instruments that entitle the holder to a share of all interest and principal payments from mortgages underlying the security. The mortgages backing these securities include residential mortgages and commercial mortgages.

**Asset-backed securities** — Asset-backed securities are securities backed by non-mortgage assets such as company receivables, truck and auto loans, leases and credit card receivables. Asset-backed securities are generally issued as pass-through certificates, which represent undivided fractional ownership interests in the underlying pools of assets.

**Real estate companies (RECs)** — RECs (including REITs and REOCs) are companies — trusts in the case of REITs — that invest primarily in commercial real estate or real estate-related loans. Generally, REITs can be classified as Equity REITs, Mortgage REITs and Hybrid REITs. Equity REITs invest the majority of their assets directly in real property and derive their income primarily from rents and capital gains from appreciation realized through property sales. Mortgage REITs invest the majority of their assets in real estate mortgages and derive their income primarily from interest payments. Hybrid REITs combine the characteristics of both Equity and Mortgage REITs. REOCs are real estate companies that engage in the development, management or financing of real estate. They typically provide services such as property management, property development, facilities management and real estate financing. REOCs are publicly traded corporations that are taxed at the corporate level, unlike REITs.

**Options** — An option is the right to buy or sell an instrument at a specific price before a specific date. When the Advisor wishes to sell a security at a specified price, it may seek to generate additional gains for a Series by writing (selling) "covered" call options on the underlying security. When the Advisor wishes to purchase a security at a specified price, it may seek to generate additional gains for a Series by writing (selling) "naked" put options on the underlying security. A call option is "covered" if the Series either owns the underlying security or has an absolute and immediate right (such as a call with the same or a later expiration date) to acquire that security, whereas a put option is "naked" if the Series has no position in the underlying security.

**Futures** — Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific security or asset on a specified date and at a specified price. In order to attempt to enhance returns and manage duration and the risk associated with rising interest rates and/or market volatility, a Series may trade different types of futures contracts, including contracts based on fixed income securities, interest rates and currencies.

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More Information About the Series' Principal Risks

In addition to the principal risks discussed in the individual Series' summary sections, certain Series are subject to additional risks as illustrated by the following table. The degree to which each risk applies to a specific Series depends on the holdings of that Series. More information on each risk is provided below the table.

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|:---|:---|:---|:---|:---|
|  | Pro-Blend <br>Conservative <br>Term Series | Pro-Blend <br>Moderate <br>Term Series | Pro-Blend <br>Extended <br>Term Series | Pro-Blend <br>Maximum <br>Term Series |
| Management risk | x | x | x | x |
| Market risk | x | x | x | x |
| Equity risk | x | x | x | x |
| Large-cap risk | x | x | x | x |
| Small- and mid-cap risk | x | x | x | x |
| Foreign securities risk | x | x | x | x |
| Emerging markets risk | x | x | x | x |
| Currency risk | x | x | x | x |
| Risks of dividend-paying common stocks | x |  |  |  |
| Real estate investment risk | x |  |  |  |
| Risks related to real estate companies | x |  |  |  |
| Interest rate risk | x | x | x | x |
| Credit risk  | x | x | x | x |
| Prepayment and extension risk | x | x | x | x |
| High-yield securities risk | x | x | x | x |
| Risks of lower-rated investment grade securities | x | x | x | x |
| U.S. Government securities risk | x | x | x | x |
| Mortgage-backed securities risk | x | x | x | x |
| Asset-backed securities risk | x | x | x | x |
| Options risk | x | x | x | x |
| Futures risk | x | x | x | x |
| Sector focus risk | x | x | x | x |
| Liquidity risk | x | x | x | x |
| Large redemption risk | x | x | x | x |

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**Management risk** — The investment performance of a Series depends largely on the skill of key personnel and investment professionals of the Advisor. The Advisor will apply investment techniques and risk analyses in making investment decisions for a Series and there can be no guarantee that these will produce the desired results. The Series' investment strategies permit investments to be made in a broad range of issuers, securities and transactions. Within these parameters, the Advisor will make investment decisions for a Series as it deems appropriate. No assurance can be given that a Series will be successful in obtaining suitable investments, or that if such investments are made, the objectives of the Series will be achieved.

**Market risk** — The risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. The Series' net asset value (NAV) per share will fluctuate with the market prices of its portfolio securities. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Markets for securities in which the Series invests may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect 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, which in turn could

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negatively impact the Series' performance and cause losses on your investment in the Series. Recent examples include pandemic risks related to COVID-19 and aggressive measures taken worldwide in response by governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines of large populations, and by businesses, including changes to operations and reducing staff. The impact of theCOVID-19 pandemic may be short term or may last for an extended period of time, and in either case could result in a substantial economic downturn or recession.

**Equity risk** — The prices of equity securities rise and fall daily. These price movements may result from factors affecting individual companies, industries or the securities market as a whole. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. In addition, the equity market tends to move in cycles which may cause stock prices to fall over short or extended periods of time.

**Large-cap risk** — Large-cap stocks tend to go in and out of favor based on market and economic conditions. The returns on large-cap stocks may underperform other types of investments, such as small- or mid-cap stocks.

**Small- and mid-cap risk** — Small- and mid-cap companies may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small- and mid-cap companies may have limited product lines, markets and financial resources, and may depend upon a relatively small management group. The securities of smaller companies are often traded in the over-the-counter market and, even if listed on a national securities exchange, the trading market (i.e., the volume of trades on any given day) for such securities may be less active than larger companies listed on that exchange. Consequently, the securities of these companies may be less liquid, may have limited market stability, and may be subject to more abrupt or erratic market movements than the securities of larger, more established companies. As a result, the prices of smaller companies owned by a Series may be volatile.

**Foreign securities risk** — Investments in securities of foreign issuers involve certain risks that are greater than those associated with investments in securities of U.S. issuers. These include risks of adverse changes in foreign economic, political, regulatory and other conditions, or changes in currency exchange rates or exchange control regulations (including limitations on currency movements and exchanges). In certain countries, legal remedies available to investors may be more limited than those available with respect to investments in the United States. The securities of some foreign companies may be less liquid and, at times, more volatile than securities of comparable U.S. companies. The securities of foreign companies may also experience more rapid or extreme changes in value than securities of U.S. companies because the securities markets of many foreign countries are relatively small, with a limited number of companies representing a small number of industries. There also is the risk that the cost of buying, selling, and holding foreign securities, including brokerage, tax, and custody costs, may

be higher than those involved in domestic transactions. During any period when foreign securities underperform other types of investments — U.S. securities, for instance — the performance of a Series that holds foreign securities may lag these investments. Additionally, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may result in the Series having to sell such prohibited securities at inopportune times. Such prohibited securities may have less liquidity as a result of such U.S. Government designation and the market price of such prohibited securities may decline, which may cause the Series to incur losses.

**Emerging markets risk** — Emerging market countries are countries that the World Bank or the United Nations considers to be emerging or developing. Emerging markets may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries. Emerging market countries often have less uniformity in accounting and reporting requirements and unreliable securities valuation. It is sometimes difficult to obtain and enforce court judgments in such countries and there is often a greater potential for nationalization and/or expropriation of assets by the government of an emerging market country. In addition, the financial stability of issuers (including governments) in emerging market countries may be more precarious than in other countries. As a result, there will tend to be an increased risk of price volatility associated with investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar.

**Currency risk** — Investments in securities denominated in, and/or receiving revenues in, foreign currencies will be subject to currency risk. This is the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedged positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the security would be adversely affected. Currencies in non-U.S. countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates; intervention by U.S. or foreign governments, central banks or supranational agencies, such as the International Monetary Fund; or by the imposition of currency controls or other political developments in the United States or abroad.

**Risks of dividend-paying common stocks** — Dividend- paying common stocks may be subject to additional risk that may cause them to underperform other types of stocks. In addition, if stocks held by a Series reduce or stop paying dividends, the Series' ability to generate income may be affected.

**Real estate investment risk** — Real estate securities are subject to the risks associated with the direct ownership of real estate, including, among others, declines in the value of real estate; risks related to general and local economic conditions; possible lack of availability of mortgage funds; lack of ability to access the credit or capital markets; overbuilding; extended vacancies of properties; defaults by borrowers or tenants, particularly during an economic downturn; increasing competition; increases in property taxes and operating expenses; changes in zoning laws; losses due to costs resulting from the clean-up

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of environmental problems; liability to third parties for damages resulting from environmental problems; casualty or condemnation losses; limitations on rents; changes in market and sub-market values and the appeal of properties to tenants; and changes in interest rates.

**Risks related to real estate companies** — The following risks may apply to all real estate companies (RECs) or specifically to real estate investment trusts (REITs):

&nbsp;&nbsp;&nbsp;&nbsp;•Investments in RECs are subject to the risks associated with the direct ownership of real estate, which are described above.

&nbsp;&nbsp;&nbsp;&nbsp;•RECs are dependent upon specialized management skills and may have their investments in relatively few properties, or in a small geographic area or a single property type.

&nbsp;&nbsp;&nbsp;&nbsp;•RECs are subject to heavy cash flow dependency and defaults by borrowers.

&nbsp;&nbsp;&nbsp;&nbsp;•REITs could possibly fail to qualify for tax free pass-through of income under the Internal Revenue Code, or to maintain their exemptions from registration under the Investment Company Act of 1940 (1940 Act). The failure of a company to qualify as a REIT under federal tax law or to maintain its exemption from registration under the 1940 Act may have adverse consequences.

&nbsp;&nbsp;&nbsp;&nbsp;•In the event of a default by a borrower or lessee, a REC may experience delays in enforcing its rights as a mortgagee or lessor and may incur substantial costs associated with protecting its investments.

&nbsp;&nbsp;&nbsp;&nbsp;•RECs have their own expenses, and a Series will bear a proportionate share of those expenses.

&nbsp;&nbsp;&nbsp;&nbsp;•RECs may be affected by changes in the value of the underlying properties in their portfolios. Mortgage REITs may also be affected by the credit quality of any loans in their portfolios.

&nbsp;&nbsp;&nbsp;&nbsp;•REITs are subject to substantial dividend requirements which may result in a need to raise additional capital or face self-liquidation.

**Interest rate risk** — Investments in fixed income securities are subject to the risk that interest rates rise and fall over time. As with any investment whose yield reflects current interest rates, a Series' yield will change over time. In a low interest rate environment, the risk of a decline in value of a Series' portfolio securities associated with rising rates is heightened because there may be a greater likelihood of rates increasing, potentially rapidly. In a declining interest rate environment, a Series generally will be required to invest available cash in instruments with lower interest rates than those of the current portfolio securities.

**Credit risk** — Investments in fixed income securities are subject to the risk of a decline in the credit quality of the issuer and the risk that the issuer or guarantor of the security fails to make timely principal or interest payments or otherwise honor its

obligations. Below investment-grade bonds (junk bonds) involve greater risks of default or downgrade and are more volatile than investment-grade bonds. Below investment-grade bonds also involve greater risk of price declines than investment-grade securities due to actual or perceived changes in an issuer's creditworthiness. In addition, issuers of below investment-grade bonds may be more susceptible than other issuers to economic downturns. Such bonds are subject to the risk that the issuer may not be able to pay interest or dividends and ultimately to repay principal upon maturity. Discontinuation of these payments could substantially adversely affect the market value of the bonds.

**Prepayment and extension risk** — Investments in fixed income securities are subject to the risk that the securities may be paid off earlier or later than expected. Either situation could cause a Series to hold securities paying lower-than-market rates of interest, which could hurt a Series' yield or share price. In addition, rising interest rates tend to extend the duration of certain fixed income securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, a Series may exhibit additional volatility. This is known as extension risk. When interest rates decline, borrowers may pay off their fixed income securities sooner than expected. This can reduce the returns of a Series because it will have to reinvest that money at the lower prevailing interest rates. This is known as prepayment risk.

**High-yield securities risk**—High-yield securities (junk bonds) are highly speculative securities that are usually issued by smaller, less creditworthy and/or highly leveraged (indebted) companies. Compared with investment-grade securities, high- yield securities are considered to carry a greater degree of risk and are considered to be less likely to make payments of interest and principal. In particular, lower-quality high-yield securities (rated CCC, CC, C, or unrated securities judged to be of comparable quality) are subject to a greater degree of credit risk than higher-quality high-yield securities and may be near default. High-yield securities rated D are in default. Market developments and the financial and business conditions of the issuers of these securities generally influence their price and liquidity more than changes in interest rates, when compared to investment-grade securities.

**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. If a security purchased by a Series is downgraded below investment grade after purchase, the Advisor will review the security to determine if it remains an appropriate investment.

**U.S. Government securities risk** — Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing

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interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency's own resources and, therefore, such obligations are not backed by the full faith and credit of the United States government. Also, any government guarantees on securities a Series owns do not extend to the shares of the Series itself.

**Mortgage-backed securities risk** — Mortgage-backed securities are sensitive to changes in interest rates, but may respond to these changes differently from other fixed income securities due to the possibility of prepayment of the underlying mortgage loans. As a result, it may not be possible to determine in advance the actual maturity date or average life of a mortgage-backed security. Rising interest rates tend to discourage refinancings, with the result that the average life and volatility of the security will increase, exacerbating its decrease in market price. When interest rates fall, however, mortgage-backed securities may not gain as much in market value because of the expectation of additional mortgage prepayments, which must be reinvested at lower interest rates. Prepayment risk may make it difficult to calculate the average maturity of a Series' mortgage-backed securities and, therefore, to assess the volatility risk of the Series. Commercial mortgage-backed securities are less susceptible to prepayment risk because commercial mortgages may have prepayment penalties or prepayment lock out periods. The repayment of loans secured by income-producing properties, however, is typically dependent upon the successful operation of the related real estate project rather than upon the liquidation value of the underlying real estate or the existence of independent income or assets of the borrower. The privately issued mortgage-backed securities in which a Series invests are not issued or guaranteed by the U.S. Government or its agencies or instrumentalities and may bear a greater risk of nonpayment than securities that are backed by the U.S. Treasury.

**Asset-backed securities risk**— Repayment of asset-backed securities depends largely on the cash flows generated by the assets backing the securities. Asset-backed securities entail prepayment risk, which may vary depending on the type of asset, but is generally less than the prepayment risk associated with mortgage-backed securities. Asset-backed securities present credit risks that are not presented by mortgage-backed securities. This is because asset-backed securities generally do not have the benefit of a security interest in collateral that is comparable in quality to mortgage assets. If the issuer of an asset-backed security defaults on its payment obligations, there is the possibility that, in some cases, a Series will be unable to possess and sell the underlying collateral and that the Series' recoveries on repossessed collateral may not be available to support payments on the security. In the event of a default, a Series may suffer a loss if it cannot sell collateral quickly and receive the amount it is owed.

**Options risk** — A Series' use of options involves risks different from, and possibly greater than, the risks associated with investing directly in securities and other traditional investments. Risks associated with a Series' use of options transactions include: (i) there may be an imperfect or no correlation between the movement in prices of options and the securities underlying them; (ii) while the Series will receive a premium when it writes

covered call options, it may not participate fully in a rise in the market value of the underlying security; (iii) while the Series will receive a premium when it writes naked put options, it may lose money if it must purchase the underlying security at a price above market value; and (iv) there may not be a liquid secondary market for options. Liquidity risk is further described below.

**Futures risk** — A Series' use of futures involves risks different from, and possibly greater than, the risks associated with investing directly in securities and other traditional investments. Risks associated with a Series' use of futures contracts include: (i) futures involve a high degree of leverage because they require only a small initial investment in the form of a deposit or margin; (ii) there may be an imperfect or no correlation between the changes in market value of the securities held by a Series and the prices of futures; (iii) there may not be a liquid secondary market for a futures contract; (iv) trading restrictions or limitations may be imposed by an exchange; and (v) government regulations may restrict trading in futures contracts. Liquidity risk is further described below.

**Sector focus risk** — To the extent a Series focuses or concentrates its investments in a particular sector or sectors, the Series will be more susceptible to events or factors affecting companies in those sectors. For example, the values of securities of companies in the same sector may be negatively affected by the common characteristics they share, the common business risks to which they are subject, common regulatory burdens, or regulatory changes that affect them similarly. Such characteristics, risks, burdens or changes include, but are not limited to, changes in governmental regulation, inflation or deflation, rising or falling interest rates, competition from new entrants, and other economic, market or political developments specific to the particular sector or sectors.

**Liquidity risk** — Liquidity risk exists when particular investments are difficult to purchase or sell. The market for certain investments may become illiquid due to specific adverse changes in the conditions of a particular issuer or under adverse market or economic conditions independent of the issuer. A Series' investments in illiquid securities may reduce the returns of that Series because it may be unable to sell the illiquid securities at an advantageous time or price. Further, transactions in illiquid securities may entail transaction costs that are higher than those for transactions in liquid securities.

**Large redemption risk** — Certain institutions or individuals may from time to time own (beneficially or of record) or control a significant percentage of a Series' shares. Redemptions by these institutions or individuals in a Series may impact the Series' liquidity and net asset value (NAV). These redemptions may also force a 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.

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Defensive Investing

Each Series may depart from its principal investment strategies by taking temporary defensive positions in response to adverse market, economic or political conditions. During such times, a Series may invest up to 100% of its assets in cash, cash equivalents or other high quality short-term investments. If a Series takes a temporary defensive position, it may be unable to achieve its investment goal.

Investment Strategy and Goal

The Series' Board of Directors may change each Series' investment goal (described in the "Investment Goal" section of each Series' summary section) without obtaining the approval of the Series' shareholders. If there is a material change in a Series' investment goal, shareholders will be notified thirty days prior to any such change and will be advised to consider whether the Series remains an appropriate investment in light of their then current financial position and needs. The Series may not succeed in achieving their goals.

More Information About the Series' Benchmark Indexes

The following information relates to the various indexes referred to in the Performance Information sections of this prospectus. Index data provided is not a representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent. The returns of the indices do not reflect any fees or expenses. You cannot invest directly in an index.

Index data comes from third parties ("Third Party Content"). While we believe these Third-Party Content sources are reliable, we make no representations or warranties as to the Third-Party Content. All Third-Party Content is to be used solely for informational purposes and is provided on an "AS IS" basis. Manning & Napier will not be liable for the use of any Third-Party Content and Manning & Napier's use of Third-Party Content shall not be construed as an endorsement of or affiliation with any Third-Party Content provider.

Some additional disclosures for our Third-Party Content providers are set forth below:

Bloomberg

The Bloomberg U.S. Aggregate Bond Index is an unmanaged, market value-weighted index of U.S. domestic investment-grade debt issues, including government, corporate, asset-backed and mortgage-backed securities with maturities of one year or more. Index returns provided by Intercontinental Exchange (ICE).

The Bloomberg U.S. Intermediate Aggregate Bond Index is an unmanaged, market value-weighted index of U.S. domestic investment-grade debt issues, including government, corporate, asset-backed, and mortgage-backed securities with maturities of greater than one year but less than ten years. Index returns provided by Intercontinental Exchange (ICE).

"Bloomberg<sup>®</sup>", Bloomberg U.S. Intermediate Aggregate Bond Index and Bloomberg U.S. Aggregate Bond Index, are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited ("BISL"), the administrator of the index (collectively, "Bloomberg") and have been licensed for use for certain purposes by Manning & Napier. Bloomberg is not affiliated with Manning & Napier, and Bloomberg does not approve, endorse, review, or recommend the Series. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to the Series.

**MSCI** 

The MSCI ACWI ex USA Index is designed to measure large and mid-cap representation across 22 of 23 Developed Markets countries (excluding the U.S.) and 24 Emerging Markets countries. The Index is denominated in U.S. dollars. The Index returns are net of withholding taxes. They assume daily reinvestment of net dividends thus accounting for any applicable dividend taxation. Index returns provided by Bloomberg.

Source: MSCI. Neither MSCI nor any other party involved in or related to compiling, computing or creating the MSCI data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such data. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any third party involved in or related to compiling, computing or creating the data have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. No further distribution or dissemination of the MSCI data is permitted without MSCI's express written consent.

**Russell** 

The Russell 3000<sup>®</sup> Index is an unmanaged index that consists of 3,000 of the largest U.S. companies based on total market capitalization. Index returns are based on a market capitalization-weighted average of relative price changes of the component stocks plus dividends whose reinvestments are compounded daily. Index returns provided by Bloomberg.

Source: London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2023. FTSE Russell is a trading name of certain of the LSE Group companies. "Russell<sup>®</sup>" is a trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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**Management**

The Advisor

The Series' advisor is Manning & Napier Advisors, LLC, 290 Woodcliff Drive, Fairport, New York 14450 ("Manning & Napier" or the "Advisor"). Manning & Napier is registered as an investment advisor with the SEC. The Advisor has claimed an exclusion from the definition of the term "commodity pool operator" (CPO) under the Commodity Exchange Act (CEA) with respect to the Series. Therefore, the Series are not subject to registration or regulation under the CEA.

As of December 31, 2022, Manning & Napier managed $17.9 billion for individual and institutional investors. The Advisor is responsible for the day-to-day portfolio management of the Series and generally oversees the Series' overall business affairs, service providers and officers.

Portfolio Managers

The Advisor's Global Core Team is jointly and primarily responsible for managing the overall asset allocation of the Series, approving the Series' equity investments, and working with the Advisor's other groups, including the Fixed Income Group, to construct the Series' portfolio. The members of the Global Core Team and the head of the Fixed Income Group are listed below.

**Global Core Team:**

**Christian A. Andreach, CFA<sup>®</sup>** **, Co-Head of Global Equities, Managing Director of Consumer Group, Head of U.S. Equity Core Team**

Joined the Advisor in 1999. Managing Director since 2002. Co-Head of Global Equities since 2010. Head of U.S. Equity Core Team since 2015. Member of Senior Research Group and Global Core Team since 2002. Member of the Series' Portfolio Management Team since 2002.

**Marc Tommasi, Co-Head of Global Equities, Chief Investment Strategist, Head of Non-U.S. Equity Core Team, Managing Director of Global Strategies Group**

Joined the Advisor in 1986. Co-Head of Global Equities since 2015. Chief Investment Strategist since 2016. Head of Non-U.S. Equity Core Team since 2015. Managing Director of Global Strategies Group since 2019 and from 1992 – 2015. Member of the Series' Portfolio Management Team since 2002.

**Jay M. Welles, CFA<sup>®</sup>** **, Head of Core Equities, Managing Director of Technology Group**

Joined the Advisor in 2000. Head of Core Equities since 2023. Managing Director of Technology Group since 2015. Member of the Series' Portfolio Management Team since 2023.

**Head of Fixed Income Group:**

**Marc Bushallow, CFA<sup>®</sup>** **, Managing Director of Fixed Income**

Joined the Advisor in 2008. Managing Director of Fixed Income since 2015. Member of the Series' Portfolio Management Team since 2015.

The Statement of Additional Information (SAI) contains additional information about the Series' management team, including the structure of their compensation, their role in managing other accounts, and their ownership of securities in the Series.

Discretionary Investment Accounts

The Advisor and its affiliates may use the Series within its client's discretionary investment accounts. From time to time, these discretionary accounts may hold a substantial portion of the outstanding shares of the Series, and transactions in shares of the Series for such accounts may have an impact upon the size and operations of the Series. For instance, transactions in shares of the Series for these accounts may cause the Series' portfolio turnover rate and transaction costs to rise, which may negatively affect fund performance and increase the likelihood of capital gain distributions. In addition, the Series' assets may be significantly less during times when these discretionary accounts are not invested in the Series, which would cause the Series' remaining shareholders to bear greater portions of the Series' fixed operating expenses, subject to any fee waiver then in effect.

Management Fees

In return for the services it provides to the Series, the Advisor receives an annual management fee, which is computed daily and payable monthly by each Series as described below. The Advisor has contractually agreed to waive the management fee for the Class W shares. In addition, the Advisor has contractually agreed to limit total direct annual fund operating expenses, exclusive of Rule 12b-1 Fees (as defined below) and waived Class W management fees (collectively, "excluded expenses") as shown below. These contractual limitations 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.

A discussion regarding the basis for the Board of Directors' approval of each Series' investment advisory agreement is available in the Series' annual report dated October 31, 2022, which covers the period November 1, 2021 through October 31, 2022.

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| | | | |
|:---|:---|:---|:---|
| ANNUAL MANAGEMENT FEES<br> (AS A PERCENTAGE OF AVERAGE DAILY NET ASSETS) | ANNUAL MANAGEMENT FEES<br> (AS A PERCENTAGE OF AVERAGE DAILY NET ASSETS) | ANNUAL MANAGEMENT FEES<br> (AS A PERCENTAGE OF AVERAGE DAILY NET ASSETS) | ANNUAL MANAGEMENT FEES<br> (AS A PERCENTAGE OF AVERAGE DAILY NET ASSETS) |
|  | Contractual<br>Management<br>Fee | Contractual<br>Expense<br>Limitation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actual<br>Management<br>Fee Paid for<br>Year Ended<br>10/31/2022<sup>1</sup> |
| Series  |  |  |  |
| Pro-Blend<br> Conservative<br> Term<br> Series | 0.40% | S, I, R, L - 0.65%<br> Z - 0.50%<br> W - 0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.40% |
| Pro-Blend<br> Moderate<br> Term<br> Series | 0.60% | S, I, R, L - 0.85%<br> Z - 0.70%<br> W - 0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.60% |
| Pro-Blend<br> Extended<br> Term<br> Series | 0.60% | S, I, R, L - 0.85%<br> Z - 0.70%<br> W - 0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.60% |
| Pro-Blend<br> Maximum<br> Term<br> Series | 0.60% | S, I, R, L - 0.85%<br> Z - 0.70%<br> W - 0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.57% |

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<sup>1</sup>Reflects the actual amount paid, including the effects of fee waivers and expense reimbursements.

The Distributor

The Class S, Class I, Class R, Class L, Class Z, and Class W shares of the Series are offered on a continuous basis through the Fund's principal underwriter, Manning & Napier Investor Services, Inc. (the Distributor).

**Payments to Broker-Dealers and Other Financial Intermediaries**

Distribution and Shareholder Service (12b-1) Fees

Class S, Class R and Class L shares of each Series are subject to an annual distribution and shareholder services fee (a Rule 12b-1 Fee) of up to 0.25%, 0.50% and 1.00% of the Class's average daily net assets, respectively, in accordance with a distribution and shareholder services plan (the Rule 12b-1 Plan) adopted by the Fund's Board of Directors pursuant to Rule 12b-1 under the Investment Company Act of 1940. The Rule 12b-1 Fee is intended to compensate the Distributor for services and expenses primarily intended to result in the sale of Class S, Class R and Class L shares and/or in connection with the provision of direct client service, personal services, maintenance of shareholder accounts and reporting services to holders of Class S, Class R and Class L shares of the Series. Generally, the Rule 12b-1 Fee will not be retained by the Distributor but will instead be reallowed to financial intermediaries who provide these services.

Expenses and services for which the Distributor or another intermediary or agent may be compensated include, without limitation, expenses (including overhead and telephone expenses) of, and compensation to, employees of the Distributor or of intermediaries who engage in distribution or servicing of Class S, Class R and Class L shares, printing of prospectuses and reports for other than existing Class S, Class R and Class L shareholders, advertising, preparing, printing and distributing sales literature and forwarding communications from the Fund to such persons. The Rule 12b-1 Plan is of the type known as a "compensation" plan. This means that the fees are payable to compensate the Distributor or intermediary for services rendered even if the amount paid exceeds the Distributor's or intermediary's expenses. Because these fees are paid out of each Series' assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than other types of sales charges.

Class I, Class W, and Class Z shares of each Series are not subject to a Rule 12b-1 Fee.

Other Payments by the Fund

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, Class S, Class R and Class L 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 Rule 12b-1 Fee payable under the Rule 12b-1 Plan of the Fund.

Payments by the Advisor and/or its Affiliates

The Advisor may use its own resources to engage in activities that may promote the sale of the Series' shares, including payments, or other forms of incentives such as discounted fees for products or services of affiliates, to third parties who provide services such as shareholder servicing, marketing support, and distribution assistance to the Series. These fees or other incentives are in addition to any payments made to financial intermediaries by the Fund. The level of payments made to financial intermediaries may be a fixed fee or based upon one or more of the following factors: gross sales, current assets and/or number of accounts of the Series attributable to the financial intermediary, the particular type of Series, or other measures as agreed to in writing by the Advisor, the Distributor and/or their affiliates and the financial intermediaries or any combination thereof. The amount of these payments is determined at the discretion of the Advisor, the Distributor and/ or their affiliates from time to time and may be different for different financial intermediaries based on, for example, the nature of the services provided by the financial intermediary.

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The Advisor may also, from its own resources, defray or absorb costs relating to distribution, including compensation of employees who are involved in distribution. These payments or discounts may be substantial but are paid or discounted by the Advisor or its affiliates, not by a Series or its shareholders. Such payments may provide an incentive for the financial intermediary

to make shares of a Series available to its customers and may allow a Series greater access to the financial intermediary's customers, and may create a conflict of interest by influencing the financial intermediary to recommend a Series over another investment

**Choosing a Share Class**

Each Series offers six classes of shares: Class S, Class I, Class R, Class L, Class W, and Class Z shares. Each share class has its own investment eligibility criteria, cost structure and other features. The following summarizes the primary features of the Class S, Class I, Class R, Class L, Class W, and Class Z shares. Contact your financial intermediary or the Fund for more information about the Series' share classes and how to choose among them.

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| | | | |
|:---|:---|:---|:---|
| CLASS NAME | ELIGIBLE INVESTORS | INVESTMENT MINIMUMS | RULE 12B-1 FEE |
| Class S | Individual or institutional investors; employee benefit plans, such as defined benefit plans, defined contribution plans, and 401(k) plans; and certain financial intermediaries. | Initial – $2,000<br>Minimum Balance Requirement<br>$1,000 | 0.25% |
| Class I | Institutions, such as investment companies, foundations, endowments, banks, trusts and corporate capital and cash management accounts; employee benefit plans; individual investors; and certain financial intermediaries. | Initial – $1,000,000<br>Minimum Balance Requirement<br>$1,000,000 |  |
| Class R | Individual or institutional investor clients of financial intermediaries. | Initial – $2,000<br>Minimum Balance Requirement<br>$1,000 | 0.50% |
| Class L | Individual or institutional investor clients of financial intermediaries. | Initial – $2,000<br>Minimum Balance Requirement<br>$1,000 | 1.00% |
| Class W | The Advisor's discretionary investment account clients and other funds managed by the Advisor. | Initial – None<br>Minimum Balance Requirement<br>None |  |
| Class Z | Institutions, such as investment companies, foundations, endowments, banks, trusts and corporate capital and cash management accounts; employee benefit plans; individual investors; and certain financial intermediaries. | Initial – $1,000,000<br>Minimum Balance Requirement<br>$1,000,000 |  |

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The minimum initial investment and minimum balance requirements for Class S, Class I, Class R, Class L, and Class Z shares are waived for certain qualified retirement plans and the Advisor's discretionary investment account clients. In addition, the minimum initial investment and minimum balance requirements for the Class S, Class R, and Class L shares are waived for participants in an automatic investment program who invest at least $1,000 in a 12-month period. The Fund reserves the right to change or waive a Class's investment minimums in its sole discretion.

Class S, Class I, Class R, Class L, and Class Z shares are available for direct investment from the Fund or through certain financial intermediaries that have entered into an agreement with the Fund's Distributor. Financial intermediaries include

financial planners, investment advisors, broker-dealers or other financial institutions. An investor may be eligible to purchase more than one share class. However, if you are purchasing your shares through a financial intermediary, you may only purchase that class of shares which your financial intermediary sells or services. Your financial intermediary can tell you which class of shares is available through the intermediary.

If you purchase your shares through an intermediary, your financial intermediary may impose different or additional conditions than the Series on purchases, redemptions and exchanges of shares. These differences may include initial, subsequent and maintenance investment requirements, exchange policies, and trading restrictions. Your financial intermediary may independently establish and charge you

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fees, which may include commissions, transaction fees and account fees in addition to the fees charged by the Series. These additional fees may vary over time and would increase the cost of your investment and lower investment returns. You should consult your financial intermediary directly for information regarding these conditions and fees. The Series are not responsible for the failure of your financial intermediary to carry out its responsibilities.

You or your financial intermediary may request that the shares in your account be converted to another share class with lower total expenses if you meet the eligibility requirements of the other share class. In addition, certain financial intermediaries have arranged for the Fund to automatically implement such conversions in specified circumstances for shares held through the financial intermediary or in an account established directly with the Fund through the financial intermediary.

The Fund reserves the right to determine which potential investors qualify as eligible investors for each share class. Shares of a class held by a non-eligible investor are subject to involuntary redemption by the Fund.

If your account no longer meets the minimum balance requirement for a share class, the Fund may automatically convert the shares in the account to another share class or redeem your shares, as appropriate. The Fund will notify you in writing before any mandatory conversion or redemption occurs.

**How to Buy, Exchange, and Redeem Shares**

Actions by Authorized Representative

Shareholders who establish an account directly with the Fund through a financial intermediary have authorized the registered representative of such intermediary indicated on the account application or subsequent documentation to perform transactions in the Series' shares and certain account maintenances on behalf of the shareholders.

Discretionary Investment Accounts

For discretionary investment account clients of the Advisor or its affiliates, investment decisions pertaining to purchases and sales of Fund shares are made at the Advisor's discretion.

All orders to purchase and redeem shares on behalf of discretionary investment account clients of the Advisor and its affiliates will be processed at the NAV next determined after receipt by the transfer agent of a duly completed purchase or redemption order transmitted by the Advisor to the transfer agent. There is no minimum initial investment for the Advisor's discretionary investment account clients.

The instructions provided below apply to all other investors.

How to Obtain Forms

You can obtain the forms referenced in the following sections by going to the Fund's website at www.manning-napier.com/fundapps or by calling 1-800-466-3863.

How to Buy Shares

Shareholders holding shares through a financial intermediary should contact their intermediary to learn how to place orders to buy shares. Shareholders holding shares directly with the Fund may purchase shares directly from the Fund, as described below.

The minimum initial investment for each Series' Class S, Class R and Class L shares is $2,000. The initial minimum investment for each Series' Class I and Class Z shares is $1,000,000. There is no minimum initial investment for the Series' 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, Class R, Class L and Class Z shares are waived for certain qualified retirement accounts and the Advisor's discretionary investment account clients. In addition, the Class S, Class R and Class L shares investment minimums are waived for participants in an automatic investment program who invest at least $1,000 in a 12-month period. Employees, officers and directors of the Advisor or its affiliates, and immediate family members of such persons, are not subject to any minimum initial investment in the Series.

The Fund reserves the right to change or waive the Series' investment minimums in its sole discretion. The Fund also reserves the right to reject purchase orders or to stop offering its shares without notice to shareholders. The Fund does not generally accept investments by non-U.S. persons or certain U.S. persons living outside the U.S. Such persons may be permitted to invest in the Fund under certain limited circumstances.

Check Acceptance Policy

The Fund reserves the right to reject certain forms of payment for share purchases. Investments that are received in an unacceptable form will be returned. The Fund maintains a check acceptance policy for share purchases. Checks must be made payable to the Manning & Napier Fund, Inc. and must be in U.S. dollars. The Fund will not accept cash, third party checks, starter checks, travelers checks, credit card checks or money orders.

Customer Identification Policy

Shareholder information is subject to independent identity verification and may be shared, as permitted by law and the Fund's Privacy Policy, for identifying and reporting suspected money laundering and terrorist activity. Please review your account application for additional information.

The Fund will not accept a P.O. Box as a primary address. A physical address must be used. A P.O. Box may be used as a mailing address only.

**By Mail**

*Opening an account*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Send a check payable to Manning & Napier Fund, Inc., with the completed original account application.

The address is:

Manning & Napier Fund, Inc.

P.O. Box 534449

Pittsburgh, PA 15253-4449

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•To request an account application, refer to the section *How to Obtain Forms*.

*Adding to an account*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Send a check payable to Manning & Napier Fund, Inc. and a letter of instruction with the name of the Series and share class to be purchased and the account name and number to the above address.

**By Wire**

*Opening or adding to an account*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•After the Fund has received your completed account application, you may wire funds to open or add shares to your account. Before sending a wire, call 1-800-466-3863 for wire instructions. Wire instructions are also available at www.manning-napier.com/ fundapps under the General Forms section. Refer to the "Delivery Instructions."

**By Telephone**

*Adding to an Account*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•You may use the Telephone Purchase feature to add to an existing account. To use this service, call 1-800-466-3863 to request a debit from your pre-authorized checking account. Your bank must be a member of the Automated Clearing House (ACH) to use this feature. Any purchases made through this feature will be posted to your account at the NAV calculated when your purchase request is determined to be in good order (generally on the next business day after your call that both the NYSE and banks are open).

**Through the Internet**

*Adding to an Account*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If you are a registered user of the Fund's website, you may use the Internet to add to an existing account by requesting a debit from your bank account. To use this service, go to www.manning-napier.com, click on the "login" button in the top right-hand corner of the screen, then click on "Mutual Fund" to be directed to the secure sign-in screen. Once logged in, click on the "Trading" tab and follow the prompts. Any purchases made through this feature will be posted to your account at the NAV calculated when your purchase request is determined to be in good order (generally on the next business day after your order that both the NYSE and banks are open).

Automatic Investment Plan

You may participate in the Automatic Investment Plan by completing the applicable section of the account application (for new accounts) or by completing the appropriate section of the form titled "Account Maintenance Form – Financial EFT Bank Change" (for existing accounts). Through the plan, you can authorize transfers of a specified amount from your bank account into the Series on a regular basis. The minimum amount of each investment is $25. If you have insufficient funds in your account to complete a transfer, your bank may charge you a fee. To request an account application or form, refer to the section *How to Obtain Forms*.

How to Exchange Shares

Subject to the conditions discussed in the "Excessive Trading" section below, shareholders may exchange shares of a Series

for a class of shares of any other Series of the Fund currently available for investment if the registration of both accounts is identical and the exchange order and shareholder meet the minimum investment and other requirements for the Series and class into which they are exchanging. Please read the prospectus of the Series into which you wish to exchange prior to requesting the exchange. The Fund may alter, limit or suspend its exchange privilege on 60 days' notice.

The Fund's exchange privilege is not intended as a vehicle for short-term or excessive trading. The Fund may suspend or terminate your exchange privilege if you engage in a pattern of exchanges that is excessive, as determined in the sole discretion of the Fund. For more information about the Fund's policy on excessive trading, see "Excessive Trading."

An exchange involves a redemption of shares surrendered in the exchange, and therefore it may cause the shareholder to realize a gain that may be subject to income tax. However, an exchange between share classes in the same Series is not reported as a taxable sale.

Shareholders holding shares through a financial intermediary should contact their financial intermediary to learn how to place orders to exchange shares. Shareholders holding shares directly with the Fund may exchange shares directly with the Fund, as described below.

**By Mail**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Send a letter of instruction or a completed "Fund Exchange Request Form" to Manning & Napier Fund, Inc., at the address found in the section *How To Buy, Exchange and Redeem Shares — Opening An Account*, signed by each registered account owner, exactly as your names appear on the account registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Provide the name of the current Series and class of shares, the Series and class of shares to exchange into, and the dollar amount to be exchanged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Provide the account number.

**By Telephone**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Unless you have declined telephone privileges, call the Fund at 1-800-466-3863.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Provide the name of the current Series and class of shares, the Series and class of shares to exchange into, and the dollar amount to be exchanged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Provide the account number.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We will ask for identification, and all telephone calls are recorded.

**Through the Internet**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If you are a registered user of the Fund's website, you may use the Internet to exchange shares between Series. To use this service, go to www.manning-napier.com, click on the "login" button in the top right-hand corner of the screen, then click on "Mutual Fund" to be directed to the secure sign-in screen. Once logged in, click on the "Trading" tab and follow the prompts. Any exchanges made through this feature prior to the close

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of trading on the NYSE on a business day will be posted to your account at the NAV calculated on that day.

How to Redeem Shares

The Fund typically expects to pay out redemption proceeds to redeeming shareholders within one business day following receipt of shareholder redemption requests. The Fund may, however, postpone payment of redemption proceeds for up to seven days. In addition, the Fund may suspend redemptions or postpone payment of redemption proceeds for longer than seven days when the NYSE is closed, other than during customary weekends or holidays, or as otherwise permitted by the SEC. If you recently purchased your shares by check, redemption proceeds may not be available until your check has cleared (which may take up to 10 days from your date of purchase).

The Fund may sell portfolio assets, hold cash or cash equivalents, draw on a line of credit, use short-term borrowings from its custodian, and/or redeem shares in-kind (as described below), as necessary, to meet redemption requests.

A Medallion Signature Guarantee may be required for certain redemption requests, such as redemption requests over $100,000 sent to an address other than a pre-designated bank account. Likewise, certain types of account maintenance, such as address changes, result in a thirty calendar day hold on your account during which any redemption requests via check to the new address must include a Medallion Guarantee.

Shareholders holding shares through a financial intermediary should contact their financial intermediary to learn how to place orders to redeem shares. Shareholders holding shares directly with the Fund may place redemption orders directly with the Fund, as described below.

**By Mail**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Complete the applicable form or send a letter of instruction to Manning & Napier Fund, Inc., at the address found in the section *How To Buy, Exchange and Redeem Shares — Opening An Account*, signed by each registered account owner, exactly as your names appear in the account registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Provide the name of the Series, the class of shares, and the number of shares or dollar amount to be sold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Provide the account number.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•To obtain a form, refer to the section *How to Obtain Forms*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Additional documentation, including Medallion Guarantees, may be required (call the Fund for details).

**By Telephone**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Unless you have declined telephone privileges, call us at 1-800-466-3863.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Provide the name of the Series, the class of shares, and the number of shares or dollar amount to be sold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Provide the account number.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We will ask for identification, and all telephone calls are recorded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Redemption proceeds from sales requested by telephone will be sent only to an address that has been on file with us for at least 30 days or a pre-designated bank account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Amounts over $100,000 may only be sent to a pre-designated bank account.

**Through the Internet**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•If you are a registered user of the Fund's website, you may use the Internet to redeem shares from your account. To use this service, go to www.manning-napier.com, click on the "login" button in the top right-hand corner of the screen, then click on "Mutual Fund" to be directed to the secure sign-in screen. Once logged in, click on the "Trading" tab and follow the prompts. Proceeds from redemptions requested over the Internet will be sent only to an address that has been on file with us for at least 30 days or a pre-designated bank account. Amounts over $100,000 may only be sent to a pre-designated bank account. Any redemptions made through this feature prior to the close of trading on the NYSE on a business day will be posted to your account at the NAV calculated on that day.

**Investment and Account Information**

More About Purchases, Exchanges, and Redemptions

All orders to purchase, exchange, or redeem shares must be sent to the transfer agent at the address found in the section *How To Buy, Exchange and Redeem Shares* — *Opening An Account* or to an authorized financial intermediary.

Transaction requests received in good order (i.e., with all required information, and, as relevant, signatures, documentation and upon verification by the Fund (or its agent) of ACH information) before the close of regular trading on the NYSE on a business day will be executed at that day's share price. The close of regular trading is typically 4:00 p.m. Eastern time, although it may be earlier. Transaction requests received in good order after the close of regular trading will be processed at the NAV next determined after receipt. The Fund is open for business each day the NYSE is open. All orders must include the required documentation and signatures, and all purchase orders must be accompanied by proper payment.

The Fund has authorized a number of financial intermediaries to accept purchase and redemption orders on its behalf, and those intermediaries are authorized to designate other intermediaries to accept purchase and redemption orders on the Fund's behalf. Orders placed with an authorized financial intermediary will be processed at the share price of the Series next computed after they are received in good order by the financial intermediary or its designee. Accordingly, for you to receive the current business day's share price, your order must be received by an authorized financial intermediary or its designee in good order before the close of regular trading on the NYSE. Your financial intermediary

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is responsible for transmitting requests and delivering funds to the Series on a timely basis.

The Series' distributor imposes no sales charge on purchases and redemptions of shares of the Series. However, your financial intermediary may charge you a transaction fee on purchases and redemptions.

Excessive Trading

The Series are intended for long-term investment purposes only. Do not invest in the Fund if you are a market timer. The Fund's Board of Directors has adopted policies and procedures designed to detect and deter "market timing" or other types of excessive short-term trading by shareholders. Excessive trading into and out of a Series may present risks to the Series' long-term shareholders, all of which could adversely affect shareholder returns. The risks posed by frequent trading include interfering with the efficient implementation of the Series' investment strategies, triggering the recognition of taxable gains and losses on the sale of the Series' investments, requiring the Series to maintain higher cash balances to meet redemption requests, and experiencing increased transaction costs. In addition, the Fund may, in its sole discretion, reject or limit purchase orders (including purchases by exchange) by an investor or group of investors for any reason without prior notice, including when it believes in its sole discretion that the trading activity in the account(s) would be detrimental to the Series. For purposes of applying these policies, the Fund and its service providers may consider the trading history of accounts under common ownership or control.

Shareholders may make up to 2 "round trips" during any 90 day period. A "round trip" is defined as a purchase or exchange into a Series followed by a redemption or exchange out of the same Series. After the second "round trip", the Fund may block for a period of 90 days additional purchases and exchange purchases into the Fund from your account or any account with the same tax identification number or broker identification number.

The following types of transactions will be exempted from these procedures:

&nbsp;&nbsp;&nbsp;&nbsp;•Transactions under certain monetary thresholds that have been determined by the Fund, in its sole discretion, not to be harmful or disruptive to the Series

&nbsp;&nbsp;&nbsp;&nbsp;•Systematic withdrawals

&nbsp;&nbsp;&nbsp;&nbsp;•Automatic investments (including investments made by payroll deduction)

&nbsp;&nbsp;&nbsp;&nbsp;•Mandatory distributions from IRAs and retirement plans

&nbsp;&nbsp;&nbsp;&nbsp;•IRA transfers and rollovers

&nbsp;&nbsp;&nbsp;&nbsp;•Roth IRA conversions and re-characterizations

&nbsp;&nbsp;&nbsp;&nbsp;•Reinvestments of dividends and capital gains

The Fund's ability to monitor trades that are placed by individual shareholders through omnibus accounts, which are accounts maintained by financial intermediaries on behalf of multiple

beneficial shareholders, is limited to the extent that the Fund does not have direct access to the underlying shareholder account information. However, the Fund and/or its service providers monitor aggregate trades placed in omnibus accounts and seek to work with financial intermediaries to discourage shareholders from engaging in market timing and to restrict excessive trading. The Fund and/or its service providers have entered into agreements with such financial intermediaries that require the financial intermediaries to provide the Fund and/or its service providers with certain shareholder transaction information to enable the Fund and/or its service providers to review the trading activity in the omnibus accounts. If excessive trading is identified in an omnibus account, the Fund will work with the financial intermediary to restrict trading by the shareholder and may require the financial intermediary to prohibit the shareholder from future purchases or exchanges into the Series. Transactions placed by shareholders through financial intermediaries in violation of the Fund's excessive trading policy may be cancelled or the shares purchased may be redeemed by the Fund.

The Fund may also defer to a financial intermediary's frequent trading policies with respect to those shareholders who invest in a Series through such intermediary. The Fund will defer to an intermediary's policies only after the Fund determines that the intermediary's frequent trading policies adequately protect Series shareholders. Transactions by Series shareholders investing through such intermediaries will be subject to the restrictions of the intermediary's frequent trading policies, which may differ from those of the Fund. Shareholders who invest through financial intermediaries should consult with their intermediaries to determine the frequent trading restrictions that apply to their Series transactions.

The Fund and its service providers will take steps reasonably designed to detect and deter frequent trading by shareholders pursuant to the Fund's policies and procedures described in this prospectus and approved by the Fund's Board of Directors. Despite these efforts, however, the Fund and its service providers may not be able to detect or prevent all instances of short-term trading in the Series, and, as a result, frequent trading could adversely affect a Series and its long-term shareholders as discussed above. For example, certain investors who engage in market timing and other short-term trading activities may employ a variety of techniques to avoid detection. Further, the detection of frequent trading patterns and the blocking of further trading are inherently subjective and therefore involve some selectivity in their application. The Fund and its service providers, however, seek to apply these policies to the best of their abilities uniformly and in a manner they believe is consistent with the interests of the Series' long-term shareholders.

The Fund may amend these policies and procedures in response to changing regulatory requirements or to enhance their effectiveness.

Telephone and Internet Transactions

We will employ steps reasonably designed to ensure that purchase, exchange, or redemption orders placed by telephone or through the Internet are genuine, which may include recording telephone calls and requesting personally identifiable information

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prior to acting upon instructions. For transactions conducted over the Internet, we recommend the use of a secure Internet browser. We are not responsible for any losses that may occur as long as we follow procedures reasonably designed to prevent fraudulent orders. Interruptions in service may mean that a shareholder will be unable to effect a telephone or Internet order when desired. In addition, you should verify the accuracy of your confirmation statements immediately after you receive them.

Accounts with Low Balances

Discretionary Investment Clients — The Fund does not impose a minimum balance requirement for discretionary investment accounts managed by the Advisor or its affiliates.

Other Shareholders — If your account falls below the minimum balance requirement for your share class (see table above) due to the redemption of shares, the Fund may ask you to bring your account up to the minimum requirement. If your account is still below the minimum balance requirement after 60 days, the Fund may redeem your shares and send you the redemption proceeds, or, if shares are held directly with the Fund, automatically convert the shares in the account to another share class, as appropriate.

Inactive Accounts

Each state has rules governing the definition and treatment of unclaimed property. Triggers include inactivity (e.g., no owner-generated activity for a certain period), returned mail (e.g., when mail sent to a shareholder is returned to the Fund's transfer agent as undeliverable, also known as "RPO"), or a combination of both inactivity and RPO. Once property is flagged as unclaimed, an attempt is made to contact the shareholder, but if that attempt is unsuccessful, the account may be considered abandoned and escheated to the state.

Shareholders that reside in the state of Texas may designate a representative to receive escheatment notifications by completing and submitting a designation form that can be found on the website of the Texas Comptroller. While the designated representative does not have any rights to claim or access the shareholder's account or assets, the escheatment period will cease if the representative communicates knowledge of the shareholder's location and confirms that the shareholder has not abandoned his or her property. If a shareholder designates a representative to receive escheatment notifications, any escheatment notices will be delivered both to the shareholder and the designated representative. A completed designation form may be mailed to the Fund (if shares are held directly with the Fund) or to the shareholder's financial intermediary (if shares are not held directly with the Fund).

For more information on unclaimed property and how to maintain an active account, please call us at 1-800-466-3863.

In-Kind Purchases and Redemptions

Securities you own may be used to purchase shares of a Series. The Advisor will determine if acquiring the securities is consistent with the Series' goals and policies. If accepted, the securities will be valued the same way the Series values securities it already owns.

The Fund may make payment for shares redeemed in part by giving you portfolio securities. As a redeeming shareholder, you will pay transaction costs to dispose of these securities. In addition, you will continue to be subject to the risks of any market fluctuation in the value of the securities until they are sold.

An in-kind distribution of portfolio securities could include illiquid securities. Illiquid securities may not be able to be sold quickly or at a price that reflects full value, or there may not be a market for such securities, which could cause you to realize losses on the security if the security is sold at a price lower than that at which it had been valued.

Medallion Guarantees and Notary Stamps

Financial transactions:

A Medallion Guarantee may be required for certain redemption requests, account transfers and other types of financial transactions. A Medallion Guarantee is a type of signature guarantee that can be obtained from most brokers, banks, savings institutions or credit unions. A Medallion Guarantee is a formal certification offered by firms participating in the Medallion Stamp Program that guarantees a signature is original and authentic.

Non-financial transactions:

Although the Fund will accept a Medallion Guarantee for non-financial transactions, such as changing banking instructions, the Fund will also accept a notary stamp for non-financial transactions. A notary stamp can be obtained from a Notary Public, which is an official appointed by state government to serve the public as an impartial witness in performing a variety of official fraud deterrent acts related to the signing of important documents.

Please contact the Fund at 1-800-466-3863 for more information.

Valuation of Shares

The Series offer their shares at the NAV per share of the Series. Each Series calculates its NAV once daily as of the close of regular trading on the NYSE (generally 4:00 p.m. Eastern time) on each day the exchange is open. If the exchange closes early, the Series will accelerate the calculation of their NAVs and transaction deadlines to that time.

Each Series generally values the securities in its portfolio on the basis of market quotations and valuations provided by independent pricing services. If market prices are not readily available or are unreliable, such as in the case of a security value that has been materially affected by events occurring after the close of the relevant market, securities are valued at fair value. The Board has designated the Advisor as the Series' valuation designee to make all fair value determinations with respect the Series' portfolio investments, subject to the Board's oversight. 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 Advisor's determination of a security's fair value price often involves the consideration of a number of subjective factors, and

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is therefore subject to the unavoidable risk that the value that the Advisor assigns 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.

Although the Series' stock holdings consist primarily of U.S. companies that are traded on U.S. exchanges, there may be limited circumstances in which the Series would price these securities at fair value — for example, if the exchange on which a portfolio security is principally traded closed early or if trading in a particular security was halted during the day and did not resume prior to the time the Series calculated its NAV.

International securities markets may be open on days when the U.S. markets are closed. In such cases, the value of any international securities owned by the Series may be significantly affected on days when investors cannot buy or sell shares of the Series. In addition, due to the difference in times between the close of the international markets and the time the Series prices its shares, the value the Advisor assigns to securities for the Series may not be the same as the quoted or published prices of those securities on their primary markets or exchanges. In determining fair value prices of non-U.S. securities, the Advisor may consider the performance of securities on their primary exchanges, factors influencing specific foreign markets or issuers, foreign currency appreciation/depreciation, securities market movements in the U.S., or other relevant information as related to the securities.

When valuing fixed income securities with remaining maturities of more than 60 days, the Series use the value of the security provided by pricing services. The values provided by a pricing service may be based upon market quotations for the same security, securities expected to trade in a similar manner or a pricing matrix. When valuing fixed income securities with remaining maturities of 60 days or less, the Advisor may use the security's amortized cost. Amortized cost and the use of a pricing matrix in valuing fixed income securities are forms of fair value pricing.

Communicating with the Manning & Napier Fund

By Phone: You can reach us at 1-800-466-3863 business days from 8:00 a.m. to 6:00 p.m. Eastern time. Telephone calls may be recorded.

By Mail:

Manning & Napier Fund, Inc.

P.O. Box 534449

Pittsburgh, PA 15253-4449

By Overnight Mail:

Manning & Napier Fund, Inc.

Attention: 534449

500 Ross Street, 154-0520

Pittsburgh, PA 15262

Automated account information: You can obtain automated account information, such as share prices and account balances, 24 hours a day, 7 days a week, by calling 1-800-466-3863 or by logging into your account at www.manning-napier.com.

Disclosure of the Series' Portfolio Holdings

The Series disclose their complete portfolio holdings in each Annual and Semi-Annual Report and, following the first and third fiscal quarters, in a quarterly holdings report filed with the Securities and Exchange Commission (SEC) as exhibits to Form N-PORT. Annual and Semi-Annual Reports are distributed to Series shareholders, and the most recent Reports are available on the Fund's website at www.manning-napier.com. Quarterly holdings reports filed with the SEC are not distributed to Series shareholders, but are available, free of charge, on the EDGAR Database on the SEC's website, www.sec.gov. In addition, each Series' month-end and quarter-end complete portfolio holdings are available on the Fund's website. This information is provided with a lag of at least eight days.

Portfolio holdings information will be available on the website at least until it is superseded by a quarterly portfolio holdings report distributed to shareholders (with respect to Annual and Semi-Annual Reports) or filed with the SEC (with respect to an exhibit to Form N-PORT). A Series may also disclose certain commentary and analytical, statistical, performance or similar information relating to the Series or its portfolio holdings to third parties if such disclosure is deemed to be for a legitimate business purpose and the information is deemed to be non-material. A description of the Fund's policy and procedures with respect to the circumstances under which the Fund discloses its portfolio securities is available in the SAI.

**Dividends, Distributions, and Taxes**

Dividends and Distributions

Each Series generally:

&nbsp;&nbsp;&nbsp;&nbsp;•Pays dividends twice a year, in June and December.

&nbsp;&nbsp;&nbsp;&nbsp;•Makes net capital gains distributions, if any, once a year, typically in December.

A Series may pay additional distributions and dividends at other times if necessary for the Series to avoid incurring a federal tax.

Unless you have instructed the Fund otherwise, capital gain distributions and dividends are reinvested in additional shares of the same Series and Class that you hold. Alternatively, you can instruct the Fund in writing or by telephone to have your capital gains and/or dividends paid in cash. You can change your choice at any time to be effective as of the next distribution or dividend, except that any change given to the transfer agent after the record date will not be effective until the next distribution or dividend is made. If you have elected to receive your distributions by check, all capital gain distributions and dividends less than $10 will be reinvested. No interest will accrue on amounts represented by uncashed distribution or redemption checks.

Taxes

Each Series has elected and intends to qualify each year for treatment as a regulated investment company (a "RIC") under Subchapter M of the Internal Revenue Code. If it meets certain minimum distribution requirements, a RIC is not subject to tax at the Series level on income and gains from investments that are

**39**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

timely distributed to shareholders. However, a Series' failure to qualify as a RIC or to meet minimum distribution requirements would result (if certain relief provisions were not available) in Series-level taxation and, consequently, a reduction in income available for distribution to shareholders.

Dividends are paid from income earned on a Series' portfolio holdings as well as from interest on its cash investments. Distributions of capital gain will be treated as long-term or short-term gain depending on how long a Series held the securities sold, without regard to how long you have owned your shares of the Series. If you are investing through a tax-deferred arrangement, such as a 401(k) plan or other retirement account, you generally will not be subject to federal taxation on Series distributions; however, distributions from tax-deferred arrangements are generally subject to federal taxation.

---

| | |
|:---|:---|
| Transaction | Federal Tax Status |
| Redemption or exchange of shares | Usually taxable as capital gain or loss; long-term only if shares owned more than one year |
| Long-term capital gain distributions | Taxable as long-term capital gain |
| Short-term capital gain distributions | Generally taxable as ordinary income |
| Dividends | Taxable as ordinary income unless they qualify for treatment as qualified dividend income |

---

Distributions of investment income reported by a Series as derived from qualified dividend income may qualify to be taxed to non-corporate shareholders at the lower rate applicable to long-term capital gains, which is currently set at a maximum rate of 20% (lower rates apply to individuals in lower tax brackets). Qualified dividend income is, in general, dividend income from taxable domestic corporations and certain foreign corporations (e.g., foreign corporations incorporated in a possession of the United States or in certain foreign countries with a comprehensive tax treaty with the United States, or the stock of which is readily tradable on an established securities market in the United States). Distributions that the Series receives from REITs, if any, generally will not be treated as qualified dividend income. The Series' investment strategies may limit their ability to make distributions eligible for the reduced tax rates applicable to qualified dividend income.

A RIC that receives business interest income may pass through its net business interest income for purposes of the tax rules applicable to the interest expense limitations under Section 163(j) of the Internal Revenue Code (the "Code"). A RIC's total "Section 163(j) Interest Dividend" for a tax year is limited to the excess of the RIC's business interest income over the sum of its business interest expense and its other deductions properly allocable to its business interest income. A RIC may, in its discretion, designate all or a portion of ordinary dividends as Section 163(j) Interest Dividends, which would allow the recipient shareholder to treat the designated portion of such dividends as interest income for purposes of determining such shareholder's interest expense deduction limitation under Section 163(j) of the Code. This

can potentially increase the amount of a shareholder's interest expense deductible under Section 163(j) of the Code. In general, to be eligible to treat a Section 163(j) Interest Dividend as interest income, you must have held your shares in a Series for more than 180 days during the 361-day period beginning on the date that is 180 days before the date on which the share becomes ex-dividend with respect to such dividend. Section 163(j) Interest Dividends, if so designated by a Series, will be reported to your financial intermediary or otherwise in accordance with the requirements specified by the Internal Revenue Service (IRS).

If you are a taxable investor, you may want to avoid buying shares when a Series is about to declare a capital gain distribution or a dividend, because it will be taxable to you even though economically it may actually be a return of a portion of your investment.

Dividends and interest received by a Series may be subject to income, withholding or other taxes imposed by foreign countries and United States possessions that would reduce the yield on the Series' securities. Tax conventions between certain countries and the United States may reduce or eliminate these taxes. Foreign countries generally do not impose taxes on capital gains with respect to investments by foreign investors. If more than 50% of the value of a Series' total assets at the close of its taxable year consists of stock or securities of foreign corporations, the Series will be eligible to, and may, file an election with the IRS that will enable shareholders, in effect, to receive the benefit of the foreign tax credit with respect to any foreign and United States possessions income taxes paid by the Series. Pursuant to the election (if made), the Series will treat those taxes as dividends paid to its shareholders. Each shareholder will be required to include a proportionate share of those taxes in gross income as income received from a foreign source and must treat the amount so included as if the shareholder had paid the foreign tax directly. The shareholder may then either deduct the taxes deemed paid by him or her in computing his or her taxable income or, alternatively, use the foregoing information in calculating the foreign tax credit (subject to significant limitations) against the shareholder's federal income tax. If a Series makes the election, it will report annually to its shareholders the respective amounts per share of the Series' income from sources within, and taxes paid to, foreign countries and United States possessions.

When you sell or redeem your Series shares, you will generally realize a capital gain or loss for federal and state tax purposes. For tax purposes, an exchange of your shares for shares of another Series is treated the same as a sale. An exchange between share classes in the same Series is not reported as a taxable sale.

After the end of each year, a Series will provide you with information about the distributions and dividends that you received and any redemptions of shares during the previous year. In calculating your gain or loss on any sale of shares, note that your tax basis in your shares is increased by the amounts of dividends and distributions that you have reinvested in a Series. If you have owned your shares of a Series for more than one year, any net long-term capital gains from the sale of shares will generally qualify for the reduced rates of federal income taxation

**40**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

on long-term capital gains for non-corporate shareholders. Dividends and distributions are taxable as described above whether received in cash or reinvested.

U.S. REITs in which a Series invests often do not provide complete and final tax information to the Series until after the time that the Series issues the tax reporting statement. As a result, the Series may at times find it necessary to reclassify the amount and character of its distributions to you after it issues your tax reporting statement. When such reclassification is necessary, the Series will send you a corrected, final Form 1099-DIV to reflect the reclassified information. If you receive a corrected Form 1099-DIV, use the information on this corrected form, and not the information on the previously issued tax reporting statement, in completing your tax returns.

"Qualified REIT dividends" (i.e., ordinary REIT dividends other than capital gain dividends and portions of REIT dividends designated as qualified dividend income eligible for capital gain tax rates) are eligible for a 20% deduction by non-corporate taxpayers. This deduction, if allowed in full, equates to a maximum effective tax rate of 29.6% (37% top rate applied to income after 20% deduction). Distributions by a Series to its shareholders that are attributable to qualified REIT dividends received by the Series and which the Series properly reports as "section 199A dividends," are treated as qualified REIT dividends in the hands of non-corporate shareholders. A section 199A dividend is treated as a qualified REIT dividend only if the shareholder receiving such dividend holds the dividend-paying RIC shares for at least 46 days of the 91-day period beginning 45 days before the shares become ex-dividend, and is not under an obligation to make related payments with respect to a position in substantially similar or related property. A Series is permitted to report such part of its dividends as section 199A dividends as are eligible, but is not required to do so.

If a Series invests directly in certain investments, such as commodities and commodity-linked derivative instruments, such investments may not produce qualifying income to the Series. To the extent a Series invests in such investments directly, the Series will seek to restrict its income from such instruments that do not generate qualifying income to a maximum of 10% of its gross income (when combined with their other investments that produce non-qualifying income).

If a Series fails to qualify as a RIC and to avail itself of certain relief provisions, it would be subject to tax at the regular corporate rate without any deduction for distributions to shareholders, and its distributions would generally be taxable as dividends. Please see the SAI for a more detailed discussion, including the availability of certain relief provisions for certain failures by a Series to qualify as a RIC.

Each Series is required to report to you and the IRS annually on Form 1099-B the gross proceeds of Series shares you sell or redeem and also the cost basis for shares. Cost basis will be calculated using a Series' default method of average cost, unless you instruct a Series to use a different calculation method. Shareholders should carefully review the cost basis information provided by a Series and make any additional basis, holding period or other adjustments that are required when

reporting these amounts on their federal income tax returns. If your account is held through a financial intermediary (such as a financial advisor or broker), please contact the financial intermediary with respect to reporting of cost basis and available elections for your account. Tax-advantaged retirement accounts will not be affected.

If a Series' distributions exceed its earnings and profits (as calculated for federal income tax purposes) for a taxable year, all or a portion of the distributions made in the taxable year may be re-characterized as a return of capital to shareholders. A return of capital distribution will not be taxable to the extent of a shareholder's adjusted basis but will reduce such basis and result in a higher capital gain or lower capital loss when those shares on which the distribution was received are sold. To the extent a return of capital distribution exceeds a shareholder's adjusted basis, the distribution will be treated as gain from the sale of shares.

U.S. individuals with income exceeding $200,000 ($250,000 if married and filing jointly) are subject to a 3.8% tax on their "net investment income," including interest, dividends, and capital gains (including capital gains realized on the sale or exchange of shares).

If you do not provide a Series with your correct taxpayer identification number and any required certifications, you may be subject to backup withholding of 24% of your distributions, dividends and redemption proceeds.

This discussion is for general information only and is not tax advice. You should consult your own tax advisor regarding your particular circumstances, and about any federal, state, local and foreign tax consequences before making an investment in a Series. Additional information about the tax consequences of investing in a Series may be found in the SAI.

**41**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Financial Highlights**

The financial highlights tables are intended to help you understand the financial performance of the Series for the past five years or, if shorter, the period of a Class' operations. Certain information reflects financial results for a single share. The total returns in the tables represent the rate that an investor would have earned, or lost, on an investment in the Series (assuming reinvestment of all dividends and distributions). This information has been audited by PricewaterhouseCoopers LLP, whose report, along with the Series' financial statements, is included in the annual report, which is available upon request. No financial highlights are presented for the Class Z Shares because they were not active as of the date of this prospectus.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED  | FOR THE YEAR ENDED  | FOR THE YEAR ENDED  | FOR THE YEAR ENDED  | FOR THE YEAR ENDED  |
| Pro-Blend<sup>®</sup> Conservative Term Series - Class S | **10/31/22** | **10/31/21** | **10/31/20** | **10/31/19** | **10/31/18** |
| **Per share data (for a share outstanding throughout each year):** |  |  |  |  |  |
| Net asset value - Beginning of year | $14.61 | $14.47 | $14.23 | $13.39 | $14.10 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | (0.16) | 0.17 | 0.21 | 0.27 | 0.23 |
| Net realized and unrealized gain (loss) on investments | (1.94) | 1.34 | 0.59<sup>2</sup> | 1.07 | (0.33) |
| *Total from investment operations* | (1.78) | 1.51 | 0.80 | 1.34 | (0.10) |
| **Less distributions to shareholders:** |  |  |  |  |  |
| From net investment income | (0.08) | (0.19) | (0.21) | (0.23) | (0.18) |
| From net realized gain on investments | (0.64) | (1.18) | (0.35) | (0.27) | (0.43) |
| *Total distributions to shareholders* | (0.72) | (1.37) | (0.56) | (0.50) | (0.61) |
| ***Net asset value - End of year*** | ***$12.11*** | ***$14.61*** | ***$14.47*** | ***$14.23*** | ***$13.39*** |
| **Net assets - End of year** (000's omitted) | **$218606** | **$291698** | **$294276** | **$609145** | **$596934** |
| Total return<sup>3</sup> | (12.77%) | 10.99% | 5.86%<sup>2</sup> | 10.40% | (0.75%) |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |
| Expenses | 0.88% | 0.87% | 0.87% | 0.87% | 0.88% |
| Net investment income | 1.23% | 1.15% | 1.47% | 2.01% | 1.71% |
| Series portfolio turnover | 79% | 73% | 108% | 68% | 80% |

---

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

<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 years indicated, and assumes reinvestment of all distributions.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED  | FOR THE YEAR ENDED  | FOR THE YEAR ENDED  | FOR THE YEAR ENDED  | FOR THE YEAR ENDED  |
| Pro-Blend<sup>®</sup> Conservative Term Series - Class I<sup>1</sup> | **10/31/22** | **10/31/21** | **10/31/20** | **10/31/19** | **10/31/18** |
| **Per share data (for a share outstanding throughout each year):** |  |  |  |  |  |
| Net asset value - Beginning of year | $14.95 | $15.43 | $15.38 | $14.67 | $15.68 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.20 | 0.20 | 0.27 | 0.33 | 0.29 |
| Net realized and unrealized gain (loss) on investments | (1.93) | 1.40 | 0.64<sup>3</sup> | 1.16 | (0.38) |
| *Total from investment operations* | (1.73) | 1.60 | 0.91 | 1.49 | (0.09) |
| **Less distributions to shareholders:** |  |  |  |  |  |
| From net investment income | (0.16) | (0.38) | (0.36) | (0.37) | (0.30) |
| From net realized gain on investments | (0.92) | (1.70) | (0.50) | (0.39) | (0.62) |
| *Total distributions to shareholders* | (1.08) | (2.08) | (0.86) | (0.76) | (0.92) |
| ***Net asset value - End of year*** | ***$12.14*** | ***$14.95*** | ***$15.43*** | ***$15.38*** | ***$14.67*** |
| **Net assets - End of year** (000's omitted) | **$85498** | **$115216** | **$99139** | **$207346** | **$192157** |
| Total return<sup>4</sup> | (12.50%) | 11.16% | 6.27%<sup>3</sup> | 10.69% | (0.62%) |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |
| Expenses | 0.63% | 0.62% | 0.60% | 0.64% | 0.68% |
| Net investment income | 1.48% | 1.40% | 1.77% | 2.23% | 1.92% |
| Series portfolio turnover | 79% | 73% | 108% | 68% | 80% |

---

<sup>1</sup>Share amounts have been adjusted for a reverse stock split effective after the close of business on November 4, 2022. See Note 1 of the Notes to Financial Statements.

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

<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. 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>4</sup>Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED  | FOR THE YEAR ENDED  | FOR THE YEAR ENDED  | FOR THE YEAR ENDED  | FOR THE YEAR ENDED  |
| Pro-Blend<sup>®</sup> Conservative Term Series - Class R<sup>1</sup> | **10/31/22** | **10/31/21** | **10/31/20** | **10/31/19** | **10/31/18** |
| **Per share data (for a share outstanding throughout each year):** |  |  |  |  |  |
| Net asset value - Beginning of year | $15.05 | $15.63 | $15.64 | $14.94 | $16.00 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.14 | 0.14 | 0.20 | 0.26 | 0.22 |
| Net realized and unrealized gain (loss) on investments | (1.95) | 1.44 | 0.65<sup>3</sup> | 1.18 | (0.37) |
| *Total from investment operations* | (1.81) | 1.58 | 0.85 | 1.44 | (0.15) |
| **Less distributions to shareholders:** |  |  |  |  |  |
| From net investment income | (0.12) | (0.35) | (0.32) | (0.32) | (0.25) |
| From net realized gain on investments | (0.99) | (1.81) | (0.54) | (0.42) | (0.66) |
| *Total distributions to shareholders* | (1.11) | (2.16) | (0.86) | (0.74) | (0.91) |
| ***Net asset value - End of year*** | ***$12.13*** | ***$15.05*** | ***$15.63*** | ***$15.64*** | ***$14.94*** |
| **Net assets - End of year** (000's omitted) | **$18808** | **$23527** | **$22539** | **$8850** | **$10886** |
| Total return<sup>4</sup> | (12.93%) | 10.81% | 5.69%<sup>3</sup> | 10.12% | (1.08%) |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |
| Expenses | 1.08% | 1.05% | 1.04% | 1.10% | 1.18% |
| Net investment income | 1.03% | 0.96% | 1.25% | 1.77% | 1.40% |
| Series portfolio turnover | 79% | 73% | 108% | 68% | 80% |

---

<sup>1</sup>Share amounts have been adjusted for a reverse stock split effective after the close of business on November 4, 2022. See Note 1 of the Notes to Financial Statements.

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

<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. 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>4</sup>Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions.

**44**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED  | FOR THE YEAR ENDED  | FOR THE YEAR ENDED  | FOR THE YEAR ENDED  | FOR THE YEAR ENDED  |
| Pro-Blend<sup>®</sup> Conservative Term Series - Class L\*<sup>1</sup> | **10/31/22** | **10/31/21** | **10/31/20** | **10/31/19** | **10/31/18** |
| **Per share data (for a share outstanding throughout each year):** |  |  |  |  |  |
| Net asset value - Beginning of year | $15.07 | $15.64 | $15.65 | $14.94 | $16.00 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.08 | 0.06 | 0.12 | 0.20 | 0.14 |
| Net realized and unrealized gain (loss) on investments | (1.97) | 1.45 | 0.65<sup>3</sup> | 1.17 | (0.37) |
| *Total from investment operations* | (1.89) | 1.51 | 0.77 | 1.37 | (0.23) |
| **Less distributions to shareholders:** |  |  |  |  |  |
| From net investment income | (0.08) | (0.26) | (0.24) | (0.25) | (0.17) |
| From net realized gain on investments | (0.98) | (1.82) | (0.54) | (0.41) | (0.66) |
| *Total distributions to shareholders* | (1.06) | (2.08) | (0.78) | (0.66) | (0.83) |
| ***Net asset value - End of year*** | ***$12.12*** | ***$15.07*** | ***$15.64*** | ***$15.65*** | ***$14.94*** |
| **Net assets - End of year** (000's omitted) | **$73165** | **$94971** | **$86903** | **$87628** | **$93290** |
| Total return<sup>4</sup> | (13.44%) | 10.26% | 5.16%<sup>3</sup> | 9.61% | (1.58%) |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |
| Expenses | 1.59% | 1.58% | 1.55% | 1.59% | 1.68% |
| Net investment income | 0.52% | 0.44% | 0.79% | 1.29% | 0.91% |
| Series portfolio turnover | 79% | 73% | 108% | 68% | 80% |

---

<sup>\*</sup>Effective March 1, 2019, Class R2 shares of the Series have been redesignated as Class L Shares.

<sup>1</sup>Share amounts have been adjusted for a reverse stock split effective after the close of business on November 4, 2022. See Note 1 of the Notes to Financial Statements.

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

<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. 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>4</sup>Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED  | FOR THE YEAR ENDED  | FOR THE YEAR ENDED  | **FOR THE <br>PERIOD <br>4/1/19<sup>1</sup>** **to<br>10/31/19** |
| Pro-Blend<sup>®</sup> Conservative Term Series - Class W | **10/31/22** | **10/31/21** | **10/31/20** | **FOR THE <br>PERIOD <br>4/1/19<sup>1</sup>** **to<br>10/31/19** |
| **Per share data (for a share outstanding throughout each period):** |  |  |  |  |
| Net asset value - Beginning of period | $14.64 | $14.52 | $14.28 | $13.62 |
| **Income (loss) from investment operations:** |  |  |  |  |
| Net investment income<sup>2</sup> | 0.27 | 0.28 | 0.32 | 0.23 |
| Net realized and unrealized gain (loss) on investments | (1.94) | 1.35 | 0.59<sup>3</sup> | 0.54 |
| *Total from investment operations* | (1.67) | 1.63 | 0.91 | 0.77 |
| **Less distributions to shareholders:** |  |  |  |  |
| From net investment income | (0.15) | (0.33) | (0.32) | (0.11) |
| From net realized gain on investments | (0.64) | (1.18) | (0.35) | (0.00)<sup>4</sup> |
| *Total distributions to shareholders* | (0.79) | (1.51) | (0.67) | (0.11) |
| ***Net asset value - End of period*** | ***$12.18*** | ***$14.64*** | ***$14.52*** | ***$14.28*** |
| **Net assets - End of period** (000's omitted) | **$1623** | **$1985** | **$1775** | **$1577** |
| Total return<sup>5</sup> | (12.07%) | 11.84% | 6.66%<sup>3</sup> | 5.71% |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |
| Expenses\* | 0.10% | 0.10% | 0.09% | 0.08%<sup>6</sup> |
| Net investment income | 2.03% | 1.92% | 2.26% | 2.81%<sup>6</sup> |
| Series portfolio turnover | 79% | 73% | 108% | 68% |
| \*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: | 0.44% | 0.42% | 0.40% | 0.40%<sup>6</sup> |

---

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

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

<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. 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>4</sup>Less than $(0.01).

<sup>5</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>6</sup>Annualized.

**46**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
| Pro-Blend<sup>®</sup> Moderate Term Series - Class S | **10/31/22** | **10/31/21** | **10/31/20** | **10/31/19** | **10/31/18** |
| **Per share data (for a share outstanding throughout each year):** |  |  |  |  |  |
| Net asset value - Beginning of year | $15.88 | $14.57 | $13.96 | $13.13 | $14.17 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.13 | 0.09 | 0.14 | 0.20 | 0.17 |
| Net realized and unrealized gain (loss) on investments | (2.56) | 2.13 | 1.11<sup>2</sup> | 1.28 | (0.38) |
| *Total from investment operations* | (2.43) | 2.22 | 1.25 | 1.48 | (0.21) |
| **Less distributions to shareholders:** |  |  |  |  |  |
| From net investment income | (0.05) | (0.07) | (0.14) | (0.17) | (0.12) |
| From net realized gain on investments | (0.93) | (0.84) | (0.50) | (0.48) | (0.71) |
| *Total distributions to shareholders* | (0.98) | (0.91) | (0.64) | (0.65) | (0.83) |
| ***Net asset value - End of year*** | ***$12.47*** | ***$15.88*** | ***$14.57*** | ***$13.96*** | ***$13.13*** |
| **Net assets - End of year** (000's omitted) | **$186398** | **$244965** | **$237656** | **$179977** | **$318691** |
| Total return<sup>3</sup> | (16.27%) | 15.78% | 9.27%<sup>2</sup> | 11.85% | (1.67%) |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |
| Expenses\* | 1.07% | 1.05% | 1.07% | 1.09% | 1.10% |
| Net investment income | 0.94% | 0.59% | 1.02% | 1.53% | 1.24% |
| Series portfolio turnover | 69% | 74% | 105% | 53% | 74% |
| \*For certain years presented, the investment advisor did not impose all or a portion of its management and/or other fees, and in some years may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | N/A | N/A | N/A | 0.00%<sup>4</sup> | N/A |

---

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

<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 years indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been waived or reimbursed during certain years.

<sup>4</sup>Less than 0.01%.

**47**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
| Pro-Blend<sup>®</sup> Moderate Term Series - Class I<sup>1</sup> | **10/31/22** | **10/31/21** | **10/31/20** | **10/31/19** | **10/31/18** |
| **Per share data (for a share outstanding throughout each year):** |  |  |  |  |  |
| Net asset value - Beginning of year | $16.44 | $15.49 | $15.14 | $14.52 | $16.01 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.16 | 0.12 | 0.19 | 0.25 | 0.22 |
| Net realized and unrealized gain (loss) on investments | (2.58) | 2.25 | 1.17<sup>3</sup> | 1.39 | (0.43) |
| *Total from investment operations* | (2.42) | 2.37 | 1.36 | 1.64 | (0.21) |
| **Less distributions to shareholders:** |  |  |  |  |  |
| From net investment income | (0.10) | (0.16) | (0.27) | (0.30) | (0.22) |
| From net realized gain on investments | (1.39) | (1.26) | (0.74) | (0.72) | (1.06) |
| *Total distributions to shareholders* | (1.49) | (1.42) | (1.01) | (1.02) | (1.28) |
| ***Net asset value - End of year*** | ***$12.53*** | ***$16.44*** | ***$15.49*** | ***$15.14*** | ***$14.52*** |
| **Net assets - End of year** (000's omitted) | **$98235** | **$127248** | **$108333** | **$111637** | **$125647** |
| Total return<sup>4</sup> | (16.09%) | 16.10% | 9.37%<sup>3</sup> | 12.20% | (1.49%) |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |
| Expenses\* | 0.85% | 0.84% | 0.85% | 0.85% | 0.85% |
| Net investment income | 1.15% | 0.79% | 1.26% | 1.76% | 1.50% |
| Series portfolio turnover | 69% | 74% | 105% | 53% | 74% |
| \*For certain years presented, the investment advisor did not impose all or a portion of its management and/or other fees, and in some years may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts:  | 0.00%<sup>5</sup> | N/A | 0.01% | 0.02% | N/A |

---

<sup>1</sup>Share amounts have been adjusted for a reverse stock split effective after the close of business on November 4, 2022. See Note 1 of the Notes to Financial Statements.

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

<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 $1.16. Excluding the proceeds from the settlement, the total return would have been 9.27%.

<sup>4</sup>Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been waived or reimbursed during certain years.

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

**48**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
| Pro-Blend<sup>®</sup> Moderate Term Series - Class R<sup>1</sup> | **10/31/22** | **10/31/21** | **10/31/20** | **10/31/19** | **10/31/18** |
| **Per share data (for a share outstanding throughout each year):** |  |  |  |  |  |
| Net asset value - Beginning of year | $16.35 | $15.32 | $14.91 | $14.20 | $15.59 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.11 | 0.06 | 0.10 | 0.18 | 0.15 |
| Net realized and unrealized gain (loss) on investments | (2.58) | 2.23 | 1.17<sup>3</sup> | 1.37 | (0.43) |
| *Total from investment operations* | (2.47) | 2.29 | 1.27 | 1.55 | (0.28) |
| **Less distributions to shareholders:** |  |  |  |  |  |
| From net investment income | (0.07) | (0.10) | (0.17) | (0.18) | (0.13) |
| From net realized gain on investments | (1.29) | (1.16) | (0.69) | (0.66) | (0.98) |
| *Total distributions to shareholders* | (1.36) | (1.26) | (0.86) | (0.84) | (1.11) |
| ***Net asset value - End of year*** | ***$12.52*** | ***$16.35*** | ***$15.32*** | ***$14.91*** | ***$14.20*** |
| **Net assets - End of year** (000's omitted) | **$21692** | **$28121** | **$32824** | **$7610** | **$16537** |
| Total return<sup>4</sup> | (16.43%) | 15.62% | 8.89%<sup>3</sup> | 11.60% | (1.96%) |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |
| Expenses\* | 1.26% | 1.26%<sup>5</sup> | 1.35% | 1.35% | 1.35% |
| Net investment income | 0.74% | 0.39% | 0.66% | 1.26% | 1.00% |
| Series portfolio turnover | 69% | 74% | 105% | 53% | 74% |
| \*For certain years presented, the investment advisor did not impose all or a portion of its management and/or other fees, and in some years may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts:  | N/A | N/A | 0.01% | 0.03% | N/A |

---

<sup>1</sup>Share amounts have been adjusted for a reverse stock split effective after the close of business on November 4, 2022. See Note 1 of the Notes to Financial Statements.

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

<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 $1.16. These proceeds impacted the total return by less than 0.01%.

<sup>4</sup>Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been waived or reimbursed during certain years.

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

**49**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
| Pro-Blend<sup>®</sup> Moderate Term Series - Class L\*<sup>1</sup> | **10/31/22** | **10/31/21** | **10/31/20** | **10/31/19** | **10/31/18** |
| **Per share data (for a share outstanding throughout each year):** |  |  |  |  |  |
| Net asset value - Beginning of year | $16.44 | $15.49 | $15.12 | $14.47 | $15.93 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> | 0.03 | (0.01) | 0.04 | 0.12 | 0.07 |
| Net realized and unrealized gain (loss) on investments | (2.57) | 2.23 | 1.18<sup>3</sup> | 1.40 | (0.43) |
| *Total from investment operations* | (2.54) | 2.22 | 1.22 | 1.52 | (0.36) |
| **Less distributions to shareholders:** |  |  |  |  |  |
| From net investment income | (0.03) | (0.03) | (0.12) | (0.16) | (0.06) |
| From net realized gain on investments | (1.37) | (1.24) | (0.73) | (0.71) | (1.04) |
| *Total distributions to shareholders* | (1.40) | (1.27) | (0.85) | (0.87) | (1.10) |
| ***Net asset value - End of year*** | ***$12.50*** | ***$16.44*** | ***$15.49*** | ***$15.12*** | ***$14.47*** |
| **Net assets - End of year** (000's omitted) | **$85200** | **$108544** | **$95532** | **$93687** | **$98571** |
| Total return<sup>4</sup> | (16.89%) | 14.94% | 8.43%<sup>3</sup> | 11.10% | (2.42%) |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |
| Expenses\*\* | 1.78% | 1.77% | 1.77% | 1.80% | 1.85% |
| Net investment income (loss) | 0.22% | (0.13%) | 0.33% | 0.81% | 0.50% |
| Series portfolio turnover | 69% | 74% | 105% | 53% | 74% |
| \*Effective March 1, 2019, Class R2 shares of the Series have been redesignated as Class L Shares. |  |  |  |  |  |
| \*\*For certain years presented, the investment advisor did not impose all or a portion of its management and/or other fees, and in some years may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | N/A | N/A | N/A | 0.01% | N/A |

---

<sup>1</sup>Share amounts have been adjusted for a reverse stock split effective after the close of business on November 4, 2022. See Note 1 of the Notes to Financial Statements.

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

<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 $1.17. Excluding the proceeds from the settlement, the total return would have been 8.32%.

<sup>4</sup>Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been waived or reimbursed during certain years.

**50**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | **FOR THE <br>PERIOD <br>4/1/19<sup>1</sup> to<br>10/31/19** |
| Pro-Blend<sup>®</sup> Moderate Term Series - Class W | **10/31/22** | **10/31/21** | **10/31/20** | **FOR THE <br>PERIOD <br>4/1/19<sup>1</sup> to<br>10/31/19** |
| **Per share data (for a share outstanding throughout each period):** |  |  |  |  |
| Net asset value - Beginning of period | $15.99 | $14.65 | $14.00 | $13.27 |
| **Income (loss) from investment operations:** |  |  |  |  |
| Net investment income<sup>2</sup> | 0.26 | 0.24 | 0.28 | 0.23 |
| Net realized and unrealized gain (loss) on investments | (2.58) | 2.15 | 1.11<sup>3</sup> | 0.59 |
| *Total from investment operations* | (2.32) | 2.39 | 1.39 | 0.82 |
| **Less distributions to shareholders:** |  |  |  |  |
| From net investment income | (0.14) | (0.21) | (0.24) | (0.09) |
| From net realized gain on investments | (0.93) | (0.84) | (0.50) | (0.00)<sup>4</sup> |
| *Total distributions to shareholders* | (1.07) | (1.05) | (0.74) | (0.09) |
| ***Net asset value - End of period*** | ***$12.60*** | ***$15.99*** | ***$14.65*** | ***$14.00*** |
| **Net assets - End of period** (000's omitted) | **$106** | **$238** | **$255** | **$132** |
| Total return<sup>5</sup> | (15.53%) | 16.98% | 10.31%<sup>3</sup> | 6.25% |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |
| Expenses\* | 0.10% | 0.10% | 0.10% | 0.10%<sup>6</sup> |
| Net investment income | 1.82% | 1.54% | 2.00% | 3.15%<sup>6</sup> |
| Series portfolio turnover | 69% | 74% | 105% | 53% |
| \*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 | 0.64% | 0.63% | 0.63% | 0.64%<sup>6</sup> |

---

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

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

<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 $1.10. Excluding the proceeds from the settlement, the total return would have been 10.16%.

<sup>4</sup>Less than $(0.01).

<sup>5</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>6</sup>Annualized.

**51**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
| Pro-Blend<sup>®</sup> Extended Term Series - Class S | **10/31/22** | **10/31/21** | **10/31/20** | **10/31/19** | **10/31/18** |
| **Per share data (for a share outstanding throughout each year):** |  |  |  |  |  |
| Net asset value - Beginning of year | $21.76 | $19.12 | $18.02 | $16.85 | $18.22 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.17 | 0.11 | 0.16 | 0.22 | 0.18 |
| Net realized and unrealized gain (loss) on investments | (3.98) | 3.80 | 1.72<sup>2</sup> | 1.87 | (0.43) |
| *Total from investment operations* | (3.81) | 3.91 | 1.88 | 2.09 | (0.25) |
| **Less distributions to shareholders:** |  |  |  |  |  |
| From net investment income | (0.05) | (0.06) | (0.12) | (0.15) | (0.10) |
| From net realized gain on investments | (1.00) | (1.21) | (0.66) | (0.77) | (1.02) |
| *Total distributions to shareholders* | (1.05 | (1.27) | (0.78) | (0.92) | (1.12) |
| ***Net asset value - End of year*** | ***$16.90*** | ***$21.76*** | ***$19.12*** | ***$18.02*** | ***$16.85*** |
| **Net assets - End of year** (000's omitted) | **$276523** | **$365077** | **$334977** | **$276300** | **$308334** |
| Total return<sup>3</sup> | (18.35%) | 21.19% | 10.74%<sup>2</sup> | 13.16% | (1.47%) |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |
| Expenses\* | 1.02% | 1.01% | 1.02% | 1.05% | 1.10% |
| Net investment income | 0.91% | 0.54% | 0.87% | 1.31% | 1.03% |
| Series portfolio turnover | 66% | 66% | 120% | 61% | 75% |
| \*For certain years presented, the investment advisor did not impose all or a portion of its management and/or other fees, and in some years may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | N/A | N/A | N/A | 0.01% | 0.01% |

---

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

<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 years indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been waived or reimbursed during certain years.

**52**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
| Pro-Blend<sup>®</sup> Extended Term Series - Class I<sup>1</sup> | **10/31/22** | **10/31/21** | **10/31/20** | **10/31/19** | **10/31/18** |
| **Per share data (for a share outstanding throughout each year):** |  |  |  |  |  |
| Net asset value - Beginning of year | $23.33 | $22.09 | $21.83 | $21.56 | $24.59 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.21 | 0.17 | 0.24 | 0.31 | 0.29 |
| Net realized and unrealized gain (loss) on investments | (4.00) | 4.22 | 2.00<sup>3</sup> | 2.27 | (0.53) |
| *Total from investment operations* | (3.79) | 4.39 | 2.24 | 2.58 | (0.24) |
| **Less distributions to shareholders:** |  |  |  |  |  |
| From net investment income | (0.19) | (0.26) | (0.41) | (0.48) | (0.36) |
| From net realized gain on investments | (2.39) | (2.89) | (1.57) | (1.83) | (2.43) |
| *Total distributions to shareholders* | (2.58) | (3.15) | (1.98) | (2.31) | (2.79) |
| ***Net asset value - End of year*** | ***$16.96*** | ***$23.33*** | ***$22.09*** | ***$21.83*** | ***$21.56*** |
| **Net assets - End of year** (000's omitted) | **$137658** | **$192593** | **$149603** | **$117991** | **$126834** |
| Total return<sup>4</sup> | (18.14%) | 21.48% | 10.88%<sup>3</sup> | 13.36% | (1.15%) |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |
| Expenses\* | 0.79% | 0.79% | 0.81%<sup>5</sup> | 0.85% | 0.85% |
| Net investment income | 1.14% | 0.75% | 1.06% | 1.51% | 1.29% |
| Series portfolio turnover | 66% | 66% | 120% | 61% | 75% |
| \*For certain years presented, the investment advisor did not impose all or a portion of its management and/or other fees, and in some years may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | N/A | N/A | N/A | 0.01% | 0.01% |

---

<sup>1</sup>Share amounts have been adjusted for a reverse stock split effective after the close of business on November 4, 2022. See Note 1 of the Notes to Financial Statements.

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

<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 $1.98. These proceeds impacted the total return by less than 0.01%.

<sup>4</sup>Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been waived or reimbursed during certain years.

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

**53**

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
| Pro-Blend<sup>®</sup> Extended Term Series - Class R<sup>1</sup> | **10/31/22** | **10/31/21** | **10/31/20** | **10/31/19** | **10/31/18** |
| **Per share data (for a share outstanding throughout each year):** |  |  |  |  |  |
| Net asset value - Beginning of year | $22.80 | $21.08 | $20.48 | $19.87 | $22.29 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.13 | 0.08 | 0.09 | 0.21 | 0.17 |
| Net realized and unrealized gain (loss) on investments | (4.00) | 4.05 | 1.96<sup>3</sup> | 2.09 | (0.49) |
| *Total from investment operations* | (3.87) | 4.13 | 2.05 | 2.30 | (0.32) |
| **Less distributions to shareholders:** |  |  |  |  |  |
| From net investment income | (0.10) | (0.13) | (0.21) | (0.24) | (0.17) |
| From net realized gain on investments | (1.89) | (2.28) | (1.24) | (1.45) | (1.93) |
| *Total distributions to shareholders* | (1.99) | (2.41) | (1.45) | (1.69) | (2.10) |
| ***Net asset value - End of year*** | ***$16.94*** | ***$22.80*** | ***$21.08*** | ***$20.48*** | ***$19.87*** |
| **Net assets - End of year** (000's omitted) | **$42104** | **$56058** | **$52600** | **$6149** | **$11138** |
| Total return<sup>4</sup> | (18.48%) | 20.86% | 10.53%<sup>3</sup> | 12.73% | (1.65%) |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |
| Expenses\* | 1.25% | 1.24% | 1.31%<sup>5</sup> | 1.35% | 1.35% |
| Net investment income | 0.68% | 0.31% | 0.41% | 1.02% | 0.79% |
| Series portfolio turnover | 66% | 66% | 120% | 61% | 75% |
| \*For certain years presented, the investment advisor did not impose all or a portion of its management and/or other fees, and in some years may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | N/A | N/A | N/A | 0.02% | 0.01% |

---

<sup>1</sup>Share amounts have been adjusted for a reverse stock split effective after the close of business on November 4, 2022. See Note 1 of the Notes to Financial Statements. 2Calculated based on average shares outstanding during the years.

<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 $1.94. Excluding the proceeds from the settlement, the total return would have been 10.43%.

<sup>4</sup>Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been waived or reimbursed during certain years.

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

**54**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
| Pro-Blend<sup>®</sup> Extended Term Series - Class L\*<sup>1</sup> | **10/31/22** | **10/31/21** | **10/31/20** | **10/31/19** | **10/31/18** |
| **Per share data (for a share outstanding throughout each year):** |  |  |  |  |  |
| Net asset value - Beginning of year | $23.08 | $21.54 | $21.10 | $20.63 | $23.31 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> | 0.03 | (0.04) | 0.02 | 0.11 | 0.06 |
| Net realized and unrealized gain (loss) on investments | (4.03) | 4.15 | 1.96<sup>3</sup> | 2.19 | (0.51) |
| *Total from investment operations* | (4.00) | 4.11 | 1.98 | 2.30 | (0.45) |
| **Less distributions to shareholders:** |  |  |  |  |  |
| From net investment income | (0.04) | (0.02) | (0.15) | (0.21) | (0.08) |
| From net realized gain on investments | (2.11) | (2.55) | (1.39) | (1.62) | (2.15) |
| *Total distributions to shareholders* | (2.15) | (2.57) | (1.54) | (1.83) | (2.23) |
| ***Net asset value - End of year*** | ***$16.93*** | ***$23.08*** | ***$21.54*** | ***$21.10*** | ***$20.63*** |
| **Net assets - End of year** (000's omitted) | **$89871** | **$113582** | **$100254** | **$100804** | **$106348** |
| Total return<sup>4</sup> | (19.03%) | 20.38% | 9.87%<sup>3</sup> | 12.26% | (2.13%) |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |
| Expenses\*\* | 1.78% | 1.76% | 1.77% | 1.80% | 1.85% |
| Net investment income (loss) | 0.16% | (0.22%) | 0.13% | 0.57% | 0.28% |
| Series portfolio turnover | 66% | 66% | 120% | 61% | 75% |
| \*Effective March 1, 2019, Class R2 shares of the Series have been redesignated as Class L shares. |  |  |  |  |  |
| \*\*For certain years presented, the investment advisor did not impose all or a portion of its management and/or other fees, and in some years may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | N/A | N/A | N/A | 0.00%<sup>5</sup> | 0.01% |

---

<sup>1</sup>Share amounts have been adjusted for a reverse stock split effective after the close of business on November 4, 2022. See Note 1 of the Notes to Financial Statements.

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

<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 $1.94. Excluding the proceeds from the settlement, the total return would have been 9.76%.

<sup>4</sup>Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been waived or reimbursed during certain years.

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

**55**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | **FOR THE<br>PERIOD <br>4/1/19<sup>1</sup>** **to <br>10/31/19** |
| Pro-Blend<sup>®</sup> Extended Term Series - Class W | **10/31/22** | **10/31/21** | **10/31/20** | **FOR THE<br>PERIOD <br>4/1/19<sup>1</sup>** **to <br>10/31/19** |
| **Per share data (for a share outstanding throughout each period):** |  |  |  |  |
| Net asset value - Beginning of period | $21.85 | $19.18 | $18.08 | $17.04 |
| **Income (loss) from investment operations:** |  |  |  |  |
| Net investment income<sup>2</sup> | 0.39 | 0.30 | 0.33 | 0.23 |
| Net realized and unrealized gain (loss) on investments | (4.04) | 3.82 | 1.71<sup>3</sup> | 0.90 |
| *Total from investment operations* | (3.65) | 4.12 | 2.04 | 1.13 |
| **Less distributions to shareholders:** |  |  |  |  |
| From net investment income | (0.16) | (0.24) | (0.28) | (0.09) |
| From net realized gain on investments | (1.00) | (1.21) | (0.66) | (0.00)<sup>4</sup> |
| *Total distributions to shareholders* | (1.16) | (1.45) | (0.94) | (0.09) |
| ***Net asset value - End of period*** | ***$17.04*** | ***$21.85*** | ***$19.18*** | ***$18.08*** |
| **Net assets - End of period** (000's omitted) | **$118** | **$7** | **$6** | **$5** |
| Total return<sup>5</sup> | (17.60%) | 22.34% | 11.70%<sup>3</sup> | 6.69% |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |
| Expenses\* | 0.10% | 0.10% | 0.10% | 0.10%<sup>6</sup> |
| Net investment income | 2.23% | 1.44% | 1.78% | 2.20%<sup>6</sup> |
| Series portfolio turnover | 66% | 66% | 120% | 61% |
| \*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: | 0.63% | 0.62% | 0.62% | 0.62%<sup>6</sup> |

---

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

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

<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 $1.69. Excluding the proceeds from the settlement, the total return would have been 11.64%.

<sup>4</sup>Less than $(0.01).

<sup>5</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>6</sup>Annualized.

**56**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
| Pro-Blend<sup>®</sup> Maximum Term Series - Class S | **10/31/22** | **10/31/21** | **10/31/20** | **10/31/19** | **10/31/18** |
| **Per share data (for a share outstanding throughout each year):** |  |  |  |  |  |
| Net asset value - Beginning of year | $29.84 | $22.70 | $21.32 | $20.59 | $21.71 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.08 | 0.02 | 0.05 | 0.14 | 0.08 |
| Net realized and unrealized gain (loss) on investments | (6.13) | 7.95 | 2.40<sup>2</sup> | 2.44 | 0.42 |
| *Total from investment operations* | (6.05) | 7.97 | 2.45 | 2.58 | 0.50 |
| **Less distributions to shareholders:** |  |  |  |  |  |
| From net investment income | (0.01) |  | (0.03) | (0.08) | (0.06) |
| From net realized gain on investments | (1.69) | (0.83) | (1.04) | (1.77) | (1.56) |
| *Total distributions to shareholders* | (1.70) | (0.83) | (1.07) | (1.85) | (1.62) |
| ***Net asset value - End of year*** | ***$22.09*** | ***$29.84*** | ***$22.70*** | ***$21.32*** | ***$20.59*** |
| **Net assets - End of year** (000's omitted) | **$249884** | **$331183** | **$261094** | **$229540** | **$248691** |
| Total return<sup>3</sup> | (21.39%) | 35.82% | 11.85%<sup>2</sup> | 14.19% | 2.24% |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |
| Expenses\* | 1.10% | 1.10% | 1.10% | 1.10% | 1.10% |
| Net investment income | 0.33% | 0.06% | 0.25% | 0.70% | 0.35% |
| Series portfolio turnover | 62% | 49% | 88% | 73% | 63% |
| \*For certain years presented, the investment advisor did not impose all or a portion of its management and/or other fees, and in some years may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | 0.03% | 0.00%<sup>4</sup> | N/A | 0.01% | 0.03% |

---

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

<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 years indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been waived or reimbursed during certain years.

<sup>4</sup>Less than 0.01%.

**57**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
| Pro-Blend<sup>®</sup> Maximum Term Series - Class I<sup>1</sup> | **10/31/22** | **10/31/21** | **10/31/20** | **10/31/19** | **10/31/18** |
| **Per share data (for a share outstanding throughout each year):** |  |  |  |  |  |
| Net asset value - Beginning of year | $33.24 | $26.55 | $26.72 | $28.93 | $32.84 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.14 | 0.09 | 0.14 | 0.25 | 0.20 |
| Net realized and unrealized gain (loss) on investments | (6.23) | 9.03 | 2.89<sup>3</sup> | 2.92 | 0.62 |
| *Total from investment operations* | (6.09) | 9.12 | 3.03 | 3.17 | 0.82 |
| **Less distributions to shareholders:** |  |  |  |  |  |
| From net investment income | (0.17) | (0.08) | (0.25) | (0.37) | (0.31) |
| From net realized gain on investments | (4.79) | (2.35) | (2.95) | (5.01) | (4.42) |
| *Total distributions to shareholders* | (4.96) | (2.43) | (3.20) | (5.38) | (4.73) |
| ***Net asset value - End of year*** | ***$22.19*** | ***$33.24*** | ***$26.55*** | ***$26.72*** | ***$28.93*** |
| **Net assets - End of year** (000's omitted) | **$86355** | **$120573** | **$71034** | **$79352** | **$94093** |
| Total return<sup>4</sup> | (21.17%) | 36.17% | 12.23%<sup>3</sup> | 14.44% | 2.44% |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |
| Expenses\* | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
| Net investment income | 0.58% | 0.31% | 0.51% | 0.94% | 0.60% |
| Series portfolio turnover | 62% | 49% | 88% | 73% | 63% |
| \*The investment advisor did not impose all or a portion of its management and/or other fees during the years, and may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | 0.05% | 0.04% | 0.04% | 0.05% | 0.03% |

---

<sup>1</sup>Share amounts have been adjusted for a reverse stock split effective after the close of business on November 4, 2022. See Note 1 of the Notes to Financial Statements.

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

<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 $2.86. Excluding the proceeds from the settlement, the total return would have been 12.11%.

<sup>4</sup>Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been waived or reimbursed during the years.

**58**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
| Pro-Blend<sup>®</sup> Maximum Term Series - Class R<sup>1</sup> | **10/31/22** | **10/31/21** | **10/31/20** | **10/31/19** | **10/31/18** |
| **Per share data (for a share outstanding throughout each year):** |  |  |  |  |  |
| Net asset value - Beginning of year | $31.61 | $24.71 | $24.10 | $24.81 | $27.29 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> | 0.04 | (0.04) | (0.00)<sup>3</sup> | 0.11 | 0.02 |
| Net realized and unrealized gain (loss) on investments | (6.21) | 8.52 | 2.68<sup>4</sup> | 2.68 | 0.55 |
| *Total from investment operations* | (6.17) | 8.48 | 2.68 | 2.79 | 0.57 |
| **Less distributions to shareholders:** |  |  |  |  |  |
| From net investment income | (0.04) | (0.00)<sup>3</sup> | (0.08) | (0.12) | (0.07) |
| From net realized gain on investments | (3.23) | (1.58) | (1.99) | (3.38) | (2.98) |
| *Total distributions to shareholders* | (3.27) | (1.58) | (2.07) | (3.50) | (3.05) |
| ***Net asset value - End of year*** | ***$22.17*** | ***$31.61*** | ***$24.71*** | ***$24.10*** | ***$24.81*** |
| **Net assets - End of year** (000's omitted) | **$42363** | **$54899** | **$46036** | **$13767** | **$13841** |
| Total return<sup>5</sup> | (21.59%) | 35.60% | 11.69%<sup>4</sup> | 13.84% | 1.99% |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |
| Expenses\* | 1.32% | 1.29% | 1.30% | 1.34% | 1.35% |
| Net investment income (loss) | 0.12% | (0.12%) | (0.01%) | 0.46% | 0.11% |
| Series portfolio turnover | 62% | 49% | 88% | 73% | 63% |
| \*For certain years presented, the investment advisor did not impose all or a portion of its management and/or other fees, and in some years may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | N/A | N/A | N/A | 0.00%<sup>6</sup> | 0.03% |

---

<sup>1</sup>Share amounts have been adjusted for a reverse stock split effective after the close of business on November 4, 2022. See Note 1 of the Notes to Financial Statements.

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

<sup>3</sup>Less than $(0.01).

<sup>4</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>5</sup>Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been waived or reimbursed during certain years.

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

**59**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
| Pro-Blend<sup>®</sup> Maximum Term Series - Class L\*<sup>1</sup> | **10/31/22** | **10/31/21** | **10/31/20** | **10/31/19** | **10/31/18** |
| **Per share data (for a share outstanding throughout each year):** |  |  |  |  |  |
| Net asset value - Beginning of year | $32.87 | $26.30 | $26.30 | $28.07 | $31.65 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment loss<sup>2</sup> | (0.10) | (0.21) | (0.10) | 0.00<sup>3</sup> | (0.13) |
| Net realized and unrealized gain (loss) on investments | (6.23) | 8.95 | 2.84<sup>4</sup> | 2.92 | 0.62 |
| *Total from investment operations* | (6.33) | 8.74 | 2.74 | 2.92 | 0.49 |
| **Less distributions to shareholders:** |  |  |  |  |  |
| From net investment income |  |  | (0.03) | (0.08) |  |
| From net realized gain on investments | (4.41) | (2.17) | (2.71) | (4.61) | (4.07) |
| *Total distributions to shareholders* | (4.41) | (2.17) | (2.74) | (4.69) | (4.07) |
| ***Net asset value - End of year*** | ***$22.13*** | ***$32.87*** | ***$26.30*** | ***$26.30*** | ***$28.07*** |
| **Net assets - End of year** (000's omitted) | **$48415** | **$62765** | **$52854** | **$54415** | **$52560** |
| Total return<sup>5</sup> | (21.99%) | 34.77% | 11.09%<sup>4</sup> | 13.40% | 1.40% |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |
| Expenses\*\* | 1.84% | 1.82% | 1.81% | 1.82% | 1.85% |
| Net investment loss | (0.41%) | (0.65%) | (0.46%) | (0.03%) | (0.40%) |
| Series portfolio turnover | 62% | 49% | 88% | 73% | 63% |
| \*Effective March 1, 2019, Class R2 shares of the Series have been redesignated as Class L Shares. |  |  |  |  |  |
| \*\*For certain years presented, the investment advisor did not impose all or a portion of its management and/or other fees, and in some years may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | N/A | N/A | N/A | 0.01% | 0.03% |

---

<sup>1</sup>Share amounts have been adjusted for a reverse stock split effective after the close of business on November 4, 2022. See Note 1 of the Notes to Financial Statements.

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

<sup>3</sup>Less than $0.01.

<sup>4</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>5</sup>Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been waived or reimbursed during certain years.

**60**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | **FOR THE<br>PERIOD<br>4/1/19<sup>1</sup>** **to <br>10/31/19** |
| Pro-Blend<sup>®</sup> Maximum Term Series - Class W | **10/31/22** | **10/31/21** | **10/31/20** | **FOR THE<br>PERIOD<br>4/1/19<sup>1</sup>** **to <br>10/31/19** |
| **Per share data (for a share outstanding throughout each period):** |  |  |  |  |
| Net asset value - Beginning of period | $30.11 | $22.84 | $21.39 | $20.12 |
| **Income (loss) from investment operations:** |  |  |  |  |
| Net investment income<sup>2</sup> | 0.34 | 0.29 | 0.27 | 0.12 |
| Net realized and unrealized gain (loss) on investments | (6.19) | 8.01 | 2.41<sup>3</sup> | 1.24 |
| *Total from investment operations* | (5.85) | 8.30 | 2.68 | 1.36 |
| **Less distributions to shareholders:** |  |  |  |  |
| From net investment income | (0.24) | (0.20) | (0.19) | (0.09) |
| From net realized gain on investments | (1.69) | (0.83) | (1.04) | (0.00)<sup>4</sup> |
| *Total distributions to shareholders* | (1.93) | (1.03) | (1.23) | (0.09) |
| ***Net asset value - End of period*** | ***$22.33*** | ***$30.11*** | ***$22.84*** | ***$21.39*** |
| **Net assets - End of period** (000's omitted) | **$1273** | **$825** | **$615** | **$551** |
| Total return<sup>5</sup> | (20.58%) | 37.19% | 12.97%<sup>3</sup> | 6.79% |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |
| Expenses\* | 0.10% | 0.10% | 0.10% | 0.10%<sup>6</sup> |
| Net investment income | 1.34% | 1.06% | 1.25% | 1.04%<sup>6</sup> |
| Series portfolio turnover | 62% | 49% | 88% | 73% |
| \*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% | 0.67% | 0.66% | 0.65%<sup>6</sup> |

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

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

<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 $2.38. Excluding the proceeds from the settlement, the total return would have been 12.82%.

<sup>4</sup>Less than $(0.01).

<sup>5</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>6</sup>Annualized.

**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**

**Class S, Class I, Class R, Class L, Class W, and Class Z Shares**

Shareholder Reports and the Statement of Additional Information (SAI)

Annual and semi-annual reports to shareholders provide additional information about each Series' investments. These reports discuss the market conditions and investment strategies that significantly affected each Series' performance during its last fiscal year. The SAI provides more detailed information about each Series. It is incorporated by reference into this prospectus, making it legally part of the prospectus.

How to Obtain the Shareholder Reports, SAI, and Additional Information

&nbsp;&nbsp;&nbsp;&nbsp;•You may obtain shareholder reports and the SAI or other information about the Series without charge, by calling 1-800-466-3863 or sending written requests to Manning & Napier Fund, Inc., P.O. Box 805, Fairport, New York 14450. Note that this address should not be used for transaction requests. These documents are also available at www.manning-napier.com.

&nbsp;&nbsp;&nbsp;&nbsp;•Shareholder reports, the prospectus, the SAI and other information about the Series are available on the EDGAR Database on the Commission's Internet site at http:// www.sec.gov. You may obtain copies of this information, after paying a duplicating fee, by sending an email request to publicinfo@sec.gov.

Shareholder Mailings

The Fund may send only one copy of a 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 1-800-466-3863 or contact your financial intermediary.

The Fund also offers electronic delivery of certain documents. Direct shareholders can elect to receive shareholder reports, prospectus updates, and statements via e-delivery. For more information or to sign up for e-delivery, please visit the Fund's website at www.manning-napier.com.

If someone makes a statement about the Series that is not in this prospectus, you should not rely upon that information. Neither the Series nor their distributor is offering to sell shares of a Series to any person to whom a Series may not lawfully sell its shares.

**Investment Company Act File No. 811-04087** **EXDAX03/01/2023**

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**Prospectus**

MARCH 1, 2023

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www.manning-napier.com

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| | | | | |
|:---|:---|:---|:---|:---|
| **Manning & Napier Fund, Inc.** | **Class I** | **Class S** | **Class Z** | **Class W** |
| Rainier International Discovery Series | RAIIX | RISAX | RAIRX | RAIWX |

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The Securities and Exchange Commission has not approved or disapproved these securities or determined whether this prospectus is accurate or complete. Any statement to the contrary is a crime.

Manning & Napier Fund, Inc.

**Table of Contents**

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| | |
|:---|:---|
| &nbsp;&nbsp; Summary Section |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Rainier International Discovery Series | 1 |
| &nbsp;&nbsp; More Information About the Series' <br>Principal Investment Strategies and Principal Risks | 6 |
| &nbsp;&nbsp; Management | 10 |
| &nbsp;&nbsp; Payments to Broker-Dealers and Other Financial Intermediaries | 11 |
| &nbsp;&nbsp; Choosing a Share Class | 12 |
| &nbsp;&nbsp; How to Buy, Exchange, and Redeem Shares | 12 |
| &nbsp;&nbsp; Investment and Account Information | 15 |
| &nbsp;&nbsp; Dividends, Distributions, and Taxes | 18 |
| &nbsp;&nbsp; Financial Highlights | 20 |

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**1**

**Summary Section**

Rainier International Discovery Series

Investment Goal

The investment objective of the Rainier International Discovery Series (the "Series") is to seek long-term capital appreciation.

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.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; CLASS | &nbsp;&nbsp; I | &nbsp;&nbsp; S | &nbsp;&nbsp; Z | &nbsp;&nbsp; W |
| &nbsp;&nbsp; **Shareholder Fees** (fees paid directly from your investment) | &nbsp;&nbsp; None | &nbsp;&nbsp; None | &nbsp;&nbsp; None | &nbsp;&nbsp; None |

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| | | | | |
|:---|:---|:---|:---|:---|
| &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; 0.90% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.90% |
| &nbsp;&nbsp; Distribution and Service (12b-1) Fees |  | &nbsp;&nbsp; 0.25% |  |  |
| &nbsp;&nbsp; Other Expenses | &nbsp;&nbsp; 0.22% | &nbsp;&nbsp; 0.24% | &nbsp;&nbsp; 0.12% | &nbsp;&nbsp; 0.12% |
| &nbsp;&nbsp; Total Annual Fund Operating Expenses | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.39% | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 1.02% |
| &nbsp;&nbsp; Less Fee Waiver and/or Expense Reimbursement<sup>1</sup> |  |  | &nbsp;&nbsp; (0.02)% | &nbsp;&nbsp; (0.92)% |
| &nbsp;&nbsp; **Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement** | &nbsp;&nbsp; **1.12%** | &nbsp;&nbsp; **1.39%** | &nbsp;&nbsp; **1.00%** | &nbsp;&nbsp; **0.10%** |

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<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 1.15% of the average daily net assets of the Class I and Class S shares, and 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'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:

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; CLASS | &nbsp;&nbsp; I | &nbsp;&nbsp; S | &nbsp;&nbsp; Z | &nbsp;&nbsp; W |
| &nbsp;&nbsp; 1 Year | &nbsp;&nbsp; $114 | &nbsp;&nbsp; $142 | &nbsp;&nbsp; $102 | &nbsp;&nbsp; $10 |
| &nbsp;&nbsp; 3 Years | &nbsp;&nbsp; $356 | &nbsp;&nbsp; $440 | &nbsp;&nbsp; $318 | &nbsp;&nbsp; $32 |
| &nbsp;&nbsp; 5 Years | &nbsp;&nbsp; $617 | &nbsp;&nbsp; $761 | &nbsp;&nbsp; $552 | &nbsp;&nbsp; $56 |
| &nbsp;&nbsp; 10 Years | &nbsp;&nbsp; $1363 | &nbsp;&nbsp; $1669 | &nbsp;&nbsp; $1225 | &nbsp;&nbsp; $128 |

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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 76% of the average value of its portfolio.

Principal Investment Strategies

Under normal conditions, the Series will invest primarily in equity securities of foreign developed and emerging market companies that are small- to mid-sized at the time of purchase. In selecting securities for purchase in the Series, Rainier Investment Management, LLC (Rainier), the sub-advisor of the Series, focuses on companies that it believes have clear catalysts for positive change; sustainable competitive advantages; strong market positions; disciplined management; and attractive relative valuations. Rainier selects stocks of companies it believes will increase in value over time and makes investment decisions based primarily on an analysis of individual companies, rather than on broad economic forecasts. Rainier believes that, over the long term, stock price movements follow growth in earnings, revenues and/or cash flow. In normal market conditions, the Series' portfolio will primarily consist of securities of companies with earnings or revenue growth that Rainier attributes to solid or improving fundamentals.

The equity securities in which the Series invests include U.S. dollar and non-U.S. dollar denominated common stock, preferred stock and depository receipts, securities convertible into common stock (including convertible bonds, warrants, and rights), initial public offerings (IPOs), real estate investment trusts (REITs), and instruments with economic characteristics similar to equity securities (including participatory notes and exchange-

**2**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

traded funds (ETFs)). Depository receipts (including American Depository Receipts (ADRs), Global Depository Receipts (GDRs), and International Depository Receipts (IDRs)) are securities listed and traded on U.S. and non-U.S. exchanges that represent ownership interests in securities of foreign companies. Participatory notes are derivative instruments that may be used by the Series to replicate equity exposure in certain foreign markets where direct investment is either impossible or difficult due to local investment restrictions. The Series will generally not invest more than 25% of its net assets in participatory notes at the time of purchase.

The Series considers a company to be a foreign company if it meets one or more of the following criteria: (i) at least 50% of the company's assets are located outside of the U.S.; (ii) at least 50% of the company's revenue is generated outside of the U.S.; or (iii) the company is organized or maintains its principal place of business outside of the U.S. The Series is not required to invest a specified portion of its net assets in any particular geographic region, and will typically invest in at least three foreign countries at any time. The Series will generally not invest more than 50% of its net assets in emerging market issuers.

The Series is diversified and will generally hold between 60 and 120 securities. The Series may sell a security if it reaches or surpasses its price or valuation target, when the underlying fundamentals deteriorate as compared to Rainier's expectations, or when Rainier perceives there to be better opportunities in alternative securities. The Series may buy and sell investments frequently in seeking to achieve its objective.

The Series' investment strategy may involve allocating large portions of the Series' portfolio to industry sectors which meet Rainier's investment criteria.

Under normal circumstances, up to 10% of the Series' net assets may be held in cash, money market instruments, or other cash equivalents at Rainier's discretion to facilitate its management of the Series' portfolio and cash flows.

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 Rainier'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 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.

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.

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.

**3**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&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.

Preferred stock risk — Preferred stocks are sensitive to interest rate changes, and are also subject to equity market risk, which is the risk that stock prices will fluctuate and can decline and reduce the value of the Series' investment. The rights of preferred stocks on the distribution of a corporation's assets in the event of a liquidation are generally subordinate to the rights associated with a corporation's debt securities. Preferred stock may also be subject to prepayment risk similar to fixed income securities.

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.

Rights and warrants risk — Investments in rights or warrants involve the risk of loss of the purchase value of a right or warrant if the right to subscribe to additional shares is not exercised prior to the right's or warrant's expiration. Also, the purchase of rights and/or warrants involves the risk that the effective price paid for the right and/or warrant added to the subscription price of the underlying security may exceed the market price of the underlying security in instances such as those where there is no movement in the price of the underlying security.

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.

Real estate securities risk — The Series' holdings in securities of issuers in the real estate industry, including investments in REITs, 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. In addition, REITs have their own expenses, and the Series will bear a proportionate share of those expenses.

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.

Participatory notes risk — The return on a participatory note (P-Note) is linked to the performance of the issuers of the underlying securities. The performance of P-Notes will not replicate exactly the performance of the issuers that they seek to replicate due to transaction costs and other expenses. P-Notes are subject to counterparty risk since the notes constitute general unsecured contractual obligations of the financial institutions issuing the notes, and the Series is relying on the creditworthiness of such institutions and has no rights under the notes against the issuers of the underlying securities. In addition, P-Notes are subject to liquidity risk, which is described below.

"Growth" investing risk — Growth stocks can be volatile for several reasons. The prices of growth stocks are based largely on projections of the issuer's future earnings and revenues. If a company's earnings or revenues fall short of expectations, its stock price may fall dramatically. Growth stocks may be more expensive relative to their earnings or assets compared to value or other stocks.

"Value" investing risk — A "value" style of investing could cause the Series to suffer losses or produce poor performance relative to other funds, even in a rising market, if Rainier's assessment of market conditions or a company's value or prospects for exceeding earnings expectations is inaccurate. In addition, value stocks can continue to be undervalued by the market for long periods of time.

Money market instruments risk — The value of money market instruments may be affected by changing interest rates and by changes in the credit ratings of the investments. An investment in a money market fund is not a bank deposit and is not insured or guaranteed by any bank, the Federal Deposit Insurance Corporation (FDIC) or any other government agency. A money market fund's sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.

Sector focus risk — Because the Series' investments may, from time to time, be more heavily invested in a particular sector or sectors, the value of its shares may be especially sensitive to factors and economic risks that specifically affect those sectors. As a result, the Series' share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of 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.

**4**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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 I Shares of the Series from year to year. 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 operated as the Rainier International Discovery Fund (the "Predecessor Fund"), a series of Rainier Investment Management Mutual Funds, prior to the Series' acquisition of the assets and assumption of the liabilities of the Predecessor Fund on August 21, 2017 (the "Reorganization"). Performance figures for periods prior to the Reorganization reflect the performance of Institutional Shares and Class A Shares of the Predecessor Fund, which were reorganized into Class I Shares and Class S Shares, respectively. The performance figures do not reflect the sales charges that Predecessor Fund shareholders were charged on certain purchases of Class A Shares, and have not been adjusted to reflect the Series' expenses. If the sales charges were reflected, Class S Shares returns would be lower than those shown. If the Predecessor Fund's performance information had been adjusted to reflect the Series' expenses, the performance may have been higher or lower for a given period depending on the expenses incurred by the Predecessor Fund for that period. Class A Shares of the Predecessor Fund commenced operations on November 30, 2012, and all performance for periods prior to that date reflects the performance of the Predecessor Fund's Institutional Class Shares, adjusted to reflect the higher class-related expenses of the Predecessor Fund's Class A Shares. The Series' Class Z shares commenced operations on August 21, 2017, and all performance below for periods prior to that date reflects the performance of the Predecessor Fund's Institutional Class Shares. The Series' Class W Shares commenced operations on March 1, 2019 and all returns shown for Class W Shares include the returns of the Series' Class I Shares 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> CALENDAR YEARS ENDED DECEMBER 31

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Quarterly Returns

Highest (quarter ended 06/30/2020): 28.98%

Lowest (quarter ended 03/31/2020): (19.83)%

&nbsp;&nbsp; AVERAGE ANNUAL TOTAL RETURNS <br>FOR PERIODS ENDED DECEMBER 31, 2022<br>

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| | | | |
|:---|:---|:---|:---|
|  | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp; Class I Shares |  |  |  |
| &nbsp;&nbsp; Return Before Taxes | &nbsp;&nbsp; (30.41)% | &nbsp;&nbsp; 2.87% | &nbsp;&nbsp; 8.95% |
| &nbsp;&nbsp; Return After Taxes <br>on Distributions | &nbsp;&nbsp; (30.29)% | &nbsp;&nbsp; 2.26% | &nbsp;&nbsp; 8.47% |
| &nbsp;&nbsp; Return After Taxes <br>on Distributions and Sale <br>of Series Shares | &nbsp;&nbsp; (17.88)% | &nbsp;&nbsp; 2.42% | &nbsp;&nbsp; 7.43% |
| &nbsp;&nbsp; Class S Shares — <br>Return Before Taxes | &nbsp;&nbsp; (30.59)% | &nbsp;&nbsp; 2.59% | &nbsp;&nbsp; 8.67% |
| &nbsp;&nbsp; Class W Shares — <br>Return Before Taxes | &nbsp;&nbsp; (29.69)% | &nbsp;&nbsp; 3.68% | &nbsp;&nbsp; 9.38% |
| &nbsp;&nbsp; Class Z Shares — <br>Return Before Taxes | &nbsp;&nbsp; (30.31)% | &nbsp;&nbsp; 3.01% | &nbsp;&nbsp; 9.03% |
| &nbsp;&nbsp; Index: (reflects no deduction for fees, expenses or taxes) |  |  |  |
| &nbsp;&nbsp; MSCI ACWI ex USA Small Cap Index | &nbsp;&nbsp; (19.97)% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 5.24% |

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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.

**5**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Investment Advisor

The investment advisor of the Series is Manning & Napier Advisors, LLC. The investment sub-advisor of the Series is Rainier Investment Management, LLC.

Portfolio Manager

**Henrik Strabo** Chief Investment Manager, Rainier, has managed the Series since its inception in 2017, and managed the Predecessor Fund since its inception in 2012.

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 initial minimum investment for the Series' Class W shares, which are only available to the Advisor's discretionary investment account clients. The minimum initial investments of the Class I, Class S, 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 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.

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**More Information About the Series' Principal Investment Strategies and Principal Risks**

More Information About the Series' Principal Investments

**Equity securities** — Equity securities are primarily common stocks of non-U.S. companies.

**Foreign securities** — Foreign securities include foreign stocks and depository receipts and other U.S. dollar and non-U.S. dollar denominated securities of foreign issuers, including those in emerging markets. Depository receipts are securities listed and traded on U.S. and non-U.S. exchanges that represent ownership interests in securities of foreign companies. Depository receipts are subject to many of the risks associated with investing directly in foreign securities, which are described below.

**Preferred stock** — Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and that has precedence over common stock in the payment of dividends. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock.

**Convertible securities** — A convertible security is a bond, debenture, note, preferred stock or other security that may be converted or exercised for a prescribed amount of common stock at a specified time and price. Convertible securities provide an opportunity for equity participation, with the potential for a higher dividend or interest yield and lower price volatility compared to common stock.

**Warrants and rights** — Warrants are securities giving the holder the right, but not the obligation, to buy the stock of an issuer at a given price (generally higher than the value of the stock at the time of issuance) during a specified period or perpetually. Rights are available to existing shareholders of an issuer to enable them to maintain proportionate ownership in the issuer by being able to buy newly issued shares.

**Real estate companies** — Real estate companies (including REITs) are companies — trusts in the case of REITs — that invest primarily in commercial real estate or real estate-related loans. Generally, REITs can be classified as Equity REITs, Mortgage REITs and Hybrid REITs. Equity REITs invest the majority of their assets directly in real property and derive their income primarily from rents and capital gains from appreciation realized through property sales. Mortgage REITs invest the majority of their assets in real estate mortgages and derive their income primarily from interest payments. Hybrid REITs combine the characteristics of both Equity REITs and Mortgage REITs.

**ETFs** — ETFs are investment companies whose shares are bought and sold on a securities exchange. ETFs invest in a portfolio of securities designed to track a particular market segment or index.

**Participatory notes** — Participatory notes (P-Notes) are derivative instruments issued by banks or broker-dealers designed to replicate equity exposure in certain foreign markets where direct investment is either impossible or difficult due to local investment restrictions.

**Money market instruments** — Money market instruments are money market fund shares or high-quality debt obligations maturing in one year or less from the date of purchase. These include U.S. government securities, certificates of deposit, bankers' acceptances, repurchase agreements, demand notes and commercial paper. Rainier considers obligations that have been rated at least A-1 by S&P or Prime-1 by Moody's, have an outstanding issue of debt securities rated at least A by S&P or Moody's, or are of comparable quality to be "high-quality."

More Information About the Series' Principal Risks

**Management risk** — The investment performance of a Series depends largely on the skill of key personnel and investment professionals of Rainier. Rainier will apply investment techniques and risk analyses in making investment decisions for a Series and there can be no guarantee that these will produce the desired results. The Series' investment strategies permit investments to be made in a broad range of issuers, securities and transactions. Within these parameters, Rainier will make investment decisions for a Series as it deems appropriate. No assurance can be given that a Series will be successful in obtaining suitable investments, or that if such investments are made, the objectives of the Series will be achieved.

**Market risk** — The risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. The Series' net asset value (NAV) per share will fluctuate with the market prices of its portfolio securities. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Markets for securities in which the Series invests may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect 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, which in turn could negatively impact the Series' performance and cause losses on your investment in the Series. Recent examples include pandemic risks related to COVID-19 and aggressive measures taken worldwide in response by governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines of large populations, and by businesses, including changes to operations and reducing staff. The impact of the COVID-19 pandemic may be short term or may last for an extended period of time, and in either case could result in a substantial economic downturn or recession.

**Equity risk** — The prices of equity securities rise and fall daily. These price movements may result from factors affecting individual companies, industries or the securities market as a whole. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies

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may suffer a decline in response. In addition, the equity market tends to move in cycles which may cause stock prices to fall over short or extended periods of time.

**Foreign securities risk** — Investments in securities of foreign issuers involve certain risks that are greater than those associated with investments in securities of U.S. issuers. These include risks of adverse changes in foreign economic, political, regulatory and other conditions, or changes in currency exchange rates or exchange control regulations (including limitations on currency movements and exchanges). In certain countries, legal remedies available to investors may be more limited than those available with respect to investments in the United States. The securities of some foreign companies may be less liquid and, at times, more volatile than securities of comparable U.S. companies. The securities of foreign companies may also experience more rapid or extreme changes in value than securities of U.S. companies because the securities markets of many foreign countries are relatively small, with a limited number of companies representing a small number of industries. There also is the risk that the cost of buying, selling, and holding foreign securities, including brokerage, tax, and custody costs, may be higher than those involved in domestic transactions. During any period when foreign securities underperform other types of investments —U.S. securities, for instance — the performance of a Series that holds foreign securities may lag these investments. The Series' investments in foreign securities may be subject to foreign withholding and other taxes. Although in some countries all or a portion of these taxes are recoverable, the non-recovered portion will reduce the income received by the Series. In addition, the Series' investments in foreign securities may increase or accelerate the Series' recognition of ordinary income or may affect the timing or amount of the Series' distributions. Additionally, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may result in the Series having to sell such prohibited securities at inopportune times. Such prohibited securities may have less liquidity as a result of such U.S. Government designation and the market price of such prohibited securities may decline, which may cause the Series to incur losses.

**Emerging markets risk** — Emerging market countries are countries that the World Bank or the United Nations considers to be emerging or developing. Emerging markets may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries. Emerging market countries often have less uniformity in accounting and reporting requirements and unreliable securities valuation. It is sometimes difficult to obtain and enforce court judgments in such countries and there is often a greater potential for nationalization and/or expropriation of assets by the government of an emerging market country. In addition, the financial stability of issuers (including governments) in emerging market countries may be more precarious than in other countries. As a result, there will tend to be an increased risk of price volatility associated with investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar.

**Currency risk** — Investments in securities denominated in, and/or receiving revenues in, foreign currencies will be subject to

currency risk. This is the risk that those currencies will decline in value relative to the U.S. dollar, in which case the dollar value of an investment in the security would be adversely affected. Currencies in non-U.S. countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates; intervention by U.S. or foreign governments, central banks or supranational agencies, such as the International Monetary Fund; or by the imposition of currency controls or other political developments in the United States or abroad.

**Small- and mid-cap risk** — Small- and mid-cap companies may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small- and mid-cap companies may have limited product lines, markets and financial resources, and may depend upon a relatively small management group. The securities of smaller companies are often traded in the over-the-counter market and, even if listed on a national securities exchange, the trading market (i.e., the volume of trades on any given day) for such securities may be less active than larger companies listed on that exchange. Consequently, the securities of these companies may be less liquid, may have limited market stability, and may be subject to more abrupt or erratic market movements than the securities of larger, more established companies. As a result, the prices of smaller companies owned by a Series may be volatile.

**Preferred stock risk** — Preferred stocks are sensitive to interest rate changes, and are also subject to equity market risk, which is the risk that stock prices will fluctuate and can decline and reduce the value of a Series' investment. The rights of preferred stocks on the distribution of a corporation's assets in the event of a liquidation are generally subordinate to the rights associated with a corporation's debt securities. Preferred stock may also be subject to prepayment risk similar to fixed income securities.

**Convertible securities risk** — The value of a convertible security is influenced by changes in interest rates, with investment value declining as interest rates increase and increasing as interest rates decline, and the credit standing of the issuer. The price of a convertible security will also normally vary in some proportion to changes in the price of the underlying common stock because of the conversion or exercise feature.

**Rights and warrants risk** — Investments in rights or warrants involve the risk of loss of the purchase value of a right or warrant if the right to subscribe to additional shares is not exercised prior to the right's or warrant's expiration. Also, the purchase of rights and/or warrants involves the risk that the effective price paid for the right and/or warrant added to the subscription price of the underlying security may exceed the market price of the underlying security in instances such as those where there is no movement in the price of the underlying security.

**Risks of initial public offerings** — The market value of IPO shares will fluctuate considerably due to factors such as the absence of a prior public market, unseasoned trading, the small number of shares available for trading, and limited information about the issuer. The purchase of IPO shares may involve high transaction costs. IPO shares are subject to market risk and liquidity risk. In addition, the market for IPO shares can

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be speculative and/or inactive for extended periods of time. The limited number of shares available for trading in some IPOs may make it more difficult for the Series to buy or sell significant amounts of shares without an unfavorable impact on prevailing prices. Investors in IPO shares can be affected by substantial dilution in the value of their shares by sales of additional shares and by concentration of control in existing management and principal shareholders. When the Series' asset base is small, a significant portion of its performance could be attributable to investments in IPOs because such investments would have a magnified effect on the Series. As the Series' assets grow, the effect of the Series' investments in IPOs on the Series' performance probably will decline, which could reduce the Series' performance. Because of the price volatility of IPO shares, the Series may choose to hold IPO shares for a very short period of time. This may increase the turnover of the Series' portfolio and lead to increased expenses to the Series, such as commission and transaction costs. By selling IPO shares, the Series may realize taxable gains it will subsequently distribute to shareholders.

**Real estate investment risk** — Real estate securities are subject to the risks associated with the direct ownership of real estate, including, among others, declines in the value of real estate; risks related to general and local economic conditions; possible lack of availability of mortgage funds; lack of ability to access the credit or capital markets; overbuilding; extended vacancies of properties; defaults by borrowers or tenants, particularly during an economic downturn; increasing competition; increases in property taxes and operating expenses; changes in zoning laws; losses due to costs resulting from the clean-up of environmental problems; liability to third parties for damages resulting from environmental problems; casualty or condemnation losses; limitations on rents; changes in market and sub-market values and the appeal of properties to tenants; and changes in interest rates.

**Risks related to real estate companies** — The following risks may apply to all real estate companies (RECs) or specifically to real estate investment trusts (REITs):

&nbsp;&nbsp;&nbsp;&nbsp;• Investments in RECs are subject to the risks associated with the direct ownership of real estate, which are described above.

&nbsp;&nbsp;&nbsp;&nbsp;• RECs are dependent upon specialized management skills and may have their investments in relatively few properties, or in a small geographic area or a single property type.

&nbsp;&nbsp;&nbsp;&nbsp;• RECs are subject to heavy cash flow dependency and defaults by borrowers.

&nbsp;&nbsp;&nbsp;&nbsp;• REITs could possibly fail to qualify for tax free pass-through of income under the Internal Revenue Code, or to maintain their exemptions from registration under the Investment Company Act of 1940 (1940 Act). The failure of a company to qualify as a REIT under federal tax law or to maintain its exemption from registration under the 1940 Act may have adverse consequences.

&nbsp;&nbsp;&nbsp;&nbsp;• In the event of a default by a borrower or lessee, a REC may experience delays in enforcing its rights as a mortgagee or lessor and may incur substantial costs associated with protecting its investments.

&nbsp;&nbsp;&nbsp;&nbsp;• RECs have their own expenses, and a Series will bear a proportionate share of those expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• RECs may be affected by changes in the value of the underlying properties in their portfolios. Mortgage REITs may also be affected by the credit quality of any loans in their portfolios.

&nbsp;&nbsp;&nbsp;&nbsp;• REITs are subject to substantial dividend requirements which may result in a need to raise additional capital or face self-liquidation.

**Risks related to ETFs** — ETFs, like mutual funds, have expenses associated with their operation, including advisory fees. When the Series invests in an ETF, in addition to directly bearing expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses. 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.

**Participatory notes risk** — Participatory notes (P-Notes) are derivatives that are generally traded over-the-counter and constitute general unsecured contractual obligations of the banks and broker-dealers that issue them. Generally, these banks and broker-dealers buy securities listed on certain foreign exchanges and then issue P-Notes which are designed to replicate the performance of certain issuers and markets. The performance results of P-Notes will not correlate exactly to the performance of the issuers or markets that they seek to replicate due to transaction costs and other expenses. The holder of a P-Note typically does not receive voting or other rights as it would if it directly owned the underlying security, but is subject to the same risks of investing directly in the underlying security.

**"Growth" investing risk** — Growth stocks can be volatile for several reasons. Since those companies usually invest a high portion of earnings in their businesses, they may lack the dividends of value stocks that can cushion stock prices in a falling market. The prices of growth stocks are based largely on projections of the issuer's future earnings and revenues. If a company's earnings or revenues fall short of expectations, its stock price may fall dramatically. Growth stocks may be more expensive relative to their earnings or assets compared to value or other stocks. During any period when growth stocks underperform other types of investments — value stocks, for instance — the performance of a Series that pursues a "growth" style of investing may lag these investments or the broader equity market as a whole.

**"Value" investing risk** — A "value" style of investing could cause the Series to suffer losses or produce poor performance relative to other funds, even in a rising market, if Rainier's assessment of market conditions or a company's value or prospects for exceeding earnings expectations is inaccurate. In

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addition, "value stocks" can continue to be undervalued by the market for long periods of time. During any period when value stocks underperform other types of investments — growth stocks, for instance — the performance of the Series may lag these investments or the broader equity market as a whole.

**Money market instruments risk** — The value of money market instruments may be affected by changing interest rates and by changes in the credit ratings of the investments. An investment in a money market fund is not a bank deposit and is not insured or guaranteed by any bank, the FDIC or any other government agency. A money market fund's sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. Certain money market funds float their net asset value while others seek to preserve the value of investments at a stable net asset value (typically, $1.00 per share). An investment in a money market fund, even an investment in a fund seeking to maintain a stable net asset value per share, is not guaranteed and it is possible for the Fund to lose money by investing in these and other types of money market funds. If the liquidity of a money market fund's portfolio deteriorates below certain levels, the money market fund may suspend redemptions (i.e., impose a redemption gate) and thereby prevent the Series from selling its investment in the money market fund or impose a fee of up to 2% on amounts the Series redeems from the money market fund (i.e., impose a liquidity fee). These measures may result in an investment loss or prohibit the Series from redeeming shares when it would otherwise do so. Money market funds and the securities they invest in are subject to comprehensive regulations. The enactment of new legislation or regulations, as well as changes in interpretation and enforcement of current laws, may affect the manner of operation, performance and/or yield of money market funds.

**Sector focus risk** — To the extent the Series focuses or concentrates its investments in a particular sector or sectors, the Series will be more susceptible to events or factors affecting companies in those sectors. For example, the values of securities of companies in the same sector may be negatively affected by the common characteristics they share, the common business risks to which they are subject, common regulatory burdens, or regulatory changes that affect them similarly. Such characteristics, risks, burdens or changes include, but are not limited to, changes in governmental regulation, inflation or deflation, rising or falling interest rates, competition from new entrants, and other economic, market or political developments specific to the particular sector or sectors.

**Liquidity risk** — Liquidity risk exists when particular investments are difficult to purchase or sell. The market for certain investments may become illiquid due to specific adverse changes in the conditions of a particular issuer or under adverse market or economic conditions independent of the issuer. The Series' investments in illiquid securities may reduce the returns of the Series because it may be unable to sell the illiquid securities at an advantageous time or price. Further, transactions in illiquid securities may entail transaction costs that are higher than those for transactions in liquid securities.

**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 a Series may impact the Series' liquidity and net asset value (NAV). These redemptions may also force a 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.

Defensive Investing

The Series may depart from its principal investment strategies by taking temporary defensive positions in response to adverse market, economic or political conditions. During such times, the Series may invest up to 100% of its assets in cash, cash equivalents or other high quality short-term investments. If the Series takes a temporary defensive position, it may be unable to achieve its investment goal.

Investment Strategy and Goal

The Series' Board of Directors may change the Series' investment goal of seeking long-term capital appreciation without obtaining the approval of the Series' shareholders. If there is a material change in the Series' investment goal, shareholders will be notified thirty days prior to any such change and will be advised to consider whether the Series remains an appropriate investment in light of their then current financial position and needs. The Series may not succeed in achieving its goal.

More Information About the Series' Benchmark Index

The following information relates to the MSCI ACWI ex USA Small Cap Index referred to in the Performance Information section of this prospectus. Index data provided is not a representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent. Index returns do not reflect any fees or expenses. You cannot invest directly in an index.

Index data comes from third parties ("Third Party Content"). While we believe these Third-Party Content sources are reliable, we make no representations or warranties as to the Third-Party Content. All Third-Party Content is to be used solely for informational purposes and is provided on an "AS IS" basis. Manning & Napier will not be liable for the use of any Third-Party Content and Manning & Napier's use of Third-Party Content shall not be construed as an endorsement of or affiliation with any Third-Party Content provider.

Some additional disclosures for our Third-Party Content providers are set forth below:

**MSCI** 

The MSCI ACWI ex USA Small Cap Index is designed to measure a small cap representation across 22 of 23 Developed Markets countries (excluding the U.S.) and 24 Emerging Markets countries. The Index returns are net of withholding taxes. Index returns provided by Bloomberg.

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Source: MSCI. Neither MSCI nor any other party involved in or related to compiling, computing or creating the MSCI data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such data. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any third party involved in or related to compiling, computing or creating the data have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. No further distribution or dissemination of the MSCI data is permitted without MSCI's express written consent.

**Management**

The Advisor

The Series' advisor is Manning & Napier Advisors, LLC, 290 Woodcliff Drive, Fairport, New York 14450 ("Manning & Napier" or the "Advisor"). Manning & Napier is registered as an investment advisor with the SEC. The Advisor has claimed an exclusion from the definition of the term "commodity pool operator" (CPO) under the Commodity Exchange Act (CEA) with respect to the Series. Therefore, the Series is not subject to registration or regulation under the CEA.

As of December 31, 2022, Manning & Napier managed $17.9 billion for individual and institutional investors. The Advisor is responsible for the day-to-day portfolio management of the Series and generally oversees the Series' overall business affairs, service providers and officers. In addition, the Advisor oversees Rainier to ensure its compliance with the investment objective, policies, strategies, and restrictions of the Series, and monitors Rainier's adherence to its investment style.

The Sub-Advisor

The Series' sub-advisor is Rainier Investment Management, LLC, 600 University Street, Suite 2412, Seattle, Washington 98101 (Rainier or the Sub-Advisor). Rainier is registered as an investment advisor with the SEC and is beneficially owned and controlled by Callodine Group, LLC (of which the Advisor is a subsidiary).

As of December 31, 2022, Rainier personnel managed $930 million for individual and institutional investors. Rainier formulates and implements an investment program for the Series, which includes determining which securities should be bought and sold.

Portfolio Manager

**Henrik Strabo, Chief Investment Manager, Rainier**

Joined Rainier in 2011. Chief Investment Manager since 2020. Portfolio manager of the Series since its inception in 2017, and portfolio manager of the Predecessor Fund since its inception in 2012. Mr. Strabo is primarily responsible for the day-to-day management of the Series. Previous positions held in the last five years: Head of International Investments, 2011 – 2020.

The Statement of Additional Information (SAI) contains additional information about the Series' portfolio manager, including

the structure of his compensation, his role in managing other accounts, and his ownership of securities in the Series.

Discretionary Investment Accounts

The Advisor and its affiliates may use the Series within its client's discretionary investment accounts. From time to time, these discretionary accounts may hold a substantial portion of the outstanding shares of the Series, and transactions in shares of the Series for such accounts may have an impact upon the size and operations of the Series. For instance, transactions in shares of the Series for these accounts may cause the Series' portfolio turnover rate and transaction costs to rise, which may negatively affect fund performance and increase the likelihood of capital gain distributions. In addition, the Series' assets may be significantly less during times when these discretionary accounts are not invested in the Series, which would cause the Series' remaining shareholders to bear greater portions of the Series' fixed operating expenses, subject to any fee waiver then in effect.

Management Fees

In return for the services it provides to the Series, the Advisor receives an annual management fee of 0.90% of the Series' average daily net assets, which is computed daily and payable monthly by the Series. 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 total direct annual fund operating expenses, exclusive of Rule 12b-1 Fees (as defined below) and waived Class W management fees (collectively, "excluded expenses"), to 1.15% of the average daily net assets of the Class S and Class I 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. Due to fee waivers and expense reimbursements, the Advisor received a management fee of 0.85% for the Series for the fiscal year ended October 31, 2022.

In return for the services, it provides to the Series, the Sub-Advisor receives an annual management fee of 0.70% of the Series' average daily net assets, which is computed daily and payable monthly by the Advisor out of the management fee the Advisor receives from the Series.

A discussion regarding the basis for the Board of Directors' approval of the Series' investment advisory agreement and investment sub-advisory agreement is available in the Series' annual report dated October 31, 2022, which covers the period November 1, 2021 through October 31, 2022.

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The Distributor

The Class I, Class S, Class Z, and Class W shares of the Series are offered on a continuous basis through the Fund's principal underwriter, Manning & Napier Investor Services, Inc. (the Distributor).

**Payments to Broker-Dealers and Other Financial Intermediaries**

Distribution and Shareholder Service (12b-1) Fees

Class S shares of the Series are subject to an annual distribution and shareholder service fee (a Rule 12b-1 Fee) of up to 0.25% of the Class's average daily net assets in accordance with a distribution and shareholder services plan (the Rule 12b-1 Plan) adopted by the Fund's Board of Directors pursuant to Rule 12b-1 under the Investment Company Act of 1940. The Rule 12b-1 Fee is intended to compensate the Distributor for services and expenses primarily intended to result in the sale of Class S shares and/or in connection with the provision of direct client service, personal services, maintenance of shareholder accounts and reporting services to holders of Class S shares of the Series. Generally, the Rule 12b-1 Fee will not be retained by the Distributor but will instead be reallowed to financial intermediaries who provide these services.

Expenses and services for which the Distributor or another intermediary or agent may be compensated include, without limitation, expenses (including overhead and telephone expenses) of, and compensation to, employees of the Distributor or of intermediaries who engage in distribution or servicing of Class S shares, printing of prospectuses and reports for other than existing Class S shareholders, advertising, preparing, printing and distributing sales literature and forwarding communications from the Fund to such persons. The Rule 12b-1 Plan is of the type known as a "compensation" plan. This means that the fees are payable to compensate the Distributor or intermediary for services rendered even if the amount paid exceeds the Distributor's or intermediary's expenses. Because these fees are paid out of the Series' assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than other types of sales charges.

Class I, Class Z and Class W shares of the Series are not subject to a Rule 12b-1 Fee.

Other Payments by the Fund

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 shares and Class S 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 Rule 12b-1 Fee payable under the Rule 12b-1 Plan.

Payments by the Advisor and/or its Affiliates

The Advisor may use its own resources to engage in activities that may promote the sale of the Series' shares, including payments, or other forms of incentives such as discounted fees for products or services of affiliates, to third parties who provide services such as shareholder servicing, marketing support, and distribution assistance to the Series. These fees or other incentives are in addition to any payments made to financial intermediaries by the Fund. The level of payments made to financial intermediaries may be a fixed fee or based upon one or more of the following factors: gross sales, current assets and/or number of accounts of the Series attributable to the financial intermediary, the particular type of Series, or other measures as agreed to in writing by the Advisor, the Distributor and/or their affiliates and the financial intermediaries or any combination thereof. The amount of these payments is determined at the discretion of the Advisor, the Distributor and/ or their affiliates from time to time and may be different for different financial intermediaries based on, for example, the nature of the services provided by the financial intermediary.

The Advisor may also, from its own resources, defray or absorb costs relating to distribution, including compensation of employees who are involved in distribution. These payments or discounts may be substantial but are paid or discounted by the Advisor or its affiliates, not by a Series or its shareholders. Such payments may provide an incentive for the financial intermediary to make shares of a Series available to its customers and may allow a Series greater access to the financial intermediary's customers, and may create a conflict of interest by influencing the financial intermediary to recommend a Series over another investment.

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**Choosing a Share Class**

The Series offers four classes of shares: Class I, Class S, Class Z, and Class W shares. Each share class has its own investment eligibility criteria, cost structure and other features. The following summarizes the primary features of the Class I, Class S, Class Z, and Class W shares. Contact your financial intermediary or the Fund for more information about the Series' share classes and how to choose among them.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; CLASS NAME | &nbsp;&nbsp; ELIGIBLE INVESTORS | &nbsp;&nbsp; INVESTMENT MINIMUMS | &nbsp;&nbsp; RULE 12B-1 FEE |
| &nbsp;&nbsp; Class I | &nbsp;&nbsp; Institutions, such as investment companies foundations, endowments, banks, trusts and corporate capital and cash management accounts employee benefit plans; individual investors; and certain financial intermediaries. | &nbsp;&nbsp; Initial – $1,000,000 <br>Minimum Balance Requirement $1,000,000 |  |
| &nbsp;&nbsp; Class S | &nbsp;&nbsp; Individual or institutional investors; employee benefit plans, such as defined benefit plans, defined contribution plans, and 401(k) plans; and certain financial intermediaries. | &nbsp;&nbsp; Initial – $2,000 <br>Minimum Balance Requirement $1,000 | &nbsp;&nbsp; 0.25% |
| &nbsp;&nbsp; Class Z | &nbsp;&nbsp; Institutions, such as investment companies, foundations, endowments, banks, trusts and corporate capital and cash management accounts; individual investors; employee benefit plans; individual investors; and certain financial interme diaries. | &nbsp;&nbsp; Initial – $1,000,000 <br>Minimum Balance Requirement $1,000,000 |  |
| &nbsp;&nbsp; Class W | &nbsp;&nbsp; The Advisor's discretionary investment account clients and other funds managed by the Advisor. | &nbsp;&nbsp; Initial – None <br>Minimum Balance Requirement None |  |

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The minimum initial investment and minimum balance requirement for the Class I, Class S and Class Z shares of the Series are waived for certain qualified retirement plans and the Advisor's discretionary investment account clients. In addition, the minimum investment and minimum balance requirements of the Class S shares are waived for participants in an automatic investment program who invest at least $1,000 in a 12-month period. The Fund reserves the right to change or waive a Class's investment minimums in its sole discretion.

Class I, Class S and Class Z shares are available for direct investment from the Fund or through certain financial intermediaries that have entered into an agreement with the Fund's Distributor. Financial intermediaries include financial planners, investment advisors, broker-dealers or other financial institutions. An investor may be eligible to purchase more than one share class. However, if you are purchasing your shares through a financial intermediary, you may only purchase that class of shares which your financial intermediary sells or services. Your financial intermediary can tell you which class of shares is available through the intermediary.

If you purchase your shares through an intermediary, your financial intermediary may impose different or additional conditions than the Series on purchases, redemptions and exchanges of shares. These differences may include initial, subsequent and maintenance investment requirements, exchange policies, and trading restrictions. Your financial intermediary may independently establish and charge you fees, which may include commissions, transaction fees and account fees in addition to the fees charged by the Series. These additional fees may vary over time and would increase the cost of your investment and lower investment returns. You should consult your financial intermediary directly for information

regarding these conditions and fees. The Series is not responsible for the failure of your financial intermediary to carry out its responsibilities.

You or your financial intermediary may request that the shares in your account be converted to another share class with lower total expenses if you meet the eligibility requirements of the other share class. In addition, certain financial intermediaries have arranged for the Fund to automatically implement such conversions in specified circumstances for shares held through the financial intermediary or in an account established directly with the Fund through the financial intermediary.

The Fund reserves the right to determine which potential investors qualify as eligible investors for each share class. Shares of a class held by a non-eligible investor are subject to involuntary redemption by the Fund.

If your account no longer meets the minimum balance requirement for a share class, the Fund may automatically convert the shares in the account to another share class or redeem your shares, as appropriate. The Fund will notify you in writing before any mandatory conversion or redemption occurs.

**How to Buy, Exchange, and Redeem Shares**

Actions by Authorized Representative

Shareholders who establish an account directly with the Fund through a financial intermediary have authorized the registered representative of such intermediary indicated on the account application or subsequent documentation to perform transactions in the Series' shares and certain account maintenances on behalf of the shareholders.

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Discretionary Investment Accounts

For discretionary investment account clients of the Advisor or its affiliates, investment decisions pertaining to purchases and sales of Fund shares are made at the Advisor's discretion.

All orders to purchase and redeem shares on behalf of discretionary investment account clients of the Advisor and its affiliates will be processed at the NAV next determined after receipt by the transfer agent of a duly completed purchase or redemption order transmitted by the Advisor to the transfer agent. There is no minimum initial investment for the Advisor's discretionary investment account clients.

The instructions provided below apply to all other investors.

How to Obtain Forms

You can obtain the forms referenced in the following sections by going to the Fund's website at www.manning-napier.com/fundapps or by calling 1-800-466-3863.

How to Buy Shares

Shareholders holding shares through a financial intermediary should contact their intermediary to learn how to place orders to buy shares. Shareholders holding shares directly with the Fund may purchase shares directly from the Fund, as described below.

The initial minimum investment for the Series' Class S shares is $2,000. The initial minimum investment for the Series' Class I and Class Z shares is $1,000,000. There is no initial minimum investment for the Series' Class W shares, which are only available to the Advisor's discretionary investment account clients. The minimum initial investments of the Class I, Class S, 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. Employees, officers and directors of the Advisor or its affiliates, and immediate family members of such persons, are not subject to any minimum initial investment in the Series.

The Fund reserves the right to change or waive the Series' investment minimums in its sole discretion. The Fund also reserves the right to reject purchase orders or to stop offering its shares without notice to shareholders. The Fund does not generally accept investments by non-U.S. persons or certain U.S. persons living outside the U.S. Such persons may be permitted to invest in the Fund under certain limited circumstances.

Check Acceptance Policy

The Fund reserves the right to reject certain forms of payment for share purchases. Investments that are received in an unacceptable form will be returned. The Fund maintains a check acceptance policy for share purchases. Checks must be made payable to the Manning & Napier Fund, Inc. and must be in U.S. dollars. The Fund will not accept cash, third party checks, starter checks, travelers checks, credit card checks or money orders.

Customer Identification Policy

Shareholder information is subject to independent identity verification and may be shared, as permitted by law and the Fund's Privacy Policy, for identifying and reporting suspected money laundering and terrorist activity. Please review your account application for additional information.

The Fund will not accept a P.O. Box as a primary address. A physical address must be used. A P.O. Box may be used as a mailing address only.

**By Mail**

*Opening an account*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Send a check payable to Manning & Napier Fund, Inc. with the completed original account application.

The address is:

Manning & Napier Fund, Inc.

P.O. Box 534449

Pittsburgh, PA 15253-4449

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•To request an account application, refer to the section How to Obtain Forms.

*Adding to an account*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Send a check payable to Manning & Napier Fund, Inc. and a letter of instruction with the name of the Series and share class to be purchased and the account name and number to the above address.

**By Wire**

*Opening or adding to an account*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• After the Fund has received your completed account application, you may wire funds to open or add shares to your account. Before sending a wire, call 1-800-466-3863 for wire instructions. Wire instructions are also available at www.manning-napier.com/ fundapps under the General Forms section. Refer to the "Delivery Instructions."

**By Telephone**

*Adding to an Account*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You may use the Telephone Purchase feature to add to an existing account. To use this service, call 1-800-466-3863 to request a debit from your pre-authorized checking account. Your bank must be a member of the Automated Clearing House (ACH) to use this feature. Any purchases made through this feature will be posted to your account at the NAV calculated when your purchase request is determined to be in good order (generally on the next business day after your call that both the NYSE and banks are open).

**Through the Internet**

*Adding to an Account*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If you are a registered user of the Fund's website, you may use the Internet to add to an existing account by requesting a debit from your bank account. To use this service, go to www.manning-napier.com, click on the "login" button in the top right-hand corner of the screen, then click on "Mutual Fund" to be directed to

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the secure sign-in screen. Once logged in, click on the "Trading" tab and follow the prompts. Any purchases made through this feature will be posted to your account at the NAV calculated when your purchase request is determined to be in good order (generally on the next business day after your order that both the NYSE and banks are open).

Automatic Investment Plan

You may participate in the Automatic Investment Plan by completing the applicable section of the account application (for new accounts) or by completing the appropriate section of the form titled "Account Maintenance Form – Financial EFT Bank Change" (for existing accounts). Through the plan, you can authorize transfers of a specified amount from your bank account into the Series on a regular basis. The minimum amount of each investment is $25. If you have insufficient funds in your account to complete a transfer, your bank may charge you a fee. To request an account application or form, refer to the section How to Obtain Forms.

How to Exchange Shares

Subject to the conditions discussed in the "Excessive Trading" section below, shareholders may exchange shares of the Series for a class of shares of any other Series of the Fund currently available for investment if the registration of both accounts is identical and the exchange order and shareholder meet the minimum investment and other requirements for the Series and class into which they are exchanging. Please read the prospectus of the Series into which you wish to exchange prior to requesting the exchange. The Fund may alter, limit or suspend its exchange privilege on 60 days' notice.

The Fund's exchange privilege is not intended as a vehicle for short-term or excessive trading. The Fund may suspend or terminate your exchange privilege if you engage in a pattern of exchanges that is excessive, as determined in the sole discretion of the Fund. For more information about the Fund's policy on excessive trading, see "Excessive Trading."

An exchange involves a redemption of shares surrendered in the exchange, and therefore it may cause the shareholder to realize a gain that may be subject to income tax. However, an exchange between share classes in the same Series is not reported as a taxable sale. Shareholders holding shares through a financial intermediary should contact their financial intermediary to learn how to place orders to exchange shares. Shareholders holding shares directly with the Fund may exchange shares directly with the Fund, as described below.

**By Mail**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Send a letter of instruction or a completed "Fund Exchange Request Form" to Manning & Napier Fund, Inc. at the address found in the section *How To Buy, Exchange and Redeem Shares — Opening An Account*, signed by each registered account owner, exactly as your names appear on the account registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provide the name of the current Series and class of shares, the Series and class of shares to exchange into, and the dollar amount to be exchanged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Provide the account number.

**By Telephone**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unless you have declined telephone privileges, call the Fund at 1-800-466-3863.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provide the name of the current Series and class of shares, the Series and class of shares to exchange into, and the dollar amount to be exchanged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Provide the account number.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We will ask for identification, and all telephone calls are recorded.

**Through the Internet**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If you are a registered user of the Fund's website, you may use the Internet to exchange shares between Series. To use this service, go to www.manning-napier.com, click on the "login" button in the top right-hand corner of the screen, then click on "Mutual Fund" to be directed to the secure sign-in screen. Once logged in, click on the "Trading" tab and follow the prompts. Any exchanges made through this feature prior to the close of trading on the NYSE on a business day will be posted to your account at the NAV calculated on that day.

How to Redeem Shares

The Fund typically expects to pay out redemption proceeds to redeeming shareholders within one business day following receipt of shareholder redemption requests. The Fund may, however, postpone payment of redemption proceeds for up to seven days. In addition, the Fund may suspend redemptions or postpone payment of redemption proceeds for longer than seven days when the NYSE is closed, other than during customary weekends or holidays, or as otherwise permitted by the SEC. If you recently purchased your shares by check, redemption proceeds may not be available until your check has cleared (which may take up to 10 days from your date of purchase).

The Fund may sell portfolio assets, hold cash or cash equivalents, draw on a line of credit, use short-term borrowings from its custodian, and/or redeem shares in-kind (as described below), as necessary, to meet redemption requests.

A Medallion Signature Guarantee may be required for certain redemption requests, such as redemption requests over $100,000 sent to an address other than a pre-designated bank account. Likewise, certain types of account maintenance, such as address changes, result in a thirty calendar day hold on your account during which any redemption requests via check to the new address must include a Medallion Guarantee.

Shareholders holding shares through a financial intermediary should contact their financial intermediary to learn how to place orders to redeem shares. Shareholders holding shares directly with the Fund may place redemption orders directly with the Fund, as described below.

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**By Mail**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Complete the applicable form or send a letter of instruction to Manning & Napier Fund, Inc. at the address found in the section *How To Buy, Exchange and Redeem Shares — Opening An Account*, signed by each registered account owner, exactly as your names appear in the account registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Provide the name of the Series, the class of shares, and the number of shares or dollar amount to be sold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Provide the account number.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•To obtain a form, refer to the section *How to Obtain Forms*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Additional documentation, including Medallion Guarantees, may be required (call the Fund for details).

**By Telephone**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Unless you have declined telephone privileges, call us at 1-800-466-3863.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Provide the name of the Series, the class of shares, and the number of shares or dollar amount to be sold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Provide the account number.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We will ask for identification, and all telephone calls are recorded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Redemption proceeds from sales requested by telephone will be sent only to an address that has been on file with us for at least 30 days or a pre-designated bank account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Amounts over $100,000 may only be sent to a pre-designated bank account.

**Through the Internet**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•If you are a registered user of the Fund's website, you may use the Internet to redeem shares from your account. To use this service, go to www.manning-napier.com, click on the "login" button in the top right-hand corner of the screen, then click on "Mutual Fund" to be directed to the secure sign-in screen. Once logged in, click on the "Trading" tab and follow the prompts. Proceeds from redemptions requested over the Internet will be sent only to an address that has been on file with us for at least 30 days or a pre-designated bank account. Amounts over $100,000 may only be sent to a pre-designated bank account. Any redemptions made through this feature prior to the close of trading on the NYSE on a business day will be posted to your account at the NAV calculated on that day.

**Investment and Account Information**

More About Purchases, Exchanges, and Redemptions

All orders to purchase, exchange, or redeem shares must be sent to the transfer agent at the address found in the section *How To Buy, Exchange and Redeem Shares — Opening An Account* or to an authorized financial intermediary.

Transaction requests received in good order (i.e., with all required information, and, as relevant, signatures, documentation and upon verification by the Fund (or its agent) of ACH information) before the close of regular trading on the NYSE on a business

day will be executed at that day's share price. The close of regular trading is typically 4:00 p.m. Eastern time, although it may be earlier. Transaction requests received in good order after the close of regular trading will be processed at the NAV next determined after receipt. The Fund is open for business each day the NYSE is open. All orders must include the required documentation and signatures, and all purchase orders must be accompanied by proper payment.

The Fund has authorized a number of financial intermediaries to accept purchase and redemption orders on its behalf, and those intermediaries are authorized to designate other intermediaries to accept purchase and redemption orders on the Fund's behalf. Orders placed with an authorized financial intermediary will be processed at the share price of the Series next computed after they are received in good order by the financial intermediary or its designee. Accordingly, for you to receive the current business day's share price, your order must be received by an authorized financial intermediary or its designee in good order before the close of regular trading on the NYSE. Your financial intermediary is responsible for transmitting requests and delivering funds to the Series on a timely basis.

The Series' distributor imposes no sales charge on purchases and redemptions of shares of the Series. However, your financial intermediary may charge you a transaction fee on purchases and redemptions.

Excessive Trading

The Series is intended for long-term investment purposes only. Do not invest in the Fund if you are a market timer. The Fund's Board of Directors has adopted policies and procedures designed to detect and deter "market timing" or other types of excessive short-term trading by shareholders. Excessive trading into and out of the Series may present risks to the Series' long-term shareholders, all of which could adversely affect shareholder returns. The risks posed by frequent trading include interfering with the efficient implementation of the Series' investment strategies, triggering the recognition of taxable gains and losses on the sale of the Series' investments, requiring the Series to maintain higher cash balances to meet redemption requests, and experiencing increased transaction costs. In addition, the Fund may, in its sole discretion, reject or limit purchase orders (including purchases by exchange) by an investor or group of investors for any reason without prior notice, including when it believes in its sole discretion that the trading activity in the account(s) would be detrimental to the Series. For purposes of applying these policies, the Fund and its service providers may consider the trading history of accounts under common ownership or control.

Shareholders may make up to 2 "round trips" during any 90 day period. A "round trip" is defined as a purchase or exchange into a Series followed by a redemption or exchange out of the same Series. After the second "round trip", the Fund may block for a period of 90 days additional purchases and exchange purchases into the Fund from your account or any account with the same tax identification number or broker identification number.

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The following types of transactions will be exempted from these procedures:

&nbsp;&nbsp;&nbsp;&nbsp;• Transactions under certain monetary thresholds that have been determined by the Fund, in its sole discretion, not to be harmful or disruptive to the Series

&nbsp;&nbsp;&nbsp;&nbsp;• Systematic withdrawals

&nbsp;&nbsp;&nbsp;&nbsp;• Automatic investments (including investments made by payroll deduction)

&nbsp;&nbsp;&nbsp;&nbsp;• Mandatory distributions from IRAs and retirement plans

&nbsp;&nbsp;&nbsp;&nbsp;• IRA transfers and rollovers

&nbsp;&nbsp;&nbsp;&nbsp;• Roth IRA conversions and re-characterizations

&nbsp;&nbsp;&nbsp;&nbsp;• Reinvestments of dividends and capital gains

The Fund's ability to monitor trades that are placed by individual shareholders through omnibus accounts, which are accounts maintained by financial intermediaries on behalf of multiple beneficial shareholders, is limited to the extent that the Fund does not have direct access to the underlying shareholder account information. However, the Fund and/or its service providers monitor aggregate trades placed in omnibus accounts and seek to work with financial intermediaries to discourage shareholders from engaging in market timing and to restrict excessive trading. The Fund and/or its service providers have entered into agreements with such financial intermediaries that require the financial intermediaries to provide the Fund and/or its service providers with certain shareholder transaction information to enable the Fund and/or its service providers to review the trading activity in the omnibus accounts. If excessive trading is identified in an omnibus account, the Fund will work with the financial intermediary to restrict trading by the shareholder and may require the financial intermediary to prohibit the shareholder from future purchases or exchanges into the Series. Transactions placed by shareholders through financial intermediaries in violation of the Fund's excessive trading policy may be cancelled or the shares purchased may be redeemed by the Fund.

The Fund may also defer to a financial intermediary's frequent trading policies with respect to those shareholders who invest in a Series through such intermediary. The Fund will defer to an intermediary's policies only after the Fund determines that the intermediary's frequent trading policies adequately protect Series shareholders. Transactions by Series shareholders investing through such intermediaries will be subject to the restrictions of the intermediary's frequent trading policies, which may differ from those of the Fund. Shareholders who invest through financial intermediaries should consult with their intermediaries to determine the frequent trading restrictions that apply to their Series transactions.

The Fund and its service providers will take steps reasonably designed to detect and deter frequent trading by shareholders pursuant to the Fund's policies and procedures described in this prospectus and approved by the Fund's Board of Directors. Despite these efforts, however, the Fund and its service providers may not be able to detect or prevent all instances of short-term

trading in the Series, and, as a result, frequent trading could adversely affect the Series and its long-term shareholders as discussed above. For example, certain investors who engage in market timing and other short-term trading activities may employ a variety of techniques to avoid detection. Further, the detection of frequent trading patterns and the blocking of further trading are inherently subjective and therefore involve some selectivity in their application. The Fund and its service providers, however, seek to apply these policies to the best of their abilities uniformly and in a manner they believe is consistent with the interests of the Series' long-term shareholders.

The Fund may amend these policies and procedures in response to changing regulatory requirements or to enhance their effectiveness.

Telephone and Internet Transactions

We will employ steps reasonably designed to ensure that purchase, exchange, or redemption orders placed by telephone or through the Internet are genuine, which may include recording telephone calls and requesting personally identifiable information prior to acting upon instructions. For transactions conducted over the Internet, we recommend the use of a secure Internet browser. We are not responsible for any losses that may occur as long as we follow procedures reasonably designed to prevent fraudulent orders. Interruptions in service may mean that a shareholder will be unable to effect a telephone or Internet order when desired. In addition, you should verify the accuracy of your confirmation statements immediately after you receive them.

Accounts with Low Balances

Discretionary Investment Clients — The Fund does not impose a minimum balance requirement for discretionary investment accounts managed by the Advisor or its affiliates.

Other Shareholders — If your account falls below the minimum balance requirement for your share class (see table above) due to the redemption of shares, the Fund may ask you to bring your account up to the minimum requirement. If your account is still below the minimum balance requirement after 60 days, the Fund may redeem your shares and send you the redemption proceeds, or, if shares are held directly with the Fund, automatically convert the shares in the account to another share class, as appropriate.

Inactive Accounts

Each state has rules governing the definition and treatment of unclaimed property. Triggers include inactivity (e.g., no owner-generated activity for a certain period), returned mail (e.g., when mail sent to a shareholder is returned to the Fund's transfer agent as undeliverable, also known as "RPO"), or a combination of both inactivity and RPO. Once property is flagged as unclaimed, an attempt is made to contact the shareholder, but if that attempt is unsuccessful, the account may be considered abandoned and escheated to the state.

Shareholders that reside in the state of Texas may designate a representative to receive escheatment notifications by completing and submitting a designation form that can be found on the website of the Texas Comptroller. While the designated

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representative does not have any rights to claim or access the shareholder's account or assets, the escheatment period will cease if the representative communicates knowledge of the shareholder's location and confirms that the shareholder has not abandoned his or her property. If a shareholder designates a representative to receive escheatment notifications, any escheatment notices will be delivered both to the shareholder and the designated representative. A completed designation form may be mailed to the Fund (if shares are held directly with the Fund) or to the shareholder's financial intermediary (if shares are not held directly with the Fund).

For more information on unclaimed property and how to maintain an active account, please call us at 1-800-466-3863.

In-Kind Purchases and Redemptions

Securities you own may be used to purchase shares of the Series. The Sub-Advisor will determine if acquiring the securities is consistent with the Series' goals and policies. If accepted, the securities will be valued the same way the Series values securities it already owns.

The Fund may make payment for shares redeemed in part by giving you portfolio securities. As a redeeming shareholder, you will pay transaction costs to dispose of these securities. In addition, you will continue to be subject to the risks of any market fluctuation in the value of the securities until they are sold.

An in-kind distribution of portfolio securities could include illiquid securities. Illiquid securities may not be able to be sold quickly or at a price that reflects full value, or there may not be a market for such securities, which could cause you to realize losses on the security if the security is sold at a price lower than that at which it had been valued.

Medallion Guarantees and Notary Stamps

Financial transactions:

A Medallion Guarantee may be required for certain redemption requests, account transfers and other types of financial transactions. A Medallion Guarantee is a type of signature guarantee that can be obtained from most brokers, banks, savings institutions or credit unions. A Medallion Guarantee is a formal certification offered by firms participating in the Medallion Stamp Program that guarantees a signature is original and authentic.

Non-financial transactions:

Although the Fund will accept a Medallion Guarantee for non-financial transactions, such as changing banking instructions, the Fund will also accept a notary stamp for non-financial transactions. A notary stamp can be obtained from a Notary Public, which is an official appointed by state government to serve the public as an impartial witness in performing a variety of official fraud deterrent acts related to the signing of important documents.

Please contact the Fund at 1-800-466-3863 for more information.

Valuation of Shares

The Series offers its shares at the NAV per share of the Series. The Series calculates its NAV once daily as of the close of regular trading on the NYSE (generally 4:00 p.m. Eastern time) on each day the exchange is open. If the exchange closes early, the Series will accelerate the calculation of its NAV and transaction deadlines to that time.

The Series generally values the securities in its portfolio on the basis of market quotations and valuations provided by independent pricing services. If market prices are not readily available or are unreliable, such as in the case of a security value that has been materially affected by events occurring after the close of the relevant market, securities are valued at fair value. The Board has designated the Advisor as the Series' valuation designee to make all fair value determinations with respect to the Series' portfolio investments, subject to the Board's oversight. 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 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 that the Advisor assigns 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.

International securities markets may be open on days when the U.S. markets are closed. In such cases, the value of securities owned by the Series may be significantly affected on days when investors cannot buy or sell shares of the Series. In addition, due to the difference in times between the close of the international markets and the time the Series prices its shares, the value the Series assigns to securities may not be the same as the quoted or published prices of those securities on their primary markets or exchanges. In determining fair value prices of non-U.S. securities, the Advisor may consider the performance of securities on their primary exchanges, factors influencing specific foreign markets or issuers, foreign currency appreciation/depreciation, securities market movements in the U.S., or other relevant information as related to the securities.

Communicating with the Manning & Napier Fund

By Phone: You can reach us at 1-800-466-3863 business days from 8:00 a.m. to 6:00 p.m. Eastern time. Telephone calls may be recorded.

By Mail:

Manning & Napier Fund, Inc.

P.O. Box 534449

Pittsburgh, PA 15253-4449

By Overnight Mail:

Manning & Napier Fund, Inc.

Attention: 534449

500 Ross Street, 154-0520

Pittsburgh, PA 15262

Automated account information: You can obtain automated account information, such as share prices and account balances, 24 hours a day, 7 days a week, by calling 1-800-466-3863 or by logging into your account at www.manning-napier.com.

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Disclosure of the Series' Portfolio Holdings

The Series discloses its complete portfolio holdings in each Annual and Semi-Annual Report and, following the first and third fiscal quarters, in a quarterly holdings report filed with the Securities and Exchange Commission (SEC) as exhibits to Form N-PORT. Annual and Semi-Annual Reports are distributed to Series shareholders, and the most recent Reports are available on the Fund's website at www.manning-napier.com. Quarterly holdings reports filed with the SEC are not distributed to Series shareholders, but are available, free of charge, on the EDGAR Database on the SEC's website, www.sec.gov. In addition, the Series' month-end and quarter-end complete portfolio holdings are available on the Fund's website. This information is provided with a lag of at least eight days. Portfolio holdings information will be available on the website at least until it is superseded by a quarterly portfolio holdings report distributed to shareholders (with respect to Annual and Semi-Annual Reports) or filed with the SEC (with respect to an exhibit to Form N-PORT). The Series may also disclose certain commentary and analytical, statistical, performance or similar information relating to the Series or its portfolio holdings to third parties if such disclosure is deemed to be for a legitimate business purpose and the information is deemed to be non-material. A description of the Fund's policy and procedures with respect to the circumstances under which the Fund discloses its portfolio securities is available in the SAI.

**Dividends, Distributions, and Taxes**

Dividends and Distributions

The Series generally:

&nbsp;&nbsp;&nbsp;&nbsp;• Pays dividends once a year, in December.

&nbsp;&nbsp;&nbsp;&nbsp;• Makes net capital gains distributions, if any, once a year, typically in December.

The Series may pay additional distributions and dividends at other times if necessary for the Series to avoid incurring a federal tax.

Unless you have instructed the Fund otherwise, capital gain distributions and dividends are reinvested in additional shares of the same Series and Class that you hold. Alternatively, you can instruct the Fund in writing or by telephone to have your capital gains and/or dividends paid in cash. You can change your choice at any time to be effective as of the next distribution or dividend, except that any change given to the transfer agent after the record date will not be effective until the next distribution or dividend is made. If you have elected to receive your distributions by check, all capital gain distributions and dividends less than $10 will be reinvested. No interest will accrue on amounts represented by uncashed distribution or redemption checks.

Taxes

The Series has elected and intends to qualify each year for treatment as a regulated investment company (a "RIC") under Subchapter M of the Internal Revenue Code. If it meets certain minimum distribution requirements, a RIC is not subject to tax at the Series level on income and gains from investments that are timely distributed to shareholders. However, the Series' failure to qualify as a RIC or to meet minimum distribution requirements

would result (if certain relief provisions were not available) in Series-level taxation and, consequently, a reduction in income available for distribution to shareholders.

Dividends are paid from income earned on the Series' portfolio holdings as well as from interest on its cash investments. Distributions of capital gain will be treated as long-term or short-term gain depending on how long the Series held the securities sold, without regard to how long you have owned your shares of the Series. If you are investing through a tax-deferred arrangement, such as a 401(k) plan or other retirement account, you generally will not be subject to federal taxation on Series distributions; however, distributions from tax-deferred arrangements are generally subject to federal taxation.

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| | |
|:---|:---|
| &nbsp;&nbsp; TRANSACTION | &nbsp;&nbsp; FEDERAL TAX STATUS |
| &nbsp;&nbsp; Redemption or exchange of shares | &nbsp;&nbsp; Usually taxable as capital gain or loss; long-term only if shares owned more than one year |
| &nbsp;&nbsp; Long-term capital gain distributions | &nbsp;&nbsp; Taxable as long-term capital gain |
| &nbsp;&nbsp; Short-term capital gain distributions | &nbsp;&nbsp; Generally taxable as ordinary income |
| &nbsp;&nbsp; Dividends | &nbsp;&nbsp; Taxable as ordinary income unless they qualify for treatment as qualified dividend income |

---

Distributions of investment income reported by the Series as derived from qualified dividend income may qualify to be taxed to non-corporate shareholders at the lower rate applicable to long-term capital gains, which is currently set at a maximum rate of 20% (lower rates apply to individuals in lower tax brackets). Qualified dividend income is, in general, dividend income from taxable domestic corporations and certain foreign corporations (e.g., foreign corporations incorporated in a possession of the United States or in certain foreign countries with a comprehensive tax treaty with the United States, or the stock of which is readily tradable on an established securities market in the United States). Distributions that the Series receives from REITs, if any, generally will not be treated as qualified dividend income. Certain of the Series' investment strategies may limit its ability to make distributions eligible for the reduced tax rates applicable to qualified dividend income.

If you are a taxable investor, you may want to avoid buying shares when the Series is about to declare a capital gain distribution or a dividend, because it will be taxable to you even though economically it may actually be a return of a portion of your investment.

Dividends and interest received by the Series may be subject to income, withholding or other taxes imposed by foreign countries and United States possessions that would reduce the yield on the Series' securities. Tax conventions between certain countries and the United States may reduce or eliminate these taxes. Foreign countries generally do not impose taxes on capital gains with respect to investments by foreign investors. If more than 50% of the value of the Series' total assets at the close of its taxable year consists of stock or securities of foreign corporations, the

**19**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Series will be eligible to, and may, file an election with the Internal Revenue Service that will enable shareholders, in effect, to receive the benefit of the foreign tax credit with respect to any foreign and United States possessions income taxes paid by the Series. Pursuant to the election (if made), the Series will treat those taxes as dividends paid to its shareholders. Each shareholder will be required to include a proportionate share of those taxes in gross income as income received from a foreign source and must treat the amount so included as if the shareholder had paid the foreign tax directly. The shareholder may then either deduct the taxes deemed paid by him or her in computing his or her taxable income or, alternatively, use the foregoing information in calculating the foreign tax credit (subject to significant limitations) against the shareholder's federal income tax. If the Series makes the election, it will report annually to its shareholders the respective amounts per share of the Series' income from sources within, and taxes paid to, foreign countries and United States possessions.

When you sell or redeem your Series shares, or exchange them for shares of a different Series, you will generally realize a capital gain or loss for federal and state tax purposes. An exchange between share classes in the same Series is not reported as a taxable sale.

After the end of each year, the Series will provide you with information about the distributions and dividends that you received and any redemptions of shares during the previous year. In calculating your gain or loss on any sale of shares, note that your tax basis in your shares is increased by the amounts of dividends and distributions that you have reinvested in the Series. If you have owned your shares of the Series for more than one year, any net long-term capital gains from the sale of shares will generally qualify for the reduced rates of federal income taxation on long-term capital gains for non-corporate shareholders. Dividends and distributions are taxable as described above whether received in cash or reinvested.

U.S. REITs in which the Series invests often do not provide complete and final tax information to the Series until after the time that the Series issues the tax reporting statement. As a result, the Series may at times find it necessary to reclassify the amount and character of its distributions to you after it issues your tax reporting statement. When such reclassification is necessary, the Series will send you a corrected, final Form 1099-DIV to reflect the reclassified information. If you receive a corrected Form 1099-DIV, use the information on this corrected form, and not the information on the previously issued tax reporting statement, in completing your tax returns.

"Qualified REIT dividends" (i.e., ordinary REIT dividends other than capital gain dividends and portions of REIT dividends designated as qualified dividend income eligible for capital gain tax rates) are eligible for a 20% deduction by non-corporate taxpayers. This deduction, if allowed in full, equates to a maximum effective tax rate of 29.6% (37% top rate applied to income after 20% deduction). Distributions by the Series to its shareholders that are attributable to qualified REIT dividends received by the Series and which the Series properly reports as "section 199A dividends," are treated as qualified REIT dividends in the hands of non-corporate shareholders. A section 199A dividend is treated as a qualified REIT dividend only if the shareholder receiving such dividend holds the dividend-paying RIC shares for at least 46 days of the 91-day period beginning 45

days before the shares become ex-dividend, and is not under an obligation to make related payments with respect to a position in substantially similar or related property. The Series is permitted to report such part of its dividends as section 199A dividends as are eligible, but is not required to do so.

If a Series invests directly in certain investments, such as commodities and commodity-linked derivative instruments, such investments may not produce qualifying income to the Series. To the extent the Series invests in such investments directly, the Series will seek to restrict its income from such instruments that do not generate qualifying income to a maximum of 10% of its gross income (when combined with their other investments that produce non-qualifying income).

If a Series fails to qualify as a RIC and to avail itself of certain relief provisions, it would be subject to tax at the regular corporate rate without any deduction for distributions to shareholders, and its distributions would generally be taxable as dividends. Please see the SAI for a more detailed discussion, including the availability of certain relief provisions for certain failures by the Series to qualify as a RIC.

The Series is required to report to you and the Internal Revenue Service annually on Form 1099-B the gross proceeds of Series shares you sell or redeem and also the cost basis for shares. Cost basis will be calculated using the Series' default method of average cost, unless you instruct the Series to use a different calculation method. Shareholders should carefully review the cost basis information provided by the Series and make any additional basis, holding period or other adjustments that are required when reporting these amounts on their federal income tax returns. If your account is held through a financial intermediary (such as a financial advisor or broker), please contact the financial intermediary with respect to reporting of cost basis and available elections for your account. Tax-advantaged retirement accounts will not be affected.

If the Series' distributions exceed its earnings and profits (as calculated for federal income tax purposes) for a taxable year, all or a portion of the distributions made in the taxable year may be re-characterized as a return of capital to shareholders. A return of capital distribution will not be taxable to the extent of a shareholder's adjusted basis but will reduce such basis and result in a higher capital gain or lower capital loss when those shares on which the distribution was received are sold. To the extent a return of capital distribution exceeds a shareholder's adjusted basis, the distribution will be treated as gain from the sale of shares.

U.S. individuals with income exceeding $200,000 ($250,000 if married and filing jointly) are subject to a 3.8% tax on their "net investment income," including interest, dividends, and capital gains (including capital gains realized on the sale or exchange of shares).

If you do not provide the Series with your correct taxpayer identification number and any required certifications, you may be subject to backup withholding of 24% of your distributions, dividends and redemption proceeds.

This discussion is for general information only and is not tax advice. You should consult your own tax advisor regarding your particular circumstances, and about any federal, state, local and foreign tax consequences before making an investment in the Series. Additional information about the tax consequences of investing in the Series may be found in the SAI.

**20**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Financial Highlights**

The financial highlights tables are intended to help you understand the Series' financial performance for the past five years or, if shorter, the period of a Class's operations. Certain information reflects financial results for a single share. The total returns in the tables represent the rate that an investor would have earned, or lost, on an investment in the Series (assuming reinvestment of all dividends and distributions). The information has been audited by PricewaterhouseCoopers LLP, the Series' independent registered public accounting firm, whose report, along with the Series' financial statements, is included in the Series' annual report, which is available upon request.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
| Rainier International Discovery Series - Class S\* | **10/31/22** | **10/31/21** | **10/31/20** | **10/31/19** | **10/31/18** |
| **Per share data (for a share outstanding throughout each year):** |  |  |  |  |  |
| Net asset value - Beginning of year | $34.75 | $25.62 | $20.41 | $18.83 | $20.61 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment loss<sup>1</sup> | (0.00)<sup>2</sup> | (0.13) | (0.11) | (0.07) | (0.01) |
| Net realized and unrealized gain (loss) on investments | (10.85) | 9.77 | 5.32 | 1.67 | (1.77) |
| *Total from investment operations* | (10.85) | 9.64 | 5.21 | 1.60 | (1.78) |
| **Less distributions to shareholders:** |  |  |  |  |  |
| From net investment income |  |  |  | (0.02) |  |
| From net realized gain on investments | (3.59) | (0.51) |  |  |  |
| *Total distributions to shareholders* | (3.59) | (0.51) |  | (0.02) |  |
| ***Net asset value - End of year*** | ***$20.31*** | ***$34.75*** | ***$25.62*** | ***$20.41*** | ***$18.83*** |
| **Net assets - End of year** (000's omitted) | **$32038** | **$47911** | **$36577** | **$39387** | **$193071** |
| Total return<sup>3</sup> | (34.40%) | 38.06% | 25.53% | 8.53% | (8.64%) |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |
| Expenses\*\* | 1.39% | 1.40% | 1.40% | 1.40% | 1.40% |
| Net investment loss | (0.02%) | (0.41%) | (0.48%) | (0.36%) | (0.05%) |
| Series portfolio turnover | 76% | 76% | 91% | 102% | 73% |
| \*Effective March 1, 2019, Class K shares of the Series have been redesignated as Class S Shares. |  |  |  |  |  |
| \*\*For certain years presented, the investment advisor did not impose all or a portion of its management and/or other fees, and in some years may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | N/A | 0.00%<sup>4</sup> | 0.05% | 0.04% | 0.03% |

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<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 years indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been waived or reimbursed during certain years.

<sup>4</sup> Less than 0.01%.

**21**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED  | FOR THE YEAR ENDED  | FOR THE YEAR ENDED  | FOR THE YEAR ENDED  | FOR THE YEAR ENDED  |
| Rainier International Discovery Series - Class I | **10/31/22** | **10/31/21** | **10/31/20** | **10/31/19** | **10/31/18** |
| **Per share data (for a share outstanding throughout each year):** |  |  |  |  |  |
| Net asset value - Beginning of year | $35.24 | $25.91 | $20.64 | $19.04 | $20.81 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> | 0.07 | (0.05) | (0.05) | 0.06 | 0.07 |
| Net realized and unrealized gain (loss) on investments | (11.03) | 9.89 | 5.38 | 1.61 | (1.81) |
| *Total from investment operations* | (10.96) | 9.84 | 5.33 | 1.67 | (1.74) |
| **Less distributions to shareholders:** |  |  |  |  |  |
| From net investment income | (0.03) |  | (0.06) | (0.07) | (0.03) |
| From net realized gain on investments | (3.59) | (0.51) |  |  |  |
| *Total distributions to shareholders* | (3.62) | (0.51) | (0.06) | (0.07) | (0.03) |
| ***Net asset value - End of year*** | ***$20.66*** | ***$35.24*** | ***$25.91*** | ***$20.64*** | ***$19.04*** |
| **Net assets - End of year** (000's omitted) | **$281907** | **$335259** | **$174435** | **$154009** | **$161390** |
| Total return<sup>2</sup> | (34.25%) | 38.41% | 25.88% | 8.81% | (8.38%) |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |
| Expenses\* | 1.12% | 1.13%<sup>3</sup> | 1.15% | 1.14% | 1.12% |
| Net investment income (loss) | 0.28% | (0.14%) | (0.22%) | 0.31% | 0.30% |
| Series portfolio turnover | 76% | 76% | 91% | 102% | 73% |
| \*For certain years presented, the investment advisor did not impose all or a portion of its management and/or other fees, and in some years may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | N/A | N/A | 0.00%<sup>4</sup> | 0.03% | N/A |

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

2Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been waived or reimbursed during certain years.

<sup>3</sup> Includes recoupment of past waived and/or reimbursed fees. Without the recoupment the ratio would have been 1.11%.

<sup>4</sup> Less than 0.01%.

**22**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | **FOR THE <br>PERIOD <br>3/1/19<sup>1</sup> to<br>10/31/19** |
| Rainier International Discovery Series - Class W | **10/31/22** | **10/31/21** | **10/31/20** | **FOR THE <br>PERIOD <br>3/1/19<sup>1</sup> to<br>10/31/19** |
| **Per share data (for a share outstanding throughout each period):**  |  |  |  |  |
| Net asset value - Beginning of period | $35.39 | $25.93 | $20.59 | $19.34 |
| **Income (loss) from investment operations:** |  |  |  |  |
| Net investment income<sup>2</sup> | 0.33 | 0.28 | 0.19 | 0.22 |
| Net realized and unrealized gain (loss) on investments | (11.03) | 9.90 | 5.36 | 1.03 |
| *Total from investment operations* | (10.70) | 10.18 | 5.55 | 1.25 |
| **Less distributions to shareholders:** |  |  |  |  |
| From net investment income | (0.35) | (0.21) | (0.21) |  |
| From net realized gain on investments | (3.59) | (0.51) |  |  |
| *Total distributions to shareholders* | (3.94) | (0.72) | (0.21) |  |
| ***Net asset value - End of period*** | ***$20.75*** | ***$35.39*** | ***$25.93*** | ***$20.59*** |
| **Net assets - End of period** (000's omitted) | **$22552** | **$32618** | **$24962** | **$18095** |
| Total return<sup>3</sup> | (33.57%) | 39.91% | 27.17% | 6.46% |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |
| Expenses\* | 0.10% | 0.10% | 0.10% | 0.10%<sup>4</sup> |
| Net investment income | 1.28% | 0.87% | 0.84% | 1.65%<sup>4</sup> |
| Series portfolio turnover | 76% | 76% | 91% | 102% |
| \*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: | 0.92% | 0.93% | 0.97% | 1.00%<sup>4</sup> |

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

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

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

<sup>4</sup> Annualized.

**23**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED  | FOR THE YEAR ENDED  | FOR THE YEAR ENDED  | FOR THE YEAR ENDED  | FOR THE YEAR ENDED  |
| Rainier International Discovery Series - Class Z\* | **10/31/22** | **10/31/21** | **10/31/20** | **10/31/19** | **10/31/18** |
| **Per share data (for a share outstanding throughout each year):** |  |  |  |  |  |
| Net asset value - Beginning of year | $35.36 | $25.96 | $20.67 | $19.06 | $20.82 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> | 0.09 | (0.01) | (0.01) | 0.09 | 0.03 |
| Net realized and unrealized gain (loss) on investments | (11.06) | 9.92 | 5.38 | 1.61 | (1.75) |
| *Total from investment operations* | (10.97) | 9.91 | 5.37 | 1.70 | (1.72) |
| **Less distributions to shareholders:** |  |  |  |  |  |
| From net investment income | (0.05) | (0.00)<sup>2</sup> | (0.08) | (0.09) | (0.04) |
| From net realized gain on investments | (3.59) | (0.51) |  |  |  |
| *Total distributions to shareholders* | (3.64) | (0.51) | (0.08) | (0.09) | (0.04) |
| ***Net asset value - End of year*** | ***$20.75*** | ***$35.36*** | ***$25.96*** | ***$20.67*** | ***$19.06*** |
| **Net assets - End of year** (000's omitted) | **$305353** | **$404306** | **$283566** | **$237740** | **$168789** |
| Total return<sup>3</sup> | (34.17%) | 38.61% | 26.06% | 8.99% | (8.29%) |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |
| Expenses\*\* | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Net investment income (loss) | 0.34% | (0.03%) | (0.05%) | 0.48% | 0.16% |
| Series portfolio turnover | 76% | 76% | 91% | 102% | 73% |
| \*Effective August 21, 2018, Class R6 shares of the Series have been redesignated as Class Z shares. |  |  |  |  |  |
| \*\*The investment advisor did not impose all or a portion of its management and/or other fees during the years, and may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | 0.02% | 0.03% | 0.07% | 0.08% | 0.04% |

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

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

<sup>3</sup> Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been waived or reimbursed during the years.

**Manning & Napier Fund, Inc.**

**Rainier International Discovery Series**

**Class I, Class S, Class Z and Class W Shares**

Shareholder Reports and the Statement of Additional Information (SAI)

Annual and semi-annual reports to shareholders provide additional information about the Series' investments. These reports discuss the market conditions and investment strategies that significantly affected the Series' performance during its last fiscal year. The SAI provides more detailed information about the Series. It is incorporated by reference into this prospectus, making it legally part of the prospectus.

How to Obtain the Shareholder Reports, SAI, and Additional Information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•You may obtain shareholder reports and the SAI or other information about the Series without charge, by calling 1-800-466-3863 or sending written requests to Manning & Napier Fund, Inc., P.O. Box 805, Fairport, New York 14450. Note that this address should not be used for transaction requests. These documents are also available at www.manning-napier.com.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Shareholder reports, the prospectus, the SAI and other information about the Series are available on the EDGAR Database on the Commission's Internet site at http:// www.sec.gov. You may obtain copies of this information, after paying a duplicating fee, by sending an email request to publicinfo@sec.gov.

Shareholder Mailings

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 1-800-466-3863 or contact your financial intermediary.

The Fund also offers electronic delivery of certain documents. Direct shareholders can elect to receive shareholder reports, prospectus updates, and statements via e-delivery. For more information or to sign up for e-delivery, please visit the Fund's website at www.manning-napier.com.

If someone makes a statement about the Series that is not in this prospectus, you should not rely upon that information. Neither the Series nor its distributor is offering to sell shares of the Series to any person to whom the Series may not lawfully sell its shares.

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| | |
|:---|:---|
| **Investment Company Act File No. 811-04087** | **RIDS03/01/2023** |

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![](multi-proimg001.gif)

**Prospectus**

March 1, 2023

![](multi-proimg002.gif)

The Securities and Exchange Commission has not approved or disapproved these securities or determined whether this prospectus is accurate or complete. Any statement to the contrary is a crime.

www.manning-napier.com

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| | |
|:---|:---|
| **Manning & Napier Fund, Inc.** | **Ticker** |
| **Core Bond Series** |  |
| Class I | EXCIX |
| Class S | EXCRX |
| Class W | MCBWX |
| Class Z | MCBZX |
| **Credit Series** |  |
| Class W | MCDWX |
| **Diversified Tax Exempt Series** |  |
| Class A | EXDVX |
| Class W | MNDWX |
| **High Yield Bond Series** |  |
| Class I | MNHAX |
| Class S | MNHYX |
| Class W | MHYWX |
| Class Z | MHYZX |

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| | |
|:---|:---|
| **Manning & Napier Fund, Inc.** | **Ticker** |
| **Real Estate Series** |  |
| Class I | MNRIX |
| Class S | MNREX |
| Class W | MNRWX |
| Class Z | MNRZX |
| **Unconstrained Bond Series** |  |
| Class I | MNCPX |
| Class S | EXCPX |
| Class W | MUBWX |
| Class Z | No Ticker |

---

Manning & Napier Fund, Inc.

**Table of Contents**

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| | |
|:---|:---|
| &nbsp;&nbsp; Summary Sections |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Bond Series | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Series | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified Tax Exempt Series | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; High Yield Bond Series | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate Series | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unconstrained Bond Series | 25 |
| &nbsp;&nbsp; More Information About the Series' <br>Principal Investment Strategies and Principal Risks | 31 |
| &nbsp;&nbsp; Management | 40 |
| &nbsp;&nbsp; Payments to Broker-Dealers and Other Financial Intermediaries | 42 |
| &nbsp;&nbsp; Choosing a Share Class | 43 |
| &nbsp;&nbsp; How to Buy, Exchange, and Redeem Shares | 44 |
| &nbsp;&nbsp; Investment and Account Information | 47 |
| &nbsp;&nbsp; Dividends, Distributions, and Taxes | 50 |
| &nbsp;&nbsp; Financial Highlights | 53 |

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**1**

**Summary Section**

Core Bond Series

Investment Goal

The Series' investment objective is to provide long-term total return by investing primarily in fixed income securities.

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.

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| | | | | |
|:---|:---|:---|:---|:---|
| &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; None | &nbsp;&nbsp; None | &nbsp;&nbsp; None | &nbsp;&nbsp; None |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| &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; 0.25% | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.25% |
| &nbsp;&nbsp; Distribution and Service (12b-1) Fees |  | &nbsp;&nbsp; 0.25% |  |  |
| &nbsp;&nbsp; Other Expenses | &nbsp;&nbsp; 0.24% | &nbsp;&nbsp; 0.20% | &nbsp;&nbsp; 0.12% | &nbsp;&nbsp; 0.12% |
| &nbsp;&nbsp; Total Annual Fund Operating Expenses | &nbsp;&nbsp; 0.49% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.37% | &nbsp;&nbsp; 0.37% |
| &nbsp;&nbsp; Less Fee Waivers and/or Expense Reimbursements<sup>1</sup> | &nbsp;&nbsp; (0.04)% |  | &nbsp;&nbsp; (0.32)% | &nbsp;&nbsp; (0.07)% |
| &nbsp;&nbsp; **Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement** | &nbsp;&nbsp; **0.45%** | &nbsp;&nbsp; **0.70%** | &nbsp;&nbsp; **0.05%** | &nbsp;&nbsp; **0.30%** |

---

<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 0.45% of the average daily net assets of the Class S and Class I shares, 0.30% 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'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:

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; CLASS | I | S | W | Z |
| &nbsp;&nbsp; 1 Year | &nbsp;&nbsp; $46  | &nbsp;&nbsp; $72  | &nbsp;&nbsp; $5  | &nbsp;&nbsp; $31  |
| &nbsp;&nbsp; 3 Years | &nbsp;&nbsp; $144 | &nbsp;&nbsp; $224 | &nbsp;&nbsp; $16 | &nbsp;&nbsp; $97  |
| &nbsp;&nbsp; 5 Years | &nbsp;&nbsp; $252 | &nbsp;&nbsp; $390 | &nbsp;&nbsp; $28 | &nbsp;&nbsp; $169 |
| &nbsp;&nbsp; 10 Years | &nbsp;&nbsp; $567 | &nbsp;&nbsp; $871 | &nbsp;&nbsp; $64 | &nbsp;&nbsp; $381 |

---

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 101% of the average value of its portfolio.

Principal Investment Strategies

The Series will invest, under normal circumstances, at least 80% of its assets in investment grade bonds and other financial instruments, principally derivative instruments and exchange-traded funds (ETFs), with economic characteristics similar to bonds. For purposes of this policy, bonds may include U.S. dollar denominated fixed income securities issued by U.S. corporations, foreign corporations (e.g., yankee bonds), the U.S. Government or its agencies or instrumentalities, foreign governments or their agencies or instrumentalities (e.g., the Korean Development Bank) and supranational entities (e.g., the World Bank); municipal bonds; inflation protected securities; convertible securities; mortgage-backed and asset-backed securities; and mortgage dollar rolls, which are transactions in which the Series sells a mortgage-backed security and simultaneously contracts to purchase similar securities on a specified future date at a predetermined price. The mortgage-and asset-backed securities in which the Series principally invests are issued by U.S. Government agencies (such as GNMA, FNMA, and FHLMC) and private issuers and entitle the holders to a pro rata share of the cash flows generated by the instruments underlying the security (principally residential and commercial mortgages, credit card receivables and car loans). The Series may purchase shares of 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.

**2**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The Series may buy and sell futures contracts based on investment grade credit securities primarily for cash management purposes.

*Bond Selection Process* — When investing in fixed income securities, the Advisor attempts to identify sectors, as well as individual securities within those sectors, that offer yields and credit spreads sufficient to compensate the Series for the risks specific to a given sector or security. A credit spread is the difference between the yield of a U.S. Treasury security and the yield of another fixed income security with a similar maturity. When investing in mortgage- and asset-backed securities, the Advisor also considers the prepayment speeds of the securities. Prepayment speed is the estimated rate at which borrowers will pay off the underlying loans ahead of schedule.

In analyzing the relative attractiveness of sectors and/or individual securities, the Advisor considers:

&nbsp;&nbsp;&nbsp;&nbsp;•The relevant economic conditions and sector trends.

&nbsp;&nbsp;&nbsp;&nbsp;•The interest rate sensitivities of the particular sectors and securities.

&nbsp;&nbsp;&nbsp;&nbsp;•The yield differentials across sectors, credit qualities, mortgage- and asset-backed security types, and maturities.

&nbsp;&nbsp;&nbsp;&nbsp;•"Bottom-up" factors such as issuer-specific credit metrics for corporate bonds and scenario analysis, collateral-level analysis, and issuer/servicer analysis for mortgage- and asset-backed securities.

*Maturity and Portfolio Duration* — The Series is not subject to any maturity or duration restrictions but will vary its average dollar weighted portfolio maturity and duration depending on the Advisor's outlook for yields. For example, the Advisor may invest in longer-term bonds when it expects yields to fall in order to realize gains for the Series. Likewise, the Advisor may invest in shorter-term bonds when it expects yields to rise. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security's price to changes in yields. The prices of fixed income securities with shorter durations generally will be less affected by changes in yields than the prices of fixed income securities with longer durations. For example, a 10 year duration means the fixed income security will decrease in value by 10% if yields rise 1% and increase in value by 10% if yields fall 1%.

*Credit Quality* — The Series will principally invest in investment grade 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). If a security purchased by the Series is downgraded below investment grade after purchase, the Advisor will review the security to determine if it remains an appropriate investment.

The Series may engage in active and frequent trading of portfolio securities. If it does, its portfolio turnover rate and transaction costs will rise, which may lower fund performance and may increase the likelihood of capital gain distributions.

Securities issued by governments and supranational entities may be sold to adjust the Series' duration and/or yield curve positioning.

Other securities may be sold for one or more of the following reasons:

&nbsp;&nbsp;&nbsp;&nbsp;•they no longer meet the selection criteria under which they were purchased;

&nbsp;&nbsp;&nbsp;&nbsp;•their relative value has declined (the spread has tightened such that they are no longer considered attractively priced);

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

There are no prescribed limits on the sector allocation of the Series' investments and, from time to time, the Series may focus its investments in one or more sectors.

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 fixed income securities, the value of your investment will fluctuate in response to changes in interest rates and/or credit spreads, even though such changes will not affect the interest income derived from portfolio securities. The value of your investment will also fluctuate in response to changes in repayment speeds. 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 bond markets decline.

&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 lower quality bonds.

&nbsp;&nbsp;&nbsp;&nbsp;•Interest rates rise and/or credit spreads widen. These events alone or in combination can cause bond prices to fall and reduce the value of the Series' portfolio. Longer-term bonds have greater sensitivity to, and will therefore experience greater fluctuations in response to, interest rate changes than shorter-term bonds.

&nbsp;&nbsp;&nbsp;&nbsp;•The issuers of high interest debt obligations pay off the debts earlier than expected when interest rates fall, and the Series has to reinvest the proceeds at lower yields (prepayment risk), or the issuers of lower interest rate debt obligations pay off the debts later than expected when interest rates rise, thus keeping the Series' assets tied up in lower yield debt obligations (extension risk).

**3**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&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.

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 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.

Risk of mortgage dollar rolls — The Series' mortgage dollar rolls could lose money if the price of the mortgage-backed securities sold falls below the agreed upon repurchase price, or if the counterparty is unable to honor the agreement.

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 fixed income securities may, at times, move in a different direction than the prices of fixed income securities issued in the United States. In addition, periodic U.S. Government restrictions on investment in issuers from certain foreign countries may require the Series to sell such investments at inopportune times or prevent an investment the Advisor 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.

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.

Inflation protected security risk — The value of inflation protected fixed income securities, including Treasury Inflation Protected Securities (TIPS), generally will fluctuate in response to changes in "real" interest rates, generally decreasing when real interest rates rise and increasing when real interest rates fall. Real interest rates represent nominal (or stated) interest rates reduced by the expected impact of inflation. In addition, interest payments

on inflation-indexed securities will generally vary up or down along with the rate of inflation.

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.

U.S. Government securities risk — Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency's own resources, and, therefore, such obligations are not backed by the full faith and credit of the United States government.

Mortgage- and asset-backed securities risks — The Series' investments in mortgage-backed and asset-backed securities may subject it to the following additional risks:

&nbsp;&nbsp;&nbsp;&nbsp;•Mortgage-backed securities are affected by, among other things, interest rate changes and the possibility of prepayment of the underlying mortgage loans. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations.

&nbsp;&nbsp;&nbsp;&nbsp;•Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities, and asset-backed securities may not have the benefit of any security interest in the related assets.

Municipal bond risk — The Series' investments in municipal bonds may subject it to the following additional risks:

&nbsp;&nbsp;&nbsp;&nbsp;•Changes in the financial condition of municipal issuers may adversely affect the value of the Series' securities.

&nbsp;&nbsp;&nbsp;&nbsp;•Economic or political changes may affect the ability of issuers of municipal securities to repay principal and to make interest payments on securities owned by the Series.

&nbsp;&nbsp;&nbsp;&nbsp;•Poor statewide or local economic results or changing political sentiments may reduce tax revenues and increase the expenses of municipal issuers, making it more difficult for them to meet their obligations.

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.

**4**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Futures risk — The Series is subject to the following risks due to its ability to invest in futures:

&nbsp;&nbsp;&nbsp;&nbsp;•Futures, like all derivatives, can be extremely sensitive to changes in the market value of the underlying investment, and changes in the value of a futures contract may not correlate perfectly with the underlying investment.

&nbsp;&nbsp;&nbsp;&nbsp;•The Series may not be able to receive amounts payable to it under its futures contracts as quickly as it may be able to sell or otherwise obtain payments from other investments, so the Series' investments in such contracts may not be as liquid as the Series' other investments.

Sector focus risk — Because the Series' investments may, from time to time, be more heavily invested in a particular sector or sectors, the value of its shares may be especially sensitive to factors and economic risks that specifically affect those sectors. As a result, the Series' share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of sectors.

LIBOR replacement risk — The U.K. Financial Conduct Authority stopped compelling or inducing banks to submit certain London Inter-Bank Offered Rate ("LIBOR") rates and expects to do so for the remaining LIBOR rates immediately after June 30, 2023. The elimination of the LIBOR may adversely affect the interest rates on, and value of, certain Series investments for which the value is tied to LIBOR. Alternatives to LIBOR are established or in development in most major currencies, including the Secured Overnight Financing Rate ("SOFR"), which is intended to replace U.S. dollar LIBOR. Markets are slowly developing in response to these new rates. Questions around liquidity impacted by these rates, and how to appropriately adjust these rates at the time of transition, remain a concern for the Series. Accordingly, it is difficult to predict the full impact of the transition away from LIBOR on the Series until new reference rates and fallbacks for both legacy and new products, instruments and contracts are commercially accepted.

Portfolio turnover risk — The Series is subject to portfolio turnover risk because it may engage in active and frequent trading of portfolio securities. Such a strategy often involves higher expenses, including brokerage commissions, and may increase the amount of capital gains (in particular, short term gains) realized by the Series. Shareholders may pay tax on such capital gains.

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 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 I Shares commenced operation on August 3, 2015 and 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> CALENDAR YEARS ENDED DECEMBER 31

![](multi-proimg003.gif)

**5**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Quarterly Returns

Highest (quarter ended 06/30/2020): 4.04%

Lowest (quarter ended 03/31/2022): (5.84)%

&nbsp;&nbsp; AVERAGE ANNUAL TOTAL RETURNS <br>FOR PERIODS ENDED DECEMBER 31, 2022<br>

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| | | | |
|:---|:---|:---|:---|
|  | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp; Class S Shares |  |  |  |
| &nbsp;&nbsp; Return Before Taxes | (13.21)% | (0.13)% | 0.80% |
| &nbsp;&nbsp; Return After Taxes <br>on Distributions | (13.97)% | (1.14)% | (0.35)% |
| &nbsp;&nbsp; Return After Taxes <br>on Distributions and Sale<br>of Series Shares | (7.81)% | (0.42)% | 0.21% |
| &nbsp;&nbsp; Class I Shares – <br>Return Before Taxes | (13.01)% | 0.09% | 0.97% |
| &nbsp;&nbsp; Class W Shares – <br>Return Before Taxes | (12.76)% | 0.33% | 1.03% |
| &nbsp;&nbsp; Class Z Shares – <br>Return Before Taxes | (12.86)% | 0.16% | 0.94% |
| &nbsp;&nbsp; Index: (reflects no deduction <br>for fees, expenses, or taxes) |  |  |  |
| &nbsp;&nbsp; Bloomberg U.S. Aggregate <br>Bond Index | (13.01)% | 0.02% | 1.06% |

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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:

**Marc** **Bushallow, CFA<sup>®</sup>**

Managing Director of Fixed Income, has managed the Series since 2008.

**Brad** **Cronister, CFA<sup>®</sup>**

Senior Analyst, has managed the Series since 2021.

**R.** **Keith Harwood**

Director of Credit Research, has managed the Series since 2005.

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 of 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.

**6**

**Summary Section**

Credit Series

Investment Goal

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

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.

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| | |
|:---|:---|
| &nbsp;&nbsp; CLASS | &nbsp;&nbsp; W |
| &nbsp;&nbsp; **Shareholder Fees** (paid directly from your investment) | &nbsp;&nbsp; None |

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&nbsp;&nbsp; **Annual Fund Operating Expenses** (expenses that you pay <br>each year as a percentage of the value of your investment)<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; Management Fees | &nbsp;&nbsp; 0.25% |
| &nbsp;&nbsp; Distribution and Service (12b-1) Fees |  |
| &nbsp;&nbsp; Other Expenses | &nbsp;&nbsp; 0.11% |
| &nbsp;&nbsp; Total Annual Fund Operating Expenses | &nbsp;&nbsp; 0.36% |
| &nbsp;&nbsp; Less Fee Waivers<sup>1</sup> | &nbsp;&nbsp; (0.26)% |
| &nbsp;&nbsp; **Total Annual Fund Operating Expenses <br>After Fee Waivers** | &nbsp;&nbsp; **0.10%** |

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<sup>1</sup> Manning & Napier Advisors, LLC (the Advisor) has contractually agreed to waive the management fee for the Series. 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 the Series, exclusive of waived management fees (collectively, "excluded expenses"), do not exceed 0.10% of the average daily net assets of the Series. 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 waiver). Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; AFTER 1 YEAR | &nbsp;&nbsp; AFTER <br>3 YEARS | &nbsp;&nbsp; AFTER <br>5 YEARS | &nbsp;&nbsp; AFTER <br>10 YEARS |
| &nbsp;&nbsp; Class W | &nbsp;&nbsp; $10 | &nbsp;&nbsp; $32 | &nbsp;&nbsp; $56 | &nbsp;&nbsp; $128 |

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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 44% of the average value of its portfolio.

Principal Investment Strategies

The Series will invest, under normal circumstances, at least 80% of its assets in credit-related instruments and other financial instruments, principally derivative instruments and exchange-traded funds (ETFs), with economic characteristics similar to credit-related instruments. For purposes of this policy, credit-related instruments may include U.S. dollar denominated fixed income securities issued by U.S. corporations, foreign corporations (e.g., yankee bonds), the U.S. Government or its agencies or instrumentalities, foreign governments or their agencies or instrumentalities (e.g., the Korean Development Bank) and supranational entities (e.g., the World Bank); convertible securities; mortgage-backed and asset-backed securities; and taxable municipal bonds.

The mortgage- and asset-backed securities in which the Series principally invests are issued by U.S. Government agencies (such as GNMA, FNMA, and FHLMC) and private issuers and entitle the holders to a pro rata share of the cash flows generated by the instruments underlying the security (principally residential and commercial mortgages, credit card receivables and car loans).

The Series may purchase shares of 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 Series may buy and sell futures contracts based on investment grade credit securities and fixed income indices primarily for cash management purposes.

*Fixed Income Securities Selection Process* — When investing in fixed income securities, the Advisor attempts to identify sectors, as well as individual securities within those sectors, that offer yields and credit spreads sufficient to compensate the Series for the risks specific to a given sector or security. A credit spread is the difference between the yield of a U.S. Treasury security and

**7**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

the yield of another fixed income security with a similar maturity. When investing in mortgage- and asset-backed securities, the Advisor also considers the prepayment speeds of the securities. Prepayment speed is the estimated rate at which borrowers will pay off the underlying loans ahead of schedule.

In analyzing the relative attractiveness of sectors and/or individual securities, the Advisor considers:

&nbsp;&nbsp;&nbsp;&nbsp;•The relevant economic conditions and sector trends.

&nbsp;&nbsp;&nbsp;&nbsp;•The interest rate sensitivities of the particular sectors and securities.

&nbsp;&nbsp;&nbsp;&nbsp;•The yield differentials across sectors, credit qualities, asset-backed security types, and maturities.

&nbsp;&nbsp;&nbsp;&nbsp;•"Bottom-up" factors such as issuer-specific credit metrics for corporate bonds and scenario analysis, collateral-level analysis, and issuer/servicer analysis for mortgage- and asset-backed securities.

*Maturity and Portfolio Duration* — The Series is not subject to any maturity or duration restrictions but will vary its average dollar weighted portfolio maturity and duration depending on the Advisor's outlook for yields. For example, the Advisor may invest in longer-term bonds when it expects yields to fall in order to realize gains for the Series. Likewise, the Advisor may invest in shorter-term bonds when it expects yields to rise. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security's price to changes in yields. The prices of fixed income securities with shorter durations generally will be less affected by changes in yields than the prices of fixed income securities with longer durations. For example, a 10 year duration means the fixed income security will decrease in value by 10% if yields rise 1% and increase in value by 10% if yields fall 1%.

*Credit Quality* — The Series will principally invest in investment grade 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). If a security purchased by the Series is downgraded below investment grade after purchase, the Advisor will review the security to determine if it remains an appropriate investment.

The Series may engage in active and frequent trading of portfolio securities. If it does, its portfolio turnover rate and transaction costs will rise, which may lower fund performance and may increase the likelihood of capital gain distributions.

A security may be sold for one or more of the following reasons:

&nbsp;&nbsp;&nbsp;&nbsp;•it no longer meets the selection criteria under which it was purchased;

&nbsp;&nbsp;&nbsp;&nbsp;•its relative value has declined (the spread has tightened such that the security is no longer considered attractively priced);

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

There are no prescribed limits on the sector allocation of the Series' investments and, from time to time, the Series may focus its investments in one or more sectors.

The Series is classified as "non-diversified," which means that it may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund.

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 fixed income securities, the value of your investment will fluctuate in response to changes in interest rates and/or credit spreads, even though such changes will not affect the interest income derived from portfolio securities. The value of your investment will also fluctuate in response to changes in repayment speeds. 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 bond markets decline.

&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 lower quality bonds.

&nbsp;&nbsp;&nbsp;&nbsp;•Interest rates rise and/or credit spreads widen. These events alone or in combination can cause bond prices to fall and reduce the value of the Series' portfolio. Longer-term bonds have greater sensitivity to, and will therefore experience greater fluctuations in response to, interest rate changes than shorter-term bonds.

&nbsp;&nbsp;&nbsp;&nbsp;•The issuers of high interest debt obligations pay off the debts earlier than expected when interest rates fall, and the Series has to reinvest the proceeds at lower yields (prepayment risk), or the issuers of lower interest rate debt obligations pay off the debts later than expected when interest rates rise, thus keeping the Series' assets tied up in lower yield debt obligations (extension risk).

&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.

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

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will continue to rise in the near future. An increase in interest rates may, in turn, increase volatility and reduce liquidity in the 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.

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 fixed income securities may, at times, move in a different direction than the prices of fixed income securities issued in the United States. In addition, periodic U.S. Government restrictions on investment in issuers from certain foreign countries may require the Series to sell such investments at inopportune times or prevent an investment the Advisor 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.

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.

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.

U.S. Government securities risk — Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency's own resources, and, therefore, such obligations are not backed by the full faith and credit of the United States government.

Mortgage- and asset-backed securities risks — The Series' investments in mortgage-backed and asset-backed securities may subject it to the following additional risks:

&nbsp;&nbsp;&nbsp;&nbsp;•Mortgage-backed securities are affected by, among other things, interest rate changes and the possibility of prepayment of the underlying mortgage loans. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations.

&nbsp;&nbsp;&nbsp;&nbsp;•Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities, and asset-backed securities may not have the benefit of any security interest in the related assets.

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.

Municipal bond risk — The Series' investments in municipal bonds may subject it to the following additional risks:

&nbsp;&nbsp;&nbsp;&nbsp;•Changes in the financial condition of municipal issuers may adversely affect the value of the Series' securities.

&nbsp;&nbsp;&nbsp;&nbsp;•Economic or political changes may affect the ability of issuers of municipal securities to repay principal and to make interest payments on securities owned by the Series.

&nbsp;&nbsp;&nbsp;&nbsp;•Poor statewide or local economic results or changing political sentiments may reduce tax revenues and increase the expenses of municipal issuers, making it more difficult for them to meet their obligations.

Futures risk – The Series is subject to the following risks due to its ability to invest in futures:

&nbsp;&nbsp;&nbsp;&nbsp;•Futures, like all derivatives, can be extremely sensitive to changes in the market value of the underlying investment, and changes in the value of a futures contract may not correlate perfectly with the underlying investment.

&nbsp;&nbsp;&nbsp;&nbsp;•The Series may not be able to receive amounts payable to it under its futures contracts as quickly as it may be able to sell or otherwise obtain payments from other investments, so the Series' investments in such contracts may not be as liquid as the Series' other investments.

Sector focus risk — Because the Series' investments may, from time to time, be more heavily invested in a particular sector or sectors, the value of its shares may be especially sensitive to factors and economic risks that specifically affect those sectors. As a result, the Series' share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of sectors.

LIBOR replacement risk – The U.K. Financial Conduct Authority stopped compelling or inducing banks to submit certain London Inter-Bank Offered Rate ("LIBOR") rates and expects to do so for the remaining LIBOR rates immediately after June 30, 2023. The elimination of the LIBOR may adversely affect the interest rates on, and value of, certain Series investments for which the value is tied to LIBOR. Alternatives to LIBOR are established or in development in most major currencies, including the Secured

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Overnight Financing Rate ("SOFR"), which is intended to replace U.S. dollar LIBOR. Markets are slowly developing in response to these new rates. Questions around liquidity impacted by these rates, and how to appropriately adjust these rates at the time of transition, remain a concern for the Series. Accordingly, it is difficult to predict the full impact of the transition away from LIBOR on the Series until new reference rates and fallbacks for both legacy and new products, instruments and contracts are commercially accepted.

Non-diversification risk — The Series is non-diversified, which means that it may invest in the securities of relatively few issuers. As a result, the Series may be susceptible to a single adverse economic or regulatory occurrence affecting one or more of these issuers, and may experience increased volatility due to its investments in those securities.

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 W 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. 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> CALENDAR YEARS ENDED DECEMBER 31

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Quarterly Returns

Highest (quarter ended 12/31/2020): 3.02%

Lowest (quarter ended 03/31/2022): (5.48)%

&nbsp;&nbsp; AVERAGE ANNUAL TOTAL RETURNS <br>FOR PERIODS ENDED DECEMBER 31, 2022<br>

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| | | |
|:---|:---|:---|
|  | 1 Year | Since Inception |
| &nbsp;&nbsp; Class W Shares |  |  |
| &nbsp;&nbsp; Return Before Taxes | &nbsp;&nbsp; (11.13)% | &nbsp;&nbsp; (1.24)% |
| &nbsp;&nbsp; Return After Taxes on Distributions | &nbsp;&nbsp; (12.26)% | &nbsp;&nbsp; (2.65)% |
| &nbsp;&nbsp; Return After Taxes on Distributions and Sale of Series Shares | &nbsp;&nbsp; (6.58)% | &nbsp;&nbsp; (1.44)% |
| &nbsp;&nbsp; Index: (reflects no deduction for<br>fees, expenses, or taxes) |  |  |
| &nbsp;&nbsp; Bloomberg U.S. Intermediate <br>Credit Index | &nbsp;&nbsp; (9.10)% | &nbsp;&nbsp; (1.76)% |

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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. 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.

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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:

**Marc Bushallow, CFA<sup>®</sup>**

Managing Director of Fixed Income, has managed the Series since 2020.

**R. Keith Harwood**

Director of Credit Research, has managed the Series since 2020.

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. There is no minimum initial or subsequent investment for the Series. The Series is offered exclusively to the Advisor's discretionary investment account clients and other funds managed by the Advisor.

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.

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**Summary Section**

Diversified Tax Exempt Series

Investment Goal

The Series' investment objective is to provide as high a level of current income exempt from federal income tax as the Advisor believes is consistent with the preservation of capital.

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.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; CLASS | &nbsp;&nbsp; A | &nbsp;&nbsp; W |
| &nbsp;&nbsp; **Shareholder Fees** (fees paid directly from your investment) | &nbsp;&nbsp; None | &nbsp;&nbsp; None |

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| | |
|:---|:---|
| &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; 0.50% |
| &nbsp;&nbsp; Distribution and Service (12b-1) Fees |  |
| &nbsp;&nbsp; Other Expenses | &nbsp;&nbsp; 0.13% |
| &nbsp;&nbsp; Acquired Fund Fees and Expenses | &nbsp;&nbsp; 0.01% |
| &nbsp;&nbsp; Total Annual Fund Operating Expenses<sup>1</sup> | &nbsp;&nbsp; 0.64% |
| &nbsp;&nbsp; Less Fee Waivers<sup>2</sup> | &nbsp;&nbsp; (0.50)% |
| &nbsp;&nbsp; **Total Annual - Fund Operating Expenses After Fee Waiver<sup>1</sup>** | &nbsp;&nbsp; **0.14%** |

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<sup>1</sup> The total annual fund operating expenses in this fee table may not correlate to the expense ratios in the financial highlights in the prospectus (and in the Series' financial statements) because the financial highlights include only the Series' direct operating expenses and do not include fees and expenses incurred indirectly by the Series through its investments in other investment companies.

<sup>2</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 waived Class W management fees ("excluded expenses"), do not exceed 0.85% of the average daily net assets of the Class A shares, and 0.35% 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 waiver for Class W shares). Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; CLASS | &nbsp;&nbsp; A | &nbsp;&nbsp; W |
| &nbsp;&nbsp; 1 Year | &nbsp;&nbsp; $65 | &nbsp;&nbsp; $14 |
| &nbsp;&nbsp; 3 Years | &nbsp;&nbsp; $205 | &nbsp;&nbsp; $45 |
| &nbsp;&nbsp; 5 Years | &nbsp;&nbsp; $357 | &nbsp;&nbsp; $79 |
| &nbsp;&nbsp; 10 Years | &nbsp;&nbsp; $798 | &nbsp;&nbsp; $179 |

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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 10% of the average value of its portfolio.

Principal Investment Strategies

The Series invests primarily in municipal bonds and other securities the income from which is exempt from federal income tax. The Series will, under normal circumstances, invest at least 80% of its assets in securities the income from which is exempt from federal income tax, including the alternative minimum tax (AMT). The main issuers of these securities are state and local agencies. In selecting investments for the Series, the Advisor attempts to balance the Series' goals of high income and capital preservation. With this approach, the Advisor attempts to build a portfolio that it believes provides the opportunity to earn current income; however, the Advisor will only purchase investment grade securities, or those securities determined by the Advisor to be of equivalent quality, and will maintain other selection criteria in an attempt to avoid permanent capital loss.

*Bond Selection Process* — The Advisor emphasizes those bond market sectors and selects for the Series those securities that it believes offer yields sufficient to compensate the investor for the risks specific to the security or sector. In analyzing the relative attractiveness of sectors and individual securities, the Advisor considers:

&nbsp;&nbsp;&nbsp;&nbsp;•The interest rate sensitivity of each security.

&nbsp;&nbsp;&nbsp;&nbsp;•The narrowing or widening of interest rate spreads between sectors, securities of different credit quality or securities of different maturities.

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*Maturity and Portfolio Duration* — The Series is not subject to any maturity or duration restrictions but will vary its average dollar weighted portfolio maturity and duration depending on the Advisor's outlook for yields. For example, the Advisor may invest in longer-term bonds when it expects yields to fall in order to realize gains for the Series. Likewise, the Advisor may invest in shorter-term bonds when it expects yields to rise. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security's price to changes in yields. The prices of fixed income securities with shorter durations generally will be less affected by changes in yields than the prices of fixed income securities with longer durations. For example, a 10 year duration means the fixed income security will decrease in value by 10% if yields rise 1% and increase in value by 10% if yields fall 1%.

*Credit Quality* — The Series' investments will be limited to investment grade securities, those rated BBB- or above by S&P or Baa3 or above by Moody's or determined by the Advisor to be of equivalent quality. If a security purchased by the Series is downgraded below investment grade after purchase, the Advisor will review the security to determine if it remains an appropriate investment.

The Series may invest in taxable investments, including obligations of the U.S. Government, its agencies or instrumentalities. The Series may also invest in money market instruments or hold its assets in cash. These investments may cause the Series to make a taxable distribution to shareholders.

The Advisor will consider selling a security for one or more of the following reasons:

&nbsp;&nbsp;&nbsp;&nbsp;•to adjust the Series' duration and/or yield curve positioning;

&nbsp;&nbsp;&nbsp;&nbsp;•there is a deterioration in the credit quality of the issuer;

&nbsp;&nbsp;&nbsp;&nbsp;•the security's relative value has declined (the spread has tightened such that the security is no longer considered attractively priced); 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 fixed income securities, the value of your investment will fluctuate in response to changes in interest rates and/or credit spreads, even though such changes will not affect the interest income derived from portfolio securities. The value of your investment will also fluctuate in response to changes in repayment speeds. 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 bond markets decline.

&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 lower quality bonds.

&nbsp;&nbsp;&nbsp;&nbsp;•Interest rates rise and/or credit spreads widen. These events alone or in combination can cause bond prices to fall and reduce the value of the Series' portfolio. Longer-term bonds have greater sensitivity to, and will therefore experience greater fluctuations in response to, interest rate changes than shorter-term bonds.

&nbsp;&nbsp;&nbsp;&nbsp;•The issuers of high interest debt obligations pay off the debts earlier than expected when interest rates fall, and the Series has to reinvest the proceeds at lower yields (prepayment risk), or the issuers of lower interest rate debt obligations pay off the debts later than expected when interest rates rise, thus keeping the Series' assets tied up in lower yield debt obligations (extension risk).

&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.

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 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.

Municipal bond risk — In addition to the general risks of bond funds, the Series is subject to the following additional risks due to its focus on municipal bonds:

&nbsp;&nbsp;&nbsp;&nbsp;•Changes in the financial condition of municipal issuers may adversely affect the value of the Series' securities.

&nbsp;&nbsp;&nbsp;&nbsp;•Economic or political changes may affect the ability of issuers of municipal securities to repay principal and to make interest payments on securities owned by the Series.

&nbsp;&nbsp;&nbsp;&nbsp;•Poor statewide or local economic results or changing political sentiments may reduce tax revenues and increase the expenses of municipal issuers, making it more difficult for them to meet their obligations. Risks of lower-rated investment grade securities — Securities with the lowest

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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.

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.

Taxation Risk — The Series will rely on the opinion of issuers' bond counsel on the tax exempt status of interest on municipal bond obligations. Neither the Series nor its Advisors will independently review the bases for those tax opinions, which may ultimately be determined to be incorrect and subject the Series and its shareholders to substantial tax liabilities. The Series may invest a portion of its assets in securities that generate income that is subject to federal, state and local income tax, including the federal alternative minimum tax applicable to individual taxpayers. Tax advantages of municipal bond funds are not applicable for those investing through a tax-deferred account, such as an individual retirement account or employer-sponsored retirement plan.

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 A 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 is changing its benchmark index to the Bloomberg Municipal 1-15 Year Bond Index because the index better aligns with the duration and maturity of the securities held in the Series' portfolio. The Series' Class W Shares commenced operations on March 1, 2019 and all returns shown for Class

W Shares include the returns of the Series' Class A Shares 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> CALENDAR YEARS ENDED DECEMBER 31

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Quarterly Returns

Highest (quarter ended 12/31/2022): 2.54%

Lowest (quarter ended 03/31/2022): (4.78)%

&nbsp;&nbsp; AVERAGE ANNUAL TOTAL RETURNS <br>FOR PERIODS ENDED DECEMBER 31, 2022<br>

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| | | | |
|:---|:---|:---|:---|
|  | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp; Class A Shares |  |  |  |
| &nbsp;&nbsp; Return Before Taxes | (5.83)% | &nbsp;&nbsp; 1.08% | &nbsp;&nbsp; 0.86% |
| &nbsp;&nbsp; Return After Taxes<br>on Distributions | (5.85)% | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.62% |
| &nbsp;&nbsp; Return After Taxes<br>on Distributions and Sale<br>of Series Shares | (3.24)% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 0.88% |
| &nbsp;&nbsp; Class W Shares – <br>Return Before Taxes | (5.40)% | &nbsp;&nbsp; 1.47% | &nbsp;&nbsp; 1.06% |
| &nbsp;&nbsp; Indices: (reflect no deduction for fees, expenses, or taxes) |  |  |  |
| &nbsp;&nbsp; Bloomberg Municipal 1-15 Year Bond Index | (5.95)% | &nbsp;&nbsp; 1.44% | &nbsp;&nbsp; 1.95% |
| &nbsp;&nbsp; ICE BofA Merrill Lynch 1-12 Year Municipal Bond Index | (4.90)% | &nbsp;&nbsp; 1.33% | &nbsp;&nbsp; 1.63% |

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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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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:

**Elizaveta Akselrod**

Senior Analyst, has managed the Series since 2015.

**Marc Bushallow, CFA<sup>®</sup>**

Managing Director of Fixed Income, has managed the Series since 2015.

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 A shares of the Series is $2,000. This minimum is waived for the Advisor's discretionary investment account clients, and 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 Series' 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

Dividends you receive from the Series are primarily exempt from regular federal income tax. A portion of these distributions, however, may be subject to federal AMT and state and local taxes. The Series may also make distributions that are taxable to you as ordinary income or capital gains.

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.

**15**

**Summary Section**

High Yield Bond Series

Investment Goal

The Series' investment objective is to provide a high level of long-term total return by investing principally in non-investment grade fixed income securities that are issued by corporate and government entities.

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.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; CLASS | &nbsp;&nbsp; I | &nbsp;&nbsp; S | &nbsp;&nbsp; W | &nbsp;&nbsp; Z |
| &nbsp;&nbsp; **Shareholder Fees** (fees paid directly from your investment) | &nbsp;&nbsp; None | &nbsp;&nbsp; None | &nbsp;&nbsp; None | &nbsp;&nbsp; None |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| &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; 0.40% | &nbsp;&nbsp; 0.40% | &nbsp;&nbsp; 0.40% | &nbsp;&nbsp; 0.40% |
| &nbsp;&nbsp; Distribution and Service (12b-1) Fees |  | &nbsp;&nbsp; 0.25% |  |  |
| &nbsp;&nbsp; Other Expenses | &nbsp;&nbsp; 0.29% | &nbsp;&nbsp; 0.32% | &nbsp;&nbsp; 0.16% | &nbsp;&nbsp; 0.16% |
| &nbsp;&nbsp; Acquired Fund Fees and Expenses | &nbsp;&nbsp; 0.01% | &nbsp;&nbsp; 0.01% | &nbsp;&nbsp; 0.01% | &nbsp;&nbsp; 0.01% |
| &nbsp;&nbsp; Total Annual Fund Operating Expenses<sup>1</sup> | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.57% |
| &nbsp;&nbsp; Less Fee Waivers and/or Expense Reimbursements<sup>2</sup> | &nbsp;&nbsp; (0.04)% | &nbsp;&nbsp; (0.07)% | &nbsp;&nbsp; (0.46)% | &nbsp;&nbsp; (0.06)% |
| &nbsp;&nbsp; **Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement** **<sup>1</sup>** | &nbsp;&nbsp; **0.66%** | &nbsp;&nbsp; **0.91%** | &nbsp;&nbsp; **0.11%** | &nbsp;&nbsp; **0.51%** |

---

<sup>1</sup> The total annual fund operating expenses in this fee table may not correlate to the expense ratios in the financial highlights in the prospectus (and in the Series' financial statements) because the financial highlights include only the Series' direct operating expenses and do not include fees and expenses incurred indirectly by the Series through its investments in other investment companies.

<sup>2</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 0.65% of the average daily net assets of the Class S and Class I shares, 0.50% 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 AFFE, 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:

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; CLASS | &nbsp;&nbsp; I | &nbsp;&nbsp; S | &nbsp;&nbsp; W | &nbsp;&nbsp; Z |
| &nbsp;&nbsp; 1 Year | &nbsp;&nbsp; $67 | &nbsp;&nbsp; $93 | &nbsp;&nbsp; $11 | &nbsp;&nbsp; $52 |
| &nbsp;&nbsp; 3 Years | &nbsp;&nbsp; $211 | &nbsp;&nbsp; $290 | &nbsp;&nbsp; $35 | &nbsp;&nbsp; $164 |
| &nbsp;&nbsp; 5 Years | &nbsp;&nbsp; $368 | &nbsp;&nbsp; $504 | &nbsp;&nbsp; $62 | &nbsp;&nbsp; $285 |
| &nbsp;&nbsp; 10 Years | &nbsp;&nbsp; $822 | &nbsp;&nbsp; $1120 | &nbsp;&nbsp; $141 | &nbsp;&nbsp; $640 |

---

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 93% of the average value of its portfolio.

Principal Investment Strategies

The Series seeks to provide a high level of long-term total return, which is a combination of income and capital appreciation. The Series will invest, under normal circumstances, at least 80% of its assets in bonds that are rated below investment grade (junk bonds) and other financial instruments, principally derivative instruments and exchange-traded funds (ETFs), with economic characteristics similar to non-investment grade securities. These bonds may include U.S. dollar denominated fixed income securities issued by U.S. and foreign corporations and governments, including those in emerging markets. The Series may also invest in securities of other investment companies, such as open-end or closed-end management investment companies. The Series may invest a portion of its assets in bank loans, which are, generally, non-investment grade floating rate investments.

**16**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The Series may purchase shares of 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 Series may buy and sell futures contracts based on investment grade and/or high-yield credit securities primarily for cash management purposes.

*Bond Selection Process* — The Advisor attempts to identify securities that offer yields and credit spreads sufficient for the risks assumed. In analyzing the relative attractiveness of sectors and/or individual securities, the Advisor considers:

&nbsp;&nbsp;&nbsp;&nbsp;•The relevant economic conditions and sector trends.

&nbsp;&nbsp;&nbsp;&nbsp;•The interest rate sensitivities of the particular sectors and securities.

&nbsp;&nbsp;&nbsp;&nbsp;•The yield differentials across sectors, credit qualities, and maturities.

&nbsp;&nbsp;&nbsp;&nbsp;•"Bottom-up" factors such as an issuer's financial status, market position, and managerial expertise.

*Maturity and Portfolio Duration* — The Series is not subject to any maturity or duration restrictions but will vary its average dollar weighted portfolio maturity and duration depending on the Advisor's outlook for yields. For example, the Advisor may invest in longer-term fixed income securities when it expects yields to fall in order to realize gains for the Series. Likewise, the Advisor may invest in shorter-term fixed income securities when it expects yields to rise. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security's price to changes in yields. The prices of fixed income securities with shorter durations generally will be less affected by changes in yields than the prices of fixed income securities with longer durations. For example, a 10 year duration means the fixed income security will decrease in value by 10% if yields rise 1% and increase in value by 10% if yields fall 1%.

The Series may engage in active and frequent trading of portfolio securities. If it does, its portfolio turnover rate and transaction costs will rise, which may lower fund performance and may increase the likelihood of capital gain distributions.

*Credit Quality* — The Series will invest primarily in non-investment grade securities, those rated below BBB- by S&P or Baa3 by Moody's, or determined to be of equivalent quality by the Advisor. The Series may also invest, to a limited extent, in investment grade securities when the Advisor considers their "credit spreads" (i.e., the difference between the bonds' yields to maturity and those of U.S. Treasury bonds with similar maturities) to be attractive. The Series may invest in securities with any rating, including those that have defaulted, are not rated, or have had their rating withdrawn.

The Advisor will consider selling a security for one or more of the following reasons:

&nbsp;&nbsp;&nbsp;&nbsp;•it no longer meets the security selection criteria under which it was purchased;

&nbsp;&nbsp;&nbsp;&nbsp;•it has poor relative value (the spread has tightened such that the security is no longer considered attractively priced); or

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

There are no prescribed limits on the sector allocation of the Series' investments and, from time to time, the Series may focus its investments in one or more sectors.

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 fixed income securities, the value of your investment will fluctuate in response to changes in interest rates and/or credit spreads, even though such changes will not affect the interest income derived from portfolio securities. The value of your investment will also fluctuate in response to changes in repayment speeds. 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 bond markets decline.

&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.

&nbsp;&nbsp;&nbsp;&nbsp;•Interest rates rise and/or credit spreads widen. These events alone or in combination can cause bond prices to fall and reduce the value of the Series' portfolio. Longer-term bonds have greater sensitivity to, and will therefore experience greater fluctuations in response to, interest rate changes than shorter-term bonds.

&nbsp;&nbsp;&nbsp;&nbsp;•The issuers of high interest debt obligations pay off the debts earlier than expected when interest rates fall, and the Series has to reinvest the proceeds at lower yields (prepayment risk), or the issuers of lower interest rate debt obligations pay off the debts later than expected when interest rates rise, thus keeping the Series' assets tied up in lower yield debt obligations (extension risk).

&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.

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

**17**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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 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.

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 fixed income securities may, at times, move in a different direction than the prices of fixed income securities issued in the United States. 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.

Investment company risk — To the extent the Series invests a portion of its assets in investment companies, those assets will be subject to the risks of the purchased investment company's portfolio securities. The Series also will bear its proportionate share of the expenses of the purchased investment company in addition to its own expenses.

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 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.

Bank loan risk — Investments in bank loans expose the Series to the credit risk of both the financial institution and the underlying borrower. The Series may also have difficulty valuing or disposing of bank loans because, in certain cases, the market for such instruments is not highly liquid.

Futures risk – The Series is subject to the following risks due to its ability to invest in futures:

&nbsp;&nbsp;&nbsp;&nbsp;•Futures, like all derivatives, can be extremely sensitive to changes in the market value of the underlying investment, and changes in the value of a futures contract may not correlate perfectly with the underlying investment.

&nbsp;&nbsp;&nbsp;&nbsp;•The Series may not be able to receive amounts payable to it under its futures contracts as quickly as it may be able to sell or otherwise obtain payments from other investments, so the Series' investments in such contracts may not be as liquid as the Series' other investments.

Sector focus risk — Because the Series' investments may, from time to time, be more heavily invested in a particular sector or sectors, the value of its shares may be especially sensitive to factors and economic risks that specifically affect those sectors. As a result, the Series' share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of sectors.

Portfolio turnover risk — The Series is subject to portfolio turnover risk because it may engage in active and frequent trading of portfolio securities. Such a strategy often involves higher expenses, including brokerage commissions, and may increase the amount of capital gains (in particular, short term gains) realized by the Series. Shareholders may pay tax on such capital gains.

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.

**18**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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 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 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> CALENDAR YEARS ENDED DECEMBER 31

![](multi-proimg006.gif)

Quarterly Returns

Highest (quarter ended 06/30/2020): 10.64%

Lowest (quarter ended 03/31/2020): (15.01)%

&nbsp;&nbsp; AVERAGE ANNUAL TOTAL RETURNS <br>FOR PERIODS ENDED DECEMBER 31, 2022<br>

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| | | | |
|:---|:---|:---|:---|
|  | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp; Class S Shares |  |  |  |
| &nbsp;&nbsp; Return Before Taxes | (7.59)% | &nbsp;&nbsp; 3.97% | &nbsp;&nbsp; 4.69% |
| &nbsp;&nbsp; Return After Taxes<br>on Distributions | (9.70)% | &nbsp;&nbsp; 1.46% | &nbsp;&nbsp; 2.04% |
| &nbsp;&nbsp; Return After Taxes<br>on Distributions and Sale<br>of Series Shares | (4.47)% | &nbsp;&nbsp; 1.99% | &nbsp;&nbsp; 2.43% |
| &nbsp;&nbsp; Class I Shares – <br>Return Before Taxes | (7.38)% | &nbsp;&nbsp; 4.25% | &nbsp;&nbsp; 4.95% |
| &nbsp;&nbsp; Class W Shares – <br>Return Before Taxes | (6.92)% | &nbsp;&nbsp; 4.61% | &nbsp;&nbsp; 5.01% |
| &nbsp;&nbsp; Class Z Shares – <br>Return Before Taxes | (7.39)% | &nbsp;&nbsp; 4.26% | &nbsp;&nbsp; 4.83% |
| &nbsp;&nbsp; Index: (reflects no deduction for fees, expenses, or taxes) |  |  |  |
| &nbsp;&nbsp; ICE BofA Merrill Lynch U.S. Cash Pay High Yield Index | (11.09)% | &nbsp;&nbsp; 2.14% | &nbsp;&nbsp; 3.94% |

---

**19**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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:

**Marc Bushallow, CFA<sup>®</sup>**

Managing Director of Fixed Income, has managed the Series since 2008.

**Scott Friedman, CFA<sup>®</sup>**

Senior Analyst, has managed the Series since 2021.

**R. Keith Harwood**

Director of Credit Research, has managed the Series since 2003.

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.

**20**

**Summary Section**

Real Estate Series

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.

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| | | | | |
|:---|:---|:---|:---|:---|
| &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; None | &nbsp;&nbsp; None | &nbsp;&nbsp; None | &nbsp;&nbsp; None |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| &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%** |

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<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:

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| | | | | |
|:---|:---|:---|:---|:---|
| &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 |

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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.

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).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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.

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.

**22**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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 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.

**23**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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> CALENDAR YEARS ENDED DECEMBER 31

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Quarterly Returns

Highest (quarter ended 12/31/2021): 17.26%

Lowest (quarter ended 03/31/2020): (23.12)%

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp; AVERAGE ANNUAL TOTAL RETURNS <br>FOR PERIODS ENDED DECEMBER 31, 2022<br>

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| | | | |
|:---|:---|:---|:---|
|  | 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% |

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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.

**25**

**Summary Section**

Unconstrained Bond Series

Investment Goal

The Series' primary investment objective is to provide long-term total return,

and its secondary objective is to provide preservation of capital.

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.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; CLASS | &nbsp;&nbsp; I | &nbsp;&nbsp; S | &nbsp;&nbsp; W | &nbsp;&nbsp; Z |
| &nbsp;&nbsp; **Shareholder Fees** (fees paid directly from your investment) | &nbsp;&nbsp; None | &nbsp;&nbsp; None | &nbsp;&nbsp; None | &nbsp;&nbsp; None |

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| | | | | |
|:---|:---|:---|:---|:---|
| &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; 0.17% | &nbsp;&nbsp; 0.07% | &nbsp;&nbsp; 0.07%<sup>1</sup> |
| &nbsp;&nbsp; Acquired Fund Fees and Expenses | &nbsp;&nbsp; 0.01% | &nbsp;&nbsp; 0.01% | &nbsp;&nbsp; 0.01% | &nbsp;&nbsp; 0.01% |
| &nbsp;&nbsp; Total Annual Fund Operating Expenses<sup>2</sup> | &nbsp;&nbsp; 0.48% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.38% | &nbsp;&nbsp; 0.38% |
| &nbsp;&nbsp; Less Fee Waivers and/or Expense Reimbursements<sup>3</sup> |  |  | &nbsp;&nbsp; (0.32)% | &nbsp;&nbsp; (0.02)% |
| &nbsp;&nbsp; **Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement** **<sup>2</sup>** | &nbsp;&nbsp; 0.48% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.06% | &nbsp;&nbsp; 0.36% |

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<sup>1</sup> Other expenses are based on estimated amounts for the current fiscal year.

<sup>2</sup> The total annual fund operating expenses in this fee table may not correlate to the expense ratios in the financial highlights in the prospectus (and in the Series' financial statements) because the financial highlights include only the Series' direct operating expenses and do not include fees and expenses incurred indirectly by the Series through its investments in other investment companies.

<sup>3</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 0.50% of the average daily net assets of the Class S and Class I shares, 0.35% 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'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:

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; CLASS | &nbsp;&nbsp; I | &nbsp;&nbsp; S | &nbsp;&nbsp; W | &nbsp;&nbsp; Z |
| &nbsp;&nbsp; 1 Year | &nbsp;&nbsp; $48 | &nbsp;&nbsp; $74 | &nbsp;&nbsp; $6 | &nbsp;&nbsp; $37 |
| &nbsp;&nbsp; 3 Years | &nbsp;&nbsp; $151 | &nbsp;&nbsp; $230 | &nbsp;&nbsp; $19 | &nbsp;&nbsp; $116 |
| &nbsp;&nbsp; 5 Years | &nbsp;&nbsp; $263 | &nbsp;&nbsp; $401 | &nbsp;&nbsp; $34 | &nbsp;&nbsp; $202 |
| &nbsp;&nbsp; 10 Years | &nbsp;&nbsp; $591 | &nbsp;&nbsp; $894 | &nbsp;&nbsp; $77 | &nbsp;&nbsp; $456 |

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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 60% of the average value of its portfolio.

Principal Investment Strategies

The Series will invest, under normal circumstances, at least 80% of its assets in bonds and other financial instruments, principally derivative instruments and exchange-traded funds (ETFs), with economic characteristics similar to bonds. For purposes of this policy, bonds may include fixed income securities issued by U.S. corporations, foreign corporations (e.g., yankee bonds), the U.S. Government or its agencies or instrumentalities, foreign governments or their agencies or instrumentalities (e.g., the Korean Development Bank) and supranational entities (e.g., the World Bank); inflation protected securities; mortgage-backed and asset-backed securities; and mortgage dollar rolls, which are transactions in which the Series sells a mortgage-backed security and simultaneously contracts to purchase similar securities on a specified future date at a predetermined price. The mortgage and asset-backed securities in which the Series principally invests are issued by U.S. Government agencies (such as GNMA, FNMA,

**26**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

and FHLMC) and private issuers and entitle the holders to a pro rata share of the cash flows generated by the instruments underlying the security (principally residential and commercial mortgages, credit card receivables and car loans).

The Series may invest up to 50% of its assets in below investment grade securities (also referred to as "high yield bonds" or "junk bonds") and may invest up to 50% of its assets in non-U.S. dollar denominated securities, including securities issued by companies located in emerging markets. The Series may invest portions of its assets in bank loans, which are, generally, non-investment grade floating rate investments, and preferred stock.

The Series may buy and sell futures contracts based on investment grade and/or high yield credit securities to seek to hedge risk, enhance returns and/or manage cash flows. The Series may invest in interest rate futures (and options thereon) and interest rate swaps to manage its interest rate exposure, and may invest in credit default swaps and total return swaps to manage its exposure to certain instruments or markets. The Series may, but is not required to, invest in forward foreign currency contracts to hedge currency risks associated with the purchase of individual securities denominated in a foreign currency.

The Series may purchase shares of 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 Series employs an absolute return investment approach, which means that it seeks to achieve a positive total return in diverse market environments over time. Accordingly, the Series invests across the fixed income universe, and it is not constrained by any particular fixed income asset classes or benchmarks.

*Bond Selection Process* — When investing in fixed income securities, the Advisor attempts to identify sectors, as well as individual securities within those sectors, that offer yields and credit spreads sufficient to compensate the Series for the risks specific to a given sector or security. A credit spread is the difference between the yield of a U.S. Treasury security and the yield of another fixed income security with a similar maturity. When investing in mortgage- and asset-backed securities, the Advisor also considers the prepayment speeds of the securities. Prepayment speed is the estimated rate at which borrowers will pay off the underlying loans ahead of schedule.

In analyzing the relative attractiveness of sectors and/or individual securities, the Advisor considers:

&nbsp;&nbsp;&nbsp;&nbsp;•The relevant economic conditions and sector trends.

&nbsp;&nbsp;&nbsp;&nbsp;•The interest rate sensitivities of the particular sectors and securities.

&nbsp;&nbsp;&nbsp;&nbsp;•The yield differentials across sectors, credit qualities, mortgage- and asset-backed security types, and maturities.

&nbsp;&nbsp;&nbsp;&nbsp;•"Bottom-up" factors such as issuer-specific credit metrics for corporate bonds and scenario analysis, collateral-level analysis, and issuer/servicer analysis for mortgage- and asset-backed securities.

*Maturity and Portfolio Duration* — The Series is not subject to any maturity or duration restrictions but the average dollar-weighted portfolio duration of the Series will normally vary from negative 3 years to positive 8 years depending on the Advisor's outlook for yields. For example, the Advisor may invest in positive duration fixed income securities when it expects yields to fall in order to realize gains for the Series. Likewise, the Advisor may invest in negative duration fixed income securities when it expects yields to rise. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security's price to changes in yields. The prices of fixed income securities with shorter positive or negative durations generally will be less affected by changes in yields than the prices of fixed income securities with longer positive or negative durations. For example, a positive 10 year duration means the fixed income security will decrease in value by 10% if yields rise 1% and increase in value by 10% if yields fall 1%. Conversely, a negative 10 year duration means the fixed income security will increase in value by 10% if yields rise 1% and decrease in value by 10% if yields fall 1%.

*Credit Quality* — The Series may invest in investment grade 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) and may invest up to 50% of its assets in below investment grade securities, 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 may invest in securities with any rating, including those that have defaulted, are not rated, or have had their rating withdrawn.

Securities issued by governments and supranational entities may be sold to adjust the Series' duration and/or yield curve positioning.

Other securities may be sold for one or more of the following reasons:

&nbsp;&nbsp;&nbsp;&nbsp;•they no longer meet the selection criteria under which they were purchased;

&nbsp;&nbsp;&nbsp;&nbsp;•their relative value has declined (the spread has tightened such that they are no longer considered attractively priced);

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

Securities may also be sold based on the Advisor's macroeconomic assessment of countries and currencies.

There are no prescribed limits on the sector allocation of the Series' investments and, from time to time, the Series may focus its investments in one or more sectors.

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.

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Market risk — Because the Series invests in fixed income securities, the value of your investment will fluctuate in response to changes in interest rates and/or credit spreads, even though such changes will not affect the interest income derived from portfolio securities. The value of your investment will also fluctuate in response to changes in repayment speeds. 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 bond markets decline.

&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.

&nbsp;&nbsp;&nbsp;&nbsp;•Interest rates rise and/or credit spreads widen. These events alone or in combination can cause bond prices to fall and reduce the value of the Series' portfolio. Longer-term bonds have greater sensitivity to, and will therefore experience greater fluctuations in response to, interest rate changes than shorter-term bonds.

&nbsp;&nbsp;&nbsp;&nbsp;•The issuers of high interest debt obligations pay off the debts earlier than expected when interest rates fall, and the Series has to reinvest the proceeds at lower yields (prepayment risk), or the issuers of lower interest rate debt obligations pay off the debts later than expected when interest rates rise, thus keeping the Series' assets tied up in lower yield debt obligations (extension risk).

&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.

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 the 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 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.

Risk of mortgage dollar rolls — The Series' mortgage dollar rolls could lose money if the price of the mortgage-backed securities sold falls below the agreed upon repurchase price, or if the counterparty is unable to honor the agreement.

High-yield securities risk — The Series is subject to additional risks due 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 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.

Bank loan risk — Investments in bank loans expose the Series to the credit risk of both the financial institution and the underlying borrower. The Series may also have difficulty valuing or disposing of bank loans because, in certain cases, the market for such instruments is not highly liquid.

Preferred stock risk — Preferred stocks are sensitive to interest rate changes, and are also subject to equity market risk, which is the risk that stock prices will fluctuate and can decline and reduce the value of a Series' investment. The rights of preferred stocks on the distribution of a corporation's assets in the event of a liquidation are generally subordinate to the rights associated with a corporation's debt securities. Preferred stock may also be subject to prepayment risk similar to fixed income securities.

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 fixed income securities may, at times, move in a different direction than the prices of fixed income securities issued in the United States. 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. The Advisor's attempt to manage the currency risk described above may not accurately predict movements in currency exchange rates, which could cause the Series to sustain losses. 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 believe

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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.

Derivatives risk — The Series is subject to the following risks due to its ability to invest in options, futures, forwards and swaps:

&nbsp;&nbsp;&nbsp;&nbsp;•Derivatives can be extremely sensitive to changes in the market value of the underlying investment, and changes in the value of a derivative contract may not correlate perfectly with the underlying investment.

&nbsp;&nbsp;&nbsp;&nbsp;•The Series may not be able to receive amounts payable to it under its derivatives contracts as quickly as it may be able to sell or otherwise obtain payments from other investments, so the Series' investments in such contracts may not be as liquid as the Series' other investments.

&nbsp;&nbsp;&nbsp;&nbsp;•The Series' use of forwards and swaps is also subject to the risk that the counterparty to the contract will default or otherwise become unable to honor its obligation to the Series.

U.S. Government securities risk — Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency's own resources, and, therefore, such obligations are not backed by the full faith and credit of the United States government.

Mortgage- and asset-backed securities risks — The Series' investments in mortgage-backed and asset-backed securities may subject it to the following additional risks:

&nbsp;&nbsp;&nbsp;&nbsp;•Mortgage-backed securities are affected by, among other things, interest rate changes and the possibility of prepayment of the underlying mortgage loans. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations.

&nbsp;&nbsp;&nbsp;&nbsp;•Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities, and asset-backed securities may not have the benefit of any security interest in the related assets.

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.

Inflation protected security risk — The value of inflation protected fixed income securities, including Treasury Inflation Protected Securities (TIPS), generally will fluctuate in response to changes in "real" interest rates, generally decreasing when real interest rates rise and increasing when real interest rates fall. Real interest rates represent nominal (or stated) interest rates reduced by the expected impact of inflation. In addition, interest payments on inflation-indexed securities will generally vary up or down along with the rate of inflation.

Sector focus risk — Because the Series' investments may, from time to time, be more heavily invested in a particular sector or sectors, the value of its shares may be especially sensitive to factors and economic risks that specifically affect those sectors. As a result, the Series' share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of sectors.

LIBOR replacement risk — The U.K. Financial Conduct Authority stopped compelling or inducing banks to submit certain London Inter-Bank Offered Rate ("LIBOR") rates and expects to do so for the remaining LIBOR rates immediately after June 30, 2023. The elimination of the LIBOR may adversely affect the interest rates on, and value of, certain Series investments for which the value is tied to LIBOR. Alternatives to LIBOR are established or in development in most major currencies, including the Secured Overnight Financing Rate ("SOFR"), which is intended to replace U.S. dollar LIBOR. Markets are slowly developing in response to these new rates. Questions around liquidity impacted by these rates, and how to appropriately adjust these rates at the time of transition, remain a concern for the Series. Accordingly, it is difficult to predict the full impact of the transition away from LIBOR on the Series until new reference rates and fallbacks for both legacy and new products, instruments and contracts are commercially accepted.

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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 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 two broad-based securities indices. The Series' Class I Shares and Class W Shares commenced operations on August 1, 2013 and March 1, 2019, respectively, all returns shown for each such class include the returns of the Series' Class S Shares for periods prior to its inception date. No performance is shown for Class Z Shares of the Series because they were not active prior to the date of this prospectus. 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> CALENDAR YEARS ENDED DECEMBER 31

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Quarterly Returns

Highest (quarter ended 06/30/2020): 5.93%

Lowest (quarter ended 03/31/2020): (4.47)%

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| | | | |
|:---|:---|:---|:---|
| &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 |
|  | &nbsp;&nbsp; 1 Year | &nbsp;&nbsp; 5 Years | &nbsp;&nbsp; 10 Years |
| &nbsp;&nbsp; Class S Shares |  |  |  |
| &nbsp;&nbsp; Return Before Taxes | (6.71)% | &nbsp;&nbsp; 1.61% | &nbsp;&nbsp; 1.75% |
| &nbsp;&nbsp; Return After Taxes<br>on Distributions | (7.67)% | &nbsp;&nbsp; 0.35% | &nbsp;&nbsp; 0.45% |
| &nbsp;&nbsp; Return After Taxes<br>on Distributions and Sale<br>of Series Shares | (3.97)% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.81% |
| &nbsp;&nbsp; Class I Shares – <br>Return Before Taxes | (6.42)% | &nbsp;&nbsp; 1.86% | &nbsp;&nbsp; 1.98% |
| &nbsp;&nbsp; Class W Shares – <br>Return Before Taxes | (6.05)% | &nbsp;&nbsp; 2.15% | &nbsp;&nbsp; 2.02% |
| &nbsp;&nbsp; Indices: (reflect no deduction for fees, expenses, or taxes) |  |  |  |
| &nbsp;&nbsp; FTSE 3-Month Treasury<br>Bill Index | 1.50% | &nbsp;&nbsp; 1.25% | &nbsp;&nbsp; 0.74% |
| &nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | (13.01)% | &nbsp;&nbsp; 0.02% | &nbsp;&nbsp; 1.06% |

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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.

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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:

**Marc Bushallow, CFA<sup>®</sup>**

Managing Director of Fixed Income, has managed the Series since 2008.

**Brad Cronister, CFA<sup>®</sup>**

Senior Analyst, has managed the Series since 2021.

**R. Keith Harwood**

Director of Credit Research, has managed the Series since 2005.

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 of 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.

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**More Information About the Series' Principal Investment Strategies and Principal Risks**

More Information About the Series' Principal Investments

**Equity securities** — Equity securities are primarily common stocks of U.S. and foreign companies.

**Foreign securities** — Foreign securities include foreign stocks and ADRs and other U.S. dollar and non-U.S. dollar denominated securities, including those in emerging markets. ADRs are securities listed and traded in the United States but represent an ownership interest in securities issued by a foreign issuer. ADRs are subject to many of the risks associated with investing directly in foreign securities, which are described below.

**Fixed income securities** — Fixed income securities may be issued by the U.S. Government or any of its agencies or instrumentalities, foreign governments or any of their agencies or instrumentalities, supranational entities such as the World Bank, and U.S. and foreign companies. Certain U.S. and foreign fixed income securities are not guaranteed or insured by the U.S. or foreign government. These securities may be backed solely by their issuers' ability to borrow from their government or by the credit of their issuers.

Investments in fixed income securities may have all types of interest rate payment and reset terms, and may include mortgage-backed and asset-backed securities.

**Municipal securities** — Municipal securities may be issued by a state and its political subdivisions, agencies and instrumentalities or by other governmental entities. These issuers may also be located in the District of Columbia, Puerto Rico, and other U.S. territories and possessions. Tax exempt municipal securities are securities the income from which is exempt from federal income tax, including the AMT.

**Mortgage-backed securities** — Mortgage-backed securities are instruments that entitle the holder to a share of all interest and principal payments from mortgages underlying the security. The mortgages backing these securities include residential mortgages and commercial mortgages.

**Asset-backed securities** — Asset-backed securities are securities backed by non-mortgage assets such as company receivables, truck and auto loans, leases and credit card receivables. Asset-backed securities are generally issued as pass-through certificates, which represent undivided fractional ownership interests in the underlying pools of assets.

**High-yield securities (junk bonds)** — High-yield securities are lower-rated fixed income securities often referred to as "junk bonds." These securities offer a higher yield compared to investment grade securities, but they carry a greater degree of risk and are considered speculative by the major credit rating agencies. High-yield securities may be issued by companies that are restructuring, are smaller and less creditworthy, or are more highly indebted than other companies. In addition, foreign countries with political or economic instability may issue high-yield securities. Issuers of high-yield securities may, therefore,

have more difficulty making scheduled payments of principal and interest. Compared to investment grade securities, high-yield securities are influenced more by changes in the financial and business position of the issuer than by changes in interest rates.

**Currency hedging** — In order to attempt to manage the currency risk associated with owning and trading foreign securities, a Series may, but is not required to, hedge against changes in the value of foreign currencies relative to the U.S. dollar primarily through the use of forward foreign currency exchange contracts. These derivatives may be used to hedge against changes in the value of foreign currencies relative to the U.S. dollar in connection with specific transactions or portfolio positions.

**Options** — An option is the right to buy or sell an instrument at a specific price before a specific date. An option on a futures contract gives the purchaser the right, in exchange for a premium, to assume a position in a futures contract at a specified exercise price during the term of the option. When the Advisor wishes to sell a security at a specified price, it may seek to generate additional gains for a Series by writing (selling) "covered call" options on the underlying security. A call option is "covered" if the Series either owns the underlying security or has an absolute and immediate right (such as a call with the same or a later expiration date) to acquire the security.

**Futures** — Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific security or asset on a specified date and at a specified price. A Series may trade different types of futures contracts, including contracts based on fixed income securities, interest rates and currencies.

**Swaps** — Swaps are agreements whereby two parties agree to exchange payment streams calculated in relation to a rate, index, instrument or certain securities, and a predetermined notional amount. Interest rate swaps involve one party, in return for a premium, agreeing to make payments to another party to the extent that interest rates exceed or fall below a specified rate (a "cap" or "floor," respectively). Total return swaps are contracts that obligate a party to pay interest in exchange for payment by the other party of the total return generated by a security, a basket of securities, an index or an index component. A credit default swap enables a party to buy or sell protection against a defined credit event of an issuer or a basket of securities. The buyer of a credit default swap is generally obligated to pay the seller a periodic stream of payments over the term of the contract in return for a contingent payment upon the occurrence of a credit event with respect to an underlying reference obligation.

**Mortgage dollar rolls** — Mortgage dollar rolls are transactions in which a Series sells a mortgage-backed security and simultaneously contracts to purchase similar securities on a specified future date at a predetermined price. They simulate an investment in mortgage-backed securities and may enhance a Series' returns and reduce its administrative burdens compared with holding mortgage-backed securities directly.

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**ETFs** — ETFs are investment companies whose shares are bought and sold on a securities exchange. ETFs invest in a portfolio of securities designed to track a particular market segment or index.

**Real estate companies (RECs)** — RECs (including REITs and REOCs) are companies — trusts in the case of REITs — that invest primarily in commercial real estate or real estate-related loans. Generally, REITs can be classified as Equity REITs, Mortgage REITs and Hybrid REITs. Equity REITs invest the majority of their assets directly in real property and derive their income primarily from rents and capital gains from appreciation realized through property sales. Mortgage REITs invest the majority of their assets in real estate mortgages and derive their income primarily from interest payments. Hybrid REITs combine the characteristics of both Equity and Mortgage REITs. REOCs are real estate companies that engage in the development, management or financing of real estate. They typically provide services such as property management, property development, facilities management and real estate financing. REOCs are publicly traded corporations that are taxed at the corporate level, unlike REITs.

**Convertible securities** — A convertible security is a bond, debenture, note, preferred stock or other security that may be converted or exercised for a prescribed amount of common stock at a specified time and price. Convertible securities provide an opportunity for equity participation, with the potential for a higher dividend or interest yield and lower price volatility compared to common stock.

**Bank loans** — Bank loans are fixed and floating rate loans arranged through private negotiations between a company or a non-U.S. government and one or more financial institutions (lenders). A Series may invest in bank loans in the form of participations in the loans (participations) and assignments of all or a portion of the loans from third parties (assignments).

**Inflation protected securities** — Inflation protected securities are fixed income securities for which the principal and/or interest income paid is linked to inflation rates. They may be issued by the U.S. Treasury or foreign governments and U.S. and foreign corporations. The relationship between an inflation protected security and its associated inflation index affects both the sum a Series is paid when the security matures and the amount of interest that the security pays the Series. With inflation (a rise in the index), the principal of the security increases. With deflation (a drop in the index), the principal of the security decreases. Inflation protected securities pay interest at a fixed rate. Because the rate is applied to the adjusted principal, however, interest payments can vary in amount from one period to the next. If inflation occurs, the interest payment increases. In the event of deflation, the interest payment decreases. At the maturity of a security, the Series receives the adjusted principal or the original principal, whichever is greater.

**Preferred stock** — Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and that has precedence over common stock in the payment of dividends. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock.

**Business development companies (BDCs)** — BDCs are a type of closed-end fund regulated under the Investment Company Act of 1940 (1940 Act). BDCs typically invest in and lend to small- and medium-sized private companies that may lack access to public equity markets for capital raising. The 1940 Act imposes certain constraints upon the operations of a BDC. For example, BDCs are required to invest at least 70% of their total assets primarily in securities of private companies or thinly traded U.S. public companies, cash, cash equivalents, U.S. government securities and high quality debt investments that mature in one year or less. Additionally, BDCs must make available significant managerial assistance to their portfolio companies. BDCs are not taxed on income distributed to shareholders provided they comply with the applicable requirements of the Internal Revenue Code of 1986, as amended (the "Code"). BDCs have expenses associated with their operations. Accordingly, a Series will indirectly bear its proportionate share of any management and other expenses, and of any performance based fees, charged by the BDCs in which it invests.

**Master limited partnerships (MLPs)** — MLPs are limited partnerships or limited liability companies, whose partnership units or limited liability interests are listed and traded on a U.S. securities exchange, and are treated as publicly traded partnerships for federal income tax purposes. To qualify to be treated as a partnership for tax purposes, an MLP must receive at least 90% of its income from qualifying sources as set forth in the Code. These qualifying sources include activities such as the exploration, development, mining, production, processing, refining, transportation, storage and marketing of mineral or natural resources.

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More Information About the Series' Principal Risks

In addition to the principal risks discussed in the individual Series' Summary sections, certain Series are subject to additional risks as illustrated by the following table. The degree to which each risk applies to a specific Series depends on the holdings of that Series. More information on each risk is provided below the table.

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|:---|:---|:---|:---|:---|:---|:---|
|  | Core Bond Series | Credit Series | Diversified Tax Exempt Series | High Yield Bond Series | Real Estate Series | Unconstrained Bond <br>Series |
| Management risk | x | x | x | x | x | x |
| Market risk | x | x | x | x | x | x |
| Equity risk |  |  |  |  | x |  |
| Large-cap risk |  |  |  |  | x |  |
| Small- and mid-cap risk |  |  |  |  | x |  |
| Foreign securities risk | x | x |  | x | x | x |
| Emerging markets risk |  |  |  | x | x | x |
| Currency risk |  |  |  |  | x | x |
| Risks related to currency hedging and forward contracts |  |  |  |  |  | x |
| Interest rate risk | x | x | x | x | x | x |
| Credit risk | x | x | x | x | x | x |
| U.S. Government securities risk | x | x |  |  |  | x |
| Mortgage-backed securities risk | x | x |  |  |  | x |
| Prepayment and extension risk | x | x | x | x | x | x |
| High-yield securities risk |  |  |  | x | x | x |
| Risks of lower-rated investment grade securities | x | x | x |  | x | x |
| Risks of mortgage dollar rolls | x |  |  |  |  | x |
| Asset-backed securities risk | x | x |  |  |  | x |
| Bank loan risks |  |  |  | x |  | x |
| Municipal securities risk | x | x | x |  |  |  |
| Options risk |  |  |  |  | x | x |
| Futures risk | x | x |  | x |  | x |
| Swaps risk |  |  |  |  |  | x |
| Risks related to ETFs | x | x |  | x | x | x |
| Preferred stock risk |  |  |  |  |  | x |
| Real estate investment risk |  |  |  |  | x |  |
| Risks related to real estate companies |  |  |  |  | x |  |
| Risks of initial public offerings |  |  |  |  | x |  |
| Inflation protected security risk | x |  |  |  |  | x |
| Convertible securities risk | x | x |  | x | x | x |
| Sector focus risk | x | x |  | x |  | x |
| LIBOR replacement risk | x |  |  |  |  | x |
| Non-diversification risk |  | x |  |  |  |  |
| Portfolio turnover risk | x |  |  |  |  |  |
| Liquidity risk | x | x | x | x | x | x |
| Large redemption risk | x | x | x | x | x | x |
| Taxation risk |  |  | x |  |  |  |

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**Management risk** — The investment performance of a Series depends largely on the skill of key personnel and investment professionals of the Advisor. The Advisor will apply investment techniques and risk analyses in making investment decisions for a Series and there can be no guarantee that these will produce the desired results. The Series' investment strategies permit investments to be made in a broad range of issuers, securities and transactions. Within these parameters, the Advisor will make investment decisions for a Series as it deems appropriate. No assurance can be given that a Series will be successful in obtaining suitable investments, or that if such investments are made, the objectives of the Series will be achieved.

**Market risk** — The risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. The Series' net asset value (NAV) per share will fluctuate with the market prices of its portfolio securities. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Markets for securities in which the Series invests may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect 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, which in turn could negatively impact the Series' performance and cause losses on your investment in the Series. Recent examples include pandemic risks related to COVID-19 and aggressive measures taken worldwide in response by governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines of large populations, and by businesses, including changes to operations and reducing staff. The impact of the COVID-19 pandemic may be short term or may last for an extended period of time, and in either case could result in a substantial economic downturn or recession.

**Equity risk** — The prices of equity securities rise and fall daily. These price movements may result from factors affecting individual companies, industries or the securities market as a whole. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. In addition, the equity market tends to move in cycles which may cause stock prices to fall over short or extended periods of time.

**Large-cap risk** — Large-cap stocks tend to go in and out of favor based on market and economic conditions. The returns on large-cap stocks may underperform other types of investments, such as small- or mid-cap stocks.

**Small- and mid-cap risk** — Small- and mid-cap companies may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small- and

mid-cap companies may have limited product lines, markets and financial resources, and may depend upon a relatively small management group. The securities of smaller companies are often traded in the over-the-counter market and, even if listed on a national securities exchange, the trading market (i.e., the volume of trades on any given day) for such securities may be less active than larger companies listed on that exchange. Consequently, the securities of these companies may be less liquid, may have limited market stability, and may be subject to more abrupt or erratic market movements than the securities of larger, more established companies. As a result, the prices of smaller companies owned by a Series may be volatile.

**Foreign securities risk** — Investments in securities of foreign issuers involve certain risks that are greater than those associated with investments in securities of U.S. issuers. These include risks of adverse changes in foreign economic, political, regulatory and other conditions, or changes in currency exchange rates or exchange control regulations (including limitations on currency movements and exchanges). In certain countries, legal remedies available to investors may be more limited than those available with respect to investments in the United States. The securities of some foreign companies may be less liquid and, at times, more volatile than securities of comparable U.S. companies. The securities of foreign companies may also experience more rapid or extreme changes in value than securities of U.S. companies because the securities markets of many foreign countries are relatively small, with a limited number of companies representing a small number of industries. There also is the risk that the cost of buying, selling, and holding foreign securities, including brokerage, tax, and custody costs, may be higher than those involved in domestic transactions. During any period when foreign securities underperform other types of investments — U.S. securities, for instance — the performance of a Series that holds foreign securities may lag these investments. A Series' investments in foreign securities may be subject to foreign withholding and other taxes. Although in some countries all or a portion of these taxes are recoverable, the non-recovered portion will reduce the income received by a Series. In addition, a Series' investments in foreign securities may increase or accelerate the Series' recognition of ordinary income or may affect the timing or amount of the Series' distributions. Additionally, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may result in the Series having to sell such prohibited securities at inopportune times. Such prohibited securities may have less liquidity as a result of such U.S. Government designation and the market price of such prohibited securities may decline, which may cause the Series to incur losses.

**Emerging markets risk** — Emerging market countries are countries that the World Bank or the United Nations considers to be emerging or developing. Emerging markets may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries. Emerging market countries often have less uniformity in accounting and reporting requirements and unreliable securities valuation. It is sometimes difficult to obtain and enforce court judgments in such countries and there is often a greater potential for nationalization and/or expropriation of assets by the government of an emerging

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market country. In addition, the financial stability of issuers (including governments) in emerging market countries may be more precarious than in other countries. As a result, there will tend to be an increased risk of price volatility associated with a Series' investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar.

**Currency risk** — Investments in securities denominated in, and/or receiving revenues in, foreign currencies will be subject to currency risk. This is the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedged positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the security would be adversely affected. Currencies in non-U.S. countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates; intervention by U.S. or foreign governments, central banks or supranational agencies, such as the International Monetary Fund; or by the imposition of currency controls or other political developments in the United States or abroad.

**Risks related to currency hedging and use of forward contracts** — A hedging strategy relies upon the ability of the Advisor to accurately predict movements in currency exchange rates. In addition, a Series could be exposed to risk if the counterparty to a forward contract is unable to meet the terms of the contract or if the value of the currency changes unfavorably relative to the U.S. dollar. Also, there may not be an exact relationship between changes in the prices of a forward foreign currency exchange contract and the underlying currency. A Series' use of forward contracts is also subject to liquidity risk, which is discussed below.

**Interest rate risk** — Investments in fixed income securities are subject to the risk that interest rates rise and fall over time. As with any investment whose yield reflects current interest rates, a Series' yield will change over time. In a low interest rate environment, the risk of a decline in value of a Series' portfolio securities associated with rising rates is heightened because there may be a greater likelihood of rates increasing, potentially rapidly. In a declining interest rate environment, a Series generally will be required to invest available cash in instruments with lower interest rates than those of the current portfolio securities.

**Credit risk** — Investments in fixed income securities are subject to the risk of a decline in the credit quality of the issuer and the risk that the issuer or guarantor of the security fails to make timely principal or interest payments or otherwise honor its obligations. Below investment-grade bonds (junk bonds) involve greater risks of default or downgrade and are more volatile than investment-grade bonds. Below investment-grade bonds also involve greater risk of price declines than investment-grade securities due to actual or perceived changes in an issuer's creditworthiness. In addition, issuers of below investment-grade bonds may be more susceptible than other issuers to economic downturns. Such bonds are subject to the risk that the issuer may not be able to pay interest or dividends and ultimately to repay principal upon maturity. Discontinuation of these payments could substantially adversely affect the market value of the bonds. Given the total size of the junk bond market, junk bonds can be less liquid than investment grade bonds.

**U.S. Government securities risk** — Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency's own resources and, therefore, such obligations are not backed by the full faith and credit of the United States government. Also, any government guarantees on securities a Series owns do not extend to the shares of the Series itself.

**Mortgage-backed securities risk** — Mortgage-backed securities are sensitive to changes in interest rates, but may respond to these changes differently from other fixed income securities due to the possibility of prepayment of the underlying mortgage loans. As a result, it may not be possible to determine in advance the actual maturity date or average life of a mortgage-backed security. Rising interest rates tend to discourage refinancings, with the result that the average life and volatility of the security will increase, exacerbating its decrease in market price. When interest rates fall, however, mortgage-backed securities may not gain as much in market value because of the expectation of additional mortgage prepayments, which must be reinvested at lower interest rates. Prepayment risk may make it difficult to calculate the average maturity of a Series' mortgage-backed securities and, therefore,to assess the volatility risk of the Series. Commercial mortgage- backed securities are less susceptible to prepayment risk because commercial mortgages may have prepayment penalties or prepayment lock out periods. The repayment of loans secured by income-producing properties, however, is typically dependent upon the successful operation of the related real estate project rather than upon the liquidation value of the underlying real estate or the existence of independent income or assets of the borrower. The privately issued mortgage-backed securities in which a Series invests are not issued or guaranteed by the U.S. Government or its agencies or instrumentalities and may bear a greater risk of nonpayment than securities that are backed by the U.S. Treasury.

**Prepayment and extension risk** — Investments in fixed income securities are subject to the risk that the securities may be paid off earlier or later than expected. Either situation could cause a Series to hold securities paying lower-than-market rates of interest, which could hurt its yield or share price. In addition, rising interest rates tend to extend the duration of certain fixed income securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, a Series may exhibit additional volatility. This is known as extension risk. When interest rates decline, borrowers may pay off their fixed income securities sooner than expected. This can reduce the returns of a Series because it will have to reinvest that money at the lower prevailing interest rates. This is known as prepayment risk.

**High-yield securities risk**—High-yield securities (junk bonds) are highly speculative securities that are usually issued by smaller, less creditworthy and/or highly leveraged (indebted) companies. Compared with investment-grade securities, high-yield securities are considered to carry a greater degree of

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risk and are considered to be less likely to make payments of interest and principal. In particular, lower-quality high-yield securities (rated CCC, CC, C, or unrated securities judged to be of comparable quality) are subject to a greater degree of credit risk than higher-quality high-yield securities and may be near default. High-yield securities rated D are in default. Market developments and the financial and business conditions of the issuers of these securities generally influence their price and liquidity more than changes in interest rates, when compared to investment-grade securities.

**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. If a security purchased by a Series is downgraded below investment grade after purchase, the Advisor will review the security to determine if it remains an appropriate investment.

**Risks of mortgage dollar rolls** — A Series' mortgage dollar rolls could lose money if the price of the mortgage-backed securities sold falls below the agreed upon repurchase price, or if the counterparty is unable to honor the agreement. A Series' use of mortgage dollar rolls may increase its portfolio turnover rate, and may lead to higher transaction costs and increased capital gains for the Series.

**Asset-backed securities risk**— Repayment of asset-backed securities depends largely on the cash flows generated by the assets backing the securities. Asset-backed securities entail prepayment risk, which may vary depending on the type of asset, but is generally less than the prepayment risk associated with mortgage-backed securities. Asset-backed securities present credit risks that are not presented by mortgage-backed securities. This is because asset-backed securities generally do not have the benefit of a security interest in collateral that is comparable in quality to mortgage assets. If the issuer of an asset-backed security defaults on its payment obligations, there is the possibility that, in some cases, a Series will be unable to possess and sell the underlying collateral and that the Series' recoveries on repossessed collateral may not be available to support payments on the security. In the event of a default, a Series may suffer a loss if it cannot sell collateral quickly and receive the amount it is owed.

**Bank loan risks** — Bank loans are, generally, non-investment grade (junk bond) floating rate instruments. In connection with purchasing participations, a Series generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower, and the Series may not benefit directly from any collateral supporting the loan in which it has purchased the participation. As a result, the Series will assume the credit risk of both the borrower and the lender that is selling the participation.

When a Series purchases assignments from lenders, the Series will acquire direct rights against the borrower on the loan. A Series may have difficulty disposing of bank loans because, in certain cases, the market for such instruments is not highly liquid. The lack of a highly liquid secondary market may have an adverse impact on the value of such instruments and on a Series' ability to dispose of the bank loan in response to a specific economic event, such as deterioration in the creditworthiness of the borrower.

Furthermore, transactions in many loans settle on a delayed basis, and the Series may not receive the proceeds from the sale of a loan for a substantial period of time after the sale. As a result, those proceeds will not be available to make additional investments or to meet the Series' redemption obligations. Bank loans may not be considered "securities," and purchasers, such as the Series, therefore may not be entitled to rely on the anti-fraud protections of the federal securities laws.

**Municipal securities risk** — State and local governments rely on taxes and, to some extent, revenues from private projects financed by municipal securities, to pay interest and principal on municipal debt. Poor statewide or local economic results or changing political sentiments may reduce tax revenues and increase the expenses of municipal issuers, making it more difficult for them to meet their obligations. To the extent that a Series invests in municipal securities from a given state or geographic region, its share price and performance could be affected by local, state and regional factors, including natural disasters and terrorist activities, erosion of the tax base and changes in the economic climate. Also, there may be economic or political changes that impact the ability of issuers of municipal securities to repay principal and to make interest payments on securities owned by a Series. Any changes in the financial condition of municipal issuers also may adversely affect the value of a Series' securities. Tax exempt municipal securities are securities the income from which, in the opinion of the securities' counsel, is exempt from federal income tax, including the AMT, and certain state income taxes. Neither the Advisor nor the Series guarantee that these opinions are correct, and there is no assurance that the IRS will agree with such counsel's opinion. If certain types of investments a Series buys as tax- exempt are later ruled to be taxable, a portion of that Series' income could be taxable.

**Options risk** — A Series' use of options involves risks different from, and possibly greater than, the risks associated with investing directly in securities and other traditional investments. Risks associated with a Series' use of options include: (i) there may be an imperfect or no correlation between the movement in prices of options and the instruments underlying them; (ii) the buyer of an option assumes the risk of losing the entire premium invested in the option; (iii) while a Series will receive a premium when it writes covered call options, it may not participate fully in a rise in the market value of the underlying security; and (iv) there may not be a liquid secondary market for options. Liquidity risk is further described below.

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**Futures risk** — A Series' use of futures involves risks different from, and possibly greater than, the risks associated with investing directly in securities and other traditional investments. Risks associated with a Series' use of futures contracts include: (i) futures involve a high degree of leverage because they require only a small initial investment in the form of a deposit or margin; (ii) there may be an imperfect or no correlation between the movement in prices of futures and the instruments underlying them; (iii) there may not be a liquid secondary market for futures; (iv) trading restrictions or limitations may be imposed by an exchange; and (v) government regulations may restrict trading in futures. Liquidity risk is further described below.

**Swaps risk** — A Series' use of swaps involves risks different from, and possibly greater than, the risks associated with investing directly in securities and other traditional investments. Risks associated with a Series' use of swaps include: (i) swaps may involve a high degree of leverage because they are usually entered into without an initial payment, but can create investment exposures on their notional amounts; (ii) there may be an imperfect or no correlation between the movement in prices of swaps and the instruments underlying them; (iii) the counterparty to a swap may default or otherwise become unable to honor its obligation to a Series; (iv) swaps may be difficult to value; and (v) there may not be a liquid secondary market for swaps. Liquidity risk is further described below.

**Risks related to ETFs** — ETFs, like mutual funds, have expenses associated with their operation, including advisory fees. When a Series invests in an ETF, in addition to directly bearing expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses. 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.

**Preferred stock risk** — Preferred stocks are sensitive to interest rate changes, and are also subject to equity market risk, which is the risk that stock prices will fluctuate and can decline and reduce the value of a Series' investment. The rights of preferred stocks on the distribution of a corporation's assets in the event of a liquidation are generally subordinate to the rights associated with a corporation's debt securities. Preferred stock may also be subject to prepayment risk similar to fixed income securities.

**Real estate investment risk** — Real estate securities are subject to the risks associated with the direct ownership of real estate, including, among others, declines in the value of real estate; risks related to general and local economic conditions; possible lack of availability of mortgage funds; lack of ability to access the credit or capital markets; overbuilding; extended vacancies of properties; defaults by borrowers or tenants, particularly during an economic downturn; increasing competition; increases in property taxes and operating expenses; changes in zoning laws; losses due to costs resulting from the clean-up of environmental problems; liability to third parties for damages resulting from environmental problems; casualty or condemnation losses; limitations on rents; changes in market and sub-market values and the appeal of properties to tenants; and changes in interest rates.

**Risks related to real estate companies** — The following risks may apply to all real estate companies (RECs) or specifically to real estate investment trusts (REITs):

&nbsp;&nbsp;&nbsp;&nbsp;•Investments in RECs are subject to the risks associated with the direct ownership of real estate, which are described above.

&nbsp;&nbsp;&nbsp;&nbsp;•RECs are dependent upon specialized management skills and may have their investments in relatively few properties, or in a small geographic area or a single property type.

&nbsp;&nbsp;&nbsp;&nbsp;•RECs are subject to heavy cash flow dependency and defaults by borrowers.

&nbsp;&nbsp;&nbsp;&nbsp;•U.S. REITs could possibly fail to qualify for tax free pass-through of income under the Code, or to maintain their exemptions from registration under the Investment Company Act of 1940 (1940 Act). The failure of a company to qualify as a REIT under federal tax law or to maintain its exemption from registration under the 1940 Act may have adverse consequences.

&nbsp;&nbsp;&nbsp;&nbsp;•In the event of a default by a borrower or lessee, a REC may experience delays in enforcing its rights as a mortgagee or lessor and may incur substantial costs associated with protecting its investments.

&nbsp;&nbsp;&nbsp;&nbsp;•RECs have their own expenses, and a Series will bear a proportionate share of those expenses.

&nbsp;&nbsp;&nbsp;&nbsp;•RECs may be affected by changes in the value of the underlying properties in their portfolios. Mortgage REITs may also be affected by the credit quality of any loans in their portfolios.

&nbsp;&nbsp;&nbsp;&nbsp;•REITs are subject to substantial dividend requirements which may result in a need to raise additional capital or face self-liquidation.

**Risks of initial public offerings** — The market value of IPO shares will fluctuate considerably due to factors such as the absence of a prior public market, unseasoned trading, the small number of shares available for trading, and limited information about the issuer. The purchase of IPO shares may involve high transaction costs. IPO shares are subject to market risk and liquidity risk. In addition, the market for IPO shares can be speculative and/or inactive for extended periods of time. The limited number of shares available for trading in some IPOs may make it more difficult for a Series to buy or sell significant amounts of shares without an unfavorable impact on prevailing prices. Investors in IPO shares can be affected by substantial dilution in the value of their shares by sales of additional shares and by concentration of control in existing management and principal shareholders. When a Series' asset base is small, a significant portion of its performance could be attributable to investments in IPOs because such investments would have a magnified effect on the Series. As a Series' assets grow, the effect of the Series' investments in IPOs on the Series' performance probably will decline, which could reduce the Series' performance. Because of the price volatility of IPO shares, a Series may choose to hold IPO shares for a very short

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period of time. This may increase the turnover of the Series' portfolio and lead to increased expenses to the Series, such as commission and transaction costs. By selling IPO shares, a Series may realize taxable gains it will subsequently distribute to shareholders.

**Inflation protected security risk** — The value of inflation protected securities, including TIPS, generally will fluctuate in response to changes in "real" interest rates, generally decreasing when real interest rates rise and increasing when real interest rates fall. Real interest rates represent nominal (or stated) interest rates reduced by the expected impact of inflation. In addition, the principal values of inflation protected securities, and the interest payments based thereon, are periodically adjusted up or down along with the rate of inflation. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed by the United States Treasury in the case of TIPS. For securities that do not provide a similar guarantee, the adjusted principal value of the security to be repaid at maturity is subject to credit risk.

**Convertible securities risk** — The value of a convertible security is influenced by changes in interest rates, with investment value declining as interest rates increase and increasing as interest rates decline, and the credit standing of the issuer. The price of a convertible security will also normally vary in some proportion to changes in the price of the underlying common stock because of the conversion or exercise feature. Convertible securities may also be rated below investment grade ("junk bond") or may not be rated, and are subject to credit risk, which is discussed above.

**Sector focus risk** — To the extent a Series focuses or concentrates its investments in a particular sector or sectors, the Series will be more susceptible to events or factors affecting companies in those sectors. For example, the values of securities of companies in the same sector may be negatively affected by the common characteristics they share, the common business risks to which they are subject, common regulatory burdens, or regulatory changes that affect them similarly. Such characteristics, risks, burdens or changes include, but are not limited to, changes in governmental regulation, inflation or deflation, rising or falling interest rates, competition from new entrants, and other economic, market or political developments specific to the particular sector or sectors.

**LIBOR replacement risk** — The U.K. Financial Conduct Authority stopped compelling or inducing banks to submit certain London Inter-Bank Offered Rate ("LIBOR") rates and expects to do so for the remaining LIBOR rates immediately after June 30, 2023. The elimination of the LIBOR may adversely affect the interest rates on, and value of, certain Series investments for which the value is tied to LIBOR. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies. The U.S. Federal Reserve, based on the recommendations of the New York Federal Reserve's Alternative Reference Rate Committee (comprised of major derivative market participants and their regulators), has

begun publishing a Secured Overnight Financing Rate ("SOFR"), which is intended to replace U.S. dollar LIBOR. Alternative reference rates for other currencies have also been announced or have already begun publication. Markets are slowly developing in response to these new rates. Questions around liquidity impacted by these rates, and how to appropriately adjust these rates at the time of transition, remain a concern for the Series. The effect of any changes to, or discontinuation of, LIBOR on the Series will vary depending on, among other things, (1) existing fallback or termination provisions in individual contracts and (2) whether, how, and when industry participants develop and adopt new reference rates and fallbacks for both legacy and new products and instruments. Accordingly, it is difficult to predict the full impact of the transition away from LIBOR on the Series until new reference rates and fallbacks for both legacy and new products, instruments and contracts are commercially accepted.

**Non-diversification risk** — The Credit Series is non-diversified which means that it may invest in the securities of relatively few issuers. As a result, the Series may be susceptible to a single adverse economic, political or regulatory occurrence affecting one or more of those issuers, and may experience increased volatility due to its investments in those securities. However, the Credit Series intends to satisfy the asset diversification requirements for qualification as a regulated investment company ("RIC") under Subchapter M of the Code.

**Portfolio turnover risk** — Active and frequent trading of portfolio securities often involves higher expenses, including brokerage commissions, and may increase the amount of capital gains (in particular, short term gains) realized by a Series. Shareholders may pay tax on such capital gains.

**Liquidity risk** — Liquidity risk exists when particular investments are difficult to purchase or sell. The market for certain investments may become illiquid due to specific adverse changes in the conditions of a particular issuer or under adverse market or economic conditions independent of the issuer, including declines in dealer market-making capacity for fixed income securities. A Series' investments in illiquid securities may reduce the returns of that Series because it may be unable to sell the illiquid securities at an advantageous time or price. Further, transactions in illiquid securities may entail transaction costs that are higher than those for transactions in liquid securities.

**Large redemption risk** — Certain institutions or individuals may from time to time own (beneficially or of record) or control a significant percentage of a Series' shares. Redemptions by these institutions or individuals in a Series may impact the Series' liquidity and NAV. These redemptions may also force a 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.

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**Taxation risk** — In order to pay tax exempt interest, tax exempt securities must meet certain legal requirements. Failure to meet such requirements may cause the interest received and distributed by the Diversified Tax Exempt Series to shareholders to be taxable. Changes or proposed changes in federal tax laws may cause the prices of tax exempt securities to fall. While the Diversified Tax Exempt Series intends, under normal circumstances, to invest at least 50% of its net assets in municipal securities that pay interest that is exempt from federal income tax in order to meet the requirements necessary to pay out exempt-interest dividends to its shareholders, if the Series fails to meet this requirement, the income distributions resulting from all of its investments, including its municipal securities, may be subject to federal income tax when received by shareholders. The Diversified Tax Exempt Series will rely on the opinion of issuers' bond counsel on the tax exempt status of interest on municipal bond obligations. Neither the Diversified Tax Exempt Series nor the Advisor will independently review the bases for those tax opinions, which may ultimately be determined to be incorrect and subject the Series and its shareholders to additional tax liabilities.

Defensive Investing

Each Series may depart from its principal investment strategies by taking temporary defensive positions in response to adverse market, economic or political conditions. During such times, a Series may invest up to 100% of its assets in cash, cash equivalents or other high quality short-term investments. If a Series takes a temporary defensive position, it may be unable to achieve its investment goal.

Investment Strategy and Goal

The investment goals (described above under "Investment Goal" in each Series' summary section), of the Diversified Tax Exempt Series and High Yield Bond Series are fundamental policies and may not be changed without obtaining the approval of the respective Series' shareholders.

The investment goals of the Core Bond Series, Credit Series, Real Estate Series, and Unconstrained Bond Series are not fundamental policies, and the Series' Board of Directors may change these goals without obtaining the approval of the shareholders of these Series. If there is a material change in a non-fundamental investment goal of a Series, shareholders will be notified thirty (30) days prior to any such change and will be advised to consider whether the Series remains an appropriate investment in light of their then current financial position and needs.

The Series may not succeed in achieving their goals.

Each of the Core Bond Series, Credit Series, High Yield Bond Series, Real Estate Series, and Unconstrained Bond Series will notify its shareholders at least sixty (60) days before changing its investment strategy to invest, under normal circumstances, at least 80% of its assets in the type of securities suggested by its name.

More Information About the Series' Benchmark Indexes

The following information relates to the various indexes referred to in the Performance Information sections of this prospectus. Index data provided is not a representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent. The returns of the indices do not reflect any fees or expenses. You cannot invest directly in an index.

Index data comes from third parties ("Third Party Content"). While we believe these Third-Party Content sources are reliable, we make no representations or warranties as to the Third-Party Content. All Third-Party Content is to be used solely for informational purposes and is provided on an "AS IS" basis. Manning & Napier will not be liable for the use of any Third-Party Content and Manning & Napier's use of Third-Party Content shall not be construed as an endorsement of or affiliation with any Third-Party Content provider.

Some additional disclosures for our Third-Party Content providers are set forth below:

Bloomberg

The Bloomberg U.S. Aggregate Bond Index is an unmanaged, market-value weighted index of U.S. domestic investment-grade debt issues, including government, corporate, asset-backed, and mortgage-backed securities, with maturities of one year or more. Index returns provided by Intercontinental Exchange (ICE).

The Bloomberg U.S. Intermediate Credit Index is an unmanaged, market-value weighted index of investment-grade U.S. dollar-denominated, fixed-rate, taxable corporate and government-related debt with less than ten years to maturity. It is composed of a corporate and non-corporate component that includes non-U.S. agencies, sovereigns, supranationals and local authorities. Index returns provided by Intercontinental Exchange (ICE).

The Bloomberg Municipal 1-15 Year Bond Index covers the USD-denominated long-term, tax-exempt bond market, with maturities of 1-15 years, including state and local general obligation bonds, revenue bonds, insured bonds and pre-refunded bonds. Index returns provided by Bloomberg.

"Bloomberg<sup>®</sup>", Bloomberg U.S. Aggregate Bond Index, Bloomberg U.S. Intermediate Credit Index and Bloomberg Municipal 1-15 Year Bond Index, are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited ("BISL"), the administrator of the index (collectively, "Bloomberg") and have been licensed for use for certain purposes by Manning & Napier. Bloomberg is not affiliated with Manning & Napier, and Bloomberg does not approve, endorse, review, or recommend the Series. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to the Series.

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ICE

The Intercontinental Exchange ("ICE") Bank of America ("BofA") 1-12 Year Municipal Bond Index is a subset of the ICE BofA U.S. Municipal Securities Index. The Index includes all U.S. dollar denominated investment grade tax-exempt debt with a remaining term to final maturity greater than one year, but less than twelve years. Qualifying securities must have at least 18 months to final maturity at the time of issuance and a fixed coupon schedule. Index returns provided by Intercontinental Exchange (ICE).

The Intercontinental Exchange (ICE) Bank of America (BofA) U.S. Cash Pay High Yield Index tracks the performance of U.S. dollar denominated below investment grade corporate debt, currently in a coupon paying period, issued in the U.S. domestic market. Qualifying securities must have at least one year remaining term to final maturity as of the rebalancing date, at least 18 months to final maturity at the time of issuance, a fixed coupon schedule, and a minimum amount outstanding of $250 million. Index returns provided by Bloomberg.

Source ICE Data Indices, LLC ("ICE DATA"), is used with permission. ICE<sup>®</sup> is a registered trademark of ICE Data or its affiliates and BOFA<sup>®</sup> is a registered trademark of Bank of America Corporation Licensed by Bank of America Corporation and its affiliates ("BOFA") and may not be used without BOFA's prior written approval. ICE Data, its affiliates and their respective third party suppliers disclaim any and all warranties and representations, express and/or implied, including any warranties of merchantability or fitness for a particular purpose or use, including the indices, index data and any data included in, related to, or derived therefrom. Neither ICE Data, its affiliates nor their respective third party suppliers shall be subject to any damages or liability with respect to the adequacy, accuracy, timeliness or completeness of the indices or the index data or any component thereof, and the indices and index data and all components thereof are provided on an "as is" basis and your use is at your own risk. ICE Data, its affiliates and their respective third party suppliers do not sponsor, endorse, or recommend Manning & Napier, or any of its product and services.

MSCI

The MSCI U.S. Real Estate Investment Trust Index is a free float-adjusted market capitalization index that is comprised of equity REITs that are classified in the Equity REITs Industry under the GICS<sup>®</sup> Real Estate Sector. The Index returns are net of withholding taxes. Index returns provided by Bloomberg.

Source: MSCI. Neither MSCI nor any other party involved in or related to compiling, computing or creating the MSCI data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such data. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any third party involved in or related to compiling, computing or creating the data have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. No further distribution or dissemination of the MSCI data is permitted without MSCI's express written consent.

Russell

The FTSE 3-Month Treasury Bill Index is an unmanaged index based on 3-Month U.S. treasury bills. The Index measures the monthly return equivalents of yield averages that are not marked to market. Index returns provided by Intercontinental Exchange (ICE).

Source: London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2023. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" is a trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

**Management**

The Advisor

The Series' advisor is Manning & Napier Advisors, LLC, 290 Woodcliff Drive, Fairport, New York 14450 ("Manning & Napier" or the "Advisor"). Manning & Napier is registered as an investment advisor with the SEC. The Advisor has claimed an exclusion from the definition of the term "commodity pool operator" (CPO) under the Commodity Exchange Act (CEA) with respect to the Series. Therefore, the Series are not subject to registration or regulation under the CEA.

As of December 31, 2022, Manning & Napier managed $17.9 billion for individual and institutional investors. The Advisor is responsible for the day-to-day portfolio management of the Series and generally oversees the Series' overall business affairs, service providers and officers.

Portfolio Managers

The following investment professionals serve on the Series' Portfolio Management Teams, as noted. Each Portfolio Management Team member is jointly and primarily responsible for making investment decisions for the respective Series.

**Elizaveta Akselrod, Senior Analyst, Fixed Income Group**

Joined the Advisor in 2006. Senior Analyst since 2021. Previous position held in the last five years: Analyst, Fixed Income Group, 2015 – 2020. Member of the following Portfolio Management Team: Tax Exempt Series (since 2015).

**Marc Bushallow, CFA<sup>®</sup>** **, Managing Director of Fixed Income**

Joined the Advisor in 2008. Managing Director of Fixed Income since 2015. Member of the following Portfolio Management Teams: Core Bond Series (since 2008); Unconstrained Bond Series (since 2008); High Yield Bond Series (since 2008); Tax Exempt Series (since 2015); and Credit Series (since 2020).

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**Brad Cronister, CFA<sup>®</sup>** **, Senior Analyst**

Joined the Advisor in 2010. Senior Analyst since 2021. Previous positions held in the last five years: Analyst, 2017 – 2020. Member of the following Portfolio Management teams: Core Bond Series (since 2021) and Unconstrained Bond Series (since 2021).

**Scott Friedman, CFA<sup>®</sup>** **, Senior Analyst**

Joined the Advisor in 2008. Senior Analyst since 2021. Previous positions held in last five years: Analyst 2019-2021; Junior Analyst 2016 – 2018. Member of the following Portfolio Management Teams: High Yield Bond Series (since 2021).

**R. Keith Harwood, Director of Credit Research**

Joined the Advisor in 1997. Director of Credit Research since 2015. Member of the following Portfolio Management Teams: High Yield Bond Series (since 2003); Core Bond Series (since 2005); Unconstrained Bond Series (since 2005); and Credit Series (since 2020).

**Joseph R. Rydzynski, CFA<sup>®</sup>** **, Senior Analyst, Real Estate Group**

Joined the Advisor in 2009. Senior Analyst since 2021. Previous positions held in last five years: Analyst 2019-2021; Junior Analyst, Equity Income Group, 2015 – 2019. Member of the following Portfolio Management Team: Real Estate Series (since 2015).

**Corey A. Van Lare, CFA<sup>®</sup>** **, Senior Analyst, Real Estate Group**

Joined the Advisor in 2011. Senior Analyst since 2021. Previous positions held in the last five years: Analyst, Real Estate Group, 2019 – 2020; Junior Analyst, Equity Income Group, 2017 – 2019; Senior Research Associate. Member of the following Portfolio Management Team: Real Estate Series (since 2018).

The Statement of Additional Information (SAI) contains additional information about the Series' management team, including the structure of their compensation, their role in managing other accounts, and their ownership of securities in the Series.

Discretionary Investment Accounts

The Advisor and its affiliates may use the Series within its client's discretionary investment accounts. From time to time, these discretionary accounts may hold a substantial portion of the outstanding shares of the Series, and transactions in shares of the Series for such accounts may have an impact upon the size and operations of the Series. For instance, transactions in shares of the Series for these accounts may cause the Series' portfolio turnover rate and transaction costs to rise, which may negatively affect fund performance and increase the likelihood of capital gain distributions. In addition, the Series' assets may be significantly less during times when these discretionary accounts are not invested in the Series, which would cause the Series' remaining shareholders to bear greater portions of the Series' fixed operating expenses, subject to any fee waiver then in effect.

Management Fees

In return for services it provides to each Series, the Advisor receives an annual management fee, which is computed daily and payable monthly by each Series as described below. The Advisor has contractually agreed to waive the management fee

for the Class W shares. In addition, the Advisor has contractually agreed to limit total direct annual fund operating expenses, exclusive of Rule 12b-1 Fees (as defined below) and waived Class W management fees (collectively, "excluded expenses"), as shown below. 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.

A discussion regarding the basis for the Board of Directors' approval of each Series' investment advisory agreement is available in the Series' annual report dated December 31, 2022, which covers the period January 1, 2022 through December 31, 2022.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; ANNUAL MANAGEMENT FEE <br>(AS A PERCENTAGE OF AVERAGE DAILY NET ASSETS) | &nbsp;&nbsp; ANNUAL MANAGEMENT FEE <br>(AS A PERCENTAGE OF AVERAGE DAILY NET ASSETS) | &nbsp;&nbsp; ANNUAL MANAGEMENT FEE <br>(AS A PERCENTAGE OF AVERAGE DAILY NET ASSETS) | &nbsp;&nbsp; ANNUAL MANAGEMENT FEE <br>(AS A PERCENTAGE OF AVERAGE DAILY NET ASSETS) | &nbsp;&nbsp; ANNUAL MANAGEMENT FEE <br>(AS A PERCENTAGE OF AVERAGE DAILY NET ASSETS) |
| Series | Contractual<br>Management<br>Fee | Contractual<br>Expense<br>Limitation |  | Actual Management Fee Paid for Year Ended 12/31/2022<sup>1</sup> |
| Core Bond Series | 0.25% | Class I and S<br> Class W<br> Class Z | 0.45%<br> 0.05%<br> 0.30%  | 0.00%\* |
| Credit Series | 0.25% | Class W | 0.10%  | 0.00%\* |
| Diversified Tax Exempt Series | 0.50% | Class A<br> Class W | 0.85%<br> 0.35%  | 0.01% |
| High Yield Bond Series | 0.40% | Class I and S<br> Class W<br> Class Z | 0.65%<br> 0.10%<br> 0.50%  | 0.21% |
| Real Estate Series | 0.60% | Class I and S<br> Class W<br> Class Z | 0.85%<br> 0.10%<br> 0.70%  | 0.14% |
| Unconstrained Bond Series | 0.30% | Class I and S<br> Class W<br> Class Z | 0.50%<br> 0.05%<br> 0.35%  | 0.04% |

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\*Less than 0.01%.

<sup>1</sup>Reflects the actual amount paid, including the effects of fee waivers and expense reimbursements.

The Distributor

The Series' shares are offered on continuous basis through the Fund's principal underwriter, Manning & Napier Investor Services, Inc. (the Distributor).

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**Payments to Broker-Dealers and Other Financial Intermediaries**

Distribution and Shareholder Service (12b-1) Fees

Class S shares of the Series are subject to an annual distribution and shareholder services fee (a Rule 12b-1 Fee) of up to 0.25% of the Class's average daily net assets in accordance with a distribution and shareholder services plan (the Rule 12b-1 Plan) adopted by the Fund's Board of Directors pursuant to Rule 12b-1 under the 1940 Act. The Rule 12b-1 Fee is intended to compensate the Distributor for services and expenses primarily intended to result in the sale of Class S shares and/or in connection with the provision of direct client service, personal services, maintenance of shareholder accounts and reporting services to holders of Class S shares of the Series. Generally, the Rule 12b-1 Fee will not be retained by the Distributor but will instead be reallowed to financial intermediaries who provide these services.

Expenses and services for which the Distributor or another intermediary or agent may be compensated include, without limitation, expenses (including overhead and telephone expenses) of, and compensation to, employees of the Distributor or of intermediaries who engage in distribution or servicing of Class S shares, printing of prospectuses and reports for other than existing Class S shareholders, advertising, preparing, printing and distributing sales literature and forwarding communications from the Fund to such persons. The Rule 12b-1 Plan is of the type known as a "compensation" plan. This means that the fees are payable to compensate the Distributor or intermediary for services rendered even if the amount paid exceeds the Distributor's or intermediary's expenses. Because these fees are paid out of the Series' assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than other types of sales charges.

Other share classes are not subject to a Rule 12b-1 Fee.

Other Payments by the Fund

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 Rule 12b-1 Fee payable under the Rule 12b-1 Plan of the Fund.

Payments by the Advisor and/or its Affiliates

The Advisor may use its own resources to engage in activities that may promote the sale of the Series' shares, including payments, or other forms of incentives such as discounted fees for products or services of affiliates, to third parties who provide services such as shareholder servicing, marketing support, and distribution assistance to the Series. These fees or other incentives are in addition to any payments made to financial intermediaries by the Fund. The level of payments made to financial intermediaries may be a fixed fee or based upon one or more of the following factors: gross sales, current assets and/or number of accounts of the Series attributable to the financial intermediary, the particular type of Series, or other measures as agreed to in writing by the Advisor, the Distributor and/or their affiliates and the financial intermediaries or any combination thereof. The amount of these payments is determined at the discretion of the Advisor, the Distributor and/or their affiliates from time to time and may be different for different financial intermediaries based on, for example, the nature of the services provided by the financial intermediary.

The Advisor may also, from its own resources, defray or absorb costs relating to distribution, including compensation of employees who are involved in distribution. These payments or discounts may be substantial but are paid or discounted by the Advisor or its affiliates, not by a Series or its shareholders. Such payments may provide an incentive for the financial intermediary to make shares of a Series available to its customers and may allow a Series greater access to the financial intermediary's customers, and may create a conflict of interest by influencing the financial intermediary to recommend a Series over another investment.

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**Choosing a Share Class**

The Core Bond Series, High Yield Bond Series, Real Estate Series, and Unconstrained Bond Series offer four classes of shares: Class I, Class S, Class W, and Class Z shares. The Diversified Tax Exempt Series offer two classes of shares: Class A shares and Class W shares. The Credit Series offers one class of shares: Class W shares. Each share class has its own investment eligibility criteria, cost structure and other features. The following summarizes the primary features of the Class I, Class S, Class A, Class W, and Class Z shares. Contact your financial intermediary or the Fund for more information about the Series' share classes and how to choose among them.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; CLASS NAME | &nbsp;&nbsp; ELIGIBLE INVESTORS | &nbsp;&nbsp; INVESTMENT MINIMUMS | &nbsp;&nbsp; DISTRIBUTION <br>AND SERVICES<br>(12B-1) FEE |
| &nbsp;&nbsp; Class I | &nbsp;&nbsp; Institutions, such as investment companies, foundations, endowments, banks, trusts and corporate capital and cash management accounts; employee benefit plans; individual investors; and certain financial intermediaries. | &nbsp;&nbsp; Initial – $1,000,000 <br>Minimum Balance Requirement $1,000,000 |  |
| &nbsp;&nbsp; Class S | &nbsp;&nbsp; Individual or institutional investors; employee benefit plans, such as defined benefit plans, defined contribution plans, and 401(k) plans; and certain financial intermediaries. | &nbsp;&nbsp; Initial – $2,000 <br>Minimum Balance Requirement <br> $1,000 | &nbsp;&nbsp; 0.25% |
| &nbsp;&nbsp; Class A | &nbsp;&nbsp; Individual or institutional investors and certain financial intermediaries. | &nbsp;&nbsp; Initial – $2,000 <br>Minimum Balance Requirement <br> $1,000 |  |
| &nbsp;&nbsp; Class W | &nbsp;&nbsp; The Advisor's discretionary investment account clients and other funds managed by the Advisor. | &nbsp;&nbsp; Initial – None <br> Minimum Balance Requirement <br> None |  |
| &nbsp;&nbsp; Class Z | &nbsp;&nbsp; Institutions, such as investment companies, foundations, endowments, banks, trusts and corporate capital and cash management accounts; employee benefit plans; individual investors; and certain financial intermediaries. | &nbsp;&nbsp; Initial – $1,000,000 <br>Minimum Balance Requirement $1,000,000 |  |

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The minimum initial investment and minimum balance requirements for Class I, Class S, and Class Z shares are waived for certain qualified retirement plans and the Advisor's discretionary investment account clients. The minimum initial investment and minimum balance requirements for Class A shares are waived for discretionary investment accounts of the Advisor. In addition, the minimum investment and minimum balance requirements of the Class S and Class A shares are waived for participants in an automatic investment program who invest at least $1,000 in a 12-month period. The Fund reserves the right to change or waive a Class's investment minimums in its sole discretion.

Class I, Class S, Class A, and Class Z shares are available for direct investment from the Fund or through certain financial intermediaries that have entered into an agreement with the Fund's Distributor. Financial intermediaries include financial planners, investment advisors, broker-dealers or other financial institutions. An investor may be eligible to purchase more than one share class. However, if you are purchasing your shares through a financial intermediary, you may only purchase that

class of shares which your financial intermediary sells or services. Your financial intermediary can tell you which class of shares is available through the intermediary.

If you purchase your shares through an intermediary, your financial intermediary may impose different or additional conditions than the Series on purchases, redemptions and exchanges of shares. These differences may include initial, subsequent and maintenance investment requirements, exchange policies, and trading restrictions. Your financial intermediary may independently establish and charge you fees, which may include commissions, transaction fees and account fees in addition to the fees charged by the Series. These additional fees may vary over time and would increase the cost of your investment and lower investment returns. You should consult your financial intermediary directly for information regarding these conditions and fees. The Series are not responsible for the failure of your financial intermediary to carry out its responsibilities.

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You or your financial intermediary may request that the shares in your account be converted to another share class with lower total expenses if you meet the eligibility requirements of the other share class. In addition, certain financial intermediaries have arranged for the Fund to automatically implement such conversions in specified circumstances for shares held through the financial intermediary or in an account established directly with the Fund through the financial intermediary.

The Fund reserves the right to determine which potential investors qualify as eligible investors for each share class. Shares of a class held by a non-eligible investor are subject to involuntary redemption by the Fund.

If your account no longer meets the minimum balance requirement for a share class, the Fund may automatically convert the shares in the account to another share class or redeem your shares, as appropriate. The Fund will notify you in writing before any mandatory conversion or redemption occurs.

**How to Buy, Exchange, and Redeem Shares**

Actions by Authorized Representative

Shareholders who establish an account directly with the Fund through a financial intermediary have authorized the registered representative of such intermediary indicated on the account application or subsequent documentation to perform transactions in the Series' shares and certain account maintenances on behalf of the shareholders.

Discretionary Investment Accounts

For discretionary investment account clients of the Advisor or its affiliates, investment decisions pertaining to purchases and sales of Fund shares are made at the Advisor's discretion.

All orders to purchase and redeem shares on behalf of discretionary investment account clients of the Advisor and its affiliates will be processed at the NAV next determined after receipt by the transfer agent of a duly completed purchase or redemption order transmitted by the Advisor to the transfer agent. There is no minimum initial investment for the Advisor's discretionary investment account clients.

The instructions provided below apply to all other investors.

How to Obtain Forms

You can obtain the forms referenced in the following sections by going to the Fund's website at www.manning-napier.com/fundapps or by calling 1-800-466-3863.

How to Buy Shares

Shareholders holding shares through a financial intermediary should contact their intermediary to learn how to place orders to buy shares. Shareholders holding shares directly with the Fund may purchase shares directly from the Fund, as described below.

The initial minimum investment for the Series' Class S shares and Class A shares is $2,000. The initial minimum investment for the Series' Class I and Class Z shares is $1,000,000. There is no minimum initial investment for the Series' Class W shares, which are only available to the Advisor's discretionary investment account clients. The minimum initial investments of Class I, Class S and Class Z shares are waived for certain qualified retirement plans. In addition, the Class S and Class A shares investment minimum is waived for participants in an automatic investment program who invest at least $1,000 in a 12-month period. The minimum initial investments of the Class I, Class S, Class A and Class Z shares are waived for the Advisor's discretionary investment account clients. Employees, officers and directors of the Advisor or its affiliates, and family members of such persons, are not subject to any minimum initial investment in the Series.

The Fund reserves the right to change or waive the Series' investment minimums in its sole discretion. The Fund also reserves the right to reject purchase orders or to stop offering its shares without notice to shareholders. The Fund does not generally accept investments by non-U.S. persons or certain U.S. persons living outside the U.S. Such persons may be permitted to invest in the Fund under certain limited circumstances.

Check Acceptance Policy

The Fund reserves the right to reject certain forms of payment for share purchases. Investments that are received in an unacceptable form will be returned. The Fund maintains a check acceptance policy for share purchases. Checks must be made payable to the Manning & Napier Fund, Inc. and must be in U.S. dollars. The Fund will not accept cash, third party checks, starter checks, travelers checks, credit card checks or money orders.

Customer Identification Policy

Shareholder information is subject to independent identity verification and may be shared, as permitted by law and the Fund's Privacy Policy, for identifying and reporting suspected money laundering and terrorist activity. Please review your account application for additional information.

The Fund will not accept a P.O. Box as a primary address. A physical address must be used. A P.O. Box may be used as a mailing address only.

**By Mail**

*Opening an account*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Send a check payable to Manning & Napier Fund, Inc. with the completed original account application.

The address is:

Manning & Napier Fund, Inc.

P.O. Box 534449 Pittsburgh, PA 15253-4449

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•To request an account application, refer to the section *How to Obtain Forms*.

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*Adding to an account*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Send a check payable to Manning & Napier Fund, Inc. and a letter of instruction with the name of the Series and share class to be purchased and the account name and number to the above address.

**By Wire**

*Opening or adding to an account*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•After the Fund has received your completed account application, you may wire funds to open or add shares to your account. Before sending a wire, call 1-800-466-3863 for wire instructions. Wire instructions are also available at www.manning-napier.com/fundapps under the General Forms section. Refer to the "Delivery Instructions."

**By Telephone**

*Adding to an Account*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•You may use the Telephone Purchase feature to add to an existing account. To use this service, call 1-800-466-3863 to request a debit from your pre-authorized checking account. Your bank must be a member of the Automated Clearing House (ACH) to use this feature. Any purchases made through this feature will be posted to your account at the NAV calculated when your purchase request is determined to be in good order (generally on the next business day after your call that both the NYSE and banks are open).

**Through the Internet**

*Adding to an Account*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•If you are a registered user of the Fund's website, you may use the Internet to add to an existing account by requesting a debit from your bank account. To use this service, go to www.manning-napier.com, click on the "login" button in the top right-hand corner of the screen, then click on "Mutual Fund" to be directed to the secure sign-in screen. Once logged in, click on the "Trading" tab and follow the prompts. Any purchases made through this feature will be posted to your account at the NAV calculated when your purchase request is determined to be in good order (generally on the next business day after your order that both the NYSE and banks are open).

Automatic Investment Plan

You may participate in the Automatic Investment Plan by completing the applicable section of the account application (for new accounts) or by completing the appropriate section of the form titled "Account Maintenance Form – Financial EFT Bank Change" (for existing accounts). Through the plan, you can authorize transfers of a specified amount from your bank account into a Series on a regular basis. The minimum amount of each investment is $25. If you have insufficient funds in your account to complete a transfer, your bank may charge you a fee. To request an account application or form, refer to the section *How to Obtain Forms*.

How to Exchange Shares

Subject to the conditions discussed in the "Excessive Trading" section below, shareholders may exchange shares of a Series for a class of shares of any other Series of the Fund currently available for investment if the registration of both accounts is identical and the exchange order and shareholder meet the minimum investment and other requirements for the Series and class into which they are exchanging. Please read the prospectus of the Series into which you wish to exchange prior to requesting the exchange. The Fund may alter, limit or suspend its exchange privilege on 60 days' notice.

The Fund's exchange privilege is not intended as a vehicle for short-term or excessive trading. The Fund may suspend or terminate your exchange privilege if you engage in a pattern of exchanges that is excessive, as determined in the sole discretion of the Fund. For more information about the Fund's policy on excessive trading, see "Excessive Trading."

An exchange involves a redemption of shares surrendered in the exchange, and therefore it may cause the shareholder to realize a gain that may be subject to income tax. However, an exchange between share classes in the same Series is not reported as a taxable sale.

Shareholders holding shares through a financial intermediary should contact their financial intermediary to learn how to place orders to exchange shares. Shareholders holding shares directly with the Fund may exchange shares directly with the Fund, as described below.

**By Mail**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Send a letter of instruction or a completed "Fund Exchange Request Form" to Manning & Napier Fund, Inc. at the address found in the section *How To Buy, Exchange and Redeem Shares — Opening An Account*, signed by each registered account owner, exactly as your names appear on the account registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Provide the name of the current Series and class of shares, the Series and class of shares to exchange into, and the dollar amount to be exchanged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Provide the account number.

**By Telephone**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Unless you have declined telephone privileges, call the Fund at 1-800-466-3863.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Provide the name of the current Series and class of shares, the Series and class of shares to exchange into, and the dollar amount to be exchanged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Provide the account number.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We will ask for identification, and all telephone calls are recorded.

**Through the Internet**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•If you are a registered user of the Fund's website, you may use the Internet to exchange shares between Series. To use this service, go to www.manning-napier.com, click on the "login" button in the top right-hand corner of the screen, then click on "Mutual Fund" to be

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directed to the secure sign-in screen. Once logged in, click on the "Trading" tab and follow the prompts. Any exchanges made through this feature prior to the close of trading on the NYSE on a business day will be posted to your account at the NAV calculated on that day.

How to Redeem Shares

The Fund typically expects to pay out redemption proceeds to redeeming shareholders within one business day following receipt of shareholder redemption requests. The Fund may, however, postpone payment of redemption proceeds for up to seven days. In addition, the Fund may suspend redemptions or postpone payment of redemption proceeds for longer than seven days when the NYSE is closed, other than during customary weekends or holidays, or as otherwise permitted by the SEC. If you recently purchased your shares by check, redemption proceeds may not be available until your check has cleared (which may take up to 10 days from your date of purchase).

The Fund may sell portfolio assets, hold cash or cash equivalents, draw on a line of credit, use short-term borrowings from its custodian, and/or redeem shares in-kind (as described below), as necessary, to meet redemption requests.

A Medallion Signature Guarantee may be required for certain redemption requests, such as redemption requests over $100,000 sent to an address other than a pre-designated bank account. Likewise, certain types of account maintenance, such as address changes, result in a thirty calendar day hold on your account during which any redemption requests via check to the new address must include a Medallion Guarantee.

Shareholders holding shares through a financial intermediary should contact their financial intermediary to learn how to place orders to redeem shares. Shareholders holding shares directly with the Fund may place redemption orders directly with the Fund, as described below.

**By Mail**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Complete the applicable form or send a letter of instruction to Manning & Napier Fund, Inc. at the address found in the section *How To Buy, Exchange and Redeem Shares — Opening An Account*, signed by each registered account owner, exactly as your names appear in the account registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Provide the name of the Series, the class of shares, and the number of shares or dollar amount to be sold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Provide the account number.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•To obtain a form, refer to the section *How to Obtain Forms*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Additional documentation, including Medallion Guarantees, may be required (call the Fund for details).

**By Telephone**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Unless you have declined telephone privileges, call us at 1-800-466-3863.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Provide the name of the Series, the class of shares, and the number of shares or dollar amount to be sold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Provide the account number.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We will ask for identification, and all telephone calls are recorded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Redemption proceeds from sales requested by telephone will be sent only to an address that has been on file with us for at least 30 days or a pre-designated bank account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Amounts over $100,000 may only be sent to a pre-designated bank account.

**Through the Internet**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•If you are a registered user of the Fund's website, you may use the Internet to redeem shares from your account. To use this service, go to www.manning-napier.com, click on the "login" button in the top right-hand corner of the screen, then click on "Mutual Fund" to be directed to the secure sign-in screen. Once logged in, click on the "Trading" tab and follow the prompts. Proceeds from redemptions requested over the Internet will be sent only to an address that has been on file with us for at least 30 days or a pre-designated bank account. Amounts over $100,000 may only be sent to a pre-designated bank account. Any redemptions made through this feature prior to the close of trading on the NYSE on a business day will be posted to your account at the NAV calculated on that day.

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**Investment and Account Information**

More About Purchases, Exchanges, and Redemptions

All orders to purchase, exchange, or redeem shares must be sent to the transfer agent at the address found in the section *How To Buy, Exchange and Redeem Shares — Opening An Account* or to an authorized financial intermediary.

Transaction requests received in good order (i.e., with all required information, and, as relevant, signatures, documentation and upon verification by the Fund (or its agent) of ACH information) before the close of regular trading on the NYSE on a business day will be executed at that day's share price. The close of regular trading is typically 4:00 p.m. Eastern time, although it may be earlier. Transaction requests received in good order after the close of regular trading will be processed at the NAV next determined after receipt. The Fund is open for business each day the NYSE is open. All orders must include the required documentation and signatures, and all purchase orders must be accompanied by proper payment.

The Fund has authorized a number of financial intermediaries to accept purchase and redemption orders on its behalf, and those intermediaries are authorized to designate other intermediaries to accept purchase and redemption orders on the Fund's behalf. Orders placed with an authorized financial intermediary will be processed at the share price of the Series next computed after they are received in good order by the financial intermediary or its designee. Accordingly, for you to receive the current business day's share price, your order must be received by an authorized financial intermediary or its designee in good order before the close of regular trading on the NYSE. Your financial intermediary is responsible for transmitting requests and delivering funds to the Series on a timely basis.

The Series' distributor imposes no sales charge on purchases and redemptions of shares of the Series. However, your financial intermediary may charge you a transaction fee on purchases and redemptions.

Excessive Trading

The Series are intended for long-term investment purposes only. Do not invest in the Fund if you are a market timer. The Fund's Board of Directors has adopted policies and procedures designed to detect and deter "market timing" or other types of excessive short-term trading by shareholders. Excessive trading into and out of a Series may present risks to the Series' long-term shareholders, all of which could adversely affect shareholder returns. The risks posed by frequent trading include interfering with the efficient implementation of the Series' investment strategies, triggering the recognition of taxable gains and losses on the sale of the Series' investments, requiring the Series to maintain higher cash balances to meet redemption requests, and experiencing increased transaction costs. In addition, the Fund may, in its sole discretion, reject or limit purchase orders (including purchases by exchange) by an investor or group of investors for any reason without prior notice, including when it believes in its sole discretion that the trading activity in the account(s) would be detrimental to a Series. For purposes

of applying these policies, the Fund and its service providers may consider the trading history of accounts under common ownership or control.

Shareholders may make up to 2 "round trips" during any 90 day period. A "round trip" is defined as a purchase or exchange into a Series followed by a redemption or exchange out of the same Series. After the second "round trip", the Fund may block for a period of 90 days additional purchases and exchange purchases into the Fund from your account or any account with the same tax identification number or broker identification number.

The following types of transactions will be exempted from these procedures:

&nbsp;&nbsp;&nbsp;&nbsp;•Transactions under certain monetary thresholds that have been determined by the Fund, in its sole discretion, not to be harmful or disruptive to the Series

&nbsp;&nbsp;&nbsp;&nbsp;•Systematic withdrawals

&nbsp;&nbsp;&nbsp;&nbsp;•Automatic investments (including investments made by payroll deduction)

&nbsp;&nbsp;&nbsp;&nbsp;•Mandatory distributions from IRAs and retirement plans

&nbsp;&nbsp;&nbsp;&nbsp;•IRA transfers and rollovers

&nbsp;&nbsp;&nbsp;&nbsp;•Roth IRA conversions and re-characterizations

&nbsp;&nbsp;&nbsp;&nbsp;•Reinvestments of dividends and capital gains

The Fund's ability to monitor trades that are placed by individual shareholders through omnibus accounts, which are accounts maintained by financial intermediaries on behalf of multiple beneficial shareholders, is limited to the extent that the Fund does not have direct access to the underlying shareholder account information. However, the Fund and/or its service providers monitor aggregate trades placed in omnibus accounts and seek to work with financial intermediaries to discourage shareholders from engaging in market timing and to restrict excessive trading. The Fund and/or its service providers have entered into agreements with such financial intermediaries that require the financial intermediaries to provide the Fund and/or its service providers with certain shareholder transaction information to enable the Fund and/or its service providers to review the trading activity in the omnibus accounts. If excessive trading is identified in an omnibus account, the Fund will work with the financial intermediary to restrict trading by the shareholder and may require the financial intermediary to prohibit the shareholder from future purchases or exchanges into the Series. Transactions placed by shareholders through financial intermediaries in violation of the Fund's excessive trading policy may be cancelled or the shares purchased may be redeemed by the Fund.

The Fund may also defer to a financial intermediary's frequent trading policies with respect to those shareholders who invest in a Series through such intermediary. The Fund will defer to an intermediary's policies only after the Fund determines that the intermediary's frequent trading policies adequately protect Series shareholders. Transactions by Series shareholders investing through such intermediaries will be subject to the restrictions

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of the intermediary's frequent trading policies, which may differ from those of the Fund. Shareholders who invest through financial intermediaries should consult with their intermediaries to determine the frequent trading restrictions that apply to their Series transactions.

The Fund and its service providers will take steps reasonably designed to detect and deter frequent trading by shareholders pursuant to the Fund's policies and procedures described in this prospectus and approved by the Fund's Board of Directors. Despite these efforts, however, the Fund and its service providers may not be able to detect or prevent all instances of short-term trading in the Series, and, as a result, frequent trading could adversely affect a Series and its long-term shareholders as discussed above. For example, certain investors who engage in market timing and other short-term trading activities may employ a variety of techniques to avoid detection. Further, the detection of frequent trading patterns and the blocking of further trading are inherently subjective and therefore involve some selectivity in their application. The Fund and its service providers, however, seek to apply these policies to the best of their abilities uniformly and in a manner they believe is consistent with the interests of the Series' long-term shareholders.

The Fund may amend these policies and procedures in response to changing regulatory requirements or to enhance their effectiveness.

Telephone and Internet Transactions

We will employ steps reasonably designed to ensure that purchase, exchange, or redemption orders placed by telephone or through the Internet are genuine, which may include recording telephone calls and requesting personally identifiable information prior to acting upon instructions. For transactions conducted over the Internet, we recommend the use of a secure Internet browser. We are not responsible for any losses that may occur as long as we follow procedures reasonably designed to prevent fraudulent orders. Interruptions in service may mean that a shareholder will be unable to effect a telephone or Internet order when desired. In addition, you should verify the accuracy of your confirmation statements immediately after you receive them.

Accounts with Low Balances

Discretionary Investment Clients — The Fund does not impose a minimum balance requirement for discretionary investment accounts managed by the Advisor or its affiliates.

Other Shareholders — If your account falls below the minimum balance requirement for your share class (see table above) due to the redemption of shares, the Fund may ask you to bring your account up to the minimum requirement. If your account is still below the minimum balance requirement after 60 days, the Fund may redeem your shares and send you the redemption proceeds, or, if shares are held directly with the Fund, automatically convert the shares in the account to another share class, as appropriate and that share class may have higher expenses.

Inactive Accounts

Each state has rules governing the definition and treatment of unclaimed property. Triggers include inactivity (e.g., no owner-generated activity for a certain period), returned mail (e.g., when mail sent to a shareholder is returned to the Fund's transfer agent as undeliverable, also known as "RPO"), or a combination of both inactivity and RPO. Once property is flagged as unclaimed, an attempt is made to contact the shareholder, but if that attempt is unsuccessful, the account may be considered abandoned and escheated to the state.

Shareholders that reside in the state of Texas may designate a representative to receive escheatment notifications by completing and submitting a designation form that can be found on the website of the Texas Comptroller. While the designated representative does not have any rights to claim or access the shareholder's account or assets, the escheatment period will cease if the representative communicates knowledge of the shareholder's location and confirms that the shareholder has not abandoned his or her property. If a shareholder designates a representative to receive escheatment notifications, any escheatment notices will be delivered both to the shareholder and the designated representative. A completed designation form may be mailed to the Fund (if shares are held directly with the Fund) or to the shareholder's financial intermediary (if shares are not held directly with the Fund).

For more information on unclaimed property and how to maintain an active account, please call us at 1-800-466-3863.

In-Kind Purchases and Redemptions

Securities you own may be used to purchase shares of the Series. The Advisor will determine if acquiring the securities is consistent with the Series' goals and policies. If accepted, the securities will be valued the same way the Series values securities it already owns.

The Fund may make payment for shares redeemed in part by giving you portfolio securities. As a redeeming shareholder, you will pay transaction costs to dispose of these securities. In addition, you will continue to be subject to the risks of any market fluctuation in the value of the securities until they are sold.

An in-kind distribution of portfolio securities could include illiquid securities. Illiquid securities may not be able to be sold quickly or at a price that reflects full value, or there may not be a market for such securities, which could cause you to realize losses on the security if the security is sold at a price lower than that at which it had been valued.

Medallion Guarantees and Notary Stamps

Financial transactions:

A Medallion Guarantee may be required for certain redemption requests, account transfers and other types of financial transactions. A Medallion Guarantee is a type of signature guarantee that can be obtained from most brokers, banks, savings institutions or credit unions. A Medallion Guarantee is a formal certification offered by firms participating in the Medallion Stamp Program that guarantees a signature is original and authentic.

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Non-financial transactions:

Although the Fund will accept a Medallion Guarantee for non-financial transactions, such as changing banking instructions, the Fund will also accept a notary stamp for non-financial transactions. A notary stamp can be obtained from a Notary Public, which is an official appointed by state government to serve the public as an impartial witness in performing a variety of official fraud deterrent acts related to the signing of important documents.

Please contact the Fund at 1-800-466-3863 for more information.

Valuation of Shares

The Series offer their shares at the NAV per share of the Series. Each Series calculates its NAV once daily as of the close of regular trading on the NYSE (generally 4:00 p.m. Eastern time) on each day the exchange is open. If the exchange closes early, the Series will accelerate the calculation of their NAVs and transaction deadlines to that time.

The Series generally value the securities in their portfolios on the basis of market quotations and valuations provided by independent pricing services. If market prices are not readily available or are unreliable, such as in the case of a security value that has been materially affected by events occurring after the close of the relevant market, securities are valued at fair value. The Board has designated the Advisor as the Series' valuation designee to make all fair value determinations with respect the Series' portfolio investments, subject to the Board's oversight. 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 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 that the Advisor assigns 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.

There may be limited circumstances in which the Advisor would price securities of U.S. companies that are traded on U.S. exchanges at fair value — for example, if the exchange on which a portfolio security is principally traded closed early or if trading in a particular security was halted during the day and did not resume prior to the time the Series calculated its NAV.

When valuing fixed income securities with remaining maturities of more than 60 days, the Series use the value of the security provided by pricing services. The values provided by a pricing service may be based upon market quotations for the same security, securities expected to trade in a similar manner or a pricing matrix. When valuing fixed income securities with remaining maturities of 60 days or less, the Advisor may use the security's amortized cost. Amortized cost and the use of a pricing matrix in valuing fixed income securities are forms of fair value pricing.

International securities markets may be open on days when the U.S. markets are closed. In such cases, the value of any international securities owned by the Series may be significantly

affected on days when investors cannot buy or sell shares. In addition, due to the difference in times between the close of the international markets and the time the Series price their shares, the value the Advisor assigns to securities for the Series may not be the same as the quoted or published prices of those securities on their primary markets or exchanges. In determining fair value prices of non-U.S. securities, the Advisor may consider the performance of securities on their primary exchanges, factors influencing specific foreign markets or issuers, foreign currency appreciation/depreciation, securities market movements in the U.S., or other relevant information as related to the securities.

Communicating with the Manning & Napier Fund

By Phone: You can reach us at 1-800-466-3863 business days from 8:00 a.m. to 6:00 p.m. Eastern time. Telephone calls may be recorded.

By Mail:

Manning & Napier Fund, Inc.

P.O. Box 534449

Pittsburgh, PA 15253-4449

By Overnight Mail:

Manning & Napier Fund, Inc.

Attention: 534449

500 Ross Street, 154-0520

Pittsburgh, PA 15262

Automated account information: You can obtain automated account information, such as share prices and account balances, 24 hours a day, 7 days a week, by calling 1-800-466-3863 or by logging into your account at www.manning-napier.com.

Disclosure of the Series' Portfolio Holdings

The Series disclose their complete portfolio holdings in each Annual and Semi-Annual Report and, following the first and third fiscal quarters, in a quarterly holdings report filed with the Securities and Exchange Commission (SEC) as exhibits to Form N-PORT. Annual and Semi-Annual Reports are distributed to Series shareholders, and the most recent Reports are available on the Fund's website at www.manning-napier.com. Quarterly holdings reports filed with the SEC are not distributed to Series shareholders, but are available, free of charge, on the EDGAR Database on the SEC's website, www.sec.gov. In addition, the Series' month-end and quarter-end complete portfolio holdings are available on the Fund's website. This information is provided with a lag of at least eight days. Portfolio holdings information will be available on the website at least until it is superseded by a quarterly portfolio holdings report distributed to shareholders (with respect to Annual and Semi-Annual Reports) or filed with the SEC (with respect to an exhibit to Form N-PORT). A Series may also disclose certain commentary and analytical, statistical, performance or similar information relating to the Series or its portfolio holdings to third parties if such disclosure is deemed to be for a legitimate business purpose and the information is deemed to be non-material. A description of the Fund's policy and procedures with respect to the circumstances under which the Fund discloses its portfolio securities is available in the SAI.

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**Dividends, Distributions, and Taxes**

Dividends and Distributions

The Real Estate Series generally pays dividends once a year, in December. The Core Bond Series, Credit Series, High Yield Bond Series, Diversified Tax Exempt Series, and Unconstrained Bond Series generally pay dividends on a monthly basis. All the Series make net capital gains distributions, if any, once a year, typically in December. Each Series may pay additional distributions and dividends at other times if necessary for the Series to avoid incurring a federal tax.

Each Series may pay additional distributions and dividends at other times if necessary for the Series to avoid incurring a federal tax.

Unless you have instructed the Fund otherwise, capital gain distributions and dividends are reinvested in additional shares of the same Series and Class that you hold. Alternatively, you can instruct the Fund in writing or by telephone to have your capital gains and/or dividends paid in cash. You can change your choice at any time to be effective as of the next distribution or dividend, except that any change given to the transfer agent after the record date will not be effective until the next distribution or dividend is made. If you have elected to receive your distributions by check, all capital gain distributions and dividends less than $10 will be reinvested. No interest will accrue on amounts represented by uncashed distribution or redemption checks.

Taxes

Each Series has elected and intends to qualify each year for treatment as a RIC. If it meets certain minimum distribution requirements, a RIC is not subject to tax at the Series level on income and gains from investments that are timely distributed to shareholders. However, a Series' failure to qualify as a RIC or to meet minimum distribution requirements would result (if certain relief provisions were not available) in Series-level taxation and, consequently, a reduction in income available for distribution to shareholders.

Dividends are paid from income earned on a Series' portfolio holdings as well as from interest on its cash investments. Distributions of capital gain will be treated as long-term or short-term gain depending on how long a Series held the securities sold, without regard to how long you have owned your shares of the Series. Dividends and distributions are taxable whether received in cash or reinvested. If you are investing through a tax-deferred arrangement, such as a 401(k) plan or other retirement account, you generally will not be subject to federal taxation on Series distributions; however, distributions from tax-deferred arrangements are generally subject to federal taxation.

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| | |
|:---|:---|
| TRANSACTION | FEDERAL TAX STATUS |
| Redemption or exchange of shares | Usually taxable as capital gain or loss; long-term only if shares owned more than one year |
| Long-term capital gain distribution | Taxable as long-term capital gain |
| Short-term capital gain distributions | Generally taxable as ordinary income |
| Dividends | Taxable as ordinary income unless they qualify for treatment as qualified dividend income |
| Tax exempt dividends | Exempt from federal income tax |

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Distributions of investment income reported by a Series as derived from qualified dividend income may qualify to be taxed to non-corporate shareholders at the lower rate applicable to long-term capital gains, which is currently set at a maximum rate of 20% (lower rates apply to individuals in lower tax brackets). Qualified dividend income is, in general, dividend income from taxable domestic corporations and certain foreign corporations (e.g., foreign corporations incorporated in a possession of the United States or in certain foreign countries with a comprehensive tax treaty with the United States, or the stock of which is readily tradable on an established securities market in the United States). Distributions that a Series receives from REITs, if any, generally will not be treated as qualified dividend income. Certain Series' investment strategies will limit their ability to make distributions eligible for the reduced tax rates applicable to qualified dividend income.

A RIC that receives business interest income may pass through its net business interest income for purposes of the tax rules applicable to the interest expense limitations under Section 163(j) of the Code. A RIC's total "Section 163(j) Interest Dividend" for a tax year is limited to the excess of the RIC's business interest income over the sum of its business interest expense and its other deductions properly allocable to its business interest income. A RIC may, in its discretion, designate all or a portion of ordinary dividends as Section 163(j) Interest Dividends, which would allow the recipient shareholder to treat the designated portion of such dividends as interest income for purposes of determining such shareholder's interest expense deduction limitation under Section 163(j) of the Code. This can potentially increase the amount of a shareholder's interest expense deductible under Section 163(j) of the Code. In general, to be eligible to treat a Section 163(j) Interest Dividend as interest income, you must have held your shares in a Series for more than 180 days during the 361-day period beginning on the date that is 180 days before the date on which the share becomes ex-dividend with respect to such dividend. Section 163(j) Interest Dividends, if so designated by a Series, will be reported to your financial intermediary or otherwise in accordance with the requirements specified by the Internal Revenue Service ("IRS").

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If a Series' distributions exceed its taxable income and capital gains realized during a taxable year, all or a portion of the distributions made in the taxable year may be recharacterized as a return of capital to shareholders. A return of capital distribution will not be taxable to the extent of a shareholder's adjusted basis but will reduce such basis and result in a higher capital gain or lower capital loss when those shares on which the distribution was received are sold. To the extent a return of capital distribution exceeds a shareholder's adjusted basis, the distribution will be treated as gain from the sale of shares.

If you are a taxable investor, you may want to avoid buying shares when a Series is about to declare a capital gain distribution or a dividend, because it will be taxable to you even though economically it may actually be a return of a portion of your investment.

U.S. individuals with income exceeding $200,000 ($250,000 if married and filing jointly) are subject to a 3.8% tax on their "net investment income," including interest, dividends, and capital gains (including capital gains realized on the sale or exchange of shares). Exempt-interest dividends do not constitute "net investment income" for this purpose.

Dividends and interest received by a Series may be subject to income, withholding or other taxes imposed by foreign countries and United States possessions that would reduce the yield on a Series' securities. Tax conventions between certain countries and the United States may reduce or eliminate these taxes. Foreign countries generally do not impose taxes on capital gains with respect to investments by foreign investors. If more than 50% of the value of a Series' total assets at the close of its taxable year consists of stock or securities of foreign corporations, the Series will be eligible to, and may, file an election with the IRS that will enable shareholders, in effect, to receive the benefit of the foreign tax credit with respect to any foreign and United States possessions income taxes paid by the Series. Pursuant to the election (if made), a Series will treat those taxes as dividends paid to its shareholders. Each shareholder will be required to include a proportionate share of those taxes in gross income as income received from a foreign source and must treat the amount so included as if the shareholder had paid the foreign tax directly. The shareholder may then either deduct the taxes deemed paid by him or her in computing his or her taxable income or, alternatively, use the foregoing information in calculating the foreign tax credit (subject to significant limitations) against the shareholder's federal income tax. If a Series makes the election, it will report annually to its shareholders the respective amounts per share of the Series' income from sources within, and taxes paid to, foreign countries and United States possessions.

When you sell your shares in a Series, or exchange them for shares of a different fund, you will generally realize a taxable capital gain or loss for federal and state income tax purposes. If you have owned your shares of a Series for more than one year, any net long-term capital gains from the sale of shares will generally qualify for the reduced rates of federal income taxation on long-term capital gains. In calculating your gain or loss on any sale of shares, note that your tax basis in your shares is increased by the amounts of dividends and distributions that you have reinvested in the Series.

U.S. REITs in which a Series invests often do not provide complete and final tax information to the Series until after the time that the Series issues the tax reporting statement. As a result, the Series may at times find it necessary to reclassify the amount and character of its distributions to you after it issues your tax reporting statement. When such reclassification is necessary, the Series will send you a corrected, final Form 1099-DIV to reflect the reclassified information. If you receive a corrected Form 1099-DIV, use the information on this corrected form, and not the information on the previously issued tax reporting statement, in completing your tax returns.

"Qualified REIT dividends" (i.e., ordinary REIT dividends other than capital gain dividends and portions of REIT dividends designated as qualified dividend income eligible for capital gain tax rates) are eligible for a 20% deduction by non-corporate taxpayers. This deduction, if allowed in full, equates to a maximum effective tax rate of 29.6% (37% top rate applied to income after 20% deduction). Distributions by a Series to its shareholders that are attributable to qualified REIT dividends received by the Series and which the Series properly reports as "section 199A dividends," are treated as qualified REIT dividends in the hands of non-corporate shareholders. A section 199A dividend is treated as a qualified REIT dividend only if the shareholder receiving such dividend holds the dividend-paying RIC shares for at least 46 days of the 91-day period beginning 45 days before the shares become ex-dividend, and is not under an obligation to make related payments with respect to a position in substantially similar or related property. A Series is permitted to report such part of its dividends as section 199A dividends as are eligible, but is not required to do so.

If a Series invests directly in certain investments, such as commodities and commodity-linked derivative instruments, such investments may not produce qualifying income to the Series. To the extent a Series invests in such investments directly, the Series will seek to restrict its income from such instruments that do not generate qualifying income to a maximum of 10% of its gross income (when combined with their other investments that produce non-qualifying income).

If a Series fails to qualify as a RIC and to avail itself of certain relief provisions, it would be subject to tax at the regular corporate rate without any deduction for distributions to shareholders, and its distributions would generally be taxable as dividends. Please see the SAI for a more detailed discussion, including the availability of certain relief provisions for certain failures by a Series to qualify as a RIC.

A Series may invest in certain MLPs and other entities which may be treated as qualified publicly traded partnerships ("QPTP"), as defined under the Code. The net income from QPTPs is qualifying income for purposes of a Series' qualification as a RIC under the Code. A Series' investment in one or more of such QPTPs, however, is limited under the Code to no more than 25% of the value of the Series' assets. Each Series will monitor its investment in such QPTPs in order to ensure it qualifies as a RIC. Please see the discussion in the SAI regarding the consequences if a Series fails to qualify as a RIC under the Code. MLPs and other partnerships that a Series may invest

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in will deliver Schedules K-1 to the Series to report its share of income, gains, losses, deductions and credits of the MLP or other partnership. These Schedules K-1 may be delayed and may not be received until after the time that the Series issues its tax reporting statements. As a result, the Series may at times find it necessary to reclassify the amount and character of its distributions to you after it issues you your tax reporting statement.

"Qualified publicly traded partnership income" within the meaning of Section 199A(e)(5) of the Code is eligible for a 20% deduction by non-corporate taxpayers. Qualified publicly traded partnership income is generally income of a "publicly traded partnership" that is not treated as a corporation for U.S. federal income tax purposes with respect to such entity's qualified trade or business, but does not include certain investment income. A "publicly traded partnership" for purposes of this deduction is not necessarily the same as a QPTP, as defined above. This deduction, if allowed in full, equates to a maximum effective tax rate of 29.6% (37% top rate applied to income after 20% deduction). The Code does not contain a provision permitting a RIC, such as a Series, to pass the special character of this income through to its shareholders. Currently, direct investors in entities that generate qualified publicly traded partnership income will enjoy the lower rate, but investors in RICs that invest in such entities will not. It is uncertain whether future technical corrections or administrative guidance will address this issue to enable a Series to pass through the special character of "qualified publicly traded partnership income" to shareholders.

A Series is required to report to you and the IRS annually on Form 1099-B the gross proceeds of a Series' shares you sell or redeem and also the cost basis for shares. Cost basis will be calculated using a Series' default method of average cost, unless you instruct a Series to use a different calculation method. Shareholders should carefully review the cost basis information provided by a Series and make any additional basis, holding period or other adjustments that are required when reporting these amounts on their federal income tax returns. If your account is held through a financial intermediary (such as a financial advisor or broker), please contact the financial intermediary with respect to reporting of cost basis and available elections for your account. Tax-advantaged retirement accounts will not be affected.

If you do not provide a Series with your correct taxpayer identification number and any required certifications, you may be subject to backup withholding of 24% of your distributions, dividends, and redemption proceeds.

Information Specific to Tax Exempt Series

The Diversified Tax Exempt Series intends to pay exempt-interest dividends monthly. Exempt-interest dividends are exempt from regular federal income tax, but they may have other tax consequences, including for purposes of the federal AMT and state and local taxes. Distributions of exempt interest earned on the municipal securities of a particular state are also generally exempt from state income tax for residents of that state. The Diversified Tax Exempt Series will report annually the percentage of interest income received during the preceding year on tax

exempt obligations, and on a state-by-state basis, the source of that income. The Diversified Tax Exempt Series may also make distributions that are taxable to you as ordinary income or capital gains. This is the case whether you reinvest your distributions in additional shares of a Series or receive them in cash. Exempt-interest dividends are taken into account when determining the taxable portion of your Social Security or railroad retirement benefits. Because of these tax exemptions, the Diversified Tax Exempt Series may not be a suitable investment for retirement plans or other tax-exempt investors.

This discussion is for general information only and is not tax advice. You should consult your own tax advisor regarding your particular circumstances, and about any federal, state, local and foreign tax consequences before making an investment in a Series. Additional information about the tax consequences of investing in a Series may be found in the SAI.

**53**

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**Financial Highlights**

The financial highlights tables are intended to help you understand the Series' financial performance for the past five years or, if shorter, the period of the Class' operations. Certain information reflects financial results for a single share. The total returns in the tables represent the rate that an investor would have earned, or lost, on an investment in the Series (assuming reinvestment of all dividends and distributions). This information has been audited by PricewaterhouseCoopers LLP, whose reports, along with the Series' financial statements, are included in the Series' annual reports, which are available upon request. No financial highlights are presented for the Unconstrained Bond Series Class Z Shares because they were not active as of the date of this prospectus.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
| Core Bond Series - Class S  | **12/31/22** | **12/31/21** | **12/31/20** | **12/31/19** | **12/31/18** |
| **Per share data (for a share outstanding throughout each year):** |  |  |  |  |  |
| Net asset value - Beginning of year  | $10.82 | $11.28 | $10.92 | $10.30 | $10.62 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.19 | 0.12 | 0.16 | 0.23 | 0.24 |
| Net realized and unrealized gain (loss) on investments | (1.62) | (0.33) | 0.78 | 0.61 | (0.32) |
| *Total from investment operations* | (1.43) | (0.21) | 0.94 | 0.84 | (0.08) |
| **Less distributions to shareholders:** |  |  |  |  |  |
| From net investment income  | (0.21) | (0.12) | (0.16) | (0.22) | (0.24) |
| From net realized gain on investments |  | (0.13) | (0.42) |  |  |
| Total distributions to shareholders | (0.21) | (0.25) | (0.58) | (0.22) | (0.24) |
| *Net asset value - End of year*  | *$9.18* | *$10.82* | *$11.28* | *$10.92* | *$10.30* |
| **Net assets - End of year** (000's omitted)  | **$1967** | **$4185** | **$5760** | **$2382** | **$101314** |
| Total return<sup>2</sup> | (13.30%) | (1.89%) | 8.67% | 8.18% | (0.75%) |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |
| Expenses\*  | 0.70% | 0.65% | 0.64% | 0.69% | 0.70% |
| Net investment income | 1.88% | 1.07% | 1.38% | 2.27% | 2.35% |
| Series portfolio turnover | 101% | 69% | 110% | 66% | 78% |
| \*For certain years presented, the investment advisor did not impose all or a portion of its management and/or other fees, and in some years may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | N/A | N/A | N/A | 0.07% | 0.08% |

---

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

<sup>2</sup>Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been waived or reimbursed during certain years.

**54**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
| Core Bond Series - Class I  | **12/31/22** | **12/31/21** | **12/31/20** | **12/31/19** | **12/31/18** |
| **Per share data (for a share outstanding throughout each year):** |  |  |  |  |  |
| Net asset value - Beginning of year  | $9.89 | $10.33 | $10.04 | $9.52 | $9.84 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.20 | 0.13 | 0.17 | 0.24 | 0.25 |
| Net realized and unrealized gain (loss) on investments | (1.48) | (0.30) | 0.72 | 0.55 | (0.31) |
| *Total from investment operations*  | (1.28) | (0.17) | 0.89 | 0.79 | (0.06) |
| **Less distributions to shareholders:** |  |  |  |  |  |
| From net investment income  | (0.23) | (0.14) | (0.18) | (0.27) | (0.26) |
| From net realized gain on investments  |  | (0.13) | (0.42) |  |  |
| Total distributions to shareholders  | (0.23) | (0.27) | (0.60) | (0.27) | (0.26) |
| *Net asset value - End of year*  | *$8.38* | *$9.89* | *$10.33* | *$10.04* | *$9.52* |
| **Net assets - End of year** (000's omitted)  | **$4303** | **$6621** | **$4387** | **$5416** | **$76761** |
| Total return<sup>2</sup>  | (13.01%) | (1.65%) | 8.93% | 8.38% | (0.53%) |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |
| Expenses\*  | 0.45% | 0.45% | 0.45% | 0.45% | 0.45% |
| Net investment income  | 2.27% | 1.29% | 1.67% | 2.53% | 2.60% |
| Series portfolio turnover  | 101% | 69% | 110% | 66% | 78% |
| \*The investment advisor did not impose all or a portion of its management and/or other fees during the years, and may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | 0.04% | 0.02% | 0.01% | 0.06% | 0.08% |

---

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

<sup>2</sup>Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been waived or reimbursed during the years.

**55**

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | **FOR THE<br>PERIOD<br>3/1/19<sup>1</sup>** **<br>TO<br>12/31/19** |
| Core Bond Series- Class W  | **12/31/22** | **12/31/21** | **12/31/20** | **FOR THE<br>PERIOD<br>3/1/19<sup>1</sup>** **<br>TO<br>12/31/19** |
| **Per share data (for a share outstanding throughout each period):** |  |  |  |  |
| Net asset value - Beginning of period  | $10.82 | $11.27 | $10.90 | $10.40 |
| **Income (loss) from investment operations:** |  |  |  |  |
| Net investment income<sup>2</sup>  | 0.26 | 0.19 | 0.22 | 0.26 |
| Net realized and unrealized gain (loss) on investments  | (1.64) | (0.33) | 0.78 | 0.54 |
| *Total from investment operations*  | (1.38) | (0.14) | 1.00 | 0.80 |
| **Less distributions to shareholders:** |  |  |  |  |
| From net investment income  | (0.26) | (0.18) | (0.21) | (0.30) |
| From net realized gain on investments  |  | (0.13) | (0.42) |  |
| Total distributions to shareholders | (0.26) | (0.31) | (0.63) | (0.30) |
| *Net asset value - End of period*  | *$9.18* | *$10.82* | *$11.27* | *$10.90* |
| **Net assets - End of period** (000's omitted)  | **$275472** | **$344304** | **$321288** | **$192391** |
| Total return<sup>3</sup>  | (12.76%) | (1.25%) | 9.31% | 7.74% |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |
| Expenses\* | 0.05% | 0.05% | 0.05% | 0.05%<sup>4</sup> |
| Net investment income  | 2.68% | 1.68% | 1.97% | 2.87%<sup>4</sup> |
| Series portfolio turnover  | 101% | 69% | 110% | 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: | 0.32% | 0.30% | 0.32% | 0.34%<sup>4</sup> |

---

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

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

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

<sup>4</sup>Annualized.

**56**

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | **FOR THE<br>PERIOD<br>3/1/19<sup>1</sup>** **<br>TO<br>12/31/19** |
| Core Bond Series- Class Z  | **12/31/22** | **12/31/21** | **12/31/20** | **FOR THE<br>PERIOD<br>3/1/19<sup>1</sup>** **<br>TO<br>12/31/19** |
| **Per share data (for a share outstanding throughout each period):** |  |  |  |  |
| Net asset value - Beginning of period  | $9.91 | $10.35 | $10.06 | $9.62 |
| **Income (loss) from investment operations:** |  |  |  |  |
| Net investment income<sup>2</sup>  | 0.22 | 0.15 | 0.18 | 0.22 |
| Net realized and unrealized gain (loss) on investments  | (1.49) | (0.31) | 0.72 | 0.50 |
| *Total from investment operations*  | (1.27) | (0.16) | 0.90 | 0.72 |
| **Less distributions to shareholders:** |  |  |  |  |
| From net investment income  | (0.24) | (0.15) | (0.19) | (0.28) |
| From net realized gain on investments  |  | (0.13) | (0.42) |  |
| Total distributions to shareholders | (0.24) | (0.28) | (0.61) | (0.28) |
| *Net asset value - End of period*  | *$8.40* | *$9.91* | *$10.35* | *$10.06* |
| **Net assets - End of period** (000's omitted)  | **$22480** | **$25281** | **$20266** | **$10372** |
| Total return<sup>3</sup>  | (12.86%) | (1.53%) | 9.02% | 7.50% |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |
| Expenses\* | 0.30% | 0.30% | 0.30% | 0.30%<sup>4</sup> |
| Net investment income  | 2.46% | 1.43% | 1.75% | 2.64%<sup>4</sup> |
| Series portfolio turnover  | 101% | 69% | 110% | 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: | 0.07% | 0.05% | 0.07% | 0.09%<sup>4</sup> |

---

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

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

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

<sup>4</sup>Annualized.

**57**

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---

| | | | |
|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED | FOR THE YEAR ENDED | **FOR THE<br>PERIOD<br>4/14/20<sup>1</sup>** **<br>TO<br>12/31/20** |
| Credit Series - Class W  | **12/31/22** | **12/31/21** | **FOR THE<br>PERIOD<br>4/14/20<sup>1</sup>** **<br>TO<br>12/31/20** |
| **Per share data (for a share outstanding throughout each period):** |  |  |  |
| Net asset value - Beginning of period  | $10.15 | $10.60 | $10.00 |
| **Income (loss) from investment operations:** |  |  |  |
| Net investment income<sup>2</sup>  | 0.30 | 0.23 | 0.19 |
| Net realized and unrealized gain (loss) on investments  | (1.42) | (0.22) | 0.68 |
| *Total from investment operations*  | (1.12) | 0.01 | 0.87 |
| **Less distributions to shareholders:** |  |  |  |
| From net investment income  | (0.28) | (0.24) | (0.18) |
| From net realized gain on investments  | (0.01) | (0.22) | (0.09) |
| Total distributions to shareholders | (0.29) | (0.46) | (0.27) |
| *Net asset value - End of period*  | *$8.74* | *$10.15* | *$10.60* |
| **Net assets - End of period** (000's omitted)  | **$265822** | **$206477** | **$192127** |
| Total return<sup>3</sup>  | (11.13%) | 0.02% | 8.77% |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |
| Expenses\* | 0.10% | 0.10% | 0.10%<sup>4</sup> |
| Net investment income  | 3.25% | 2.23% | 2.52%<sup>4</sup> |
| Series portfolio turnover  | 44% | 69% | 44% |
| \*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: | 0.26% | 0.27% | 0.33%<sup>4</sup> |

---

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

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

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

<sup>4</sup>Annualized.

**58**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
| Diversified Tax Exempt Series - Class A  | **12/31/22** | **12/31/21** | **12/31/20** | **12/31/19** | **12/31/18** |
| **Per share data (for a share outstanding throughout each year):** |  |  |  |  |  |
| Net asset value - Beginning of year  | $10.94 | $11.58 | $11.14 | $10.90 | $10.98 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup>  | 0.10 | 0.10 | 0.15 | 0.17 | 0.15 |
| Net realized and unrealized gain (loss) on investments  | (0.74) | (0.08) | 0.48 | 0.39 | (0.08) |
| *Total from investment operations*  | (0.64) | 0.02 | 0.63 | 0.56 | 0.07 |
| **Less distributions to shareholders:** |  |  |  |  |  |
| From net investment income  | (0.06) | (0.09) | (0.10) | (0.20) | (0.15) |
| From net realized gain on investments  | (0.00)<sup>2</sup> | (0.57) | (0.09) | (0.12) |  |
| Total distributions to shareholders  | (0.06) | (0.66) | (0.19) | (0.32) | (0.15) |
| *Net asset value - End of year*  | *$10.24* | *$10.94* | *$11.58* | *$11.14* | *$10.90* |
| **Net assets - End of year** (000's omitted)  | **$2162** | **$2430** | **$2324** | **$4394** | **$297814** |
| Total return<sup>3</sup>  | (5.83%) | 0.16% | 5.73% | 5.10% | 0.65% |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |
| Expenses  | 0.63% | 0.67% | 0.61% | 0.58% | 0.59% |
| Net investment income  | 1.00% | 0.91% | 1.35% | 1.62% | 1.42% |
| Series portfolio turnover  | 10% | 23% | 41% | 29% | 12% |

---

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

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

<sup>3</sup>Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions.

**59**

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | **FOR THE<br>PERIOD<br>3/1/19<sup>1</sup>** **<br>TO<br>12/31/19** |
| Diversified Tax Exempt Series - Class W  | **12/31/22** | **12/31/21** | **12/31/20** | **FOR THE<br>PERIOD<br>3/1/19<sup>1</sup>** **<br>TO<br>12/31/19** |
| **Per share data (for a share outstanding throughout each period):** |  |  |  |  |
| Net asset value - Beginning of period  | $10.94 | $11.59 | $11.15 | $11.01 |
| **Income (loss) from investment operations:** |  |  |  |  |
| Net investment income<sup>2</sup>  | 0.16 | 0.16 | 0.21 | 0.20 |
| Net realized and unrealized gain (loss) on investments  | (0.75) | (0.09) | 0.48 | 0.31 |
| *Total from investment operations*  | (0.59) | 0.07 | 0.69 | 0.51 |
| **Less distributions to shareholders:** |  |  |  |  |
| From net investment income  | (0.11) | (0.15) | (0.16) | (0.25) |
| From net realized gain on investments  | (0.00)<sup>3</sup> | (0.57) | (0.09) | (0.12) |
| Total distributions to shareholders  | (0.11) | (0.72) | (0.25) | (0.37) |
| *Net asset value - End of period*  | *$10.24* | *$10.94* | *$11.59* | *$11.15* |
| **Net assets - End of period** (000's omitted)  | **$212971** | **$115940** | **$253941** | **$189336** |
| Total return<sup>4</sup>  | (5.40%) | 0.62% | 6.23% | 4.61% |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |
| Expenses\*  | 0.13% | 0.17% | 0.11% | 0.11%<sup>5</sup> |
| Net investment income  | 1.53% | 1.42% | 1.79% | 2.14%<sup>5</sup> |
| Series portfolio turnover  | 10% | 23% | 41% | 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: | 0.50% | 0.50% | 0.50% | 0.50%<sup>5</sup> |

---

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

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

<sup>3</sup>Less than $(0.01).

<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 the periods. Periods less than one year are not annualized.

<sup>5</sup>Annualized.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
| High Yield Bond Series - Class S  | **12/31/22** | **12/31/21** | **12/31/20** | **12/31/19** | **12/31/18** |
| Per share data (for a share outstanding throughout each year): |  |  |  |  |  |
| Net asset value - Beginning of year  | $10.37 | $10.19 | $10.10 | $9.47 | $10.09 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup>  | 0.60 | 0.53 | 0.57 | 0.57 | 0.53 |
| Net realized and unrealized gain (loss) on investments  | (1.40) | 0.47 | 0.03 | 0.73 | (0.65) |
| *Total from investment operations*  | (0.80) | 1.00 | 0.60 | 1.30 | (0.12) |
| **Less distributions to shareholders:** |  |  |  |  |  |
| From net investment income  | (0.51) | (0.47) | (0.51) | (0.67) | (0.50) |
| From net realized gain on investments  | (0.02) | (0.35) |  |  |  |
| Total distributions to shareholders  | (0.53) | (0.82) | (0.51) | (0.67) | (0.50) |
| ****Net asset value - End of year***  | ****$*** ***9*** ***.04**** | *$10.37* | ****$*** ***10.19%** | *$10.10* | ****$*** ***9*** ***.47**** |
| **Net assets - End of year** (000's omitted)  | **$47499** | **$47108** | **$10197** | **$13113** | **$82399** |
| Total return<sup>2</sup>  | (7.69%) | 9.99% | 6.28% | 13.97% | (1.31%) |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |
| Expenses\*  | 0.90% | 0.90% | 0.90% | 0.90% | 0.90% |
| Net investment income  | 6.23% | 5.02% | 5.91% | 5.90% | 5.32% |
| Series portfolio turnover  | 93% | 128% | 208% | 143% | 100% |
| \*The investment advisor did not impose all or a portion of its management and/or other fees during the years, and may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | 0.07% | 0.05% | 0.13% | 0.12% | 0.08% |

---

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

<sup>2</sup>Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been waived or reimbursed during the years.

**61**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
| High Yield Bond Series - Class I  | **12/31/22** | **12/31/21** | **12/31/20** | **12/31/19** | **12/31/18** |
| **Per share data (for a share outstanding throughout each year):** |  |  |  |  |  |
| Net asset value - Beginning of year  | $8.64 | $8.62 | $8.63 | $8.20 | $8.80 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup>  | 0.54 | 0.47 | 0.51 | 0.53 | 0.49 |
| Net realized and unrealized gain (loss) on investments  | (1.19) | 0.40 | 0.02 | 0.61 | (0.57) |
| *Total from investment operations*  | (0.65) | 0.87 | 0.53 | 1.14 | (0.08) |
| **Less distributions to shareholders:** |  |  |  |  |  |
| From net investment income  | (0.54) | (0.50) | (0.54) | (0.71) | (0.52) |
| From net realized gain on investments  | (0.02) | (0.35) |  |  |  |
| Total distributions to shareholders  | (0.56) | (0.85) | (0.54) | (0.71) | (0.52) |
| ****Net asset value - End of year***  | *$7.43* | ****$*** ***8*** ***.64**** | ****$*** ***8*** ***.62**** | ****$*** ***8*** ***.63**** | ****$*** ***8*** ***.20**** |
| **Net assets - End of year** (000's omitted)  | **$210242** | **$67760** | **$22477** | **$20974** | **$32962** |
| Total return<sup>2</sup>  | (7.50%) | 10.27% | 6.60% | 14.24% | (0.98%) |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |
| Expenses\*  | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
| Net investment income  | 6.82% | 5.28% | 6.17% | 6.17% | 5.63% |
| Series portfolio turnover  | 93% | 128% | 208% | 143% | 100% |
| \*The investment advisor did not impose all or a portion of its management and/or other fees during the years, and may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | 0.04% | 0.02% | 0.10% | 0.13% | 0.08% |

---

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

<sup>2</sup>Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been waived or reimbursed during the years.

**62**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | **FOR THE<br>PERIOD<br>3/1/19<sup>1</sup>** **<br>TO<br>12/31/19** |
| High Yield Bond Series - Class W  | **12/31/22** | **12/31/21** | **12/31/20** | **FOR THE<br>PERIOD<br>3/1/19<sup>1</sup>** **<br>TO<br>12/31/19** |
| **Per share data (for a share outstanding throughout each period):** |  |  |  |  |
| Net asset value - Beginning of period  | $10.36 | $10.17 | $10.08 | $10.01 |
| **Income (loss) from investment operations:** |  |  |  |  |
| Net investment income<sup>2</sup> | 0.66 | 0.63 | 0.64 | 0.56 |
| Net realized and unrealized gain (loss) on investments  | (1.38) | 0.46 | 0.03 | 0.27 |
| *Total from investment operations* | (0.72) | 1.09 | 0.67 | 0.83 |
| **Less distributions to shareholders:** |  |  |  |  |
| From net investment income  | (0.59) | (0.55) | (0.58) | (0.76) |
| From net realized gain on investments  | (0.02) | (0.35) |  |  |
| Total distributions to shareholders  | (0.61) | (0.90) | (0.58) | (0.76) |
| *Net asset value - End of period*  | *$9.03* | *$10.36* | *$10.17* | *$10.08* |
| **Net assets - End of period** (000's omitted)  | **$74810** | **$137215** | **$119895** | **$30363** |
| Total return<sup>3</sup>  | (6.92%) | 10.89% | 7.11% | 8.63% |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |
| Expenses\*  | 0.10% | 0.10% | 0.10% | 0.10%<sup>4</sup> |
| Net investment income  | 6.84% | 5.92% | 6.76% | 6.66%<sup>4</sup> |
| Series portfolio turnover  | 93% | 128% | 208% | 143% |
| \*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: | 0.46% | 0.47% | 0.54% | 0.59%<sup>4</sup> |

---

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

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

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

<sup>4</sup>Annualized.

**63**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | **FOR THE<br>PERIOD<br>3/1/19<sup>1</sup>** **<br>TO<br>12/31/19** |
| High Yield Bond Series - Class Z  | **12/31/22** | **12/31/21** | **12/31/20** | **FOR THE<br>PERIOD<br>3/1/19<sup>1</sup>** **<br>TO<br>12/31/19** |
| **Per share data (for a share outstanding throughout each period):** |  |  |  |  |
| Net asset value - Beginning of period  | $8.65 | $8.62 | $8.64 | $8.67 |
| **Income (loss) from investment operations:** |  |  |  |  |
| Net investment income<sup>2</sup>  | 0.51 | 0.48 | 0.52 | 0.46 |
| Net realized and unrealized gain (loss) on investments  | (1.15) | 0.41 | 0.01 | 0.23 |
| *Total from investment operations*  | (0.64) | 0.89 | 0.53 | 0.69 |
| **Less distributions to shareholders:** |  |  |  |  |
| From net investment income  | (0.55) | (0.51) | (0.55) | (0.72) |
| From net realized gain on investments  | (0.02) | (0.35) |  |  |
| Total distributions to shareholders | (0.57) | (0.86) | (0.55) | (0.72) |
| *Net asset value - End of period*  | *$7.44* | *$8.65* | *$8.62* | *$8.64* |
| **Net assets - End of period** (000's omitted)  | **$3148** | **$9813** | **$1931** | **$1627** |
| Total return<sup>3</sup>  | (7.39%) | 10.48% | 6.59% | 8.26% |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |
| Expenses\* | 0.50% | 0.50% | 0.50% | 0.50%<sup>4</sup> |
| Net investment income  | 6.38% | 5.41% | 6.32% | 6.26%<sup>4</sup> |
| Series portfolio turnover  | 93% | 128% | 208% | 143% |
| \*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: | 0.06% | 0.07% | 0.14% | 0.19%<sup>4</sup> |

---

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

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

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

<sup>4</sup>Annualized.

**64**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
| Real Estate Series - Class S  | **12/31/22** | **12/31/21** | **12/31/20** | **12/31/19** | **12/31/18** |
| **Per share data (for a share outstanding throughout each year):** |  |  |  |  |  |
| Net asset value - Beginning of year  | $20.66 | $14.92 | $16.31 | $13.09 | $14.93 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup>  | 0.16 | 0.12 | 0.12<sup>2</sup> | 0.15 | 0.26 |
| Net realized and unrealized gain (loss) on investments | (5.63) | 6.35 | (1.15) | 3.65 | (1.24) |
| *Total from investment operations*  | (5.47) | 6.47 | (1.03) | 3.80 | (0.98) |
| **Less distributions to shareholders:** |  |  |  |  |  |
| From net investment income  | (0.23) | (0.10) | (0.13) | (0.16) | (0.21) |
| From net realized gain on investments  | (1.79) | (0.63) | (0.19) | (0.42) | (0.63) |
| From return of capital  |  |  | (0.04) |  | (0.02) |
| Total distributions to shareholders  | (2.02) | (0.73) | (0.36) | (0.58) | (0.86) |
| ****Net asset value - End of year***  | *$13.17* | *$20.66* | *$14.92* | *$16.31* | *$13.09* |
| **Net assets - End of year** (000's omitted)  | **$33005** | **$48549** | **$37762** | **$59923** | **$214722** |
| Total return<sup>3</sup>  | (26.96%) | 43.67% | (6.27%) | 29.14%<sup>4</sup> | (6.73%) |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |
| Expenses\*  | 1.10% | 1.10% | 1.10% | 1.11% | 1.11% |
| Net investment income  | 0.96% | 0.66% | 0.81%<sup>2</sup> | 1.02% | 1.82% |
| Series portfolio turnover  | 43% | 26% | 69% | 24% | 44% |
| \*For certain years presented, the investment advisor did not impose all or a portion of its management and/or other fees, and in some years may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | 0.02% | 0.01% | 0.03% | 0.00%<sup>5</sup> | N/A |

---

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

<sup>2</sup>Includes special dividends fromtwo of the Series' securities. Excluding this amount, the net investment income per share would have been $0.11 and the net investment income ratio would have been 0.72%.

<sup>3</sup>Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been waived or reimbursed during certain years.

<sup>4</sup>Includes litigation proceeds. Excluding this amount, the total return is 29.06%.

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

**65**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
| Real Estate Series - Class I<sup>1</sup> | **12/31/22** | **12/31/21** | **12/31/20** | **12/31/19** | **12/31/18** |
| **Per share data (for a share outstanding throughout each year):**  |  |  |  |  |  |
| Net asset value - Beginning of year  | $20.71 | $16.04 | $18.35 | $15.67 | $19.40 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>2</sup>  | 0.21 | 0.17 | 0.17<sup>3</sup> | 0.31 | 0.40 |
| Net realized and unrealized gain (loss) on investments  | (5.66) | 6.78 | (1.28) | 4.25 | (1.57) |
| *Total from investment operations*  | (5.45) | 6.95 | (1.11) | 4.56 | (1.17) |
| **Less distributions to shareholders:** |  |  |  |  |  |
| From net investment income  | (0.28) | (0.48) | (0.52) | (0.68) | (0.68) |
| From net realized gain on investments  | (1.79) | (1.80) | (0.54) | (1.20) | (1.79) |
| From return of capital  |  |  | (0.14) |  | (0.09) |
| Total distributions to shareholders  | (2.07) | (2.28) | (1.20) | (1.88) | (2.56) |
| ****Net asset value - End of year***  | *$13.19* | *$20.71* | *$16.04* | *$18.35* | *$15.67* |
| **Net assets - End of year** (000's omitted)  | **$34719** | **$51320** | **$30787** | **$50025** | **$50111** |
| Total return<sup>4</sup>  | (26.83%) | 44.14% | (5.96%) | 29.31% | (6.41%) |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |
| Expenses\*  | 0.85% | 0.84%<sup>5</sup> | 0.85% | 0.84% | 0.86% |
| Net investment income  | 1.20% | 0.92% | 1.02%<sup>3</sup> | 1.62% | 2.12% |
| Series portfolio turnover  | 43% | 26% | 69% | 24% | 44% |
| \*For certain years presented, the investment advisor did not impose all or a portion of its management and/or other fees, and in some years may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | 0.01% | N/A | 0.01% | N/A | N/A |

---

<sup>1</sup>Share amounts have been adjusted for a reverse stock split effective after the close of business on November 4, 2022. See Note 1 of the Notes to Financial Statements.

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

<sup>3</sup>Includes special dividends fromtwo of the Series' securities. Excluding this amount, the net investment income per share would have been $0.14 and the net investment income ratio would have been 0.93%.

<sup>4</sup>Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been waived or reimbursed during certain years.

<sup>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%.

**66**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Real Estate Series - Class W  | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | **FOR THE<br>PERIOD<br>3/1/19<sup>1</sup>** **<br>TO<br>12/31/19** |
| Real Estate Series - Class W  | **12/31/22** | **12/31/21** | **12/31/20** | **FOR THE<br>PERIOD<br>3/1/19<sup>1</sup>** **<br>TO<br>12/31/19** |
| **Per share data (for a share outstanding throughout each period):** |  |  |  |  |
| Net asset value - Beginning of period  | $20.65 | $14.89 | $16.27 | $14.76 |
| **Income (loss) from investment operations:** |  |  |  |  |
| Net investment income<sup>2</sup>  | 0.33 | 0.29 | 0.33<sup>3</sup> | 0.35 |
| Net realized and unrealized gain (loss) on investments  | (5.64) | 6.38 | (1.20) | 1.91 |
| *Total from investment operations*  | (5.31) | 6.67 | (0.87) | 2.26 |
| **Less distributions to shareholders:** |  |  |  |  |
| From net investment income  | (0.41) | (0.29) | (0.25) | (0.33) |
| From net realized gain on investments  | (1.79) | (0.63) | (0.19) | (0.42) |
| From return of capital  |  |  | (0.07) |  |
| Total distributions to shareholders  | (2.20) | (0.92) | (0.51) | (0.75) |
| *Net asset value - End of period*  | *$13.14* | *$20.65* | *$14.89* | *$16.27* |
| **Net assets - End of period** (000's omitted)  | **$194053** | **$288394** | **$214871** | **$191373** |
| Total return<sup>4</sup>  | (26.26%) | 45.19% | (5.33%) | 15.43%<sup>5</sup> |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |
| Expenses\*  | 0.10% | 0.10% | 0.10% | 0.10%<sup>6</sup> |
| Net investment income  | 1.95% | 1.66% | 2.27%<sup>3</sup> | 2.58%<sup>6</sup> |
| Series portfolio turnover  | 43% | 26% | 69% | 24% |
| \*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: | 0.62% | 0.61% | 0.64% | 0.62%<sup>6</sup> |

---

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

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

<sup>3</sup>Includes special dividends fromtwo of the Series' securities. Excluding this amount, the net investment income per share would have been $0.31 and the net investment income ratio would have been 2.14%.

<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 the periods. Periods less than one year are not annualized.

<sup>5</sup>Includes litigation proceeds. Excluding this amount, the total return would have been 15.36%.

<sup>6</sup>Annualized.

**67**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Real Estate Series - Class Z<sup>1</sup> | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | **FOR THE<br>PERIOD<br>3/1/19<sup>2</sup>** **<br>TO<br>12/31/19** |
| Real Estate Series - Class Z<sup>1</sup> | **12/31/22** | **12/31/21** | **12/31/20** | **FOR THE<br>PERIOD<br>3/1/19<sup>2</sup>** **<br>TO<br>12/31/19** |
| **Per share data (for a share outstanding throughout each period):**  |  |  |  |  |
| Net asset value - Beginning of period  | $20.67 | $15.99 | $18.32 | $17.61 |
| **Income (loss) from investment operations:** |  |  |  |  |
| Net investment income<sup>3</sup>  | 0.25 | 0.23 | 0.25<sup>4</sup> | 0.23 |
| Net realized and unrealized gain (loss) on investments  | (5.66) | 6.75 | (1.36) | 2.38 |
| *Total from investment operations*  | (5.41) | 6.98 | (1.11) | 2.61 |
| **Less distributions to shareholders:** |  |  |  |  |
| From net investment income  | (0.30) | (0.51) | (0.54) | (0.71) |
| From net realized gain on investments  | (1.79) | (1.79) | (0.54) | (1.19) |
| From return of capital  |  |  | (0.14) |  |
| Total distributions to shareholders  | (2.09) | (2.30) | (1.22) | (1.90) |
| *Net asset value - End of period*  | *$13.17* | *$20.67* | *$15.99* | *$18.32* |
| **Net assets - End of period** (000's omitted)  | **$2016** | **$2281** | **$549** | **$539** |
| Total return<sup>5</sup>  | (26.67%) | 44.36% | (5.96%) | 14.98%<sup>6</sup> |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |
| Expenses\*  | 0.70% | 0.70% | 0.70% | 0.70%<sup>7</sup> |
| Net investment income  | 1.51% | 1.15% | 1.51%<sup>4</sup> | 1.42%<sup>7</sup> |
| Series portfolio turnover  | 43% | 26% | 69% | 24% |
| \*The investment advisor did not impose all or a portion of its management and/or other fees during the periods, and may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | 0.02% | 0.01% | 0.04% | 0.02%<sup>7</sup> |

---

<sup>1</sup>Share amounts have been adjusted for a reverse stock split effective after the close of business on November 4, 2022. See Note 1 of the Notes to Financial Statements.

<sup>2</sup>Commencement of operations.

<sup>3</sup>Calculated based on average shares outstanding during the periods.

<sup>4</sup>Includes special dividends fromtwo of the Series' securities. Excluding this amount, the net investment income per share would have been $0.23 and the net investment income ratio would have been 1.39%.

<sup>5</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>6</sup>Includes litigation proceeds. Excluding this amount, the total return would have been 14.62%

<sup>7</sup>Annualized.

**68**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
| Unconstrained Bond Series - Class S  | **12/31/22** | **12/31/21** | **12/31/20** | **12/31/19** | **12/31/18** |
| **Per share data (for a share outstanding throughout each year):** |  |  |  |  |  |
| Net asset value - Beginning of year  | $10.61 | $10.93 | $10.44 | $10.18 | $10.42 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup>  | 0.31 | 0.30 | 0.29 | 0.28 | 0.26 |
| Net realized and unrealized gain (loss) on investments  | (1.02) | (0.02) | 0.48 | 0.23 | (0.24) |
| *Total from investment operations*  | (0.71) | 0.28 | 0.77 | 0.51 | 0.02 |
| **Less distributions to shareholders:** |  |  |  |  |  |
| From net investment income  | (0.25) | (0.30) | (0.28) | (0.25) | (0.25) |
| From net realized gain on investments  |  | (0.30) | (0.00)<sup>2</sup> |  | (0.01) |
| Total distributions to shareholders  | (0.25) | (0.60) | (0.28) | (0.25) | (0.26) |
| ****Net asset value - End of year***  | *$9.65* | *$10.61* | *$10.93* | *$10.44* | *$10.18* |
| **Net assets - End of year** (000's omitted)  | **$31882** | **$17776** | **$20925** | **$22884** | **$685649** |
| Total return<sup>3</sup>  | (6.71%) | 2.59% | 7.54% | 5.01% | 0.20% |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |
| Expenses\*  | 0.72% | 0.73% | 0.73% | 0.75% | 0.75% |
| Net investment income  | 3.15% | 2.71% | 2.74% | 2.80% | 2.56% |
| Series portfolio turnover  | 60% | 69% | 96% | 75% | 58% |
| \*For certain years presented, the investment advisor did not impose all or a portion of its management and/or other fees, and in some years may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | N/A | N/A | N/A | 0.01% | 0.01% |

---

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

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

<sup>3</sup>Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been waived or reimbursed during certain years.

**69**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED |
| Unconstrained Bond Series - Class I  | **12/31/22** | **12/31/21** | **12/31/20** | **12/31/19** | **12/31/18** |
| **Per share data (for a share outstanding throughout each year):** |  |  |  |  |  |
| Net asset value - Beginning of year  | $9.29 | $9.65 | $9.26 | $9.09 | $9.34 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup>  | 0.30 | 0.29 | 0.28 | 0.28 | 0.26 |
| Net realized and unrealized gain (loss) on investments  | (0.90) | (0.02) | 0.42 | 0.20 | (0.22) |
| *Total from investment operations*  | (0.60) | 0.27 | 0.70 | 0.48 | 0.04 |
| **Less distributions to shareholders:** |  |  |  |  |  |
| From net investment income  | (0.27) | (0.33) | (0.31) | (0.31) | (0.28) |
| From net realized gain on investments  |  | (0.30) | (0.00)<sup>2</sup> |  | (0.01) |
| Total distributions to shareholders  | (0.27) | (0.63) | (0.31) | (0.31) | (0.29) |
| ****Net asset value - End of year***  | *$8.42* | *$9.29* | *$9.65* | *$9.26* | *$9.09* |
| **Net assets - End of year** (000's omitted)  | **$192903** | **$36639** | **$21687** | **$19039** | **$28499** |
| Total return<sup>3</sup>  | (6.42%) | 2.81% | 7.74% | 5.37% | 0.40% |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |
| Expenses\*  | 0.47% | 0.49% | 0.49% | 0.48% | 0.50% |
| Net investment income  | 3.47% | 2.97% | 2.96% | 3.01% | 2.75% |
| Series portfolio turnover  | 60% | 69% | 96% | 75% | 58% |
| \*For certain years presented, the investment advisor did not impose all or a portion of its management and/or other fees, and in some years may have paid a portion of the Series' expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: | N/A | N/A | N/A | 0.01% | 0.01% |

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

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

<sup>3</sup>Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been waived or reimbursed during certain years.

**70**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
|  | FOR THE YEAR ENDED | FOR THE YEAR ENDED | FOR THE YEAR ENDED | **FOR THE<br>PERIOD<br>3/1/19<sup>1</sup>** **TO<br>12/31/19** |
| Unconstrained Bond Series - Class W  | **12/31/22** | **12/31/21** | **12/31/20** | **FOR THE<br>PERIOD<br>3/1/19<sup>1</sup>** **TO<br>12/31/19** |
| **Per share data (for a share outstanding throughout each period):** |  |  |  |  |
| Net asset value - Beginning of period  | $10.57 | $10.90 | $10.41 | $10.34 |
| **Income (loss) from investment operations:** |  |  |  |  |
| Net investment income<sup>2</sup>  | 0.37 | 0.37 | 0.36 | 0.30 |
| Net realized and unrealized gain (loss) on investments  | (1.01) | (0.03) | 0.49 | 0.12 |
| *Total from investment operations*  | (0.64) | 0.34 | 0.85 | 0.42 |
| **Less distributions to shareholders:** |  |  |  |  |
| From net investment income  | (0.31) | (0.37) | (0.36) | (0.35) |
| From net realized gain on investments  |  | (0.30) | (0.00)<sup>3</sup> |  |
| Total distributions to shareholders  | (0.31) | (0.67) | (0.36) | (0.35) |
| *Net asset value - End of period*  | *$9.62* | *$10.57* | *$10.90* | *$10.41* |
| **Net assets - End of period** (000's omitted)  | **$592728** | **$673807** | **$631570** | **$859888** |
| Total return<sup>4</sup>  | (6.05%) | 3.19% | 8.29% | 4.10%<sup>5</sup> |
| **Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |
| Expenses\*  | 0.05% | 0.05% | 0.05% | 0.05%<sup>6</sup> |
| Net investment income  | 3.68% | 3.40% | 3.40% | 3.44%<sup>6</sup> |
| Series portfolio turnover  | 60% | 69% | 96% | 75% |
| \*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: | 0.32% | 0.32% | 0.32% | 0.31%<sup>6</sup> |

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

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

<sup>3</sup>Less than $(0.01).

<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 the periods. Periods less than one year are not annualized.

<sup>5</sup>Includes litigation proceeds. Excluding this amount, the total return would have been 4.00%.

<sup>6</sup>Annualized.

**Manning & Napier Fund, Inc.**

**Core Bond Series – Class I, S, W and Z Shares Credit Series – Class W Shares Diversified Tax Exempt Series – Class A and W Shares High Yield Bond Series – Class I, S, W and Z Shares Real Estate Series – Class I, S, W and Z Shares Unconstrained Bond Series – Class I, S, W and Z Shares**

Shareholder Reports and the Statement of Additional Information (SAI)

Annual and semi-annual reports to shareholders provide additional information about the Series' investments. These reports discuss the market conditions and investment strategies that significantly affected the Series' performance during its last fiscal year. The SAI provides more detailed information about the Series. It is incorporated by reference into this prospectus, making it legally part of the prospectus.

How to Obtain the Shareholder Reports, SAI, and Additional Information

&nbsp;&nbsp;&nbsp;&nbsp;•You may obtain shareholder reports and the SAI or other information about the Series without charge, by calling 1-800-466-3863 or sending written requests to Manning & Napier Fund, Inc., P.O. Box 805, Fairport, New York 14450. Note that this address should not be used for transaction requests. These documents are also available at www.manning-napier.com.

&nbsp;&nbsp;&nbsp;&nbsp;•Shareholder reports, the prospectus, the SAI and other information about the Series are available on the EDGAR Database on the Commission's Internet site at http:// www.sec.gov. You may obtain copies of this information, after paying a duplicating fee, by sending an email request to publicinfo@sec.gov.

Shareholder Mailings

The Fund may send only one copy of a 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 1-800-466-3863 or contact your financial intermediary.

The Fund also offers electronic delivery of certain documents. Direct shareholders can elect to receive shareholder reports, prospectus updates, and statements via e-delivery. For more information or to sign up for e-delivery, please visit the Fund's website at www.manning-napier.com.

If someone makes a statement about the Series that is not in this prospectus, you should not rely upon that information. Neither the Fund nor its distributor is offering to sell shares of any Series to any person to whom a Series may not lawfully sell its shares.

**Investment Company Act File No.** **811-04087** **COMB 03/01/2023**

**Manning & Napier Fund, Inc.** 

**Statement of Additional Information dated March 1, 2023**

This Statement of Additional Information ("SAI") is not a prospectus, but expands upon and supplements the information contained in the current Prospectuses for each Series and Class listed below of Manning & Napier Fund, Inc. (the "Fund"), each dated March 1, 2023, and should be read in conjunction with the Prospectuses. You may obtain copies of the Fund's current Prospectuses from Manning & Napier Advisors, LLC, 290 Woodcliff Drive, Fairport, NY 14450 or by calling 1-800-466-3863. The Prospectuses are also available online at www.manning-napier.com.

The audited financial statements of each Series (as defined below) including the report of PricewaterhouseCoopers LLP ("PwC") thereon, from the Series' Annual Reports for the fiscal year ended October 31, 2022, are hereby incorporated by reference into this SAI. These Reports may be obtained without charge by calling 1-800-466-3863.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**SERIES** | &nbsp;&nbsp;**CLASS I** | &nbsp;&nbsp;**CLASS L** | &nbsp;&nbsp;**CLASS R** | &nbsp;&nbsp;**CLASS S** | &nbsp;&nbsp;**CLASS W** | &nbsp;&nbsp;**CLASS Z** |
| &nbsp;&nbsp;**EQUITY SERIES** |  |  |  | &nbsp;&nbsp;exeyx | &nbsp;&nbsp;MEYWX |  |
| &nbsp;&nbsp;**OVERSEAS SERIES** | &nbsp;&nbsp;exosx |  |  | &nbsp;&nbsp;MNOSX | &nbsp;&nbsp;MNOWX | &nbsp;&nbsp;MNOZX |
| &nbsp;&nbsp;**DISCIPLINED VALUE SERIES** | &nbsp;&nbsp;MNDFX |  |  | &nbsp;&nbsp;MDFSX | &nbsp;&nbsp;MDVWX | &nbsp;&nbsp;MDVZX |
| &nbsp;&nbsp;**RAINIER INTERNATIONAL DISCOVERY SERIES** | &nbsp;&nbsp;RAIIX |  |  | &nbsp;&nbsp;RISAX | &nbsp;&nbsp;RAIWX | &nbsp;&nbsp;RAIRX |
| &nbsp;&nbsp;**PRO-BLEND<sup>®</sup> CONSERVATIVE TERM SERIES** | &nbsp;&nbsp;mncix | &nbsp;&nbsp;mnccx | &nbsp;&nbsp;mncrx | &nbsp;&nbsp;exdax | &nbsp;&nbsp;MNCWX | &nbsp;&nbsp;NO TICKER SYMBOL |
| &nbsp;&nbsp;**PRO-BLEND<sup>®</sup> MODERATE TERM SERIES** | &nbsp;&nbsp;mnmix | &nbsp;&nbsp;mnmcx | &nbsp;&nbsp;mnmrx | &nbsp;&nbsp;exbax | &nbsp;&nbsp;MNMWX | &nbsp;&nbsp;NO TICKER SYMBOL |
| &nbsp;&nbsp;**PRO-BLEND<sup>®</sup> EXTENDED TERM SERIES** | &nbsp;&nbsp;mnbix | &nbsp;&nbsp;mnecx | &nbsp;&nbsp;mnbrx | &nbsp;&nbsp;mnbax | &nbsp;&nbsp;MNBWX | &nbsp;&nbsp;NO TICKER SYMBOL |
| &nbsp;&nbsp;**PRO-BLEND<sup>®</sup> MAXIMUM TERM SERIES** | &nbsp;&nbsp;mnhix | &nbsp;&nbsp;mnhcx | &nbsp;&nbsp;mnhrx | &nbsp;&nbsp;exhax | &nbsp;&nbsp;MNHWX | &nbsp;&nbsp;NO TICKER SYMBOL |

---

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
| [The Fund](#mn1031multisaia001) | 3 |
| [Investment Goals](#mn1031multisaia002) | 3 |
| [Investment Policies and Risks](#mn1031multisaia003) | 3 |
| [Investment Restrictions](#mn1031multisaia004) | 23 |
| [Portfolio Turnover](#mn1031multisaia005) | 25 |
| [Disclosure of Portfolio Holdings](#mn1031multisaia006) | 26 |
| [Management](#mn1031multisaia007) | 27 |
| [Code of Ethics](#mn1031multisaia008) | 33 |
| [Proxy Voting Policy](#mn1031multisaia009) | 33 |
| [Principal Owners and Control Persons](#mn1031multisaia010) | 34 |
| [The Advisor and the Sub-Advisor](#mn1031multisaia011) | 41 |
| [The Distributor](#mn1031multisaia012) | 44 |
| [Payments to Broker-Dealers and Other Financial Intermediaries](#mn1031multisaia013) | 44 |
| [Transfer Agent, Dividend Disbursing Agent, Custodian, Independent Registered Public Accounting Firm, and Counsel](#mn1031multisaia014) | 46 |
| [Purchases and Redemptions](#mn1031multisaia015) | 47 |
| [Portfolio Managers](#mn1031multisaia016) | 48 |
| [Portfolio Transactions and Brokerage](#mn1031multisaia017) | 50 |
| [Net Asset Value](#mn1031multisaia018) | 51 |
| [Information About Fund Operations](#mn1031multisaia019) | 52 |
| [Federal Taxes](#mn1031multisaia020) | 52 |
| [Performance Reporting](#mn1031multisaia021) | 59 |
| [Financial Statements](#mn1031multisaia022) | 59 |
| [Appendix A – Description of Bond Ratings](#mn1031multisaia023) | 60 |
| [Appendix B – Procedures for the Nominating Committee's Consideration of Potential Nominees Submitted by Stockholders](#mn1031multisaia024) | 63 |
| [Appendix C – Manning & Napier Advisors, LLC Proxy Policy and Procedures](#mn1031multisaia025) | 64 |

---

**The Fund** 

The Fund is an open-end management investment company incorporated under the laws of the State of Maryland on July 26, 1984. This SAI relates to the following series of the Fund: Pro-Blend Conservative Term Series, Pro-Blend Moderate Term Series, Pro-Blend Extended Term Series, and Pro-Blend Maximum Term Series (Class I, L, R, S, W, and Z) (collectively, the "Pro-Blend Series"); Equity Series (Class S and W); Overseas Series (Class I, S, W, and Z); Disciplined Value Series (Class I, S, W, and Z) ; and Rainier International Discovery Series (Class I, S, W, and Z) (each a "Series"). Each Series is a separate mutual fund with its own investment objective, strategies and risks. The Fund's Board of Directors ("Board" or "Board of Directors") may, at its own discretion, create additional series of shares (and classes of such series), each of which would have separate assets and liabilities.

Currently, the Fund has issued the following classes of shares of the Series: Class I, L, R, S, W, and Z.

The Rainier International Discovery Series acquired the assets and assumed the liabilities of Rainier International Discovery Fund (the "Predecessor Fund"), a series of Rainier Investment Management Mutual Funds, a Delaware statutory trust, on August 21, 2017 (the "Reorganization"), and is the successor to the accounting and performance information of the Predecessor Fund. Rainier Investment Management, LLC ("Rainier" or the "Sub-Advisor"), the investment sub-advisor of the Rainier International Discovery Series, was the investment advisor of the Predecessor Fund, and the Predecessor Fund had the same investment objective as the Series, and had principal investment strategies and risks that were not materially different from those of the Series.

On September 28, 2020, the (i) Pro-Blend Conservative Term Series; (ii) Pro-Blend Moderate Term Series; (iii) Pro-Blend Extended Term Series; and (iv) Pro-Blend Maximum Term Series, each a separate series of the Fund, acquired the assets and assumed the liabilities of the (i) Target Income Series and Target 2015 Series; (ii) Target 2020 Series and Target 2025 Series; (iii) Target 2030 Series, Target 2035 Series, and Target 2040 Series; (iv) Target 2045 Series, Target 2050 Series, Target 2055 Series and Target 2060 Series, respectively, each a separate series of the Fund.

Each share of a Series represents an identical interest in the investment portfolio of that Series and has the same rights, except that (i) each class of shares bears those distribution fees, shareholder service fees and administrative expenses applicable to the respective class of shares as a result of its distribution and shareholder services arrangements, which will cause the different classes of shares to have different expense ratios and to pay different rates of dividends, and (ii) each class has exclusive voting rights with respect to any distribution and/or shareholder service fees which relate only to such class. As a result of each class' differing amount of distribution and/or shareholder services fees, shares of different classes of the same Series may have different NAVs per share.

Shares of the Fund may not be available for purchase in every state. If a Series' shares are not registered in a state, investments will not be accepted for the Series from shareholders in that state, and requests to exchange from another Series into that Series also will not be accepted. Please contact the Fund at 1-800-466-3863 for information about state availability.

**Investment Goals** 

Each Series' investment goal is described in its prospectus.

The investment goals of the Series are non-fundamental and may be changed by the Board of Directors without shareholder approval. If there is a material change in the investment objective of a Series, shareholders will be notified thirty (30) days prior to any such change and will be advised to consider whether the Series remains an appropriate investment in light of their then current financial position and needs.

The investment strategy of the Equity Series is to invest, under normal circumstances, at least 80% of its assets in equity securities. The investment strategy of the Overseas Series is to invest, under normal circumstances, at least 80% of its assets in securities of issuers from outside the United States. The investment strategy of the Disciplined Value Series is to invest, under normal circumstances, at least 80% of its assets in dividend-paying common stocks.

Each of the Series will notify its shareholders at least sixty (60) days prior to any change in their respective investment strategies.

Each of the Series is a diversified mutual fund.

**Investment Policies and Risks** 

Except as explicitly stated otherwise, all investment policies of the Series are non-fundamental and may be changed by the Board of Directors without shareholder approval.

Each Series' principal investment strategies and risks are described in its prospectus. The following discussion provides additional information about those principal investment strategies and related risks, as well as information about non-principal investment strategies (and related risks) that a Series may utilize. Accordingly, an investment strategy (and related risk) that is described below, but which is not described in a Series' prospectus, is considered by the Series to be a non-principal strategy (or related risk).

The different types of investments in which a Series typically may invest, the investment techniques each may use, and the risks normally associated with these investments are discussed below. For purposes of the descriptions below, references to "a Series" or "each Series" include each of the underlying funds, except as otherwise specifically stated.

Not all securities or techniques discussed below are eligible investments for each Series or underlying fund. A Series or underlying fund will make investments that are intended to help achieve its investment objective.

**EQUITY INVESTMENTS** 

<u>Common Stocks</u>. Each Series may purchase exchange-traded and over the counter ("OTC") common stocks.

Common stocks are shares of a corporation or other entity that entitle the holder to a pro rata share of the profits of the corporation, if any, without preference over any other shareholder or class of shareholders, including holders of the entity's preferred stock and other senior equity. Common stock usually carries with it the right to vote and, frequently, an exclusive right to do so. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds and preferred stock take precedence over the claims of those who own common stock.

Securities traded on OTC markets are not listed and traded on an organized exchange such as the New York Stock Exchange ("NYSE"). Generally, the volume of trading in an unlisted or OTC common stock is less than the volume of trading in an exchange-listed stock. As a result, the market liquidity of some stocks in which the Series invest may not be as great as that of exchange-listed stocks and, if the Series were to dispose of such stocks, the Series may have to offer the shares at a discount from recent prices, or sell the shares in small lots over an extended period of time.

<u>Small- and mid-size company securities</u>. Each Series may invest in small- and mid-size companies. Securities of small companies often have only a small proportion of their outstanding securities held by the general public. They may have limited trading markets that may be subject to wide price fluctuations. Small- and mid-size companies may have relatively small revenues and lack depth of management. Investments in such companies tend to be volatile and are therefore speculative. Small- and mid-size companies may have a small share of the market for their products or services and they may provide goods or services to a regional or limited market. They may be unable to internally generate funds necessary for growth or potential development or to generate such funds through external financing on favorable terms. In addition, they may be developing or marketing new products or services for which markets are not yet established and may never become established. Such companies may have or may develop only a regional market for products or services and thus be affected by local or regional market conditions. Moreover, small- and mid-size companies may have insignificant market share in their industries and may have difficulty maintaining or increasing their market share in competition with larger companies. Due to these and other factors, small- and mid-size companies may suffer significant losses.

<u>Depositary Receipts</u>. Each Series may purchase Depositary Receipts. Depositary Receipts represent an ownership interest in securities of foreign companies (an "underlying issuer") that are deposited with a depositary. Depositary Receipts are not necessarily denominated in the same currency as the underlying securities. American Depositary Receipts ("ADRs") are dollar-denominated Depositary Receipts typically issued by a U.S. financial institution which evidence an ownership interest in a security or pool of securities issued by a foreign issuer. Generally, ADRs are issued in registered form and are designed for use in the U.S. securities markets. Other Depositary Receipts, such as Global Depositary Receipts ("GDRs") and International Depositary Receipts ("IDRs"), may be issued in bearer form and denominated in foreign currencies, and are generally designed for use in securities markets outside the United States. Depositary Receipts are subject to many of the risks associated with investing directly in foreign securities, which are described below.

The Depositary Receipts in which the Series invest may be "sponsored" or "unsponsored." Sponsored Depositary Receipts are established jointly by a depositary and the underlying issuer, whereas unsponsored Depositary Receipts may be established by a depositary without participation by the underlying issuer. Holders of unsponsored Depositary Receipts generally bear all the costs associated with establishing unsponsored Depositary Receipts. In addition, the issuers of the securities underlying unsponsored Depositary Receipts are not obligated to disclose material information in the United States and, therefore, there may be less information available regarding such issuers and there may not be a correlation between such information and the market value of the Depositary Receipts.

<u>Initial Public Offerings ("IPOs")</u>. Each Series may purchase shares issued as part of, or a short period after, a company's IPO, and may at times dispose of those shares shortly after their acquisition. A 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 tends to be volatile, and share prices of newly-public companies tend to fluctuate significantly over short periods of time.

<u>Preferred Stocks</u>. Each Series may invest in preferred stocks. Preferred stocks represent an equity or ownership interest in an issuer but do not ordinarily carry voting rights, although they may carry limited voting rights. Preferred stocks also normally have preference over the corporation's assets and earnings. For example, preferred stocks have preference over common stock in the payment of dividends. Preferred stocks normally pay dividends at a specified rate and may entitle the holder to acquire the issuer's stock by exchange or purchase for a predetermined rate. However, preferred stock may be purchased where the issuer has omitted, or is in danger of omitting, payment of its dividend. Such investments would be made primarily for their capital appreciation potential. In the event an issuer is liquidated or declares bankruptcy, the claims of bond owners take precedence over the claims of preferred and common stock owners. Certain classes of preferred stock are convertible into shares of common stock of the issuer. By holding convertible preferred stock, a Series can receive a steady stream of dividends and still have the option to convert the preferred stock to common stock. Preferred stock is subject to many of the same risks as common stock and debt securities.

<u>Convertible Securities</u>. Each Series may invest in securities that are convertible at either a stated price or a stated rate into underlying shares of common stock, thus enabling the investor to benefit from increases in the market price of the common stock.

Convertible securities are typically preferred stocks or bonds that are exchangeable for a specific number of another form of security (usually the issuer's common stock) at a specified price or ratio. A convertible security generally entitles the holder to receive interest paid or accrued on bonds or the dividend paid on preferred stock until the convertible security matures or is redeemed, converted or exchanged. A corporation may issue a convertible security that is subject to redemption after a specified date, and usually under certain circumstances. A holder of a convertible security that is called for redemption would be required to tender it for redemption to the issuer, convert it to the underlying common stock or sell it to a third party. The convertible structure allows the holder of the convertible bond to participate in share price movements in the company's common stock. The actual return on a convertible bond may exceed its stated yield if the company's common stock appreciates in value and the option to convert to common stocks becomes more valuable.

Convertible securities typically pay a lower interest rate than nonconvertible bonds of the same quality and maturity because of the convertible feature. Convertible securities may be rated below investment grade ("high yield") or not rated, and are subject to credit risk.

Prior to conversion, convertible securities have characteristics and risks similar to nonconvertible debt and equity securities. In addition, convertible securities are often concentrated in economic sectors, which, like the stock market in general, may experience unpredictable declines in value, as well as periods of poor performance, which may last for several years. There may be a small trading market for a particular convertible security at any given time, which may adversely impact market price and a Series' ability to liquidate a particular security or respond to an economic event, including deterioration of an issuer's creditworthiness.

Convertible preferred stocks are nonvoting equity securities that pay a fixed dividend. These securities have a convertible feature similar to convertible bonds, but do not have a maturity date. Due to their fixed income features, convertible securities provide higher income potential than the issuer's common stock, but typically are more sensitive to interest rate changes than the underlying common stock. In the event of a company's liquidation, bondholders have claims on company assets senior to those of shareholders; preferred shareholders have claims senior to those of common shareholders.

Convertible securities typically trade at prices above their conversion value, which is the current market value of the common stock received upon conversion, because of their higher yield potential than the underlying common stock. The difference between the conversion value and the price of a convertible security will vary depending on the value of the underlying common stock and interest rates. When the underlying value of the common stock declines, the price of the issuer's convertible securities will tend not to fall as much because the convertible security's income potential will act as a price support. While the value of a convertible security also tends to rise when the underlying common stock value rises, it will not rise as much because its conversion value is more narrow. The value of convertible securities also is affected by changes in interest rates. For example, when interest rates fall, the value of convertible securities may rise because of their fixed income component.

<u>Rights and Warrants</u>. Each Series may purchase rights and warrants. A right is a privilege granted to existing shareholders of a corporation to subscribe to shares of a new issue of common stock before it is issued. Rights normally have a short life, usually two to four weeks, are freely transferable and entitle the holder to buy the new common stock at a lower price than the public offering price. Warrants are securities that are usually issued together with a debt security or preferred stock and that give the holder the right to buy a proportionate amount of common stock at a specified price. Warrants are freely transferable and are often traded on major exchanges. Unlike rights, warrants normally have a life that is measured in years and entitle the holder to buy common stock of a company at a price that is usually higher than the market price at the time the warrant is issued. Corporations often issue warrants to make the accompanying debt security more attractive.

Rights and warrants may be considered more speculative than certain other types of investments because they (1) do not carry rights to dividends or voting rights with respect to the underlying securities, and (2) do not represent any rights in the assets of the issuer. Warrants purchased by the Series may or may not be listed on a national securities exchange. None of the Series (with the exception of the Disciplined Value Series) may invest more than 5% of the value of its total net assets in warrants. Included within that amount, but not to exceed 2% of the value of the Series' net assets, may be warrants which are not listed on either the NYSE or the NYSE American. Warrants acquired in units or attached to securities will be deemed without value for purposes of this restriction.

<u>Real Estate Investment Trusts ("REITs")</u>. Each Series may invest in shares of REITs, which are pooled investment vehicles that invest in real estate or real estate loans or interests. Investing in REITs involves certain unique risks in addition to those risks associated with investing in the real estate industry in general. These risks may include, but are not limited to, the following: declines in the value of real estate; risks related to general and local economic conditions; possible lack of availability of mortgage funds; lack of ability to access the credit or capital markets; overbuilding; extended vacancies of properties; defaults by borrowers or tenants, particularly during an economic downturn; increasing competition; increases in property taxes and operating expenses; changes in zoning laws; losses due to costs resulting from the clean-up of environmental problems; liability to third parties for damages resulting from environmental problems; casualty or condemnation losses; limitations on rents; changes in market and sub-market values and the appeal of properties to tenants; and changes in interest rates. Furthermore, REITs are dependent on specialized management skills. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties. REITs depend generally on their ability to generate cash flow to make distributions to shareholders or unitholders, and may be subject to defaults by borrowers and to self-liquidations. In addition, a U.S. REIT may be affected by its failure to qualify for tax-free pass-through of income under the Internal Revenue Code of 1986, as amended (the "Code") or its failure to maintain exemption from registration under the Investment Company Act of 1940, as amended (the "1940 Act"). By investing in REITs indirectly through a fund, shareholders will bear not only the proportionate share of the expenses of the fund, but also, indirectly, similar expenses of underlying REITs.

Generally, REITs can be classified as Equity REITs, Mortgage REITs and Hybrid REITs. Equity REITs invest the majority of their assets directly in real property and derive their income primarily from rents and capital gains from appreciation realized through property sales. Mortgage REITs invest the majority of their assets in real estate mortgages and derive their income primarily from interest payments. Hybrid REITs combine the characteristics of both Equity and Mortgage REITs.

Mortgage REITs receive principal and interest payments from the owners of the mortgaged properties. Accordingly, mortgage REITs are subject to the credit risk of the borrowers to whom they extend credit. Credit risk refers to the possibility that the borrower will be unable and/or unwilling to make timely interest payments and/or repay the principal on the loan to a mortgage REIT when due. Mortgage REITs are subject to significant interest rate risk. When the general level of interest rates goes up, the value of a mortgage REIT's investment in fixed rate obligations goes down. When the general level of interest rates goes down, the value of a mortgage REIT's investment in fixed rate obligations goes up. Mortgage REITs typically use leverage and many are highly leveraged, which exposes them to leverage risk. Leverage risk refers to the risk that leverage created from borrowing may impair a mortgage REIT's liquidity, cause it to liquidate positions at an unfavorable time and increase the volatility of the values of securities issued by the mortgage REIT. Mortgage REITs are subject to prepayment risk, which is the risk that borrowers may prepay their mortgage loans at faster than expected rates. Prepayment rates generally increase when interest rates fall and decrease when interest rates rise. These faster than expected payments may adversely affect a mortgage REIT's profitability because the mortgage REIT may be forced to replace investments that have been redeemed or repaid early with other investments having a lower yield. Additionally, rising interest rates may cause the duration of a mortgage REIT's investments to be longer than anticipated and increase such investments' interest rate sensitivity.

Ultimately, a REIT's performance depends on the types of properties it owns and how well the REIT manages its properties. Investing in REITs involves risks similar to those associated with investing in equity securities of small capitalization companies.

<u>Trust Certificates, Partnership Interests and Equity Participations</u>. Each Series may invest in equity securities that are interests in non-corporate entities. These securities, which include trust certificates, partnership interests and equity participations, have different liability and tax characteristics than equity securities issued by a corporation, and thus may present additional risks to the Series. However, the investment characteristics of these securities are similar to those of traditional corporate equity securities.

<u>Business Development Companies ("BDCs")</u>. BDCs are a type of closed-end investment company regulated under the 1940 Act. BDCs generally invest in less mature private companies or thinly traded U.S. public companies which involve greater risk than well-established publicly-traded companies. While BDCs are expected to generate income in the form of dividends, certain BDCs during certain periods of time may not generate such income. A Series that invests in BDCs will indirectly bear its proportionate share of any management and other operating expenses and of any performance-based or incentive fees charged by the BDCs in which it invests, in addition to the expenses paid by the Series. The 1940 Act imposes certain constraints upon the operations of a BDC. For example, BDCs are required to invest at least 70% of their total assets primarily in securities of private companies or thinly traded U.S. public companies, cash, cash equivalents, U.S. government securities and high quality debt investments that mature in one year or less. Generally, little public information exists for private and thinly traded companies and there is a risk that investors may not be able to make a fully informed evaluation of a BDC and its portfolio of investments. With respect to investments in debt instruments, there is a risk that the issuers of such instruments may default on their payments or declare bankruptcy. Additionally, a BDC may only incur indebtedness in amounts such that the BDC's coverage ratio of total assets to total senior securities equals at least 200% after such incurrence. These limitations on asset mix and leverage may affect the way that the BDC raises capital. BDCs compete with other entities for the types of investments they make, and such entities are not necessarily subject to the same investment constraints as BDCs.

Investments made by BDCs are generally subject to legal and other restrictions on resale and are otherwise less liquid than publicly-traded securities. The illiquidity of these investments may make it difficult to sell such investments if the need arises, and if there is a need for a BDC in which a Series invests to liquidate its portfolio quickly, it may realize a loss on its investments. BDCs may have relatively concentrated investment portfolios, consisting of a relatively small number of holdings. A consequence of this limited number of investments is that the aggregate returns realized may be disproportionately impacted by the poor performance of a small number of investments, or even a single investment, particularly if a company experiences the need to write down the value of an investment. Since BDCs rely on access to short-term money markets, longer-term capital markets and the bank markets as significant sources of liquidity, if BDCs are not able to access capital at competitive rates, their ability to implement certain financial strategies will be negatively impacted. Market disruptions, including a downturn in capital markets in general or a downgrade of the credit rating of a BDC held by a Series, may increase the cost of borrowing to that company, thereby increasing its cost of borrowing and adversely impacting the Series' returns. Credit downgrades may also result in requirements for a BDC to provide additional support in the form of letters of credit or cash or other collateral to various counterparties.

Since many of the assets of BDCs do not have readily ascertainable market values, such assets are most often recorded at fair value, in good faith, in accordance with valuation procedures adopted by such companies. A fair value determination requires that judgment be applied to the specific facts and circumstances. Due to the absence of a readily ascertainable market value, and because of the inherent uncertainty of fair valuation, the fair value assigned to a BDC's investments may differ significantly from the values that would be reflected if the assets were traded in an established market, potentially resulting in material differences between a BDC's net asset value ("NAV") per share and its market value.

Many BDCs invest in mezzanine and other debt securities of privately held companies, including senior secured loans. Mezzanine investments typically are structured as subordinated loans (with or without warrants) that carry a fixed rate of interest. Many debt investments in which a BDC may invest will not be rated by a credit rating agency and will be below investment grade quality. These investments are commonly referred to as "junk bonds" and have predominantly speculative characteristics with respect to an issuer's capacity to make payments of interest and principal. Although lower grade securities are higher yielding, they are also characterized by high risk. In addition, the secondary market for lower grade securities may be less liquid than that of higher rated securities. Issuers of lower rated securities have a currently identifiable vulnerability to default or may currently be in default. Lower-rated securities may react more strongly to real or perceived adverse economic and competitive industry conditions than higher grade securities. If the issuer of lower-rated securities defaults, a BDC may incur additional expenses to seek recovery.

Section 12(d)(1)(A) of the 1940 Act limits the extent to which a Series may invest in securities of BDCs, but the 1940 Act provides certain exceptions to these limitations that the Series may rely on from time to time.

<u>Master Limited Partnerships ("MLPs")</u>. MLPs are limited partnerships or limited liability companies whose partnership units or limited liability interests are listed and traded on a U.S. securities exchange, and which are treated as publicly traded partnerships for federal income tax purposes. To qualify to be treated as a partnership for tax purposes, an MLP must receive at least 90% of its income from qualifying sources as set forth in Section 7704(d) of the Code. These qualifying sources include activities such as the exploration, development, mining, production, processing, refining, transportation, storage and marketing of mineral or natural resources. MLPs generally have two classes of owners, the general partner and limited partners. MLPs that are formed as limited liability companies generally have two analogous classes of owners, the managing member and the members. For purposes of this section, references to general partners also apply to managing members and references to limited partners also apply to members. The general partner is typically owned by a major energy company, an investment fund, the direct management of the MLP or is an entity owned by one or more of such parties. The general partner may be structured as a private or publicly traded corporation or other entity. The general partner typically controls the operations and management of the MLP through an equity interest of as much as 2% in the MLP plus, in many cases, ownership of common units and subordinated units. Limited partners own the remainder of the MLP through ownership of common units and have a limited role in the MLP's operations and management.

MLPs are typically structured such that common units and general partner interests have first priority to receive quarterly cash distributions up to an established minimum amount ("minimum quarterly distributions" or "MQD"). Common and general partner interests also accrue arrearages in distributions to the extent the MQD is not paid. Once common and general partner interests have been paid, subordinated units receive distributions of up to the MQD; however, subordinated units do not accrue arrearages. Distributable cash in excess of the MQD paid to both common and subordinated units is distributed to both common and subordinated units generally on a pro rata basis. The general partner is also eligible to receive incentive distributions if the general partner operates the business in a manner which results in distributions paid per common unit surpassing specified target levels. As the general partner increases cash distributions to the limited partners, the general partner receives an increasingly higher percentage of the incremental cash distributions. A common arrangement provides that the general partner can reach a tier where it receives 50% of every incremental dollar paid to common and subordinated unit holders. These incentive distributions encourage the general partner to streamline costs, increase capital expenditures and acquire assets in order to increase the partnership's cash flow and raise the quarterly cash distribution in order to reach higher tiers. Such results benefit all security holders of the MLP.

The risks of investing in YieldCos involve risks that differ from investments in traditional operating companies, including risks related to the relationship between the YieldCo and the YieldCo Sponsor. A YieldCo is usually dependent on the management of the YieldCo Sponsor and may be impacted by the development capabilities and financial health of its YieldCo Sponsor. Additionally, a YieldCo Sponsor may have interests of its YieldCo and may retain control of the YieldCo through classes of stock held by the YieldCo Sponsor.

A YieldCo's share price is typically a multiple of its distributable cash flow. Therefore, any event that limits a YieldCo's ability to maintain or grow its distributable cash flow would likely have a negative impact on the YieldCo's share price. The share price of a YieldCo can be affected by fundamentals unique to the YieldCo, including the robustness and consistency of its earnings and its ability to meet debt obligations including the payment of interest and principle to creditors. A YieldCo may distribute all or substantially all of the cash available for distribution, which may limit new acquisitions and future growth. A YieldCo may finance its growth strategy with debt, which may increase the YieldCo's leverage and the risk associated with the YieldCo. The ability of a YieldCo to maintain or grow its dividend distributions may depend on the YieldCo's ability to minimize its tax liabilities through the use of accelerated depreciation schedule, tax loss carryforwards, and tax incentives. Changes to the current tax code could result in greater tax liabilities, which would reduce a YieldCo's distributable cash flow.

**FIXED INCOME INVESTMENTS** 

<u>Corporate Debt Obligations</u>. Each Series may invest in corporate debt obligations issued by financial institutions and corporations. Corporate debt obligations are subject to the risk of an issuer's inability to meet principal and interest payments on the obligations and may also be subject to price volatility due to such factors as market interest rates, market perception of the creditworthiness of the issuer and general market liquidity.

<u>U.S. Government Securities</u>. Each Series may invest in debt obligations of varying maturities issued or guaranteed by the U.S. Government, its agencies or instrumentalities. Direct obligations of the U.S. Treasury, which are backed by the full faith and credit of the U.S. Government, include a variety of Treasury securities that differ only in their interest rates, maturities and dates of issuance. U.S. Government agencies or instrumentalities which issue or guarantee securities include, but are not limited to, the Federal Housing Administration, Federal National Mortgage Association ("Fannie Mae"), Farmers Home Administration, Export-Import Bank of the United States, Small Business Administration, Government National Mortgage Association ("GNMA"), General Services Administration, Central Bank for Cooperatives, Federal Home Loan Banks ("FHLB"), Federal Home Loan Mortgage Corporation ("FHLMC" or "Freddie Mac"), Federal Intermediate Credit Banks, Federal Land Banks, Maritime Administration, the Tennessee Valley Authority, District of Columbia Armory Board and the Student Loan Marketing Association ("Sallie Mae").

Obligations of U.S. Government agencies and instrumentalities such as Fannie Mae, FHLB, FHLMC and Sallie Mae are not supported by the full faith and credit of the United States. Some are backed by the right of the issuer to borrow from the U.S. Treasury; others by discretionary authority of the U.S. Government to purchase the agencies' obligations; while still others, such as Sallie Mae, are supported only by the credit of the instrumentality. In the case of securities not backed by the full faith and credit of the United States, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, and may not be able to assert a claim against the United States itself in the event the agency or instrumentality does not meet its commitment.

A Series will invest in securities of such instrumentalities only when the Fund's investment advisor, Manning & Napier Advisors, LLC ("MNA" or the "Advisor") or the Sub-Advisor, is satisfied that the credit risk with respect to any instrumentality is consistent with the Series' goal and strategies.

On September 7, 2008, the U.S. Treasury announced a federal takeover of Fannie Mae and Freddie Mac, placing the two federal instrumentalities in conservatorship. Under the takeover, the U.S. Treasury agreed to acquire $1 billion of senior preferred stock of each instrumentality and obtained warrants for the purchase of common stock of each instrumentality (the "Senior Preferred Stock Purchase Agreements" or "SPAs"). Under the SPAs, the U.S. Treasury pledged to provide up to $200 billion per instrumentality as needed, including the contribution of cash capital to the instrumentalities in the event their liabilities exceed their assets. This was intended to ensure that the instrumentalities maintain a positive net worth and meet their financial obligations, preventing mandatory triggering of receivership. On December 24, 2009, the U.S. Treasury announced that it was amending the SPAs to allow the $200 billion cap on the U.S. Treasury's funding commitment to increase as necessary to accommodate any cumulative reduction in net worth through the end of 2012. The unlimited support the U.S. Treasury extended to the two companies expired at the beginning of 2013 – Fannie Mae's support is now capped at $125 billion and Freddie Mac has a limit of $149 billion.

On August 17, 2012, the U.S. Treasury announced that it was again amending the SPAs to terminate the requirement that Fannie Mae and Freddie Mac each pay a 10% annual dividend. Instead, the companies will transfer to the U.S. Treasury on a quarterly basis all profits earned during a quarter that exceed a capital reserve amount. The capital reserve amount was $3 billion in 2013, and decreased by $600 million in each subsequent year through 2017. It is believed that this amendment put Fannie Mae and Freddie Mac in a better position to service their debt because it eliminated the need for the companies to have to borrow from the U.S. Treasury to make fixed dividend payments. As part of the new terms, Fannie Mae and Freddie Mac also will be required to reduce their investment portfolios over time. On December 21, 2017, the U.S. Treasury announced that it was again amending the Agreement to reinstate the $3 billion capital reserve amount. On September 30, 2019, the U.S. Treasury announced that it was further amending the Agreement, now permitting Fannie Mae and Freddie Mac to retain earnings beyond the $3 billion capital reserves previously allowed through the 2017 amendment. Fannie Mae and Freddie Mac are now permitted to maintain capital reserves of $25 billion and $20 billion, respectively.

Fannie Mae and Freddie Mac are the subject of several continuing class action lawsuits and investigations by federal regulators over certain accounting, disclosure or corporate governance matters, which (along with any resulting financial restatements) may adversely affect the guaranteeing entities. Importantly, the future of the entities is in serious question as the U.S. Government reportedly is considering multiple options, ranging from nationalization, privatization, consolidation, or abolishment of the entities.

<u>Mortgage-Backed Securities</u>. Each Series may invest in mortgage-backed securities, which represent an interest in a pool of mortgage loans. Some of these securities are issued or guaranteed by U.S. Government agencies or instrumentalities such as GNMA, Fannie Mae, and FHLMC. Obligations of GNMA are backed by the full faith and credit of the U.S. Government. Obligations of Fannie Mae and FHLMC are not backed by the full faith and credit of the U.S. Government, but are supported by the U.S. Treasury's authority to purchase the obligations and lend to the companies. The market value and interest yield of these mortgage-backed securities can vary due to market interest rate fluctuations and early prepayments of underlying mortgages. These securities represent ownership in a pool of federally insured mortgage loans with a maximum maturity of 30 years. However, due to scheduled and unscheduled principal payments on the underlying loans, these securities have a shorter average maturity and, therefore, less principal volatility than a comparable 30-year bond. Since prepayment rates vary widely, it is not possible to accurately predict the average maturity of a particular mortgage-backed security. The scheduled monthly interest and principal payments relating to mortgages in the pool will be "passed through" to investors. Government mortgage-backed securities differ from conventional bonds in that principal is paid back to the certificate holders over the life of the loan rather than at maturity. As a result, there will be monthly scheduled payments of principal and interest. In addition, there may be unscheduled principal payments representing prepayments on the underlying mortgages. Although these securities may offer yields higher than those available from other types of U.S. Government securities, mortgage-backed securities may be less effective than other types of securities as a means of "locking in" attractive long-term rates because of the prepayment feature. For instance, when interest rates decline, the value of these securities likely will not rise as much as comparable debt securities due to the prepayment feature. In addition, these prepayments can cause the price of a mortgage-backed security originally purchased at a premium to decline in price to its par value, which may result in a loss.

Each Series (with the exception of the Disciplined Value Series) may also invest in private pass-through securities issued by a non-governmental entity, such as a trust. These securities include collateralized mortgage obligations ("CMOs") and real estate mortgage investment conduits ("REMICs"). Each Series may invest in CMOs and REMICs without restriction as to any specific ratings agency security rating. CMOs are securities collateralized by mortgages, mortgage pass-throughs, mortgage pay-through bonds (bonds representing an interest in a pool of mortgages where the cash flow generated from the mortgage collateral pool is dedicated to bond repayment), and mortgage-backed bonds (general obligations of the issuers payable out of the issuer's general funds and additionally secured by a first lien on a pool of single family detached properties). Many CMOs are issued with a number of classes or series which have different maturities and are retired in sequence. Investors purchasing such CMOs in the shortest maturities receive or are credited with their pro rata portion of the scheduled payments of interest and principal on the underlying mortgages plus all unscheduled prepayments of principal up to a predetermined portion of the total CMO obligation. Until that portion of such CMO obligation is repaid, investors in the longer maturities receive interest only. Accordingly, CMOs in the longer maturity series are less likely than other mortgage pass-throughs to be prepaid prior to their stated maturity. Although some of the mortgages underlying CMOs may be supported by various types of insurance, and some CMOs may be backed by GNMA certificates of other mortgage pass-throughs issued or guaranteed by U.S. Government agencies or instrumentalities, the CMOs themselves are not generally guaranteed.

REMICs, which were authorized under the Tax Reform Act of 1986, are private entities formed for the purpose of holding a fixed pool of mortgages secured by an interest in real property. REMICs are similar to CMOs in that they issue multiple classes of securities.

The privately issued mortgage-backed securities in which a Series invests are not issued or guaranteed by the U.S. Government or its agencies or instrumentalities and may bear a greater risk of nonpayment than securities that are backed by the U.S. Treasury.

<u>Mortgage Dollar Rolls</u>. Each Series (with the exception of the Disciplined Value Series) may invest in mortgage dollar rolls. Mortgage dollar rolls are transactions in which a Series sells securities (usually mortgage-backed securities) and simultaneously contracts to repurchase substantially similar, but not identical, securities on a specified future date. A mortgage dollar roll program may be structured to simulate an investment in mortgage-backed securities at a potentially lower cost, or with potential reduced administrative burdens, than directly holding mortgage-backed securities. A mortgage dollar roll can be viewed as a collateralized borrowing in which a Series pledges a mortgage-backed security to a counterparty to obtain cash. The counterparty with which a Series enters into a mortgage dollar roll transaction is not required to return the same securities as those originally sold by the Series, but rather only securities which are "substantially identical." To be considered substantially identical, the securities returned to the Series generally must be of the same type, coupon, and maturity and meet the "good delivery guidelines" established by the Bond Market Association, which is a private trade association of dealers in debt securities. Notwithstanding a dealer's compliance with the "good delivery guidelines," a Series may assume some risk because the characteristics of the mortgage-backed securities delivered to the Series may be less favorable than the mortgage-backed securities the Series delivered to the dealer. If the broker-dealer to whom a Series sells the securities becomes insolvent, the Series' right to repurchase the securities may be restricted. Other risks involved in entering into mortgage dollar rolls include the risk that the value of the securities may change adversely over the term of the mortgage dollar roll and that the securities a Series is required to repurchase may be worth less than the securities that the Series originally held. To avoid senior security concerns, a Series will "cover" any mortgage dollar roll as required by the 1940 Act.

<u>Asset-Backed Securities</u>. Each Series (with the exception of the Disciplined Value Series) may invest in asset-backed securities. These securities, issued by trusts and special purpose corporations, are backed by a pool of assets, such as credit card and automobile loan receivables, representing the obligations of a number of different parties.

Asset-backed securities present certain risks. For instance, in the case of credit card receivables, these securities may not have the benefit of any security interest in the related collateral. Credit card receivables are generally unsecured and the debtors are entitled to the protection of a number of state and federal consumer credit laws, many of which give such debtors the right to set off certain amounts owed on the credit cards, thereby reducing the balance due. Most issuers of automobile receivables permit the servicers to retain possession of the underlying obligations. If the servicer were to sell these obligations to another party, there is a risk that the purchaser would acquire an interest superior to that of the holders of the related automobile receivables. In addition, because of the large number of vehicles involved in a typical issuance and technical requirements under state laws, the trustee for the holders of the automobile receivables may not have a proper security interest in all of the obligations backing such receivables. Therefore, there is the possibility that recoveries on repossessed collateral may not, in some cases, be available to support payments on these securities.

Asset-backed securities are often backed by a pool of assets representing the obligations of a number of different parties. To lessen the effect of failures by obligors to make payments on underlying assets, the securities may contain elements of credit support which fall into two categories: (i) liquidity protection and (ii) protection against losses resulting from ultimate default by an obligor on the underlying assets. Liquidity protection refers to the provision of advances, generally by the entity administering the pool of assets, to ensure that the receipt of payments on the underlying pool occurs in a timely fashion. Protection against losses resulting from ultimate default ensures payment through insurance policies or letters of credit obtained by the issuer or sponsor from third parties. The degree of credit support provided for each issue is generally based on historical information respecting the level of credit risk associated with the underlying assets. Delinquency or loss in excess of that anticipated or failure of the credit support could adversely affect the return on an instrument in such a security.

The estimated life of an asset-backed security varies with the prepayment experience with respect to the underlying debt instruments. The rate of such prepayments, and hence the life of an asset-backed security, will be primarily a function of current market interest rates, although other economic and demographic factors may be involved. For example, falling interest rates generally result in an increase in the rate of prepayments of mortgage loans while rising interest rates generally decrease the rate of prepayments. Consequently, asset-backed securities are subject to call risk and extension risk (described below).

<u>Collateralized Debt Obligations ("CDOs")</u>. The Series may invest in CDOs, which include collateralized bond obligations ("CBOs"), collateralized loan obligations ("CLOs") and other similarly structured securities. CBOs and CLOs are types of asset-backed securities. A CBO is a trust which is backed by a diversified pool of high risk, below investment grade fixed income securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans.

For both CBOs and CLOs, the cashflows from the trust are split into two or more portions, called tranches, varying in risk and yield. The riskiest portion is the "equity" tranche which bears the bulk of defaults from the bonds or loans in the trust and serves to protect the other, more senior tranches from default in all but the most severe circumstances. Since it is partially protected from defaults, a senior tranche from a CBO trust or CLO trust typically has higher ratings and lower yields than its underlying securities, and can be rated investment grade. Despite the protection from the equity tranche, CBO or CLO tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CBO or CLO securities as a class.

The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the CDO in which the fund invests. Normally, CBOs, CLOs and other CDOs are privately offered and sold, and thus, are not registered under the securities laws. As a result, investments in CDOs may be characterized by a Series as illiquid securities; however, an active dealer market may exist for CDOs allowing a CDO to qualify for Rule 144A transactions. In addition to the normal risks associated with fixed income securities discussed elsewhere in this SAI (e.g., interest rate risk and default risk), CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) a Series may invest in CDOs that are subordinate to other classes; and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

<u>Below Investment Grade Debt Securities</u>. Each Series (with the exception of the Disciplined Value Series) may invest up to 20% of its assets in corporate debt securities rated below investment grade. High risk, high yield securities rated below BBB- by S&P or Baa by Moody's are "below investment grade" and are considered to have speculative characteristics and involve greater risk of default or price changes due to changes in the issuer's creditworthiness. Market prices of these securities may fluctuate more than higher rated securities and they are difficult to price at times because they are more thinly traded and less liquid securities. Market prices may decline significantly in periods of general economic difficulty which may follow periods of rising interest rates. Securities in the lowest rating category may be in default. For these reasons, it is the Series' policy not to rely primarily on ratings issued by established credit rating agencies, but to utilize such ratings in conjunction with the Advisor's or the Sub-Advisor's own independent and ongoing review of credit quality. In the event a security is downgraded below these ratings after purchase, the Advisor or the Sub-Advisor will review and take appropriate action, including no action, with regard to the security. Each of the Series will also seek to minimize risk by diversifying its holdings. For a description of the above ratings, see Appendix A.

<u>Bank Loans.</u> Bank loans are generally non-investment grade floating rate instruments. Usually, they are freely callable at the issuer's option. Certain Series may invest in fixed and floating rate loans ("Loans") arranged through private negotiations between a corporate borrower or a foreign sovereign entity and one or more financial institutions ("Lenders"). A Series may invest in such Loans in the form of participations in Loans ("Participations") and assignments of all or a portion of Loans from third parties ("Assignments"). A Series considers these investments to be investments in debt securities for purposes of its investment policies. Participations typically will result in the Series having a contractual relationship only with the Lender, not with the borrower. The Series will have the right to receive payments of principal, interest and any fees to which it is entitled only from the Lender selling the Participation and only upon receipt by the Lender of the payments from the borrower. In connection with purchasing Participations, the Series generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the Loans, nor any rights of set-off against the borrower, and the Series may not benefit directly from any collateral supporting the Loan in which it has purchased the Participation. As a result, the Series will assume the credit risk of both the borrower and the Lender that is selling the Participation. In the event of the insolvency of the Lender selling the Participation, the Series may be treated as a general creditor of the Lender and may not benefit from any set-off between the Lender and the borrower. The Series will acquire Participations only if the Lender interpositioned between the Series and the borrower is determined by the Advisor or the Sub-Advisor to be creditworthy. When the Series purchases Assignments from Lenders, the Series will acquire direct rights against the borrower on the Loan, and will not have exposure to the Lender's credit risk. The Series may enter into Participations and Assignments on a forward commitment or "when-issued" basis, whereby a Series would agree to purchase a Participation or Assignment at set terms in the future. A Series may have difficulty disposing of Assignments and Participations. In certain cases, the market for such instruments is not highly liquid, and therefore the Series anticipate that in such cases such instruments could be sold only to a limited number of institutional investors. The lack of a highly liquid secondary market may make Assignments and Participations difficult to value and have an adverse impact on the value of such instruments and on the Series' ability to dispose of particular Assignments or Participations in response to a specific economic event, such as deterioration in the creditworthiness of the borrower. Assignments and Participations will not be considered illiquid so long as it is determined by the Advisor or the Sub-Advisor that an adequate trading market exists for these securities. To the extent that liquid Assignments and Participations that a Series holds become illiquid, due to the lack of sufficient buyers or market or other conditions, the percentage of the Series' assets invested in illiquid assets would increase.

Leading financial institutions often act as agent for a broader group of lenders, generally referred to as a syndicate. The syndicate's agent arranges the loans, holds collateral and accepts payments of principal and interest. If the agent develops financial problems, a Series may not recover its investment or recovery may be delayed.

The Loans in which the Series may invest are subject to the risk of loss of principal and income. Although borrowers frequently provide collateral to secure repayment of these obligations they do not always do so. If they do provide collateral, the value of the collateral may not completely cover the borrower's obligations at the time of a default. If a borrower files for protection from its creditors under the U.S. bankruptcy laws, these laws may limit a Series' rights to its collateral. In addition, the value of collateral may erode during a bankruptcy case. In the event of a bankruptcy, the holder of a Loan may not recover its principal, may experience a long delay in recovering its investment and may not receive interest during the delay.

The Advisor or the Sub-Advisor may from time to time have the opportunity to receive material non-public information ("Confidential Information") about the borrower, including financial information and related documentation regarding the borrower that is not publicly available. Pursuant to applicable policies and procedures, the Advisor or the Sub-Advisor may (but is not required to) seek to avoid receipt of Confidential Information from the borrower so as to avoid possible restrictions on its ability to purchase and sell investments on behalf of the Series and other clients to which such Confidential Information relates (e.g., publicly traded securities issued by the borrower). In such circumstances, the Series (and other clients of the Advisor or the Sub-Advisor) may be disadvantaged in comparison to other investors, including with respect to the price the Series pays or receives when it buys or sells a bank loan. Further, the Advisor's or the Sub-Advisor's abilities to assess the desirability of proposed consents, waivers or amendments with respect to certain bank loans may be compromised if it is not privy to available Confidential Information. The Advisor or the Sub-Advisor may also determine to receive such Confidential Information in certain circumstances under its applicable policies and procedures. If the Advisor or the Sub-Advisor intentionally or unintentionally comes into possession of Confidential Information, it may be unable, potentially for a substantial period of time, to purchase or sell publicly traded securities to which such Confidential Information relates.

<u>Yankee Bonds</u>. Each Series (with the exception of the Disciplined Value Series) may invest in U.S. dollar-denominated instruments of foreign issuers who either register with the Securities and Exchange Commission ("SEC") or issue securities under Rule 144A of the 1933 Act ("Yankee bonds"). These consist of debt securities (including preferred or preference stock of non-governmental issuers), certificates of deposit, fixed time deposits and banker's acceptances issued by foreign banks, and debt obligations of foreign governments or their subdivisions, agencies and instrumentalities, international agencies and supranational entities. Some securities issued by foreign governments or their subdivisions, agencies and instrumentalities may not be backed by the full faith and credit of the foreign government. Yankee bonds, as obligations of foreign issuers, are subject to the same types of risks discussed in "Risks of Foreign Securities" below. The Yankee bonds selected for a Series will adhere to the same quality standards as those utilized for the selection of domestic debt obligations.

As compared with bonds issued in the United States, such bond issues normally carry a higher interest rate but are less actively traded.

<u>Obligations of Supranational Agencies</u>. Each Series may purchase securities issued or guaranteed by supranational agencies including, but not limited to, the following: Asian Development Bank, Inter-American Development Bank, International Bank for Reconstruction and Development (World Bank), African Development Bank, European Coal and Steel Community, European Union, and the European Investment Bank. For concentration purposes, supranational entities are considered an industry. Investment in these entities is subject to a Series' other restrictions on investments in foreign securities, described below.

<u>Zero-Coupon Bonds</u>. Each Series may invest in so-called "zero-coupon" bonds. Zero-coupon bonds are issued at a significant discount from face value and generally pay interest only at maturity rather than at intervals during the life of the security. Each Series is required to accrue and distribute income from zero-coupon bonds on a current basis, even though it does not receive that income currently in cash. Thus, a Series may have to sell investments to obtain cash needed to make income distributions. The discount, in the absence of financial difficulties of the issuer, decreases as the final maturity of the security approaches. Zero-coupon bonds can be sold prior to their maturity date in the secondary market at the then prevailing market value, which depends primarily on the time remaining to maturity, prevailing level of interest rates and the perceived credit quality of the issues. The market prices of zero-coupon securities are subject to greater fluctuations in response to changes in market interest rates than bonds which pay interest currently.

<u>Inflation Protected Securities</u>. Each Series may invest in inflation protected securities, which are fixed income securities for which the principal and/or interest income paid is linked to inflation rates. They may be issued by the U.S. Treasury, foreign governments, or U.S. or foreign companies. The relationship between an inflation protected security and its associated inflation index affects both the sum the Series is paid when the security matures and the amount of interest that the security pays the Series. With inflation (a rise in the index), the principal of the security increases. With deflation (a drop in the index), the principal of the security decreases. Inflation protected securities pay interest at a fixed rate. Because the rate is applied to the adjusted principal, however, interest payments can vary in amount from one period to the next. If inflation occurs, the interest payment increases. In the event of deflation, the interest payment decreases. At the maturity of a security, the Series receives the adjusted principal or the original principal, whichever is greater.

<u>Variable and Floating Rate Instruments</u>. Certain of the obligations that may be purchased by a Series may carry variable or floating rates of interest. These obligations may involve a conditional or unconditional demand feature and may include variable amount master demand notes. Such instruments bear interest at rates which are not fixed, but which vary with changes in specified market rates or indices. The interest rate on these securities may be reset daily, weekly, quarterly, or at some other reset period. There is a risk that the current interest rate on such obligations may not accurately reflect existing market interest rates. A demand instrument with a demand notice exceeding seven days may be considered illiquid if there is no secondary market for such security.

Some variable rate securities may be combined with a put or demand feature (variable rate demand securities) that entitles the holder to the right to demand repayment in full or to resell at a specific price and/or time. While the demand feature is intended to reduce credit risks, it is not always unconditional and may be subject to termination if the issuer's credit rating falls below investment grade or if the issuer fails to make payments on other debt. While most variable-rate demand securities allow a fund to exercise its demand rights at any time, some such securities may only allow a fund to exercise its demand rights at certain times, which reduces the liquidity usually associated with this type of security. A Series could suffer losses in the event that the demand feature provider, usually a bank, fails to meet its obligation to pay the demand.

<u>Short-Term Investments/Temporary Defensive Positions</u>. For temporary defensive purposes during periods when the Advisor or the Sub-Advisor determines that market conditions warrant, each Series may depart from its investment goals and invest up to 100% of its assets in all types of money market instruments (including securities guaranteed by the U.S. Government, its agencies or instrumentalities, certificates of deposit, time or other interest-bearing deposits, and bankers' acceptances issued by banks or savings and loan institutions deemed creditworthy by the Advisor or the Sub-Advisor, commercial paper or short-term notes rated A-1 by S&P or Prime-1 by Moody's, repurchase agreements involving such securities and shares of other investment companies as permitted by applicable law) and may hold a portion of its assets in cash. For a description of the above ratings, see Appendix A.

<u>Risks of Fixed Income Securities</u>. Investments in fixed income securities may subject a Series to risks, including the following:

<u>Interest Rate Risk</u>. When interest rates decline, the market value of fixed income securities tends to increase. Conversely, when interest rates increase, the market value of fixed income securities tends to decline. The volatility of a security's market value will differ depending upon the security's maturity and duration, the issuer and the type of instrument.

<u>Default Risk/Credit Risk</u>. Investments in fixed income securities are subject to the risk that the issuer of the security could default on its obligations, causing a Series to sustain losses on such investments. A default could impact both interest and principal payments.

<u>Call Risk and Extension Risk</u>. Fixed income securities may be subject to both call risk and extension risk. Call risk exists when the issuer may exercise its right to pay principal on an obligation earlier than scheduled, which would cause cash flows to be returned earlier than expected. This typically results when interest rates have declined and a Series will suffer from having to reinvest in lower yielding securities. Extension risk exists when the issuer may exercise its right to pay principal on an obligation later than scheduled, which would cause cash flows to be returned later than expected. This typically results when interest rates have increased, and a Series will suffer from the inability to invest in higher yield securities.

**DERIVATIVE TRANSACTIONS** 

Foreign Currency Transactions. Each Series may enter into forward foreign currency exchange contracts and use currency futures contracts, options on such futures contracts, and options on foreign currencies. The Series may engage in foreign currency transactions for hedging purposes, as well as to enhance the Series' returns.

A forward foreign currency contract involves a negotiated obligation to purchase or sell a specific currency at a future date (with or without delivery required), which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. These contracts are traded in the interbank market conducted directly between currency traders (usually large, commercial banks) and their customers.

Forward contracts generally may not be liquidated prior to the stated maturity date, although the parties to a contract may agree to enter into a second offsetting transaction with the same maturity, thereby fixing each party's profit or loss on the two transactions. Nevertheless, each position must still be maintained to maturity unless the parties separately agree on an earlier settlement date. As a result, a party to a forward contract must be prepared to perform its obligations under each such contract in full. Parties to a forward contract may also separately agree to extend the contract by "rolling" it over prior to the originally scheduled settlement date. A Series may use forward contracts for cash equitization purposes, which allows a Series to invest consistent with its benchmark while managing daily cash flows, including significant client inflows and outflows.

The Series may use foreign currency transactions as part of a hedging strategy, as described below:

*Transaction Hedging.* Transaction Hedging is entering into a currency transaction with respect to specific assets or liabilities of a Series, which will generally arise in connection with the purchase or sale of its portfolio securities or the receipt of income therefrom. A Series may enter into Transaction Hedging out of a desire to preserve the U.S. dollar price of a security when it enters into a contract for the purchase or sale of a security denominated in a foreign currency. A Series may be able to protect itself against possible losses resulting from changes in the relationship between the U.S. dollar and foreign currencies during the period between the date the security is purchased or sold and the date on which payment is made or received by entering into a forward contract for the purchase or sale, for a fixed amount of U.S. dollars, of the amount of the foreign currency involved in the underlying security transactions.

*Position Hedging.* A Series may sell a non-U.S. currency and purchase U.S. currency to reduce exposure to the non-U.S. currency ("Position Hedging"). A Series may use Position Hedging when the Advisor or the Sub-Advisor reasonably believes that the currency of a particular foreign country may suffer a substantial decline against the U.S. dollar. A Series may enter into a forward foreign currency contract to sell, for a fixed amount of U.S. dollars, the amount of foreign currency approximating the value of some or all of its portfolio securities denominated in such foreign currency. The precise matching of the forward foreign currency contract amount and the value of the portfolio securities involved may not have a perfect correlation since the future value of the securities hedged will change as a consequence of the market between the date the forward contract is entered into and the date it matures. The projection of short-term currency market movement is difficult, and the successful execution of this short-term hedging strategy is uncertain.

*Cross Hedges.* A Series may also cross-hedge currencies by entering into transactions to purchase or sell one or more currencies that are expected to decline in value relative to other currencies to which the Series has or in which the Series expects to have portfolio exposure.

*Proxy Hedges.* A Series may also engage in proxy hedging. Proxy hedging is often used when the currency to which a Series' portfolio is exposed is difficult to hedge or to hedge against the U.S. dollar.

Proxy hedging entails entering into a forward contract to sell a currency whose changes in value are generally considered to be linked to a currency or currencies in which some or all of a Series' portfolio securities are or are expected to be denominated, and to buy U.S. dollars. The amount of the contract would not exceed the value of the Series' securities denominated in linked currencies.

In addition to the hedging transactions described above, the Series may also engage in foreign currency transactions in an attempt to take advantage of certain inefficiencies in the currency exchange market, to increase their exposure to a foreign currency or to shift exposure to foreign currency fluctuations from one currency to another. Active investment in currencies may subject a Series to additional risks.

The Series may engage in non-deliverable forward transactions. A non-deliverable forward transaction is a transaction that represents an agreement between a Series and a counterparty (usually a commercial bank) to buy or sell a specified (notional) amount of a particular currency at an agreed upon foreign exchange rate on an agreed upon future date. The nondeliverable forward transaction position is closed using a fixing rate, as defined by the central bank in the country of the currency being traded, that is generally publicly stated within one or two days prior to the settlement date. Unlike other currency transactions, there is no physical delivery of the currency on the settlement of a non-deliverable forward transaction. Rather, a Series and the counterparty agree to net the settlement by making a payment in U.S. dollars or another fully convertible currency that represents any differential between the foreign exchange rate agreed upon at the inception of the non-deliverable forward agreement and the actual exchange rate on the agreed upon future date. Thus, the actual gain or loss of a given non-deliverable forward transaction is calculated by multiplying the transaction's notional amount by the difference between the agreed upon forward exchange rate and the actual exchange rate when the transaction is completed.

The Series may invest in foreign currency futures contracts. Buyers and sellers of currency futures are subject to the same risks that apply to the use of futures generally, which are described elsewhere in this SAI. Further, settlement of a currency futures contract for the purchase of most currencies must occur at a bank based in the issuing nation, which may subject a Series to additional risk.

The Series may invest in options on foreign currencies and futures. Trading options on currency futures contracts is relatively new, and the ability to establish and close out positions on such options is subject to the maintenance of a liquid market, which may not always be available. An option on a currency provides the purchaser, or "holder," with the right, but not the obligation, to purchase, in the case of a "call" option, or sell, in the case of a "put" option, a stated quantity of the underlying currency at a fixed exchange rate up to a stated expiration date (or, in the case of certain options, on such date). The holder generally pays a nonrefundable fee for the option, referred to as the "premium," but cannot lose more than this amount, plus related transaction costs. Thus, where a Series is a holder of option contracts, such losses will be limited in absolute amount. In contrast to a forward contract, an option imposes a binding obligation only on the seller, or "writer." If the holder exercises the option, the writer is obligated to complete the transaction in the underlying currency. An option generally becomes worthless to the holder when it expires. In addition, in the context of an exchange-traded option, the writer is often required to deposit initial margin and may be required to increase the margin on deposit if the market moves against the writer's position. Options on currencies may be purchased in the OTC market between commercial entities dealing directly with each other as principals. In purchasing an OTC currency option, the holder is subject to the risk of default by the writer and, for this reason, purchasers of options on currencies may require writers to post collateral or other forms of performance assurance.

Currency hedging involves some of the same risks and considerations as other transactions with similar instruments. Currency transactions can result in losses to a Series if the currency being hedged fluctuates in value to a degree or in a direction that is not anticipated. Furthermore, there is risk that the perceived linkage between various currencies may not be present or may not be present during the particular time that a Series is engaging in proxy hedging. Suitable hedging transactions may not be available in all circumstances. Hedging transactions may also eliminate any chance for a Series to benefit from favorable fluctuations in relevant foreign currencies. If a Series enters into a currency hedging transaction, the Series will "cover" its position as required by the 1940 Act.

Currency transactions are subject to risks different from those of other portfolio transactions. Because currency control is of great importance to the issuing governments and influences economic planning and policy, purchase and sales of currency and related instruments can be negatively affected by government exchange controls, blockages, and manipulations or exchange restrictions imposed by governments. These can result in losses to a Series if it is unable to deliver or receive currency or funds in settlement of obligations and could also cause hedges it has entered into to be rendered useless, resulting in full currency exposure as well as incurring transaction costs.

Although forward foreign currency contracts and currency futures tend to minimize the risk of loss due to a decline in the value of the hedged currency, at the same time they tend to limit any potential gain which might result should the value of such currency increase.

<u>Futures and Options on Futures</u>. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific security, interest rate, index, currency or commodity at a specified future time and at a specified price. An option on a futures contract gives the purchaser the right, in exchange for a premium, to assume a position in a futures contract at a specified exercise price during the term of the option. An index futures contract is a bilateral agreement pursuant to which two parties agree to take or make delivery of an amount of cash equal to a specified dollar amount times the difference between the index value at the close of trading of the contract and the price at which the futures contract is originally struck. No physical delivery of the securities comprising the index is made; generally contracts are closed out prior to the expiration date of the contract.

A Series may also invest in Treasury futures, interest rate futures, interest rate swaps, and interest rate swap futures. A Treasury futures contract involves an obligation to purchase or sell Treasury securities at a future date at a price set at the time of the contract. The sale of a Treasury futures contract creates an obligation by a Series to deliver the amount of certain types of Treasury securities called for in the contract at a specified future time for a specified price. A purchase of a Treasury futures contract creates an obligation by a Series to take delivery of an amount of securities at a specified future time at a specific price. Interest rate futures can be sold as an offset against the effect of expected interest rate increases and purchased as an offset against the effect of expected interest rate declines. Interest rate swaps are an agreement between two parties where one stream of future interest rate payments is exchanged for another based on a specified principal amount. Interest rate swaps often exchange a fixed payment for a floating payment that is linked to a particular interest rate. Interest rate swap futures are instruments that provide a way to gain swap exposure and the structure features of a futures contract in a single instrument. Interest rate swap futures are futures contracts on interest rate swaps that enable purchasers to cash settle at a future date at the price determined by the benchmark rate at the end of a fixed period.

The Series may use futures contracts and related options for either hedging purposes or risk management purposes as well as to enhance the Series' returns. Instances in which a Series may use futures contracts and related options for risk management or return enhancement purposes include: attempting to offset changes in the value of securities held or expected to be acquired or be disposed of; attempting to minimize fluctuations in foreign currencies; attempting to gain exposure to a particular market, index or instrument; attempting to take advantage of expected price changes of various futures; or other risk management or return enhancement purposes. A Series may use futures for cash equitization purposes, which allows a Series to invest consistent with its benchmark while managing daily cash flows, including significant client inflows and outflows.

There are significant risks associated with a Series' use of futures contracts and options on futures, including the following: (i) the success of a hedging or trading strategy may depend on the Advisor's or the Sub-Advisor's ability to predict movements in the prices of individual securities, fluctuations in markets and movements in interest rates; (ii) there may be an imperfect or no correlation between the changes in market value of the securities held by a Series and the prices of futures and options on futures; (iii) there may not be a liquid secondary market for a futures contract or option; (iv) trading restrictions or limitations may be imposed by an exchange; and (v) government regulations may restrict trading in futures contracts and options on futures. In addition, some strategies reduce a Series' exposure to price fluctuations, while others tend to increase its market exposure.

<u>Options</u>. Each Series may purchase and write (i.e., sell) put and call options on securities and indices. A put option on a security gives the purchaser of the option the right to sell, and the writer of the option the obligation to buy, the underlying security at any time during the option period. A call option on a security gives the purchaser of the option the right to buy, and the writer of the option the obligation to sell, the underlying security at any time during the option period. The premium paid to the writer is the consideration for undertaking the obligations under the option contract.

Put and call options on indices are similar to options on securities except that options on an index give the holder the right to receive, upon exercise of the option, an amount of cash if the closing level of the underlying index is greater than (or less than, in the case of puts) the exercise price of the option. This amount of cash is equal to the difference between the closing price of the index and the exercise price of the option, expressed in dollars multiplied by a specified number. Thus, unlike options on individual securities, all settlements are in cash, and gain or loss depends on price movements in the particular market represented by the index generally, rather than the price movements in individual securities. All options written on indices or securities must be "covered" as required by the 1940 Act.

A Series may purchase put and call options on securities for any purpose, including to protect against a decline in the market value of the securities in its portfolio or to anticipate an increase in the market value of securities that the Series may seek to purchase in the future. A Series purchasing put and call options pays a premium for such options. If price movements in the underlying securities are such that exercise of the options would not be profitable for the Series, loss of the premium paid may be offset by an increase in the value of the Series' securities or by a decrease in the cost of acquisition of securities by the Series.

When a Series writes an option, if the underlying securities do not increase or decrease, as applicable, to a price level that would make the exercise of the option profitable to the holder thereof, the option generally will expire without being exercised and the Series will realize as profit the premium received for such option. When a call option of which a Series is the writer is exercised, the Series will be required to sell the underlying securities to the option holder at the strike price, and will not participate in any increase in the price of such securities above the strike price. When a put option of which a Series is the writer is exercised, the Series will be required to purchase the underlying securities at a price in excess of the market value of such securities.

When a Series wishes to sell a security at a specified price, it may seek to generate additional income by writing "covered" call options on the security. A call option is "covered" if the Series either owns the underlying instrument or has an absolute and immediate right (such as a call with the same or a later expiration date) to acquire that instrument. The underlying instruments of such covered call options may consist of individual equity securities, pools of equity securities, ETFs or indices.

The writing of covered call options is a more conservative investment technique than writing of naked or uncovered options, but capable of enhancing the Series' total return. When a Series writes a covered call option, it profits from the premium paid by the buyer but gives up the opportunity to profit from an increase in the value of the underlying security above the exercise price. At the same time, the Series retains the risk of loss from a decline in the value of the underlying security during the option period.

Although the Series may terminate its obligation by executing a closing purchase transaction, which is the purchase of an option contract on the same security with the same exercise price and expiration date as the option contract originally sold, the cost of effecting such a transaction may be greater than the premium received upon its sale, resulting in a loss to the Series. If such an option expires unexercised, the Series realizes a gain equal to the premium received. Such a gain may be offset or exceeded by a decline in the market value of the underlying security during the option period. If an option is exercised, the exercise price, the premium received and the market value of the underlying security determine the gain or loss realized by the Series.

A Series may seek to hedge against an increase in the value of a security that it would like to acquire, or otherwise profit from an expected increase in the value of a security by writing a "naked" put option on the security. The writer of a naked put option has no position in the underlying security. If the security price rises, the option would expire worthless and a Series would profit by the amount of the premium it received, which may offset the increase in the market price of the security the Series would like to acquire. If the security price falls, however, a Series may lose an amount up to the difference between the value of the security and the premium it received, and the Series may be deprived of the opportunity to benefit from the full decrease in the market price of the security it would like to acquire. A Series may seek to terminate its position in a put option it writes before exercise by executing a closing purchase transaction. If the market is not liquid for a put option a Series has written, however, the Series must continue to be prepared to pay the exercise price while the option is outstanding, regardless of price changes.

A Series may purchase and write options on an exchange or over-the-counter ("OTC"). OTC options differ from exchange-traded options in several respects. They are transacted directly with dealers and not with a clearing corporation, and therefore entail the risk of non-performance by the dealer. OTC options are available for a greater variety of securities and for a wider range of expiration dates and exercise prices than are available for exchange-traded options. Because OTC options are not traded on an exchange, pricing is normally done by reference to information from a market maker. It is the SEC's position that OTC options are generally illiquid.

The market value of an option generally reflects the market price of an underlying security. Other principal factors affecting market value include supply and demand, interest rates, the pricing volatility of the underlying security and the time remaining until the expiration date.

Risks associated with options transactions include: (i) the success of a hedging or trading strategy may depend on an ability to predict movements in the prices of individual securities, fluctuations in markets and movements in interest rates; (ii) there may be an imperfect or no correlation between the movement in prices of options and the securities underlying them; (iii) there may not be a liquid secondary market for options; (iv) the buyer of an option assumes the risk of losing the entire premium invested in the option; (v) while a Series will receive a premium when it writes covered call options, it may not participate fully in a rise in the market value of the underlying security; and (vi) while a Series will receive a premium when it writes naked put options, it may lose money if it must purchase the underlying security at a price above market value.

<u>Swaps, Caps, Floors, Collars and Swaptions</u>. Swaps are privately negotiated OTC derivative products in which two parties agree to exchange payment streams calculated in relation to a rate, index, instrument or certain securities (referred to as the "underlying") and a predetermined amount (referred to as the "notional amount"). The underlying for a swap may be an interest rate (fixed or floating), a currency exchange rate, a commodity price index, a security, group of securities or a securities index, a combination of any of these, or various other rates, securities, instruments, assets or indices. Swap agreements generally do not involve the delivery of the underlying or principal, and a party's obligations generally are equal to only the net amount to be paid or received under the agreement based on the relative values of the positions held by each party to the swap agreement.

A great deal of flexibility is possible in the way swaps may be structured. For example, in a simple fixed-to-floating interest rate swap, one party makes payments equivalent to a fixed interest rate, and the other party makes payments calculated with reference to a specified floating interest rate, such as LIBOR or the prime rate. An equity swap is an agreement between counterparties to exchange a set of payments, determined by a stock or index return, with another set of payments (usually an interest-bearing (fixed or floating rate) instrument, but they can also be the return on another stock or index). In a total return swap, one party agrees to make periodic payments to another party based on the change in market value of the assets underlying the contract, which may include a specific security, basket of securities or securities indices, during a specified period. In a currency swap, the parties generally enter into an agreement to pay interest streams in one currency based on a specified rate in exchange for receiving interest streams denominated in another currency. Currency swaps may involve initial and final exchanges of the currency that correspond to the agreed upon notional amount.

A Series may engage in simple or more complex swap transactions involving a wide variety of underlyings for various reasons. For example, a Series may enter into a swap to gain exposure to investments (such as an index of securities in a market) or currencies without actually purchasing those stocks or currencies; to make an investment without owning or taking physical custody of securities or currencies in circumstances in which direct investment is restricted for legal reasons or is otherwise impracticable; to hedge an existing position; to obtain a particular desired return at a lower cost to the Series than if it had invested directly in an instrument that yielded the desired return; or for various other reasons.

Certain Series may enter into credit default swaps, as a buyer or a seller. The buyer in a credit default contract is obligated to pay the seller a periodic stream of payments over the term of the contract provided no event of default has occurred. If an event of default occurs, the seller must pay the buyer the full notional value ("par value") of the underlying in exchange for the underlying. If a Series is a buyer and no event of default occurs, the Series will have made a stream of payments to the seller without having benefited from the default protection it purchased. However, if an event of default occurs, the Series, as buyer, will receive the full notional value of the underlying that may have little or no value following default. As a seller, a Series receives a fixed rate of income throughout the term of the contract, provided there is no default. If an event of default occurs, the Series would be obligated to pay the notional value of the underlying in return for the receipt of the underlying. The value of the underlying received by the Series, coupled with the periodic payments previously received may be less than the full notional value it pays to the buyer, resulting in a loss of value to the Series. Credit default swaps involve different risks than if a Series invests in the underlying directly.

Caps, floors, collars and swaptions are privately-negotiated option-based derivative products. Like a put or call option, the buyer of a cap or floor pays a premium to the writer. In exchange for that premium, the buyer receives the right to a payment equal to the differential if the specified index or rate rises above (in the case of a cap) or falls below (in the case of a floor) a pre-determined strike level. Like swaps, obligations under caps and floors are calculated based upon an agreed notional amount, and, like most swaps (other than foreign currency swaps), the entire notional amount is not exchanged. A collar is a combination product in which one party buys a cap from and sells a floor to another party, or vice versa. Swaptions give the holder the right to enter into a swap. A Series may use one or more of these derivative products in addition to or in lieu of a swap involving a similar rate or index.

Under current market practice, swaps, caps, collars and floors between the same two parties are generally documented under a "master agreement." In some cases, options and forwards between the parties may also be governed by the same master agreement. In the event of a default, amounts owed under all transactions entered into under, or covered by, the same master agreement would be netted, and only a single payment would be made.

Generally, a Series will calculate the obligations of the swap agreements' counterparties on a "net basis." Consequently, a Series' current obligation (or rights) under a swap agreement will generally be equal only to the net amount to be paid or received under the agreement based on the relative values of the positions held by each counterparty to the swap agreement (the "net amount"). A Series' current obligation under a swap agreement will be accrued daily (offset against any amounts owed to the Series) and any accrued but unpaid net amounts owed to a swap counterparty will be "covered" as required by the 1940 Act.

The swap market has grown substantially in recent years with a large number of banks and investment banking firms acting both as principals and as agents using standardized swap agreements. As a result, the use of swaps has become more prevalent in comparison with the markets for other similar instruments that are also traded in over-the-counter markets.

Swaps and other derivatives involve risks. One significant risk in a swap, cap, floor, collar or swaption is the volatility of the specific interest rate, currency or other underlying that determines the amount of payments due to and from a Series. This is true whether these derivative products are used to create additional risk exposure for a Series or to hedge, or manage, existing risk exposure. If under a swap, cap, floor, collar or swaption agreement a Series is obligated to make a payment to the counterparty, the Series must be prepared to make the payment when due. A Series could suffer losses with respect to such an agreement if the Series is unable to terminate the agreement or reduce its exposure through offsetting transactions. Further, the risks of caps, floors and collars, like put and call options, may be unlimited for the seller if the cap or floor is not hedged or covered, but is limited for the buyer.

Because under swap, cap, floor, collar and swaption agreements a counterparty may be obligated to make payments to a Series, these derivative products are subject to risks related to the counterparty's creditworthiness. If a counterparty defaults, a Series' risk of loss will consist of any payments that the Series is entitled to receive from the counterparty under the agreement (this may not be true for currency swaps that require the delivery of the entire notional amount of one designated currency in exchange for the other). Upon default by a counterparty, however, a Series may have contractual remedies under the swap agreement.

A Series will enter into swaps only with counterparties that the Advisor or the Sub-Advisor believes to be creditworthy.

<u>Participatory Notes ("P-notes")</u>. P-notes are participation interest notes that are issued by banks or broker-dealers and are designed to offer a return linked to a particular underlying equity, debt, currency or market. If the P-note were held to maturity, the issuer would pay to, or receive from, the purchaser the difference between the nominal value of the underlying instrument at the time of purchase and that instrument's value at maturity. The holder of a P-note that is linked to a particular underlying security or instrument may be entitled to receive any dividends paid in connection with that underlying security or instrument, but typically does not receive voting rights as it would if it directly owned the underlying security or instrument. P-notes involve transaction costs. Investments in P-notes involve the same risks associated with a direct investment in the underlying securities, instruments or markets that they seek to replicate. In addition, there can be no assurance that there will be a trading market for a P-note or that the trading price of a P-note will equal the underlying value of the security, instrument or market that it seeks to replicate. Due to liquidity and transfer restrictions, the secondary markets on which a P-note is traded may be less liquid than the market for other securities, or may be completely illiquid, which may also affect the ability of the Series to accurately value a P-note. P-notes typically constitute general unsecured contractual obligations of the banks or broker-dealers that issue them, which subjects the Series to counterparty risk (and this risk may be amplified if the Series purchases P-notes from only a small number of issuers).

<u>Government Regulation of Derivatives</u>. The Commodity Futures Trading Commission ("CFTC") regulates the trading of commodity interests, including commodity futures contracts, options on commodity futures, and swaps (which includes cash-settled currency forwards and swaps). Pursuant to rules adopted under the Commodity Exchange Act ("CEA") by the CFTC, the Series must either operate within certain guidelines and restrictions with respect to the Series' use of commodity interests, or the Advisor will be subject to registration and regulation under the CEA.

Consistent with the CFTC's regulations, the Advisor has claimed an exclusion from the definition of the term "commodity pool operator" ("CPO") under the CEA with respect to the Series and, therefore, the Series are not subject to registration or regulation under the CEA. As a result, the Series will operate within certain guidelines and restrictions with respect to their use of commodity interests. If a Series determines to no longer operate within such guidelines and restrictions, the Advisor would be subject to registration and regulation as a CPO under the CEA with respect to the Series. If a Series is subject to CFTC regulation, it may incur additional expenses.

The regulation of futures, options and swaps transactions in the U.S. is a rapidly changing area of law and is subject to modification by government and judicial action. In particular, the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act"), which was signed into law in July 2010, sets forth a new legislative framework for OTC derivatives, such as swaps, in which the Series may invest. Title VII of the Dodd-Frank Act makes broad changes to the OTC derivatives market, grants significant new authority to the SEC and the CFTC to regulate OTC derivatives and market participants, and requires clearing of many OTC derivatives transactions.

In addition, the SEC adopted Rule 18f-4 under the 1940 Act (the "Derivatives Rule") on October 28, 2020. Since its compliance date of August 19, 2022, the Derivatives Rule has replaced prior SEC and staff guidance with an updated, comprehensive framework for registered funds' use of derivatives.

The Derivatives Rule provides a comprehensive framework for the use of derivatives by registered investment companies. The Derivatives Rule permits a registered investment company, subject to various conditions described below, to enter into derivatives transactions and certain other transactions notwithstanding the restrictions on the issuance of "senior securities" under Section 18 of the 1940 Act. Section 18 of the 1940 Act, among other things, prohibits open-end funds, including the Series, from issuing or selling any "senior security," other than borrowing from a bank (subject to a requirement to maintain 300% "asset coverage").=

Registered investment companies that don't qualify as "limited derivatives users" as defined below, are required by the Derivatives Rule to, among other things, (i) adopt and implement a derivatives risk management program ("DRMP") and new testing requirements; (ii) comply with a relative or absolute limit on fund leverage risk calculated based on value-at-risk ("VaR"); and (iii) comply with new requirements related to Board and SEC reporting. The DRMP is administered by a "derivatives risk manager," who is appointed by the Board and periodically reviews the DRMP and reports to the Board.

The Derivatives Rule provides an exception from the DRMP, VaR limit and certain other requirements for a registered investment company that limits its "derivatives exposure" to no more than 10% of its net assets (as calculated in accordance with the Derivatives Rule) (a "limited derivatives user"), provided that the registered investment company establishes appropriate policies and procedures reasonably designed to manage derivatives risks, including the risk of exceeding the 10% "derivatives exposure" threshold.

The requirements of the Derivatives Rule may limit a Series' ability to engage in derivatives transactions as part of its investment strategies. These requirements may also increase the cost of the Series' investments and cost of doing business, which could adversely affect the value of the Series' investments and/or the performance of the Series. The rule also may not be effective to limit the Series' risk of loss. In particular, measurements of VaR rely on historical data and may not accurately measure the degree of risk reflected in the Series' derivatives or other investments. There may be additional regulation of the use of derivatives transactions by registered investment companies, which could significantly affect their use. The ultimate impact of the regulations remains unclear. Additional regulation of derivatives transactions may make them more costly, limit their availability or utility, otherwise adversely affect their performance or disrupt markets. Other potentially adverse regulatory obligations can develop suddenly and without notice.

**OTHER INVESTMENT POLICIES** 

<u>Foreign Securities</u>. *Except as noted, all of a Series' policies regarding foreign securities discussed below are non-fundamental.* 

**Pro-Blend Series:** The Series may not purchase foreign securities if as a result of the purchase of such securities more than 50% of a Series' assets would be invested in foreign securities, provided that this restriction shall not apply to foreign securities that are listed on a domestic securities exchange or represented by ADRs that are traded either on a domestic securities exchange or in the United States on the OTC market.

**Overseas Series:** The Series will, under normal circumstances, invest at least 80% of its assets, and expects to be fully invested, in securities of issuers from countries outside the United States. In addition, it may also invest in corporate debt securities of foreign issuers and in obligations issued by foreign governments or their respective agencies or instrumentalities. The Series may invest without limit in equity securities of foreign issuers that are listed on a domestic securities exchange or are represented by ADRs that are listed on a domestic securities exchange or are traded in the United States on the OTC market. Foreign debt securities may be denominated either in U.S. dollars or foreign currencies. The Series will invest no more than 25% of its assets in securities issued by any one foreign government.

**Equity Series:** The Series may not purchase foreign securities, provided that the Advisor shall have the ability to retain a security that after purchase changes its domicile to one outside the United States.

The restrictions set forth in this paragraph are fundamental policies that cannot be changed without the approval of a majority of the outstanding voting securities, as defined in the 1940 Act, of Pro-Blend Series, Overseas Series and Equity Series, as applicable. The Series' investments in foreign securities will be of the same types and quality as the domestic securities in which the Series may invest. The Series may invest in foreign securities when the anticipated performance of foreign securities is believed by the Advisor to offer more potential than domestic alternatives in keeping with the investment goals of the Series. The Pro-Blend Series will invest no more than 25% of its assets in securities issued by any one foreign government. Foreign debt securities may be denominated either in U.S. dollars or foreign currencies.

**Disciplined Value Series:** The Series may not purchase foreign securities if as a result of the purchase of such securities more than 10% of the Series' assets would be invested in foreign securities, provided that this restriction shall not apply to foreign securities that are listed on a domestic securities exchange or represented by ADRs that are traded either on a domestic securities exchange or in the United States on the over-the-counter market.

**Rainier International Discovery Series:** The Series may invest up to 100% of its assets in equity securities of non-U.S. companies, including those that are not publicly traded in the United States. There are no prescribed limits on the geographic distribution of the Series' investments, and the Series may focus its investments in only a few countries. Foreign securities may be denominated either in U.S. dollars or foreign currencies.

<u>Risks of Foreign Securities</u>. There are risks in investing in foreign securities not typically involved in domestic investing. An investment in foreign securities may be affected by changes in currency rates and in exchange control regulations. Foreign companies are frequently not subject to the accounting and financial reporting standards applicable to domestic companies, and there may be less information available about foreign issuers. There is frequently less government regulation of foreign issuers than in the United States.

In addition, investments in foreign countries are subject to the possibility of expropriation or confiscatory taxation, political or social instability or diplomatic developments that could adversely affect the value of those investments. There may also be imposition of withholding taxes. Foreign financial markets may have less volume and longer settlement periods than U.S. markets, which may cause liquidity problems for a Series. In addition, costs associated with transactions on foreign markets are generally higher than for transactions in the U.S. These risks generally are greater for investments in securities of companies in emerging markets, which are usually in the initial stages of their industrialization cycle.

Obligations of foreign governmental entities are subject to various types of governmental support and may or may not be supported by the full faith and credit of a foreign government. A Series' investments in emerging markets can be considered speculative, and therefore may offer greater potential for gains and losses than investments in developed markets of the world. Investing in emerging market countries may entail purchasing securities issued by or on behalf of entities that are insolvent, bankrupt, in default or otherwise engaged in an attempt to reorganize or reschedule their obligations, and in entities that have little or no proven credit rating or credit history. With respect to any emerging country, there may be a greater potential for nationalization, expropriation or confiscatory taxation, political changes, government regulation, social instability or diplomatic developments (including war) which could affect adversely the economies of such countries or investments in such countries. Foreign ownership limitations also may be imposed by the charters of individual companies in emerging market countries to prevent, among other concerns, violation of foreign investment limitations. The economies of developing countries generally are heavily dependent upon international trade and, accordingly, have been and may continue to be adversely affected by trade barriers, exchange or currency controls, managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with which they trade. These economies also may have been, and may continue to be, adversely affected by economic conditions in the countries with which they trade.

A Series which invests in relatively few countries may experience increased volatility and risk as compared to a Series which is more diversified among countries. As a result of investing in relatively few countries, a Series will be more susceptible to country-specific economic or market factors; social or political factors; legal, custody, accounting, legislative and regulatory changes; and currency fluctuations.

The occurrence of events similar to those in recent years, such as the aftermath of the war in Iraq; instability in Afghanistan, Pakistan, Egypt, Libya, Syria and the Middle East; epidemics such as those caused by the Ebola or Zika viruses; political and military actions undertaken by Russia and the resulting sanctions imposed by the United States and European Union ("EU"); terrorist attacks in the U.S. and around the world; social and political discord; debt crises (such as the recent Greek crisis); sovereign debt downgrades; or the exit or potential exit of one or more countries (such as the United Kingdom) from the EU, among others, may result in market volatility, may have long term effects on the U.S. and worldwide financial markets, and may cause further economic uncertainties in the U.S. and worldwide. Any such event(s) could have a significant adverse impact on the value and risk profile of a Series' portfolio. The Fund does not know how long the securities markets may be affected by similar events and cannot predict the effects of similar events in the future on the U.S. and global economies and securities markets. There can be no assurance that similar events and other market disruptions will not have other material and adverse implications.

On January 31, 2020, the United Kingdom (the "UK") formally withdrew from the European Union (the "EU") (commonly referred to as "Brexit"). Following a transition period during which the EU and the UK Government engaged in a series of negotiations regarding the terms of the UK's future relationship with the EU, the EU and the UK Government signed an agreement on December 30, 2020 regarding the economic relationship between the UK and the EU. This agreement became effective on a provisional basis on January 1, 2021 and formally entered into force on May 1, 2021. While the full impact of Brexit is unknown, Brexit has already resulted in volatility in European and global markets and could have negative long-term impacts on financial markets in the UK and throughout Europe. There is considerable uncertainty about the potential consequences of Brexit, how future negotiations of trade relations will proceed, and how the financial markets will react to all of the preceding. As this process unfolds, markets may be further disrupted. Brexit may also cause additional member states to contemplate departing from the EU, which would likely perpetuate political and economic instability in the region and cause additional market disruption in global financial markets.

The effects of Brexit on the UK and EU economies and the broader global economy could be significant, resulting in negative impacts, such as business and trade disruptions, increased volatility and illiquidity, and potentially lower economic growth of markets in the UK, EU and globally, which could negatively impact the value of the Series' investments. Brexit could also lead to legal uncertainty and politically divergent national laws and regulations while the new relationship between the UK and EU is further defined and the UK determines which EU laws to replace or replicate. Additionally, depreciation of the British pound sterling and/or the euro in relation to the U.S. dollar following Brexit could adversely affect Series investments denominated in the British pound sterling and/or the euro, regardless of the performance of the investment.

On February 24, 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Following Russia's actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The sanctions consist of the prohibition of trading in certain Russian securities and engaging in certain private transactions, the prohibition of doing business with certain Russian corporate entities, large financial institutions, officials and oligarchs, and the freezing of Russian assets. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions, any future sanctions or other actions, or even the threat of further sanctions or other actions, may negatively affect the value and liquidity of a Series' investments.

The extent and duration of the war in Ukraine and the longevity and severity of sanctions remain unknown, but they could have a significant adverse impact on the European economy as well as the price and availability of certain commodities, including oil and natural gas, throughout the world. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of a Series, even if the Series does not have direct exposure to securities of Russian issuers.

Whether or not a Series invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of a Series' investments due to the interconnected nature of the global economy and capital markets.

<u>Currency Risks</u>. The U.S. dollar value of securities denominated in a foreign currency will vary with changes in currency exchange rates, which can be volatile. Accordingly, changes in the value of the currency in which a Series' investments are denominated relative to the U.S. dollar will affect the Series' NAV. Exchange rates are generally affected by the forces of supply and demand in the international currency markets, the relative merits of investing in different countries and the intervention or failure to intervene of U.S. or foreign governments and central banks. However, currency exchange rates may fluctuate based on factors intrinsic to a country's economy. Some emerging market countries also may have managed currencies, which are not free floating against the U.S. dollar. In addition, emerging markets are subject to the risk of restrictions upon the free conversion of their currencies into other currencies. Any devaluations relative to the U.S. dollar in the currencies in which a Series' securities are quoted would reduce the Series' NAV per share.

<u>Repurchase Agreements</u>. Each Series may enter into repurchase agreements with respect to portfolio securities. Under the terms of a repurchase agreement, the Series purchases securities ("collateral") from various financial institutions such as a bank or broker-dealer (a "seller") which the Advisor or the Sub-Advisor deems to be creditworthy, subject to the seller's agreement to repurchase them at a mutually agreed-upon date and price. The repurchase price generally equals the price paid by the Series plus interest negotiated on the basis of current short-term rates (which may be more or less than the rate on the underlying portfolio securities).

The seller under a repurchase agreement is required to maintain the value of the collateral held pursuant to the agreement at not less than 100% of the repurchase price, and securities subject to repurchase agreements are held by the Series' custodian either directly or through a securities depositary. Default by the seller would, however, expose the Series to possible loss because of adverse market action or delay in connection with the disposition of the underlying securities.

<u>Investment Companies</u>. Investment company securities are securities of other open-end or closed-end investment companies or unit investment trusts ("UITs"). Each Series may invest in securities issued by other investment companies to the extent permitted by the 1940 Act, the rules or regulations thereunder, as such statute, rules or regulations may be amended from time to time.

The 1940 Act generally prohibits, subject to certain exceptions, an investment company from acquiring more than 3% of the outstanding voting shares of an investment company and limits such investments to no more than 5% of a Series' total assets in any one investment company and no more than 10% in any combination of investment companies. These limitations do not apply to a Series' investments in money market funds. A Series may invest in an investment company in excess of these limitations, provided the Series otherwise complies with the conditions of any exception provided by the 1940 Act or any rule or regulation of the SEC thereunder. A Series may invest in investment companies managed by the Advisor, the Sub-Advisor or their affiliates to the extent permitted under the 1940 Act or as otherwise authorized by rule, regulation or order of the SEC.

In October 2020, the SEC adopted certain regulatory changes and took other actions related to the ability of an investment company to invest in the securities of another investment company. These changes include, among other things, the rescission of certain SEC exemptive orders permitting investments in excess of the statutory limits and the withdrawal of certain related SEC staff no-action letters, and the adoption of Rule 12d1-4 under the 1940 Act. Rule 12d1-4, which became effective on January 19, 2021, permits the Fund to invest in other investment companies beyond the statutory limits, subject to certain conditions. The rescission of the applicable exemptive orders and the withdrawal of the applicable no-action letters became effective on January 19, 2022.

To the extent a Series invests a portion of its assets in investment companies, those assets will be subject to the risks of the purchased investment company's portfolio securities. The Series also will bear its proportionate share of the expenses of the purchased investment company in addition to its own expenses. Because of restrictions on direct investment by U.S. entities in certain countries, investment in other investment companies may be the most practical or the only manner in which an international, emerging markets, or global fund can invest in the securities markets of those countries. With the exception of the Series' investments in money market funds, the Series do not intend to invest in other investment companies, unless, in the judgment of the Advisor or the Sub-Advisor, the potential benefits of such investments exceed the associated costs (which include any investment advisory fees charged by the investment companies) relative to the benefits and costs associated with direct investments in the underlying securities.

The Series may invest in securities of open-end investment companies, including exchange-traded funds ("ETFs") organized as open-end investment companies, closed-end investment companies or unit investment trusts, including ETFs organized as unit investment trusts.

Investments in closed-end investment companies may involve the payment of substantial premiums above the NAV of such issuer's portfolio securities and are subject to limitations under the 1940 Act. A Series also may incur tax liability to the extent it invests in the stock of a foreign issuer that constitutes a "passive foreign investment company."

ETFs are investment companies that are registered under the 1940 Act as open-end funds or UITs. ETFs are actively traded on national securities exchanges and are generally based on specific domestic and foreign market indices. An "index-based ETF" seeks to track the performance of an index by holding in its portfolio either the contents of the index or a representative sample of the securities in the index. Because ETFs are based on an underlying basket of stocks or an index, they are subject to the same market fluctuations as these types of securities in volatile market swings.

<u>Exchange-Traded Products ("ETPs")</u>. Certain Series may purchase shares of or interests in ETPs, which may or may not be investment companies registered under the 1940 Act. The risks of owning interests of an ETP, such as an exchange-traded note ("ETN") or exchange-traded commodity pool, generally reflect the same risks as owning the underlying securities or other instruments that the ETP is designed to track. The shares of certain ETPs may trade at a premium or discount to their intrinsic value (i.e., the market value may differ from the NAV of an ETP's shares). For example, supply and demand for shares of an ETP or market disruptions may cause the market price of the ETP to deviate from the value of the ETP's investments, which may be emphasized in less liquid markets. The value of an ETN may also differ from the valuation of its reference market or instrument due to changes in the issuer's credit rating. By investing in an ETP, a Series indirectly bears the proportionate share of any fees and expenses of the ETP in addition to the fees and expenses that the Series and its shareholders directly bear in connection with the Series' operations. Because certain ETPs may have a significant portion of their assets exposed directly or indirectly to commodities or commodity-linked securities, developments affecting commodities may have a disproportionate impact on such ETPs and may subject the ETPs to greater volatility than investments in traditional securities.

Generally, ETNs are structured as senior, unsecured notes in which an issuer, such as a bank, agrees to pay a return based on the target commodity index less any fees. ETNs allow individual investors to have access to derivatives linked to commodities and assets such as oil, currencies and foreign stock indexes. ETNs combine certain aspects of bonds and ETFs. Similar to ETFs, ETNs are traded on a major exchange (*e.g.*, the NYSE) during normal trading hours. However, investors can also hold an ETN until maturity. At maturity, the issuer pays to the investor a cash amount equal to principal amount, subject to the day's index factor. ETN returns are based upon the performance of a market index minus applicable fees. The value of an ETN may be influenced by time to maturity, level of supply and demand for the ETN, volatility and lack of liquidity in underlying commodities markets, changes in the applicable interest rates, changes in the issuer's credit rating, and economic, legal, political or geographic events that affect the referenced commodity. The value of an ETN may drop due to a downgrade in the issuer's credit rating, even if the underlying index remains unchanged. Investments in ETNs are subject to the risks facing fixed income securities in general, including the risk that a counterparty will fail to make payments when due or default.

<u>Securities Lending</u>. Each Series may lend portfolio securities to brokers, dealers and other financial organizations that meet capital and other credit requirements or other criteria established by the Fund's Board of Directors. These loans, if and when made, may not exceed 33 <sup>1</sup>/<sub>3</sub>% of a Series' total assets taken at value (including the loan collateral). A Series will not lend portfolio securities to its investment advisor, or its affiliates unless it has applied for and received specific authority to do so from the SEC. Loans of portfolio securities will be fully collateralized by cash, letters of credit or U.S. Government Securities, and the collateral will be maintained in an amount equal to at least 100% of the current market value of the loaned securities by marking to market daily. Any gain or loss in the market price of the securities loaned that might occur during the term of the loan would be for the account of the Series.

A Series may pay a part of the income earned to a third party (such as the Fund's custodian) for acting as the Series' securities lending agent, but will bear all of any losses from the investment of collateral.

By lending its securities, a Series may increase its income by either investing cash collateral received from the borrower in short-term instruments or obtaining a fee from the borrower when U.S. Government Securities or letters of credit are used as collateral. Investing the cash collateral subjects a Series to market risk. A Series remains obligated to return all collateral to the borrower under the terms of its securities lending arrangements, even if the value of the investments made with the collateral has declined. Accordingly, if the value of a security in which the cash collateral has been invested declines, the loss would be borne by a Series, and the Series may be required to liquidate other investments in order to return collateral to the borrower at the end of a loan. A Series will adhere to the following conditions whenever its portfolio securities are loaned: (i) the Series must receive at least 100% cash collateral or equivalent securities of the type discussed in the preceding paragraph from the borrower; (ii) the borrower must increase such collateral whenever the market value of the securities rises above the level of such collateral; (iii) the Series must be able to terminate the loan on demand; (iv) the Series must receive reasonable interest on the loan, in addition to payments reflecting the amount of any dividends, interest or other distributions on the loaned securities; (v) the Series may pay only reasonable fees in connection with the loan; and, (vi) voting rights on the loaned securities may pass to the borrower, provided, however, that if a material event adversely affecting the investment occurs, the Series must terminate the loan and regain the right to vote the securities. Loans may involve certain risks in the event of default or insolvency of the borrower, including possible delays or restrictions upon the Series' ability to recover the loaned securities or dispose of the collateral for the loan, which could give rise to loss because of adverse market action, expenses and/or delays.

<u>Short Sales</u>. Short sales may be used by a Series as part of its overall portfolio management strategies or to offset (hedge) a potential decline in the value of a security. The Series may engage in short sales that are either "against the box" or "uncovered." A short sale is "against the box" if, at all times during which the short position is open, the Series owns at least an equal amount of the securities or securities convertible into, or exchangeable without further consideration for, securities of the same issue as the securities that are sold short. A short sale against the box is a taxable transaction to the Series with respect to the securities that are sold short. "Uncovered" short sales are transactions under which a Series sells a security it does not own. To complete such a transaction, the Series must borrow the security to make delivery to the buyer. The Series is then obligated to replace the security borrowed by purchasing the security at the market price at the time of the replacement. The price at such time may be more or less than the price at which the security was sold by the Series. Until the security is replaced, the Series is required to pay the lender amounts equal to any dividends or interest that accrue during the period of the loan. To borrow the security, the Series also may be required to pay a premium, which would increase the cost of the security sold. The proceeds of the short sale may be retained by the broker, to the extent necessary to meet margin requirements, until the short position is closed out.

A Series may engage in short sales in an attempt to capitalize on equity securities that it believes will underperform the market or their peers. When a Series sells securities short, it may use the proceeds from the sales to purchase long positions in additional securities that it believes will outperform the market or their peers. This strategy may effectively result in the Series having a leveraged investment portfolio, which results in greater potential for loss. Leverage can amplify the effects of market volatility on a Series' share price and make the Series' returns more volatile. This is because leverage tends to exaggerate the effect of any increase or decrease in the value of a Series' portfolio securities. The use of leverage may also cause a Series to liquidate portfolio positions when it would not be advantageous to do so or in order to satisfy its obligations.

<u>Forward Commitments or Purchases on a When-Issued Basis</u>. Each Series (with the exception of the Disciplined Value Series) may enter into forward commitments or purchase securities on a when-issued basis. These securities normally are subject to settlement within 45 days of the purchase date. The interest rate realized on these securities is fixed as of the purchase date and no interest accrues to the Series before settlement. These securities are subject to market fluctuation due to changes in market interest rates. Each Series will enter into these arrangements with the intention of acquiring the securities in question and not for speculative purposes and will earmark on the books of the Series or maintain a separate account consisting of liquid assets in an amount at least equal to the purchase price.

<u>Investment in Illiquid and Restricted Securities</u>. A Series may not purchase any illiquid investment, i.e., an investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment (which term includes repurchase agreements and time deposits maturing in more than seven days) if, immediately after the acquisition, the Series would have invested more than 15% of its net assets in illiquid investments that are assets.

Restricted securities are securities which were originally sold in private placements and which have not been registered under the Securities Act of 1933, as amended (the "1933 Act"). Such securities generally have been considered illiquid because they may be resold only subject to statutory restrictions and delays or if registered under the 1933 Act. The SEC adopted Rule 144A to provide for a safe harbor exemption from the registration requirements of the 1933 Act for resales of restricted securities to "qualified institutional buyers." The result has been the development of a more liquid and efficient institutional resale market for restricted securities. Rule 144A securities may be liquid if properly determined by the Advisor or the Sub-Advisor pursuant to procedures adopted by the Board of Directors. The Series' ability to invest in restricted securities includes investments in unregistered equity securities offered at a discount in a private placement that are issued by companies that have outstanding publicly traded equity securities of the same class (a "private investment in public equity," or a "PIPE").

<u>Liquidity Risk Management</u>. In October 2016, the SEC adopted Rule 22e-4 under the 1940 Act (the "Liquidity Rule"), which requires the Fund to establish a liquidity risk management program. Prior to June 1, 2019, the final effective date, the Board of Directors of the Fund, including a majority of the Independent Directors, approved the Fund's Liquidity Risk Management Program (the "Liquidity Program") and the appointment of the Liquidity Risk Committee to administer the Liquidity Program (the "Liquidity Program Administrator"). Under the Liquidity Program, the Liquidity Program Administrator assesses, manages, and periodically reviews each Series' liquidity risk and classifies each investment as "Highly Liquid," "Moderately Liquid," "Less Liquid" or "Illiquid" based on the time it will take to convert the investment to cash. The Liquidity Rule defines "liquidity risk" as the risk that a Series could not meet requests to redeem shares issued by the Series without significant dilution of the remaining investors' interests in the Series. The liquidity of a Series' portfolio investments is determined based on relevant market, trading and investment-specific considerations under the Liquidity Program. The adoption of the Liquidity Program is not a guarantee that a Series will have sufficient liquidity to satisfy its redemption requests in all market conditions or that redemptions can be effected without diluting remaining investors in the Series. The effect that the Liquidity Rule will have on the Series, and on the open-end fund industry in general, is not yet fully known, but the Liquidity Rule may impact a Series' performance and its ability to achieve its investment objective.

<u>LIBOR Replacement Risk</u>. The London Inter-Bank Offered Rate ("LIBOR"), which is used extensively in the U.S. and globally as a benchmark or reference rate for various commercial and financial contracts, is expected to be discontinued. The elimination of LIBOR may adversely affect the interest rates on, and value of, certain Fund investments for which the value is tied to LIBOR. Such investments may include bank loans, derivatives, floating rate securities, and other assets or liabilities tied to LIBOR. The U.K. Financial Conduct Authority stopped compelling or inducing banks to submit certain LIBOR rates and expects to do so for the remaining LIBOR rates immediately after June 30, 2023. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies. The U.S. Federal Reserve, based on the recommendations of the New York Federal Reserve's Alternative Reference Rate Committee (comprised of major derivative market participants and their regulators), has begun publishing a Secured Overnight Financing Rate ("SOFR"), which is intended to replace U.S. dollar LIBOR. Alternative reference rates for other currencies have also been announced or have already begun publication. Markets are slowly developing in response to these new rates. Questions around liquidity impacted by these rates, and how to appropriately adjust these rates at the time of transition, remain a concern for the Series. The effect of any changes to, or discontinuation of, LIBOR on the Series will vary depending on, among other things, (1) existing fallback or termination provisions in individual contracts and (2) whether, how, and when industry participants develop and adopt new reference rates and fallbacks for both legacy and new products and instruments. The expected discontinuation of LIBOR could have a significant impact on the financial markets in general and may also present heightened risk to market participants, including public companies, investment advisers, other investment companies, and broker-dealers. The risks associated with this discontinuation and transition will be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Accordingly, it is difficult to predict the full impact of the transition away from LIBOR on the Series until new reference rates and fallbacks for both legacy and new products, instruments and contracts are commercially accepted.

<u>Borrowings.</u> Each Series may borrow money subject to its fundamental and non-fundamental investment policies. Borrowing money will subject a Series to interest costs. The Series generally borrow at times to meet redemption requests rather than sell portfolio securities to raise the necessary cash. The Series may borrow money from banks and make other investments or engage in other transactions permissible under the 1940 Act which may be considered a borrowing (such as mortgage dollar rolls and reverse repurchase agreements).

The Fund renewed its 364-day, $50 million credit agreement with Bank of New York Mellon (the "Credit Agreement") in September 2022, which will terminate in September 2023, unless extended or renewed. Each series of the Fund may borrow under the Credit Agreement for temporary or emergency purposes, including funding shareholder redemptions and other short-term liquidity purposes. A series may borrow up to the maximum amount allowable under its current Prospectus and SAI, subject to various other legal, regulatory or contractual limits. Borrowing results in interest expense and other fees and expenses for a series that may impact the series' net expenses and return. Each series of the Fund is charged its pro rata share of upfront fees and commitment fees on the aggregate commitment amount based on its net assets. If a series borrows pursuant to the Credit Agreement, the series is charged interest at a variable rate. The availability of assets under the Credit Agreement can be affected by other series' borrowings under the agreement. As such, a series may be unable to borrow (or borrow further) under the Credit Agreement if the commitment limit has been reached.

<u>Diversification</u>. The Series are diversified under the 1940 Act. Further, each Series intends to satisfy the diversification requirements necessary to qualify as a regulated investment company ("RIC") under the Code. For more information, see "Taxes" below. Diversification does not guarantee against a loss.

<u>Special Risks of Cyber Attacks</u>. As with any entity that conducts business through electronic means in the modern marketplace, the Fund, and its service providers, may be susceptible to operational and information security risks resulting from cyber attacks. Cyber attacks include, among other behaviors, stealing or corrupting data maintained online or digitally, denial of service attacks on websites, the unauthorized monitoring, release, misuse, loss, destruction or corruption of confidential information, unauthorized access to relevant systems, compromises to networks or devices that the Fund and its service providers use to service the Fund's operations, ransomware, operational disruption or failures in the physical infrastructure or operating systems that support the Fund and its service providers, or various other forms of cyber security breaches. Cyber attacks affecting the Fund, the Advisor, the Sub-Advisor, or the Fund's distributor, custodian, or any other of the Fund's intermediaries or service providers may adversely impact the Fund and its shareholders, potentially resulting in, among other things, financial losses or the inability of Fund shareholders to transact business. For instance, cyber attacks may interfere with the processing of shareholder transactions, impact the Series' ability to calculate their NAVs, cause the release of private shareholder information or confidential business information, impede trading, subject the Fund to regulatory fines or financial losses and/or cause reputational damage. The Fund may also incur additional costs for cyber security risk management purposes designed to mitigate or prevent the risk of cyber attacks. Such costs may be ongoing because threats of cyber attacks are constantly evolving as cyber attackers become more sophisticated and their techniques become more complex. Similar types of cyber security risks are also present for issuers of securities in which the Series may invest, which could result in material adverse consequences for such issuers and may cause the Series' investments in such companies to lose value. There can be no assurance that the Fund, the Fund's service providers, or the issuers of the securities in which the Series invest will not suffer losses relating to cyber attacks or other information security breaches in the future.

<u>Recent Market Events</u>. An outbreak of respiratory disease caused by a novel coronavirus designated as COVID-19 was first detected in China in December 2019 and subsequently spread internationally. The transmission of COVID-19 and efforts to contain its spread have resulted in international, national and local border closings and other significant travel restrictions and disruptions, significant disruptions to business operations, supply chains and customer activity, event cancellations and restrictions, service cancellations, reductions and other changes, significant challenges in healthcare service preparation and delivery, and quarantines, as well as general concern and uncertainty that has negatively affected the economic environment. These impacts also have caused significant volatility and declines in global financial markets, which have caused losses for investors. Liquidity for many instruments has been greatly reduced, and some interest rates are very low and in some cases yields are negative.

In general, the impact of this COVID-19 outbreak, and other epidemics and pandemics that may arise in the future, could negatively affect 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 a Series invests, which in turn could negatively impact the Series' performance and cause losses on your investment in the Series.

In addition, inflation has increased to highs that markets have not seen in decades. The U.S. Federal Reserve has increased interest rates in an effort to control rising inflation, however uncertainty regarding the speed and magnitude of the interest rate increases, as well as the U.S. Federal Reserve's general ability to successfully control inflation without causing a recession, may negatively impact asset prices and increase market volatility.

**Investment Restrictions** 

Each Series has adopted certain restrictions set forth below as fundamental policies, which may not be changed without the favorable vote of the holders of a "majority" of the Series' outstanding voting securities, which means a vote of the holders of the lesser of (i) 67% of the shares represented at a meeting at which more than 50% of the outstanding shares are represented or (ii) more than 50% of the outstanding shares.

The following fundamental restrictions apply to all the Series (with the exception of the Rainier International Discovery Series).

None of the Series may:

1. Borrow money, except to the extent permitted under the 1940 Act, the rules or regulations thereunder or any
 exemption therefrom, as such statute, rules or regulations may be amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

2. Purchase any securities which would cause more than 25% of the total assets of the Series, based on current
 value at the time of such purchase, to be invested in the securities of one or more issuers conducting their principal business activities
 in the same industry, provided that this limitation does not apply to investments in (a) obligations issued or guaranteed by the
 U.S. Government or its agencies and instrumentalities, or (b) tax-exempt obligations of state or municipal governments and their
 political subdivisions.

3. Make loans, except that each Series may (a) purchase or hold debt instruments in accordance with its
 investment objective and policies, (b) enter into repurchase agreements, and (c) loan its portfolio securities, to the fullest
 extent permitted under the 1940 Act, and any rules, regulation or order thereunder.

4. Issue senior securities (as defined in the 1940 Act) except in connection with permitted borrowings as described
 in the Series' SAI or as permitted by the 1940 Act, and any rule, regulation, or order of the SEC thereunder.

5. Purchase or sell real estate, commodities or commodities contracts including futures contracts. However, subject
 to its permitted investments, each Series may: (a) invest in securities of issuers engaged in the real estate business or the business
 of investing in real estate (including interests in limited partnerships owning or otherwise engaging in the real estate business or the
 business of investing in real estate) and securities which are secured by real estate or interests therein; (b) hold or sell real
 estate received in connection with securities it holds or held; or (c) trade in futures contracts (including forward foreign currency
 contracts) and options on futures contracts (including options on currencies) to the extent consistent with the Series' investment
 objective and policies.

6. Act as an underwriter of securities of other issuers except as it may be deemed an underwriter in selling
 a portfolio security.

7. Purchase securities of an issuer, except as consistent with the maintenance of its status as an open-end diversified
 company under the 1940 Act, the rules or regulations thereunder or any exemption therefrom, as such statute, rules or regulations may
 be amended or interpreted from time to time.

The following fundamental restrictions apply to the Rainier International Discovery Series.

1. The Series may not purchase securities of an issuer, except as consistent with the maintenance of its status
 as an open-end diversified company under the 1940 Act, the rules or regulations thereunder or any exemption therefrom, as such statute,
 rules or regulations may be amended or interpreted from time to time.

2. The Series may not purchase any securities which would cause more than 25% of the total assets of the Series,
 based on current value at the time of such purchase, to be invested in the securities of one or more issuers conducting their principal
 business activities in the same industry, provided that this limitation does not apply to investments in (a) obligations issued or guaranteed
 by the U.S. Government or its agencies and instrumentalities, or (b) tax-exempt obligations of state or municipal governments and their
 political subdivisions.

3. The Series may borrow money, except as prohibited under the 1940 Act, the rules or regulations thereunder
 or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time.

4. The Series may make loans, except as prohibited under the 1940 Act, the rules or regulations thereunder or
 any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time.

5. The Series may purchase or sell commodities and real estate, except as prohibited under the 1940 Act, the
 rules and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from
 time to time.

6. The Series may act as an underwriter of securities of other issuers, except as prohibited under the 1940 Act,
 the rules or regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from
 time to time.

7. The Series may not issue senior securities (as defined in the 1940 Act) except in connection with permitted
 borrowings as described in this SAI or as permitted by the 1940 Act, and any rule, regulation or order of the SEC thereunder.

The following non-fundamental investment policies and restrictions apply to the Pro-Blend Series, the Equity Series, the Overseas Series and the Disciplined Value Series. They may be changed by the Fund's Board of Directors.

1. None of the Series may invest in illiquid securities, i.e., securities that cannot be disposed of at approximately
 the amount at which the Series has valued them in seven days or less (which term includes repurchase agreements and time deposits maturing
 in more than seven days) if, in the aggregate, more than 15% of its net assets would be invested in illiquid securities.

2. None of the Series may purchase securities on margin, except that the Series may obtain short-term credits
 that are necessary for the clearance of transactions, and provided that margin payments in connection with futures contracts and options
 on futures contracts shall not constitute purchasing securities on margin.

The following non-fundamental investment policies and restrictions apply to the Pro-Blend Series, the Equity Series and the Overseas Series. They may be changed by the Fund's Board of Directors.

1. Each Series will invest in securities issued by other investment companies only to the extent permitted by
 the 1940 Act, the rules or regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended from
 time to time.

2. None of the Series may invest more than 5% of the value of its total net assets in warrants. Included within
 that amount, but not to exceed 2% of the value of the Series' net assets, may be warrants, which are not listed on the NYSE or the
 NYSE American.

The following non-fundamental investment policies and restrictions apply to the Equity Series and the Overseas Series. They may be changed by the Fund's Board of Directors.

1. The Series' investment policies with respect to options on securities and with respect to stock index
 and currency futures and related options are subject to the following non-fundamental limitations: (1) with respect to any Series,
 the aggregate value of the securities underlying calls or obligations underlying puts determined as of the date options are sold shall
 not exceed 25% of the assets of the Series; (2) a Series will not enter into any option transaction if immediately thereafter, the
 aggregate premiums paid on all such options which are held at any time would exceed 20% of the total net assets of the Series; (3) the
 aggregate margin deposits required on all futures or options thereon held at any time by a Series will not exceed 5% of the total assets
 of the Series; (4) the security underlying the put or call is within the investment policies of each Series and the option is issued
 by the Options Clearing Corporation; and (5) the Series may buy and sell puts and calls on securities and options on financial futures
 if such options are listed on a national securities or commodities exchange.

2. The Overseas Series may invest up to 100% of its assets in foreign securities.

Except for the limitations on borrowings, or as may be specifically provided to the contrary, each of the above percentage limitations are applicable at the time of a purchase. With respect to warrants, rights, and convertible securities, a determination of compliance with the above limitations shall be made as though such warrant, right, or conversion privilege had been exercised. With respect to the limitation on illiquid securities, in the event that a subsequent change in net assets or other circumstances cause a Series to exceed its limitation, the Series will take steps to bring the aggregate amount of illiquid instruments back within the limitations as soon as reasonably practicable. With respect to the limitation on borrowing, in the event that a subsequent change in net assets or other circumstances causes a Series to exceed its limitation, the Series will take steps to bring the aggregate amount of borrowing back within the limitation within three days thereafter (not including Sundays and holidays).

The following descriptions of the 1940 Act may assist investors in understanding the above policies and restrictions.

**Borrowing.** The 1940 Act presently allows an investment company to borrow from any bank in an amount up to 33 <sup>1</sup>/<sub>3</sub>% of its total assets (including the amount borrowed) and to borrow for temporary purposes in an amount not exceeding 5% of its total assets. Transactions that are fully collateralized in a manner that does not involve the prohibited issuance of a "senior security" within the meaning of Section 18(f) of the 1940 Act, shall not be regarded as borrowings for the purposes of a Series' investment restriction.

**Concentration.** The SEC staff has defined concentration as investing 25% or more of an investment company's total assets in an industry or group of industries, with certain exceptions.

**Diversification.** Under the 1940 Act and the rules, regulations and interpretations thereunder, a "diversified company," as to 75% of its total assets, may not purchase securities of any issuer (other than obligations of, or guaranteed by, the U.S. Government or its agencies, or instrumentalities or securities of other investment companies) if, as a result, more than 5% of its total assets would be invested in the securities of such issuer, or more than 10% of the issuer's voting securities would be held by the investment company.

**Lending.** Under the 1940 Act, an investment company may only make loans if expressly permitted by its investment policies.

**Senior Securities.** Senior securities may include any obligation or instrument issued by an investment company evidencing indebtedness. The 1940 Act generally prohibits each Series from issuing senior securities, although it provides allowances for certain derivatives and certain other investments, such as short sales, reverse repurchase agreements, firm commitment agreements and standby commitments, in compliance with applicable law and guidance.

**Underwriting.** Under the 1940 Act, underwriting securities involves an investment company purchasing securities directly from an issuer for the purpose of selling (distributing) them or participating in any such activity either directly or indirectly. Under the 1940 Act, a diversified fund may not make any commitment as underwriter, if immediately thereafter the amount of its outstanding underwriting commitments, plus the value of its investments in securities of issuers (other than investment companies) of which it owns more than 10% of the outstanding voting securities, exceeds 25% of the value of its total assets. The foregoing restrictions do not apply to non-diversified funds.

**Portfolio Turnover** 

An annual portfolio turnover rate is, in general, the percentage computed by taking the lesser of purchases or sales of portfolio securities (excluding securities with a maturity of one year or less at the time of acquisition) for a year and dividing that amount by the monthly average of the market value of such securities during the year. Higher portfolio turnover (e.g., over 100%) necessarily will cause the Series to pay correspondingly increased brokerage and trading costs. In addition to the transaction costs, higher portfolio turnover may result in the realization of capital gains. As discussed under Federal Tax Treatment of Dividends and Distributions, to the extent net short-term gains are realized, any distributions resulting from such gains are considered ordinary income for federal income tax purposes.

**Disclosure of Portfolio Holdings** 

The Fund's Board of Directors has approved a portfolio holdings disclosure policy that governs the timing and circumstances of disclosure to shareholders and third parties of information regarding the portfolio investments held by the Series.

Disclosure of the Series' complete portfolio holdings is required to be made quarterly within 60 days of the end of each fiscal quarter (currently, each January 31, April 30, July 31, and October 31), in the Annual Report and Semi-Annual Report to shareholders and in the quarterly holdings reports filed with the SEC as exhibits to Form N-PORT. Each Series' Annual and Semi-Annual Reports are distributed to shareholders and the most recent Reports are available on the Fund's website (see address below). The Series' holdings reports on exhibits to Form N-PORT are available, free of charge, on the EDGAR database on the SEC's website at www.sec.gov. In addition, each Series' month-end and quarter-end complete portfolio holdings are available on the Fund's website at www.manning-napier.com. This information is provided with a lag of at least eight days. The information provided will include the following for each security in the portfolio: security name, CUSIP or Sedol symbol, ticker (for equities only), country, number of shares or units held (for equities), par value (for bonds), and market value as of the date of the portfolio. For futures contracts, the information provided will include the underlying instrument, the notional value of the contracts, and the amount of unrealized appreciation or depreciation. Portfolio holdings information will be available on the website at least until it is superseded by a quarterly portfolio holdings report distributed to shareholders (with respect to Annual and Semi-Annual Reports) or filed with the SEC (with respect to exhibits to Form N-PORT). This information is publicly available to all categories of persons.

The Fund provides portfolio holdings and information derived from the portfolio holdings to rating and ranking organizations such as Lipper and Morningstar, Inc. in connection with rating the Series and mutual fund database services such as Thomson Financial Research in connection with their collection of fund data for their subscribers. The Fund will only disclose such information as of the end of the most recent calendar month, and this information will be provided to these organizations no sooner than the next day after it is posted on the Fund's website, unless the conditions described below relating to the disclosure of "non-public" portfolio holdings information are satisfied. The Fund believes that these organizations have legitimate objectives in requesting such portfolio holdings information.

The Fund's policies and procedures provide that the Fund's Chief Compliance Officer (or her designee) ("CCO") may authorize disclosure of non-public portfolio holdings to rating and ranking organizations, mutual fund databases, consultants, and other organizations that will use the data for due diligence, rating, or ranking the Series, or similar uses at differing times and/or with different lag times than those described above. Prior to making any disclosure of non-public portfolio holdings to a third party, the CCO must determine that such disclosure serves a reasonable business purpose, is in the best interests of the Fund's shareholders and that conflicts between the interests of the Fund's shareholders and those of the Fund's Advisor, principal underwriter, or any affiliated person of the Fund are addressed.

The Fund's policies and procedures also permit the Fund to disclose certain commentary and analytical, statistical, performance or similar information relating to a Series of the Fund or its portfolio holdings if certain conditions are met. The information must be for legitimate business purposes and must be deemed to be non-material non-public information based on a good faith review of the particular facts and circumstances. Examples of such non-material non-public information may include, but are not limited to, the following types of information: allocation of a Series' portfolio securities and other investments among various asset classes, sectors, industries, market capitalizations, countries and regions; the characteristics of the stock components and other investments of a Series; the attribution of a Series' returns by asset class, sector, industry, market capitalization, country and region; certain volatility characteristics of a Series; certain valuation metrics of a Series (such as average price to earnings ratio and average earnings growth); and maturity and credit quality statistics for a Series' fixed income holdings.

The Fund requires any third party receiving non-public portfolio holdings or information which is derived from portfolio holdings that is deemed material (together, "portfolio holdings data") to enter into a confidentiality agreement with the Fund which provides, among other things, that non-public portfolio holdings data will be kept confidential and that the recipient has a duty not to trade on the portfolio holdings data and will use such information solely to analyze and rank a Series, or to perform due diligence and asset allocation, depending on the recipient of the information. The agreement will require that the recipient provide, upon request, evidence reasonably satisfactory to the Fund to demonstrate its adherence to the provisions of the agreement.

The Fund does not receive any compensation or other consideration for disclosure of portfolio holdings information.

In addition, the Fund's service providers, such as the Advisor, Sub-Advisor, Custodian, Morgan, Lewis & Bockius LLP, PricewaterhouseCoopers LLP ("PwC"), Distributor, and BNY Mellon Investment Servicing (US) Inc. ("BNY Mellon"), all as defined herein, and any pricing service used by the Advisor may possess or receive daily portfolio holdings information with no lag time in connection with their services to the Fund. In addition, Broadridge Financial Solutions, Inc. may receive portfolio holdings information with no lag time, as necessary, in connection with the proxy voting support services it provides to the Fund (see "Proxy Voting Policy"). Service providers will be subject to a duty of confidentiality with respect to any portfolio holdings information, whether imposed by the provisions of the service provider's contract with the Fund or by the nature of its relationship with the Fund.

The Board exercises ongoing oversight of the portfolio holdings disclosure policy by overseeing the implementation and enforcement of the Fund's policies and procedures by the CCO and by considering reports and recommendations by the CCO concerning any material compliance matters. The Board will be informed of any disclosures of non-public portfolio holdings data pursuant to a confidentiality agreement at its next regularly scheduled meeting or as soon as is reasonably practicable, and will periodically review agreements that the Fund has entered into to selectively disclose portfolio holdings data.

**Management** 

The overall business and affairs of the Fund are managed by the Fund's Board of Directors. The Board approves all significant agreements between the Fund and persons or companies furnishing services to the Fund, including the Fund's agreements with its investment advisor, custodian and distributor. The day-to-day operations of the Fund are delegated to the Fund's officers and to the Advisor and other service providers.

The following chart shows certain information about the Fund's officers and directors, including their principal occupations during the last five years. Unless specific dates are provided, the individuals have held the listed positions for longer than five years. Manning & Napier Advisors, LLC is the successor entity to Manning & Napier Advisors, Inc. Accordingly, for purposes of the charts below, an individual's employment history at Manning & Napier Advisors, LLC includes his/her employment history at Manning & Napier Advisors, Inc., except as otherwise stated.

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| | |
|:---|:---|
| &nbsp;&nbsp;Interested Director and Officer<sup>1</sup> |  |
| &nbsp;&nbsp;Name: | &nbsp;&nbsp;Paul Battaglia\* |
| &nbsp;&nbsp;Address: | &nbsp;&nbsp; 290 Woodcliff Drive<br> Fairport, NY 14450 |
| &nbsp;&nbsp;Born: | &nbsp;&nbsp;1978 |
| &nbsp;&nbsp;Current Position(s) Held with Fund: | &nbsp;&nbsp;Principal Executive Officer, President, Chairman and Director |
| &nbsp;&nbsp;Term of Office<sup>2</sup> & Length of Time Served: | &nbsp;&nbsp;Indefinite – Chairman and Director since November 2018 |
| &nbsp;&nbsp;Principal Occupation(s) During Past 5 Years: | &nbsp;&nbsp;Chief Financial Officer since 2018; Vice President of Finance (2016 – 2018); Director of Finance (2011 – 2016); Financial Analyst/Internal Auditor (2004-2006) – Manning & Napier Advisors, LLC and affiliates |
|  | &nbsp;&nbsp;Holds one or more of the following titles for various subsidiaries and affiliates: Chief Financial Officer |
| &nbsp;&nbsp;Number of Portfolios Overseen within Fund Complex: | &nbsp;&nbsp;14 |
| &nbsp;&nbsp;Other Directorships Held Outside Fund Complex During Past 5 Years: | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Independent Directors |  |
| &nbsp;&nbsp;Name: | &nbsp;&nbsp;Stephen B. Ashley |
| &nbsp;&nbsp;Address: | &nbsp;&nbsp; 290 Woodcliff Drive<br> Fairport, NY 14450 |
| &nbsp;&nbsp;Born: | &nbsp;&nbsp;1940 |
| &nbsp;&nbsp;Current Position(s) Held with Fund: | &nbsp;&nbsp;Director, Audit Committee Member, Governance & Nominating Committee Member |
| &nbsp;&nbsp;Term of Office & Length of Time Served: | &nbsp;&nbsp;Indefinite – Since 1996 |
| &nbsp;&nbsp;Principal Occupation(s) During Past 5 Years: | &nbsp;&nbsp;Chairman and Director since 1997; Chief Executive Officer (1997-2019) - Ashley Companies (property management and investment) |
| &nbsp;&nbsp;Number of Portfolios Overseen within Fund Complex: | &nbsp;&nbsp;14 |
| &nbsp;&nbsp;Other Directorships Held Outside Fund Complex During Past 5 Years: | &nbsp;&nbsp;Ashley Companies since 1997 |

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| | |
|:---|:---|
| &nbsp;&nbsp;Name: | &nbsp;&nbsp;Paul A. Brooke |
| &nbsp;&nbsp;Address: | &nbsp;&nbsp; 290 Woodcliff Drive<br> Fairport, NY 14450 |
| &nbsp;&nbsp;Born: | &nbsp;&nbsp;1945 |
| &nbsp;&nbsp;Current Position(s) Held with Fund: | &nbsp;&nbsp;Lead Independent Director, Audit Committee Member, Governance & Nominating Committee Member |
| &nbsp;&nbsp;Term of Office & Length of Time Served: | &nbsp;&nbsp;Indefinite – Director, Audit Committee Member, Governance & Nominating Committee Member since 2007; Lead Independent Director since 2017 |
| &nbsp;&nbsp;Principal Occupation(s) During Past 5 Years: | &nbsp;&nbsp;Managing Member since 1991 - PMSV Holdings LLC (investments); Managing Member (2010-2016) - VenBio (investments). |
| &nbsp;&nbsp;Number of Portfolios Overseen within Fund Complex: | &nbsp;&nbsp;14 |
| &nbsp;&nbsp;Other Directorships Held Outside Fund Complex During Past 5 Years: | &nbsp;&nbsp;Incyte Corp. (biotech) (2000-2020); PureEarth (non-profit) since 2012; Cerus (biomedical) since 2016; Caelum BioSciences (biomedical) since 2018; Cheyne Capital International (investment)(2000-2017); |
| &nbsp;&nbsp;Name: | &nbsp;&nbsp;John Glazer |
| &nbsp;&nbsp;Address: | &nbsp;&nbsp; 290 Woodcliff Drive<br> Fairport, NY 14450 |
| &nbsp;&nbsp;Born: | &nbsp;&nbsp;1965 |
| &nbsp;&nbsp;Current Position(s) Held with Fund: | &nbsp;&nbsp;Director, Audit Committee Member, Governance & Nominating Committee Member |
| &nbsp;&nbsp;Term of Office & Length of Time Served: | &nbsp;&nbsp;Indefinite – Director, Audit Committee Member, Governance & Nominating Committee Member since February 2021 |
| &nbsp;&nbsp;Principal Occupation(s) During Past 5 Years: | &nbsp;&nbsp;Chief Executive Officer since 2020 – Oikos Holdings LLC (Single-Family Office); Head of Corporate Development (2019-2020) – Caelum Biosciences (pharmaceutical development); Head of Private Investments (2015-2018) – AC Limited (Single-Family Office) |
| &nbsp;&nbsp;Number of Portfolios Overseen within Fund Complex: | &nbsp;&nbsp;14 |
| &nbsp;&nbsp;Other Directorships Held Outside Fund Complex During Past 5 Years: | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Name: | &nbsp;&nbsp;Russell O. Vernon |
| &nbsp;&nbsp;Address: | &nbsp;&nbsp; 290 Woodcliff Drive<br> Fairport, NY 14450 |
| &nbsp;&nbsp;Born: | &nbsp;&nbsp;1957 |
| &nbsp;&nbsp;Current Position(s) Held with Fund: | &nbsp;&nbsp;Director, Audit Committee Member, Governance & Nominating Committee Chairman |
| &nbsp;&nbsp;Term of Office & Length of Time Served: | &nbsp;&nbsp;Indefinite – Director, Audit Committee Member, Governance & Nominating Committee Member since April 2020; Governance & Nominating Committee Chairman since November 2020 |
| &nbsp;&nbsp;Principal Occupation(s) During Past 5 Years: | &nbsp;&nbsp;Founder and General Partner (2009-2019) – BVM Capital Management (economic development) |
| &nbsp;&nbsp;Number of Portfolios Overseen within Fund Complex: | &nbsp;&nbsp;14 |
| &nbsp;&nbsp;Other Directorships Held Outside Fund Complex During Past 5 Years: | &nbsp;&nbsp;Board Member, Vice Chairman and President since 2010 – Newburgh Armory Unity Center (military); Board Member and Executive Director since 2020 – National Purple Heart Honor Mission, Inc. (military); Board Member, Vice Chairman (2015-2020) – National Purple Heart Hall of Honor, Inc. (military) |

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| | |
|:---|:---|
| &nbsp;&nbsp;Name: | &nbsp;&nbsp;Chester N. Watson |
| &nbsp;&nbsp;Address: | &nbsp;&nbsp; 290 Woodcliff Drive<br> Fairport, NY 14450 |
| &nbsp;&nbsp;Born: | &nbsp;&nbsp;1950 |
| &nbsp;&nbsp;Current Position(s) Held with Fund: | &nbsp;&nbsp;Director, Audit Committee Chairman, Governance & Nominating Committee Member |
| &nbsp;&nbsp;Term of Office & Length of Time Served: | &nbsp;&nbsp;Indefinite – Director, Audit Committee Member, Governance & Nominating Committee Member Since 2012; Audit Committee Chairman since 2013 |
| &nbsp;&nbsp;Principal Occupation(s) During Past 5 Years: | &nbsp;&nbsp;General Auditor (2003-2011) - General Motors Company (auto manufacturer) |
| &nbsp;&nbsp;Number of Portfolios Overseen within Fund Complex: | &nbsp;&nbsp;14 |
| &nbsp;&nbsp;Other Directorships Held Outside Fund Complex During Past 5 Years: | &nbsp;&nbsp;Rochester Institute of Technology (University) since 2005; Hudson Valley Center for Innovation, Inc. (New Business and Economic Development) since 2019; Town of Greenburgh, NY Planning Board (Municipal Government) (2015-2019); |
| &nbsp;&nbsp;**Officers:** |  |
| &nbsp;&nbsp;Name: | &nbsp;&nbsp;Elizabeth Craig |
| &nbsp;&nbsp;Address: | &nbsp;&nbsp; 290 Woodcliff Drive<br> Fairport, NY 14450 |
| &nbsp;&nbsp;Born: | &nbsp;&nbsp;1987 |
| &nbsp;&nbsp;Current Position(s) Held with Fund: | &nbsp;&nbsp;Corporate Secretary |
| &nbsp;&nbsp;Term of Office<sup>2</sup> & Length of Time Served: | &nbsp;&nbsp;Since 2016 |
| &nbsp;&nbsp;Principal Occupation(s) During Past 5 Years: | &nbsp;&nbsp;Director of Fund Administration since 2021; Fund Regulatory Administration Manager (2018-2021); Fund Administration Manager (2015-2018) - Manning & Napier Advisors, LLC; Corporate Secretary, Director since 2019 – Manning & Napier Investor Services, Inc. |
| &nbsp;&nbsp;Name: | &nbsp;&nbsp;Samantha Larew |
| &nbsp;&nbsp;Address: | &nbsp;&nbsp; 290 Woodcliff Drive<br> Fairport, NY 14450 |
| &nbsp;&nbsp;Born: | &nbsp;&nbsp;1980 |
| &nbsp;&nbsp;Current Position(s) Held with Fund: | &nbsp;&nbsp;Chief Compliance Officer and Anti-Money Laundering Compliance Officer |
| &nbsp;&nbsp;Term of Office<sup>2</sup> & Length of Time Served: | &nbsp;&nbsp;Chief Compliance Officer since 2019; Anti-Money Laundering Compliance Officer since 2018 |
| &nbsp;&nbsp;Principal Occupation(s) During Past 5 Years: | &nbsp;&nbsp;Co-Director of Compliance since 2018; Compliance Communications Supervisor (2014-2018) - Manning & Napier Advisors, LLC & Affiliates; Broker-Dealer Chief Compliance Officer since 2013; Broker-Dealer Assistant Corporate Secretary since 2011 – Manning & Napier Investor Services, Inc.; |
| &nbsp;&nbsp;Name: | &nbsp;&nbsp;Scott Morabito |
| &nbsp;&nbsp;Address: | &nbsp;&nbsp; 290 Woodcliff Drive<br> Fairport, NY 14450 |
| &nbsp;&nbsp;Born: | &nbsp;&nbsp;1987 |
| &nbsp;&nbsp;Current Position(s) Held with Fund: | &nbsp;&nbsp;Vice President |
| &nbsp;&nbsp;Term of Office<sup>2</sup> & Length of Time Served: | &nbsp;&nbsp;Vice President since 2019; Assistant Vice President (2017-2019) |
| &nbsp;&nbsp;Principal Occupation(s) During Past 5 Years: | &nbsp;&nbsp; Managing Director, Client Service and Business Operations since 2021; Managing Director of Operations (2019-2021); Director of Funds Group (2017-2019) - Manning & Napier Advisors, LLC; President, Director since 2018 – Manning & Napier Investor Services, Inc.; President, Exeter Trust Company since 2021; |
| &nbsp;&nbsp;Name: | &nbsp;&nbsp;Jill Peeper |
| &nbsp;&nbsp;Address: | &nbsp;&nbsp; 290 Woodcliff Drive<br> Fairport, NY 14450 |
| &nbsp;&nbsp;Born: | &nbsp;&nbsp;1982 |
| &nbsp;&nbsp;Current Position(s) Held with Fund: | &nbsp;&nbsp;Assistant Treasurer |
| &nbsp;&nbsp;Term of Office<sup>1</sup> & Length of Time Served: | &nbsp;&nbsp;Assistant Treasurer since 2023 |
| &nbsp;&nbsp;Principal Occupation(s) During Past 5 Years: | &nbsp;&nbsp;Mutual Fund Financial Reporting Manager since 2022 - Manning & Napier Advisors, LLC; Fund Accounting Manager (2007 – 2022) – State Street Bank |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Name: | &nbsp;&nbsp;Troy Statczar |
| &nbsp;&nbsp;Address: | &nbsp;&nbsp; 290 Woodcliff Drive<br> Fairport, NY 14450 |
| &nbsp;&nbsp;Born: | &nbsp;&nbsp;1971 |
| &nbsp;&nbsp;Current Position(s) Held with Fund: | &nbsp;&nbsp;Principal Financial Officer, Treasurer |
| &nbsp;&nbsp;Term of Office<sup>2</sup> & Length of Time Served: | &nbsp;&nbsp;Principal Financial Officer and Treasurer since 2020 |
| &nbsp;&nbsp;Principal Occupation(s) During Past 5 Years: | &nbsp;&nbsp;Senior Principal Consultant, Fund Officers, since 2020 – ACA Group (formerly Foreside Financial Group); Director of Fund Administration (2017-2019) - Thornburg Investment Management, Inc. |
| &nbsp;&nbsp;Name: | &nbsp;&nbsp;Sarah Turner |
| &nbsp;&nbsp;Address: | &nbsp;&nbsp; 290 Woodcliff Drive<br> Fairport, NY 14450 |
| &nbsp;&nbsp;Born: | &nbsp;&nbsp;1982 |
| &nbsp;&nbsp;Current Position(s) Held with Fund: | &nbsp;&nbsp;Chief Legal Officer; Assistant Corporate Secretary |
| &nbsp;&nbsp;Term of Office<sup>2</sup> & Length of Time Served: | &nbsp;&nbsp;Since 2018 |
| &nbsp;&nbsp;Principal Occupation(s) During Past 5 Years: | &nbsp;&nbsp;General Counsel since 2018 - Manning & Napier Advisors, LLC and affiliates; Counsel (2017-2018) – Harter Secrest and Emery LLP |
|  | &nbsp;&nbsp;Holds one or more of the following titles for various affiliates: General Counsel |

---

<sup>1</sup> Interested Director, within the meaning of the 1940 Act by reason of his positions with the Fund's Advisor, Manning & Napier Advisors, LLC, and Distributor, Manning & Napier Investor Services, Inc.

<sup>2</sup> The term of office of all officers shall be one year and until their respective successors are chosen and qualified, or his or her earlier resignation or removal as provided in the Fund's By-Laws.

**Equity Ownership of Directors as of 12/31/22**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Name of Directors** | **Dollar Ranges of Equity Securities in the Series**<br> **covered by this SAI** | **Aggregate Dollar Range of Equity**<br> **Securities in All Registered Investment**<br> **Companies Overseen by Director in**<br> **Family of Investment Companies** |
| &nbsp;&nbsp;**Independent Directors** | | |
| &nbsp;&nbsp;Stephen B. Ashley |  |  |
| &nbsp;&nbsp;Paul A. Brooke |  |  |
| &nbsp;&nbsp;John M. Glazer |  |  |
| &nbsp;&nbsp;Russell O. Vernon |  |  |
| &nbsp;&nbsp;Chester N. Watson |  |  |
| &nbsp;&nbsp;**Interested Director** |  |  |
| &nbsp;&nbsp;Paul J. Battaglia | Disciplined Value Series – Between $100,001 and $500,000<br> Equity Series – Between $50,001 and $100,000<br> Pro-Blend Extended Term Series – Between $10,001 and $50,000<br> Rainier International Discovery Series –<br> Between $1 and $10,000 | Between $100,001 and $500,000 |

---

None of the Independent Directors have any beneficial ownership interest in the Fund's Advisor, Manning & Napier Advisors, LLC or its Distributor, Manning & Napier Investor Services, Inc.

**Board Responsibilities** 

The management and affairs of the Fund and the Series are supervised by the Directors under the laws of the State of Maryland. The Board of Directors is responsible for overseeing the Series and each of the Fund's additional other series, which include Series not described in this SAI. The Board has approved contracts, as described herein, under which certain companies provide essential management services to the Fund.

As with most mutual funds, the day-to-day business of the Fund, including the management of risk, is performed by third party service providers, such as the Advisor and Distributor. The Directors are responsible for overseeing the Fund's service providers and, thus, have oversight responsibility with respect to risk management performed by those service providers. Each service provider is responsible for one or more discrete aspects of the Fund's business (e.g., the Advisor is responsible for the day-to-day management of the Fund's portfolio investments) and, consequently, for managing the risks associated with that business.

The Directors' role in risk oversight begins before the inception of a Series, at which time the Advisor presents the Board with information concerning the investment objectives, strategies and risks of the Series as well as proposed investment limitations for the Series. Additionally, the Advisor provides the Board with an overview of, among other things, its investment philosophy, brokerage practices and compliance infrastructure. Thereafter, the Board continues its oversight function with respect to the Fund by monitoring risks identified during regular and special reports made to the Board, as well as regular and special reports made to the Audit Committee. In addition to monitoring such risks, the Board and the Audit Committee oversee efforts by management and service providers to manage risks to which the Fund may be exposed.

The Board is responsible for overseeing the nature, extent and quality of the services provided to the Fund by the Advisor and receives information about those services at its regular meetings. In addition, on an annual basis, in connection with its consideration of whether to renew the Advisory Agreement with the Advisor, the Board meets with the Advisor to review such services. Among other things, the Board regularly considers the Advisor's adherence to the Series' investment restrictions and compliance with various Fund policies and procedures and with applicable securities regulations. The Board also reviews information about the Series' investments, including, for example, portfolio holdings schedules and reports on the Advisor's use of derivatives and illiquid securities in managing the Series.

The Board meets regularly with the Fund's CCO to review and discuss compliance issues and Fund and Advisor risk assessments. At least annually, the Fund's CCO provides the Board with an assessment of the Fund's Compliance Program reviewing the adequacy and effectiveness of the Fund's policies and procedures and those of its service providers, including the Advisor. The assessment addresses the operation of the policies and procedures of the Fund and each service provider since the date of the last report; any material changes to the policies and procedures since the date of the last report; any recommendations for material changes to the policies and procedures; and any material compliance matters since the date of the last report.

The Board directly, or through one or more of its Committees, receives reports from the Fund's service providers that assist the Board in identifying and understanding operational risks and risks related to the valuation and liquidity of portfolio securities. The Advisor makes regular reports to the Board concerning investments for which market quotations are not readily available. Annually, the independent registered public accounting firm reviews with the Audit Committee its audit of the Fund's financial statements, focusing on major areas of risk encountered by the Fund and noting any significant deficiencies or material weaknesses in the Fund's internal controls. Additionally, in connection with its oversight function, the Board (through its Audit Committee) oversees Fund management's implementation of disclosure controls and procedures, which are designed to ensure that information required to be disclosed by the Fund in its periodic reports with the SEC is recorded, processed, summarized, and reported within the required time periods, and the Fund's internal controls over financial reporting, which comprise policies and procedures designed to provide reasonable assurance regarding the reliability of the Fund's financial reporting and the preparation of the Fund's financial statements.

From their review of these reports and discussions with the Advisor, the CCO, the independent registered public accounting firm and other service providers, the Board and the Audit Committee learn in detail about the material risks of the Fund and the Series, thereby facilitating a dialogue about how management and service providers identify and mitigate those risks.

The Chair of the Board, Paul J. Battaglia, is an interested person of the Fund as that term is defined in the 1940 Act. Paul A. Brooke serves as the Lead Independent Director. In his role as Lead Independent Director, Mr. Brooke, among other things: (i) presides over Board meetings in the absence of the Chair of the Board; (ii) presides over executive sessions of the Independent Directors; (iii) along with the Chair of the Board, oversees the development of agendas for Board meetings; (iv) facilitates communication between the Independent Directors and Fund management, and among the Independent Directors; (v) serves as a key point person for dealings between the Independent Directors and Fund management; and (vi) has such other responsibilities as the Board or Independent Directors determine from time to time.

The Fund has determined its leadership structure is appropriate given the specific characteristics and circumstances of the Fund. The Fund made this determination in consideration of, among other things, the fact that the Directors who are not interested persons of the Fund (i.e., "Independent Directors") constitute a super-majority (at least 75%) of the Board, the fact that the members of each Committee of the Board are Independent Directors, the amount of assets under management in the Fund, the number of Series (and classes of shares) overseen by the Board, and the total number of Directors on the Board. The Board also believes that its leadership structure facilitates the orderly and efficient flow of information to the Independent Directors from Fund management.

However, a Director must retire from the Board by the end of the calendar year in which the Director turns 82 provided that the Board may, if it deems doing so to be consistent with the best interest of the Fund, and with the consent of any Director that is eligible for retirement, by unanimous vote of the Governance Committee and majority vote of the full Board, extend the term of such Director for successive periods of one year.

**Individual Director Qualifications**

The Fund has concluded that each of the Directors should serve on the Board because of their ability to review and understand information about the Series provided to them by management, to identify and request other information they may deem relevant to the performance of their duties, to question management and other service providers regarding material factors bearing on the management and administration of the Series, and to exercise their business judgment in a manner that serves the best interests of the Fund's shareholders. The Fund has concluded that each of the Directors should serve as a Director based on their own experience, qualifications, attributes and skills as described below.

The Fund has concluded that Paul J. Battaglia should serve as Director because of his knowledge of and experience in the financial services industry, and the knowledge and experience he has gained from serving in various executive and management positions with the Advisor since 2004. Mr. Battaglia has over 15 years of experience in strategic and fiscal planning and budgeting, financial reporting, and investor relations.

The Fund has concluded that Stephen B. Ashley should serve as Director because of the experience he has gained in his various roles with the Ashley Group, a property management company, his experience as Chairman and Director of a publicly traded company, his knowledge of and experience in the financial services industry, and the experience he has gained serving as Director of the Fund since 1996.

The Fund has concluded that Paul A. Brooke should serve as Director because of the business experience he has gained in a variety of roles with different financial and health care related businesses. Mr. Brooke has served as Chairman and CEO of Ithaka Acquisition Corp., and following its merger with a medical device company, the Alsius Corporation, Mr. Brooke served as Chairman. As a Partner of Morgan Stanley, Mr. Brooke was responsible for global research and health care strategy. Mr. Brooke was also responsible for health care investments at Tiger Management, LLC and serves as the Managing Member for a private investment firm, PMSV Holdings, LLC. In addition, Mr. Brooke was a Founder and Managing Partner of VenBio, an investment firm focused on biotechnology. The Fund has also concluded that Mr. Brooke should serve as a Director because of his knowledge of the financial services industry, and the experience he has gained serving as Director of the Fund since 2007.

The Fund has concluded that John M. Glazer should serve as Director because of the experience he has gained in his more than 25 years of professional experience with asset allocation, investment strategy, financial strategy and corporate transactions. Mr. Glazer currently serves as the Chief Executive Officer of a New-York based single-family office that manages well over $1 billion in assets. He is responsible for oversight of functions that range from investment management to estate planning and other services. Prior to this, Mr. Glazer served as the Head of Private Investments for an international family office and oversaw a team responsible for sourcing, evaluation, execution and management of a multi-billion dollar global portfolio of illiquid investments. Mr. Glazer also previously served as the Chief Financial Officer and Executive Vice President of Corporate Development at Physicians Interactive Holdings, Inc., a digital marketing firm, where he was responsible for oversight of financial affairs and corporate transactions. Mr. Glazer has served on many Boards of Directors and has extensive experience working closely with management teams on strategy, acquisitions and financing.

The Fund has concluded that Russell O. Vernon should serve as Director because of the experience he has gained in his forty years of helping financial companies grow and adjust to changing conditions. Mr. Vernon formerly served as the founder and General Partner of BVM Capital and President of Commerce Capital Markets, Inc. Mr. Vernon also previously served as the Chief Operating Officer at Barrett Associates, Inc., a money management firm, and as the Director of Investment Operations at Warburg Pincus Asset Management and Chancellor Capital Management. In those roles, Mr. Vernon was directly responsible for building a state-of-the-art infrastructure to support all client, business, product development and growth needs. He also served on numerous management and operating committees. Additionally, Mr. Vernon served as a Senior Manager at Deloitte & Touche, where his consulting practice focused on management, M&A, financial service and due diligence engagements and issues.

The Fund has concluded that Chester N. Watson should serve as Director because of the business experience he has gained as the Chief Audit Executive of General Motors Company, Lucent Technologies, and Verizon Communications (formerly Bell Atlantic Corporation) and as an Audit Partner in two major accounting firms, as well as his experience as a member of the Board of Trustees of Rochester Institute of Technology, where he serves on the Audit Committee. The Fund has also concluded that Mr. Watson should serve as a Director because of his knowledge of the financial services industry, and the experience he has gained serving as Director of the Fund since 2012.

In its periodic assessment of the effectiveness of the Board, the Board considers the complementary individual skills and experience of the individual Directors primarily in the broader context of the Board's overall composition so that the Board, as a body, possesses the appropriate (and appropriately diverse) skills and experience to oversee the business of the Fund. Moreover, references to the qualifications, attributes and skills of Directors are pursuant to requirements of the SEC, do not constitute holding out of the Board or any Director as having any special expertise or experience, and shall not be deemed to impose any greater responsibility or liability on any such person or on the Board by reason thereof.

**Board Committees**

There are two Committees of the Fund's Board of Directors: the Audit Committee and the Governance and Nominating Committee.

The Audit Committee is comprised of the following Independent Directors: Stephen B. Ashley, Paul A. Brooke, John M. Glazer, Russell O. Vernon and Chester N. Watson (Chairman). The Audit Committee meets twice annually, and, if necessary, more frequently. The Audit Committee met twice during the last fiscal year. The Audit Committee reviews the financial reporting process, the system of internal control, the audit process, and the Fund's process for monitoring compliance with investment restrictions and applicable laws and regulations. All of the members of the Audit Committee have been determined by the Board to be audit committee financial experts, as defined by the SEC. The designation of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liability that are greater than the duties, obligations, and liability imposed on such person as a member of the Audit Committee and Board in the absence of such designation.

The Governance and Nominating Committee is comprised of the following Independent Directors: Stephen B. Ashley, Paul A. Brooke, John M. Glazer, Russell O. Vernon (Chairman) and Chester N. Watson. The Governance and Nominating Committee meets on an annual basis, and, if necessary, more frequently. The Governance and Nominating Committee met three times during the last fiscal year. The Governance and Nominating Committee evaluates candidates' qualifications for Board membership and the independence of such candidates from the Advisor and other principal service providers for the Fund; makes recommendations to the full Board for nomination for membership on any committees of the Board; reviews as necessary the responsibilities of any committees of the Board and whether there is a continuing need for each committee; evaluates whether there is a need for additional committees of the Board; evaluates whether committees should be combined or reorganized; and reviews the performance of all Board members. The Governance and Nominating Committee's procedures for the consideration of candidates for Board membership submitted by shareholders are attached as Appendix B.

The Interested Director and the officers of the Fund do not receive compensation from the Fund, except that a portion of the Fund's CCO's salary is paid by the Fund. Each Independent Director receives an annual fee of $70,000. Annual fees will be calculated quarterly. Each Independent Director receives $10,000 per regular Board meeting attended, and $3,000 per special or other Board meeting attended. In addition, the Independent Directors who are members of the Audit Committee receive $3,000 per Committee meeting attended, and the Independent Directors who are members of the Governance and Nominating Committee receive $2,000 per Committee meeting attended. Mr. Watson receives an additional fee of $2,500 per Audit Committee meeting for serving as Audit Committee Chairman. Mr. Brooke receives an additional fee of $25,000 for serving as Lead Independent Director. Mr. Vernon receives an additional fee of $1,500 per Governance and Nominating Committee meeting for serving as Governance and Nominating Committee Chairman.

**Compensation Table for Fiscal Year Ended October 31, 2022**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name** | &nbsp;&nbsp;&nbsp;**Position**<br> **with**<br> **Registrant** | &nbsp;&nbsp;&nbsp;**Aggregate**<br> **Compensation**<br> **from Fund** | &nbsp;&nbsp;&nbsp;**Pension** | &nbsp;&nbsp;&nbsp;**Estimated**<br> **Benefits**<br> **upon**<br> **Retirement** | &nbsp;&nbsp;&nbsp;**Total Compensation**<br> **from Fund and**<br> **Fund Complex\*** |
| Samantha Larew | CCO | $129433 | N/A | N/A | &nbsp;&nbsp;&nbsp;$129433 |
| Stephen B. Ashley | &nbsp;&nbsp;&nbsp;Director | &nbsp;&nbsp;&nbsp;$135000 | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;$135000 |
| John M. Glazer | &nbsp;&nbsp;&nbsp;Director | &nbsp;&nbsp;&nbsp;$122000 | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;$122000 |
| Paul A. Brooke | &nbsp;&nbsp;&nbsp;Lead Independent Director | &nbsp;&nbsp;&nbsp;$160000 | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;$160000 |
| Russell O. Vernon | &nbsp;&nbsp;&nbsp;Director, Governance and Nominating Committee Chair | &nbsp;&nbsp;&nbsp;$139500 | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;$139500 |
| Chester N. Watson | Director, Audit Committee Chair | $140000 | N/A | N/A | &nbsp;&nbsp;&nbsp;$140000 |

---

<sup>\*</sup> As of October 31, 2022, the Fund Complex consisted of 15 Series.

As of January 31, 2023, the directors and officers of the Fund, as a group, owned less than 1% of the Fund.

**Code of Ethics** 

The Fund, the Advisor, the Sub-Advisor, and the Fund's principal underwriter have adopted a Code of Ethics (the "Code of Ethics") pursuant to Rule 17j-1 under the 1940 Act. The Code of Ethics is designed to detect and prevent improper personal trading. The Code of Ethics permits personnel subject to the Code of Ethics to invest in securities, including securities that may be purchased or held by the Fund, subject to a number of restrictions and controls. A copy of the Code of Ethics is on file with the SEC, and is available to the public.

**Proxy Voting Policy** 

The Board of Directors has delegated proxy voting responsibilities with respect to securities held by the Series to the Advisor, subject to the Board's general oversight. The Advisor has delegated the responsibility for determining how to vote proxies with respect to securities held by the Rainier International Discovery Series to the Sub-Advisor. Proxies will be voted in accordance with the proxy voting policies and procedures attached to this SAI as Appendix C. The proxy voting policies and procedures may be changed as necessary to remain current with regulatory requirements and internal policies and procedures.

The Fund is required to disclose annually the Fund's complete proxy voting record on Form N-PX. The Fund's proxy voting record for the most recent 12-month period ended June 30 is available upon request by calling 1-800-466-3863 or by writing to the Fund at Manning & Napier Fund, Inc., P.O. Box 805, Fairport, NY 14450. The Fund's Form N-PX is also available on the SEC's website at www.sec.gov.

**Principal Owners and Control Persons** 

As of January 31, 2023, the following persons were the only persons who were record owners (or to the knowledge of the Fund, beneficial owners) of 5% or more of the shares of a class of a Series. Persons who beneficially own more than 25% of a Series' outstanding shares may be deemed to control the Series within the meaning of the 1940 Act. Shareholders controlling a Series may have a significant impact on any shareholder vote of the Series. The Fund believes that most of the shares referred to below were held by the below persons in accounts for their fiduciary, agency, or custodial customers.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Disciplined Value Series – Class S** | &nbsp;&nbsp;**Disciplined Value Series – Class S** |
| &nbsp;&nbsp;**NAME AND ADDRESS** | &nbsp;&nbsp;**% OF CLASS** |
| &nbsp;&nbsp; CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY ACCT FBO CUSTOMERS<br> 101 MONTGOMERY ST<br> SAN FRANCISCO, CA 94104-4151 | &nbsp;&nbsp; 7.53% |
| &nbsp;&nbsp; MORGAN STANLEY SMITH BARNEY LLC<br> FEBO ITS CUSTOMERS<br> 1 NEW YORK PLZ FL 12<br> NEW YORK, NY 10004-1901 | &nbsp;&nbsp; 5.54% |
| &nbsp;&nbsp;**Disciplined Value Series – Class I** | &nbsp;&nbsp;**Disciplined Value Series – Class I** |
| &nbsp;&nbsp;**NAME AND ADDRESS** | &nbsp;&nbsp;**% OF CLASS** |
| &nbsp;&nbsp; UBS WM USA<br> FBO SPEC CDY A/C EXL BEN CUSTOMERS OF UBSFSI<br> 1000 HARBOR BLVD<br> WEEHAWKEN, NJ 07086-6761 | &nbsp;&nbsp; 16.35% |
| &nbsp;&nbsp; CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY ACCT FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 101 MONTGOMERY ST<br> SAN FRANCISCO, CA 94104-4151 | &nbsp;&nbsp;9.09% |
| &nbsp;&nbsp; NATIONAL FINANCIAL SERVICES LLC<br> 499 WASHINGTON BLVD<br> JERSEY CITY, NJ 07310 | &nbsp;&nbsp;7.80% |
| &nbsp;&nbsp; PERSHING LLC<br> 1 PERSHING PLZ<br> JERSEY CITY, NJ 07399-0002 | &nbsp;&nbsp;6.44% |
| &nbsp;&nbsp; AXOS CLEARING LLC<br> FBO #608<br> PO BOX 6503<br> ENGLEWOOD, CO 801556503 | &nbsp;&nbsp;6.03% |
| &nbsp;&nbsp; TD AMERITRADE INC<br> FEBO OUR CLIENTS<br> PO BOX 2226<br> OMAHA, NE 68103-2226 | &nbsp;&nbsp; 5.65% |
| &nbsp;&nbsp; NATIONWIDE TRUST COMPANY FSB<br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 43218-2029 | &nbsp;&nbsp;5.60% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Disciplined Value Series – Class W** | &nbsp;&nbsp;**Disciplined Value Series – Class W** |
| &nbsp;&nbsp;**NAME AND ADDRESS** | &nbsp;&nbsp;**% OF CLASS** |
| &nbsp;&nbsp; STATE STREET BANK & TRUST CO<br> AS CUST FBO USIS CLIENTS<br> ATTN FUND TRADING TEAM<br> PO BOX 5082<br> BOSTON MA 02206-5082 | &nbsp;&nbsp; 54.67% |
| &nbsp;&nbsp; CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY ACCT FBO CUSTOMERS<br> 101 MONTGOMERY ST<br> SAN FRANCISCO, CA 94104-4151 | &nbsp;&nbsp; 21.02% |
| &nbsp;&nbsp;**Disciplined Value Series – Class Z** | &nbsp;&nbsp;**Disciplined Value Series – Class Z** |
| &nbsp;&nbsp;**NAME AND ADDRESS** | &nbsp;&nbsp;**% OF CLASS** |
| &nbsp;&nbsp; EMPOWER TRUST FBO<br> EMPOWER BENEFIT PLANS<br> 8515 E ORCHARD RD 2T2<br> GREENWOOD VILLAGE CO 80111 | &nbsp;&nbsp; 11.58% |
| &nbsp;&nbsp; BNYM I S TRUST CO<br> CUST ROLLOVER IRA<br> KENNETH C KVACEK<br> CHAGRIN FALLS, OH 44022-3502 | &nbsp;&nbsp; 7.64% |
| &nbsp;&nbsp; BNYM I S TRUST CO<br> CUST ROLLOVER IRA<br> MARIANN KVACEK<br> CHAGRIN FALLS, OH 44022-3502 | &nbsp;&nbsp; 6.91% |
| &nbsp;&nbsp; KAREN L MOLE TTEE<br> HERBERT V HAMPSON CHARITABLE<br> UNITRUST<br> LAGRANGE, OH 44050-9418 | &nbsp;&nbsp; 6.24% |
| &nbsp;&nbsp; JOHN W KOESSLER III TRUST<br> FBO CLAIRE E KOESSLER<br> ONYX ADVISORS LLC<br> 976 DELAWARE AVE STE 2<br> BUFFALO, NY 14209-1806 | &nbsp;&nbsp; 5.81% |
| &nbsp;&nbsp; JOHN W KOESSLER III TRUST<br> FBO SEAN W KOESSLER<br> ONYX ADVISORS LLC<br> 976 DELAWARE AVE STE 2<br> BUFFALO, NY 14209-1806 | &nbsp;&nbsp; 5.80% |
| &nbsp;&nbsp; JOHN W KOESSLER III TRUST<br> LOUISE KOESSLER<br> ONYX ADVISORS LLC<br> WILLIAM KOESSLER<br> 976 DELAWARE AVE STE 2<br> BUFFALO, NY 14209-1806 | &nbsp;&nbsp; 5.80% |
| &nbsp;&nbsp; RICHARD D WITCHEY III TTEE<br> RICHARD D WITCHEY III LIVING TRUST<br> LEXINGTON, OH 44904-9766 | &nbsp;&nbsp; 5.51% |
| &nbsp;&nbsp; BNY I S TRUST CO CUST ROLLOVER IRA<br> DR RONALD L COLLINS<br> HUNTSVILLE AL 35801-4128 | &nbsp;&nbsp;5.47% |
| &nbsp;&nbsp;**Equity Series – Class S** | &nbsp;&nbsp;**Equity Series – Class S** |
| &nbsp;&nbsp;**NAME AND ADDRESS** | &nbsp;&nbsp;**% OF CLASS** |
| &nbsp;&nbsp; CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY ACCT FBO CUSTOMERS<br> 101 MONTGOMERY ST<br> SAN FRANCISCO, CA 94104-4151 | &nbsp;&nbsp; 19.75% |
| &nbsp;&nbsp; EMPOWER TRUST FBO<br> RECORDKEEPING FOR LARGE BENEFIT PL<br> 8525 E ORCHARD RD<br> GREENWOOD VILLAGE CO 80111 | &nbsp;&nbsp; 14.39% |
| &nbsp;&nbsp; J P MORGAN SECURITIES LLC<br> FEBO OUR CUSTOMERS<br> 4 CHASE METROTECH CTR<br> BROOKLYN, NY 11245-0003 | &nbsp;&nbsp; 7.11% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Equity Series – Class W** | &nbsp;&nbsp;**Equity Series – Class W** |
| &nbsp;&nbsp;**NAME AND ADDRESS** | &nbsp;&nbsp;**% OF CLASS** |
| &nbsp;&nbsp; Manning & NAPIER INITIAL INVESTMENT<br> Manning & NAPIER ADVISORS LLC<br> ATTN KELLEY WILSON<br> 290 WOODCLIFF DR<br> FAIRPORT, NY 14450-4212 | &nbsp;&nbsp; 100% |
| &nbsp;&nbsp;**Overseas Series – Class I** | &nbsp;&nbsp;**Overseas Series – Class I** |
| &nbsp;&nbsp;**NAME AND ADDRESS** | &nbsp;&nbsp;**% OF CLASS** |
| &nbsp;&nbsp; IBEW LOCAL 150 PERSION FUND<br> 6525 CENTURION DR<br> LANSING, MI 48917-9275 | &nbsp;&nbsp; 18.54% |
| &nbsp;&nbsp; JOHN HANCOCK TRUST COMPANY LLC<br> 200 BERKELEY ST<br> BOSTON, MA 02116 | &nbsp;&nbsp;10.33% |
| &nbsp;&nbsp; SEI PRIVATE TRUST COMPANY<br> C/O FIRST HAWAIIAN BANK<br> 1 FREEDOM VALLEY DR<br> OAKS, PA 19456-9989 | &nbsp;&nbsp; 9.59% |
| &nbsp;&nbsp; SAXON & CO<br> PO BOX 7780-1888<br> PHILADELPHIA, PA 19182-0001 | &nbsp;&nbsp; 9.09% |
| &nbsp;&nbsp; JOHN HANCOCK TRUST COMPANY LLC<br> 200 BERKELEY ST<br> BOSTON, MA 02116 | &nbsp;&nbsp; 8.70% |
| &nbsp;&nbsp; MITRA & CO<br> FBO VA C/O RELIANCE TRUST COMPANY(WI)<br> 4900 WEST BROWN DEER RD<br> MILWAUKEE, WI 53223 | &nbsp;&nbsp;6.18% |
| &nbsp;&nbsp; RELIANCE TRUST CO<br> FBO SALEM TRUST R/R<br> P.O. BOX 78446<br> ATLANTA, GA 30357 | &nbsp;&nbsp; 5.05% |
| &nbsp;&nbsp;**Overseas Series – Class S** | &nbsp;&nbsp;**Overseas Series – Class S** |
| &nbsp;&nbsp;**NAME AND ADDRESS** | &nbsp;&nbsp;**% OF CLASS** |
| &nbsp;&nbsp; CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY ACCT FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 101 MONTGOMERY ST<br> SAN FRANCISCO, CA 94104-4151 | &nbsp;&nbsp; 42.56% |
| &nbsp;&nbsp;**Overseas Series – Class W** | &nbsp;&nbsp;**Overseas Series – Class W** |
| &nbsp;&nbsp;**NAME AND ADDRESS** | &nbsp;&nbsp;**% OF CLASS** |
| &nbsp;&nbsp; STATE STREET BANK & TRUST CO<br> AS CUST FBO USIS CLIENTS<br> ATTN FUND TRADING TEAM<br> PO BOX 5082<br> BOSTON MA 02206-5082 | &nbsp;&nbsp; 50.38% |
| &nbsp;&nbsp; CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY ACCT FBO CUSTOMER<br> 101 MONTGOMERY ST<br> SAN FRANCISCO, CA 94104-4151 | &nbsp;&nbsp; 16.15% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Overseas Series – Class Z** | &nbsp;&nbsp;**Overseas Series – Class Z** |
| &nbsp;&nbsp;**NAME AND ADDRESS** | &nbsp;&nbsp;**% OF CLASS** |
| &nbsp;&nbsp; NATIONAL FINANCIAL SERVICES LLC<br> 499 WASHINGTON BLVD<br> JERSERY CITY, NJ 07310-1995 | &nbsp;&nbsp; 59.18% |
| &nbsp;&nbsp; JOHN HANCOCK TRUST COMPANY LLC<br> 200 BERKLEY ST<br> BOSTON, MA 02116 | &nbsp;&nbsp; 22.24% |
| &nbsp;&nbsp; CAPINCO C/O US BANK NA<br> 1555 N RIVERCENTER DR STE 302<br> MILWAUKEE, WI 53212 | &nbsp;&nbsp; 5.78% |
| &nbsp;&nbsp;**Pro-Blend<sup>®</sup> Conservative Term Series – Class S** | &nbsp;&nbsp;**Pro-Blend<sup>®</sup> Conservative Term Series – Class S** |
| &nbsp;&nbsp;**NAME AND ADDRESS** | &nbsp;&nbsp;**% OF CLASS** |
| &nbsp;&nbsp; CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY ACCT FBO OUR CUSTOMER<br> 101 MONTGOMERY ST<br> SAN FRANCISCO, CA 94104-4151 | &nbsp;&nbsp; 24.70% |
| &nbsp;&nbsp; EMPOWER TRUST FBO<br> EMPOWER BENEFIT GRAND FATHERED PLAN<br> 8515 E ORCHARD RD 2T2<br> GREENWOOD VILLAGE CO 80111 | &nbsp;&nbsp; 5.81% |
| &nbsp;&nbsp;**Pro-Blend<sup>®</sup> Conservative Term Series – Class I** | &nbsp;&nbsp;**Pro-Blend<sup>®</sup> Conservative Term Series – Class I** |
| &nbsp;&nbsp;**NAME AND ADDRESS** | &nbsp;&nbsp;**% OF CLASS** |
| &nbsp;&nbsp; PERSHING LLC<br> 1 PERSHING PLZ<br> JERSEY CITY, NJ 07399-0002 | &nbsp;&nbsp; 12.10% |
| &nbsp;&nbsp; EMPOWER TRUST FBO<br> EMPOWER BENEFIT GRAND FATHERED PLAN<br> 8515 E ORCHARD RD 2T2<br> GREENWOOD VILLAGE CO 80111 | &nbsp;&nbsp; 10.92% |
| &nbsp;&nbsp; WELLS FARGO CLEARING SERVICES LLC<br> SPECIAL CUSTODY ACCT FEBO CUSTOMER<br> 2801 MARKET ST<br> SAINT LOUIS, MO 63103-2523 | &nbsp;&nbsp;10.84% |
| &nbsp;&nbsp; MORGAN STANLEY SMITH BARNEY LLC<br> FEBO ITS CUSTOMERS<br> 1 NEW YORK PLZ FL 12<br> NEW YORK, NY 10004-1901 | &nbsp;&nbsp; 8.39% |
| &nbsp;&nbsp; RAYMOND JAMES<br> OMNIBUS FOR MUTUAL FUNDS HOUSE<br> ATTN COURTNEY WALLER<br> 880 CARILLON PKWY<br> SAINT PETERSBURG FL 33716-1102 | &nbsp;&nbsp;5.30% |
| &nbsp;&nbsp; CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY ACCT FBO OUR CUSTOMER<br> 101 MONTGOMERY ST<br> SAN FRANCISCO, CA 94104-4151 | &nbsp;&nbsp;5.07% |
| &nbsp;&nbsp;**Pro-Blend<sup>®</sup> Conservative Term Series – Class R** | &nbsp;&nbsp;**Pro-Blend<sup>®</sup> Conservative Term Series – Class R** |
| &nbsp;&nbsp;**NAME AND ADDRESS** | &nbsp;&nbsp;**% OF CLASS** |
| &nbsp;&nbsp; PERSHING LLC<br> 1 PERSHING PLZ<br> JERSEY CITY, NJ 07399-0002 | &nbsp;&nbsp;18.67% |
| &nbsp;&nbsp; NATIONAL FINANCIAL SERVICES LLC<br> RELIANCE TRUST CO TTEE/CUST<br> FOR FBO VARIOUS RET PLANS<br> 440 MAMARONECK AVE<br> HARRISON NY 10528-2418 | &nbsp;&nbsp; 6.58% |
| &nbsp;&nbsp; BNYM I S TRUST CO CUST IRA FBO<br> GARY T PHILLIPS<br> HOCKESSIN DE 19707-9731 | &nbsp;&nbsp;5.07% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Pro-Blend<sup>®</sup> Conservative Term Series – Class L** | &nbsp;&nbsp;**Pro-Blend<sup>®</sup> Conservative Term Series – Class L** |
| &nbsp;&nbsp;**NAME AND ADDRESS** | &nbsp;&nbsp;**% OF CLASS** |
| &nbsp;&nbsp; PERSHING LLC<br> 1 PERSHING PLZ<br> JERSEY CITY, NJ 07399-0002 | &nbsp;&nbsp; 35.25% |
| &nbsp;&nbsp;**Pro-Blend<sup>®</sup> Conservative Term Series – Class W** | &nbsp;&nbsp;**Pro-Blend<sup>®</sup> Conservative Term Series – Class W** |
| &nbsp;&nbsp;**NAME AND ADDRESS** | &nbsp;&nbsp;**% OF CLASS** |
| &nbsp;&nbsp;SALVATORE ZINGALES IRA<br> JACKSONVILLE, FL 32224 | &nbsp;&nbsp; 99.66% |
| &nbsp;&nbsp;**Pro-Blend<sup>®</sup> Extended Term Series – Class S** | &nbsp;&nbsp;**Pro-Blend<sup>®</sup> Extended Term Series – Class S** |
| &nbsp;&nbsp;**NAME AND ADDRESS** | &nbsp;&nbsp;**% OF CLASS** |
| &nbsp;&nbsp; CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY ACCT FBO OUR CUSTOMER<br> 101 MONTGOMERY ST<br> SAN FRANCISCO, CA 94104-4151 | &nbsp;&nbsp;5.88% |
| &nbsp;&nbsp;**Pro-Blend<sup>®</sup> Extended Term Series – Class I** | &nbsp;&nbsp;**Pro-Blend<sup>®</sup> Extended Term Series – Class I** |
| &nbsp;&nbsp;**NAME AND ADDRESS** | &nbsp;&nbsp;**% OF CLASS** |
| &nbsp;&nbsp; MORGAN STANLEY SMITH BARNEY LLC<br> FEBO ITS CUSTOMERS<br> 1 NEW YORK PLAZA, 12<sup>th</sup> FL<br> NEW YORK, NY 10004-1901 | &nbsp;&nbsp; 31.77% |
| &nbsp;&nbsp; PERSHING LLC<br> 1 PERSHING PLZ<br> JERSEY CITY, NJ 07399-0002 | &nbsp;&nbsp; 7.53% |
| &nbsp;&nbsp; CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY ACCT FBO OUR CUSTOMER<br> 101 MONTGOMERY ST<br> SAN FRANCISCO, CA 94104-4151 | &nbsp;&nbsp; 7.12% |
| &nbsp;&nbsp;**Pro-Blend<sup>®</sup> Extended Term Series – Class R** | &nbsp;&nbsp;**Pro-Blend<sup>®</sup> Extended Term Series – Class R** |
| &nbsp;&nbsp;**NAME AND ADDRESS** | &nbsp;&nbsp;**% OF CLASS** |
| &nbsp;&nbsp; PERSHING LLC<br> 1 PERSHING PLZ<br> JERSEY CITY, NJ 07399-0002 | &nbsp;&nbsp; 8.17% |
| &nbsp;&nbsp;**Pro-Blend<sup>®</sup> Extended Term Series – Class L** | &nbsp;&nbsp;**Pro-Blend<sup>®</sup> Extended Term Series – Class L** |
| &nbsp;&nbsp;**NAME AND ADDRESS** | &nbsp;&nbsp;**% OF CLASS** |
| &nbsp;&nbsp; PERSHING LLC<br> 1 PERSHING PLZ<br> JERSEY CITY, NJ 07399-0002 | &nbsp;&nbsp; 33.92% |
| &nbsp;&nbsp;**Pro-Blend<sup>®</sup> Extended Term Series – Class W** | &nbsp;&nbsp;**Pro-Blend<sup>®</sup> Extended Term Series – Class W** |
| &nbsp;&nbsp;**NAME AND ADDRESS** | &nbsp;&nbsp;**% OF CLASS** |
| &nbsp;&nbsp;ETC as TTEE OF DEVIN L GILMORE TRUST U/W of GLEN GILMORE<br> NY REPRESENTATIVE OFFICE<br> PO BOX 1025<br> FAIRPORT, NY 14450-4212 | &nbsp;&nbsp;95.04% |
| &nbsp;&nbsp; Manning & NAPIER INITIAL INVESTMENT<br> Manning & NAPIER ADVISORS LLC<br> ATTN KELLEY WILSON<br> 290 WOODCLIFF DR<br> FAIRPORT, NY 14450-4212 | &nbsp;&nbsp; 5.20% |

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---

| | |
|:---|:---|
| &nbsp;&nbsp;**Pro-Blend<sup>®</sup> Maximum Term Series – Class S** | &nbsp;&nbsp;**Pro-Blend<sup>®</sup> Maximum Term Series – Class S** |
| &nbsp;&nbsp;**NAME AND ADDRESS** | &nbsp;&nbsp;**% OF CLASS** |
| &nbsp;&nbsp; CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY ACCT FBO OUR CUSTOMER<br> 101 MONTGOMERY ST<br> SAN FRANCISCO, CA 94104-4151 | &nbsp;&nbsp; 9.72% |
| &nbsp;&nbsp;**Pro-Blend<sup>®</sup> Maximum Term Series – Class I** | &nbsp;&nbsp;**Pro-Blend<sup>®</sup> Maximum Term Series – Class I** |
| &nbsp;&nbsp;**NAME AND ADDRESS** | &nbsp;&nbsp;**% OF CLASS** |
| &nbsp;&nbsp; NATIONAL FINANCIAL SERVICES LLC<br> 499 WASHINGTON BLVD<br> JERSEY CITY, NJ 07310-1995 | &nbsp;&nbsp; 13.04% |
| &nbsp;&nbsp; CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY ACCT FBO OUR CUSTOMER<br> 101 MONTGOMERY ST<br> SAN FRANCISCO, CA 94104-4151 | &nbsp;&nbsp; 12.81% |
| &nbsp;&nbsp; PERSHING LLC<br> 1 PERSHING PLZ<br> JERSEY CITY, NJ 07399-0002 | &nbsp;&nbsp; 8.72% |
| &nbsp;&nbsp;**Pro-Blend<sup>®</sup> Maximum Term Series – Class L** | &nbsp;&nbsp;**Pro-Blend<sup>®</sup> Maximum Term Series – Class L** |
| &nbsp;&nbsp;**NAME AND ADDRESS** | &nbsp;&nbsp;**% OF CLASS** |
| &nbsp;&nbsp; PERSHING LLC<br> 1 PERSHING PLZ<br> JERSEY CITY, NJ 07399-0002 | &nbsp;&nbsp; 33.89% |
| &nbsp;&nbsp;**Pro-Blend<sup>®</sup> Maximum Term Series – Class W** | &nbsp;&nbsp;**Pro-Blend<sup>®</sup> Maximum Term Series – Class W** |
| &nbsp;&nbsp;**NAME AND ADDRESS** | &nbsp;&nbsp;**% OF CLASS** |
| &nbsp;&nbsp;ETC as TTEE OF THE ALMA BRADBURD 2016 TRUST <br> FAIRPORT, NY 14450 | &nbsp;&nbsp;17.15% |
| &nbsp;&nbsp; ETC as TTEE OF THE RUBY BRADBURD 2016 TRUST <br> fAIRPORT, NY 14450 | &nbsp;&nbsp;16.88% |
| &nbsp;&nbsp; ETC as TTEE OF THE ARALUEN BRADBURD 2016 TRUST <br> fAIRPORT, NY 14450 | &nbsp;&nbsp;16.39% |
| &nbsp;&nbsp; ETC as TTEE OF THE BRAEDEN SETTEDUCATI <br> Inherited IRA Trust<br> fAIRPORT, NY 14450 | &nbsp;&nbsp;9.94% |
| &nbsp;&nbsp; ETC as TTEE OF THE ALEXANDER SETTEDUCATI <br> Inherited IRA Trust<br> fAIRPORT, NY 14450 | &nbsp;&nbsp;9.93% |
| &nbsp;&nbsp; ETC as TTEE OF THE JACK SETTE-DUCATI <br> Inherited IRA Trust<br> fAIRPORT, NY 14450 | &nbsp;&nbsp;9.87% |
| &nbsp;&nbsp; ETC as TTEE OF THE OWEN SETTE-DUCATI <br> Inherited IRA Trust<br> fAIRPORT, NY 14450 | &nbsp;&nbsp;9.84% |
| &nbsp;&nbsp; ETC as TTEE OF THE TIBOR SETTEDUCATI <br> Inherited IRA Trust<br> fAIRPORT, NY 14450 | &nbsp;&nbsp;9.47% |
| &nbsp;&nbsp;**Pro-Blend<sup>®</sup> Moderate Term Series – Class S** | &nbsp;&nbsp;**Pro-Blend<sup>®</sup> Moderate Term Series – Class S** |
| &nbsp;&nbsp;**NAME AND ADDRESS** | &nbsp;&nbsp;**% OF CLASS** |
| &nbsp;&nbsp; JOHN HANCOCK TRUST COMPANY LLC<br> 200 BERKELEY ST<br> BOSTON, MA 02116 | &nbsp;&nbsp; 14.51% |
| &nbsp;&nbsp; CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY ACCT FBO OUR CUSTOMER<br> 101 MONTGOMERY ST<br> SAN FRANCISCO, CA 94104-4151 | &nbsp;&nbsp; 9.28% |
| &nbsp;&nbsp;**Pro-Blend<sup>®</sup> Moderate Term Series – Class I** | &nbsp;&nbsp;**Pro-Blend<sup>®</sup> Moderate Term Series – Class I** |
| &nbsp;&nbsp;**NAME AND ADDRESS** | &nbsp;&nbsp;**% OF CLASS** |
| &nbsp;&nbsp; EMPOWER TRUST FBO<br> EMPOWER BENEFIT GRAND FATHERED PLAN<br> 8515 E ORCHARD RD 2T2<br> GREENWOOD VILLAGE CO 80111 | &nbsp;&nbsp; 13.72% |
| &nbsp;&nbsp; INTERNATIONAL UNION OF OPERATING<br> ENGINEERS LOCAL 302 GERERAL FUND<br> 18701 120TH AVE NE<br> BOTHELL, WA 98011-9514 | &nbsp;&nbsp; 11.92% |
| &nbsp;&nbsp; CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY ACCT FBO OUR CUSTOMER<br> 101 MONTGOMERY ST<br> SAN FRANCISCO, CA 94104-4151 | &nbsp;&nbsp; 10.23% |
| &nbsp;&nbsp; PERSHING LLC<br> 1 PERSHING PLZ<br> JERSEY CITY, NJ 07399-0002 | &nbsp;&nbsp; 7.76% |

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---

| | |
|:---|:---|
| &nbsp;&nbsp;**Pro-Blend<sup>®</sup> Moderate Term Series – Class L** | &nbsp;&nbsp;**Pro-Blend<sup>®</sup> Moderate Term Series – Class L** |
| &nbsp;&nbsp;**NAME AND ADDRESS** | &nbsp;&nbsp;**% OF CLASS** |
| &nbsp;&nbsp; PERSHING LLC<br> 1 PERSHING PLZ<br> JERSEY CITY, NJ 07399-0002 | &nbsp;&nbsp; 30.51% |
| &nbsp;&nbsp;**Pro-Blend<sup>®</sup> Moderate Term Series – Class R** | &nbsp;&nbsp;**Pro-Blend<sup>®</sup> Moderate Term Series – Class R** |
| &nbsp;&nbsp;**NAME AND ADDRESS** | &nbsp;&nbsp;**% OF CLASS** |
| &nbsp;&nbsp; PERSHING LLC<br> 1 PERSHING PLZ<br> JERSEY CITY, NJ 07399-0002 | &nbsp;&nbsp;8.89% |
| &nbsp;&nbsp;**Pro-Blend<sup>®</sup> Moderate Term Series – Class W** | &nbsp;&nbsp;**Pro-Blend<sup>®</sup> Moderate Term Series – Class W** |
| &nbsp;&nbsp;**NAME AND ADDRESS** | &nbsp;&nbsp;**% OF CLASS** |
| &nbsp;&nbsp; MICHELLE YANT TRUST<br> NY REPRESENTATIVE OFFICE<br> PO BOX 1025<br> FAIRPORT, NY 14450-4212 | &nbsp;&nbsp; 94.40% |
| &nbsp;&nbsp; Manning & NAPIER INITIAL INVESTMENT<br> Manning & NAPIER ADVISORS LLC<br> ATTN KELLEY WILSON<br> 290 WOODCLIFF DR<br> FAIRPORT, NY 14450-4212 | &nbsp;&nbsp;5.60% |
| &nbsp;&nbsp;**Rainier International Discovery Series – Class I** | &nbsp;&nbsp;**Rainier International Discovery Series – Class I** |
| &nbsp;&nbsp;**NAME AND ADDRESS** | &nbsp;&nbsp;**% OF CLASS** |
| &nbsp;&nbsp; CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY A/C FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 211 MAIN ST<br> SAN FRANCISCO, CA 94105-1905 | &nbsp;&nbsp;19.69% |
| &nbsp;&nbsp; UBS WM USA<br> FBO SPEC CDY A/C EXL BEN CUSTOMERS OF UBSFSI<br> 1000 HARBOR BLVD<br> WEEHAWKEN, NJ 07086-6761 | &nbsp;&nbsp; 16.56% |
| &nbsp;&nbsp; CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY A/C FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 211 MAIN ST<br> SAN FRANCISCO, CA 94105-1905 | &nbsp;&nbsp; 8.87% |
| &nbsp;&nbsp; RAYMOND JAMES<br> OMNIBUS FOR MUTUAL FUNDS HOUSE<br> ATTN COURTNEY WALLER<br> 880 CARILLON PKWY<br> SAINT PETERSBURG FL 33716-1102 | &nbsp;&nbsp;7.59% |
| &nbsp;&nbsp; LPL FINANCIAL<br> 4707 EXECUTIVE DR<br> SAN DIEGO CA 92121-3091 | &nbsp;&nbsp;7.14% |
| &nbsp;&nbsp; PERSHING LLC<br> 1 PERSHING PLZ<br> JERSEY CITY NJ 07399-0002 | &nbsp;&nbsp;6.72% |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Rainier International Discovery Series – Class S** | &nbsp;&nbsp;**Rainier International Discovery Series – Class S** |
| &nbsp;&nbsp;**NAME AND ADDRESS** | &nbsp;&nbsp;**% OF CLASS** |
| &nbsp;&nbsp; CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY A/C FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 211 MAIN ST<br> SAN FRANCISCO, CA 94105-1905 | &nbsp;&nbsp; 44.72% |
| &nbsp;&nbsp; TD AMERITRADE INC<br> FEBO OUR CLIENTS<br> PO BOX 2226<br> OMAHA, NE 68103-2226 | &nbsp;&nbsp; 8.40% |
| &nbsp;&nbsp;**Rainier International Discovery Series – Class Z** | &nbsp;&nbsp;**Rainier International Discovery Series – Class Z** |
| &nbsp;&nbsp;**NAME AND ADDRESS** | &nbsp;&nbsp;**% OF CLASS** |
| &nbsp;&nbsp; MARIL & CO FBO NG<br> C/O RELIANCE TRUST COMPANY WI<br> 4900 WEST BROWN DEER RD<br> MILWAUKEE, WI 53223 | &nbsp;&nbsp; 29.42% |
| &nbsp;&nbsp; CAPINCO C/O US BANK NA<br> 1555 N RIVERCENTER DR STE 302<br> MILWAUKEE, WI 53212-3958 | &nbsp;&nbsp;10.61% |
| &nbsp;&nbsp;PROVIDENCE ST. JOSEPH HEALTH MASTER TRUST<br> 1801 LIND AVE SW<br> RENTON, WA 98057 | &nbsp;&nbsp;7.20% |
| &nbsp;&nbsp; SEI PRIVATE TRUST COMPANY<br> C/O UMB BANK<br> ONE FREEDOM VALLEY DRIVE<br> OAKS, PA 19456 | &nbsp;&nbsp;6.34% |
| &nbsp;&nbsp;**Rainier International Discovery Series – Class W** | &nbsp;&nbsp;**Rainier International Discovery Series – Class W** |
| &nbsp;&nbsp;**NAME AND ADDRESS** | &nbsp;&nbsp;**% OF CLASS** |
| &nbsp;&nbsp; STATE STREET BANK & TRUST CO<br> AS CUST FBO USIS CLIENTS<br> ATTN FUND TRADING TEAM<br> PO BOX 5082<br> BOSTON MA 02206-5082 | &nbsp;&nbsp; 23.32% |
| &nbsp;&nbsp; THE OHIO MASONIC HOME FOUNDATION<br> C/O JOHN WHITE<br> 2655 W NATIONAL RD<br> SPRINGFIELD, OH 45504-3698 | &nbsp;&nbsp; 18.61% |
| &nbsp;&nbsp; CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY ACCT FBO OUR CUSTOMER<br> 101 MONTGOMERY ST<br> SAN FRANCISCO, CA 94104-4151 | &nbsp;&nbsp; 16.71% |
| &nbsp;&nbsp; DAVID C NOVAK<br> NORTH PALM BEACH, FL 33408-3347 | &nbsp;&nbsp; 10.39% |
| &nbsp;&nbsp;THE OHIO AUTOMOBILE CLUB<br> WORTHINGTON, OH 43085 | &nbsp;&nbsp;7.31% |
| &nbsp;&nbsp; THE B CHARLES AND JAY G AMES FOUNDATION<br> MAYFIELD HEIGHTS, OH 44124 | &nbsp;&nbsp;5.53% |

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**The Advisor and the Sub-Advisor**

Manning & Napier Advisors, LLC ("MNA" or the "Advisor"), acts as the Fund's investment advisor. MNA is indirectly owned and controlled by Callodine MN Holdings, Inc., which, in turn, is controlled by Callodine Group, LLC and its founder James Morrow. East Asset Management, LLC, and its owners Terrence and Kim Pegula, also indirectly hold a substantial interest in Callodine MN Holdings, Inc. Under the Investment Advisory Agreements (the "Advisory Agreements") between the Fund and the Advisor, the Advisor is generally responsible for supervision of the overall business affairs of the Fund including supervision of service providers to the Fund and direction of the Advisor's directors, officers or employees who may be elected as officers of the Fund to serve as such. In addition, the Advisor oversees the Sub-Advisor to ensure its compliance with the investment objective, policies, strategies, and restrictions of the Rainier International Discovery Series, and monitors the Sub-Advisor's adherence to its investment style.

Rainier Investment Management, LLC acts as the investment sub-advisor to the Rainier International Discovery Series. Manning & Napier Group owns a majority of the outstanding interests in Rainier, and the remaining interests are owned by certain of Rainier's employees. Under the Investment Sub-Advisory Agreement (the "Sub-Advisory Agreement," and, together with the Advisory Agreements, the "Agreements") between the Advisor and the Sub-Advisor, the Sub-Advisor provides a continuous investment program for the Rainier International Discovery Series and makes decisions and places orders to buy, sell or hold particular securities for the Series. The Sub-Advisor is also responsible for managing its employees who provide services to the Series.

The Fund pays the Advisor for the services performed a fee at the annual rate of: 0.30% of the Series' average daily net assets for the Disciplined Value Series; 0.40% of the Series' average daily net assets for the Pro-Blend Conservative Term Series; 0.60% of the Series' average daily net assets for each of the Pro-Blend Moderate Term Series, Pro-Blend Extended Term Series, Pro-Blend Maximum Term Series and Overseas Series; 0.75% of the Series' average daily net assets for the Equity Series; and 0.90% of the Series' average daily net assets for the Rainier International Discovery Series. The Advisor pays the Sub-Advisor out of the fee received from the Rainier International Discovery Series at an annual rate of 0.70% of the Series' average daily net assets. As described below, the Advisor is separately compensated for acting as the Fund's accounting services agent and providing administration services to the Series. Prior to March 1, 2017, the Advisor was also separately compensated for acting as transfer agent and dividend disbursing agent for the Series.

After its initial two year term, the continuance of each Agreement must be specifically approved at least annually: (i) by the vote of a majority of the outstanding shares of the Fund or by the Directors; and (ii) by the vote of a majority of the Directors who are not parties to such Agreement or "interested persons" (as defined under the 1940 Act) of any party thereto, cast in person at a meeting called for the purpose of voting on such approval. Each Advisory Agreement will terminate automatically in the event of its "assignment" (as defined under the 1940 Act) and is terminable at any time without penalty by the Directors or by a majority of the outstanding shares of the Fund on 60 days' written notice to the Advisor, or by the Advisor on 60 days' written notice to the Fund. The Sub-Advisory Agreement will terminate automatically in the event of its "assignment" (as defined under the 1940 Act) or the termination of the Advisory Agreement and is terminable at any time without penalty (i) by the Directors or by a majority of the outstanding shares of the Fund, (ii) by the Advisor on not more than 60 days' nor less than 30 days' written notice to the Sub-Advisor, or (iii) by the Sub-Advisor on 90 days' written notice to the Advisor.

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 each class's total direct annual operating expenses (exclusive of Rule 12b-1 Fees (as defined below), Shareholder Services Fees (as defined below) and waived Class W management fees, as applicable (collectively, "excluded expenses")), as shown below. The agreements are expected to remain in effect indefinitely, and may not be amended or terminated by the Advisor without the approval of the Board. The Advisor's agreement to limit each Series' operating expenses is limited to direct operating expenses and, therefore, does not apply to the indirect expenses incurred by the Series through their investments in underlying funds or other investment companies.

The Advisor may receive from a class the difference between the class's total direct annual 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 operating expenses (not including excluded expenses), are below the contractual expense limit (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment.

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| | |
|:---|:---|
| **<u>Series</u>** | **Contractual Expense Limitation** |
| Pro-Blend Conservative Term Series Class S | 0.65% |
| Pro-Blend Conservative Term Series Class I | 0.65% |
| Pro-Blend Conservative Term Series Class L | 0.65% |
| Pro-Blend Conservative Term Series Class R | 0.65% |
| Pro-Blend Conservative Term Series Class Z | 0.50% |
| Pro-Blend Conservative Term Series Class W | 0.10% |
| Pro-Blend Moderate Term Series Class S | 0.85% |
| Pro-Blend Moderate Term Series Class I | 0.85% |
| Pro-Blend Moderate Term Series Class L | 0.85% |
| Pro-Blend Moderate Term Series Class R | 0.85% |
| Pro-Blend Moderate Term Series Class Z | 0.70% |
| Pro-Blend Moderate Term Series Class W | 0.10% |
| Pro-Blend Extended Term Series Class S | 0.85% |
| Pro-Blend Extended Term Series Class I | 0.85% |
| Pro-Blend Extended Term Series Class L | 0.85% |
| Pro-Blend Extended Term Series Class R | 0.85% |
| Pro-Blend Extended Term Series Class Z | 0.70% |
| Pro-Blend Extended Term Series Class W | 0.10% |
| Pro-Blend Maximum Term Series Class S | 0.85% |
| Pro-Blend Maximum Term Series Class I | 0.85% |
| Pro-Blend Maximum Term Series Class L | 0.85% |
| Pro-Blend Maximum Term Series Class R | 0.85% |

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---

| | |
|:---|:---|
| **<u>Series</u>** | **Contractual Expense Limitation** |
| Pro-Blend Maximum Term Series Class Z | 0.70% |
| Pro-Blend Maximum Term Series Class W | 0.10% |
| Overseas Series Class I | 0.75% |
| Overseas Series Class S | 0.80% |
| Overseas Series Class Z | 0.65% |
| Overseas Series Class W | 0.05% |
| Equity Series Class S | 0.80% |
| Equity Series Class W | 0.05% |
| Disciplined Value Series Class S | 0.60% |
| Disciplined Value Series Class I | 0.60% |
| Disciplined Value Series Class Z | 0.45% |
| Disciplined Value Series Class W | 0.15% |
| Rainier International Discovery Series Class I | 1.15% |
| Rainier International Discovery Series Class S | 1.15% |
| Rainier International Discovery Series Class Z | 1.00% |
| Rainier International Discovery Series Class W | 0.10% |

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Fees earned, waived and reimbursed by the Advisor for the periods ending October 31, are as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2020** | **2020** | **2021** | **2021** | **2022** | **2022** |
| **Series** | **Advisory Fees Paid** | **Fees<br> Waived or Expenses Reimbursed** | **Advisory Fees Paid** | **Fees<br> Waived or Expenses Reimbursed** | **Advisory Fees Paid** | **Fees<br> Waived or Expenses Reimbursed** |
| Pro-Blend Conservative Term Series | $3366851 | $7033 | $2110291 | $8198 | $1859794 | $7827 |
| Pro-Blend Moderate Term Series | $2376318 | $12682 | $3024264 | $1592 | $2723192 | $1244 |
| Pro-Blend Extended Term Series | $3107503 | $35 | $4223579 | $43 | $3845905 | $147 |
| Pro-Blend Maximum Term Series | $2279587 | $30927 | $3136674 | $42379 | $2937303 | $138627 |
| Equity Series | $459931 | $161496 | $554044 | $177828 | $528911 | $184878 |
| Overseas Series | $3397791 | $1845767 | $4448709 | $2162254 | $3919592 | $1950907 |
| Disciplined Value Series | $1008679 | $355859 | $1367620 | $655729 | $1238923 | $682447 |
| Rainier International Discovery Series | $4161195 | $401865 | $6315672 | $388768 | $6289323 | $324698 |

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For periods ended October 31, the sub-advisory fees paid by the Advisor to the Sub-Advisor with respect to the Rainier International Discovery Series were as follows:

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| | | |
|:---|:---|:---|
| **2020** | **2021** | **2022** |
| **Fees Paid** | **Fees Paid** | **Fees Paid** |
| $3236485 | $4912189 | $4891695 |

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The Advisor serves as the Fund's accounting services agent and provides administration services to the Fund and its series. The Advisor has contracted with BNY Mellon Investment Servicing (US) Inc. ("BNY Mellon"), 4400 Computer Drive, Westborough, MA 01581, to provide sub-accounting and sub-administration services to each series of the Fund.

Pursuant to a Master Services Agreement, the Fund pays the Advisor an annual fee related to fund accounting and administration services in the following amounts: 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 $30,400 per Series. Additionally, certain transaction and out-of-pocket expenses, including charges for reporting relating to the Fund's compliance program, are charged to the Fund.

For the fiscal years ended October 31, 2020, 2021 and 2022 the Advisor received $892,605, $991,653, and $946,832 respectively, from the Series collectively. These figures include amounts received from certain series no longer included in this SAI because they have or are scheduled to terminate operations.

The Advisor and its affiliates may use the Series within discretionary investment accounts. From time to time, these discretionary accounts may hold a substantial portion of the outstanding shares of the Series, and transactions in shares of the Series for such accounts may have an impact upon the size and operations of the Series. For instance, transactions in shares of the Series for these accounts may cause the Series' portfolio turnover rate and transaction costs to rise, which may negatively affect fund performance and increase the likelihood of capital gain distributions. In addition, the Series' assets may be significantly less during times when these discretionary accounts are not invested in the Series, which would cause the Series' remaining shareholders to bear greater portions of the Series' fixed operating expenses, subject to any fee waiver then in effect.

**The Distributor**

Manning & Napier Investor Services, Inc. (the "Distributor"), an affiliate of the Advisor, acts as Distributor of Fund shares and is located at the same address as the Advisor and the Fund. The Distributor and the Fund are parties to a distribution agreement (the "Distribution Agreement") which applies to each class of shares of the Fund.

The Distribution Agreement is renewable annually. The continuation of the Distribution Agreement must be specifically approved by the Board of Directors and separately by the Directors who are not parties to the Distribution Agreement or "interested persons" (as defined under the 1940 Act) of any party to the Distribution Agreement.

The Distributor will not receive compensation for distribution of Class I, W, or Z shares of each Series, or Class S shares of the Equity Series.

**Payments to Broker-Dealers and Other Financial Intermediaries**

<u>Rule 12b-1 Plan</u> 

The Fund's Board of Directors has adopted a Distribution and Shareholder Services Plan pursuant to Rule 12b-1 under the 1940 Act (the "Rule 12b-1 Plan") whereby Class K, L, and R shares of each Series, and Class S shares of each Series other than the Equity Series (each a "Rule 12b-1 Plan Class") are subject to an annual distribution and shareholder services fee (a "Rule 12b-1 Fee") as shown below.

The Rule 12b-1 Fee is calculated on the average daily net assets of the applicable Rule 12b-1 Plan Class. The Rule 12b-1 Fee is intended to compensate the Distributor for services and expenses primarily intended to result in the sale of a Rule 12b-1 Plan Class and/or in connection with the provision of direct client service, personal services, maintenance of shareholder accounts and reporting services to holders of a Rule 12b-1 Plan Class.

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| | |
|:---|:---|
| **<u>Class</u>**  | **Rule 12b-1 Fee** |
| Class S (each Series other than the Equity Series) | 0.25% |
| Class K | 0.25% |
| Class R | 0.50% |
| Class L | 1.00% |

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The Rule 12b-1 Plan has been adopted in accordance with the provisions of Rule 12b-1 under the 1940 Act, which regulates circumstances under which an investment company may directly or indirectly bear expenses relating to the distribution of its shares. The Rule 12b-1 Plan shall continue in effect for each Rule 12b-1 Plan Class for so long as its continuance is specifically approved at least annually by votes of the majority of both (i) the Directors of the Fund and (ii) those Directors of the Fund who are not "interested persons" (as defined under the 1940 Act) of the Fund, and have no direct or indirect financial interest in the operation of the Rule 12b-1 Plan or any agreements related to it (referred to as the "Qualified Directors"), cast in person at a Board of Directors meeting called for the purpose of voting on the Rule 12b-1 Plan. The Rule 12b-1 Plan requires that quarterly written reports of amounts spent under the Rule 12b-1 Plan and the purposes of such expenditures be furnished to and reviewed by the Directors. With respect to each Rule 12b-1 Plan Class, the Rule 12b-1 Plan may not be amended to increase materially the amount of distribution expenses permitted to be paid under the Rule 12b-1 Plan for such Rule 12b-1 Plan Class without the approval of shareholders holding a majority of the outstanding voting securities of such Rule 12b-1 Plan Class. All material amendments to the Rule 12b-1 Plan must be approved by votes of the majority of both (i) the Directors of the Fund and (ii) the Qualified Directors.

Pursuant to the Rule 12b-1 Plan, each Rule 12b-1 Plan Class is subject to an annual Rule 12b-1 Fee as shown in the chart above. The shareholder services component of the foregoing fee for each Rule 12b-1 Plan Class is limited to 0.25% of the average daily net assets of such Rule 12b-1 Plan Class.

With respect to amounts paid under the Rule 12b-1 Plan for distribution services, the Distributor may use this fee on any activities or expenses primarily intended to result in the sale of shares of the Rule 12b-1 Plan Classes, including, but not limited to, (i) as compensation for the Distributor's services in connection with distribution assistance; or (ii) as a source of payments to financial institutions and intermediaries such as banks, savings and loan associations, insurance companies and investment counselors, broker-dealers, mutual fund supermarkets and the Distributor's affiliates and subsidiaries as compensation for services or reimbursement of expenses incurred in connection with distribution assistance.

With respect to shareholder services, the Distributor may use payments under this aspect of the Rule 12b-1 Plan to provide or enter into agreements with organizations, including affiliates of the Distributor (referred to as "Service Organizations"), who will provide certain shareholder, administrative and non-distribution services for shareholders of the Rule 12b-1 Plan Classes, including, but not limited to: (i) maintaining accounts relating to shareholders that invest in shares of a Rule 12b-1 Plan Class; (ii) responding to shareholder inquiries relating to the services performed by Distributor and/or Service Organizations; (iii) responding to inquiries from shareholders concerning their investment in shares of the Rule 12b-1 Plan Classes; (iv) assisting shareholders in changing dividend options, account designations and addresses; (v) providing information periodically to shareholders showing their position in shares of the Rule 12b-1 Plan Classes; (vi) forwarding shareholder communications from the Fund such as proxies, shareholder reports, annual reports, and dividend distribution and tax notices to shareholders; (vii) processing purchase, exchange and redemption requests from shareholders and placing orders with the Fund or its service providers; (viii) arranging for bank wires; (ix) processing dividend payments from the Fund on behalf of shareholders; (x) preparing tax reports; (xi) providing sub-accounting services; and (xii) providing such other similar non-distribution services as the Fund or Distributor may reasonably request to the extent that the Service Organization is permitted to do so under applicable laws or regulations. The Distributor may also use this fee for payments to financial institutions and intermediaries such as banks, savings and loan associations, insurance companies and investment counselors, broker-dealers, mutual fund supermarkets and the Distributor and/or Service Organizations' affiliates and subsidiaries as compensation for such services.

Generally, the Rule 12b-1 Fee paid under the Rule 12b-1 Plan will not be retained by the Distributor but will instead be reallowed to various financial intermediaries and Service Organizations that enter into distribution and/or shareholder servicing agreements with the Distributor. The Rule 12b-1 Plan and class structure of the Fund permit the Fund to allocate an amount of fees to a financial intermediary or Service Organization based on the level of distribution and/or shareholder services it agrees to provide. The Distributor is free to make additional payments out of its own assets to promote the sale of Fund shares.

Payments under the Rule 12b-1 Plan are made as described above regardless of the Distributor's actual cost of providing the services and may be used to pay the Distributor's overhead expenses. If the cost of providing the services under the Rule 12b-1 Plan is less than the payments received, the unexpended portion of the fees may be retained as profit by the Distributor.

The tables below shows the fees paid under the Rule 12b-1 Plan for the Series for the fiscal year ended October 31, 2022.

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| | | | |
|:---|:---|:---|:---|
| **<u>Series</u>**  | **Class** | **Fees Paid in**<br> **2022** | **Fees Retained**<br> **by Distributor in 2022** |
| Pro-Blend Conservative Term Series | L | $838392 | $22513 |
|  | R | $109713 | $4005 |
|  | S | $639777 | $129335 |
| Pro-Blend Moderate Term Series | L | $983581 | $26889 |
|  | R | $124451 | $5414 |
|  | S | $542604 | $216991 |
| Pro-Blend Extended Term Series | L | $1025407 | $23582 |
|  | R | $244399 | $10149 |
|  | S | $806855 | $522045 |
| Pro-Blend Maximum Term Series | L | $546822 | $12439 |
|  | R | $244019 | $9120 |
|  | S | $704801 | $276178 |
| Rainier International Discovery Series | S | $96469 | $19016 |
| Overseas Series | S | $452347 | $12493 |
| Disciplined Value Series | S | $168952 | $81177 |

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<u>Shareholder Services Plan</u> 

The Board of Directors of the Fund has adopted a Shareholder Services Plan (the "Shareholder Services Plan") with respect to Class S shares of the Equity Series (the "Shareholder Services Plan Class"). The Shareholder Services Plan enables the Fund to directly or indirectly bear expenses relating to the provision by the Advisor and/or Service Organizations (as defined below) of certain service activities to the shareholders of the Shareholder Services Plan Class. Pursuant to the Shareholder Services Plan, Class S shares of the Equity Series are subject to an annual shareholder services fee (the "Shareholder Services Fee") of up to 0.25% of the Class's average daily net assets. Prior to March 1, 2019, Class S shares of the Pro-Blend Conservative Term Series were subject to an annual Shareholder Services Fee of up to 0.20% of the Class's average daily net assets, and Class S shares of each of the Pro-Blend Moderate Term Series, Pro-Blend Extended Term Series, Pro-Blend Maximum Term Series, and Disciplined Value Series were subject to an annual Shareholder Services Fee of up to 0.25% of the Class's average daily net assets.

As contemplated by the Shareholder Services Plan, a portion of the Shareholder Services Fee received by the Advisor is retained by the Advisor as compensation for its provision of service activities to the shareholders of the Shareholder Services Plan Classes while the remaining portion of the Shareholder Services Fee received by the Advisor is paid by the Advisor to Service Organizations as compensation for the service activities they provide to shareholders of the Shareholder Services Plan Classes.

The Advisor may use payments under the Shareholder Services Plan to provide, or enter into agreements with organizations, including affiliates of the Fund (referred to as "Service Organizations"), who will provide, certain service activities for shareholders of the Shareholder Services Plan Classes, including, but not limited to: (i) maintaining accounts relating to shareholders that invest in shares of a Shareholder Services Plan Class; (ii) arranging for bank wires; (iii) responding to shareholder inquiries relating to the services performed by the Advisor and/or Service Organizations; (iv) responding to inquiries from shareholders concerning their investment in shares of the Shareholder Services Plan Classes; (v) assisting shareholders in changing dividend options, account designations and addresses; (vi) providing information periodically to shareholders showing their position in shares of the Shareholder Services Plan Classes; (vii) forwarding shareholder communications from the Fund such as proxies, shareholder reports, annual reports, and dividend distribution and tax notices to shareholders; (viii) processing purchase, exchange and redemption requests from shareholders and placing orders with the Fund or its service providers; and (ix) processing dividend payments from the Fund on behalf of shareholders. The Advisor may also use this fee for payments to financial institutions and intermediaries such as banks, savings and loan associations, insurance companies and investment counselors, broker-dealers, mutual fund supermarkets and the Advisor and/or Service Organizations' affiliates and subsidiaries as compensation for the services described above.

The Shareholder Services Plan shall continue in effect for so long as its continuance is specifically approved at least annually by votes of the majority of both (i) the Directors of the Fund and (ii) those Directors of the Fund who are not "interested persons" (as defined under the 1940 Act) of the Fund, and have no direct or indirect financial interest in the operation of the Shareholder Services Plan or any agreements related to it (referred to as the "Qualified Directors"), at a Board of Directors meeting. The Shareholder Services Plan requires that quarterly written reports of amounts spent under the Shareholder Services Plan and the purposes of such expenditures be furnished to and reviewed by the Directors. All material amendments to the Shareholder Services Plan must be approved by votes of the majority of both (i) the Directors of the Fund and (ii) the Qualified Directors.

The table below shows the fees paid under the Shareholder Services Plan for the fiscal year ended October 31, 2022.

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| | | |
|:---|:---|:---|
| **<u>Series</u>** | **Fees Paid <br> in 2022** | **Fees Retained**<br> **by Advisor in 2022** |
| Equity Series | $175564 | $32814 |

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**Other Payments by the Fund**

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 S, Class I, Class L, and Class R shares of the Pro-Blend Series, and the Class I and Class S shares of the Overseas Series, Disciplined Value Series and Rainier International Discovery 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 Rule 12b-1 Fee payable under the Rule 12b-1 Plan of the Fund.

**Payments by the Advisor and/or its Affiliates**

The Advisor may use its own resources to engage in activities that may promote the sale of the Series' shares, including payments, or other forms of incentives such as discounted fees for products or services of affiliates, to third parties who provide services such as shareholder servicing, marketing support, and distribution assistance to the Series. These fees or other incentives are in addition to any payments made to financial intermediaries by the Fund. The level of payments made to financial intermediaries may be a fixed fee or based upon one or more of the following factors: gross sales, current assets and/or number of accounts of the Series attributable to the financial intermediary, the particular type of Series, or other measures as agreed to in writing by the Advisor, the Distributor and/or their affiliates and the financial intermediaries or any combination thereof. The amount of these payments is determined at the discretion of the Advisor, the Distributor and/or their affiliates from time to time and may be different for different financial intermediaries based on, for example, the nature of the services provided by the financial intermediary.

The Distributor may from time to time and from its own resources pay or allow additional discounts or promotional incentives in the form of cash or other compensation (including merchandise or travel) to financial intermediaries and it is free to make additional payments out of its own assets to promote the sale of Fund shares. The Advisor may also, from its own resources, defray or absorb costs relating to distribution, including compensation of employees who are involved in distribution. These payments or discounts may be substantial but are paid or discounted by the Advisor or its affiliates, not by the Series or their shareholders. Such payments may provide an incentive for the financial intermediary to make shares of a Series available to its customers and may allow a Series greater access to the financial intermediary's customers, and may create a conflict of interest by influencing the financial intermediary to recommend a Series over another investment.

**Transfer Agent, Dividend Disbursing Agent, Custodian, Independent Registered Public Accounting Firm, and Counsel** 

The transfer agent and dividend disbursing agent for the Fund is BNY Mellon. Transfer agent fees are charged to the Fund on a per account basis.

The custodian for the Fund is The Bank of New York Mellon (the "Custodian"), 135 Santilli Highway, Everett, MA 02149. The Custodian holds cash, securities, and other assets of the Fund as required by the 1940 Act. The Custodian may, at its own expense, employ one or more sub-custodians on behalf of the Fund, provided that it shall remain liable for all its duties as custodian. The foreign sub-custodians will act as custodian for the foreign securities held by the Fund.

PricewaterhouseCoopers LLP ("PwC"), with offices at 300 Madison Avenue, New York, NY 10017, serves as the independent registered public accounting firm for all the Series. In addition to providing audit services, PwC assists in the preparation and review of, and signs as paid preparer, the Series' federal and New York State tax returns and provides assistance on certain non-audit matters. The financial highlights for the respective Series included in the Prospectuses and the financial statements contained in the Annual Reports and incorporated by reference into this SAI for the fiscal year ended October 31, 2022 have been audited by PwC.

Morgan, Lewis & Bockius LLP, 1701 Market Street, Philadelphia, PA 19103, serves as legal counsel to the Fund.

Paul Hastings LLP, 101 California Street, 48<sup>th</sup> Floor, San Francisco, CA 94111, serves as legal counsel to the Independent Directors.

**Purchases and Redemptions** 

<u>Check Acceptance Policy.</u> The Fund reserves the right to reject certain forms of payment for share purchases. The Fund maintains a check acceptance policy for share purchases. Checks must be made payable to the Manning & Napier Fund, Inc. and must be in U.S. dollars. The Fund will not accept cash, third party checks, starter checks, travelers checks, credit card checks, or money orders. Investments that are received in an unacceptable form will be returned.

<u>Investors Outside the U.S.</u> The Fund does not generally accept investments by non-U.S. persons or U.S. persons living outside the U.S. Investments from U.S. persons living outside the U.S. may be accepted if the U.S. person maintains a physical address within the U.S. or utilizes an APO or similar address. Non-U.S. persons may be permitted to invest under certain limited circumstances.

<u>Payment for shares redeemed.</u> Payment for shares presented for redemption may be delayed more than seven days only for (1) any period (a) during which the NYSE is closed other than customary weekend and holiday closings or (b) during which the SEC determines that trading on the NYSE is restricted; (2) for any period during which the SEC determines that an emergency exists as a result of which (a) disposal by the Fund of securities owned by it is not reasonably practicable or (b) it is not reasonably practicable for the Fund to determine the value of its net assets; or (3) for such other periods as the SEC may by order permit.

The Fund may make payment for shares redeemed in part by giving you portfolio securities. As a redeeming shareholder, you will pay transaction costs to dispose of these securities. In addition, you will continue to be subject to the risks of any market fluctuation in the value of the securities until they are sold. An in-kind distribution of portfolio securities could include illiquid securities. Illiquid securities may not be able to be sold quickly or at a price that reflects full value, or there may not be a market for such securities, which could cause you to realize losses on the security if the security is sold at a price lower than that at which it had been valued.

The Fund has made an election pursuant to Rule 18f-1 under the 1940 Act committing itself to pay in cash all requests for redemption by any shareholder of record of a Series, limited in amount with respect to each shareholder during any 90-day period to the lesser of (1) $250,000 or (2) 1% of the net asset value of the Series at the beginning of such period.

<u>Other Information about Purchases and Redemptions.</u> The Fund has authorized a number of brokers to accept purchase and redemption orders on its behalf, and these brokers are authorized to designate other intermediaries to accept purchase and redemption orders on the Fund's behalf. Orders placed with an authorized financial intermediary will be processed at the share price of the appropriate Series next computed after they are received in good order by the financial intermediary or its designee. Accordingly, for you to receive the current business day's share price, your order must be received by an authorized financial intermediary or its designee in good order before the close of regular trading on the NYSE. Your financial intermediary is responsible for transmitting requests and delivering funds to the Series on a timely basis.

**Portfolio Managers** 

This section includes information about the investment professionals that serve on the Series' Portfolio Management Teams, including information about the dollar range of Fund shares they own, how they are compensated, and other accounts they manage. The share ownership information is current as of October 31, 2022.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Name and Title** <br>| &nbsp;&nbsp; **Fund Management Role**  | &nbsp;&nbsp; **Dollar Range of Equity Securities**<br> **Beneficially Owned by the Portfolio**<br> **Manager in the Series covered by this**<br> **SAI\*** | &nbsp;&nbsp; **Aggregate Dollar**<br> **Range of Equity**<br> **Securities** <br> **Beneficially**<br> **Owned By the**<br> **Portfolio Manager in**<br> **All** <br> **Manning & Napier**<br> **Fund Series\*** |
| &nbsp;&nbsp; Christian A. Andreach, CFA,<br> Co-Head of Global Equities,<br> Managing Director of Consumer Group, Head of U.S. Equity Core Team | &nbsp;&nbsp;Member of Equity Series, Overseas Series and Pro-Blend Series Portfolio Management Teams | &nbsp;&nbsp; Disciplined Value Series – <br> between $100,001 and $500,000<br>Equity Series – between <br> $50,001 and $100,000<br>Overseas Series – between<br> $100,001 and $500,000<br>Pro-Blend Extended Term <br> Series – between $100,001 and $500,000<br>Pro-Blend Maximum Term Series – between $10,001 and $50,000<br>Pro-Blend Moderate Term Series – between $10,001 and $50,000<br>Rainier International Discovery Series – between $10,001 and $50,000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp; Marc Bushallow, CFA,<br> Managing Director of Fixed Income | &nbsp;&nbsp;Member of Pro-Blend Series Portfolio Management Team |  | &nbsp;&nbsp;Between $500,001 and $1,000,000 |
| &nbsp;&nbsp;Kelly Covley, CFA, CAIA, Analyst | &nbsp;&nbsp; Member of the Disciplined<br> Value Series Portfolio<br> Management Team | &nbsp;&nbsp; Disciplined Value Series – <br> between $50,001 and $100,000 | &nbsp;&nbsp;Between $50,001 and $100,000 |
| &nbsp;&nbsp; Alex Gurevich, CFA,<br> Senior Analyst | &nbsp;&nbsp;Member of Disciplined Value Series Portfolio Management Team |  |  |
| &nbsp;&nbsp; Christopher F. Petrosino, CFA,<br> Managing <br> Director of Quantitative Strategies Group | &nbsp;&nbsp;Member of Disciplined Value Series Portfolio Management Team | &nbsp;&nbsp; Disciplined Value Series – between $100,001 and $500,000<br>Pro-Blend Moderate Term Series – between $50,001 and $100,000 | &nbsp;&nbsp;Between $100,001 and$500,000 |
| &nbsp;&nbsp; Henrik Strabo, <br> Chief Investment Manager, Rainier Investment Management  | &nbsp;&nbsp;Rainier International Discovery Series Portfolio Manager | &nbsp;&nbsp; Pro-Blend Moderate Term Series – between $100,001 and $500,000<br>Rainier International Discovery Series – between $500,001 and $1,000,000 | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp; Marc Tommasi,<br> Co-Head of Global Equities,<br> Chief Investment Strategist, Head of Non-U.S. Equity Core Team, Managing Director of Global Strategies Group | &nbsp;&nbsp; Member of Equity Series, Pro-Blend Series and Overseas Series Portfolio Management Teams | &nbsp;&nbsp; Overseas Series – between<br> $100,001 and $500,000 | &nbsp;&nbsp;Between $100,001 and $500,000 |
| &nbsp;&nbsp;Jay M. Welles, CFA, Head of Core Equities, Managing Director of Technology Group | &nbsp;&nbsp;Member of Pro-Blend Series, Equity Series and Overseas Series Portfolio Management Teams | &nbsp;&nbsp; Equity Series – between<br> $100,001 and $500,000<br>Overseas Series – between<br> $100,001 and $500,000 | &nbsp;&nbsp; Between $100,001 <br> and $500,000 |

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<sup>\*</sup> Dollar ranges do not reflect interests owned by a Portfolio Manager in collective investment trust funds managed by the Advisor, which may have investment objectives, policies and strategies substantially similar to those of a series of the Fund.

**Compensation.** 

*MNA.* The portfolio managers of the Series, other than the Rainier International Discovery Series, are compensated by the Advisor. The Advisor's portfolio manager compensation system includes a base salary and a bonus. The bonus system has been established to provide a strong incentive for portfolio managers to make investment decisions in the best interest of clients. Bonuses may be several times the level of base salary for successful portfolio managers.

Portfolio managers are assigned a competitive target bonus. The target bonus may be increased or decreased based on the absolute and relative performance of the portfolio manager's overall portfolio over 12- and 36-month time periods. The bonus calculation could result in a negative, zero, or positive bonus. If the bonus calculation results in a negative bonus, then the negative balance is carried forward until the portfolio manager achieves a positive bonus to offset the negative balance.

*Rainier*. The portfolio manager of the Rainier International Discovery Series is compensated by the Sub-Advisor. The portfolio manager receives a fixed base salary, as well as a bonus based on the profitability of the portfolio manager's strategy, and the investment performance over a period of up to five years of (i) the strategy relative to its benchmark on a net of fees basis and (ii) the Rainier International Discovery Series relative to the performance of competing funds based on information developed by a third party.

Both MNA and Rainier portfolio managers may also receive awards under the Manning & Napier P-Share Plan. Recipients who receive an award under this plan will receive P-Shares, which are notional interests, that will entitle the recipient, upon vesting of the award, to have an opportunity to receive a cash bonus that is determined based on the profits of Callodine MN Holdings, Inc., Manning & Napier's parent company, over the course of the applicable performance period for such award.

In addition, certain portfolio managers, including Rainier portfolio managers may be awarded equity ownership in Callodine MN Holdings, Inc., or the Series. Equity ownership represents an important incentive for senior investment professionals and serves as another method to align the long-term interest of portfolio managers with the best interest of clients.

**Management of Other Portfolios.** The following table provides information about other portfolios managed by members of the Series' Portfolio Management Teams. The information provided is current as of October 31, 2022. The information below excludes the Series in this SAI.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Registered Investment**<br> **Companies** | **Registered Investment**<br> **Companies** | **Other Pooled**<br> **Investment Vehicles** | **Other Pooled**<br> **Investment Vehicles** | **Other Accounts** | **Other Accounts** |
| **<u>Name&nbsp;&nbsp;&nbsp;&nbsp;</u>** | **Number of**<br> **Accts** | **Total Assets<sup>\*</sup>** | **Number of**<br> **Accts** | **Total Assets** | **Number of**<br> **Accts** | **Total Assets** |
| Christian A. Andreach | 0 | $0 | 5 | $1270120327 | 4044 | $8908307710 |
| Marc Bushallow | 6 | $487814747 | 4 | $1051618624 | 4057 | $8264409003 |
| Kelly Covley | 0 | $0 | 1 | $125037123 | 444 | $1626418592 |
| Alex Gurevich | 0 | $0 | 1 | $125037123 | 444 | $1626418592 |
| Christopher F. Petrosino | 0 | $0 | 1 | $125037123 | 592 | $1803403972 |
| Henrik Strabo | 0 | $0 | 1 | $185471124 | 4 | $172471205 |
| Marc Tommasi | 0 | $0 | 5 | $1270120327 | 4044 | $8908307710 |
| Jay M.Welles | 0 | $0 | 0 | $0 | 40 | $315140435 |

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<sup>\*</sup> At times assets of the Other Accounts in column 3 may be invested in series of the Fund.

**Management of Conflicts of Interest.**

*MNA.* The Advisor's management of other accounts may give rise to potential conflicts of interest in connection with its management of the Series' investments, on the one hand, and the investments of the other accounts, on the other.

The Advisor may, for example, have an incentive to favor accounts with higher fees or performance-based fees in the allocation of investment opportunities. However, the Advisor has established policies and procedures to ensure that the purchase and sale of securities among all accounts it manages are fairly and equitably allocated.

For the Fund, other pooled investment vehicles, and Other Accounts that have authorized it to do so, the Advisor trades equities, futures and most fixed income investments on an aggregate basis to improve execution efficiency and minimize associated costs. Order management systems automatically allocate aggregated orders according to pre-trade determinations using a random or pro-rata based methodology. Each account that participates in an aggregated order will participate at the average security price with all transaction costs shared on a pro-rata basis.

The Advisor's trading function for equities and certain fixed income investments is separate from its research function. The individuals who recommend and approve trades are not the same individuals who execute trades. For equities and most fixed income securities, traders exercise individual discretion in order to get the best possible execution on trades, but guidelines as to security, position size, and price are set by the analysts recommending the security. Proprietary and third-party reporting systems monitor implementation of trading programs across the account base. For certain fixed income trades, however, the trading and research functions overlap. This means that Fixed Income Analysts select and execute trades in certain bonds, primarily securitized debt, within these portfolios.

To remove the incentive for unauthorized trading and speculation in client accounts, members of the Trading Department are not compensated for profits generated, since the Research Department issues the investment directives and members of the Trading Department merely implement them. In addition, the compensation program for Research and Fixed Income Analysts, including those analysts that execute trades, is based on the returns of the particular security recommended or overall investment approach, rather than on the performance of any individual account.

*Rainier.* The Sub-Advisor's management of other accounts may give rise to potential conflicts of interest in connection with its management of the Rainier International Discovery Series' investments, on the one hand, and the investments of the other accounts, on the other. The Sub-Advisor may, for example, have an incentive to favor accounts with higher fees in the allocation of investment opportunities. However, the Sub-Advisor has structured the portfolio manager's compensation such that he would not be expected to have an incentive to favor particular accounts over other accounts, and has established policies and procedures to ensure that the purchase and sale of securities among all accounts it manages are fairly and equitably allocated.

**Portfolio Transactions and Brokerage** 

In connection with the Advisor's duty to arrange for the purchase and sale of securities held in the Series' portfolios, the Advisor shall select the broker-dealers that, in the Advisor's judgement, implement the Fund's policy to achieve best execution. The Fund defines best execution as the prompt and efficient execution of securities trades at the most favorable price under the circumstances. In directing trades to a given broker, the Advisor will consider the reliability, integrity and financial condition of the broker, the size and difficulty in executing the order and the value of the expected contribution of the broker to the investment performance of the Series on a continuing basis.

The Advisor also considers whether a broker provides brokerage and/or research services to the Fund and/or other accounts of the Advisor or the Sub-Advisor and may allocate orders for the Series to those brokers that provide such benefits. Such allocations shall be in such amounts and proportions as the Advisor shall determine, and the Advisor shall report on such allocations regularly to the Fund.

Examples of research services for which the Advisor deploys the Fund's commission dollars include research reports and other information on the economy, industries, sectors, groups of securities, individual companies, statistical information, political developments, technical market action, pricing and appraisal services, credit analysis, risk measurement analysis, performance and other analysis. The research which the Advisor or the Sub-Advisor receives for the Series' brokerage commissions, whether or not useful to the Fund, may be useful to the Advisor or the Sub-Advisor in managing the accounts of the Advisor's or the Sub-Advisor's other advisory clients. Similarly, the research received for the commissions of such accounts may be useful to the Fund.

Commissions paid to such brokers may be higher than another broker would have charged if a good faith determination is made by the Advisor that the commission is reasonable in relation to the services provided, viewed in terms of either that particular transaction or the Advisor's holistic experience with that broker for transactions executed across the Advisor's client base.

A portion of the Fund's portfolio transactions may be transacted with primary market makers acting as principal on a net basis, with no brokerage commissions being paid by the Series. Such principal transactions may, however, result in a profit to market makers. In certain instances the Advisor may make purchases of underwritten issues for the Series at prices which include underwriting fees.

The Fund will direct futures trades to one or more Futures Commissions Merchants ("FCMs"), as selected by the Advisor.

**Brokerage Commissions Paid in Last Three Fiscal Years** 

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| | | | |
|:---|:---|:---|:---|
|  | **11/1/19-10/31/20** | **11/1/20-10/31/21** | **11/1/21-10/31/22** |
| Pro-Blend Conservative Term Series | $285108 | $56134 | $50774 |
| Pro-Blend Moderate Term Series | $180920 | $94977 | $65304 |
| Pro-Blend Extended Term Series | $315049 | $165467 | $124095 |
| Pro-Blend Maximum Term Series | $304396 | $137165 | $148960 |
| Overseas Series | $894221 | $721025 | $469286 |
| Equity Series | $31757 | $14566 | $14626 |
| Disciplined Value Series | $74053 | $128947 | $74178 |
| Rainier International Discovery Series | $1111533 | $1402489 | $1280417 |

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The brokerage commissions paid by the Pro-Blend Conservative Term Series, Pro-Blend Moderate Term Series, Pro-Blend Extended Term Series, Pro-Blend Maximum Term Series and Equity Series in the fiscal years ending in 2021 and 2022 were lower than those for the fiscal year ending in 2020 due to cash flows and decreased trading activity in the portfolio. The brokerage commissions paid by the Overseas Series in the fiscal year ending in 2022 were down compared to fiscal years ending in 2021 and 2020 due to decreased trading activity in the portfolio and allocation changes within the Advisor's discretionary investment accounts. The brokerage commissions paid by the Disciplined Value Series in the fiscal year ending in 2021 were higher than the fiscal years ending in 2020 and 2022 due to increased trading activity resulting from cash flows.

There were no brokerage commissions paid to affiliates during the last three fiscal years.

**Directed Brokerage.** For the fiscal year ended October 31, 2022, the Series paid brokerage commissions to brokers because of research services provided as follows:

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| | | |
|:---|:---|:---|
|  | **Brokerage Commissions**<br> **Directed in Connection with**<br> **Research Services Provided** | **Aggregate Dollar Amount of**<br> **Transactions for which Such**<br> **Commissions Were Paid** |
| Pro-Blend Conservative Term Series | $50774 | $160370024 |
| Pro-Blend Moderate Term Series | $65304 | $172644334 |
| Pro-Blend Extended Term Series | $124095 | $337410461 |
| Pro-Blend Maximum Term Series | $148960 | $404648539 |
| Overseas Series | $469286 | $497245972 |
| Equity Series | $14626 | $64319859 |

---

---

| | | |
|:---|:---|:---|
|  | **Brokerage Commissions**<br> **Directed in Connection with**<br> **Research Services Provided** | **Aggregate Dollar Amount of**<br> **Transactions for which Such**<br> **Commissions Were Paid** |
| Disciplined Value Series | $74178 | $294282167 |
| Rainier International Discovery Series | $1280417 | $1105179333 |

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**Regular Broker-Dealers.** The Series' regular broker-dealers are (i) the ten broker-dealers that received the greatest dollar amount of brokerage commissions from the Series; (ii) the ten broker-dealers that engaged as principal in the largest dollar amount of portfolio transactions of the Series; and (iii) the ten broker-dealers that sold the largest dollar amount of Series shares. During the fiscal year ended October 31, 2022, the following Series purchased securities issued by their regular broker-dealers:

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Regular Broker-Dealer** | &nbsp;&nbsp;**Value of Portfolio Holdings as of 10/31/22 (000's omitted)** |
| &nbsp;&nbsp;Disciplined Value Series | &nbsp;&nbsp;CITIGROUP GLOBAL MARKETS INC. | &nbsp;&nbsp;$5185 |
| &nbsp;&nbsp;Equity Series | &nbsp;&nbsp;JPMORGAN CHASE & CO. | &nbsp;&nbsp;$689 |
| &nbsp;&nbsp;Pro-Blend Conservative Term Series | &nbsp;&nbsp;CITIGROUP GLOBAL MARKETS INC. | &nbsp;&nbsp;$2575 |
|  | &nbsp;&nbsp;JPMORGAN CHASE & CO. | &nbsp;&nbsp;$4146 |
| &nbsp;&nbsp;Pro-Blend Moderate Term Series | &nbsp;&nbsp;BANK OF AMERICA CORPORATION | &nbsp;&nbsp;$1688 |
|  | &nbsp;&nbsp;CITIGROUP GLOBAL MARKETS INC. | &nbsp;&nbsp;$1858 |
|  | &nbsp;&nbsp;JPMORGAN CHASE & CO. | &nbsp;&nbsp;$3035 |
| &nbsp;&nbsp;Pro-Blend Extended Term Series | &nbsp;&nbsp;BANK OF AMERICA CORPORATION | &nbsp;&nbsp;$1796 |
|  | &nbsp;&nbsp;CITIGROUP GLOBAL MARKETS INC. | &nbsp;&nbsp;$2035 |
|  | &nbsp;&nbsp;JPMORGAN CHASE & CO. | &nbsp;&nbsp;$3380 |
| &nbsp;&nbsp;Pro-Blend Maximum Term Series | &nbsp;&nbsp;BANK OF AMERICA CORPORATION | &nbsp;&nbsp;$370 |
|  | &nbsp;&nbsp;CITIGROUP GLOBAL MARKETS INC. | &nbsp;&nbsp;$511 |
|  | &nbsp;&nbsp;JPMORGAN CHASE & CO. | &nbsp;&nbsp;$4048 |

---

**Net Asset Value** 

The NAV is determined on each day that the NYSE is open for trading. In determining the NAV of each Series' shares, common stocks that are traded OTC or listed on national securities exchanges other than the NASDAQ National Market System are valued at the last sale price on the exchange on which each stock is principally traded as of the close of the NYSE (generally 4:00 p.m., Eastern time), or, in the absence of recorded sales, at the closing bid prices on such exchanges. Securities listed on the NASDAQ National Market System are valued in accordance with the NASDAQ Official Closing Price. Unlisted securities that are not included in such NASDAQ National Market System are valued at the quoted bid prices in the OTC market. Short-term investments that mature in sixty days or less may be valued at amortized cost, which approximates market value. Futures, and related options on futures, traded on U.S. and foreign exchanges are valued at the exchange settlement price, or if no settlement price is available, at the last sale price as of the close of the exchange on the valuation date. Investments in registered investment companies are valued at their NAV per share on valuation date. All securities initially expressed in foreign currencies will be converted to U.S. dollars using current exchange rates. Short securities positions are accounted for at value, using the same method of valuation described above. Securities and other assets for which market quotations are not readily available or are unreliable, such as in the case of a security value that has been materially affected by events occurring after the relevant market closes, are valued at fair value. The Board has designated the Advisor as the Series' valuation designee to make all fair value determinations with respected to the Series' portfolio investments, subject to the Board's oversight. 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 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 that is 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. 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. Several pricing services are available, one or more of which may be used by the Advisor. 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 Fund's Board by the Advisor in accordance with certain requirements.

The foreign securities held by the Series may be listed on foreign exchanges that trade on days when the NYSE is not open and the Series do not price their shares. As a result, the NAV of a Series may change at a time when shareholders are not able to purchase or redeem shares.

If trading or events occurring in other markets 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.

**Information About Fund Operations** 

The Fund does not expect to hold annual meetings of shareholders, but special meetings of shareholders may be held under certain circumstances. Shareholders of the Fund retain the right, under certain circumstances, to request that a meeting of shareholders be held for the purpose of considering the removal of a Director from office, and if such a request is made, the Fund will assist with shareholder communications in connection with the meeting. The shares of the Fund have equal rights with regard to voting, redemption and liquidations. The Fund's shareholders will vote in the aggregate and not by Series or class except as otherwise expressly required by law or when the Board of Directors determines that the matter to be voted upon affects only the interests of the shareholders of a Series or a Class. Income, direct liabilities and direct operating expenses of a Series will be allocated directly to the Series, and general liabilities and expenses of the Fund will be allocated among the Series in proportion to the total net assets of the Series by the Board of Directors. The holders of shares have no preemptive or conversion rights. Shares when issued are fully paid and non-assessable and do not have cumulative voting rights.

A Series may participate in class action lawsuits relating to its portfolio securities. The proceeds from the settlements of such lawsuits will generally be recorded as assets of the Series in accordance with generally accepted accounting principles. If the Series is liquidated prior to its recognition of the proceeds of a settlement, however, the proceeds may be donated to charity in the event that the officers of the Series reasonably determine that, after taking into account all fees, costs and expenses reasonably related to the administration and distribution of such proceeds, including, but not limited to, administrative fees, mailing fees, and personnel costs, the amount to be distributed to each applicable shareholder is either zero or a de minimis amount. As part of the Board's considerations when approving the liquidation and dissolution of a Series, the Board may approve the establishment of a liquidating trust for the completion of the liquidation and distribution of a Series' assets to shareholders. This may be the case when, for example, the Series has assets and liabilities which are contingent in nature that remain on the liquidation date. If the Board establishes a liquidating trust for a Series, the Fund would grant, assign and deliver to the liquidating trust all of the Series' rights and interests in any assets it currently owns and the liquidating trust would assume all of such Series' current liabilities and obligations, thereby allowing the Series to fully liquidate and dissolve. The Board would also appoint one or more trustees of the liquidation trust, which may be a Fund officer and/or an employee of the Advisor or an affiliate of the Advisor, to oversee the operations and administration of the trust. The Series' former shareholders on the liquidation date will be the beneficiaries of the liquidating trust.

The liquidating trust will exist solely for the purposes of holding, liquidating and disposing of any assets received by it and paying or settling the liabilities and obligations of the Series. All claims, expenses, charges, liabilities, and obligations of the liquidating trust will be paid out of the trust's assets. On an interim or annual basis and only to the extent the liquidating trust receives assets that are in excess of its costs, fees and expenses, the trust will distribute those assets on a pro rata basis to the beneficiaries of the trust, provided however, that the liquidating trustee may determine, in the exercise of its reasonable judgment and in good faith, that the pro-rata amount of the assets due to each beneficiary would not be practicable to distribute to the beneficiaries because such amount is either zero or de minimis after taking into account the fees, costs and expenses reasonably related to the administration and distribution of such proceeds, including, but not limited to, administrative fees, mailing fees, and personnel costs. In such instance, such amounts will be distributed to a reputable non-profit charitable organization unaffiliated with the Fund or Adviser.

Although the Fund's use of a liquidating trust for a Series is unique to the facts and circumstances relating to the reasons for which it was created, a liquidating trust would generally have a term of three years from the date upon which it was established. At the conclusion of the liquidating trust's term, the trust will distribute any remaining assets to the beneficiaries of the trust, subject to the cost considerations discussed above, and the trust would then liquidate. If a Series (or its corresponding liquidating trust) were to receive any assets after the liquidation of the liquidating trust, such assets will be considered to be assets of the Fund generally and will be distributed by the Fund among all currently active series of the Fund on a pro rata basis.

**Federal Taxes**

The following is only a summary of certain U.S. federal income tax considerations generally affecting the Series and their shareholders, and is not intended as a substitute for careful tax planning. The summary is very general, and does not address investors subject to special rules, such as investors who hold shares through an individual retirement account ("IRA"), 401(k) or other tax-advantaged account. Shareholders are urged to consult their tax advisers with specific reference to their own tax situations, including their state, local and foreign tax liabilities.

The following discussion of certain U.S. federal income tax consequences is based on the Code and the regulations issued thereunder as in effect on the date of this SAI. New legislation, certain administrative changes, or court decisions may significantly change the conclusions expressed herein, and may have a retroactive effect with respect to the transactions contemplated herein.

<u>Qualification as a Regulated Investment Company ("RIC")</u>. Each Series has elected or intends to elect and to qualify each year to be treated as a RIC under Subchapter M of the Code. As such, each Series expects to be relieved of federal income tax on investment company taxable income and net capital gain (the excess of net long-term capital gain over net short-term capital loss) timely distributed to shareholders.

In order to qualify as a RIC each Series must, among other things, (1) derive at least 90% of its gross income each taxable year from dividends, interest, payments with respect to certain securities loans, and gains from the sale or other disposition of stock, securities or foreign currencies, or other income (including, but not limited to, gains from options, futures or forward contracts) derived with respect to its business of investing in such stock, securities or currencies and net income derived from an interest in a qualified publicly traded partnership (the "Qualifying Income Test"); and (2) diversify its holdings so that at the close of each quarter of each taxable year (i) at least 50% of the value of each Series' total assets is represented by cash and cash items, U.S. Government securities, securities of other RICs, and other securities limited, in respect of any one issuer, to a value not greater than 5% of the value of the Series' total assets and 10% of the outstanding voting securities of such issuer, including the equity securities of a qualified publicly traded partnership and (ii) not more than 25% of the value of its assets is invested, including through corporations in which the Series owns a 20% or more voting stock interest, in the securities of any one issuer (other than U.S. Government securities or securities of any other RIC) or the securities (other than the securities of other RICs) of two or more issuers that are engaged in the same or similar trades or businesses or related trades or businesses if the Series owns at least 20% of the voting power of each such issuer, or the securities of one or more qualified publicly traded partnerships (the "Asset Test"). These requirements may restrict the degree to which the Series may engage in certain hedging transactions and may limit the range of the Series' investments. If a Series qualifies as a RIC, it will not be subject to federal income tax on the part of its net investment income and net realized capital gains, if any, which it timely distributes each year to the shareholders, provided the Series distributes at least the sum of (a) 90% of its investment company taxable income (generally, net investment income plus the excess, if any, of net short-term capital gain over net long-term capital loss) and (b) 90% of its net exempt interest income (the excess of (i) its tax-exempt interest income over (ii) certain deductions attributable to that income), if any (the "Distribution Requirement").

If a Series fails to satisfy the Qualifying Income or Asset Test in any taxable year, it may be eligible for relief provisions if the failures are due to reasonable cause and not willful neglect and if a penalty tax is paid with respect to each failure to satisfy the applicable requirements. If these relief provisions are not available to a Series for any year in which it fails to qualify as a RIC, all of its taxable income will be subject to tax at the regular corporate rate (currently 21%) without any deduction for distributions to shareholders, and its distributions (including capital gains distributions) generally will be taxable as ordinary income dividends to its shareholders, subject to the dividends received deduction for corporate shareholders and lower tax rates on qualified dividend income for individual shareholders. In addition, the Series could be required to recognize unrealized gains, pay substantial taxes and interest, and make substantial distributions before requalifying as a RIC. If a Series determines that it will not qualify for treatment as a RIC, the fund will establish procedures to reflect the anticipated tax liability in the NAV of such Series. To requalify for treatment as a RIC in a subsequent taxable year, the Series would be required to satisfy the RIC qualification requirements for that year and to distribute any earnings and profits from any year in which the Series failed to qualify for tax treatment as a RIC. If a Series failed to qualify as a RIC for a period greater than two taxable years, it would generally be required to pay a Series-level tax on certain net built-in gains recognized with respect to certain of its assets upon a disposition of such assets within five years of qualifying as a RIC in a subsequent year. The Board reserves the right not to maintain the qualification of a Series for treatment as a RIC if it determines such course of action to be beneficial to shareholders.

Each Series may elect to treat part or all of any "qualified late year loss" as if it had been incurred in the succeeding taxable year in determining the Series' taxable income, net capital gain, net short-term capital gain, and earnings and profits. A "qualified late year loss" generally includes net capital loss, net long-term capital loss, or net short-term capital loss incurred after October 31 of the current taxable year (commonly referred to as "post-October losses") and certain other late-year losses.

The treatment of capital loss carryovers for RICs is similar to the rules that apply to individuals which provide that such losses are carried over by a Series indefinitely. Thus, if a Series has a "net capital loss" (that is, capital losses in excess of capital gains), the excess of the Series' net short-term capital losses over its net long-term capital gains is treated as a short-term capital loss arising on the first day of such Series' next taxable year, and the excess (if any) of the Series' net long-term capital losses over its net short-term capital gains is treated as a long-term capital loss arising on the first day of the Series' next taxable year. In addition, the carryover of capital losses may be limited under the general loss limitation rules if the Series experiences an ownership change as defined in the Code.

Each Series is treated as a separate corporation for federal income tax purposes. Each Series therefore is considered to be a separate entity in determining its treatment under the rules for RICs described herein. Losses in one Series do not offset gains in another and the requirements (other than certain organizational requirements) for qualifying RIC status are determined at the Series level rather than at the Fund level.

<u>Excise Tax</u>. If a Series fails to distribute in a calendar year at least 98% of its ordinary income for the year and 98.2% of its capital gain net income (the excess of short- and long-term capital gains over short- and long-term capital losses) for the one-year period ending October 31 of that year (and any retained amount from the prior year), the Series will be subject to a nondeductible 4% federal excise tax on the undistributed amounts. For this purpose, any ordinary income or capital gain net income retained by a Series and subject to corporate income tax will be considered to have been distributed. Each Series generally intends to make sufficient distributions to avoid imposition of this tax, but can make no assurances that such tax liability will be entirely eliminated. A Series may in certain circumstances be required to liquidate investments in order to make sufficient distributions to avoid federal excise tax liability at a time when the investment advisor might not otherwise have chosen to do so, and liquidation of investments in such circumstances may affect the ability of the Series to satisfy the requirements for qualification as a RIC.

<u>Distributions and Dividends</u>. Each Series receives income generally in the form of dividends and interest on its investments. This income, plus net short-term capital gains, if any, less expenses incurred in the operation of a Series, constitutes its net investment income from which dividends may be paid to you. All or a portion of the net investment income distributions may be treated as qualified dividend income (currently eligible for the reduced maximum capital gains rate to individuals of up to 20% (lower rates apply to individuals in lower tax brackets)) to the extent that a Series receives and reports its dividends as qualified dividend income. Qualified dividend income is, in general, dividend income from taxable domestic corporations and certain foreign corporations (e.g., foreign corporations incorporated in a possession of the United States or in certain countries with a comprehensive tax treaty with the United States, or the stock of which is readily tradable on an established securities market in the United States, in each case subject to certain limitations). A dividend will not be treated as qualified dividend income to the extent that: (i) the shareholder has not held the shares on which the dividend was paid for more than 60 days during the 121-day period that begins on the date that is 60 days before the date on which the shares become "ex-dividend" (which is the day on which declared distributions (dividends or capital gains) are deducted from a Series' assets before it calculates the NAV) with respect to such dividend, (ii) a Series has not satisfied similar holding period requirements with respect to the securities it holds that paid the dividends distributed to the shareholder, (iii) the shareholder is under an obligation (whether pursuant to a short sale or otherwise) to make related payments with respect to substantially similar or related property, or (iv) the shareholder elects to treat such dividend as investment income under section 163(d)(4)(B) of the Code. Therefore, if you lend your shares in a Series, such as pursuant to securities lending arrangement, you may lose the ability to treat dividends (paid while the shares are held by the borrower) as qualified dividend income. Distributions that a Series receives from an underlying fund taxable as a RIC or from a REIT will be treated as qualified dividend income only to the extent so reported by such underlying fund or REIT. It is expected that dividends received by a Series from a REIT and distributed from that Series to a shareholder generally will be taxable to the shareholder as ordinary income. Certain Series' investment strategies may limit their ability to make distributions eligible to be treated as qualified dividend income.

A Series' participation in the lending of securities may affect the amount, timing, and character of distributions to its shareholders. If a Series participates in a securities lending transaction and receives a payment in lieu of dividends (a "substitute payment") with respect to securities on loan in a securities lending transaction, such income generally will not constitute qualified dividend income and thus dividends attributable to such income will not be eligible for taxation at the rates applicable to qualified dividend income for individual shareholders and will not be eligible for the dividends received deduction for corporate shareholders.

Any distribution by a Series may be taxable to shareholders regardless of whether it is received in cash or in additional shares. A Series may derive capital gains and losses in connection with sales or other dispositions of the portfolio securities. Distributions from net short-term capital gains will generally be taxable to shareholders as ordinary income. Distributions from net long-term capital gains will be taxable to shareholders as long-term capital gains regardless of how long the shares have been held. The current maximum tax rate on long-term capital gains for non-corporate shareholders is 20% (lower rates apply to individuals in lower tax brackets). Distributions from capital gains are generally made after applying any available capital loss carryforwards.

Certain distributions may qualify for a dividends received deduction for corporate shareholders, subject to holding period requirements and other limitations under the Code, if they are attributable to the qualifying dividend income a Series receives from a domestic corporation and are properly reported by that Series. Certain Series' investment strategies may limit their ability to make distributions eligible for the dividends received deduction for corporate shareholders.

A RIC that receives business interest income may pass through its net business interest income for purposes of the tax rules applicable to the interest expense limitations under Section 163(j) of the Code. A RIC's total "Section 163(j) Interest Dividend" for a tax year is limited to the excess of the RIC's business interest income over the sum of its business interest expense and its other deductions properly allocable to its business interest income. A RIC may, in its discretion, designate all or a portion of ordinary dividends as Section 163(j) Interest Dividends, which would allow the recipient shareholder to treat the designated portion of such dividends as interest income for purposes of determining such shareholder's interest expense deduction limitation under Section 163(j) of the Code. This can potentially increase the amount of a shareholder's interest expense deductible under Section 163(j) of the Code. In general, to be eligible to treat a Section 163(j) Interest Dividend as interest income, you must have held your shares in a Series for more than 180 days during the 361-day period beginning on the date that is 180 days before the date on which the share becomes ex-dividend with respect to such dividend. Section 163(j) Interest Dividends, if so designated by a Series, will be reported to your financial intermediary or otherwise in accordance with the requirements specified by the IRS.

Each Series (or its administrative agent) will inform you of the amount of your ordinary income dividends, qualified dividend income, and capital gain distributions shortly after the close of each calendar year. Shareholders who have not held the Series' shares for a full year should be aware that the Series may designate and distribute, as ordinary income or capital gain, a percentage of income that is not equal to the actual amount of such income earned during the period of investment in the Series. A distribution will reduce a Series' NAV per share and may be taxable to you as ordinary income or capital gain even though, from an investment standpoint, the distribution may constitute a return of capital. Therefore, an investor should consider the tax consequences of purchasing shares immediately before a distribution record date.

U.S. REITs in which a Series invests often do not provide complete and final tax information to the Series until after the time that the Series issues the tax reporting statement. As a result, the Series may at times find it necessary to reclassify the amount and character of its distributions to you after it issues your tax reporting statement. When such reclassification is necessary, the Series will send you a corrected, final Form 1099-DIV to reflect the reclassified information. If you receive a corrected Form 1099-DIV, use the information on this corrected form, and not the information on the previously issued tax reporting statement, in completing your tax returns.

MLPs in which a Series invests deliver Schedules K-1 to the Series to report their share of income, gains, losses, deductions and credits of the MLP. These Schedules K-1 may be delayed and may not be received until after the time that a Series issues its tax reporting statements. As a result, a Series may at times find it necessary to reclassify the amount and character of its distributions to you after it issues you your tax reporting statement.

If a Series' distributions exceed its earnings and profits (as calculated for federal income tax purposes) for a taxable year, all or a portion of the distributions made in the same taxable year may be re-characterized as a return of capital to shareholders. A return of capital distribution will generally not be taxable, but will reduce each shareholder's cost basis in the Series' shares and result in higher reported capital gain or lower reported capital loss when those shares on which a distribution was received are sold.

Distributions declared in October, November, or December to shareholders of record during those months and paid during the following January are treated as if they were received by each shareholder on December 31 of the year in which they are declared for tax purposes.

U.S. individuals with income exceeding $200,000 ($250,000 if married and filing jointly) are subject to a 3.8% tax on their "net investment income," including interest, dividends, and capital gains (including capital gains realized on the sale, exchange, or redemption of shares of the Series).

<u>Sale, Exchange, or Redemption of Shares</u>. Any gain or loss recognized on a sale, exchange or redemption of shares of a Series by a shareholder who is not a dealer in securities will generally, for individual shareholders, be treated as a long-term capital gain or loss if the shares have been held for more than one year and otherwise generally will be treated as short-term capital gain or loss. However, if shares on which a shareholder has received a net capital gain distribution are subsequently sold, exchanged or redeemed and such shares have been held for six months or less, any loss recognized will be treated as long-term capital loss to the extent of the net capital gain distribution. In addition, the loss realized on a sale or other disposition of shares will be disallowed to the extent a shareholder repurchases (or enters into a contract or option to repurchase) shares within a period of 61 days (beginning 30 days before and ending 30 days after the disposition of the shares). This loss disallowance rule will apply to shares received through the reinvestment of dividends during the 61-day period. If disallowed, the loss will be reflected in an upward adjustment to the basis of the shares acquired. For tax purposes, an exchange of shares of a Series for shares of a different Series is the same as a sale.

Each Series (or its administrative agent) is required to report to the Internal Revenue Service ("IRS") and furnish its shareholders the cost basis information for purchases of Series shares. In addition to the requirement to report the gross proceeds from the sale of shares, the Series is also required to report the cost basis information for such shares and indicate whether the shares had a short-term or long-term holding period. Each time a shareholder sells shares, the Series will permit the shareholder to elect from among several IRS accepted cost basis methods, including the average cost basis method. In the absence of an election, the Series will use the average cost basis method. The cost basis method elected by the shareholder (or the cost basis method applied by default) for each sale of shares may not be changed after the settlement date of each such sale of shares. Shareholders should consult with their tax advisors to determine the best IRS accepted cost basis method for their tax situation and to obtain more information about how cost basis reporting applies to them. Shareholders also should carefully review any cost basis information provided to them by the Series and make any additional basis, holding period or other adjustments that are required when reporting these amounts on their federal income tax returns.

Tax-exempt investors sensitive to UBTI, especially charitable remainder trusts, are strongly encouraged to consult their tax advisers prior to investment in the Series regarding this issue and IRS pronouncements regarding the treatment of such income in the hands of such investors.

A Series' shares held in a tax-qualified retirement account will generally not be subject to federal taxation on income and capital gains distribution from the Series until a shareholder begins receiving payments from its retirement account. Because each shareholder's tax situation is different, shareholders should consult their tax advisor about the tax implications of an investment in the shares of the Series.

<u>Taxation of Series Investments</u>. A Series' transactions in certain futures contracts, options, forward contracts, foreign currencies, foreign debt securities, foreign entities treated as investment companies, derivative securities, and certain other investment and hedging activities will be subject to special tax rules. In a given case, these rules may affect a Series' ability to qualify as a RIC, accelerate income to the Series, defer losses to the Series, require adjustments in the holding periods of the Series' assets, convert short-term capital losses into long-term capital losses, or otherwise affect the character of the Series' income. These rules could therefore affect the amount, timing, and character of distributions to shareholders. Each Series will endeavor to make any available elections pertaining to such transactions in a manner believed to be in the best interest of the Series.

With respect to investments in zero coupon securities which are sold at original issue discount ("OID") and thus do not make periodic cash interest payments, a Series will be required to include as part of its current income the imputed interest on such obligations even though the Series has not received any interest payments on such obligations during that period. Because each Series intends to distribute all of its net investment income to its shareholders, a Series may have to sell securities to distribute such imputed income which may occur at a time when the Advisor or the Sub-Advisor would not have chosen to sell such securities and which may result in a taxable gain or loss. Special rules apply if a Series holds inflation-indexed bonds. Generally, all stated interest on such bonds is recorded as income by the Series under its regular method of accounting for interest income. The amount of positive inflation adjustment, which results in an increase in the inflation-adjusted principal amount of the bond, is treated as OID. The OID is included in the Series' gross income ratably during the period ending with the maturity of the bond, under the general OID inclusion rules. The amount of the Series' OID in a taxable year with respect to a bond will increase the Series' taxable income for such year without a corresponding receipt of cash, until the bond matures. As a result, the Series may need to use other sources of cash to satisfy its distributions for such year. The amount of negative inflation adjustments, which results in a decrease in the inflation-adjusted principal amount of the bond, reduces the amount of interest (including stated interest, OID, and market discount, if any) otherwise includible in the Series' income with respect to the bond for the taxable year.

Any market discount recognized on a bond is taxable as ordinary income. A market discount bond is a bond acquired in the secondary market at a price below redemption value or adjusted issue price if issued with original issue discount. Absent an election by a Series to include the market discount in income as it accrues, gain on its disposition of such an obligation will be treated as ordinary income rather than capital gain to the extent of the accrued market discount.

A Series may invest in inflation-linked debt securities. Any increase in the principal amount of an inflation-linked debt security will be OID, which is taxable as ordinary income and is required to be distributed, even though the Series will not receive the principal, including any increase thereto, until maturity. As noted above, if a Series invests in such securities it may be required to liquidate other investments, including at times when it is not advantageous to do so, in order to satisfy its distribution requirements and to eliminate any possible taxation at the Series level.

Each Series is required for federal income tax purposes to mark-to-market and recognize as income for each taxable year its net unrealized gains and losses on certain futures and options contracts subject to section 1256 of the Code ("Section 1256 Contracts") as of the end of the year as well as those actually realized during the year. Gain or loss from Section 1256 Contracts on broad-based indexes required to be marked to market will be 60% long-term and 40% short-term capital gain or loss. Application of this rule may alter the timing and character of distributions to shareholders. A Series may be required to defer the recognition of losses on Section 1256 Contracts to the extent of any unrecognized gains on offsetting positions held by the Series. It is anticipated that any net gain realized from the closing out of Section 1256 Contracts with respect to securities may be considered gain from the sale of securities and therefore may be qualifying income for purposes of the Qualifying Income Test (as described above). Each Series intends to distribute to shareholders at least annually any net capital gains which have been recognized for federal income tax purposes, including unrealized gains at the end of the Series' fiscal year on futures or options transactions. Such distributions are combined with distributions of capital gains realized on the Series' other investments, and shareholders are advised on the nature of the distributions.

Certain investments in other underlying funds and ETFs may not produce qualifying income for purposes of the Qualifying Income Test or satisfy the Asset Test (as described above), for a Series to maintain its status as a RIC under the Code. For example, investments in ETFs that track physical commodities and which are treated as grantor trusts under the Code do not generate qualifying income and are not considered "securities" for purposes of the Asset Test (as described above). If one or more underlying funds and/or ETFs generates more non-qualifying income for purposes of the Qualifying Income Test than a Series' portfolio management expects, it could cause the Series to inadvertently fail the Qualifying Income Test, thereby causing the Series to inadvertently fail to qualify as a RIC under the Code.

To the extent a Series writes options that are not Section 1256 Contracts, the amount of the premium received by the Series for writing such options will be entirely short-term capital gain to the Series. In addition, if such an option is closed by the Series, any gain or loss realized by the Series as a result of closing the transaction will also be short-term capital gain or loss. If the holder of a put option exercises the holder's right under the option, any gain or loss realized by the Series upon the sale of the underlying security pursuant to such exercise will be short-term or long-term capital gain or loss to the Series depending on the Series' holding period for the underlying security.

In general, for purposes of the Qualifying Income Test described above, income derived from a partnership will be treated as qualifying income only to the extent such income is attributable to items of income of the partnership that would be qualifying income if realized directly by a Series. However, 100% of the net income derived from an interest in a "qualified publicly traded partnership" (generally, a partnership (i) interests in which are traded on an established securities market or are readily tradable on a secondary market or the substantial equivalent thereof, (ii) that derives at least 90% of its income from the passive income sources specified in section 7704(d) of the Code, and (iii) that generally derives less than 90% of its income from the same sources as described in the Qualifying Income Test) will be treated as qualifying income. In addition, although in general the passive loss rules of the Code do not apply to RICs, such rules do apply to a RIC with respect to items attributable to an interest in a qualified publicly traded partnership.

A Series may invest in certain MLPs which may be treated as qualified publicly traded partnerships. Income from qualified publicly traded partnerships is qualifying income for purposes of the Qualifying Income Test (as described above), but a Series' investment in one or more of such qualified publicly traded partnerships is limited under the Asset Test (as described above) to no more than 25% of the value of the Series' assets. The Series will monitor their investments in such qualified publicly traded partnerships in order to ensure compliance with the Qualifying Income and Asset Tests.

"Qualified publicly traded partnership income" within the meaning of Section 199A(e)(5) of the Code is eligible for a 20% deduction by non-corporate taxpayers. Qualified publicly traded partnership income is generally income of a "publicly traded partnership" that is not treated as a corporation for U.S. federal income tax purposes that is effectively connected with such entity's trade or business, but does not include certain investment income. A "publicly traded partnership" for purposes of this deduction is not the same as a qualified publicly traded partnership (as defined above). This deduction, if allowed in full, equates to a maximum effective tax rate of 29.6% (37% top rate applied to income after 20% deduction). The Code does not contain a provision permitting a RIC, such as a Series, to pass the special character of this income through to its shareholders. Currently, direct investors in entities that generate "qualified publicly traded partnership income" will enjoy the lower rate, but investors in RICs that invest in such entities will not. It is uncertain whether future technical corrections or administrative guidance will address this issue to enable a Series to pass through the special character of qualified publicly traded partnership income to shareholders.

A Series may invest in U.S. REITs. Investments in REIT equity securities may require a Series to accrue and distribute income not yet received. To generate sufficient cash to make the requisite distributions, a Series may be required to sell securities in its portfolio (including when it is not advantageous to do so) that it otherwise would have continued to hold. A Series' investments in REIT equity securities may at other times result in a Series' receipt of cash in excess of the REIT's earnings; if a Series distributes these amounts, these distributions could constitute a return of capital to such Series shareholders for federal income tax purposes. Dividends paid by a REIT, other than capital gain distributions, will be taxable as ordinary income up to the amount of the REIT's current and accumulated earnings and profits. Capital gain dividends paid by a REIT to a Series will be treated as long-term capital gains by the Series and, in turn, may be distributed by the Series to its shareholders as a capital gain distribution. Dividends received by a Series from a REIT generally will not constitute qualified dividend income or qualify for the dividends received deduction. If a REIT is operated in a manner such that it fails to qualify as a REIT, an investment in the REIT would become subject to double taxation, meaning the taxable income of the REIT would be subject to federal income tax at the regular corporate rate without any deduction for dividends paid to shareholders and the dividends would be taxable to shareholders as ordinary income (or possibly as qualified dividend income) to the extent of the REIT's current and accumulated earnings and profits.

"Qualified REIT dividends" (i.e., ordinary REIT dividends other than capital gain dividends and portions of REIT dividends designated as qualified dividend income eligible for capital gain tax rates) as eligible for a 20% deduction by non-corporate taxpayers. This deduction, if allowed in full, equates to a maximum effective tax rate of 29.6% (37% top rate applied to income after 20% deduction). Distributions by a Series to its shareholders that are attributable to qualified REIT dividends received by the Series and which the Series properly reports as "section 199A dividends," are treated as qualified REIT dividends in the hands of non-corporate shareholders. A section 199A dividend is treated as a qualified REIT dividend only if the shareholder receiving such dividend holds the dividend-paying RIC shares for at least 46 days of the 91-day period beginning 45 days before the shares become ex-dividend, and is not under an obligation to make related payments with respect to a position in substantially similar or related property. A Series is permitted to report such part of its dividends as section 199A dividends as are eligible, but is not required to do so.

If a Series invests directly in certain investments, such as commodities and commodity-linked derivative instruments, such investments may not produce qualifying income to the Series. To the extent a Series invests in such investments directly, the Series will seek to restrict its income from such instruments that do not generate qualifying income to a maximum of 10% of its gross income (when combined with their other investments that produce non-qualifying income).

If a Series fails to qualify as a RIC and to avail itself of certain relief provisions, it would be subject to tax at the regular corporate rate without any deduction for distributions to shareholders, and its distributions would generally be taxable as dividends. Please see the SAI for a more detailed discussion, including the availability of certain relief provisions for certain failures by a Series to qualify as a RIC.

<u>Foreign Investments</u>. Transactions by a Series in foreign currencies and forward foreign currency contracts will be subject to special provisions of the Code that, among other things, may affect the character of gains and losses realized by the Series (i.e., may affect whether gains or losses are ordinary or capital), accelerate recognition of income to the Series and defer losses. These rules could therefore affect the character, amount and timing of distributions to shareholders. These provisions also may require a Series to mark-to-market certain types of positions in its portfolio (i.e., treat them as if they were closed out) which may cause the Series to recognize income without receiving cash with which to make distributions in amounts necessary to satisfy the RIC distribution requirements for avoiding income and excise taxes. Each Series intends to monitor its transactions, intends to make the appropriate tax elections, and intends to make the appropriate entries in its books and records when it acquires any foreign currency or forward foreign currency contract in order to mitigate the effect of these rules so as to prevent disqualification of the Series as a RIC and minimize the imposition of income and excise taxes.

The U.S. Treasury Department has authority to issue regulations that would exclude foreign currency gains from the Qualifying Income Test described above if such gains are not directly related to the Series' business of investing in stock or securities (or options and futures with respect to stock or securities). Accordingly, regulations may be issued in the future that could treat some or all of a Series' non-U.S. currency gains as non-qualifying income, thereby potentially jeopardizing the Series' status as a RIC for all years to which the regulations are applicable.

If a Series owns shares in certain foreign investment entities, referred to as "passive foreign investment companies" or "PFICs," the Series will be subject to one of the following special tax regimes: (i) the Series is liable for U.S. federal income tax, and an additional interest charge, on a portion of any "excess distribution" from such foreign entity or any gain from the disposition of such shares, even if the entire distribution or gain is paid out by the Series as a dividend to its shareholders; (ii) if the Series were able and elected to treat a PFIC as a "qualified electing fund" or "QEF," the Series would be required each year to include in income, and distribute to shareholders in accordance with the distribution requirements set forth above, the Series' pro rata share of the ordinary earnings and net capital gains of the PFIC, whether or not such earnings or gains are distributed to the Series; or (iii) the Series may be entitled to mark-to-market annually shares of the PFIC, and in such event would be required to distribute to shareholders any such mark-to-market gains in accordance with the distribution requirements set forth above. The Series may have to distribute to its shareholders certain "phantom" income and gain the Series accrues with respect to its investment in a PFIC in order to satisfy its distribution requirement and to avoid imposition of the 4% excise tax described above. The Series will make the appropriate tax elections, if possible, and take any additional steps that are necessary to mitigate the effect of these rules. Amounts included in income each year by a Series arising from a QEF election will be "qualifying income" under the Qualifying Income Test (as described above) even if not distributed to the Series, if the Series derives such income from its business of investing in stock, securities or currencies.

<u>Foreign Taxes.</u> Dividends and interest received by a Series may be subject to income, withholding or other taxes imposed by foreign countries and U.S. possessions that would reduce the yield on its securities. Tax conventions between certain countries and the U.S. may reduce or eliminate these taxes. Foreign countries generally do not impose taxes on capital gains with respect to investments by foreign investors. If more than 50% of the value of a Series' total assets at the close of its taxable year consists of stock or securities of foreign corporations, the Series will be eligible to, and may, file an election with the IRS that will enable shareholders, in effect, to receive the benefit of the foreign tax credit with respect to any foreign and U.S. possessions' income taxes paid by the Series. If the Series were to make such an election, the Series would treat those taxes as dividends paid to its shareholders. Each shareholder would be required to include a proportionate share of those taxes in gross income as income received from a foreign source and to treat the amount so included as if the shareholder had paid the foreign tax directly. The shareholder may then either deduct the taxes deemed paid by him or her in computing his or her taxable income or, alternatively, use the foregoing information in calculating the foreign tax credit (subject to significant limitations) against the shareholder's federal income tax. If a Series makes the election, it will report annually to its shareholders the respective amounts per share of the Series' income from sources within, and taxes paid to, foreign countries and U.S. possessions.

Foreign tax credits, if any, received by a Series as a result of an investment in another RIC (including an ETF which is taxable as a RIC) will not be passed through to you unless the Series qualifies as a "qualified fund-of-funds" under the Code. If a Series is a "qualified-fund-of-funds" it will be eligible to file an election with the IRS that will enable it to pass along these foreign tax credits to its shareholders. A Series will be treated as a "qualified fund-of-funds" if at least 50% of the value of the Series' total assets (at the close of each quarter of the Series' taxable year) is represented by interests in other RICs.

To the extent a Series invests in an underlying fund (including an ETF) that indicates that such underlying fund intends to satisfy the tax requirements to be treated as a RIC under the Code, the Series may be able to receive the benefits of a "qualified fund-of-funds" as described above. If, however, an underlying fund loses its status as a RIC under the Code, a Series would no longer be permitted to count its investment in such underlying fund for purposes of satisfying the requirements to be a "qualified fund-of-funds." In addition, an underlying fund that loses its status as a RIC would be treated as a regular corporation subject to entity level taxation prior to making any distributions to a Series which would affect the amount, timing and character of such income distributed by an underlying fund to a Series.

<u>Backup Withholding</u>. In certain cases, a Series will be required to withhold and remit to the U.S. Treasury 24% of any taxable dividends, capital gain distributions and redemption proceeds paid to a shareholder (1) who has failed to provide a correct and properly certified taxpayer identification number, (2) who is subject to backup withholding by the IRS, (3) who has not certified to the Series that such shareholder is not subject to backup withholding, or (4) who has failed to certify that he or she is a U.S. person (including a U.S. resident alien). This backup withholding is not an additional tax, and any amounts withheld may be credited against the shareholder's U.S. federal income tax liability (provided the appropriate information is furnished to the IRS).

<u>Foreign Shareholders</u>. Foreign shareholders (i.e., nonresident alien individuals and foreign corporations, partnerships, trusts and estates) are generally subject to U.S. withholding tax at the rate of 30% (or a lower tax treaty rate) on distributions derived from net investment income. A Series may, under certain circumstances, report all or a portion of a dividend as an "interest-related dividend" or a "short-term capital gain dividend," which would generally be exempt from this 30% U.S. withholding tax, provided certain other requirements are met. Short-term capital gain dividends received by a nonresident alien individual who is present in the U.S. for a period or periods aggregating 183 days or more during the taxable year are not exempt from this 30% withholding tax. Gains realized by foreign shareholders from the sale or other disposition of shares of a Series generally are not subject to U.S. taxation, unless the recipient is an individual who is physically present in the U.S. for 183 days or more per year. Foreign shareholders who fail to provide an applicable IRS form may be subject to backup withholding on certain payments from a Series. Backup withholding will not be applied to payments that are subject to the 30% (or lower applicable treaty rate) withholding tax described in this paragraph. Different tax consequences may result if the foreign shareholder is engaged in a trade or business within the United States. In addition, the tax consequences to a foreign shareholder entitled to claim the benefits of a tax treaty may be different than those described above.

Under legislation generally known as "FATCA" (the Foreign Account Tax Compliance Act), a Series is required to withhold 30% of certain ordinary dividends it pays to shareholders that fail to meet prescribed information reporting or certification requirements. In general, no such withholding will be required with respect to a U.S. person or non-U.S. person that timely provides the certifications required by a Series or its agent on a valid IRS Form W-9 or applicable series of IRS Form W-8, respectively. Shareholders potentially subject to withholding include foreign financial institutions ("FFIs"), such as non-U.S. investment funds, and non-financial foreign entities ("NFFEs"). To avoid withholding under FATCA, an FFI generally must enter into an information sharing agreement with the IRS in which it agrees to report certain identifying information (including name, address, and taxpayer identification number) with respect to its U.S. account holders (which, in the case of an entity shareholder, may include its direct and indirect U.S. owners), and an NFFE generally must identify and provide other required information to a Series or other withholding agent regarding its U.S. owners, if any. Such non-U.S. shareholders also may fall into certain exempt, excepted or deemed compliant categories as established by regulations and other guidance. A non-U.S. shareholder resident or doing business in a country that has entered into an intergovernmental agreement with the U.S. to implement FATCA will be exempt from FATCA withholding provided that the shareholder and the applicable foreign government comply with the terms of the agreement.

A non-U.S. entity that invests in a Series will need to provide the Series with documentation properly certifying the entity's status under FATCA in order to avoid FATCA withholding.

Foreign shareholders are urged to consult their own tax advisors concerning the applicability of the U.S. withholding tax and the proper withholding form(s) to be submitted to the Series.

<u>Potential Reporting Requirements</u>. Under U.S. Treasury regulations, generally, if a shareholder recognizes a loss of $2 million or more for an individual shareholder or $10 million or more for a corporate shareholder, the shareholder must file with the IRS a disclosure statement on Form 8886. Direct shareholders of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, shareholders of a RIC such as the Series are not excepted. Future guidance may extend the current exception from this reporting requirement to shareholders of most or all RICs. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Shareholders should consult their tax advisors to determine the applicability of these regulations in light of their individual circumstances.

<u>State and Local Taxes</u>. Distributions by a Series to shareholders and the ownership of shares may be subject to state and local taxes. Therefore, shareholders are urged to consult their tax advisors concerning the application of state and local taxes to investments in the Series, which may differ from the federal income tax consequences.

Many states grant tax-free status to dividends paid to you from interest earned on direct obligations of the U.S. Government, subject in some states to minimum investment requirements that must be met by a Series. Investments in Ginnie Mae or Fannie Mae securities, bankers acceptances, commercial paper, and repurchase agreements collateralized by U.S. Government securities do not generally qualify for such tax-fee treatment. The rules on exclusion of this income are different for corporate shareholders. Shareholders are urged to consult their tax advisors regarding whether, and under what conditions, such exemption is available.

Shareholders should consult their own tax advisors regarding the effect of federal, state, local, and foreign taxes affecting an investment in shares of a Series.

**Performance Reporting** 

The performance of the Series may be compared in publications to the performance of various indices and investments for which reliable performance data is available. It may also be compared to averages, performance rankings, or other information prepared by recognized mutual fund statistical services. The Series' annual reports contain additional performance information. These reports are available without charge at the Fund's website, www.manning-napier.com, or by calling 1-800-466-3863.

**Financial Statements** 

Each Series' audited financial statements, including the report of PwC thereon, from the Series' annual reports for the fiscal year ended October 31, 2022 are hereby incorporated by reference into this SAI. These Reports may be obtained without charge by calling 1-800-466-3863.

**<u>Appendix A — Description of Bond Ratings<sup>1</sup></u>**

**Moody's Investors Service, Inc. ("Moody's") Short-Term Prime Rating System — Taxable Debt and Deposits Globally** 

Moody's short-term debt ratings are opinions of the ability of issuers to repay punctually senior debt obligations. These obligations have an original maturity not exceeding one year, unless explicitly noted.

Moody's employs the following three designations, all judged to be investment grade, to indicate the relative repayment ability of rated issuers:

Prime-1: Issuers rated Prime-1 (or supporting institutions) have a superior ability for repayment of senior short-term debt obligations. Prime-1 repayment ability will often be evidenced by many of the following characteristics:

Leading market positions in well-established industries.

High rates of return on funds employed.

Conservative capitalization structure with moderate reliance on debt and ample asset protection.

Broad margins in earnings coverage of fixed financial charges and high internal cash generation.

Well-established access to a range of financial markets and assured sources of alternate liquidity.

Prime-2: Issuers rated Prime-2 (or supporting institutions) have a strong ability for repayment of senior short-term debt obligations. This will normally be evidenced by many of the characteristics cited above but to a lesser degree. Earnings trends and coverage ratios, while sound, may be more subject to variation. Capitalization characteristics, while still appropriate, may be more affected by external conditions. Ample alternate liquidity is maintained.

Prime-3: Issuers rated Prime-3 (or supporting institutions) have an acceptable ability for repayment of senior short-term obligations. The effect of industry characteristics and market compositions may be more pronounced. Variability in earnings and profitability may result in changes in the level of debt protection measurements and may require relatively high financial leverage. Adequate alternate liquidity is maintained.

Not Prime: Issuers rated Not Prime do not fall within any of the Prime rating categories.

Obligations of a branch of a bank are considered to be domiciled in the country in which the branch is located. Unless noted as an exception, Moody's rating on a bank's ability to repay senior obligations extends only to branches located in countries which carry a Moody's Sovereign Rating for Bank Deposits. Such branch obligations are rated at the lower of the bank's rating or Moody's Sovereign Rating for Bank Deposits for the country in which the branch is located.

When the currency in which an obligation is denominated is not the same as the currency of the country in which the obligation is domiciled, Moody's ratings do not incorporate an opinion as to whether payment of the obligation will be affected by actions of the government controlling the currency of denomination. In addition, risks associated with bilateral conflicts between an investor's home country and either the issuer's home country or the country where an issuer's branch is located are not incorporated into Moody's short-term debt ratings.

If an issuer represents to Moody's that its short-term debt obligations are supported by the credit of another entity or entities, then the name or names of such supporting entity or entities are listed within the parenthesis beneath the name of the issuer, or there is a footnote referring the reader to another page for the name or names of the supporting entity or entities. In assigning ratings to such issuers, Moody's evaluates the financial strength of the affiliated corporations, commercial banks, insurance companies, foreign governments or other entities, but only as one factor in the total rating assessment.

<sup>1</sup> The ratings indicated herein are believed to be the most recent ratings available at the date of this SAI for the securities listed. Ratings are generally given to securities at the time of issuance. While the rating agencies may from time to time revise such ratings, they undertake no obligation to do so, and the ratings indicated do not necessarily represent ratings which will be given to these securities on the date of the fund's fiscal year-end.

**Moody's Municipal and Corporate Bond Ratings** 

Aaa: Bonds which are rated Aaa are judged to be of the best quality. They carry the smallest degree of investment risk and are generally referred to as "gilt edge." Interest payments are protected by a large or by an exceptionally stable margin and principal is secure. While the various protective elements are likely to change, such changes as can be visualized are most unlikely to impair the fundamentally strong position of such issues.

Aa: Bonds which are rated Aa are judged to be of high quality by all standards. Together with the Aaa group they comprise what are generally known as high grade bonds. They are rated lower than the best bonds because margins of protection may not be as large as in Aaa securities or fluctuation of protective elements may be of greater amplitude or there may be other elements present which make the long term risks appear somewhat larger than in Aaa securities.

A: Bonds which are rated A possess many favorable investment attributes and are to be considered as upper-medium-grade obligations. Factors giving security to principal and interest are considered adequate, but elements may be present which suggest a susceptibility to impairment sometime in the future.

Baa: Bonds which are rated Baa are considered as medium-grade obligations (i.e., they are neither highly protected nor poorly secured). Interest payments and principal security appear adequate for the present but certain protective elements may be lacking or may be characteristically unreliable over any great length of time. Such bonds lack outstanding investment characteristics and in fact have speculative characteristics as well.

Ba: Bonds which are rated Ba are judged to have speculative elements; their future cannot be considered as well assured. Often the protection of interest and principal payments may be very moderate and thereby not well safeguarded during both good and bad times over the future. Uncertainty of position characterizes bonds in this class.

B: Bonds which are rated B generally lack characteristics of the desirable investment. Assurance of interest and principal payments or of maintenance of other terms of the contract over any long period of time may be small.

Caa: Bonds which are rated Caa are of poor standing. Such issues may be in default or there may be present elements of danger with respect to principal or interest.

Ca: Bonds which are rated Ca represent obligations which are speculative in a high degree. Such issues are often in default or have other marked shortcomings.

C: Bonds which are rated C are the lowest rated class of bonds, and issues so rated can be regarded as having extremely poor prospects of ever attaining any real investment standing.

Note: Moody's applies numerical modifiers 1, 2 and 3 in each generic rating classification from Aa through Caa. The modifier 1 indicated that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicated a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category.

Moody's may also assign conditional ratings to municipal bonds. Bonds for which the security depends upon the completion of some act or the fulfillment of some condition are rated conditionally. These are bonds secured by (a) earnings of projects under constructions, (b) earnings of projects unseasoned in operating experience, (c) rentals which begin when facilities are completed, or (d) payments to which some other limiting condition attaches. Parenthetical rating denotes probable credit stature upon completion of construction or elimination of basis of condition.

**Standard & Poor's Short-Term Issue Credit Ratings** 

A-1: A short-term obligation rated 'A-1' is rated in the highest category by Standard & Poor's. The obligor's capacity to meet its financial commitment on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor's capacity to meet its financial commitment on these obligations is extremely strong.

A-2: A short-term obligation rated 'A-2' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories. However, the obligor's capacity to meet its financial commitment on the obligation is satisfactory.

A-3: A short-term obligation rated 'A-3' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation.

B: A short-term obligation rated 'B' is regarded as vulnerable and has significant speculative characteristics. The obligor currently has the capacity to meet its financial commitments; however, it faces major ongoing uncertainties which could lead to the obligor's inadequate capacity to meet its financial commitments.

C: A short-term obligation rated 'C' is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitment on the obligation.

D: A short-term obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, unless Standard & Poor's believes that such payments will be made within any stated grace period. However, any stated grace period longer than five business days will be treated as five business days. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of a similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. An obligation's rating is lowered to 'D' if it is subject to a distressed exchange offer.

**Standard & Poor's Municipal and Corporate Bond Ratings** 

AAA: An obligation rated 'AAA' has the highest rating assigned by Standard & Poor's. The obligor's capacity to meet its financial commitment on the obligation is extremely strong.

AA: An obligation rated 'AA' differs from the highest-rated obligations only to a small degree. The obligor's capacity to meet its financial commitment on the obligation is very strong.

A: An obligation rated 'A' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the obligor's capacity to meet its financial commitment on the obligation is still strong.

BBB: An obligation rated 'BBB' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation.

Obligations rated 'BB', 'B', 'CCC', 'CC', and 'C' are regarded as having significant speculative characteristics. 'BB' indicates the least degree of speculation and 'C' the highest. While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposures to adverse conditions.

BB: An obligation rated 'BB' is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions which could lead to the obligor's inadequate capacity to meet its financial commitment on the obligation.

B: An obligation rated 'B' is more vulnerable to nonpayment than obligations rated 'BB', but the obligor currently has the capacity to meet its financial commitment on the obligation. Adverse business, financial, or economic conditions will likely impair the obligor's capacity or willingness to meet its financial commitment on the obligation.

CCC: An obligation rated 'CCC' is currently vulnerable to nonpayment, and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitment on the obligation. In the event of adverse business, financial, or economic conditions, the obligor is not likely to have the capacity to meet its financial commitment on the obligation.

CC: An obligation rated 'CC' is currently highly vulnerable to nonpayment. The 'CC' rating is used when a default has not yet occurred, but Standard & Poor's expects default to be a virtual certainty, regardless of the anticipated time to default.

C: An obligation rated 'C' is currently highly vulnerable to nonpayment, and the obligation is expected to have lower relative seniority or lower ultimate recovery compared to obligations that are rated higher.

D: An obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, unless Standard & Poor's believes that such payments will be made within five business days in the absence of a stated grace period or within the earlier of the stated grace period or 30 calendar days. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. An obligation's rating is lowered to 'D' if it is subject to a distressed exchange offer.

NR: This indicates that no rating has been requested, or that there is insufficient information on which to base a rating, or that Standard & Poor's does not rate a particular obligation as a matter of policy.

The ratings from 'AA' to 'CCC' may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories.

The letters 'pr' indicate that the rating was provisional. A provisional rating assumed the successful completion of a project financed by the debt being rated and indicates that payment of debt service requirements was largely or entirely dependent upon the successful, timely completion of the project. This rating, however, while addressing credit quality subsequent to completion of the project, made no comment on the likelihood of or the risk of default upon failure of such completion.

The 'r' modifier was assigned to securities containing extraordinary risks, particularly market risks, which are not covered in the credit rating. The absence of an 'r' modifier should not be taken as an indication that an obligation would not exhibit extraordinary non-credit related risks. Standard & Poor's discontinued the use of the 'r' modifier for most obligations in June 2000 and for the balance of obligations (mainly structured finance transactions) in November 2002.

**<u>Appendix B — Procedures for the Nominating Committee's Consideration of Potential Nominees Submitted by Stockholders</u>**

A nominee for nomination as a Director submitted by a stockholder will not be deemed to be properly submitted to the Committee for the Committee's consideration unless the following qualifications have been met and procedures followed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A stockholder or group of stockholders (referred to in either case as a "Nominating Stockholder")
 that, individually or as a group, has beneficially owned at least 5% of the Fund's common stock for at least two years prior to
 the date the Nominating Stockholder submits a candidate for nomination as a Director may submit one candidate to the Committee for consideration
 at an annual meeting of stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Nominating Stockholder must submit any such recommendation (a "Stockholder Recommendation")
 in writing to the Fund, to the attention of the Secretary, at the address of the principal executive offices of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Stockholder Recommendation must be delivered to or mailed and received at the principal executive offices
 of the Fund not less than the date specified in a public notice by the Fund. Such public notice shall be made at least 30 calendar days
 prior to the deadline for submission of Stockholder Recommendations. Such public notice may be given in a stockholder report or other
 mailing to stockholders or by any other means deemed by the Committee or the Board of Directors to be reasonably calculated to inform
 stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Stockholder Recommendation must include: (i) a statement in writing setting forth (A) the name,
 date of birth, business address and residence address of the person recommended by the Nominating Stockholder (the "candidate");
 (B) any position or business relationship of the candidate, currently or within the preceding five years, with the Nominating Stockholder
 or an Associated Person of the Nominating Stockholder (as defined below); (C) the class or Series and number of all shares of the
 Fund owned of record or beneficially by the candidate, as reported to such Nominating Stockholder by the candidate; (D) any other
 information regarding the candidate that is required to be disclosed about a nominee in a proxy statement or other filing required to
 be made in connection with the solicitation of proxies for election of Directors pursuant to Section 20 of the Investment Company
 Act of 1940, as amended (the "1940 Act") and the rules and regulations promulgated thereunder; (E) whether the Nominating
 Stockholder believes that the candidate is or will be an "interested person" of the Fund (as defined in the 1940 Act) and,
 if believed not to be an "interested person," information regarding the candidate that will be sufficient for the Fund to
 make such determination; and (F) information as to the candidate's knowledge of the investment company industry, experience
 as a director or senior officer of public companies, directorships on the boards of other registered investment companies and educational
 background ; (ii) the written and signed consent of the candidate to be named as a nominee and to serve as a Director if elected;
 (iii) the written and signed agreement of the candidate to complete a directors' and officers' questionnaire if elected;
 (iv) the Nominating Stockholder's consent to be named as such by the Fund; (v) the class or Series and number of all shares
 of the Fund owned beneficially and of record by the Nominating Stockholder and any Associated Person of the Nominating Stockholder and
 the dates on which such shares were acquired, specifying the number of shares owned beneficially but not of record by each, and stating
 the names of each as they appear on the Fund's record books and the names of any nominee holders for each; and (vi) a description
 of all arrangements or understandings between the Nominating Stockholder, the candidate and/or any other person or persons (including
 their names) pursuant to which the recommendation is being made by the Nominating Stockholder. "Associated Person of the Nominating
 Stockholder" as used in this paragraph 4 means any person required to be identified pursuant to clause (vi) and any other person
 controlling, controlled by or under common control with, directly or indirectly, (a) the Nominating Stockholder or (b) any person
 required to be identified pursuant to clause (vi).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Committee may require the Nominating Stockholder to furnish such other information as it may reasonably
 require or deem necessary to verify any information furnished pursuant to paragraph 4 above or to determine the qualifications and eligibility
 of the candidate proposed by the Nominating Stockholder to serve on the Board. If the Nominating Stockholder fails to provide such other
 information in writing within seven days of receipt of written request from the Committee, the recommendation of such candidate as a nominee
 will be deemed not properly submitted for consideration, and will not be considered, by the Committee.

**<u>Appendix C – Proxy Policy and Procedures</u>**

**Manning** **& NAPIER PROXY VOTING POLICIES AND PROCEDURES**

**January 26, 2023**

**GENERAL POLICY**

This policy applies to Manning & Napier Advisors, LLC ("MNA") and Rainier Investment Management, LLC ("Rainier"), collectively "Manning & Napier", in their capacity as affiliated discretionary advisors to separate account clients, collective investment trust funds, and advisor and sub-advisor, respectively, to the Manning & Napier Fund, Inc. Manning & Napier is a fiduciary that owes duties of care and loyalty to each client with respect to its exercise of proxy voting authority. Manning & Napier is committed to effective stewardship of client assets and will engage with the companies in which we invest to vote proxies in a manner that we believe will maximize the long-term value of the investment. Manning & Napier has adopted and implemented the following policies and procedures, which it believes are reasonably designed to ensure that proxies are voted in the best interest of clients, in accordance with its fiduciary duties and applicable rules and regulations.

Proxy votes are the property of Manning & Napier's clients. It is presumed, however, that Manning & Napier, pursuant to its discretionary authority, will vote proxies on each client's behalf. Clients typically delegate the authority and responsibility for proxy voting to Manning & Napier's through their written investment management agreement. Manning & Napier uses Broadridge Financial Solutions, Inc. ("Broadridge") to execute proxy votes in accordance with this policy and Glass Lewis & Co. ("Glass Lewis") guidelines for those ballot issues that this policy does not address. Manning & Napier's analysts may override these guidelines or Glass Lewis recommendations in accordance with and adherence to the procedure mandates set forth below. All conflicts or potential conflicts will be resolved by Manning & Napier's Proxy Conflicts and Oversight Committee (the "Committee").

It is Manning & Napier's overarching policy regarding proxies to:

&nbsp;&nbsp;&nbsp;&nbsp;1. Discharge our duties prudently, in the interest of plans, plan fiduciaries,
 plan participants, beneficiaries, clients and shareholders (together "clients").

&nbsp;&nbsp;&nbsp;&nbsp;2. Act prudently in voting of proxies by considering those factors, which
 would affect the value of client assets.

&nbsp;&nbsp;&nbsp;&nbsp;3. Maintain accurate records as to voting of such proxies that will enable
 clients to periodically review voting procedures employed and actions taken in individual situations.

&nbsp;&nbsp;&nbsp;&nbsp;4. Provide, upon request, a report of proxy activity for clients reflecting
 the activity of the portfolio requested.

&nbsp;&nbsp;&nbsp;&nbsp;5. By following our procedures for reconciling proxies, take reasonable steps
 under the particular circumstances to ensure that proxies for which we are responsible are received by us.

&nbsp;&nbsp;&nbsp;&nbsp;6. Make available, upon request, this policy to all plan fiduciaries, client,
 and shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;7. Comply with all current and future applicable laws, rules, and regulation
 governing proxy voting.

**POLICY LIMITATIONS**

Voting proxies with respect to shares of foreign companies may involve significantly greater effort and corresponding cost due to the variety of regulatory schemes and corporate practices in foreign countries. Each country has its own rules and practices regarding shareholder notification, voting restrictions, registration conditions and share blocking. These conditions present challenges such as but not limited to:

● The shares in some countries may be "blocked" by the custodian or depository for a specified number of days before or after the shareholder meeting. When blocked, shares typically may not be traded until the day after the blocking period. Manning & Napier may refrain from voting shares of foreign stocks subject to blocking restrictions where, in its judgment, the benefit from voting the shares is outweighed by the interest of maintaining client liquidity in the shares;

● Often it is difficult to ascertain the date of a shareholder meeting and time frames between notification and the actual meeting date may be too short to allow timely action;

● Language barriers will generally mean that an English translation of proxy information must be obtained or commissioned before the relevant shareholder meeting; and

● The lack of "proxy voting service" or the imposition of voting fees may limit our ability to lodge votes in such countries.

Manning & Napier will make best efforts to vote foreign proxies in accordance with the guidelines set forth herein. There may be times, however, when Manning & Napier is unable to vote foreign proxies due to the practical limitations stipulated above. Manning & Napier might also refrain from voting a foreign proxy when doing so is in the clients' best interests, such as when the explicit (e.g., travel) or imputed (e.g., trading limitations) cost of voting the proxy exceeds the expected benefit to the client.

**PROCEDURES**

Manning & Napier's proxy voting policies and procedures are designed to align with each investment strategy. Accordingly, Manning & Napier's proxy voting practices differ across strategies, which means that Manning & Napier can vote "FOR" a ballot issue on a security held in one portfolio and "AGAINST" a ballot issue on that same security held in another portfolio. Proxies for companies held in MNA's qualitative, bottom-up investment strategies follow the parameters set forth in this policy and certain custom decisions provided to Broadridge. At times, MNA's analysts may wish to override pre-determined voting protocols. The analyst who recommended the security for client portfolios is most familiar with the company and is in the best position to determine how to vote the proxy ballot. Therefore, MNA will defer to its analysts to vote the proxy ballot in the best economic interest of the client even if they vote contrary to these Guidelines. When voting contrary to the pre-determined voting Guidelines an analyst will be required to document their rationale and complete a conflicts questionnaire to ensure that the analyst is singularly focused on the client's best interests.

MNA votes proxies in the Disciplined Value strategy in accordance with Glass Lewis recommendations. Rainier votes proxies in the in the Rainier International Small Cap strategy in accordance with Glass Lewis ESG recommendations. With regards to Custom Solution portfolios that contain a mix of Manning & Napier's investment strategies, voting will occur pursuant to the strategy-level procedures set forth above.

**GUIDELINES**

These guidelines reflect Manning & Napier's general views and serve to help Manning & Napier's customers understand how we tend to vote typical ballot issues. Fundamentally, these guidelines are shaped by Manning & Napier's desire and responsibility to preserve and enhance the value of securities for clients and to protect the long-term interests of our clients.

This list is not exhaustive and is subject to revision as new issues arise. Actual proxy votes may differ from these guidelines because Manning & Napier may determine that voting in contravention of these guidelines on a particular issue(s) is in the best interest of our clients. In all circumstances, however, Manning & Napier will discharge its proxy duties prudently, solely in the best interest of our clients, and for the exclusive purpose of providing benefits to those clients.

&nbsp;&nbsp;&nbsp;&nbsp;**A.**  **<u>BOARDS AND DIRECTORS</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp; *<u>Election of Directors</u>*

Generally, if not contested, we will vote "FOR" the nominated directors. For each director, care must be taken to determine from the proxy statement each director's: attendance at meetings, investment in the company, status inside and outside company, governance profile, compensation, independence from management, and related/relevant parameters. If the director's actions are questionable on any of these items, the analyst may vote "AGAINST" the election of the director.

In a contested race, voting decisions are based on the track record of both slates of candidates, an analysis of what each side is offering to shareholders, assessment of the likelihood of each slate to fulfill promises, and evaluation of the economic benefits that a new board verses old board could generate for shareholders. Candidate backgrounds and qualifications should be considered, along with benefit to shareholders of diversity on the board. If the proposed election of directors would change the number of directors, the change should not diminish the overall quality and independence of the board.

Because of the complexity and specific circumstances of issues concerning a contested race, Manning & Napier's analysts will evaluate and decide these issues on a case-by-case basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. *<u>Appointment of Auditors</u>* :

We will vote "AGAINST" a change of auditors that compromises the integrity of the independent audit process or a change of auditors due to the auditors' refusal to approve a company's financial statement. We also will vote "AGAINST" the re-appointment of an auditor if we believe their independence has been compromised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3.* *<u>Re-election of Directors</u>* 

In order to hold directors accountable, they should be subject to frequent reelection – ideally, on an annual basis. Therefore, we recommend a vote "AGAINST" any proposal to extend the terms of directors beyond one year and a vote "FOR" annual election of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*4.* *<u>Classified Boards</u>* 

A classified board is one in which directors are divided into two (sometimes more) classes, with each serving two-year (sometimes more) terms, with each class re-election occurring in a different year. A non-staggered Board serves a one-year term and Directors stand for re-election each year.

We will vote "FOR" proposals to declassify currently staggered boards and "AGAINST" proposals to retain or institute classified boards. Likewise, we will vote "FOR" proposals to re-elect directors annually. In our view, staggered boards are less accountable to shareholders than boards that are elected annually because directors who are elected annually are more focused on shareholder interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*5.* *<u>Majority Vote in Director Elections</u>* 

We would generally vote "FOR" binding resolutions requesting that the board change the company's bylaws to stipulate that directors need to be elected with an affirmative majority of votes cast, provided it does not conflict with the state law where the company is incorporated. Binding resolutions need to allow for a carve-out for a plurality vote standard when there are more nominees than board seats. Companies should also adopt a post-election policy (also known as a director resignation policy) that will provide guidelines so that the company will promptly address the situation of a holdover director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*6.* *<u>Cumulative Voting</u>* 

Cumulative voting permits proportional representation on the board of directors. Without it, a group with a simple majority could elect all directors. Cumulative voting is meant to enhance minority shareholder decision making power but may not always be beneficial depending on the he independence of the existing board and the operations of the majority voting structure. Accordingly, we will vote in accordance with Glass Lewis recommendations on a given company's ballot.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. *<u>Director/Management Liability</u>* 

Directors must be accountable to shareholders and liable for misdeeds. Therefore, we will vote "AGAINST" proposals that limit director liability or unreasonably indemnify directors. We recognize, however, that directors must be afforded certain protections in order to perform their duties and, therefore support a company taking certain measures, such as enrolling in liability insurance, to encourage directors to take measured risks designed to benefit shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*8.* *<u>Independent Chair</u>* 

We believe that a separation of roles between a CEO and a chairman create a better governance structure than a combined CEO/chairman position. A separation of roles enables the chairman and other board members to oversee the CEO, evaluate CEO performance and hold the CEO accountable. As such, we will vote "FOR" proposals to separate the roles of CEO and chairman. However, we will not automatically vote against the election of a CEO as chairman because we recognize the inevitability and necessity of this structure in smaller companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*9.* *<u>Committee Independence</u>* 

Where practical, we believe that chairpersons of nominating, compensation, or audit committees should be independent of management. Therefore, we recommend a vote "FOR" requirements that these committees have a majority of independent directors and "AGAINST" interested directors seeking appointment to one of these positions.

&nbsp;&nbsp;&nbsp;&nbsp;**B.**  **<u>COMPENSATION and BENEFITS</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1.* *<u>General</u>* 

Executive compensation and benefit packages can vary significantly across companies and the details of company plans can be quite nuanced and difficult to comprehend. We generally believe that companies are in the best position to determine the compensation and benefits that align with the company's size, maturity, financial condition, and industry peers and that will attract and retain the talent required to execute company strategy and grow its value for shareholders. However, we also believe that companies must adopt policies and practices to link compensation and benefits with well-defined and clearly disclosed performance measures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.* *<u>Incentive Compensation</u>* 

Incentive compensation plans reward an executive's performance through a combination of cash compensation and stock awards. Typically, Manning & Napier will vote "FOR" incentive compensation plans that are reasonable relative to peer groups, derive from comprehensive and measurable performance metrics, are designed to attract and retained skilled executives, are sufficiently linked to an executive's tenure and value-add, and are adequately disclosed to shareholders. We generally will vote "AGAINST" incentive compensation plans that dilute shareholder value, are disconnected from management performance, or offer management an opportunity to purchase stock below market value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3.* *<u>Say on Pay</u>* 

"Say on Pay" proposals give shareholders a non-binding vote on executive compensation. Manning & Napier will vote in accordance with Glass Lewis recommendations. Glass Lewis evaluates Say on Pay ballot measures on a case-by-case basis, considering an analysis of a company's current executive compensation model, adequacy of the company's disclosures around compensation and the specific terms of the say on pay proposal

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*4.* *<u>Pay for Performance</u>* 

Pay for performance refers to the link between an executive's performance and their pay. Glass Lewis evaluates shareholder-initiated pay for performance proposals on a case-by-case basis, factoring in the alignment between the company's long-term interests and its executives' financial incentives and the methodology for setting executive compensation. Manning & Napier will defer to Glass Lewis voting recommendations on a given ballot.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*5.* *<u>Golden Parachute</u>* 

Golden parachutes are severance payments made to departing executives after a termination or change in control. We will typically vote "AGAINST" such payments because these payments are often made despite an executive's or company's poor performance. We will vote "FOR" proposals that require shareholder ratification of company severance agreements and executive death benefits. While we generally recommend voting "AGAINST" golden parachutes, an analyst might vote FOR such an award if the analyst believes that it ultimately benefits shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*6.* *<u>Clawback Provisions</u>* 

A clawback provision allows a company to recoup or "claw back" incentive compensation paid to an executive under certain circumstances such as when a company later determines that the executive failed to meet applicable performance goals, or the company must restate financials. Glass Lewis assesses each company's clawback policies and we will vote in accordance with the Glass Lewis recommendations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*7.* *<u>Anti-gross-up Provisions</u>* 

We will vote "FOR" anti-gross-up policies that prohibit companies from paying executives an additional sum of money intended to reimburse them for tax liabilities. Likewise, we will vote "AGAINST" ballot measures that seek to instate a tax gross-up payment. In our view, gross-up payments often are not transparent, making it difficult for shareholders to discern total compensation paid to executives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **SHAREHOLDER RIGHTS and ANTI-TAKEOVER MEASURES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1.* *<u>Supermajority Voting Provisions</u>* 

Supermajority voting provisions require more than a simple shareholder majority in order to ratify a proposal. We believe that supermajority provisions impede shareholder action on critical ballot items and limit the voice of shareholders in making crucial decisions. As such, we will vote "AGAINST" proposals to add a supermajority vote requirement and "FOR" proposals to remove supermajority provisions at non-controlled companies. At controlled companies we may vote "AGAINST" removing supermajority vote requirements in order to preserve our shareholder rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.* *<u>Special Meetings of Shareholders</u>* 

We oppose unreasonable limitations on shareholder rights but recognize management's authority to limit shareholder proposals under certain circumstances. As such, we will vote these ballots in accordance with Glass Lewis recommendations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3.* *<u>Shareholder recovery of proxy contest costs</u>* 

We will vote in accordance with Glass Lewis case-by-case determinations on shareholder proposals that seek to require companies to reimburse shareholders for expenses they incurred by initiating proxy contents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*4.* *<u>Confidential Voting</u>* 

Confidential voting is the best way to guarantee an independent vote. Shareholders must be able to vote all proxies on the merits of each proposal. Open voting alters the concept of free choice in corporate elections and proxy proposal by providing management the opportunity to influence the vote outcome – they can see who has voted for or against proposals before the final vote is taken and therefore management can pressure institutional shareholders, suppliers, customers, and other shareholders with which it maintains a business relationship. This process, which would give management the opportunity to coerce votes from its shareholders, destroys the concept of management accountability. Therefore, we recommend a vote "FOR" confidential voting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*5.* *<u>Multiple Classes of Stocks</u>* 

Multiple classes of stock, which would give more voting rights to one class of shareholders at the expense of another, would clearly affect the rights of all shareholders. We recommend a vote "AGAINST" any proposal which divides common equity into more than one class of stock, or which limits the voting rights of certain shareholders of a single class of stock. The exception would only occur if a subsidiary of a company issued its own class of common stock, such as General Motor's class E (for EDS) and H (for Hughes) stock.

Similarly, we recommend a vote "AGAINST" any proposal to give the board of director's broad powers with respect to establishing new classes of stock and determining voting, dividend, and other rights without shareholder review. An example would be requests to authorize "blank check" preferred stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*6.* *<u>Shareholder Rights Plans</u>* 

Shareholder Rights Plans ("Poison Pills") give shareholders the ability to purchase shares from or sell shares back to the company or, in the case of a hostile acquisition, to the potential acquirer at a price far out of line with their fair market value, effectively making the company more expensive and less attractive to potential acquirers. Typically, we will vote "AGAINST" poison pill proposals and "FOR" proposals to eliminate existing poison pills and proposals that require companies to submit poison pills for shareholder ratification. However, there may be circumstances in which Glass Lewis recommends a vote FOR a poison pill and we will vote in accordance with Glass Lewis' recommendation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*7.* *<u>Greenmail</u>* 

We will vote "FOR" anti-greenmail proposals that prevent company management from buying back company stock from a greenmailer at a significant premium without shareholder approval. However, anti-greenmail measures cannot be bundled with other proposals designed to entrench existing management or discourage attractive takeovers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **CHANGES IN CAPITAL STRUCTURE** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1.* *<u>Increased Authorized Common Stock</u>* 

Requests to authorize increases in common stock can be expected from time-to-time, and when handled in a disciplined manner such requests can be for beneficial purposes such as stock splits, cost-effective means of raising capital, or reasonable incentive programs. However, increases in common stock can easily become dilutive, so by no means are they always in the best interest of shareholders. Purpose and scale are the determining factors with respect to increases in common stock. We will vote in accordance with Glass Lewis' case-by-case evaluation of these factors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.* *<u>Reincorporation</u>* 

We believe that corporate jurisdiction is an issue better suited to board determinations than shareholder determinations. Companies seek reincorporation to obtain more favorable tax treatment or reap other benefits that a new corporate jurisdiction affords. Reincorporation can, however, negatively affect shareholder rights. Accordingly, Manning & Napier's analysts will vote on such matters on a case-by-case basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3.* *<u>Approving Other Business</u>* 

Management may, on occasion, seek broad authorization to approve business resolution without shareholder consent. Management typically already has the authority needed to make routine business decisions, so shareholders should avoid granting blanket authority to management, which may reduce management accountability and/or shareholders rights. Manning & Napier's analysts will evaluate these proposals on a case-by-case basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **ENVIRONMENTAL, SOCIAL, GOVERNANCE MATTERS** 

Material environmental and social issues can have an impact on the value of a company's stock. Manning & Napier believes that companies must adequately disclose policies and any data related to such issues in a consistent manner so that they may be appropriately analyzed. To this end Manning & Napier will generally support proposals seeking company disclosures in line with those proposed by The Task Force on Climate-related Financial Disclosure (TCFD) and the Sustainability Accounting Standards Board (SASB). As not all proposals seek such broad disclosures Manning & Napier would also support reasonable proposals seeking the disclosure of policies related to other Environmental and Social issues including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;• Climate Change

&nbsp;&nbsp;&nbsp;&nbsp;• Bribery/Corruption

&nbsp;&nbsp;&nbsp;&nbsp;• Human Rights

&nbsp;&nbsp;&nbsp;&nbsp;• Diversity

As well as data points including those related to:

&nbsp;&nbsp;&nbsp;&nbsp;• Greenhouse Gas emissions

&nbsp;&nbsp;&nbsp;&nbsp;• Worker Safety

&nbsp;&nbsp;&nbsp;&nbsp;• Diversity

&nbsp;&nbsp;&nbsp;&nbsp;• Political Spending

Shareholder proposals on Environmental and Social issues may also seek to implement changes at the company which seek to lower the potential for boycotts, lawsuits, regulatory penalties, or other financially adverse outcomes. When we believe the impact on the overall shareholders would be neutral or positive, we recommend a vote FOR such proposals.

Examples may include:

&nbsp;&nbsp;&nbsp;&nbsp;• Resolution to establish shareholder advisory committees

&nbsp;&nbsp;&nbsp;&nbsp;• Corporate conduct and human rights policies

&nbsp;&nbsp;&nbsp;&nbsp;• Adoption of the "MacBride Principles" of equal employment

&nbsp;&nbsp;&nbsp;&nbsp;• Adoption of "CERES Principles" of environmental responsibility

&nbsp;&nbsp;&nbsp;&nbsp;• Legal and regulatory compliance policies

&nbsp;&nbsp;&nbsp;&nbsp;• Supplier standards

&nbsp;&nbsp;&nbsp;&nbsp;• Fair lending

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **FOREIGN SECURITIES** 

While the international proxies generally follow the same guidelines listed above, there are several issues which are not normally a part of the domestic proxies and as such are addressed separately below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1.* *<u>Receiving Financials</u>* 

We recommend voting "FOR" such routine, non-controversial items. Most companies around the world submit their financials to shareholders for approval, and this is one of the first items on most agendas. When evaluating a company's financial statements, unless there are major concerns about the accuracy of the financial statements, we would vote "FOR" this item.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.* *<u>Accepting the acts or performance of the managing board or supervisory board</u>* 

We recommend voting "FOR" such items. The annual formal discharge of board and management represents shareholder approval of actions taken during the year. Discharge is a vote of confidence in the company's management and policies. It does not necessarily eliminate the possibility of future shareholder action, but it does make such action more difficult to pursue. Meeting agendas normally list proposals to discharge both the board and management as one agenda item.

Discharge is generally granted unless a shareholder states a specific reason for withholding discharge and plans to undertake legal action. Withholding discharge is a serious matter and is advisable only when a shareholder has concrete evidence of negligence or abuse on the part of the board or management, has plans to take legal action, or has knowledge of other shareholders' plans to take legal action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3.* *<u>Capital Increase per the following</u>* 

1. with rights, 2. without rights, 3. bonds with rights, or 4. bond without rights. In the majority of cases, we would vote "FOR" capital increases. There may be cases where the analyst deems the capital increase inappropriate and would then vote "AGAINST" such an item.

Companies can have one of two types of capital systems. The authorized capital system sets a limit in a company's articles on the total number of shares that can be issued by the company's board. The system allows companies to issue shares from this pre-approved limit, although in many markets shareholder approval must be obtained prior to an issuance. Companies also request shareholder approval for increases in authorization when the number of shares contained in the articles is inadequate for issuance authorities. When looking at such issues, we need to review the following: the history of issuance requests; the size of the request; and the purpose of the issuance associated with the increase in authorization.

Under the conditional capital system, companies seek authorizations for pools of capital with fixed periods of availability. If a company seeks to establish a pool of capital for general issuance purposes, it requests the creation of a certain number of shares with or without preemptive rights, issuable piecemeal at the discretion of the board for a fixed period of time. Unissued shares lapse after the fixed time period expires. This type of authority would be used to carry out general rights issue or small issuances without preemptive rights.

Requests for a specific issuance authority are tied to a specific transaction or purpose, such as an acquisition or the servicing of convertible securities. Such authorities cannot be used for any purpose other than that specified in the authorization. This pool of conditional capital also carries a fixed expiration date.

In reviewing these proposals, we need to look at the existence of pools of capital from previous years. Because most capital authorizations are for several years, new requests may be made on top of the existing pool of capital. While most requests contain a provision to eliminate earlier pools and replace them with the current request, this is not always the case. Thus, if existing pools of capital are being left in place, the total potential dilution amount from all capital should be considered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.** **CONFLICTS OF INTEREST** 

There are potential conflicts of interest that may arise in connection with the Firm or the Analyst responsible for voting a company's proxy. Examples of potential conflicts may include the following: (1) the voting Analyst is aware that a client of the advisor or its affiliates is a public company whose shares are held in client portfolios; (2) the voting Analyst (or a member of their immediate family) of the advisor or its affiliates also has a personal interest in the outcome of a matter before shareholders of a particular security that they cover as an Analyst; (3) an employee (or a member of their immediate family) of the advisor or its affiliates is a Director or Officer of such security; (4) an employee (or a member of their immediate family) is a Director candidate on the proxy; or (5) the voting Analyst (or a member of their immediate family), the advisor or its affiliates have a business relationship with a participant in a proxy contest, corporate director or director candidates.

In recognizing the above potential conflicts, the following controls have been put in place: (1) analysts provide written confirmation that no conflict of interest exists with respect to each proxy vote on which the analyst opines. If an Analyst indicates a conflict of interest, then the analyst will not be permitted to vote the proxy; instead (2) the Committee will resolve any apparent or potential conflicts of interest. The Committee may utilize the following to assist in seeking resolution (including, without limitation, those instances when the Advisor potentially has an institutional conflict): (1) voting in accordance with the guidance of an independent consultant or outside counsel; (2) designation of a senior employee or committee member to vote that has neither a relationship with the company nor knowledge of any relationship between the advisor or its affiliates with such company; (3) voting in proportion to other shareholders of the issuer; (4) voting in other ways that are consistent with the advisor's and its affiliates' obligation to vote in clients' collective best interest.

With respect to proxies solicited by a Series of the Manning & Napier Fund, Inc. held by separate account clients of Manning & Napier that have delegated proxy voting responsibility to Manning & Napier pursuant to the terms of their investment advisory agreements with Manning & Napier, the Committee will determine if any material conflicts of interest arise with respect to Manning & Napier voting the proxy. If the Committee determines that a material conflict of interest arises with respect to Manning & Napier voting the proxy, Manning & Napier will vote the proxy in accordance with Glass Lewis & Co.'s proxy voting policies and procedures. If the Committee determines that no material conflicts of interest arise with respect to Manning & Napier voting the proxy, then the Committee will determine how to vote the proxy and document its rationale for making the conflict of interest and voting determinations.

With respect to proxies solicited by a Series of the Manning & Napier Fund, Inc. held by another Series of the Manning & Napier Fund, Inc., Manning & Napier will vote such proxies in the same proportion as the vote of all other shareholders of the soliciting Series (i.e., "echo vote"), unless otherwise required by law.

When required by law or SEC exemptive order (if applicable), Manning & Napier will also "echo vote" proxies of an unaffiliated mutual fund or exchange traded fund ("ETF"). When not required to "echo vote," Manning & Napier will defer to Glass Lewis procedures and recommendations for voting proxies of an unaffiliated mutual fund or ETF, subject to any custom policies of Manning & Napier set forth herein. If Manning & Napier and/or its affiliates own greater than a 5% position in an iShares Exchange Traded Fund, we will vote the shares in the same proportion as the vote of all other holders of shares of such iShares fund.

**OVERSIGHT** 

Manning & Napier has a responsibility to oversee its proxy voting processes including those functions delegated to its service providers. Accordingly, Manning & Napier has adopted the following processes:

&nbsp;&nbsp;&nbsp;&nbsp;• The Committee or persons that the Committee so designates will review
 these Guidelines annually

&nbsp;&nbsp;&nbsp;&nbsp;• In conjunction with the annual Guideline review, the Committee will review
 the Glass Lewis guidelines and re-assess the prudence of relying on Glass Lewis research and voting recommendations

&nbsp;&nbsp;&nbsp;&nbsp;• The Committee or persons that the Committee so designates will conduct
 due diligence on Glass Lewis to assess conflicts, review current voting methodology and research development processes, among other variables

&nbsp;&nbsp;&nbsp;&nbsp;• Manning & Napier's Vendor Oversight Committee will review
 Broadridge as a service provider, evaluating such factors as contract fulfillment, error occurrences, financial stability, control infrastructure,
 among other variables. This review will be conducted in accordance with the Vendor Oversight Committee's risk-based review cycle.

**ISSUER and LOBBYIST COMMUNICATION** 

Periodically, analysts may receive calls from lobbyists or solicitors trying to persuade them to vote a certain way on a proxy issue, or from other large stockholders trying to persuade Manning & Napier to join a voting conglomerate in order to exercise control of a company. We will take their opinions into consideration, but our policy is simply to vote in accordance with what we feel is in the best interest of our clients and shareholders and which maximizes the value of the investment.

**RECORDKEEPING**

Manning & Napier retains records of the following: (i) these and other related Policies and procedures; (ii) copies of each proxy statement received regarding client securities (except that Manning & Napier may rely on the SEC's Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system; (iii) a record of every vote cast on behalf of a client, which may be maintained by a third-party provider under certain conditions; (iv) documents, if any, that Manning & Napier prepared that were material to its proxy voting decisions; (v) all requests for proxy voting records and Manning & Napier's reply to such requests; and (vi) documentation of conflicts of interests and resolutions thereto. These records will be maintained in accordance with applicable rules and regulations to which Manning & Napier is subject.

**INQUIRIES**

Information regarding these policies and procedures or voting records specific to your account may be obtained through your Financial Consultant or Relationship Manager.

**Manning & Napier Fund, Inc.**

**Statement of Additional Information dated March 1, 2023**

This Statement of Additional Information ("SAI") is not a prospectus, but expands upon and supplements the information contained in the current Prospectuses for each Series and Class listed below of Manning & Napier Fund, Inc. (the "Fund"), each dated March 1, 2023, and should be read in conjunction with the Prospectuses. You may obtain copies of the Fund's current Prospectuses from Manning & Napier Advisors, LLC, 290 Woodcliff Drive, Fairport, NY 14450 or by calling 1-800-466-3863. The Prospectuses are also available online at www.manning-napier.com.

The audited financial statements of each Series (as defined below) including the report of PricewaterhouseCoopers LLP ("PwC") thereon, from the Series' Annual Reports for the fiscal year ended December 31, 2022, are hereby incorporated by reference into this SAI. These Reports may be obtained without charge by calling 1-800-466-3863.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**SERIES** | &nbsp;&nbsp;**CLASS A** | &nbsp;&nbsp;**CLASS I** | &nbsp;&nbsp;**CLASS S** | &nbsp;&nbsp;**CLASS W** | &nbsp;&nbsp;**CLASS Z** |
| &nbsp;&nbsp;**CORE BOND SERIES** |  | &nbsp;&nbsp;EXCIX | &nbsp;&nbsp;EXCRX | &nbsp;&nbsp;MCBWX | &nbsp;&nbsp;MCBZX |
| &nbsp;&nbsp;**CREDIT SERIES** |  |  |  | &nbsp;&nbsp;MCDWX |  |
| &nbsp;&nbsp;**DIVERSIFIED TAX EXEMPT SERIES** | &nbsp;&nbsp;EXDVX |  |  | &nbsp;&nbsp;MNDWX |  |
| &nbsp;&nbsp;**HIGH YIELD BOND SERIES** |  | &nbsp;&nbsp;MNHAX | &nbsp;&nbsp;MNHYX | &nbsp;&nbsp;MHYWX | &nbsp;&nbsp;MHYZX |
| &nbsp;&nbsp;**REAL ESTATE SERIES** |  | &nbsp;&nbsp;MNRIX | &nbsp;&nbsp;MNREX | &nbsp;&nbsp;MNRWX | &nbsp;&nbsp;MNRZX |
| &nbsp;&nbsp;**UNCONSTRAINED BOND SERIES** |  | &nbsp;&nbsp;MNCPX | &nbsp;&nbsp;EXCPX | &nbsp;&nbsp;MUBWX | &nbsp;&nbsp;NO TICKER SYMBOL |

---

**Table of Contents**

---

| | |
|:---|:---|
|  | **Page** |
| [The Fund](#mn1231multisaib001) | 3 |
| [Investment Goals](#mn1231multisaib002) | 3 |
| [Investment Policies and Risks](#mn1231multisaib003) | 3 |
| [Investment Restrictions](#mn1231multisaib004) | 28 |
| [Portfolio Turnover](#mn1231multisaib005) | 32 |
| [Disclosure of Portfolio Holdings](#mn1231multisaib006) | 32 |
| [Management](#mn1231multisaib007) | 33 |
| [Code of Ethics](#mn1231multisaib008) | 40 |
| [Proxy Voting Policy](#mn1231multisaib009) | 40 |
| [Principal Owners and Control Persons](#mn1231multisaib010) | 40 |
| [The Advisor](#mn1231multisaib011) | 45 |
| [The Distributor](#mn1231multisaib012) | 46 |
| [Payments to Broker-Dealers and Other Financial Intermediaries](#mn1231multisaib013) | 47 |
| [Transfer Agent, Dividend Disbursing Agent, Custodian, Independent Registered Public Accounting Firm, and Counsel](#mn1231multisaib014) | 48 |
| [Purchases and Redemptions](#mn1231multisaib015) | 48 |
| [Portfolio Managers](#mn1231multisaib016) | 49 |
| [Portfolio Transactions and Brokerage](#mn1231multisaib017) | 51 |
| [Net Asset Value](#mn1231multisaib018) | 52 |
| [Information About Fund Operations](#mn1231multisaib019) | 53 |
| [Federal Taxes](#mn1231multisaib020) | 53 |
| [Performance Reporting](#mn1231multisaib021) | 61 |
| [Financial Statements](#mn1231multisaib022) | 61 |
| [Appendix A – Description of Bond Ratings](#mn1231multisaib023) | 62 |
| [Appendix B – Procedures for the Nominating Committee's Consideration of Potential Nominees Submitted by Stockholders](#mn1231multisaib024) | 65 |
| [Appendix C – Manning & Napier Advisors, LLC Proxy Policy and Procedures](#mn1231multisaib025) | 66 |

---

**The Fund**

The Fund is an open-end management investment company incorporated under the laws of the State of Maryland on July 26, 1984. This SAI relates to the following series of the Fund: Core Bond Series (Class I, S, W and Z), Credit Series (Class W), Diversified Tax Exempt Series (Class A and W), High Yield Bond Series (Class I, S, W and Z), Real Estate Series (Class I, S, W and Z), and Unconstrained Bond Series (Class I, S, W and Z) (each a "Series"). Each Series is a separate mutual fund with its own investment objective, strategies and risks. The Fund's Board of Directors ("Board" or "Board of Directors") may, at its own discretion, create additional series of shares (and classes of such series), each of which would have separate assets and liabilities.

Currently, the Fund has issued the following classes of shares of the Series: Class A, I, S, W and Z.

Each share of a Series represents an identical interest in the investment portfolio of that Series and has the same rights, except that (i) each class of shares bears those distribution fees, shareholder service fees and administrative expenses applicable to the respective class of shares as a result of its distribution and shareholder services arrangements, which will cause the different classes of shares to have different expense ratios and to pay different rates of dividends, and (ii) each class has exclusive voting rights with respect to any distribution and/or shareholder service fees which relate only to such class. As a result of each class' differing amount of distribution and/or shareholder services fees, shares of different classes of the same Series may have different NAVs per share.

Shares of the Fund may not be available for purchase in every state. If a Series' shares are not registered in a state, investments will not be accepted for the Series from shareholders in that state, and requests to exchange from another Series into that Series also will not be accepted. Please contact the Fund at 1-800-466-3863 for information about state availability.

**Investment Goals**

Each Series' investment goal is described in its prospectus.

The investment goals of the Core Bond Series, Credit Series, Real Estate Series, and Unconstrained Bond Series are non-fundamental and may be changed by the Board of Directors without shareholder approval. If there is a material change in the investment objective of a Series, shareholders will be notified thirty (30) days prior to any such change and will be advised to consider whether the Series remains an appropriate investment in light of their then current financial position and needs.

The investment goals of the Diversified Tax Exempt Series and High Yield Bond Series are fundamental, which means that the investment objective of a Series may not be changed without the approval of a "majority of the outstanding voting securities" of such Series, as such term is defined in the Investment Company Act of 1940, as amended (the "1940 Act").

The Diversified Tax Exempt Series has a fundamental investment policy of investing at least 80% of its assets in securities the income from which is exempt from federal income tax, including the alternative minimum tax (the "Alternative Minimum Tax") imposed on non-corporate taxpayers by Section 55 of the Internal Revenue Code of 1986, as amended (the "Code"). This fundamental investment policy may not be changed without the approval of a "majority of the outstanding voting securities" of the Series, as such term is defined in the 1940 Act.

The investment strategy of the High Yield Bond Series is to invest, under normal circumstances, at least 80% of its assets in bonds that are rated below investment grade (junk bonds) and other financial instruments, principally derivative instruments and exchange-traded funds (ETFs), with economic characteristics similar to non-investment grade securities. The investment strategy of the Core Bond Series is to invest, under normal circumstances, at least 80% of its assets in investment grade bonds and other financial instruments, principally derivative instruments and ETFs, with economic characteristics similar to bonds. The investment strategy of the Unconstrained Bond Series is to invest, under normal circumstances, at least 80% of its assets in bonds and other financial instruments, principally derivative instruments and ETFs, with economic characteristics similar to bonds. The investment strategy of the Real Estate Series is to invest, under normal circumstances, at least 80% of its assets in securities of companies that are primarily engaged in the real estate industry. The investment strategy of the Credit Series is to invest, under normal circumstances at least 80% of its assets in credit-related instruments and other financial instruments, principally derivative instruments and ETFs, with economic characteristics similar to credit-related instruments. Each of these Series will notify its shareholders at least sixty (60) days prior to any change in its respective 80% investment policy.

The Credit Series is a non-diversified mutual fund. Each of the other Series is a diversified mutual fund.

**Investment Policies and Risks**

Except as explicitly stated otherwise, all investment policies of the Series are non-fundamental and may be changed by the Board of Directors without shareholder approval.

Each Series' principal investment strategies and risks are described in its prospectus. The following discussion provides additional information about those principal investment strategies and related risks, as well as information about non-principal investment strategies (and related risks) that a Series may utilize. Accordingly, an investment strategy (and related risk) that is described below, but which is not described in a Series' prospectus, is considered by the Series to be a non-principal strategy (or related risk).

**EQUITY INVESTMENTS**

<u>Common Stocks</u>. Each Series (with the exception of the Diversified Tax Exempt Series, Core Bond Series, Credit Series, High Yield Bond Series, and Unconstrained Bond Series) may purchase exchange-traded and over the counter ("OTC") common stocks. Common stock represents an equity or ownership interest in an issuer. The Core Bond Series, Credit Series, High Yield Bond Series, and Unconstrained Bond Series may acquire and hold common stocks temporarily if such investments are acquired in connection with the Series' other investment activities. The Advisor expects to divest the Core Bond Series, Credit Series, High Yield Bond Series, and Unconstrained Bond Series of any common stocks they receive when the Adviser determines it is the best interest of each Series to do so.

Common stocks are shares of a corporation or other entity that entitle the holder to a pro rata share of the profits of the corporation, if any, without preference over any other shareholder or class of shareholders, including holders of the entity's preferred stock and other senior equity. Common stock usually carries with it the right to vote and, frequently, an exclusive right to do so. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds and preferred stock take precedence over the claims of those who own common stock.

Securities traded on OTC markets are not listed and traded on an organized exchange such as the New York Stock Exchange ("NYSE"). Generally, the volume of trading in an unlisted or OTC common stock is less than the volume of trading in an exchange-listed stock. As a result, the market liquidity of some stocks in which the Series invest may not be as great as that of exchange-listed stocks and, if the Series were to dispose of such stocks, the Series may have to offer the shares at a discount from recent prices, or sell the shares in small lots over an extended period of time.

<u>Small- and mid-size company securities</u>. Each of the Series that may invest in equity securities may invest in small and mid-size companies. Securities of small companies often have only a small proportion of their outstanding securities held by the general public. They may have limited trading markets that may be subject to wide price fluctuations. Small and mid-size companies may have relatively small revenues and lack depth of management. Investments in such companies tend to be volatile and are therefore speculative. Small and mid-size companies may have a small share of the market for their products or services and they may provide goods or services to a regional or limited market. They may be unable to internally generate funds necessary for growth or potential development or to generate such funds through external financing on favorable terms. In addition, they may be developing or marketing new products or services for which markets are not yet established and may never become established. Such companies may have or may develop only a regional market for products or services and thus be affected by local or regional market conditions. Moreover, small and mid-size companies may have insignificant market share in their industries and may have difficulty maintaining or increasing their market share in competition with larger companies. Due to these and other factors, small and mid-size companies may suffer significant losses.

<u>Depositary Receipts.</u> Each Series which may purchase common stock may purchase Depositary Receipts. Depositary Receipts represent an ownership interest in securities of foreign companies (an "underlying issuer") that are deposited with a depositary. Depositary Receipts are not necessarily denominated in the same currency as the underlying securities. American Depositary Receipts ("ADRs") are dollar-denominated Depositary Receipts typically issued by a U.S. financial institution which evidence an ownership interest in a security or pool of securities issued by a foreign issuer. Generally, ADRs are issued in registered form and are designed for use in the U.S. securities markets. Other Depositary Receipts, such as Global Depositary Receipts ("GDRs") and International Depositary Receipts ("IDRs"), may be issued in bearer form and denominated in foreign currencies, and are generally designed for use in securities markets outside the United States. Depositary Receipts are subject to many of the risks associated with investing directly in foreign securities, which are described below.

The Depositary Receipts in which the Series invest may be "sponsored" or "unsponsored." Sponsored Depositary Receipts are established jointly by a depositary and the underlying issuer, whereas unsponsored Depositary Receipts may be established by a depositary without participation by the underlying issuer. Holders of unsponsored Depositary Receipts generally bear all the costs associated with establishing unsponsored Depositary Receipts. In addition, the issuers of the securities underlying unsponsored Depositary Receipts are not obligated to disclose material information in the United States and, therefore, there may be less information available regarding such issuers and there may not be a correlation between such information and the market value of the Depositary Receipts.

<u>Initial Public Offerings ("IPOs")</u>. Each Series which may purchase common stock may purchase shares issued as part of, or a short period after, a company's IPO, and may at times dispose of those shares shortly after their acquisition. A 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 tends to be volatile, and share prices of newly-public companies tend to fluctuate significantly over short periods of time.

<u>Preferred Stocks</u>. Each Series (with the exception of the Diversified Tax Exempt Series) may invest in preferred stocks. Preferred stocks represent an equity or ownership interest in an issuer but do not ordinarily carry voting rights, although they may carry limited voting rights. Preferred stocks also normally have preference over the corporation's assets and earnings. For example, preferred stocks have preference over common stock in the payment of dividends. Preferred stocks normally pay dividends at a specified rate and may entitle the holder to acquire the issuer's stock by exchange or purchase for a predetermined rate. However, preferred stock may be purchased where the issuer has omitted, or is in danger of omitting, payment of its dividend. Such investments would be made primarily for their capital appreciation potential. In the event an issuer is liquidated or declares bankruptcy, the claims of bond owners take precedence over the claims of preferred and common stock owners. Certain classes of preferred stock are convertible into shares of common stock of the issuer. By holding convertible preferred stock, a Series can receive a steady stream of dividends and still have the option to convert the preferred stock to common stock. Preferred stock is subject to many of the same risks as common stock and debt securities.

<u>Convertible Securities</u>. Each Series (with the exception of the Diversified Tax Exempt Series) may invest in securities that are convertible at either a stated price or a stated rate into underlying shares of common stock, thus enabling the investor to benefit from increases in the market price of the common stock.

Convertible securities are typically preferred stocks or bonds that are exchangeable for a specific number of another form of security (usually the issuer's common stock) at a specified price or ratio. A convertible security generally entitles the holder to receive interest paid or accrued on bonds or the dividend paid on preferred stock until the convertible security matures or is redeemed, converted or exchanged. A corporation may issue a convertible security that is subject to redemption after a specified date, and usually under certain circumstances. A holder of a convertible security that is called for redemption would be required to tender it for redemption to the issuer, convert it to the underlying common stock or sell it to a third party. The convertible structure allows the holder of the convertible bond to participate in share price movements in the company's common stock. The actual return on a convertible bond may exceed its stated yield if the company's common stock appreciates in value and the option to convert to common stocks becomes more valuable.

Convertible securities typically pay a lower interest rate than nonconvertible bonds of the same quality and maturity because of the convertible feature. Convertible securities may be rated below investment grade ("high yield") or not rated, and are subject to credit risk.

Prior to conversion, convertible securities have characteristics and risks similar to nonconvertible debt and equity securities. In addition, convertible securities are often concentrated in economic sectors, which, like the stock market in general, may experience unpredictable declines in value, as well as periods of poor performance, which may last for several years. There may be a small trading market for a particular convertible security at any given time, which may adversely impact market price and a Series' ability to liquidate a particular security or respond to an economic event, including deterioration of an issuer's creditworthiness.

Convertible preferred stocks are nonvoting equity securities that pay a fixed dividend. These securities have a convertible feature similar to convertible bonds, but do not have a maturity date. Due to their fixed income features, convertible securities provide higher income potential than the issuer's common stock, but typically are more sensitive to interest rate changes than the underlying common stock. In the event of a company's liquidation, bondholders have claims on company assets senior to those of shareholders; preferred shareholders have claims senior to those of common shareholders.

Convertible securities typically trade at prices above their conversion value, which is the current market value of the common stock received upon conversion, because of their higher yield potential than the underlying common stock. The difference between the conversion value and the price of a convertible security will vary depending on the value of the underlying common stock and interest rates. When the underlying value of the common stock declines, the price of the issuer's convertible securities will tend not to fall as much because the convertible security's income potential will act as a price support. While the value of a convertible security also tends to rise when the underlying common stock value rises, it will not rise as much because its conversion value is more narrow. The value of convertible securities also is affected by changes in interest rates. For example, when interest rates fall, the value of convertible securities may rise because of their fixed income component.

Contingent Convertible Securities. A contingent convertible security, or "CoCo", is a type of convertible security typically issued by a non-U.S. bank that, upon the occurrence of a specified trigger event, may be (i) convertible into equity securities of the issuer at a predetermined share price; or (ii) written down in liquidation value. Trigger events are identified in the documents that govern the CoCo and may include a decline in the issuer's capital below a specified threshold level, an increase in the issuer's risk weighted assets, the share price of the issuer falling to a particular level for a certain period of time and certain regulatory events, such as a change in regulatory capital requirements. CoCos are designed to behave like bonds in times of economic health yet absorb losses when the trigger event occurs. CoCos are generally considered speculative and the prices of CoCos may be volatile.

With respect to CoCos that provide for conversion of the CoCo into common shares of the issuer in the event of a trigger event, the conversion would deepen the subordination of the investor, creating a greater risk of loss in the event of bankruptcy. In addition, because the common stock of the issuer may not pay a dividend, investors in such instruments could experience reduced yields (or no yields at all). With respect to CoCos that provide for the write down in liquidation value of the CoCo in the event of a trigger event, it is possible that the liquidation value of the CoCo may be adjusted downward to below the original par value or written off entirely under certain circumstances. For instance, if losses have eroded the issuer's capital levels below a specified threshold, the liquidation value of the CoCo may be reduced in whole or in part. The write-down of the CoCo's par value may occur automatically and would not entitle holders to institute bankruptcy proceedings against the issuer. In addition, an automatic write-down could result in a reduced income rate if the dividend or interest payment associated with the CoCo is based on par value. Coupon payments on CoCos may be discretionary and may be cancelled by the issuer for any reason or may be subject to approval by the issuer's regulator and may be suspended in the event there are insufficient distributable reserves.

<u>Rights and Warrants</u>. Each Series (with the exception of the Core Bond Series, Diversified Tax Exempt Series, and Unconstrained Bond Series) may purchase rights and warrants. A right is a privilege granted to existing shareholders of a corporation to subscribe to shares of a new issue of common stock before it is issued. Rights normally have a short life, usually two to four weeks, are freely transferable and entitle the holder to buy the new common stock at a lower price than the public offering price. Warrants are securities that are usually issued together with a debt security or preferred stock and that give the holder the right to buy a proportionate amount of common stock at a specified price. Warrants are freely transferable and are often traded on major exchanges. Unlike rights, warrants normally have a life that is measured in years and entitle the holder to buy common stock of a company at a price that is usually higher than the market price at the time the warrant is issued. Corporations often issue warrants to make the accompanying debt security more attractive.

Rights and warrants may be considered more speculative than certain other types of investments because they (1) do not carry rights to dividends or voting rights with respect to the underlying securities, and (2) do not represent any rights in the assets of the issuer. Warrants purchased by the Series may or may not be listed on a national securities exchange. None of the Series (with the exception of the Real Estate Series) may invest more than 5% of the value of its total net assets in warrants. Included within that amount, but not to exceed 2% of the value of the Series' net assets, may be warrants which are not listed on either the NYSE or the NYSE American. Warrants acquired in units or attached to securities will be deemed without value for purposes of this restriction.

<u>Real Estate Investment Trusts ("REITs")</u>. Each Series (with the exception of the Core Bond Series, Diversified Tax Exempt Series, and Unconstrained Bond Series) may invest in shares of REITs, which are pooled investment vehicles that invest in real estate or real estate loans or interests. Investing in REITs involves certain unique risks in addition to those risks associated with investing in the real estate industry in general. These risks may include, but are not limited to, the following: declines in the value of real estate; risks related to general and local economic conditions; possible lack of availability of mortgage funds; lack of ability to access the credit or capital markets; overbuilding; extended vacancies of properties; defaults by borrowers or tenants, particularly during an economic downturn; increasing competition; increases in property taxes and operating expenses; changes in zoning laws; losses due to costs resulting from the clean-up of environmental problems; liability to third parties for damages resulting from environmental problems; casualty or condemnation losses; limitations on rents; changes in market and sub-market values and the appeal of properties to tenants; and changes in interest rates. Furthermore, REITs are dependent on specialized management skills. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties. REITs depend generally on their ability to generate cash flow to make distributions to shareholders or unitholders, and may be subject to defaults by borrowers and to self-liquidations. In addition, a U.S. REIT may be affected by its failure to qualify for tax-free pass-through of income under the Code or its failure to maintain exemption from registration under the 1940 Act). By investing in REITs indirectly through a fund, shareholders will bear not only the proportionate share of the expenses of the fund, but also, indirectly, similar expenses of underlying REITs.

Generally, REITs can be classified as Equity REITs, Mortgage REITs and Hybrid REITs. Equity REITs invest the majority of their assets directly in real property and derive their income primarily from rents and capital gains from appreciation realized through property sales. Mortgage REITs invest the majority of their assets in real estate mortgages and derive their income primarily from interest payments. Hybrid REITs combine the characteristics of both Equity and Mortgage REITs.

Mortgage REITs receive principal and interest payments from the owners of the mortgaged properties. Accordingly, mortgage REITs are subject to the credit risk of the borrowers to whom they extend credit. Credit risk refers to the possibility that the borrower will be unable and/or unwilling to make timely interest payments and/or repay the principal on the loan to a mortgage REIT when due. Mortgage REITs are subject to significant interest rate risk. When the general level of interest rates goes up, the value of a mortgage REIT's investment in fixed rate obligations goes down. When the general level of interest rates goes down, the value of a mortgage REIT's investment in fixed rate obligations goes up. Mortgage REITs typically use leverage and many are highly leveraged, which exposes them to leverage risk. Leverage risk refers to the risk that leverage created from borrowing may impair a mortgage REIT's liquidity, cause it to liquidate positions at an unfavorable time and increase the volatility of the values of securities issued by the mortgage REIT. Mortgage REITs are subject to prepayment risk, which is the risk that borrowers may prepay their mortgage loans at faster than expected rates. Prepayment rates generally increase when interest rates fall and decrease when interest rates rise. These faster than expected payments may adversely affect a mortgage REIT's profitability because the mortgage REIT may be forced to replace investments that have been redeemed or repaid early with other investments having a lower yield. Additionally, rising interest rates may cause the duration of a mortgage REIT's investments to be longer than anticipated and increase such investments' interest rate sensitivity.

Ultimately, a REIT's performance depends on the types of properties it owns and how well the REIT manages its properties. Investing in REITs involves risks similar to those associated with investing in equity securities of small capitalization companies.

<u>Trust Certificates, Partnership Interests and Equity Participations</u>. Each Series (with the exception of the Core Bond Series, Diversified Tax Exempt Series, and Unconstrained Bond Series) may invest in equity securities that are interests in non-corporate entities. These securities, which include trust certificates, partnership interests and equity participations, have different liability and tax characteristics than equity securities issued by a corporation, and thus may present additional risks to the Series. However, the investment characteristics of these securities are similar to those of traditional corporate equity securities.

<u>Business Development Companies ("BDCs")</u>. BDCs are a type of closed-end investment company regulated under the 1940 Act. BDCs generally invest in less mature private companies or thinly traded U.S. public companies which involve greater risk than well-established publicly-traded companies. While BDCs are expected to generate income in the form of dividends, certain BDCs during certain periods of time may not generate such income. A Series that invests in BDCs will indirectly bear its proportionate share of any management and other operating expenses and of any performance-based or incentive fees charged by the BDCs in which it invests, in addition to the expenses paid by the Series. The 1940 Act imposes certain constraints upon the operations of a BDC. For example, BDCs are required to invest at least 70% of their total assets primarily in securities of private companies or thinly traded U.S. public companies, cash, cash equivalents, U.S. government securities and high quality debt investments that mature in one year or less. Generally, little public information exists for private and thinly traded companies and there is a risk that investors may not be able to make a fully informed evaluation of a BDC and its portfolio of investments. With respect to investments in debt instruments, there is a risk that the issuers of such instruments may default on their payments or declare bankruptcy. Additionally, a BDC may only incur indebtedness in amounts such that the BDC's coverage ratio of total assets to total senior securities equals at least 200% after such incurrence. These limitations on asset mix and leverage may affect the way that the BDC raises capital. BDCs compete with other entities for the types of investments they make, and such entities are not necessarily subject to the same investment constraints as BDCs.

Investments made by BDCs are generally subject to legal and other restrictions on resale and are otherwise less liquid than publicly-traded securities. The illiquidity of these investments may make it difficult to sell such investments if the need arises, and if there is a need for a BDC in which a Series invests to liquidate its portfolio quickly, it may realize a loss on its investments. BDCs may have relatively concentrated investment portfolios, consisting of a relatively small number of holdings. A consequence of this limited number of investments is that the aggregate returns realized may be disproportionately impacted by the poor performance of a small number of investments, or even a single investment, particularly if a company experiences the need to write down the value of an investment. Since BDCs rely on access to short-term money markets, longer-term capital markets and the bank markets as significant sources of liquidity, if BDCs are not able to access capital at competitive rates, their ability to implement certain financial strategies will be negatively impacted. Market disruptions, including a downturn in capital markets in general or a downgrade of the credit rating of a BDC held by a Series, may increase the cost of borrowing to that company, thereby increasing its cost of borrowing and adversely impacting the Series' returns. Credit downgrades may also result in requirements for a BDC to provide additional support in the form of letters of credit or cash or other collateral to various counterparties.

Since many of the assets of BDCs do not have readily ascertainable market values, such assets are most often recorded at fair value, in good faith, in accordance with valuation procedures adopted by such companies. A fair value determination requires that judgment be applied to the specific facts and circumstances. Due to the absence of a readily ascertainable market value, and because of the inherent uncertainty of fair valuation, the fair value assigned to a BDC's investments may differ significantly from the values that would be reflected if the assets were traded in an established market, potentially resulting in material differences between a BDC's net asset value ("NAV") per share and its market value.

Many BDCs invest in mezzanine and other debt securities of privately held companies, including senior secured loans. Mezzanine investments typically are structured as subordinated loans (with or without warrants) that carry a fixed rate of interest. Many debt investments in which a BDC may invest will not be rated by a credit rating agency and will be below investment grade quality. These investments are commonly referred to as "junk bonds" and have predominantly speculative characteristics with respect to an issuer's capacity to make payments of interest and principal. Although lower grade securities are higher yielding, they are also characterized by high risk. In addition, the secondary market for lower grade securities may be less liquid than that of higher rated securities. Issuers of lower rated securities have a currently identifiable vulnerability to default or may currently be in default. Lower-rated securities may react more strongly to real or perceived adverse economic and competitive industry conditions than higher grade securities. If the issuer of lower-rated securities defaults, a BDC may incur additional expenses to seek recovery.

Section 12(d)(1)(A) of the 1940 Act limits the extent to which a Series may invest in securities of BDCs, but the 1940 Act provides certain exceptions to these limitations that the Series may rely on from time to time.

<u>Master Limited Partnerships ("MLPs")</u>. MLPs are limited partnerships or limited liability companies whose partnership units or limited liability interests are listed and traded on a U.S. securities exchange, and which are treated as publicly traded partnerships for federal income tax purposes. To qualify to be treated as a partnership for tax purposes, an MLP must receive at least 90% of its income from qualifying sources as set forth in Section 7704(d) of the Code. These qualifying sources include activities such as the exploration, development, mining, production, processing, refining, transportation, storage and marketing of mineral or natural resources. MLPs generally have two classes of owners, the general partner and limited partners. MLPs that are formed as limited liability companies generally have two analogous classes of owners, the managing member and the members. For purposes of this section, references to general partners also apply to managing members and references to limited partners also apply to members. The general partner is typically owned by a major energy company, an investment fund, the direct management of the MLP or is an entity owned by one or more of such parties. The general partner may be structured as a private or publicly traded corporation or other entity. The general partner typically controls the operations and management of the MLP through an equity interest of as much as 2% in the MLP plus, in many cases, ownership of common units and subordinated units. Limited partners own the remainder of the MLP through ownership of common units and have a limited role in the MLP's operations and management.

MLPs are typically structured such that common units and general partner interests have first priority to receive quarterly cash distributions up to an established minimum amount ("minimum quarterly distributions" or "MQD"). Common and general partner interests also accrue arrearages in distributions to the extent the MQD is not paid. Once common and general partner interests have been paid, subordinated units receive distributions of up to the MQD; however, subordinated units do not accrue arrearages. Distributable cash in excess of the MQD paid to both common and subordinated units is distributed to both common and subordinated units generally on a pro rata basis. The general partner is also eligible to receive incentive distributions if the general partner operates the business in a manner which results in distributions paid per common unit surpassing specified target levels. As the general partner increases cash distributions to the limited partners, the general partner receives an increasingly higher percentage of the incremental cash distributions. A common arrangement provides that the general partner can reach a tier where it receives 50% of every incremental dollar paid to common and subordinated unit holders. These incentive distributions encourage the general partner to streamline costs, increase capital expenditures and acquire assets in order to increase the partnership's cash flow and raise the quarterly cash distribution in order to reach higher tiers.

General partner interests of MLPs are typically retained by an MLP's original sponsors, such as its founders, corporate partners, entities that sell assets to the MLP and investors such as the Series. A holder of general partner interests can be liable under certain circumstances for amounts greater than the amount of the holder's investment in the general partner interest. General partner interests often confer direct board participation rights, and in many cases, operating control, over the MLP. These interests themselves are not publicly traded, although they may be owned by publicly traded entities. General partner interests receive cash distributions, typically 2% of the MLP's aggregate cash distributions, which are contractually defined in the partnership agreement. In addition, holders of general partner interests typically hold incentive distribution rights, which provide them with a larger share of the aggregate MLP cash distributions as the distributions to limited partner unit holders are increased to prescribed levels. General partner interests generally cannot be converted into common units. The general partner interest can be redeemed by the MLP if the MLP unitholders choose to remove the general partner, typically with a supermajority vote by limited partner unitholders.

<u>Tracking Stocks</u>. A tracking stock is a separate class of common stock whose value is linked to a specific business unit or operating division within a larger company and which is designed to "track" the performance of such business unit or division. The tracking stock may pay dividends to shareholders independent of the parent company. The parent company, rather than the business unit or division, generally is the issuer of tracking stock. However, holders of the tracking stock may not have the same rights as holders of the company's common stock.

**FIXED INCOME INVESTMENTS**

<u>Corporate Debt Obligations</u>. Each Series may invest in corporate debt obligations issued by financial institutions and corporations. Corporate debt obligations are subject to the risk of an issuer's inability to meet principal and interest payments on the obligations and may also be subject to price volatility due to such factors as market interest rates, market perception of the creditworthiness of the issuer and general market liquidity.

<u>U.S. Government Securities</u>. Each Series may invest in debt obligations of varying maturities issued or guaranteed by the U.S. Government, its agencies or instrumentalities. Direct obligations of the U.S. Treasury, which are backed by the full faith and credit of the U.S. Government, include a variety of Treasury securities that differ only in their interest rates, maturities and dates of issuance. U.S. Government agencies or instrumentalities which issue or guarantee securities include, but are not limited to, the Federal Housing Administration, Federal National Mortgage Association ("Fannie Mae"), Farmers Home Administration, Export-Import Bank of the United States, Small Business Administration, Government National Mortgage Association ("GNMA"), General Services Administration, Central Bank for Cooperatives, Federal Home Loan Banks ("FHLB"), Federal Home Loan Mortgage Corporation ("FHLMC" or "Freddie Mac"), Federal Intermediate Credit Banks, Federal Land Banks, Maritime Administration, the Tennessee Valley Authority, District of Columbia Armory Board and the Student Loan Marketing Association ("Sallie Mae").

Obligations of U.S. Government agencies and instrumentalities such as Fannie Mae, FHLB, FHLMC and Sallie Mae are not supported by the full faith and credit of the United States. Some are backed by the right of the issuer to borrow from the U.S. Treasury; others by discretionary authority of the U.S. Government to purchase the agencies' obligations; while still others, such as Sallie Mae, are supported only by the credit of the instrumentality. In the case of securities not backed by the full faith and credit of the United States, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, and may not be able to assert a claim against the United States itself in the event the agency or instrumentality does not meet its commitment.

A Series will invest in securities of such instrumentalities only when the Fund's investment advisor, Manning & Napier Advisors, LLC ("MNA" or the "Advisor"), is satisfied that the credit risk with respect to any instrumentality is consistent with the Series' goal and strategies.

On September 7, 2008, the U.S. Treasury announced a federal takeover of Fannie Mae and Freddie Mac, placing the two federal instrumentalities in conservatorship. Under the takeover, the U.S. Treasury agreed to acquire $1 billion of senior preferred stock of each instrumentality and obtained warrants for the purchase of common stock of each instrumentality (the "Senior Preferred Stock Purchase Agreements" or "SPAs"). Under the SPAs, the U.S. Treasury pledged to provide up to $200 billion per instrumentality as needed, including the contribution of cash capital to the instrumentalities in the event their liabilities exceed their assets. This was intended to ensure that the instrumentalities maintain a positive net worth and meet their financial obligations, preventing mandatory triggering of receivership. On December 24, 2009, the U.S. Treasury announced that it was amending the SPAs to allow the $200 billion cap on the U.S. Treasury's funding commitment to increase as necessary to accommodate any cumulative reduction in net worth through the end of 2012. The unlimited support the U.S. Treasury extended to the two companies expired at the beginning of 2013 – Fannie Mae's support is now capped at $125 billion and Freddie Mac has a limit of $149 billion.

On August 17, 2012, the U.S. Treasury announced that it was again amending the SPAs to terminate the requirement that Fannie Mae and Freddie Mac each pay a 10% annual dividend. Instead, the companies will transfer to the U.S. Treasury on a quarterly basis all profits earned during a quarter that exceed a capital reserve amount. The capital reserve amount was $3 billion in 2013, and decreased by $600 million in each subsequent year through 2017. It is believed that this amendment put Fannie Mae and Freddie Mac in a better position to service their debt because it eliminated the need for the companies to have to borrow from the U.S. Treasury to make fixed dividend payments. As part of the new terms, Fannie Mae and Freddie Mac also will be required to reduce their investment portfolios over time. On December 21, 2017, the U.S. Treasury announced that it was again amending the Agreement to reinstate the $3 billion capital reserve amount. On September 30, 2019, the U.S. Treasury announced that it was further amending the Agreement, now permitting Fannie Mae and Freddie Mac to retain earnings beyond the $3 billion capital reserves previously allowed through the 2017 amendment. Fannie Mae and Freddie Mac are now permitted to maintain capital reserves of $25 billion and $20 billion, respectively.

Fannie Mae and Freddie Mac are the subject of several continuing class action lawsuits and investigations by federal regulators over certain accounting, disclosure or corporate governance matters, which (along with any resulting financial restatements) may adversely affect the guaranteeing entities. Importantly, the future of the entities is in serious question as the U.S. Government reportedly is considering multiple options, ranging from nationalization, privatization, consolidation, or abolishment of the entities.

<u>Mortgage-Backed Securities</u>. Each Series (except for the Diversified Tax Exempt Series) may invest in mortgage-backed securities, which represent an interest in a pool of mortgage loans. Some of these securities are issued or guaranteed by U.S. Government agencies or instrumentalities such as GNMA, Fannie Mae, and FHLMC. Obligations of GNMA are backed by the full faith and credit of the U.S. Government. Obligations of Fannie Mae and FHLMC are not backed by the full faith and credit of the U.S. Government, but are supported by the U.S. Treasury's authority to purchase the obligations and lend to the companies. The market value and interest yield of these mortgage-backed securities can vary due to market interest rate fluctuations and early prepayments of underlying mortgages. These securities represent ownership in a pool of federally insured mortgage loans with a maximum maturity of 30 years. However, due to scheduled and unscheduled principal payments on the underlying loans, these securities have a shorter average maturity and, therefore, less principal volatility than a comparable 30-year bond. Since prepayment rates vary widely, it is not possible to accurately predict the average maturity of a particular mortgage-backed security. The scheduled monthly interest and principal payments relating to mortgages in the pool will be "passed through" to investors. Government mortgage-backed securities differ from conventional bonds in that principal is paid back to the certificate holders over the life of the loan rather than at maturity. As a result, there will be monthly scheduled payments of principal and interest. In addition, there may be unscheduled principal payments representing prepayments on the underlying mortgages. Although these securities may offer yields higher than those available from other types of U.S. Government securities, mortgage-backed securities may be less effective than other types of securities as a means of "locking in" attractive long-term rates because of the prepayment feature. For instance, when interest rates decline, the value of these securities likely will not rise as much as comparable debt securities due to the prepayment feature. In addition, these prepayments can cause the price of a mortgage-backed security originally purchased at a premium to decline in price to its par value, which may result in a loss.

Each Series (with the exception of the Real Estate Series and Diversified Tax Exempt Series) may also invest in private pass-through securities issued by a non-governmental entity, such as a trust. These securities include collateralized mortgage obligations ("CMOs") and real estate mortgage investment conduits ("REMICs"). Each Series other than the Core Bond Series and Credit Series may invest in CMOs and REMICs without restriction as to any specific ratings agency security rating. The Core Bond Series and Credit Series may invest in CMOs and REMICs that are rated as investment grade by Standard & Poor's Corporation ("S&P") or Moody's Investors Service ("Moody's") (or determined to be of equivalent quality by the Advisor). CMOs are securities collateralized by mortgages, mortgage pass-throughs, mortgage pay-through bonds (bonds representing an interest in a pool of mortgages where the cash flow generated from the mortgage collateral pool is dedicated to bond repayment), and mortgage-backed bonds (general obligations of the issuers payable out of the issuer's general funds and additionally secured by a first lien on a pool of single family detached properties). Many CMOs are issued with a number of classes or series which have different maturities and are retired in sequence. Investors purchasing such CMOs in the shortest maturities receive or are credited with their pro rata portion of the scheduled payments of interest and principal on the underlying mortgages plus all unscheduled prepayments of principal up to a predetermined portion of the total CMO obligation. Until that portion of such CMO obligation is repaid, investors in the longer maturities receive interest only. Accordingly, CMOs in the longer maturity series are less likely than other mortgage pass-throughs to be prepaid prior to their stated maturity. Although some of the mortgages underlying CMOs may be supported by various types of insurance, and some CMOs may be backed by GNMA certificates of other mortgage pass-throughs issued or guaranteed by U.S. Government agencies or instrumentalities, the CMOs themselves are not generally guaranteed.

REMICs, are private entities formed for the purpose of holding a fixed pool of mortgages secured by an interest in real property. REMICs are similar to CMOs in that they issue multiple classes of securities.

The privately issued mortgage-backed securities in which a Series invests are not issued or guaranteed by the U.S. Government or its agencies or instrumentalities and may bear a greater risk of nonpayment than securities that are backed by the U.S. Treasury.

For the avoidance of doubt, the Diversified Tax Exempt Series' investments in mortgage-backed securities issued or guaranteed by U.S. Government agencies or instrumentalities such as GNMA, Fannie Mae, and FHLMC, that represent an interest in tax-exempt loans issued by state or local housing authorities and other similarly structured tax-exempt securities are categorized by the Diversified Tax Exempt Series as municipal securities for purposes of the Series' investment policies and restrictions.

<u>Commercial Mortgage-Backed Securities</u>. Commercial mortgage-backed securities include securities that reflect an interest in, and are secured by, mortgage loans on commercial real property. Many of the risks of investing in commercial mortgage-backed securities reflect the risks of investing in the real estate securing the underlying mortgage loans. These risks reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make loan payments, and the ability of a property to attract and retain tenants. Commercial mortgage-backed securities may be less liquid and exhibit greater price volatility than other types of mortgage- or asset-backed securities.

<u>Mortgage Dollar Rolls</u>. Each Series (with the exception of the Real Estate Series) may invest in mortgage dollar rolls. Mortgage dollar rolls are transactions in which a Series sells securities (usually mortgage-backed securities) and simultaneously contracts to repurchase substantially similar, but not identical, securities on a specified future date. A mortgage dollar roll program may be structured to simulate an investment in mortgage-backed securities at a potentially lower cost, or with potential reduced administrative burdens, than directly holding mortgage-backed securities. A mortgage dollar roll can be viewed as a collateralized borrowing in which a Series pledges a mortgage-backed security to a counterparty to obtain cash. The counterparty with which a Series enters into a mortgage dollar roll transaction is not required to return the same securities as those originally sold by the Series, but rather only securities which are "substantially identical." To be considered substantially identical, the securities returned to the Series generally must be of the same type, coupon, and maturity and meet the "good delivery guidelines" established by the Bond Market Association, which is a private trade association of dealers in debt securities. Notwithstanding a dealer's compliance with the "good delivery guidelines," a Series may assume some risk because the characteristics of the mortgage-backed securities delivered to the Series may be less favorable than the mortgage-backed securities the Series delivered to the dealer. If the broker-dealer to whom a Series sells the securities becomes insolvent, the Series' right to repurchase the securities may be restricted. Other risks involved in entering into mortgage dollar rolls include the risk that the value of the securities may change adversely over the term of the mortgage dollar roll and that the securities a Series is required to repurchase may be worth less than the securities that the Series originally held. To avoid senior security concerns, a Series will "cover" any mortgage dollar roll as required by the 1940 Act.

<u>Asset-Backed Securities</u>. Each Series (with the exception of the Real Estate Series and Diversified Tax Exempt Series) may invest in asset-backed securities. These securities, issued by trusts and special purpose corporations, are backed by a pool of assets, such as credit card and automobile loan receivables, representing the obligations of a number of different parties.

Asset-backed securities present certain risks. For instance, in the case of credit card receivables, these securities may not have the benefit of any security interest in the related collateral. Credit card receivables are generally unsecured and the debtors are entitled to the protection of a number of state and federal consumer credit laws, many of which give such debtors the right to set off certain amounts owed on the credit cards, thereby reducing the balance due. Most issuers of automobile receivables permit the servicers to retain possession of the underlying obligations. If the servicer were to sell these obligations to another party, there is a risk that the purchaser would acquire an interest superior to that of the holders of the related automobile receivables. In addition, because of the large number of vehicles involved in a typical issuance and technical requirements under state laws, the trustee for the holders of the automobile receivables may not have a proper security interest in all of the obligations backing such receivables. Therefore, there is the possibility that recoveries on repossessed collateral may not, in some cases, be available to support payments on these securities.

Asset-backed securities are often backed by a pool of assets representing the obligations of a number of different parties. To lessen the effect of failures by obligors to make payments on underlying assets, the securities may contain elements of credit support which fall into two categories: (i) liquidity protection and (ii) protection against losses resulting from ultimate default by an obligor on the underlying assets. Liquidity protection refers to the provision of advances, generally by the entity administering the pool of assets, to ensure that the receipt of payments on the underlying pool occurs in a timely fashion. Protection against losses resulting from ultimate default ensures payment through insurance policies or letters of credit obtained by the issuer or sponsor from third parties. The degree of credit support provided for each issue is generally based on historical information respecting the level of credit risk associated with the underlying assets. Delinquency or loss in excess of that anticipated or failure of the credit support could adversely affect the return on an instrument in such a security.

The estimated life of an asset-backed security varies with the prepayment experience with respect to the underlying debt instruments. The rate of such prepayments, and hence the life of an asset-backed security, will be primarily a function of current market interest rates, although other economic and demographic factors may be involved. For example, falling interest rates generally result in an increase in the rate of prepayments of mortgage loans while rising interest rates generally decrease the rate of prepayments. Consequently, asset-backed securities are subject to call risk and extension risk (described below).

<u>Collateralized Debt Obligations ("CDOs")</u>. Each Series (with the exception of the Real Estate Series) may invest in CDOs, which include collateralized bond obligations ("CBOs"), collateralized loan obligations ("CLOs") and other similarly structured securities. CBOs and CLOs are types of asset-backed securities. A CBO is a trust which is backed by a diversified pool of high risk, below investment grade fixed income securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans.

For both CBOs and CLOs, the cashflows from the trust are split into two or more portions, called tranches, varying in risk and yield. The riskiest portion is the "equity" tranche which bears the bulk of defaults from the bonds or loans in the trust and serves to protect the other, more senior tranches from default in all but the most severe circumstances. Since it is partially protected from defaults, a senior tranche from a CBO trust or CLO trust typically has higher ratings and lower yields than its underlying securities, and can be rated investment grade. Despite the protection from the equity tranche, CBO or CLO tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CBO or CLO securities as a class.

The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the CDO in which the fund invests. Normally, CBOs, CLOs and other CDOs are privately offered and sold, and thus, are not registered under the securities laws. As a result, investments in CDOs may be characterized by a Series as illiquid securities; however, an active dealer market may exist for CDOs allowing a CDO to qualify for Rule 144A transactions. In addition to the normal risks associated with fixed income securities discussed elsewhere in this SAI (e.g., interest rate risk and default risk), CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) a Series may invest in CDOs that are subordinate to other classes; and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

<u>High-Yield Securities</u>. High-yield securities are fixed income securities that are rated below BBB by S&P or Baa by Moody's and are considered to be "below investment grade" because they are considered to have speculative characteristics and involve greater risk of default or price changes due to changes in the issuer's creditworthiness.

The Real Estate Series may invest up to 5% of its assets in debt securities rated below investment grade. The Unconstrained Bond Series may invest up to 50% of its assets in corporate debt securities rated below investment grade. Under normal circumstances, the High Yield Bond Series will invest at least 80% of its net assets in bonds rated below investment grade and similar investments. The High Yield Bond Series may invest up to 100% of its assets in corporate or government debt securities rated below investment grade. The Series may invest in securities with any rating, including those that have defaulted, are not rated, or have had their rating withdrawn.

Market prices of these securities may fluctuate more than higher rated securities and they are difficult to price at times because they are more thinly traded and less liquid securities. Market prices may decline significantly in periods of general economic difficulty which may follow periods of rising interest rates. Securities in the lowest rating category may be in default. For these reasons, it is the Series' policy not to rely primarily on ratings issued by established credit rating agencies, but to utilize such ratings in conjunction with the Advisor's own independent and ongoing review of credit quality.

In the event that a Series purchases an investment grade fixed income security that is subsequently downgraded to a high-yield security, as discussed in this section, the Advisor will review and take appropriate action, including no action, with regard to the security. Each Series will also seek to minimize risk by diversifying its holdings of high-yield securities. For a description of the above ratings, see Appendix A.

<u>Bank Loans</u>. Bank loans are generally non-investment grade floating rate instruments. Usually, they are freely callable at the issuer's option. Certain Series may invest in fixed and floating rate loans ("Loans") arranged through private negotiations between a corporate borrower or a foreign sovereign entity and one or more financial institutions ("Lenders"). A Series may invest in such Loans in the form of participations in Loans ("Participations") and assignments of all or a portion of Loans from third parties ("Assignments"). A Series considers these investments to be investments in debt securities for purposes of its investment policies. Participations typically will result in the Series having a contractual relationship only with the Lender, not with the borrower. The Series will have the right to receive payments of principal, interest and any fees to which it is entitled only from the Lender selling the Participation and only upon receipt by the Lender of the payments from the borrower. In connection with purchasing Participations, the Series generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the Loans, nor any rights of set-off against the borrower, and the Series may not benefit directly from any collateral supporting the Loan in which it has purchased the Participation. As a result, the Series will assume the credit risk of both the borrower and the Lender that is selling the Participation. In the event of the insolvency of the Lender selling the Participation, the Series may be treated as a general creditor of the Lender and may not benefit from any set-off between the Lender and the borrower. The Series will acquire Participations only if the Lender interpositioned between the Series and the borrower is determined by the Advisor to be creditworthy. When the Series purchases Assignments from Lenders, the Series will acquire direct rights against the borrower on the Loan, and will not have exposure to the Lender's credit risk. The Series may enter into Participations and Assignments on a forward commitment or "when-issued" basis, whereby a Series would agree to purchase a Participation or Assignment at set terms in the future.

A Series may have difficulty disposing of Assignments and Participations. In certain cases, the market for such instruments is not highly liquid, and therefore the Series anticipate that in such cases such instruments could be sold only to a limited number of institutional investors. The lack of a highly liquid secondary market may make Assignments and Participations difficult to value and have an adverse impact on the value of such instruments and on the Series' ability to dispose of particular Assignments or Participations in response to a specific economic event, such as deterioration in the creditworthiness of the borrower. Assignments and Participations will not be considered illiquid so long as it is determined by the Advisor that an adequate trading market exists for these securities. To the extent that liquid Assignments and Participations that a Series holds become illiquid, due to the lack of sufficient buyers or market or other conditions, the percentage of the Series' assets invested in illiquid assets would increase.

Leading financial institutions often act as agent for a broader group of lenders, generally referred to as a syndicate. The syndicate's agent arranges the loans, holds collateral and accepts payments of principal and interest. If the agent develops financial problems, a Series may not recover its investment or recovery may be delayed.

The Loans in which the Series may invest are subject to the risk of loss of principal and income. Although borrowers frequently provide collateral to secure repayment of these obligations they do not always do so. If they do provide collateral, the value of the collateral may not completely cover the borrower's obligations at the time of a default. If a borrower files for protection from its creditors under the U.S. bankruptcy laws, these laws may limit a Series' rights to its collateral. In addition, the value of collateral may erode during a bankruptcy case. In the event of a bankruptcy, the holder of a Loan may not recover its principal, may experience a long delay in recovering its investment and may not receive interest during the delay.

The Advisor may from time to time have the opportunity to receive material non-public information ("Confidential Information") about the borrower, including financial information and related documentation regarding the borrower that is not publicly available. Pursuant to applicable policies and procedures, the Advisor may (but is not required to) seek to avoid receipt of Confidential Information from the borrower so as to avoid possible restrictions on its ability to purchase and sell investments on behalf of the Series and other clients to which such Confidential Information relates (e.g., publicly traded securities issued by the borrower). In such circumstances, the Series (and other clients of the Advisor) may be disadvantaged in comparison to other investors, including with respect to the price the Series pays or receives when it buys or sells a bank loan. Further, the Advisor's abilities to assess the desirability of proposed consents, waivers or amendments with respect to certain bank loans may be compromised if it is not privy to available Confidential Information. The Advisor may also determine to receive such Confidential Information in certain circumstances under its applicable policies and procedures. If the Advisor intentionally or unintentionally comes into possession of Confidential Information, it may be unable, potentially for a substantial period of time, to purchase or sell publicly traded securities to which such Confidential Information relates.

<u>Yankee Bonds</u>. Each Series may invest in U.S. dollar-denominated instruments of foreign issuers who either register with the Securities and Exchange Commission ("SEC") or issue securities under Rule 144A of the 1933 Act ("Yankee bonds"). These consist of debt securities (including preferred or preference stock of non-governmental issuers), certificates of deposit, fixed time deposits and banker's acceptances issued by foreign banks, and debt obligations of foreign governments or their subdivisions, agencies and instrumentalities, international agencies and supranational entities. Some securities issued by foreign governments or their subdivisions, agencies and instrumentalities may not be backed by the full faith and credit of the foreign government. Yankee bonds, as obligations of foreign issuers, are subject to the same types of risks discussed in "Risks of Foreign Securities" below. The Yankee bonds selected for a Series will adhere to the same quality standards as those utilized for the selection of domestic debt obligations.

As compared with bonds issued in the United States, such bond issues normally carry a higher interest rate but are less actively traded.

<u>Obligations of Supranational Agencies</u>. Each Series (with the exception of Diversified Tax Exempt Series) may purchase securities issued or guaranteed by supranational agencies including, but not limited to, the following: Asian Development Bank, Inter-American Development Bank, International Bank for Reconstruction and Development (World Bank), African Development Bank, European Coal and Steel Community, European Union, and the European Investment Bank. For concentration purposes, supranational entities are considered an industry. Investment in these entities is subject to the Series' other restrictions on investments in foreign securities, described below.

<u>Municipal Bonds and Other Municipal Obligations</u>. The Series invest principally in municipal bonds and other municipal obligations. These bonds and other obligations are issued by the states and by their local and special-purpose political subdivisions. The term "municipal bond" includes short-term municipal notes issued by the states and their political subdivisions, including, but not limited to, tax anticipation notes ("TANs"), bond anticipation notes ("BANs"), revenue anticipation notes ("RANs"), construction loan notes, tax free commercial paper, and tax free participation certificates. In general, municipal obligations include debt obligations issued by states, cities and local authorities to obtain funds for various public purposes, including construction of a wide range of public facilities such as airports, bridges, highways, hospitals, housing, mass transportation, schools, streets and water and sewer works.

General obligation bonds are backed by the issuer's pledge of its faith, credit, and taxing power for the payment of principal and interest. The taxes that can be levied for the payment of debt service may be limited or unlimited as to rate and amount. For a limited obligation or revenue bond, the only security is typically the net revenue derived from payments by a particular facility or class of facilities financed by the proceeds of the bonds or, in some cases, from the proceeds of a special tax or other special revenues. Although the security behind these bonds varies widely, many lower rated bonds provide additional security in the form of a debt service reserve fund that may also be used to make principal and interest payments on the issuer's obligations. In addition, some revenue obligations(as well as general obligations) are insured by a bond insurance company or backed by a letter of credit issued by a banking institution. The credit quality of revenue bonds is usually directly related to the credit standing of the user of the facility being financed or of an institution which provides a guarantee, letter of credit or other credit enhancement for the bond issue. Revenue bonds do not generally constitute the pledge of the credit of the issuer of such bonds and are generally not secured by the taxing power of the municipality. Revenue bonds are included in the term municipal obligations if the interest paid thereon is exempt from federal income tax. Revenue bonds may include, but are not limited to, pollution control, health care, housing, education-related and industrial development bonds.

Generally, the creditworthiness of a local municipal obligation is unrelated to that of the municipal obligations of the state itself if the state has no responsibility to guarantee or otherwise make payments on those local municipal obligations.

Generally, interest received on municipal obligations is exempt from federal income tax. The tax-exempt nature of the interest on a municipal obligation is generally the subject of a bond counsel opinion delivered in connection with the issuance of the instrument. Tax opinions are generally provided at the time the municipal security is initially issued and neither a fund or its portfolio manager(s) will independently review the bases for those tax opinions or guarantee that the tax opinions are correct. There is no assurance that the Internal Revenue Service (the "IRS") will agree with bond counsel's opinion that such interest is tax-exempt or that the interest payments on such municipal obligations will continue to be tax exempt for the life of the municipal obligation. Issuers or other parties generally enter into covenants requiring continuing compliance with federal tax requirements to preserve the tax-free status of interest payments over the life of the municipal obligation. If at any time the covenants are not complied with, or if the IRS otherwise determines that the issuer did not comply with relevant tax requirements, interest payments from a municipal obligation could become federally taxable, possibly retroactively to the date the municipal obligation was issued, and an investor may need to file an amended income tax return.

Obligations of issuers of municipal obligations are subject to the provisions of bankruptcy, insolvency and other laws affecting the rights and remedies of creditors. The application of state law to municipal obligation issuers could produce varying results among the states or among municipal obligation issuers within a state. These uncertainties could have a significant impact on the prices of the municipal obligations in which a Fund invests. In addition, issuers of municipal obligations may become subject to the laws enacted in the future by Congress, state legislatures or referenda extending the time for payment of principal and/or interest, or imposing other constraints upon enforcement of such obligations or upon municipalities to levy taxes. There is also the possibility that, as a result of legislation or other conditions, the power or ability of any issuer to pay, when due, the principal of and interest on its municipal obligations may be materially affected.

The two general classifications of municipal bonds are "general obligation" bonds and "revenue" bonds. General obligation bonds are secured by the governmental issuer's pledge of its faith, credit and taxing power for the payment of principal and interest upon a default by the issuer of its principal and interest payment obligations. They are usually paid from general revenues of the issuing governmental entity. Revenue bonds, on the other hand, are usually payable only out of a specific revenue source rather than from general revenues. Revenue bonds ordinarily are not backed by the faith, credit or general taxing power of the issuing governmental entity. The principal and interest on revenue bonds for private facilities are typically paid out of rents or other specified payments made to the issuing governmental entity by a private company which uses or operates the facilities. Examples of these types of obligations are industrial revenue bond and pollution control revenue bonds. Industrial revenue bonds are issued by governmental entities to provide financing aid to community facilities such as hospitals, hotels, business or residential complexes, convention halls and sport complexes. Pollution control revenue bonds are issued to finance air, water and solids pollution control systems for privately operated industrial or commercial facilities.

Revenue bonds for private facilities usually do not represent a pledge of the credit, general revenues or taxing powers of issuing governmental entity. Instead, the private company operating the facility is the sole source of payment of the obligation. Sometimes, the funds for payment of revenue bonds come solely from revenue generated by operation of the facility. Federal income tax laws place substantial limitations on industrial revenue bonds, and particularly certain specified private activity bonds issued after August 7, 1986. In the future, legislation could be introduced in Congress which could further restrict or eliminate the income tax exemption for interest on debt obligations in which the Series may invest.

The Series may invest in refunded bonds. Refunded bonds may have originally been issued as general obligation or revenue bonds, but become refunded when they are secured by an escrow fund, usually consisting entirely of direct U.S. government obligations and/or U.S. government agency obligations sufficient for paying the bondholders. There are two types of refunded bonds: pre-refunded bonds and escrowed-to-maturity ("ETM") bonds. The escrow fund for a pre-refunded municipal bond may be structured so that the refunded bonds are to be called at the first possible date or a subsequent call date established in the original bond debenture. The call price usually includes a premium from 1% to 3% above par. This type of structure usually is used for those refundings that either reduce the issuer's interest payment expenses or change the debt maturity schedule. In escrow funds for ETM refunded municipal bonds, the maturity schedules of the securities in the escrow funds match the regular debt-service requirements on the bonds as originally stated in the bond indentures.

The Series also may purchase municipal lease obligations, primarily through certificates of participation. Certificates of participation in municipal leases are undivided interests in a lease, installment purchase contract or conditional sale contract entered into by a state or local governmental unit to acquire equipment or facilities. Municipal leases frequently have special risks which generally are not associated with general obligation bonds or revenue bonds. Municipal leases and installment purchase or conditional sales contracts (which usually provide for title to the leased asset to pass to the governmental issuer upon payment of all amounts due under the contract) have evolved as a means for governmental issuers to acquire property and equipment without meeting the constitutional and statutory requirements for the issuance of municipal debt.

Although lease obligations do not constitute general obligations of the municipality for which the municipality's taxing power is pledged, a lease obligation is ordinarily backed by the municipality's covenant to budget for, appropriate and make the payments due under the lease obligation. However, certain lease obligations contain "non-appropriation" clauses, which provide that the municipality has no obligation to make lease or installment purchase payments in future years unless money is appropriated for such purpose on a yearly basis. In evaluating securities for purchase, a Fund will take into account the incentive of the issuer to appropriate under the lease, among other factors. Some lease obligations may be illiquid under certain circumstances. Although non-appropriation lease obligations are secured by the leased equipment or facilities, disposition of the property in the event of foreclosure might prove difficult and time consuming. In addition, disposition upon non-appropriation or foreclosure might not result in recovery by a Fund of the full principal amount represented by an obligation.

In light of these concerns, the Series have adopted and follow procedures for determining whether any municipal lease obligations purchased by the Series are liquid and for monitoring the liquidity of municipal lease securities held in a Fund's portfolio. These procedures require that a number of factors be used in evaluating the liquidity of a municipal lease security, including the frequency of trades and quotes for the security, the number of dealers willing to purchase or sell the security and the number of other potential purchasers, the willingness of dealers to undertake to make a market in security, the nature of the marketplace in which the security trades, and other factors which the Sub-Adviser may deem relevant. As set forth in "Investment Restrictions" above, each Fund is subject to limitations on the percentage of illiquid securities it can hold.

The Series may also acquire derivative municipal securities, which are custodial receipts of certificates underwritten by securities dealers or banks that evidence ownership of future interest payments, principal payments or both on certain municipal securities. The underwriter of these certificates or receipts typically purchases municipal securities and deposits them in an irrevocable trust or custodial account with a custodian bank, which then issues receipts or certificates that evidence ownership of the periodic unmatured coupon payments and the final principal payment on the obligation.

The principal and interest payments on the municipal securities underlying custodial receipts may be allocated in a number of ways. For example, payments may be allocated such that certain custodial receipts may have variable or floating interest rates and others may be stripped securities which pay only the principal or interest due on the underlying municipal securities. The Series may invest in custodial receipts which have inverse floating interest rates and other inverse floating rate municipal obligations, as described below under "Inverse Floating Rate Municipal Securities."

Variable Rate Demand Notes ("VRDNs") are long-term municipal obligations that have variable or floating interest rates and provide a Fund with the right to tender the security for repurchase at its stated principal amount plus accrued interest. Such securities typically bear interest at a rate that is intended to cause the securities to trade at par. The interest rate may float or be adjusted at regular intervals (ranging from daily to annually), and is normally based on an applicable interest index or another published interest rate or interest rate index. Most VRDNs allow a Fund to demand the repurchase of the security on not more than seven days prior notice. Other notes only permit a Fund to tender the security at the time of each interest rate adjustment or at other fixed intervals. Variable interest rates generally reduce changes in the market value of municipal obligations from their original purchase prices. Accordingly, as interest rates decrease, the potential for capital appreciation is less for variable rate municipal obligations than for fixed income obligations.

The Series may invest in inverse floating rate municipal securities or "inverse floaters," whose rates vary inversely to interest rates on a specified short-term municipal bond index or on another instrument. Such securities involve special risks as compared to conventional fixed-rate bonds. Should short-term interest rates rise, a Fund's investment in inverse floaters likely would adversely affect the Series' earnings and distributions to shareholders. Also, because changes in the interest rate on the other index or other instrument inversely affect the rate of interest received on an inverse floater, and because inverse floaters essentially represent a leveraged investment in a long-term bond, the value of an inverse floater is generally more volatile than that of a conventional fixed-rate bond having similar credit quality, redemption provisions and maturity. Although volatile in value, inverse floaters typically offer the potential for yields substantially exceeding the yields available on conventional fixed-rate bonds with comparable credit quality, coupon, call provisions and maturity. The markets for inverse floating rate securities may be less developed and have less liquidity than the markets for conventional securities. The Series will only invest in inverse floating rate securities whose underlying bonds are rated A or higher.

<u>Tax-exempt securities</u>. The Diversified Tax Exempt Series has a fundamental investment policy of investing at least 80% of its net assets in securities the income from which is exempt from federal income tax, including Alternative Minimum Tax, under normal circumstances.

In general, the secondary market for tax-exempt securities is less liquid than that for taxable fixed-income securities. Accordingly, the ability of the Series to buy and sell securities may, at any particular time and with respect to any particular securities, be limited. The Diversified Tax Exempt Series will not invest more than 25% of its total assets in any industry. Governmental issuers of tax-exempt securities are not considered part of any "industry". However, tax-exempt securities backed only by the assets and revenues of nongovernmental users may for this purpose (and for the diversification purposes discussed above) be deemed to be issued by such nongovernmental users, and the 25% limitation would apply to such obligations. It is nonetheless possible that the Diversified Tax Exempt Series may invest more than 25% of its assets in a broader segment of the market (but not in one industry) for tax-exempt securities, such as revenue obligations of hospitals and other health care facilities, housing agency revenue obligations, or transportation revenue obligations. This would be the case only if the Advisor determined that the yields available from obligations in a particular segment of the market justified the additional risks associated with such concentration. Although such obligations could be supported by the credit of governmental users or by the credit of nongovernmental users engaged in a number of industries, economic, business, political and other developments generally affecting the revenues of issuers (for example, proposed legislation or pending court decisions affecting the financing of such projects and market factors affecting the demand for their services or products) may have a general adverse effect on all tax-exempt securities in such a market segment.

Housing revenue bonds typically are issued by a state, county or local housing authority and are secured only by the revenues of mortgages originated by the authority using the proceeds of the bond issue. Because of the impossibility of precisely predicting demand for mortgages from the proceeds of such an issue, there is a risk that the proceeds of the issue will be in excess of demand, which would result in early retirement of the bonds by the issuer. Moreover, such housing revenue bonds depend for their repayment in part upon the cash flow from the underlying mortgages, which cannot be precisely predicted when the bonds are issued. The financing of multi-family housing projects is affected by a variety of factors, including satisfactory completion of construction, a sufficient level of occupancy, sound management, adequate rent to cover operating expenses, changes in applicable laws and governmental regulations and social and economic trends.

Health care facilities include life care facilities, nursing homes and hospitals. Bonds to finance these facilities are issued by various authorities. The bonds are typically secured by the revenues of each facility and not by state or local government tax payments. The projects must maintain adequate occupancy levels to be able to provide revenues adequate to maintain debt service payments. Moreover, in the case of life care facilities, since a portion of housing, medical care and other services may be financed by an initial deposit, there may be risk if the facility does not maintain adequate financial reserves to secure future liabilities. Life care facilities and nursing homes may be affected by regulatory cost restrictions applied to health care delivery in general, restrictions imposed by medical insurance companies and competition from alternative health care or conventional housing facilities. Hospital bond ratings are often based on feasibility studies which contain projections of expenses, revenues and occupancy levels. A hospital's income available to service its debt may be influenced by demand for hospital services, management capabilities, the service area economy, efforts by insurers and government agencies to limit rates and expenses, competition, availability and expense of malpractice insurance, and Medicaid and Medicare funding.

In recent years, nationally recognized rating organizations have reduced their ratings of a substantial number of the obligations of issuers in the health care sector of the tax-exempt securities market. A number of legislative proposals concerning health care have been considered and/or enacted by the U.S. Congress in recent years. These span a wide range of topics, including cost control, national health insurance, incentives for compensation in the provision of health care services, tax incentives and penalties related to health care insurance premiums, and promotion of prepaid healthcare plans. Depending upon their terms, certain reform proposals could have an adverse impact on certain health care sector issuers of tax-exempt securities.

<u>Hybrid Instruments</u>. Hybrid instruments, including index-linked notes, are a type of potentially high-risk derivative that combines a traditional stock, bond, or commodity with an option or forward contract. Generally, the principal amount, amount payable upon maturity or redemption, or interest rate of a hybrid is tied (positively or negatively) to the price of some commodity, currency or securities index or another interest rate or some other economic factor (each a "benchmark"). The interest rate or (unlike most fixed income securities) the principal amount payable at maturity of a hybrid security may be increased or decreased depending on changes in the value of the benchmark. An example of a hybrid could be a bond issued by an oil company that pays a small base level of interest with additional interest that accrues in correlation to the extent to which oil prices exceed a certain predetermined level. Such a hybrid instrument would be a combination of a bond and a call option on oil.

Hybrids can be used as an efficient means of pursuing a variety of investment goals, including currency hedging, duration management, and increased total return. Hybrids may not bear interest or pay dividends. The value of a hybrid or its interest rate may be a multiple of a benchmark and, as a result, may be leveraged and move (up or down) more steeply and rapidly than the benchmark. These benchmarks may be sensitive to economic and political events, such as commodity shortages and currency devaluations, which cannot be readily foreseen by the purchaser of a hybrid. Under certain conditions, the redemption value of a hybrid could be zero.

Thus, an investment in a hybrid may entail significant market risks that are not associated with a similar investment in a traditional, U.S. dollar-denominated bond that has a fixed principal amount and pays a fixed rate or floating rate of interest. The purchase of hybrids also exposes a Series to the credit risk of the issuer of the hybrids.

Certain hybrid instruments may provide exposure to the commodities markets. These are derivative securities with one or more commodity-linked components that have payment features similar to commodity futures contracts, commodity options, or similar instruments. Commodity-linked hybrid instruments may be either equity or debt securities, and are considered hybrid instruments because they have both security and commodity-like characteristics. A portion of the value of these instruments may be derived from the value of a commodity, futures contract, index or other economic variable. A commodity-linked note pays a return linked to the performance of a commodity or basket of commodities over a defined period. On the maturity date, the note pays the initial principal amount plus return, if any, based on the percentage change in the underlying commodity (or basket). Commodity linked investments may be more volatile and less liquid than the underlying instruments or measures, are subject to the credit risks associated with the issuer, and their values may decline substantially if the issuer's creditworthiness deteriorates. The Series will only invest in commodity-linked hybrid instruments that qualify under applicable rules of the Commodity Futures Trading Commission ("CFTC") for an exemption from the provisions of the CEA.

Certain issuers of structured products such as hybrid instruments may be deemed to be investment companies as defined in the 1940 Act. As a result, the Series' investments in these products may be subject to limits applicable to investments in investment companies and may be subject to restrictions contained in the 1940 Act.

<u>Zero-Coupon Bonds</u>. Each of the Series may invest in so-called "zero-coupon" bonds. Zero-coupon bonds are issued at a significant discount from face value and generally pay interest only at maturity rather than at intervals during the life of the security. Each Series is required to accrue and distribute income from zero-coupon bonds on a current basis, even though it does not receive that income currently in cash. Thus, the Series may have to sell investments to obtain cash needed to make income distributions. The discount, in the absence of financial difficulties of the issuer, decreases as the final maturity of the security approaches. Zero-coupon bonds can be sold prior to their maturity date in the secondary market at the then prevailing market value, which depends primarily on the time remaining to maturity, prevailing level of interest rates and the perceived credit quality of the issues. The market prices of zero-coupon securities are subject to greater fluctuations in response to changes in market interest rates than bonds which pay interest currently.

<u>Inflation Protected Securities</u>. Inflation protected securities are fixed income securities for which the principal and/or interest income paid is linked to inflation rates. They may be issued by the U.S. Treasury, foreign governments, or U.S. or foreign companies. The relationship between an inflation protected security and its associated inflation index affects both the sum the Series is paid when the security matures and the amount of interest that the security pays the Series. With inflation (a rise in the index), the principal of the security increases. With deflation (a drop in the index), the principal of the security decreases. Inflation protected securities pay interest at a fixed rate. Because the rate is applied to the adjusted principal, however, interest payments can vary in amount from one period to the next. If inflation occurs, the interest payment increases. In the event of deflation, the interest payment decreases. At the maturity of a security, the Series receives the adjusted principal or the original principal, whichever is greater.

<u>Variable and Floating Rate Instruments</u>. Certain of the obligations that may be purchased by a Series may carry variable or floating rates of interest. These obligations may involve a conditional or unconditional demand feature and may include variable amount master demand notes. Such instruments bear interest at rates which are not fixed, but which vary with changes in specified market rates or indices. The interest rate on these securities may be reset daily, weekly, quarterly, or at some other reset period. There is a risk that the current interest rate on such obligations may not accurately reflect existing market interest rates. A demand instrument with a demand notice exceeding seven days may be considered illiquid if there is no secondary market for such security.

Some variable rate securities may be combined with a put or demand feature (variable rate demand securities) that entitles the holder to the right to demand repayment in full or to resell at a specific price and/or time. While the demand feature is intended to reduce credit risks, it is not always unconditional and may be subject to termination if the issuer's credit rating falls below investment grade or if the issuer fails to make payments on other debt. While most variable-rate demand securities allow a fund to exercise its demand rights at any time, some such securities may only allow a fund to exercise its demand rights at certain times, which reduces the liquidity usually associated with this type of security. A Series could suffer losses in the event that the demand feature provider, usually a bank, fails to meet its obligation to pay the demand.

<u>Short-Term Investments/Temporary Defensive Positions</u>. For temporary defensive purposes during periods when the Advisor determines that market conditions warrant, each Series may depart from its investment goals and invest up to 100% of its assets in all types of money market instruments (including securities guaranteed by the U.S. Government, its agencies or instrumentalities, certificates of deposit, time or other interest-bearing deposits and bankers' acceptances issued by banks or savings and loan institutions deemed creditworthy by the Advisor, commercial paper or short-term notes rated A-1 by S&P or Prime-1 by Moody's, repurchase agreements involving such securities and shares of other investment companies as permitted by applicable law) and may hold a portion of its assets in cash. For a description of the above ratings, see Appendix A.

<u>Risks of Fixed Income Securities</u>. Investments in fixed income securities may subject a Series to risks, including the following:

<u>Interest Rate Risk</u>. When interest rates decline, the market value of fixed income securities tends to increase. Conversely, when interest rates increase, the market value of fixed income securities tends to decline. The volatility of a security's market value will differ depending upon the security's maturity and duration, the issuer and the type of instrument.

<u>Default Risk/Credit Risk</u>. Investments in fixed income securities are subject to the risk that the issuer of the security could default on its obligations, causing a Series to sustain losses on such investments. A default could impact both interest and principal payments.

<u>Call Risk and Extension Risk</u>. Fixed income securities may be subject to both call risk and extension risk. Call risk exists when the issuer may exercise its right to pay principal on an obligation earlier than scheduled, which would cause cash flows to be returned earlier than expected. This typically results when interest rates have declined and a Series will suffer from having to reinvest in lower yielding securities. Extension risk exists when the issuer may exercise its right to pay principal on an obligation later than scheduled, which would cause cash flows to be returned later than expected. This typically results when interest rates have increased, and a Series will suffer from the inability to invest in higher yield securities.

**DERIVATIVE TRANSACTIONS**

<u>Foreign Currency Transactions</u>. The Series may enter into forward foreign currency exchange contracts and use currency futures contracts, options on such futures contracts, and options on foreign currencies. The Series may engage in foreign currency transactions for hedging purposes, as well as to enhance the Series' returns.

A forward foreign currency contract involves a negotiated obligation to purchase or sell a specific currency at a future date (with or without delivery required), which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. These contracts are traded in the interbank market conducted directly between currency traders (usually large, commercial banks) and their customers.

Forward contracts generally may not be liquidated prior to the stated maturity date, although the parties to a contract may agree to enter into a second offsetting transaction with the same maturity, thereby fixing each party's profit or loss on the two transactions. Nevertheless, each position must still be maintained to maturity unless the parties separately agree on an earlier settlement date. As a result, a party to a forward contract must be prepared to perform its obligations under each such contract in full. Parties to a forward contract may also separately agree to extend the contract by "rolling" it over prior to the originally scheduled settlement date. A Series may use forward contracts for cash equitization purposes, which allows a Series to invest consistent with its benchmark while managing daily cash flows, including significant client inflows and outflows.

The Series may use foreign currency transactions as part of a hedging strategy, as described below:

<u>Transaction Hedging</u>. Transaction Hedging is entering into a currency transaction with respect to specific assets or liabilities of a Series, which will generally arise in connection with the purchase or sale of its portfolio securities or the receipt of income therefrom. A Series may enter into Transaction Hedging out of a desire to preserve the U.S. dollar price of a security when it enters into a contract for the purchase or sale of a security denominated in a foreign currency. A Series may be able to protect itself against possible losses resulting from changes in the relationship between the U.S. dollar and foreign currencies during the period between the date the security is purchased or sold and the date on which payment is made or received by entering into a forward contract for the purchase or sale, for a fixed amount of U.S. dollars, of the amount of the foreign currency involved in the underlying security transactions.

<u>Position Hedging</u>. A Series may sell a non-U.S. currency and purchase U.S. currency to reduce exposure to the non-U.S. currency ("Position Hedging"). A Series may use Position Hedging when the Advisor reasonably believes that the currency of a particular foreign country may suffer a substantial decline against the U.S. dollar. A Series may enter into a forward foreign currency contract to sell, for a fixed amount of U.S. dollars, the amount of foreign currency approximating the value of some or all of its portfolio securities denominated in such foreign currency. The precise matching of the forward foreign currency contract amount and the value of the portfolio securities involved may not have a perfect correlation since the future value of the securities hedged will change as a consequence of the market between the date the forward contract is entered into and the date it matures. The projection of short-term currency market movement is difficult, and the successful execution of this short-term hedging strategy is uncertain.

<u>Cross Hedges</u>. A Series may also cross-hedge currencies by entering into transactions to purchase or sell one or more currencies that are expected to decline in value relative to other currencies to which the Series has or in which the Series expects to have portfolio exposure.

<u>Proxy Hedges</u>. A Series may also engage in proxy hedging. Proxy hedging is often used when the currency to which a Series' portfolio is exposed is difficult to hedge or to hedge against the U.S. dollar.

Proxy hedging entails entering into a forward contract to sell a currency whose changes in value are generally considered to be linked to a currency or currencies in which some or all of a Series' portfolio securities are or are expected to be denominated, and to buy U.S. dollars. The amount of the contract would not exceed the value of the Series' securities denominated in linked currencies.

In addition to the hedging transactions described above, the Series may also engage in foreign currency transactions in an attempt to take advantage of certain inefficiencies in the currency exchange market, to increase their exposure to a foreign currency or to shift exposure to foreign currency fluctuations from one currency to another. Active investment in currencies may subject a Series to additional risks.

The Series may engage in non-deliverable forward transactions. A non-deliverable forward transaction is a transaction that represents an agreement between a Series and a counterparty (usually a commercial bank) to buy or sell a specified (notional) amount of a particular currency at an agreed upon foreign exchange rate on an agreed upon future date. The nondeliverable forward transaction position is closed using a fixing rate, as defined by the central bank in the country of the currency being traded, that is generally publicly stated within one or two days prior to the settlement date. Unlike other currency transactions, there is no physical delivery of the currency on the settlement of a non-deliverable forward transaction. Rather, a Series and the counterparty agree to net the settlement by making a payment in U.S. dollars or another fully convertible currency that represents any differential between the foreign exchange rate agreed upon at the inception of the non-deliverable forward agreement and the actual exchange rate on the agreed upon future date. Thus, the actual gain or loss of a given non-deliverable forward transaction is calculated by multiplying the transaction's notional amount by the difference between the agreed upon forward exchange rate and the actual exchange rate when the transaction is completed.

The Series may invest in foreign currency futures contracts. Buyers and sellers of currency futures are subject to the same risks that apply to the use of futures generally, which are described elsewhere in this SAI. Further, settlement of a currency futures contract for the purchase of most currencies must occur at a bank based in the issuing nation, which may subject a Series to additional risk.

The Series may invest in options on foreign currencies and futures. Trading options on currency futures contracts is relatively new, and the ability to establish and close out positions on such options is subject to the maintenance of a liquid market, which may not always be available. An option on a currency provides the purchaser, or "holder," with the right, but not the obligation, to purchase, in the case of a "call" option, or sell, in the case of a "put" option, a stated quantity of the underlying currency at a fixed exchange rate up to a stated expiration date (or, in the case of certain options, on such date). The holder generally pays a nonrefundable fee for the option, referred to as the "premium," but cannot lose more than this amount, plus related transaction costs. Thus, where a Series is a holder of option contracts, such losses will be limited in absolute amount. In contrast to a forward contract, an option imposes a binding obligation only on the seller, or "writer." If the holder exercises the option, the writer is obligated to complete the transaction in the underlying currency. An option generally becomes worthless to the holder when it expires. In addition, in the context of an exchange-traded option, the writer is often required to deposit initial margin and may be required to increase the margin on deposit if the market moves against the writer's position. Options on currencies may be purchased in the OTC market between commercial entities dealing directly with each other as principals. In purchasing an OTC currency option, the holder is subject to the risk of default by the writer and, for this reason, purchasers of options on currencies may require writers to post collateral or other forms of performance assurance.

Currency hedging involves some of the same risks and considerations as other transactions with similar instruments. Currency transactions can result in losses to a Series if the currency being hedged fluctuates in value to a degree or in a direction that is not anticipated. Furthermore, there is risk that the perceived linkage between various currencies may not be present or may not be present during the particular time that a Series is engaging in proxy hedging. Suitable hedging transactions may not be available in all circumstances. Hedging transactions may also eliminate any chance for a Series to benefit from favorable fluctuations in relevant foreign currencies. If a Series enters into a currency hedging transaction, the Series will "cover" its position as required by the 1940 Act.

Currency transactions are subject to risks different from those of other portfolio transactions. Because currency control is of great importance to the issuing governments and influences economic planning and policy, purchase and sales of currency and related instruments can be negatively affected by government exchange controls, blockages, and manipulations or exchange restrictions imposed by governments. These can result in losses to a Series if it is unable to deliver or receive currency or funds in settlement of obligations and could also cause hedges it has entered into to be rendered useless, resulting in full currency exposure as well as incurring transaction costs.

Although forward foreign currency contracts and currency futures tend to minimize the risk of loss due to a decline in the value of the hedged currency, at the same time they tend to limit any potential gain which might result should the value of such currency increase.

<u>Futures and Options on Futures</u>. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific security, interest rate, index, currency or commodity at a specified future time and at a specified price. An option on a futures contract gives the purchaser the right, in exchange for a premium, to assume a position in a futures contract at a specified exercise price during the term of the option. An index futures contract is a bilateral agreement pursuant to which two parties agree to take or make delivery of an amount of cash equal to a specified dollar amount times the difference between the index value at the close of trading of the contract and the price at which the futures contract is originally struck. No physical delivery of the securities comprising the index is made; generally contracts are closed out prior to the expiration date of the contract.

A Series may also invest in Treasury futures, interest rate futures, interest rate swaps, and interest rate swap futures. A Treasury futures contract involves an obligation to purchase or sell Treasury securities at a future date at a price set at the time of the contract. The sale of a Treasury futures contract creates an obligation by a Series to deliver the amount of certain types of Treasury securities called for in the contract at a specified future time for a specified price. A purchase of a Treasury futures contract creates an obligation by a Series to take delivery of an amount of securities at a specified future time at a specific price. Interest rate futures can be sold as an offset against the effect of expected interest rate increases and purchased as an offset against the effect of expected interest rate declines. Interest rate swaps are an agreement between two parties where one stream of future interest rate payments is exchanged for another based on a specified principal amount. Interest rate swaps often exchange a fixed payment for a floating payment that is linked to a particular interest rate. Interest rate swap futures are instruments that provide a way to gain swap exposure and the structure features of a futures contract in a single instrument. Interest rate swap futures are futures contracts on interest rate swaps that enable purchasers to cash settle at a future date at the price determined by the benchmark rate at the end of a fixed period.

The Series may use futures contracts and related options for either hedging purposes or risk management purposes as well as to enhance the Series' returns. Instances in which a Series may use futures contracts and related options for risk management or return enhancement purposes include: attempting to offset changes in the value of securities held or expected to be acquired or be disposed of; attempting to minimize fluctuations in foreign currencies; attempting to gain exposure to a particular market, index or instrument; attempting to take advantage of expected price changes of various futures; or other risk management or return enhancement purposes. A Series may use futures for cash equitization purposes, which allows a Series to invest consistent with its benchmark while managing daily cash flows, including significant client inflows and outflows.

There are significant risks associated with a Series' use of futures contracts and options on futures, including the following: (i) the success of a hedging or trading strategy may depend on the Advisor's ability to predict movements in the prices of individual securities, fluctuations in markets and movements in interest rates; (ii) there may be an imperfect or no correlation between the changes in market value of the securities held by a Series and the prices of futures and options on futures; (iii) there may not be a liquid secondary market for a futures contract or option; (iv) trading restrictions or limitations may be imposed by an exchange; and (v) government regulations may restrict trading in futures contracts and options on futures. In addition, some strategies reduce a Series' exposure to price fluctuations, while others tend to increase its market exposure.

<u>Options</u>. The Series may purchase and write (i.e., sell) put and call options on securities and indices. A put option on a security gives the purchaser of the option the right to sell, and the writer of the option the obligation to buy, the underlying security at any time during the option period. A call option on a security gives the purchaser of the option the right to buy, and the writer of the option the obligation to sell, the underlying security at any time during the option period. The premium paid to the writer is the consideration for undertaking the obligations under the option contract.

Put and call options on indices are similar to options on securities except that options on an index give the holder the right to receive, upon exercise of the option, an amount of cash if the closing level of the underlying index is greater than (or less than, in the case of puts) the exercise price of the option. This amount of cash is equal to the difference between the closing price of the index and the exercise price of the option, expressed in dollars multiplied by a specified number. Thus, unlike options on individual securities, all settlements are in cash, and gain or loss depends on price movements in the particular market represented by the index generally, rather than the price movements in individual securities. All options written on indices or securities must be "covered" as required by the 1940 Act.

A Series may purchase put and call options on securities for any purpose, including to protect against a decline in the market value of the securities in its portfolio or to anticipate an increase in the market value of securities that the Series may seek to purchase in the future. A Series purchasing put and call options pays a premium for such options. If price movements in the underlying securities are such that exercise of the options would not be profitable for the Series, loss of the premium paid may be offset by an increase in the value of the Series' securities or by a decrease in the cost of acquisition of securities by the Series.

When a Series writes an option, if the underlying securities do not increase or decrease, as applicable, to a price level that would make the exercise of the option profitable to the holder thereof, the option generally will expire without being exercised and the Series will realize as profit the premium received for such option. When a call option of which a Series is the writer is exercised, the Series will be required to sell the underlying securities to the option holder at the strike price, and will not participate in any increase in the price of such securities above the strike price. When a put option of which a Series is the writer is exercised, the Series will be required to purchase the underlying securities at a price in excess of the market value of such securities.

When a Series wishes to sell a security at a specified price, it may seek to generate additional income by writing "covered" call options on the security. A call option is "covered" if the Series either owns the underlying instrument or has an absolute and immediate right (such as a call with the same or a later expiration date) to acquire that instrument. The underlying instruments of such covered call options may consist of individual equity securities, pools of equity securities, ETFs or indices.

The writing of covered call options is a more conservative investment technique than writing of naked or uncovered options, but capable of enhancing the Series' total return. When a Series writes a covered call option, it profits from the premium paid by the buyer but gives up the opportunity to profit from an increase in the value of the underlying security above the exercise price. At the same time, the Series retains the risk of loss from a decline in the value of the underlying security during the option period.

Although the Series may terminate its obligation by executing a closing purchase transaction, which is the purchase of an option contract on the same security with the same exercise price and expiration date as the option contract originally sold, the cost of effecting such a transaction may be greater than the premium received upon its sale, resulting in a loss to the Series. If such an option expires unexercised, the Series realizes a gain equal to the premium received. Such a gain may be offset or exceeded by a decline in the market value of the underlying security during the option period. If an option is exercised, the exercise price, the premium received and the market value of the underlying security determine the gain or loss realized by the Series.

A Series may seek to hedge against an increase in the value of a security that it would like to acquire, or otherwise profit from an expected increase in the value of a security by writing a "naked" put option on the security. The writer of a naked put option has no position in the underlying security. If the security price rises, the option would expire worthless and a Series would profit by the amount of the premium it received, which may offset the increase in the market price of the security the Series would like to acquire. If the security price falls, however, a Series may lose an amount up to the difference between the value of the security and the premium it received, and the Series may be deprived of the opportunity to benefit from the full decrease in the market price of the security it would like to acquire. A Series may seek to terminate its position in a put option it writes before exercise by executing a closing purchase transaction. If the market is not liquid for a put option a Series has written, however, the Series must continue to be prepared to pay the exercise price while the option is outstanding, regardless of price changes.

A Series may purchase and write options on an exchange or over-the-counter ("OTC"). OTC options differ from exchange-traded options in several respects. They are transacted directly with dealers and not with a clearing corporation, and therefore entail the risk of non-performance by the dealer. OTC options are available for a greater variety of securities and for a wider range of expiration dates and exercise prices than are available for exchange-traded options. Because OTC options are not traded on an exchange, pricing is normally done by reference to information from a market maker. It is the SEC's position that OTC options are generally illiquid.

The market value of an option generally reflects the market price of an underlying security. Other principal factors affecting market value include supply and demand, interest rates, the pricing volatility of the underlying security and the time remaining until the expiration date.

Risks associated with options transactions include: (i) the success of a hedging or trading strategy may depend on an ability to predict movements in the prices of individual securities, fluctuations in markets and movements in interest rates; (ii) there may be an imperfect or no correlation between the movement in prices of options and the securities underlying them; (iii) there may not be a liquid secondary market for options; (iv) the buyer of an option assumes the risk of losing the entire premium invested in the option; (v) while a Series will receive a premium when it writes covered call options, it may not participate fully in a rise in the market value of the underlying security; and (vi) while a Series will receive a premium when it writes naked put options, it may lose money if it must purchase the underlying security at a price above market value.

<u>Swaps, Caps, Floors, Collars and Swaptions</u>. Swaps are privately negotiated OTC derivative products in which two parties agree to exchange payment streams calculated in relation to a rate, index, instrument or certain securities (referred to as the "underlying") and a predetermined amount (referred to as the "notional amount"). The underlying for a swap may be an interest rate (fixed or floating), a currency exchange rate, a commodity price index, a security, group of securities or a securities index, a combination of any of these, or various other rates, securities, instruments, assets or indices. Swap agreements generally do not involve the delivery of the underlying or principal, and a party's obligations generally are equal to only the net amount to be paid or received under the agreement based on the relative values of the positions held by each party to the swap agreement.

A great deal of flexibility is possible in the way swaps may be structured. For example, in a simple fixed-to-floating interest rate swap, one party makes payments equivalent to a fixed interest rate, and the other party makes payments calculated with reference to a specified floating interest rate, such as LIBOR or the prime rate. An equity swap is an agreement between counterparties to exchange a set of payments, determined by a stock or index return, with another set of payments (usually an interest-bearing (fixed or floating rate) instrument, but they can also be the return on another stock or index). In a total return swap, one party agrees to make periodic payments to another party based on the change in market value of the assets underlying the contract, which may include a specific security, basket of securities or securities indices, during a specified period. In a currency swap, the parties generally enter into an agreement to pay interest streams in one currency based on a specified rate in exchange for receiving interest streams denominated in another currency. Currency swaps may involve initial and final exchanges of the currency that correspond to the agreed upon notional amount.

A Series may engage in simple or more complex swap transactions involving a wide variety of underlyings for various reasons. For example, a Series may enter into a swap to gain exposure to investments (such as an index of securities in a market) or currencies without actually purchasing those stocks or currencies; to make an investment without owning or taking physical custody of securities or currencies in circumstances in which direct investment is restricted for legal reasons or is otherwise impracticable; to hedge an existing position; to obtain a particular desired return at a lower cost to the Series than if it had invested directly in an instrument that yielded the desired return; or for various other reasons.

The Series may enter into credit default swaps, as a buyer or a seller. The buyer in a credit default contract is obligated to pay the seller a periodic stream of payments over the term of the contract provided no event of default has occurred. If an event of default occurs, the seller must pay the buyer the full notional value ("par value") of the underlying in exchange for the underlying. If a Series is a buyer and no event of default occurs, the Series will have made a stream of payments to the seller without having benefited from the default protection it purchased. However, if an event of default occurs, the Series, as buyer, will receive the full notional value of the underlying that may have little or no value following default. As a seller, a Series receives a fixed rate of income throughout the term of the contract, provided there is no default. If an event of default occurs, the Series would be obligated to pay the notional value of the underlying in return for the receipt of the underlying. The value of the underlying received by the Series, coupled with the periodic payments previously received may be less than the full notional value it pays to the buyer, resulting in a loss of value to the Series. Credit default swaps involve different risks than if a Series invests in the underlying directly.

Caps, floors, collars and swaptions are privately-negotiated option-based derivative products. Like a put or call option, the buyer of a cap or floor pays a premium to the writer. In exchange for that premium, the buyer receives the right to a payment equal to the differential if the specified index or rate rises above (in the case of a cap) or falls below (in the case of a floor) a pre-determined strike level. Like swaps, obligations under caps and floors are calculated based upon an agreed notional amount, and, like most swaps (other than foreign currency swaps), the entire notional amount is not exchanged. A collar is a combination product in which one party buys a cap from and sells a floor to another party, or vice versa. Swaptions give the holder the right to enter into a swap. A Series may use one or more of these derivative products in addition to or in lieu of a swap involving a similar rate or index.

Under current market practice, swaps, caps, collars and floors between the same two parties are generally documented under a "master agreement." In some cases, options and forwards between the parties may also be governed by the same master agreement. In the event of a default, amounts owed under all transactions entered into under, or covered by, the same master agreement would be netted, and only a single payment would be made.

Generally, a Series will calculate the obligations of the swap agreements' counterparties on a "net basis." Consequently, a Series' current obligation (or rights) under a swap agreement will generally be equal only to the net amount to be paid or received under the agreement based on the relative values of the positions held by each counterparty to the swap agreement (the "net amount"). A Series' current obligation under a swap agreement will be accrued daily (offset against any amounts owed to the Series) and any accrued but unpaid net amounts owed to a swap counterparty will be "covered" as required by the 1940 Act.

The swap market has grown substantially in recent years with a large number of banks and investment banking firms acting both as principals and as agents using standardized swap agreements. As a result, the use of swaps has become more prevalent in comparison with the markets for other similar instruments that are also traded in over-the-counter markets.

Swaps and other derivatives involve risks. One significant risk in a swap, cap, floor, collar or swaption is the volatility of the specific interest rate, currency or other underlying that determines the amount of payments due to and from a Series. This is true whether these derivative products are used to create additional risk exposure for a Series or to hedge, or manage, existing risk exposure. If under a swap, cap, floor, collar or swaption agreement a Series is obligated to make a payment to the counterparty, the Series must be prepared to make the payment when due. A Series could suffer losses with respect to such an agreement if the Series is unable to terminate the agreement or reduce its exposure through offsetting transactions. Further, the risks of caps, floors and collars, like put and call options, may be unlimited for the seller if the cap or floor is not hedged or covered, but is limited for the buyer.

Because under swap, cap, floor, collar and swaption agreements a counterparty may be obligated to make payments to a Series, these derivative products are subject to risks related to the counterparty's creditworthiness. If a counterparty defaults, a Series' risk of loss will consist of any payments that the Series is entitled to receive from the counterparty under the agreement (this may not be true for currency swaps that require the delivery of the entire notional amount of one designated currency in exchange for the other). Upon default by a counterparty, however, a Series may have contractual remedies under the swap agreement.

A Series will enter into swaps only with counterparties that the Advisor believes to be creditworthy.

<u>Participatory Notes ("P-notes")</u>. P-notes are participation interest notes that are issued by banks or broker-dealers and are designed to offer a return linked to a particular underlying equity, debt, currency or market. If the P-note were held to maturity, the issuer would pay to, or receive from, the purchaser the difference between the nominal value of the underlying instrument at the time of purchase and that instrument's value at maturity. The holder of a P-note that is linked to a particular underlying security or instrument may be entitled to receive any dividends paid in connection with that underlying security or instrument, but typically does not receive voting rights as it would if it directly owned the underlying security or instrument. P-notes involve transaction costs. Investments in P-notes involve the same risks associated with a direct investment in the underlying securities, instruments or markets that they seek to replicate. In addition, there can be no assurance that there will be a trading market for a P-note or that the trading price of a P-note will equal the underlying value of the security, instrument or market that it seeks to replicate. Due to liquidity and transfer restrictions, the secondary markets on which a P-note is traded may be less liquid than the market for other securities, or may be completely illiquid, which may also affect the ability of the Series to accurately value a P-note. P-notes typically constitute general unsecured contractual obligations of the banks or broker-dealers that issue them, which subjects the Series to counterparty risk (and this risk may be amplified if the Series purchases P-notes from only a small number of issuers).

<u>Government Regulation of Derivatives</u>. The CFTC regulates the trading of commodity interests, including commodity futures contracts, options on commodity futures, and swaps (which includes cash-settled currency forwards and swaps). Pursuant to rules adopted under the Commodity Exchange Act ("CEA") by the CFTC, the Series must either operate within certain guidelines and restrictions with respect to the Series' use of commodity interests, or the Advisor will be subject to registration and regulation under the CEA.

Consistent with the CFTC's regulations, the Advisor has claimed an exclusion from the definition of the term "commodity pool operator" ("CPO") under the CEA with respect to the Series and, therefore, the Series are not subject to registration or regulation under the CEA. As a result, the Series will operate within certain guidelines and restrictions with respect to their use of commodity interests. If a Series determines to no longer operate within such guidelines and restrictions, the Advisor would be subject to registration and regulation as a CPO under the CEA with respect to the Series. If a Series is subject to CFTC regulation, it may incur additional expenses.

The regulation of futures, options and swaps transactions in the U.S. is a rapidly changing area of law and is subject to modification by government and judicial action. In particular, the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act"), which was signed into law in July 2010, sets forth a new legislative framework for OTC derivatives, such as swaps, in which the Series may invest. Title VII of the Dodd-Frank Act makes broad changes to the OTC derivatives market, grants significant new authority to the SEC and the CFTC to regulate OTC derivatives and market participants, and requires clearing of many OTC derivatives transactions.

In addition, the SEC adopted Rule 18f-4 under the 1940 Act (the "Derivatives Rule") on October 28, 2020. Since its compliance date of August 19, 2022, the Derivatives Rule has replaced prior SEC and staff guidance with an updated, comprehensive framework for registered funds' use of derivatives.

The Derivatives Rule provides a comprehensive framework for the use of derivatives by registered investment companies. The Derivatives Rule permits a registered investment company, subject to various conditions described below, to enter into derivatives transactions and certain other transactions notwithstanding the restrictions on the issuance of "senior securities" under Section 18 of the 1940 Act. Section 18 of the 1940 Act, among other things, prohibits open-end funds, including the Series, from issuing or selling any "senior security," other than borrowing from a bank (subject to a requirement to maintain 300% "asset coverage").=

Registered investment companies that don't qualify as "limited derivatives users" as defined below, are required by the Derivatives Rule to, among other things, (i) adopt and implement a derivatives risk management program ("DRMP") and new testing requirements; (ii) comply with a relative or absolute limit on fund leverage risk calculated based on value-at-risk ("VaR"); and (iii) comply with new requirements related to Board and SEC reporting. The DRMP is administered by a "derivatives risk manager," who is appointed by the Board and periodically reviews the DRMP and reports to the Board.

The Derivatives Rule provides an exception from the DRMP, VaR limit and certain other requirements for a registered investment company that limits its "derivatives exposure" to no more than 10% of its net assets (as calculated in accordance with the Derivatives Rule) (a "limited derivatives user"), provided that the registered investment company establishes appropriate policies and procedures reasonably designed to manage derivatives risks, including the risk of exceeding the 10% "derivatives exposure" threshold.

The requirements of the Derivatives Rule may limit a Series' ability to engage in derivatives transactions as part of its investment strategies. These requirements may also increase the cost of the Series' investments and cost of doing business, which could adversely affect the value of the Series' investments and/or the performance of the Series. The rule also may not be effective to limit the Series' risk of loss. In particular, measurements of VaR rely on historical data and may not accurately measure the degree of risk reflected in the Series' derivatives or other investments. There may be additional regulation of the use of derivatives transactions by registered investment companies, which could significantly affect their use. The ultimate impact of the regulations remains unclear. Additional regulation of derivatives transactions may make them more costly, limit their availability or utility, otherwise adversely affect their performance or disrupt markets. Other potentially adverse regulatory obligations can develop suddenly and without notice.

**OTHER INVESTMENT POLICIES**

<u>Foreign Securities</u>. *Except as noted, all of a Series' policies regarding foreign securities discussed below are non-fundamental.*

The Real Estate Series may not purchase foreign securities if as a result of the purchase of such securities more than 50% of the Series' assets would be invested in foreign securities. The foregoing restrictions of the Real Estate Series shall not apply to foreign securities that are listed on a domestic securities exchange or represented by American Depositary Receipts ("ADRs") that are traded either on a domestic securities exchange or in the United States on the OTC market. The Diversified Tax Exempt Series may not purchase foreign securities. Foreign securities may be denominated either in U.S. dollars or foreign currencies.

The Core Bond Series and the Credit Series may not invest in non-dollar denominated securities. The Unconstrained Bond Series may invest up to 50% of its assets in non-dollar denominated securities, including securities issued by companies located in emerging markets. Each of the Core Bond Series, Credit Series and Unconstrained Bond Series will invest no more than 20% of its assets in securities issued by any one foreign government.

The restrictions set forth in this paragraph are fundamental policies that cannot be changed without the approval of a majority of the outstanding voting securities of the Series, as defined in the 1940 Act. The High Yield Bond Series will invest no more than 25% of their assets in securities issued by any one foreign government. The High Yield Bond Series may invest up to 50% of its assets in foreign securities which are not publicly traded in the United States. Each Series that may invest in equity securities may invest without limit in equity securities of foreign issuers that are listed on a domestic securities exchange or are represented by ADRs that are listed on a domestic securities exchange or are traded in the United States on the OTC market. Foreign securities may be denominated either in U.S. dollars or foreign currencies.

<u>Risks of Foreign Securities</u>. There are risks in investing in foreign securities not typically involved in domestic investing. An investment in foreign securities may be affected by changes in currency rates and in exchange control regulations. Foreign companies are frequently not subject to the accounting and financial reporting standards applicable to domestic companies, and there may be less information available about foreign issuers. There is frequently less government regulation of foreign issuers than in the United States. In addition, investments in foreign countries are subject to the possibility of expropriation or confiscatory taxation, political or social instability or diplomatic developments that could adversely affect the value of those investments. There may also be imposition of withholding taxes. Foreign financial markets may have less volume and longer settlement periods than U.S. markets, which may cause liquidity problems for a Series. In addition, costs associated with transactions on foreign markets are generally higher than for transactions in the U.S. A Series that has no limit on the amount it may invest in any one country may involve a higher degree of risk than a Series that must be more diversified among countries. The special risks associated with investing in a small number of countries include a greater effect on portfolio holdings of country-specific economic factors, currency fluctuations, and country-specific social or political factors. These risks generally are greater for investments in securities of companies in emerging markets, which are usually in the initial stages of their industrialization cycle.

Obligations of foreign governmental entities are subject to various types of governmental support and may or may not be supported by the full faith and credit of a foreign government.

A Series' investments in emerging markets can be considered speculative, and therefore may offer greater potential for gains and losses than investments in developed markets of the world. Investing in emerging market countries may entail purchasing securities issued by or on behalf of entities that are insolvent, bankrupt, in default or otherwise engaged in an attempt to reorganize or reschedule their obligations, and in entities that have little or no proven credit rating or credit history. With respect to any emerging country, there may be a greater potential for nationalization, expropriation or confiscatory taxation, political changes, government regulation, social instability or diplomatic developments (including war) which could affect adversely the economies of such countries or investments in such countries. Foreign ownership limitations also may be imposed by the charters of individual companies in emerging market countries to prevent, among other concerns, violation of foreign investment limitations. The economies of developing countries generally are heavily dependent upon international trade and, accordingly, have been and may continue to be adversely affected by trade barriers, exchange or currency controls, managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with which they trade. These economies also may have been, and may continue to be, adversely affected by economic conditions in the countries with which they trade.

The occurrence of events similar to those in recent years, such as the aftermath of the war in Iraq; instability in Afghanistan, Pakistan, Egypt, Libya, Syria and the Middle East; epidemics such as those caused by the Ebola or Zika viruses; political and military actions undertaken by Russia and the resulting sanctions imposed by the United States and European Union ("EU"); terrorist attacks in the U.S. and around the world; social and political discord; debt crises (such as the recent Greek crisis); sovereign debt downgrades; or the exit or potential exit of one or more countries (such as the United Kingdom) from the EU, among others, may result in market volatility, may have long term effects on the U.S. and worldwide financial markets, and may cause further economic uncertainties in the U.S. and worldwide. Any such event(s) could have a significant adverse impact on the value and risk profile of a Series' portfolio. The Fund does not know how long the securities markets may be affected by similar events and cannot predict the effects of similar events in the future on the U.S. and global economies and securities markets. There can be no assurance that similar events and other market disruptions will not have other material and adverse implications.

On January 31, 2020, the United Kingdom (the "UK") formally withdrew from the European Union (the "EU") (commonly referred to as "Brexit"). Following a transition period during which the EU and the UK Government engaged in a series of negotiations regarding the terms of the UK's future relationship with the EU, the EU and the UK Government signed an agreement on December 30, 2020 regarding the economic relationship between the UK and the EU. This agreement became effective on a provisional basis on January 1, 2021 and formally entered into force on May 1, 2021. While the full impact of Brexit is unknown, Brexit has already resulted in volatility in European and global markets and could have negative long-term impacts on financial markets in the UK and throughout Europe. There is considerable uncertainty about the potential consequences of Brexit, how future negotiations of trade relations will proceed, and how the financial markets will react to all of the preceding. As this process unfolds, markets may be further disrupted. Brexit may also cause additional member states to contemplate departing from the EU, which would likely perpetuate political and economic instability in the region and cause additional market disruption in global financial markets.

The effects of Brexit on the UK and EU economies and the broader global economy could be significant, resulting in negative impacts, such as business and trade disruptions, increased volatility and illiquidity, and potentially lower economic growth of markets in the UK, EU and globally, which could negatively impact the value of the Series' investments. Brexit could also lead to legal uncertainty and politically divergent national laws and regulations while the new relationship between the UK and EU is further defined and the UK determines which EU laws to replace or replicate. Additionally, depreciation of the British pound sterling and/or the euro in relation to the U.S. dollar following Brexit could adversely affect Series investments denominated in the British pound sterling and/or the euro, regardless of the performance of the investment.

On February 24, 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Following Russia's actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The sanctions consist of the prohibition of trading in certain Russian securities and engaging in certain private transactions, the prohibition of doing business with certain Russian corporate entities, large financial institutions, officials and oligarchs, and the freezing of Russian assets. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions, any future sanctions or other actions, or even the threat of further sanctions or other actions, may negatively affect the value and liquidity of a Series' investments.

The extent and duration of the war in Ukraine and the longevity and severity of sanctions remain unknown, but they could have a significant adverse impact on the European economy as well as the price and availability of certain commodities, including oil and natural gas, throughout the world. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of a Series, even if the Series does not have direct exposure to securities of Russian issuers.

Whether or not a Series invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of a Series' investments due to the interconnected nature of the global economy and capital markets.

<u>Currency Risks</u>. The U.S. dollar value of securities denominated in a foreign currency will vary with changes in currency exchange rates, which can be volatile. Accordingly, changes in the value of the currency in which a Series' investments are denominated relative to the U.S. dollar will affect the Series' NAV. Exchange rates are generally affected by the forces of supply and demand in the international currency markets, the relative merits of investing in different countries and the intervention or failure to intervene of U.S. or foreign governments and central banks. However, currency exchange rates may fluctuate based on factors intrinsic to a country's economy. Some emerging market countries also may have managed currencies, which are not free floating against the U.S. dollar. In addition, emerging markets are subject to the risk of restrictions upon the free conversion of their currencies into other currencies. Any devaluations relative to the U.S. dollar in the currencies in which a Series' securities are quoted would reduce the Series' NAV per share.

<u>Real estate securities</u>. The Real Estate Series concentrates its investments in the securities of companies in the real estate industry. Under normal circumstances, the Real Estate Series will invest at least 80% of its assets in securities of companies that are primarily 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. Examples of companies in which the Real Estate Series may invest include those in the following areas: REITs, real estate operating companies ("REOCs"), real estate developers and brokers, building suppliers, and mortgage lenders.

REOCs are corporations that engage in the development, management or financing of real estate. REOCs are publicly traded real estate companies that are taxed at the corporate level, unlike REITs. Because REOCs reinvest earnings rather than distribute dividends to unit holders, they do not get the same benefits of lower corporate taxation that are a common characteristic of REITs. The value of the Series' REOC securities generally will be affected by the same factors that adversely affect a REIT. For more information about REITs, see "Real Estate Investment Trusts."

Although the Real Estate Series may not invest directly in real estate, concentration in securities of companies that are primarily engaged in the United States real estate industry exposes the Series to special risks associated with the direct ownership of real estate, and an investment in the Series will be closely linked to the performance of the real estate markets. These risks may include, but are not limited to, the following: declines in the value of real estate; risks related to general and local economic conditions; possible lack of availability of mortgage funds; lack of ability to access the credit or capital markets; overbuilding; extended vacancies of properties; defaults by borrowers or tenants, particularly during an economic downturn; increasing competition; increases in property taxes and operating expenses; changes in zoning laws; losses due to costs resulting from the clean-up of environmental problems; liability to third parties for damages resulting from environmental problems; casualty or condemnation losses; limitations on rents; changes in market and sub-market values and the appeal of properties to tenants; and changes in interest rates.

<u>Repurchase Agreements</u>. Each Series may enter into repurchase agreements with respect to portfolio securities. Under the terms of a repurchase agreement, the Series purchases securities ("collateral") from various financial institutions such as a bank or broker-dealer (a "seller") which the Advisor deems to be creditworthy, subject to the seller's agreement to repurchase them at a mutually agreed upon date and price. The repurchase price generally equals the price paid by the Series plus interest negotiated on the basis of current short-term rates (which may be more or less than the rate on the underlying portfolio securities).

The seller under a repurchase agreement is required to maintain the value of the collateral held pursuant to the agreement at not less than 100% of the repurchase price, and securities subject to repurchase agreements are held by the Series' custodian either directly or through a securities depositary. Default by the seller would, however, expose the Series to possible loss because of adverse market action or delay in connection with the disposition of the underlying securities.

<u>Investment Companies</u>. Investment company securities are securities of other open-end or closed-end investment companies or unit investment trusts ("UITs"). Each Series may invest in securities issued by other investment companies to the extent permitted by the 1940 Act, the rules or regulations thereunder, as such statute, rules or regulations may be amended from time to time.

The 1940 Act generally prohibits, subject to certain exceptions, an investment company from acquiring more than 3% of the outstanding voting shares of an investment company and limits such investments to no more than 5% of a Series' total assets in any one investment company and no more than 10% in any combination of investment companies. These limitations do not apply to a Series' investments in money market funds. A Series may invest in an investment company in excess of these limitations, provided the Series otherwise complies with the conditions of any exception provided by the 1940 Act or any rule or regulation of the SEC thereunder. A Series may invest in investment companies managed by the Advisor or its affiliates to the extent permitted under the 1940 Act or as otherwise authorized by rule, regulation or order of the SEC.

In October 2020, the SEC adopted certain regulatory changes and took other actions related to the ability of an investment company to invest in the securities of another investment company. These changes include, among other things, the rescission of certain SEC exemptive orders permitting investments in excess of the statutory limits and the withdrawal of certain related SEC staff no-action letters, and the adoption of Rule 12d1-4 under the 1940 Act. Rule 12d1-4, which became effective on January 19, 2021, permits the Fund to invest in other investment companies beyond the statutory limits, subject to certain conditions. The rescission of the applicable exemptive orders and the withdrawal of the applicable no-action letters became effective on January 19, 2022.

To the extent a Series invests a portion of its assets in investment companies, those assets will be subject to the risks of the purchased investment company's portfolio securities. The Series also will bear its proportionate share of the expenses of the purchased investment company in addition to its own expenses. Because of restrictions on direct investment by U.S. entities in certain countries, investment in other investment companies may be the most practical or the only manner in which an international, emerging markets or global fund can invest in the securities markets of those countries. The Series do not intend to invest in other investment companies, except money market funds, unless, in the judgment of the Advisor, the potential benefits of such investments exceed the associated costs (which include any investment advisory fees charged by the investment companies) relative to the benefits and costs associated with direct investments in the underlying securities.

Investments in closed-end investment companies may involve the payment of substantial premiums above the NAV of such issuer's portfolio securities and are subject to limitations under the 1940 Act. A Series also may incur tax liability to the extent it invests in the stock of a foreign issuer that constitutes a "passive foreign investment company."

<u>Exchange-Traded Funds ("ETFs")</u>. ETFs are investment companies that are registered under the 1940 Act as open-end funds or UITs. ETFs are actively traded on national securities exchanges and are generally based on specific domestic and foreign market indices. An "index based ETF" seeks to track the performance of an index by holding in its portfolio either the contents of the index or a representative sample of the securities in the index. Because ETFs are based on an underlying basket of stocks or an index, they are subject to the same market fluctuations as these types of securities in volatile market swings.

<u>Exchange-Traded Products ("ETPs")</u>. Certain Series may purchase shares of or interests in ETPs, which may or may not be investment companies registered under the 1940 Act. The risks of owning interests of an ETP, such as an exchange-traded note (ETN) or exchange-traded commodity pool, generally reflect the same risks as owning the underlying securities or other instruments that the ETP is designed to track. The shares of certain ETPs may trade at a premium or discount to their intrinsic value (i.e., the market value may differ from the NAV of an ETP's shares). For example, supply and demand for shares of an ETP or market disruptions may cause the market price of the ETP to deviate from the value of the ETP's investments, which may be emphasized in less liquid markets. The value of an ETN may also differ from the valuation of its reference market or instrument due to changes in the issuer's credit rating. By investing in an ETP, a Series indirectly bears the proportionate share of any fees and expenses of the ETP in addition to the fees and expenses that the Series and its shareholders directly bear in connection with the Series' operations. Because certain ETPs may have a significant portion of their assets exposed directly or indirectly to commodities or commodity-linked securities, developments affecting commodities may have a disproportionate impact on such ETPs and may subject the ETPs to greater volatility than investments in traditional securities.

Generally, ETNs are structured as senior, unsecured notes in which an issuer, such as a bank, agrees to pay a return based on the target commodity index less any fees. ETNs allow individual investors to have access to derivatives linked to commodities and assets such as oil, currencies and foreign stock indexes. ETNs combine certain aspects of bonds and ETFs. Similar to ETFs, ETNs are traded on a major exchange (e.g., the NYSE) during normal trading hours. However, investors can also hold an ETN until maturity. At maturity, the issuer pays to the investor a cash amount equal to principal amount, subject to the day's index factor. ETN returns are based upon the performance of a market index minus applicable fees. The value of an ETN may be influenced by time to maturity, level of supply and demand for the ETN, volatility and lack of liquidity in underlying commodities markets, changes in the applicable interest rates, changes in the issuer's credit rating, and economic, legal, political or geographic events that affect the referenced commodity. The value of an ETN may drop due to a downgrade in the issuer's credit rating, even if the underlying index remains unchanged. Investments in ETNs are subject to the risks facing fixed income securities in general, including the risk that a counterparty will fail to make payments when due or default.

<u>Securities Lending</u>. Each Series may lend portfolio securities to brokers, dealers and other financial organizations that meet capital and other credit requirements or other criteria established by the Fund's Board of Directors. These loans, if and when made, may not exceed 33<sup>1</sup>/<sub>3</sub>% of a Series' total assets taken at value (including the loan collateral). A Series will not lend portfolio securities to its investment advisor or its affiliates unless it has applied for and received specific authority to do so from the SEC. Loans of portfolio securities will be fully collateralized by cash, letters of credit or U.S. Government Securities, and the collateral will be maintained in an amount equal to at least 100% of the current market value of the loaned securities by marking to market daily. Any gain or loss in the market price of the securities loaned that might occur during the term of the loan would be for the account of the Series.

A Series may pay a part of the income earned to a third party (such as the Fund's custodian) for acting as the Series' securities lending agent, but will bear all of any losses from the investment of collateral.

By lending its securities, a Series may increase its income by either investing cash collateral received from the borrower in short-term instruments or obtaining a fee from the borrower when U.S. Government Securities or letters of credit are used as collateral. Investing the cash collateral subjects a Series to market risk. A Series remains obligated to return all collateral to the borrower under the terms of its securities lending arrangements, even if the value of the investments made with the collateral has declined. Accordingly, if the value of a security in which the cash collateral has been invested declines, the loss would be borne by a Series, and the Series may be required to liquidate other investments in order to return collateral to the borrower at the end of a loan. A Series will adhere to the following conditions whenever its portfolio securities are loaned: (i) the Series must receive at least 100% cash collateral or equivalent securities of the type discussed in the preceding paragraph from the borrower; (ii) the borrower must increase such collateral whenever the market value of the securities rises above the level of such collateral; (iii) the Series must be able to terminate the loan on demand; (iv) the Series must receive reasonable interest on the loan, in addition to payments reflecting the amount of any dividends, interest or other distributions on the loaned securities; (v) the Series may pay only reasonable fees in connection with the loan; and, (vi) voting rights on the loaned securities may pass to the borrower, provided, however, that if a material event adversely affecting the investment occurs, the Series must terminate the loan and regain the right to vote the securities. Loans may involve certain risks in the event of default or insolvency of the borrower, including possible delays or restrictions upon the Series' ability to recover the loaned securities or dispose of the collateral for the loan, which could give rise to loss because of adverse market action, expenses and/or delays.

<u>Short Sales</u>. Short sales may be used by a Series as part of its overall portfolio management strategies or to offset (hedge) a potential decline in the value of a security. The Series may engage in short sales that are either "against the box" or "uncovered." A short sale is "against the box" if, at all times during which the short position is open, the Series owns at least an equal amount of the securities or securities convertible into, or exchangeable without further consideration for, securities of the same issue as the securities that are sold short. A short sale against the box is a taxable transaction to the Series with respect to the securities that are sold short. "Uncovered" short sales are transactions under which a Series sells a security it does not own. To complete such a transaction, the Series must borrow the security to make delivery to the buyer. The Series is then obligated to replace the security borrowed by purchasing the security at the market price at the time of the replacement. The price at such time may be more or less than the price at which the security was sold by the Series. Until the security is replaced, the Series is required to pay the lender amounts equal to any dividends or interest that accrue during the period of the loan. To borrow the security, the Series also may be required to pay a premium, which would increase the cost of the security sold. The proceeds of the short sale may be retained by the broker, to the extent necessary to meet margin requirements, until the short position is closed out.

A Series may engage in short sales in an attempt to capitalize on equity securities that it believes will underperform the market or their peers. When a Series sells securities short, it may use the proceeds from the sales to purchase long positions in additional securities that it believes will outperform the market or their peers. This strategy may effectively result in the Series having a leveraged investment portfolio, which results in greater potential for loss. Leverage can amplify the effects of market volatility on a Series' share price and make the Series' returns more volatile. This is because leverage tends to exaggerate the effect of any increase or decrease in the value of a Series' portfolio securities. The use of leverage may also cause a Series to liquidate portfolio positions when it would not be advantageous to do so or in order to satisfy its obligations.

<u>Forward Commitments or Purchases on a When-Issued Basis</u>. Each Series (with the exception of the Real Estate Series) may enter into forward commitments or purchase securities on a when-issued basis. These securities normally are subject to settlement within 45 days of the purchase date. The interest rate realized on these securities is fixed as of the purchase date and no interest accrues to the Series before settlement. These securities are subject to market fluctuation due to changes in market interest rates. Each Series will enter into these arrangements with the intention of acquiring the securities in question and not for speculative purposes and will earmark on the books of the Series or maintain a separate account consisting of liquid assets in an amount at least equal to the purchase price.

<u>Investment in Illiquid and Restricted Securities</u>. A Series may not purchase any illiquid investment, i.e., an investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment (which term includes repurchase agreements and time deposits maturing in more than seven days) if, immediately after the acquisition, the Series would have invested more than 15% of its net assets in illiquid investments that are assets.

Restricted securities are securities which were originally sold in private placements and which have not been registered under the Securities Act of 1933, as amended (the "1933 Act"). Such securities generally have been considered illiquid because they may be resold only subject to statutory restrictions and delays or if registered under the 1933 Act. The SEC adopted Rule 144A to provide for a safe harbor exemption from the registration requirements of the 1933 Act for resales of restricted securities to "qualified institutional buyers." The result has been the development of a more liquid and efficient institutional resale market for restricted securities. Rule 144A securities may be liquid if properly determined by the Advisor pursuant to procedures adopted by the Board of Directors. The Series' ability to invest in restricted securities includes investments in unregistered equity securities offered at a discount in a private placement that are issued by companies that have outstanding publicly traded equity securities of the same class (a "private investment in public equity," or a "PIPE").

<u>Liquidity Risk Management</u>. In October 2016, the SEC adopted Rule 22e-4 under the 1940 Act (the "Liquidity Rule"), which requires the Fund to establish a liquidity risk management program. Prior to June 1, 2019, the final effective date, the Board of Directors of the Fund, including a majority of the Independent Directors, approved the Fund's Liquidity Risk Management Program (the "Liquidity Program") and the appointment of the Liquidity Risk Committee to administer the Liquidity Program (the "Liquidity Program Administrator"). Under the Liquidity Program, the Liquidity Program Administrator assesses, manages, and periodically reviews each Series' liquidity risk and classifies each investment as "Highly Liquid," "Moderately Liquid," "Less Liquid" or "Illiquid" based on the time it will take to convert the investment to cash. The Liquidity Rule defines "liquidity risk" as the risk that a Series could not meet requests to redeem shares issued by the Series without significant dilution of the remaining investors' interests in the Series. The liquidity of a Series' portfolio investments is determined based on relevant market, trading and investment-specific considerations under the Liquidity Program. The adoption of the Liquidity Program is not a guarantee that a Series will have sufficient liquidity to satisfy its redemption requests in all market conditions or that redemptions can be effected without diluting remaining investors in the Series. The effect that the Liquidity Rule will have on the Series, and on the open-end fund industry in general, is not yet fully known, but the Liquidity Rule may impact a Series' performance and its ability to achieve its investment objective.

<u>LIBOR Replacement Risk</u>. The London Inter-Bank Offered Rate ("LIBOR"), which is used extensively in the U.S. and globally as a benchmark or reference rate for various commercial and financial contracts, is expected to be discontinued. The elimination of LIBOR may adversely affect the interest rates on, and value of, certain Fund investments for which the value is tied to LIBOR. Such investments may include bank loans, derivatives, floating rate securities, and other assets or liabilities tied to LIBOR. The U.K. Financial Conduct Authority stopped compelling or inducing banks to submit certain LIBOR rates and expects to do so for the remaining LIBOR rates immediate after June 30, 2023. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies. The U.S. Federal Reserve, based on the recommendations of the New York Federal Reserve's Alternative Reference Rate Committee (comprised of major derivative market participants and their regulators), has begun publishing a Secured Overnight Financing Rate ("SOFR"), which is intended to replace U.S. dollar LIBOR. Alternative reference rates for other currencies have also been announced or have already begun publication. Markets are slowly developing in response to these new rates. Questions around liquidity impacted by these rates, and how to appropriately adjust these rates at the time of transition, remain a concern for the Series. The effect of any changes to, or discontinuation of, LIBOR on the Series will vary depending on, among other things, (1) existing fallback or termination provisions in individual contracts and (2) whether, how, and when industry participants develop and adopt new reference rates and fallbacks for both legacy and new products and instruments. The expected discontinuation of LIBOR could have a significant impact on the financial markets in general and may also present heightened risk to market participants, including public companies, investment advisers, other investment companies, and broker-dealers. The risks associated with this discontinuation and transition will be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Accordingly, it is difficult to predict the full impact of the transition away from LIBOR on the Series until new reference rates and fallbacks for both legacy and new products, instruments and contracts are commercially accepted.

<u>Diversification</u>. The Credit Series is non-diversified under the 1940 Act. Non-diversified funds may invest a higher percentage of their assets in the securities of a single issuer than a fund that is diversified. The value of a non-diversified Series may be more susceptible to risks associated with a single adverse economic, political or regulatory occurrence than a diversified fund would be. Each Series, other than the Credit Series, is diversified under the 1940 Act.

Each Series intends to satisfy the diversification requirements necessary to qualify as a regulated investment company ("RIC") under the Code. For more information, see "Taxes" below.

Diversification does not guarantee against a loss.

<u>Borrowings</u>. Each Series may borrow money subject to its fundamental and non-fundamental investment policies. Borrowing money will subject a Series to interest costs. The Series generally borrow at times to meet redemption requests rather than sell portfolio securities to raise the necessary cash. The Series may borrow money from banks and make other investments or engage in other transactions permissible under the 1940 Act which may be considered a borrowing (such as mortgage dollar rolls and reverse repurchase agreements).

The Fund renewed its 364-day, $50 million credit agreement with Bank of New York Mellon (the "Credit Agreement") in September 2022, which will terminate in September 2023, unless extended or renewed. Each series of the Fund may borrow under the Credit Agreement for temporary or emergency purposes, including funding shareholder redemptions and other short-term liquidity purposes. A series may borrow up to the maximum amount allowable under its current Prospectus and SAI, subject to various other legal, regulatory or contractual limits. Borrowing results in interest expense and other fees and expenses for a series that may impact the series' net expenses and return. Each series of the Fund is charged its pro rata share of upfront fees and commitment fees on the aggregate commitment amount based on its net assets. If a series borrows pursuant to the Credit Agreement, the series is charged interest at a variable rate. The availability of assets under the Credit Agreement can be affected by other series' borrowings under the agreement. As such, a series may be unable to borrow (or borrow further) under the Credit Agreement if the commitment limit has been reached.

<u>Special Risks of Cyber Attacks</u>. As with any entity that conducts business through electronic means in the modern marketplace, the Fund, and its service providers, may be susceptible to operational and information security risks resulting from cyber attacks. Cyber attacks include, among other behaviors, stealing or corrupting data maintained online or digitally, denial of service attacks on websites, the unauthorized monitoring, release, misuse, loss, destruction or corruption of confidential information, unauthorized access to relevant systems, compromises to networks or devices that the Fund and its service providers use to service the Fund's operations, ransomware, operational disruption or failures in the physical infrastructure or operating systems that support the Fund and its service providers, or various other forms of cyber security breaches. Cyber attacks affecting the Fund, the Advisor, or the Fund's distributor, custodian, or any other of the Fund's intermediaries or service providers may adversely impact the Fund and its shareholders, potentially resulting in, among other things, financial losses or the inability of Fund shareholders to transact business. For instance, cyber attacks may interfere with the processing of shareholder transactions, impact the Series' ability to calculate their NAVs, cause the release of private shareholder information or confidential business information, impede trading, subject the Fund to regulatory fines or financial losses and/or cause reputational damage. The Fund may also incur additional costs for cyber security risk management purposes designed to mitigate or prevent the risk of cyber attacks. Such costs may be ongoing because threats of cyber attacks are constantly evolving as cyber attackers become more sophisticated and their techniques become more complex. Similar types of cyber security risks are also present for issuers of securities in which the Series may invest, which could result in material adverse consequences for such issuers and may cause the Series' investments in such companies to lose value. There can be no assurance that the Fund, the Fund's service providers, or the issuers of the securities in which the Series invest will not suffer losses relating to cyber attacks or other information security breaches in the future.

<u>Recent Market Events</u>. An outbreak of respiratory disease caused by a novel coronavirus designated as COVID-19 was first detected in China in December 2019 and subsequently spread internationally. The transmission of COVID-19 and efforts to contain its spread have resulted in international, national and local border closings and other significant travel restrictions and disruptions, significant disruptions to business operations, supply chains and customer activity, event cancellations and restrictions, service cancellations, reductions and other changes, significant challenges in healthcare service preparation and delivery, and quarantines, as well as general concern and uncertainty that has negatively affected the economic environment. These impacts also have caused significant volatility and declines in global financial markets, which have caused losses for investors. Liquidity for many instruments has been greatly reduced, and some interest rates are very low and in some cases yields are negative.

In general, the impact of this COVID-19 outbreak, and other epidemics and pandemics that may arise in the future, could negatively affect 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 a Series invests, which in turn could negatively impact the Series' performance and cause losses on your investment in the Series.

In addition, inflation has increased to highs that markets have not seen in decades. The U.S. Federal Reserve has increased interest rates in an effort to control rising inflation, however uncertainty regarding the speed and magnitude of the interest rate increases, as well as the U.S. Federal Reserve's general ability to successfully control inflation without causing a recession, may negatively impact asset prices and increase market volatility.

**Investment Restrictions**

Each Series has adopted certain restrictions set forth below as fundamental policies, which may not be changed without the favorable vote of the holders of a "majority" of the Series' outstanding voting securities, which means a vote of the holders of the lesser of (i) 67% of the shares represented at a meeting at which more than 50% of the outstanding shares are represented or (ii) more than 50% of the outstanding shares.

The following fundamental restrictions apply to the Diversified Tax Exempt Series.

The Diversified Tax Exempt Series may not:

1. Borrow money, except to the extent
 permitted under the 1940 Act, the rules or regulations thereunder or any exemption therefrom, as such statute, rules or regulations may
 be amended from time to time.

2. Purchase securities of an issuer,
 except as consistent with the maintenance of its status as an open-end diversified company under the 1940 Act, the rules or regulations
 thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time.

3. Purchase any securities which would
 cause more than 25% of the total assets of the Series, based on current value at the time of such purchase, to be invested in the securities
 of one or more issuers conducting their principal business activities in the same industry, provided that this limitation does not apply
 to investments in (a) obligations issued or guaranteed by the U.S. Government or its agencies and instrumentalities, or (b) tax-exempt
 obligations of state or municipal governments and their political subdivisions.

4. Make loans, except that each Series
 may (a) purchase or hold debt instruments in accordance with its investment objective and policies, (b) enter into repurchase agreements,
 and (c) loan its portfolio securities, to the fullest extent permitted under the 1940 Act, and any rules, regulation or order thereunder.

5. Issue senior securities (as defined
 in the 1940 Act) except in connection with permitted borrowings as described in the Series' SAI or as permitted by the 1940 Act,
 and any rule, regulation, or order of the SEC thereunder.

6. Purchase or sell real estate, commodities
 or commodities contracts including futures contracts. However, subject to its permitted investments, each Series may: (a) invest in securities
 of issuers engaged in the real estate business or the business of investing in real estate (including interests in limited partnerships
 owning or otherwise engaging in the real estate business or the business of investing in real estate) and securities which are secured
 by real estate or interests therein; (b) hold or sell real estate received in connection with securities it holds or held; or (c) trade
 in futures contracts (including forward foreign currency contracts) and options on futures contracts (including options on currencies)
 to the extent consistent with the Series' investment objective and policies.

7. Act as an underwriter of securities
 of other issuers except as it may be deemed an underwriter in selling a portfolio security.

The following are non-fundamental investment policies and restrictions of the Diversified Tax Exempt Series and may be changed by the Fund's Board of Directors.

1. None of the Series may invest in
 illiquid securities, i.e., securities that cannot be disposed of at approximately the amount at which the Series has valued them in seven
 days or less (which term includes repurchase agreements and time deposits maturing in more than seven days) if, in the aggregate, more
 than 15% of its net assets would be invested in illiquid securities.

2. None of the Series may purchase
 securities on margin, except that the Series may obtain short-term credits that are necessary for the clearance of transactions, and provided
 that margin payments in connection with futures contracts and options on futures contracts shall not constitute purchasing securities
 on margin.

3. Each Series will invest in securities
 issued by other investment companies only to the extent permitted by the 1940 Act, the rules or regulations thereunder or any exemption
 therefrom, as such statute, rules or regulations may be amended from time to time.

4. None of the Series may invest more
 than 5% of the value of its total net assets in warrants. Included within that amount, but not to exceed 2% of the value of the Series'
 net assets, may be warrants which are not listed on the NYSE or the NYSE MKT LLC. This limitation does not apply to the Tax-Exempt Series.

5. The Series' investment policies
 with respect to options on securities and with respect to stock index and currency futures and related options are subject to the following
 non-fundamental limitations: (1) with respect to any Series, the aggregate value of the securities underlying calls or obligations underlying
 puts determined as of the date options are sold shall not exceed 25% of the assets of the Series; (2) a Series will not enter into any
 option transaction if immediately thereafter, the aggregate premiums paid on all such options which are held at any time would exceed
 20% of the total net assets of the Series; (3) the aggregate margin deposits required on all futures or options thereon held at any time
 by a Series will not exceed 5% of the total assets of the Series; (4) the security underlying the put or call is within the investment
 policies of each Series and the option is issued by the Options Clearing Corporation; and (5) the Series may buy and sell puts and calls
 on securities and options on financial futures if such options are listed on a national securities or commodities exchange.

The following fundamental restrictions apply to the Real Estate Series. The Series may not:

1. Borrow money, except to the extent
 permitted under the 1940 Act, the rules or regulations thereunder or any exemption therefrom, as such statute, rules or regulations may
 be amended from time to time.

2. Except as discussed below, purchase
 any securities which would cause more than 25% of the total assets of the Series, based on current value at the time of such purchase,
 to be invested in the securities of one or more issuers conducting their principal business activities in the same industry, provided
 that this limitation does not apply to investments in (a) obligations issued or guaranteed by the U.S. Government or its agencies and
 instrumentalities, or (b) tax-exempt obligations of state or municipal governments and their political subdivisions. The Series has adopted
 a fundamental policy to invest more than 25% of its total assets in securities of companies that are directly engaged in the real estate
 industry as well as in industries serving and/or related to the real estate industry.

3. Make loans, except that the Series
 may (a) purchase or hold debt instruments in accordance with its investment objective and policies, (b) enter into repurchase agreements,
 and (c) loan its portfolio securities, to the fullest extent permitted under the 1940 Act, and any rules, regulation or order thereunder.

4. Issue senior securities (as defined
 in the 1940 Act) except in connection with permitted borrowings as described in the Series' SAI or as permitted by the 1940 Act,
 and any rule, regulation, or order of the SEC thereunder.

5. Purchase or sell real estate, commodities
 or commodities contracts including futures contracts. However, subject to its permitted investments, the Series may: (a) invest in securities
 of issuers engaged in the real estate business or the business of investing in real estate (including interests in limited partnerships
 owning or otherwise engaging in the real estate business or the business of investing in real estate) and securities which are secured
 by real estate or interests therein; (b) hold or sell real estate received in connection with securities it holds or held; or (c) trade
 in futures contracts (including forward foreign currency contracts) and options on futures contracts (including options on currencies)
 to the extent consistent with the Series' investment objective and policies.

6. Act as an underwriter of securities
 of other issuers except as it may be deemed an underwriter in selling a portfolio security.

7. Purchase securities of an issuer,
 except as consistent with the maintenance of its status as an open-end diversified company under the 1940 Act, the rules or regulations
 thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time.

The following fundamental restrictions apply to the High Yield Bond Series. The High Yield Bond Series may not:

1. Purchase any securities which would
 cause more than 25% of the total assets of the Series, based on current value at the time of such purchase, to be invested in the securities
 of one or more issuers conducting their principal business activities in the same industry, provided that this limitation does not apply
 to investments in (a) obligations issued or guaranteed by the U.S. Government or its agencies and instrumentalities, or (b) obligations
 of state or municipal governments and their political subdivisions.

2. Borrow money, except to the extent
 permitted under the 1940 Act, the rules or regulations thereunder or any exemption therefrom, as such statute, rules or regulations may
 be amended from time to time.

3. Purchase securities of an issuer,
 except as consistent with the maintenance of its status as an open-end diversified company under the 1940 Act, the rules or regulations
 thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time.

4. Make loans, except that the Series
 may (a) purchase or hold debt instruments in accordance with its investment objective and policies, (b) enter into repurchase agreements,
 and (c) loan its portfolio securities, to the fullest extent permitted under the 1940 Act, and any rules, regulation or order thereunder.

5. Purchase or sell real estate, commodities
 or commodities contracts including futures contracts. However, subject to its permitted investments, the Series may: (a) invest in securities
 of issuers engaged in the real estate business or the business of investing in real estate (including interests in limited partnerships
 owning or otherwise engaging in the real estate business or the business of investing in real estate) and securities which are secured
 by real estate or interests therein; (b) hold or sell real estate received in connection with securities it holds or held; or (c) trade
 in futures contracts (including forward foreign currency contracts) and options on futures contracts (including options on currencies)
 to the extent consistent with the Series' investment objective and policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

6. Act as an underwriter of securities
 of other issuers except as it may be deemed an underwriter in selling a portfolio security.

7. Issue senior securities (as defined
 in the 1940 Act) except in connection with permitted borrowings as described in this SAI or as permitted by the 1940 Act, and any rule,
 regulation or order of the SEC thereunder.

The following non-fundamental policies apply to the High Yield Bond Series. These non-fundamental policies may be changed by the Board of Directors without shareholder approval.

The High Yield Bond Series may not:

1. Purchase illiquid securities, i.e.,
 securities that cannot be disposed at approximately the amount at which the Series has valued them in seven days or less (which term includes
 repurchase agreements and time deposits maturing in more than seven days) if, in the aggregate, more than 15% of its net assets would
 be invested in illiquid securities.

2. Purchase securities on margin, except
 that the Series may obtain short-term credits that are necessary for the clearance of transactions, and provided that margin payments
 in connection with futures contracts and options on futures contracts shall not constitute purchasing securities on margin.

3. The Series will not purchase any
 securities which would cause more than 25% of the total assets of the Series, based on current value at the time of such purchase, to
 be invested in the securities of one or more issuers conducting their principal business activities in the same industry, provided that
 this limitation does not apply to investments in (a) obligations issued or guaranteed by the U.S. Government or its agencies and
 instrumentalities, or (b) tax-exempt obligations of state or municipal governments and their political subdivisions.

The following fundamental restrictions apply to the Core Bond Series and Unconstrained Bond Series. The Core Bond Series and Unconstrained Bond Series may not:

1. Purchase securities of an issuer,
 except as consistent with the maintenance of its status as an open-end diversified company under the 1940 Act, the rules or regulations
 thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time.

2. Purchase any securities which would
 cause more than 25% of the total assets of the Series, based on current value at the time of such purchase, to be invested in the securities
 of one or more issuers conducting their principal business activities in the same industry, provided that this limitation does not apply
 to investments in (a) obligations issued or guaranteed by the U.S. Government or its agencies and instrumentalities, or (b) obligations
 of state or municipal governments and their political subdivisions.

3. Borrow money, except to the extent
 permitted under the 1940 Act, the rules or regulations thereunder or any exemption therefrom, as such statute, rules or regulations may
 be amended from time to time.

4. Make loans, except that each Series
 may (a) purchase or hold debt instruments in accordance with its investment objective and policies, (b) enter into repurchase agreements,
 and (c) loan its portfolio securities, to the fullest extent permitted under the 1940 Act, and any rules, regulation or order thereunder.

5. Purchase or sell real estate, commodities
 or commodities contracts including futures contracts. However, subject to its permitted investments, each Series may: (a) invest in securities
 of issuers engaged in the real estate business or the business of investing in real estate (including interests in limited partnerships
 owning or otherwise engaging in the real estate business or the business of investing in real estate) and securities which are secured
 by real estate or interests therein; (b) hold or sell real estate received in connection with securities it holds or held; or (c) trade
 in futures contracts (including forward foreign currency contracts) and options on futures contracts (including options on currencies)
 to the extent consistent with the Series' investment objective and policies.

6. Act as an underwriter of securities
 of other issuers except as it may be deemed an underwriter in selling a portfolio security.

7. Issue senior securities (as defined
 in the 1940 Act) except in connection with permitted borrowings as described in this SAI or as permitted by the 1940 Act, and any rule,
 regulation or order of the SEC thereunder.

The following non-fundamental policies apply to the Core Bond Series, Real Estate Series and Unconstrained Bond Series. These non-fundamental policies may be changed by the Board of Directors without shareholder approval.

The Series may not:

1. Purchase illiquid securities, i.e.,
 securities that cannot be disposed at approximately the amount at which the Series has valued them in seven days or less (which term includes
 repurchase agreements and time deposits maturing in more than seven days) if, in the aggregate, more than 15% of its net assets would
 be invested in illiquid securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

2. Purchase securities on margin, except
 that the Series may obtain short-term credits that are necessary for the clearance of transactions, and provided that margin payments
 in connection with futures contracts and options on futures contracts shall not constitute purchasing securities on margin.

The following non-fundamental policy applies to the Unconstrained Bond Series. This non-fundamental policy may be changed by the Board of Directors without shareholder approval.

The Series may not:

1. Purchase any securities which would
 cause more than 25% of the total assets of the Series, based on current value at the time of such purchase, to be invested in the securities
 of one or more issuers conducting their principal business activities in the same industry, provided that this limitation does not apply
 to investments in (a) obligations issued or guaranteed by the U.S. Government or its agencies and instrumentalities, or (b) tax-exempt
 obligations of state or municipal governments and their political subdivisions.

The following fundamental restrictions apply to the Credit Series.

1. The Series may not purchase any
 securities which would cause more than 25% of the total assets of the Series, based on current value at the time of such purchase, to
 be invested in the securities of one or more issuers conducting their principal business activities in the same industry, provided that
 this limitation does not apply to investments in (a) obligations issued or guaranteed by the U.S. Government or its agencies and instrumentalities,
 or (b) tax-exempt obligations of state or municipal governments and their political subdivisions.

2. The Series may borrow money, except
 as prohibited under the 1940 Act, the rules or regulations thereunder or any exemption therefrom, as such statute, rules or regulations
 may be amended or interpreted from time to time.

3. The Series may make loans, except
 as prohibited under the 1940 Act, the rules or regulations thereunder or any exemption therefrom, as such statute, rules or regulations
 may be amended or interpreted from time to time.

4. The Series may purchase or sell
 commodities and real estate, except as prohibited under the 1940 Act, the rules and regulations thereunder or any exemption therefrom,
 as such statute, rules or regulations may be amended or interpreted from time to time.

5. The Series may act as an underwriter
 of securities of other issuers, except as prohibited under the 1940 Act, the rules or regulations thereunder or any exemption therefrom,
 as such statute, rules or regulations may be amended or interpreted from time to time.

6. The Series may not issue senior
 securities (as defined in the 1940 Act) except in connection with permitted borrowings as described in this SAI or as permitted by the
 1940 Act, and any rule, regulation or order of the SEC thereunder.

The following non-fundamental investment policies and restrictions apply to the Credit Series. They may be changed by the Fund's Board of Directors.

1. The Series may not purchase an investment
 if, as a result, more than 15% of its net assets would be invested in illiquid securities.

2. The Series may invest in securities
 issued by other investment companies, except as prohibited under the 1940 Act, the rules and regulations thereunder or any exemption therefrom,
 as such statute, rules or regulations may be amended or interpreted from time to time.

3. The Series may not invest in unmarketable
 interests in real estate limited partnerships. The Series may not purchase or sell or invest directly in real estate unless acquired as
 a result of its ownership in securities or other investments and except pursuant to the exercise of its rights under loan agreements related
 to its investments or to the extent that its investments in senior loans or bank loans may be considered to be investments in real estate.
 For the avoidance of doubt, the foregoing policy does not prevent the Series from, among other things, purchasing marketable securities
 of companies that deal in real estate or interests therein (including REITs).

4. The Series may purchase or sell
 financial and physical commodities, commodity contracts based on (or relating to) physical commodities or financial commodities, and securities
 and derivative instruments whose values are derived from (in whole or in part) physical commodities or financial commodities.

Except for the limitations on borrowings, or as may be specifically provided to the contrary, each of the above percentage limitations are applicable at the time of a purchase. With respect to warrants, rights, and convertible securities, a determination of compliance with the above limitations shall be made as though such warrant, right, or conversion privilege had been exercised. With respect to the limitation on illiquid securities, in the event that a subsequent change in net assets or other circumstances cause a Series to exceed its limitation, the Series will take steps to bring the aggregate amount of illiquid instruments back within the limitations as soon as reasonably practicable. With respect to the limitation on borrowing, in the event that a subsequent change in net assets or other circumstances causes a Series to exceed its limitation, the Series will take steps to bring the aggregate amount of borrowing back within the limitation within three days thereafter (not including Sundays and holidays).

The following descriptions of the 1940 Act may assist investors in understanding the above policies and restrictions.

**Borrowing.** The 1940 Act presently allows an investment company to borrow from any bank in an amount up to 33<sup>1</sup>/<sub>3</sub>% of its total assets (including the amount borrowed) and to borrow for temporary purposes in an amount not exceeding 5% of its total assets. Transactions that are fully collateralized in a manner that does not involve the prohibited issuance of a "senior security" within the meaning of Section 18(f) of the 1940 Act, shall not be regarded as borrowings for the purposes of a Series' investment restriction.

**Concentration.** The SEC staff has defined concentration as investing 25% or more of an investment company's total assets in an industry or group of industries, with certain exceptions.

**Diversification.** Under the 1940 Act and the rules, regulations and interpretations thereunder, a "diversified company," as to 75% of its total assets, may not purchase securities of any issuer (other than obligations of, or guaranteed by, the U.S. Government or its agencies, or instrumentalities or securities of other investment companies) if, as a result, more than 5% of its total assets would be invested in the securities of such issuer, or more than 10% of the issuer's voting securities would be held by the investment company.

**Lending.** Under the 1940 Act, an investment company may only make loans if expressly permitted by its investment policies.

**Senior Securities.** Senior securities may include any obligation or instrument issued by an investment company evidencing indebtedness. The 1940 Act generally prohibits each Series from issuing senior securities, although it provides allowances for certain derivatives and certain other investments, such as short sales, reverse repurchase agreements, firm commitment agreements and standby commitments, in compliance with applicable law and guidance.

**Underwriting.** Under the 1940 Act, underwriting securities involves an investment company purchasing securities directly from an issuer for the purpose of selling (distributing) them or participating in any such activity either directly or indirectly. Under the 1940 Act, a diversified fund may not make any commitment as underwriter, if immediately thereafter the amount of its outstanding underwriting commitments, plus the value of its investments in securities of issuers (other than investment companies) of which it owns more than 10% of the outstanding voting securities, exceeds 25% of the value of its total assets. The foregoing restrictions do not apply to non-diversified funds.

**Portfolio Turnover** 

An annual portfolio turnover rate is, in general, the percentage computed by taking the lesser of purchases or sales of portfolio securities (excluding securities with a maturity of one year or less at the time of acquisition) for a year and dividing that amount by the monthly average of the market value of such securities during the year. Higher portfolio turnover (e.g., over 100%) necessarily will cause the Series to pay correspondingly increased brokerage and trading costs. In addition to the transaction costs, higher portfolio turnover may result in the realization of capital gains. To the extent net short-term gains are realized, any distributions resulting from such gains are considered ordinary income for federal income tax purposes.

The portfolio turnover rate for the Core Bond Series increased compared to the prior year as market volatility throughout the year led to sector allocation and duration changes within the portfolio as compared to a relatively stable 2021.

**Disclosure of Portfolio Holdings**

The Fund's Board of Directors has approved a portfolio holdings disclosure policy that governs the timing and circumstances of disclosure to shareholders and third parties of information regarding the portfolio investments held by the Series.

Disclosure of the Series' complete portfolio holdings is required to be made quarterly within 60 days of the end of each fiscal quarter (currently, each March 31, June 30, September 30, and December 31), in the Annual Report and Semi-Annual Report to shareholders and in the quarterly holdings reports filed with the SEC as exhibits to Form N-PORT. Each Series' Annual and Semi-Annual Reports are distributed to shareholders and the most recent Reports are available on the Fund's website (see address below). The Series' holdings reports on exhibits to Form N-PORT are available, free of charge, on the EDGAR database on the SEC's website at www.sec.gov. In addition, each Series' month-end and quarter-end complete portfolio holdings are available on the Fund's website at www.manning-napier.com. This information is provided with a lag of at least eight days. The information provided will include the following for each security in the portfolio: security name, CUSIP or Sedol symbol, ticker (for equities only), country, number of shares or units held (for equities), par value (for bonds), and market value as of the date of the portfolio. For futures contracts, the information provided will include the underlying instrument, the notional value of the contracts, and the amount of unrealized appreciation or depreciation. Portfolio holdings information will be available on the website at least until it is superseded by a quarterly portfolio holdings report distributed to shareholders (with respect to Annual and Semi- Annual Reports) or filed with the SEC (with respect to exhibits to Form N-PORT). This information is publicly available to all categories of persons.

The Fund provides portfolio holdings and information derived from the portfolio holdings to rating and ranking organizations such as Lipper and Morningstar, Inc. in connection with rating the Series and mutual fund database services such as Thomson Financial Research in connection with their collection of fund data for their subscribers. The Fund will only disclose such information as of the end of the most recent calendar month, and this information will be provided to these organizations no sooner than the next day after it is posted on the Fund's website, unless the conditions described below relating to the disclosure of non-public portfolio holdings information are satisfied. The Fund believes that these organizations have legitimate objectives in requesting such portfolio holdings information.

The Fund's policies and procedures provide that the Fund's Chief Compliance Officer (or her designee) ("CCO") may authorize disclosure of non-public portfolio holdings to rating and ranking organizations, mutual fund databases, consultants, and other organizations that will use the data for due diligence, rating, or ranking the Series, or similar uses at differing times and/or with different lag times than those described above. Prior to making any disclosure of non-public portfolio holdings to a third party, the CCO must determine that such disclosure serves a reasonable business purpose, is in the best interests of the Fund's shareholders and that conflicts between the interests of the Fund's shareholders and those of the Fund's Advisor, principal underwriter, or any affiliated person of the Fund are addressed.

The Fund's policies and procedures also permit the Fund to disclose certain commentary and analytical, statistical, performance or similar information relating to a Series of the Fund or its portfolio holdings if certain conditions are met. The information must be for legitimate business purposes and must be deemed to be non-material non-public information based on a good faith review of the particular facts and circumstances. Examples of such non-material non-public information may include, but are not limited to, the following types of information: allocation of a Series' portfolio securities and other investments among various asset classes, sectors, industries, market capitalizations, countries and regions; the characteristics of the stock components and other investments of a Series; the attribution of a Series' returns by asset class, sector, industry, market capitalization, country and region; certain volatility characteristics of a Series; certain valuation metrics of a Series (such as average price to earnings ratio and average earnings growth); and maturity and credit quality statistics for a Series' fixed income holdings.

The Fund requires any third party receiving non-public portfolio holdings or information which is derived from portfolio holdings that is deemed material (together, "portfolio holdings data") to enter into a confidentiality agreement with the Fund which provides, among other things, that non-public portfolio holdings data will be kept confidential and that the recipient has a duty not to trade on the portfolio holdings data and will use such information solely to analyze and rank a Series, or to perform due diligence and asset allocation, depending on the recipient of the information. The agreement will require that the recipient provide, upon request, evidence reasonably satisfactory to the Fund to demonstrate its adherence to the provisions of the agreement.

The Fund does not receive any compensation or other consideration for disclosure of portfolio holdings information.

In addition, the Fund's service providers, such as the Advisor, Custodian, Morgan, Lewis & Bockius LLP, PricewaterhouseCoopers LLP ("PwC"), Distributor, and BNY Mellon Investment Servicing (US) Inc. ("BNY Mellon"), all as defined herein, and any pricing service used by the Advisor may possess or receive daily portfolio holdings information with no lag time in connection with their services to the Fund. In addition, Broadridge Financial Solutions, Inc. may receive portfolio holdings information with no lag time, as necessary, in connection with the proxy voting support services it provides to the Fund (see "Proxy Voting Policy"). Service providers will be subject to a duty of confidentiality with respect to any portfolio holdings information, whether imposed by the provisions of the service provider's contract with the Fund or by the nature of its relationship with the Fund.

The Board exercises ongoing oversight of the portfolio holdings disclosure policy by overseeing the implementation and enforcement of the Fund's policies and procedures by the CCO and by considering reports and recommendations by the CCO concerning any material compliance matters. The Board will be informed of any disclosures of non-public portfolio holdings data pursuant to a confidentiality agreement at its next regularly scheduled meeting or as soon as is reasonably practicable, and will periodically review agreements that the Fund has entered into to selectively disclose portfolio holdings data.

**Management**

The overall business and affairs of the Fund are managed by the Fund's Board of Directors. The Board approves all significant agreements between the Fund and persons or companies furnishing services to the Fund, including the Fund's agreements with its investment advisor, custodian and distributor. The day-to-day operations of the Fund are delegated to the Fund's officers and to the Advisor and other service providers.

The following chart shows certain information about the Fund's officers and directors, including their principal occupations during the last five years. Unless specific dates are provided, the individuals have held the listed positions for longer than five years.

Manning & Napier Advisors, LLC is the successor entity to Manning & Napier Advisors, Inc. Accordingly, for purposes of the charts below, an individual's employment history at Manning & Napier Advisors, LLC includes his/her employment history at Manning & Napier Advisors, Inc., except as otherwise stated.

---

| | |
|:---|:---|
| &nbsp;&nbsp;Interested Director and Officer<sup>1</sup> |  |
| &nbsp;&nbsp;Name: | &nbsp;&nbsp;Paul Battaglia\* |
| &nbsp;&nbsp;Address: | &nbsp;&nbsp; 290 Woodcliff Drive <br> Fairport, NY 14450<br>|
| &nbsp;&nbsp;Born: | &nbsp;&nbsp;1978 |
| &nbsp;&nbsp;Current Position(s) Held with Fund: | &nbsp;&nbsp;Principal Executive Officer, President, Chairman and Director |
| &nbsp;&nbsp;Term of Office<sup>2</sup> & Length of Time Served: | &nbsp;&nbsp;Indefinite – Chairman and Director since November 2018 |
| &nbsp;&nbsp;Principal Occupation(s) During Past 5 Years: | &nbsp;&nbsp;Chief Financial Officer since 2018; Vice President of Finance (2016 – 2018); Director of Finance (2011 – 2016); Financial Analyst/Internal Auditor (2004-2006) – Manning & Napier Advisors, LLC and affiliates |
|  | &nbsp;&nbsp;Holds one or more of the following titles for various subsidiaries and affiliates: Chief Financial Officer |
| &nbsp;&nbsp;Number of Portfolios Overseen within Fund Complex: | &nbsp;&nbsp;14 |
| &nbsp;&nbsp;Other Directorships Held Outside Fund Complex During Past 5 Years: | &nbsp;&nbsp;N/A |

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---

| | |
|:---|:---|
| &nbsp;&nbsp;Independent Directors |  |
| &nbsp;&nbsp;Name: | &nbsp;&nbsp;Stephen B. Ashley |
| &nbsp;&nbsp;Address: | &nbsp;&nbsp; 290 Woodcliff Drive <br> Fairport, NY 14450<br>|
| &nbsp;&nbsp;Born: | &nbsp;&nbsp;1940 |
| &nbsp;&nbsp;Current Position(s) Held with Fund: | &nbsp;&nbsp;Director, Audit Committee Member, Governance & Nominating Committee Member |
| &nbsp;&nbsp;Term of Office & Length of Time Served: | &nbsp;&nbsp;Indefinite – Since 1996 |
| &nbsp;&nbsp;Principal Occupation(s) During Past 5 Years: | &nbsp;&nbsp;Chairman and Director since 1997; Chief Executive Officer (1997-2019) - Ashley Companies (property management and investment) |
| &nbsp;&nbsp;Number of Portfolios Overseen within Fund Complex: | &nbsp;&nbsp;14 |
| &nbsp;&nbsp;Other Directorships Held Outside Fund Complex During Past 5 Years: | &nbsp;&nbsp;Ashley Companies since 1997 |
| &nbsp;&nbsp;Name: | &nbsp;&nbsp;Paul A. Brooke |
| &nbsp;&nbsp;Address: | &nbsp;&nbsp; 290 Woodcliff Drive <br> Fairport, NY 14450<br>|
| &nbsp;&nbsp;Born: | &nbsp;&nbsp;1945 |
| &nbsp;&nbsp;Current Position(s) Held with Fund: | &nbsp;&nbsp;Lead Independent Director, Audit Committee Member, Governance & Nominating Committee Member |
| &nbsp;&nbsp;Term of Office & Length of Time Served: | &nbsp;&nbsp;Indefinite – Director, Audit Committee Member, Governance & Nominating Committee Member since 2007; Lead Independent Director since 2017 |
| &nbsp;&nbsp;Principal Occupation(s) During Past 5 Years: | &nbsp;&nbsp;Managing Member since 1991 - PMSV Holdings LLC (investments); Managing Member (2010-2016) - VenBio (investments). |
| &nbsp;&nbsp;Number of Portfolios Overseen within Fund Complex: | &nbsp;&nbsp;14 |
| &nbsp;&nbsp;Other Directorships Held Outside Fund Complex During Past 5 Years: | &nbsp;&nbsp;Incyte Corp. (biotech) (2000-2020); PureEarth (non-profit) since 2012; Cerus (biomedical) since 2016; Caelum BioSciences (biomedical) since 2018; Cheyne Capital International (investment)(2000-2017); |
| &nbsp;&nbsp;Name: | &nbsp;&nbsp;John Glazer |
| &nbsp;&nbsp;Address: | &nbsp;&nbsp; 290 Woodcliff Drive <br> Fairport, NY 14450<br>|
| &nbsp;&nbsp;Born: | &nbsp;&nbsp;1965 |
| &nbsp;&nbsp;Current Position(s) Held with Fund: | &nbsp;&nbsp;Director, Audit Committee Member, Governance & Nominating Committee Member |
| &nbsp;&nbsp;Term of Office & Length of Time Served: | &nbsp;&nbsp;Indefinite – Director, Audit Committee Member, Governance & Nominating Committee Member since February 2021 |
| &nbsp;&nbsp;Principal Occupation(s) During Past 5 Years: | &nbsp;&nbsp;Chief Executive Officer since 2020 – Oikos Holdings LLC (Single-Family Office); Head of Corporate Development (2019-2020) – Caelum Biosciences (pharmaceutical development); Head of Private Investments (2015-2018) – AC Limited (Single-Family Office) |
| &nbsp;&nbsp;Number of Portfolios Overseen within Fund Complex: | &nbsp;&nbsp;14 |
| &nbsp;&nbsp;Other Directorships Held Outside Fund Complex During Past 5 Years: | &nbsp;&nbsp;N/A |

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---

| | |
|:---|:---|
| &nbsp;&nbsp;Name: | &nbsp;&nbsp;Russell O. Vernon |
| &nbsp;&nbsp;Address: | &nbsp;&nbsp; 290 Woodcliff Drive <br> Fairport, NY 14450<br>|
| &nbsp;&nbsp;Born: | &nbsp;&nbsp;1957 |
| &nbsp;&nbsp;Current Position(s) Held with Fund: | &nbsp;&nbsp;Director, Audit Committee Member, Governance & Nominating Committee Chairman |
| &nbsp;&nbsp;Term of Office & Length of Time Served: | &nbsp;&nbsp;Indefinite – Director, Audit Committee Member, Governance & Nominating Committee Member since April 2020; Governance & Nominating Committee Chairman since November 2020 |
| &nbsp;&nbsp;Principal Occupation(s) During Past 5 Years: | &nbsp;&nbsp;Founder and General Partner (2009-2019) – BVM Capital Management (economic development) |
| &nbsp;&nbsp;Number of Portfolios Overseen within Fund Complex: | &nbsp;&nbsp;14 |
| &nbsp;&nbsp;Other Directorships Held Outside Fund Complex During Past 5 Years: | &nbsp;&nbsp;Board Member, Vice Chairman and President since 2010 – Newburgh Armory Unity Center (military); Board Member and Executive Director since 2020 – National Purple Heart Honor Mission, Inc. (military); Board Member, Vice Chairman (2015-2020) – National Purple Heart Hall of Honor, Inc. (military) |
| &nbsp;&nbsp;Name: | &nbsp;&nbsp;Chester N. Watson |
| &nbsp;&nbsp;Address: | &nbsp;&nbsp; 290 Woodcliff Drive <br> Fairport, NY 14450<br>|
| &nbsp;&nbsp;Born: | &nbsp;&nbsp;1950 |
| &nbsp;&nbsp;Current Position(s) Held with Fund: | &nbsp;&nbsp;Director, Audit Committee Chairman, Governance & Nominating Committee Member |
| &nbsp;&nbsp;Term of Office & Length of Time Served: | &nbsp;&nbsp;Indefinite – Director, Audit Committee Member, Governance & Nominating Committee Member Since 2012; Audit Committee Chairman since 2013 |
| &nbsp;&nbsp;Principal Occupation(s) During Past 5 Years: | &nbsp;&nbsp;General Auditor (2003-2011) - General Motors Company (auto manufacturer) |
| &nbsp;&nbsp;Number of Portfolios Overseen within Fund Complex: | &nbsp;&nbsp;14 |
| &nbsp;&nbsp;Other Directorships Held Outside Fund Complex During Past 5 Years: | &nbsp;&nbsp;Rochester Institute of Technology (University) since 2005; Hudson Valley Center for Innovation, Inc. (New Business and Economic Development) since 2019; Town of Greenburgh, NY Planning Board (Municipal Government) (2015-2019); |
| &nbsp;&nbsp;**Officers:** |  |
| &nbsp;&nbsp;Name: | &nbsp;&nbsp;Elizabeth Craig |
| &nbsp;&nbsp;Address: | &nbsp;&nbsp; 290 Woodcliff Drive <br> Fairport, NY 14450  |
| &nbsp;&nbsp;Born: | &nbsp;&nbsp;1987 |
| &nbsp;&nbsp;Current Position(s) Held with Fund: | &nbsp;&nbsp;Corporate Secretary |
| &nbsp;&nbsp;Term of Office<sup>2</sup> & Length of Time Served: | &nbsp;&nbsp;Since 2016 |
| &nbsp;&nbsp;Principal Occupation(s) During Past 5 Years: | &nbsp;&nbsp;Director of Fund Administration since 2021; Fund Regulatory Administration Manager (2018-2021); Fund Administration Manager (2015-2018) - Manning & Napier Advisors, LLC; Corporate Secretary, Director since 2019 – Manning & Napier Investor Services, Inc. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Name: | &nbsp;&nbsp;Samantha Larew |
| &nbsp;&nbsp;Address: | &nbsp;&nbsp; 290 Woodcliff Drive <br> Fairport, NY 14450<br>|
| &nbsp;&nbsp;Born: | &nbsp;&nbsp;1980 |
| &nbsp;&nbsp;Current Position(s) Held with Fund: | &nbsp;&nbsp;Chief Compliance Officer and Anti-Money Laundering Compliance Officer |
| &nbsp;&nbsp;Term of Office<sup>2</sup> & Length of Time Served: | &nbsp;&nbsp;Chief Compliance Officer since 2019; Anti-Money Laundering Compliance Officer since 2018 |
| &nbsp;&nbsp;Principal Occupation(s) During Past 5 Years: | &nbsp;&nbsp;Co-Director of Compliance since 2018; Compliance Communications Supervisor (2014-2018) - Manning & Napier Advisors, LLC & Affiliates; Broker-Dealer Chief Compliance Officer since 2013; Broker-Dealer Assistant Corporate Secretary since 2011 – Manning & Napier Investor Services, Inc.; |
| &nbsp;&nbsp;Name: | &nbsp;&nbsp;Scott Morabito |
| &nbsp;&nbsp;Address: | &nbsp;&nbsp; 290 Woodcliff Drive <br> Fairport, NY 14450<br>|
| &nbsp;&nbsp;Born: | &nbsp;&nbsp;1987 |
| &nbsp;&nbsp;Current Position(s) Held with Fund: | &nbsp;&nbsp;Vice President |
| &nbsp;&nbsp;Term of Office<sup>2</sup> & Length of Time Served: | &nbsp;&nbsp;Vice President since 2019; Assistant Vice President (2017-2019) |
| &nbsp;&nbsp;Principal Occupation(s) During Past 5 Years: | &nbsp;&nbsp; Managing Director, Client Service and Business Operations since 2021; Managing Director of Operations (2019-2021); Director of Funds Group (2017-2019) - Manning & Napier Advisors, LLC; President, Director since 2018 – Manning & Napier Investor Services, Inc.; President, Exeter Trust Company since 2021;<br>|
| &nbsp;&nbsp;Name: | &nbsp;&nbsp;Jill Peeper |
| &nbsp;&nbsp;Address: | &nbsp;&nbsp; 290 Woodcliff Drive <br> Fairport, NY 14450<br>|
| &nbsp;&nbsp;Born: | &nbsp;&nbsp;1982 |
| &nbsp;&nbsp;Current Position(s) Held with Fund: | &nbsp;&nbsp;Assistant Treasurer |
| &nbsp;&nbsp;Term of Office<sup>1</sup> & Length of Time Served: | &nbsp;&nbsp;Assistant Treasurer since 2023 |
| &nbsp;&nbsp;Principal Occupation(s) During Past 5 Years: | &nbsp;&nbsp;Mutual Fund Financial Reporting Manager since 2022 - Manning & Napier Advisors, LLC; Fund Accounting Manager (2007 – 2022) – State Street Bank |
| &nbsp;&nbsp;Name: | &nbsp;&nbsp;Troy Statczar |
| &nbsp;&nbsp;Address: | &nbsp;&nbsp; 290 Woodcliff Drive <br> Fairport, NY 14450<br>|
| &nbsp;&nbsp;Born: | &nbsp;&nbsp;1971 |
| &nbsp;&nbsp;Current Position(s) Held with Fund: | &nbsp;&nbsp;Principal Financial Officer, Treasurer |
| &nbsp;&nbsp;Term of Office<sup>2</sup> & Length of Time Served: | &nbsp;&nbsp;Principal Financial Officer and Treasurer since 2020 |
| &nbsp;&nbsp;Principal Occupation(s) During Past 5 Years: | &nbsp;&nbsp;Senior Principal Consultant, Fund Officers, since 2020 – ACA Group (formerly Foreside Financial Group); Director of Fund Administration (2017-2019) - Thornburg Investment Management, Inc. |
| &nbsp;&nbsp;Name: | &nbsp;&nbsp;Sarah Turner |
| &nbsp;&nbsp;Address: | &nbsp;&nbsp; 290 Woodcliff Drive <br> Fairport, NY 14450<br>|
| &nbsp;&nbsp;Born: | &nbsp;&nbsp;1982 |
| &nbsp;&nbsp;Current Position(s) Held with Fund: | &nbsp;&nbsp;Chief Legal Officer; Assistant Corporate Secretary |
| &nbsp;&nbsp;Term of Office<sup>2</sup> & Length of Time Served: | &nbsp;&nbsp;Since 2018 |
| &nbsp;&nbsp;Principal Occupation(s) During Past 5 Years: | &nbsp;&nbsp;General Counsel since 2018 - Manning & Napier Advisors, LLC and affiliates; Counsel (2017-2018) – Harter Secrest and Emery LLP |
|  | &nbsp;&nbsp;Holds one or more of the following titles for various affiliates: General Counsel |

---

<sup>1</sup> Interested Director, within the meaning of the 1940 Act by reason of his positions with the Fund's Advisor, Manning & Napier Advisors, LLC, and Distributor, Manning & Napier Investor Services, Inc.

<sup>2</sup> The term of office of all officers shall be one year and until their respective successors are chosen and qualified, or his or her earlier resignation or removal as provided in the Fund's By-Laws.

**Equity Ownership of Directors as of 12/31/22**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name of Directors** | &nbsp;&nbsp;**Dollar Ranges of Equity Securities in the Series covered by this SAI** | &nbsp;&nbsp;**Aggregate Dollar Range of Equity Securities in All Registered Investment Companies Overseen by Director in Family of Investment Companies** |
| &nbsp;&nbsp;**Independent Directors** |  |  |
| &nbsp;&nbsp;Stephen B. Ashley |  |  |
| &nbsp;&nbsp;Paul A. Brooke |  |  |
| &nbsp;&nbsp;John M. Glazer |  |  |
| &nbsp;&nbsp;Russell O. Vernon |  |  |
| &nbsp;&nbsp;Chester N. Watson |  |  |
| &nbsp;&nbsp;**Interested Director** |  |  |
| &nbsp;&nbsp;Paul J. Battaglia | &nbsp;&nbsp; High Yield Bond Series – Between $50,001 and $100,000<br>Real Estate Series – Between $50,001 and $100,000 | &nbsp;&nbsp;Between $100,001 and $500,000 |

---

None of the Independent Directors have any beneficial ownership interest in the Fund's Advisor, Manning & Napier Advisors, LLC or its Distributor, Manning & Napier Investor Services, Inc.

**Board Responsibilities**

The management and affairs of the Fund and the Series are supervised by the Directors under the laws of the State of Maryland. The Board of Directors is responsible for overseeing the Series and each of the Fund's additional other series, which include Series not described in this SAI. The Board has approved contracts, as described herein, under which certain companies provide essential management services to the Fund.

As with most mutual funds, the day-to-day business of the Fund, including the management of risk, is performed by third party service providers, such as the Advisor and Distributor. The Directors are responsible for overseeing the Fund's service providers and, thus, have oversight responsibility with respect to risk management performed by those service providers. Each service provider is responsible for one or more discrete aspects of the Fund's business (e.g., the Advisor is responsible for the day-to-day management of the Fund's portfolio investments) and, consequently, for managing the risks associated with that business.

The Directors' role in risk oversight begins before the inception of a Series, at which time the Advisor presents the Board with information concerning the investment objectives, strategies and risks of the Series as well as proposed investment limitations for the Series. Additionally, the Advisor provides the Board with an overview of, among other things, its investment philosophy, brokerage practices and compliance infrastructure. Thereafter, the Board continues its oversight function with respect to the Fund by monitoring risks identified during regular and special reports made to the Board, as well as regular and special reports made to the Audit Committee. In addition to monitoring such risks, the Board and the Audit Committee oversee efforts by management and service providers to manage risks to which the Fund may be exposed.

The Board is responsible for overseeing the nature, extent and quality of the services provided to the Fund by the Advisor and receives information about those services at its regular meetings. In addition, on an annual basis, in connection with its consideration of whether to renew the Advisory Agreement with the Advisor, the Board meets with the Advisor to review such services. Among other things, the Board regularly considers the Advisor's adherence to the Series' investment restrictions and compliance with various Fund policies and procedures and with applicable securities regulations. The Board also reviews information about the Series' investments, including, for example, portfolio holdings schedules and reports on the Advisor's use of derivatives and illiquid securities in managing the Series.

The Board meets regularly with the Fund's CCO to review and discuss compliance issues and Fund and Advisor risk assessments. At least annually, the Fund's CCO provides the Board with an assessment of the Fund's Compliance Program reviewing the adequacy and effectiveness of the Fund's policies and procedures and those of its service providers, including the Advisor. The assessment addresses the operation of the policies and procedures of the Fund and each service provider since the date of the last report; any material changes to the policies and procedures since the date of the last report; any recommendations for material changes to the policies and procedures; and any material compliance matters since the date of the last report.

The Board directly, or through one or more of its Committees, receives reports from the Fund's service providers that assist the Board in identifying and understanding operational risks and risks related to the valuation and liquidity of portfolio securities. The Advisor makes regular reports to the Board concerning investments for which market quotations are not readily available. Annually, the independent registered public accounting firm reviews with the Audit Committee its audit of the Fund's financial statements, focusing on major areas of risk encountered by the Fund and noting any significant deficiencies or material weaknesses in the Fund's internal controls. Additionally, in connection with its oversight function, the Board (through its Audit Committee) oversees Fund management's implementation of disclosure controls and procedures, which are designed to ensure that information required to be disclosed by the Fund in its periodic reports with the SEC is recorded, processed, summarized, and reported within the required time periods, and the Fund's internal controls over financial reporting, which comprise policies and procedures designed to provide reasonable assurance regarding the reliability of the Fund's financial reporting and the preparation of the Fund's financial statements.

From their review of these reports and discussions with the Advisor, the CCO, the independent registered public accounting firm and other service providers, the Board and the Audit Committee learn in detail about the material risks of the Fund and the Series, thereby facilitating a dialogue about how management and service providers identify and mitigate those risks.

The Chair of the Board, Paul J. Battaglia, is an interested person of the Fund as that term is defined in the 1940 Act. Paul A. Brooke serves as the Lead Independent Director. In his role as Lead Independent Director, Mr. Brooke, among other things: (i) presides over Board meetings in the absence of the Chair of the Board; (ii) presides over executive sessions of the Independent Directors; (iii) along with the Chair of the Board, oversees the development of agendas for Board meetings; (iv) facilitates communication between the Independent Directors and Fund management, and among the Independent Directors; (v) serves as a key point person for dealings between the Independent Directors and Fund management; and (vi) has such other responsibilities as the Board or Independent Directors determine from time to time.

The Fund has determined its leadership structure is appropriate given the specific characteristics and circumstances of the Fund. The Fund made this determination in consideration of, among other things, the fact that the Directors who are not interested persons of the Fund (i.e., "Independent Directors") constitute a super-majority (at least 75%) of the Board, the fact that the members of each Committee of the Board are Independent Directors, the amount of assets under management in the Fund, the number of Series (and classes of shares) overseen by the Board, and the total number of Directors on the Board. The Board also believes that its leadership structure facilitates the orderly and efficient flow of information to the Independent Directors from Fund management.

However, a Director must retire from the Board by the end of the calendar year in which the Director turns 82 provided that the Board may, if it deems doing so to be consistent with the best interest of the Fund, and with the consent of any Director that is eligible for retirement, by unanimous vote of the Governance Committee and majority vote of the full Board, extend the term of such Director for successive periods of one year.

**Individual Director Qualifications**

The Fund has concluded that each of the Directors should serve on the Board because of their ability to review and understand information about the Series provided to them by management, to identify and request other information they may deem relevant to the performance of their duties, to question management and other service providers regarding material factors bearing on the management and administration of the Series, and to exercise their business judgment in a manner that serves the best interests of the Fund's shareholders. The Fund has concluded that each of the Directors should serve as a Director based on their own experience, qualifications, attributes and skills as described below.

The Fund has concluded that Paul J. Battaglia should serve as Director because of his knowledge of and experience in the financial services industry, and the knowledge and experience he has gained from serving in various executive and management positions with the Advisor since 2004. Mr. Battaglia has over 15 years of experience in strategic and fiscal planning and budgeting, financial reporting, and investor relations.

The Fund has concluded that Stephen B. Ashley should serve as Director because of the experience he has gained in his various roles with the Ashley Group, a property management company, his experience as Chairman and Director of a publicly traded company, his knowledge of and experience in the financial services industry, and the experience he has gained serving as Director of the Fund since 1996.

The Fund has concluded that Paul A. Brooke should serve as Director because of the business experience he has gained in a variety of roles with different financial and health care related businesses. Mr. Brooke has served as Chairman and CEO of Ithaka Acquisition Corp., and following its merger with a medical device company, the Alsius Corporation, Mr. Brooke served as Chairman. As a Partner of Morgan Stanley, Mr. Brooke was responsible for global research and health care strategy. Mr. Brooke was also responsible for health care investments at Tiger Management, LLC and serves as the Managing Member for a private investment firm, PMSV Holdings, LLC. In addition, Mr. Brooke was a Founder and Managing Partner of VenBio, an investment firm focused on biotechnology. The Fund has also concluded that Mr. Brooke should serve as a Director because of his knowledge of the financial services industry, and the experience he has gained serving as Director of the Fund since 2007.

The Fund has concluded that John M. Glazer should serve as Director because of the experience he has gained in his more than 25 years of professional experience with asset allocation, investment strategy, financial strategy and corporate transactions. Mr. Glazer currently serves as the Chief Executive Officer of a New York based single-family office that manages well over $1 billion in assets. He is responsible for oversight of functions that range from investment management to estate planning and other services. Prior to this, Mr. Glazer served as the Head of Private Investments for an international family office and oversaw a team responsible for sourcing, evaluation, execution and management of a multi-billion dollar global portfolio of illiquid investments. Mr. Glazer also previously served as the Chief Financial Officer and Executive Vice President of Corporate Development at Physicians Interactive Holdings, Inc., a digital marketing firm, where he was responsible for oversight of financial affairs and corporate transactions. Mr. Glazer has served on many Boards of Directors and has extensive experience working closely with management teams on strategy, acquisitions and financing.

The Fund has concluded that Russell O. Vernon should serve as Director because of the experience he has gained in his forty years of helping financial companies grow and adjust to changing conditions. Mr. Vernon formerly served as the founder and General Partner of BVM Capital and President of Commerce Capital Markets, Inc. Mr. Vernon also previously served as the Chief Operating Officer at Barrett Associates, Inc., a money management firm, and as the Director of Investment Operations at Warburg Pincus Asset Management and Chancellor Capital Management. In those roles, Mr. Vernon was directly responsible for building a state-of-the-art infrastructure to support all client, business, product development and growth needs. He also served on numerous management and operating committees. Additionally, Mr. Vernon served as a Senior Manager at Deloitte & Touche, where his consulting practice focused on management, M&A, financial service and due diligence engagements and issues.

The Fund has concluded that Chester N. Watson should serve as Director because of the business experience he has gained as the Chief Audit Executive of General Motors Company, Lucent Technologies, and Verizon Communications (formerly Bell Atlantic Corporation) and as an Audit Partner in two major accounting firms, as well as his experience as a member of the Board of Trustees of Rochester Institute of Technology, where he serves on the Audit Committee. The Fund has also concluded that Mr. Watson should serve as a Director because of his knowledge of the financial services industry, and the experience he has gained serving as Director of the Fund since 2012.

In its periodic assessment of the effectiveness of the Board, the Board considers the complementary individual skills and experience of the individual Directors primarily in the broader context of the Board's overall composition so that the Board, as a body, possesses the appropriate (and appropriately diverse) skills and experience to oversee the business of the Fund. Moreover, references to the qualifications, attributes and skills of Directors are pursuant to requirements of the SEC, do not constitute holding out of the Board or any Director as having any special expertise or experience, and shall not be deemed to impose any greater responsibility or liability on any such person or on the Board by reason thereof.

**Board Committees**

There are two Committees of the Fund's Board of Directors: the Audit Committee and the Governance and Nominating Committee.

The Audit Committee is comprised of the following Independent Directors: Stephen B. Ashley, Paul A. Brooke, John M. Glazer, Russell O. Vernon and Chester N. Watson (Chairman). The Audit Committee meets twice annually, and, if necessary, more frequently. The Audit Committee met twice during the last fiscal year. The Audit Committee reviews the financial reporting process, the system of internal control, the audit process, and the Fund's process for monitoring compliance with investment restrictions and applicable laws and regulations. All of the members of the Audit Committee have been determined by the Board to be audit committee financial experts, as defined by the SEC. The designation of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liability that are greater than the duties, obligations, and liability imposed on such person as a member of the Audit Committee and Board in the absence of such designation.

The Governance and Nominating Committee is comprised of the following Independent Directors: Stephen B. Ashley, Paul A. Brooke, John M. Glazer, Russell O. Vernon (Chairman) and Chester N. Watson. The Governance and Nominating Committee meets on an annual basis, and, if necessary, more frequently. The Governance and Nominating Committee met three times during the last fiscal year. The Governance and Nominating Committee evaluates candidates' qualifications for Board membership and the independence of such candidates from the Advisor and other principal service providers for the Fund; makes recommendations to the full Board for nomination for membership on any committees of the Board; reviews as necessary the responsibilities of any committees of the Board and whether there is a continuing need for each committee; evaluates whether there is a need for additional committees of the Board; evaluates whether committees should be combined or reorganized; and reviews the performance of all Board members. The Governance and Nominating Committee's procedures for the consideration of candidates for Board membership submitted by shareholders are attached as Appendix B.

The Interested Director and the officers of the Fund do not receive compensation from the Fund, except that a portion of the Fund's CCO's salary is paid by the Fund. Each Independent Director receives an annual fee of $70,000. Annual fees will be calculated quarterly. Each Independent Director receives $10,000 per regular Board meeting attended, and $3,000 per special or other Board meeting attended. In addition, the Independent Directors who are members of the Audit Committee receive $3,000 per Committee meeting attended, and the Independent Directors who are members of the Governance and Nominating Committee receive $2,000 per Committee meeting attended. Mr. Watson receives an additional fee of $2,500 per Audit Committee meeting for serving as Audit Committee Chairman. Mr. Brooke receives an additional fee of $25,000 for serving as Lead Independent Director. Mr. Vernon receives an additional fee of $1,500 per Governance and Nominating Committee meeting for serving as Governance and Nominating Committee Chairman.

**Compensation Table for Fiscal Year Ended December 31, 2022**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name** | &nbsp;&nbsp;&nbsp;**Position**<br> **with**<br> **Registrant** | &nbsp;&nbsp;&nbsp;**Aggregate**<br> **Compensation**<br> **from Fund** | &nbsp;&nbsp;&nbsp;**Pension** | &nbsp;&nbsp;&nbsp;**Estimated**<br> **Benefits**<br> **upon**<br> **Retirement** | &nbsp;&nbsp;&nbsp;**Total Compensation**<br> **from Fund and**<br> **Fund Complex\*** |
| Samantha Larew | &nbsp;&nbsp;&nbsp;CCO | &nbsp;&nbsp;&nbsp;$123750 | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;$123750 |
| Stephen B. Ashley | &nbsp;&nbsp;&nbsp;Director | &nbsp;&nbsp;&nbsp;$135000 | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;$135000 |
| Paul A. Brooke | &nbsp;&nbsp;&nbsp;Lead Independent Director | &nbsp;&nbsp;&nbsp;$160000 | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;$160000 |
| John M. Glazer | &nbsp;&nbsp;&nbsp;Director | &nbsp;&nbsp;&nbsp;$122000 | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;$122000 |
| Russell O. Vernon | &nbsp;&nbsp;&nbsp;Director, Governance and Nominating Committee Chair | &nbsp;&nbsp;&nbsp;$139500 | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;$139500 |
| Chester N. Watson | &nbsp;&nbsp;&nbsp;Director, Audit Committee Chair | &nbsp;&nbsp;&nbsp;$140000 | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;$140000 |

---

<sup>\*</sup> As of December 31, 2022, the Fund Complex consisted of 15 Series.

As of January 31, 2023, the directors and officers of the Fund, as a group, owned less than 1% of the Fund.

**Code of Ethics**

The Fund, the Advisor, and the Fund's principal underwriter have adopted a Code of Ethics (the "Code of Ethics") pursuant to Rule 17j-1 under the 1940 Act. The Code of Ethics is designed to detect and prevent improper personal trading. The Code of Ethics permits personnel subject to the Code of Ethics to invest in securities, including securities that may be purchased or held by the Fund, subject to a number of restrictions and controls. A copy of the Code of Ethics is on file with the SEC, and is available to the public.

**Proxy Voting Policy**

The Board of Directors has delegated proxy voting responsibilities with respect to securities held by the Series to the Advisor, subject to the Board's general oversight. Proxies will be voted in accordance with the proxy voting policies and procedures attached to this SAI as Appendix C. The proxy voting policies and procedures may be changed as necessary to remain current with regulatory requirements and internal policies and procedures.

The Fund is required to disclose annually the Fund's complete proxy voting record on Form N-PX. The Fund's proxy voting record for the most recent 12 month period ended June 30th is available upon request by calling 1-800-466-3863 or by writing to the Fund at Manning & Napier Fund, Inc., P.O. Box 805, Fairport, NY 14450. The Fund's Form N-PX is also available on the SEC's website at www.sec.gov.

**Principal Owners and Control Persons** 

As of January 31, 2023, the following persons were the only persons who were record owners (or to the knowledge of the Fund, beneficial owners) of 5% or more of the shares of a class of a Series. Persons who beneficially own more than 25% of a Series' outstanding shares may be deemed to control the Series within the meaning of the 1940 Act. Shareholders controlling a Series may have a significant impact on any shareholder vote of the Series. The Fund believes that most of the shares referred to below were held by the below persons in accounts for their fiduciary, agency, or custodial customers.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Core Bond Series - Class I** | &nbsp;&nbsp;**Core Bond Series - Class I** |
| &nbsp;&nbsp;**NAME AND ADDRESS** | &nbsp;&nbsp;**% OF CLASS** |
| &nbsp;&nbsp; PERSHING LLC<br> 1 PERSHING PLZ<br> JERSEY CITY, NJ 07399-0002 | &nbsp;&nbsp;69.81% |
| &nbsp;&nbsp;ETC AS TTEE OF SUSAN T BIGGER IRA TRUST – CB<br> HILTON HEAD, SC 29926 | &nbsp;&nbsp;9.32% |
| &nbsp;&nbsp; RAYMOND JAMES<br> OMNIBUS FOR MUTUAL FUNDS HOUSE<br> ATTN COURTNEY WALLER<br> 880 CARILLON PKWY<br> SAINT PETERSBURG FL 33716-1102 | &nbsp;&nbsp;6.29% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Core Bond Series - Class S** | &nbsp;&nbsp;**Core Bond Series - Class S** |
| &nbsp;&nbsp;**NAME AND ADDRESS** | &nbsp;&nbsp;**% OF CLASS** |
| &nbsp;&nbsp; CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY ACCT FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 101 MONTGOMERY ST<br> SAN FRANCISCO, CA 94104-4151 | &nbsp;&nbsp;21.97% |
| &nbsp;&nbsp; BLAKE THOMPSON TTEE<br> 2019 BWTC PENSION PLAN<br> PO BOX 7598<br> SAINT PETERSBURG FL 33734 | &nbsp;&nbsp;11.75% |
| &nbsp;&nbsp; BNYM I S TRUST CO CUST IRA<br> MARGARET E FALSETTI POA<br> FBO DOMONIC FALSETTI MD<br> LEWISTON, NY 14092-1912 | &nbsp;&nbsp;9.02% |
| &nbsp;&nbsp; BNYM I S TRUST CO CUST IRA FBO<br> ROBERT ANTHONY RASCHKE<br> PHOENIX AZ 85032-8611 | &nbsp;&nbsp;8.10% |
| &nbsp;&nbsp; BNYM I S TRUST CO CUST IRA FBO<br> CAROLYN JEAN RASCHKE<br> PHOENIX AZ 85032-8611 | &nbsp;&nbsp;8.02% |
| &nbsp;&nbsp; BNYM I S TRUST CO CUST IRA FBO<br> SARA R BOWDEN<br> BROOKHEAVEN GA 30319-1643 | &nbsp;&nbsp;6.45% |
| &nbsp;&nbsp; MAHONING VALLEY CHAPTER NECA<br> 755 BOARDMAN CANFIELD RD STE J7<br> YOUNGSTOWN OH 44512-7322 | &nbsp;&nbsp;5.18% |
| &nbsp;&nbsp;**Core Bond Series - Class W** | &nbsp;&nbsp;**Core Bond Series - Class W** |
| &nbsp;&nbsp;**NAME AND ADDRESS** | &nbsp;&nbsp;**% OF CLASS** |
| &nbsp;&nbsp; STATE STREET BANK & TRUST CO<br> AS CUST FBO USIS CLIENTS<br> ATTN FUND TRADING TEAM<br> PO BOX 5082<br> BOSTON MA 02206-5082 | &nbsp;&nbsp;60.08% |
| &nbsp;&nbsp; CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY ACCT FBO CUSTOMER<br> 101 MONTGOMERY ST<br> SAN FRANCISCO, CA 94104-4151 | &nbsp;&nbsp;14.48% |
| &nbsp;&nbsp;**Core Bond Series - Class Z** | &nbsp;&nbsp;**Core Bond Series - Class Z** |
| &nbsp;&nbsp;**NAME AND ADDRESS** | &nbsp;&nbsp;**% OF CLASS** |
| &nbsp;&nbsp; NORTHWEST LABORERS<br> EMPLOYER TRAINING TRUST<br> 11724 NE 195<sup>TH</sup> ST STE 300<br> BOTHELL, WA 98011-3145 | &nbsp;&nbsp;78.24% |
| &nbsp;&nbsp;**Credit Series – Class W** | &nbsp;&nbsp;**Credit Series – Class W** |
| &nbsp;&nbsp;**NAME AND ADDRESS** | &nbsp;&nbsp;**% OF CLASS** |
| &nbsp;&nbsp; STATE STREET BANK & TRUST CO<br> AS CUST FBO USIS CLIENTS<br> ATTN FUND TRADING TEAM<br> PO BOX 5082<br> BOSTON MA 02206-5082 | &nbsp;&nbsp;71.39% |
| &nbsp;&nbsp; CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY ACCT FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 101 MONTGOMERY ST<br> SAN FRANCISCO, CA 94101-4151 | &nbsp;&nbsp;13.67% |

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---

| | |
|:---|:---|
| &nbsp;&nbsp;**Diversified Tax Exempt Series - Class A** | &nbsp;&nbsp;**Diversified Tax Exempt Series - Class A** |
| &nbsp;&nbsp;**NAME AND ADDRESS** | &nbsp;&nbsp;**% OF CLASS** |
| &nbsp;&nbsp; TD AMERITRADE INC<br> FEBO OUR CLIENTS<br> PO BOX 2226<br> OMAHA NE 68103-2226 | &nbsp;&nbsp;26.92% |
| &nbsp;&nbsp; YAMUNA EKAMBARAM<br> TOD BENEFICIARIES ON FILE<br> SUBJECT TO FUND TOD RULES<br> 82 LAKE FOREST BLVD SW<br> HUTSVILLE, AL 35824-4011 | &nbsp;&nbsp;13.98% |
| &nbsp;&nbsp; PACIFIC RIM REINSURANCE COMPANY INC<br> 234 N SHERMAN AVE<br> CORONA, CA 92882-1843 | &nbsp;&nbsp;10.53% |
| &nbsp;&nbsp; CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY ACCT FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 101 MONTGOMERY ST<br> SAN FRANCISCO, CA 94101-4151 | &nbsp;&nbsp;7.72% |
| &nbsp;&nbsp; LW MILLER REINSURANCE COMPANY INC<br> PO BOX 512<br> LOGAN, UT 84323-0512 | &nbsp;&nbsp;6.84% |
| &nbsp;&nbsp;**Diversified Tax Exempt Series - Class W** | &nbsp;&nbsp;**Diversified Tax Exempt Series - Class W** |
| &nbsp;&nbsp;**NAME AND ADDRESS** | &nbsp;&nbsp;**% OF CLASS** |
| &nbsp;&nbsp; STATE STREET BANK & TRUST CO<br> AS CUST FBO USIS CLIENTS<br> ATTN FUND TRADING TEAM<br> PO BOX 5082<br> BOSTON MA 02206-5082 | &nbsp;&nbsp;59.34% |
| &nbsp;&nbsp; CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY ACCT FBO CUSTOMER<br> 101 MONTGOMERY ST<br> SAN FRANCISCO, CA 94104-4151 | &nbsp;&nbsp;17.09% |
| &nbsp;&nbsp; STATE STREET BANK & TRUST CO<br> AS CUST FBO USIS CLIENTS<br> ATTN FUND TRADING TEAM<br> PO BOX 5082<br> BOSTON MA 02206-5082 | &nbsp;&nbsp;7.21% |
| &nbsp;&nbsp;**High Yield Bond Series - Class I** | &nbsp;&nbsp;**High Yield Bond Series - Class I** |
| &nbsp;&nbsp;**NAME AND ADDRESS** | &nbsp;&nbsp;**% OF CLASS** |
| &nbsp;&nbsp; LPL FINANCIAL<br> 4707 EXECUTIVE DR<br> SAN DIEGO, CA 92121-3091 | &nbsp;&nbsp;18.64% |
| &nbsp;&nbsp; RAYMOND JAMES<br> OMNIBUS FOR MUTUAL FUNDS HOUSE<br> ATTN COURTNEY WALLER<br> 880 CARILLON PKWY<br> SAINT PETERSBURG, FL 33716-1102 | &nbsp;&nbsp;6.48% |
| &nbsp;&nbsp; PERSHING LLC<br> 1 PERSHING PLZ<br> JERSEY CITY, NJ 07399-0002 | &nbsp;&nbsp;5.71% |
| &nbsp;&nbsp;**High Yield Bond Series - Class S** | &nbsp;&nbsp;**High Yield Bond Series - Class S** |
| &nbsp;&nbsp;**NAME AND ADDRESS** | &nbsp;&nbsp;**% OF CLASS** |
| &nbsp;&nbsp; CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY ACCT FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 101 MONTGOMERY ST<br> SAN FRANCISCO, CA 94101-4151 | &nbsp;&nbsp;19.10% |
| &nbsp;&nbsp; MERRILL LYNCH PIERCE FENNER & SMITH INC<br> 4800 DEAR LAKE DRIVE EAST<br> JACKSONVILLE, FL 32246 | &nbsp;&nbsp;9.25% |
| &nbsp;&nbsp; TD AMERITRADE INC<br> FEBO OUR CLIENTS<br> PO BOX 2226<br> OMAHA, NE 68103-2226 | &nbsp;&nbsp;8.76% |
| &nbsp;&nbsp; MORGAN STANLEY SMITH BARNEY LLC<br> FEBO ITS CUSTOMERS<br> 1 NEW YORK PLAZA 39<sup>TH</sup> FLOOR<br> NEW YORK NY 10004 | &nbsp;&nbsp;6.22% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**High Yield Bond Series - Class W** | &nbsp;&nbsp;**High Yield Bond Series - Class W** |
| &nbsp;&nbsp;**NAME AND ADDRESS** | &nbsp;&nbsp;**% OF CLASS** |
| &nbsp;&nbsp; STATE STREET BANK & TRUST CO<br> AS CUST FBO USIS CLIENTS<br> ATTN FUND TRADING TEAM<br> PO BOX 5082<br> BOSTON MA 02206-5082 | &nbsp;&nbsp;55.13% |
| &nbsp;&nbsp; CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY ACCT FBO CUSTOMER<br> 101 MONTGOMERY ST<br> SAN FRANCISCO, CA 94104-4151 | &nbsp;&nbsp;16.83% |
| &nbsp;&nbsp;**High Yield Bond Series - Class Z** | &nbsp;&nbsp;**High Yield Bond Series - Class Z** |
| &nbsp;&nbsp;**NAME AND ADDRESS** | &nbsp;&nbsp;**% OF CLASS** |
| &nbsp;&nbsp; SEI PRIVATE TRUST COMPANY<br> ATTN: MUTUAL FUNDS<br> ONE FREEDOM VALLEY DRIVE<br> OAKS, PA 19456 | &nbsp;&nbsp;37.64% |
| &nbsp;&nbsp; JOHN HANCOCK TRUST COMPANY LLC<br> 200 BERKELEY ST<br> BOSTON, MA 02116 | &nbsp;&nbsp;30.07% |
| &nbsp;&nbsp; VOYA INSTITUTIONAL TRUST COMPANY<br> 1 ORANGE WAY<br> WINDSOR CT 06095-4773 | &nbsp;&nbsp;6.21% |
| &nbsp;&nbsp;**Real Estate Series - Class I** | &nbsp;&nbsp;**Real Estate Series - Class I** |
| &nbsp;&nbsp;**NAME AND ADDRESS** | &nbsp;&nbsp;**% OF CLASS** |
| &nbsp;&nbsp; NATIONAL FINANCIAL SERVICES LLC<br> 499 WASHINGTON BLVD<br> JERSEY CITY, NJ 07310-1995 | &nbsp;&nbsp;18.52% |
| &nbsp;&nbsp; PERSHING LLC<br> 1 PERSHING PLZ<br> JERSEY CITY, NJ 07399-0002 | &nbsp;&nbsp;13.18% |
| &nbsp;&nbsp; CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY A/C FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 211 MAIN ST<br> SAN FRANCISCO, CA 94105-1905 | &nbsp;&nbsp;12.59% |
| &nbsp;&nbsp; OLD NORTH STATE TRUST, LLC<br> 1250 REVOLUTION MILL DR STE 152<br> GREENSBORO, NC 27405-5066 | &nbsp;&nbsp;8.47% |
| &nbsp;&nbsp; CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY ACCT FBO CUSTOMER<br> 101 MONTGOMERY ST<br> SAN FRANCISCO, CA 94104-4151 | &nbsp;&nbsp;8.00% |
| &nbsp;&nbsp; EMPOWER TRUST FBO<br> EMPLOYEE BENEFITS CLIENTS 401K<br> 8515 E ORCHARD RD 2T2<br> GREENWOOD VILLAGE CO 80111 | &nbsp;&nbsp;5.52% |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Real Estate Series - Class S** | &nbsp;&nbsp;**Real Estate Series - Class S** |
| &nbsp;&nbsp;**NAME AND ADDRESS** | &nbsp;&nbsp;**% OF CLASS** |
| &nbsp;&nbsp; CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY ACCT FBO CUSTOMER<br> ATTN MUTUAL FUNDS<br> 101 MONTGOMERY ST<br> SAN FRANCISCO, CA 94104-4151 | &nbsp;&nbsp;47.90% |
| &nbsp;&nbsp;**Real Estate Series - Class W** | &nbsp;&nbsp;**Real Estate Series - Class W** |
| &nbsp;&nbsp;**NAME AND ADDRESS** | &nbsp;&nbsp;**% OF CLASS** |
| &nbsp;&nbsp; STATE STREET BANK & TRUST CO<br> AS CUST FBO USIS CLIENTS<br> ATTN FUND TRADING TEAM<br> PO BOX 5082<br> BOSTON MA 02206-5082 | &nbsp;&nbsp;49.65% |
| &nbsp;&nbsp; CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY ACCT FBO CUSTOMER<br> 101 MONTGOMERY ST<br> SAN FRANCISCO, CA 94104-4151 | &nbsp;&nbsp;17.23% |
| &nbsp;&nbsp;**Real Estate Series - Class Z** | &nbsp;&nbsp;**Real Estate Series - Class Z** |
| &nbsp;&nbsp;**NAME AND ADDRESS** | &nbsp;&nbsp;**% OF CLASS** |
| &nbsp;&nbsp; EMPOWER TRUST FBO<br> VARIOUS SUNTRUST OMNIBUS ACCOUNTS<br> 8515 E ORCHARD RD 2T2<br> GREENWOOD VILLAGE CO 80111 | &nbsp;&nbsp;32.13% |
| &nbsp;&nbsp; TIAA, FSB CUST/TTEE FBO:<br> RETIREMENT PLANS FOR WHICH<br> TIAA ACTS AS RECORDKEEPER<br> ATTN: TRUST OPERATIONS<br> 211 N BROADWAY STE 1000<br> SAINT LOUIS MO 63102-2748 | &nbsp;&nbsp;21.52% |
| &nbsp;&nbsp; EMPOWER TRUST FBO<br> RECORDKEEPING FOR VARIOUS BENEFIT PLANS<br> 8515 E ORCHARD RD<br> GREENWOOD VILLAGE CO 80111 | &nbsp;&nbsp;17.17% |
| &nbsp;&nbsp; FOUNDATION FOR JEWISH<br> PHILANTHROPIES BETH TZEDEK<br> ENDOWMENT FUND<br> 2640 N FOREST RD<br> GETZVILLE, NY 14068-1573 | &nbsp;&nbsp;5.59% |
| &nbsp;&nbsp;**Unconstrained Bond Series - Class I** | &nbsp;&nbsp;**Unconstrained Bond Series - Class I** |
| &nbsp;&nbsp;**NAME AND ADDRESS** | &nbsp;&nbsp;**% OF CLASS** |
| &nbsp;&nbsp; CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY ACCT FBO OUR CUSTOMER<br> 101 MONTGOMERY ST<br> SAN FRANCISCO, CA 94104-4151 | &nbsp;&nbsp;57.58% |
| &nbsp;&nbsp; TD AMERITRADE INC<br> FEBO OUR CUSTOMERS<br> PO BOX 2226<br> OMAHA NE 68103-2226 | &nbsp;&nbsp;26.90% |
| &nbsp;&nbsp;**Unconstrained Bond Series - Class S** | &nbsp;&nbsp;**Unconstrained Bond Series - Class S** |
| &nbsp;&nbsp;**NAME AND ADDRESS** | &nbsp;&nbsp;**% OF CLASS** |
| &nbsp;&nbsp; CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY ACCT FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 101 MONTGOMERY ST<br> SAN FRANCISCO, CA 94104-4151 | &nbsp;&nbsp;66.25% |
| &nbsp;&nbsp; TD AMERITRADE INC<br> FEBO OUR CUSTOMERS<br> PO BOX 2226<br> OMAHA NE 68103-2226 | &nbsp;&nbsp;8.37% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Unconstrained Bond Series - Class W** | &nbsp;&nbsp;**Unconstrained Bond Series - Class W** |
| &nbsp;&nbsp;**NAME AND ADDRESS** | &nbsp;&nbsp;**% OF CLASS** |
| &nbsp;&nbsp; STATE STREET BANK & TRUST CO<br> AS CUST FBO USIS CLIENTS<br> ATTN FUND TRADING TEAM<br> PO BOX 5082<br> BOSTON MA 02206-5082 | &nbsp;&nbsp;58.58% |
| &nbsp;&nbsp; CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY ACCOUNT FBO CUSTOMER<br> 101 MONTGOMERY ST<br> SAN FRANCISCO, CA 94104-4151 | &nbsp;&nbsp;14.92% |

---

**The Advisor**

Manning & Napier Advisors, LLC ("MNA" or the "Advisor"), acts as the Fund's investment advisor. MNA is indirectly owned and controlled by Callodine MN Holdings, Inc., which, in turn, is controlled by Callodine Group, LLC and its founder James Morrow. East Asset Management, LLC, and its owners Terrence and Kim Pegula, also indirectly hold a substantial interest in Callodine MN Holdings, Inc. Under the Investment Advisory Agreements (the "Advisory Agreements") between the Fund and the Advisor, the Advisor is generally responsible for supervision of the overall business affairs of the Fund including supervision of service providers to the Fund and direction of the Advisor's directors, officers or employees who may be elected as officers of the Fund to serve as such.

The Fund pays the Advisor for the services performed a fee at the annual rate of: 0.25% of the average daily net assets of each of the Core Bond Series and Credit Series; 0.30% of the average daily net assets of the Unconstrained Bond Series; 0.50% of the average daily net assets of the Diversified Tax Exempt Series; 0.40% of the average daily net assets of the High Yield Bond Series; and 0.60% of the average daily net assets of the Real Estate Series. Prior to February 22, 2016, the Advisor received an annual management fee (as a percentage of the Series' average daily net assets) of 0.75% for the High Yield Bond Series. Prior to March 1, 2019, the Advisor received an annual management fee (as a percentage of the Series' average daily net assets) of 0.40% for the Core Bond Series, 0.45% for the Unconstrained Bond Series, 0.55% for the High Yield Bond Series, and 0.75% for the Real Estate Series. As described below, the Advisor is separately compensated for acting as the Fund's accounting services agent and providing administration services to the Series. Prior to March 1, 2017, the Advisor was also separately compensated for acting as transfer agent and dividend disbursing agent for the Series.

After its initial two year term, the continuance of the Advisory Agreement must be specifically approved at least annually: (i) by the vote of a majority of the outstanding shares of the Fund or by the Directors; and (ii) by the vote of a majority of the Directors who are not parties to such Agreement or "interested persons" (as defined under the 1940 Act) of any party thereto, cast in person at a meeting called for the purpose of voting on such approval. The Advisory Agreement will terminate automatically in the event of its "assignment" (as defined under the 1940 Act) and is terminable at any time without penalty by the Directors or by a majority of the outstanding shares of the Fund on 60 days' written notice to the Advisor, or by the Advisor on 60 days' written notice to the Fund.

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 each class's total direct annual operating expenses (exclusive of Rule 12b-1 Fees (as defined below) and waived Class W management fees, as applicable (collectively, "excluded expenses")), as shown below. The agreements are expected to remain in effect indefinitely, and may not be amended or terminated by the Advisor without the approval of the Board.

The Advisor may receive from a class the difference between the class's total direct annual 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 operating expenses (not including excluded expenses), are below the contractual expense limit (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment.

---

| | |
|:---|:---|
| **<u>Series</u>** | **Contractual Expense Limitation** |
| Core Bond Series Class I | 0.45% |
| Core Bond Series Class S | 0.45% |
| Core Bond Series Class Z | 0.30% |
| Core Bond Series Class W | 0.05% |
| Credit Series Class W | 0.10% |
| Diversified Tax Exempt Series Class A | 0.85% |

---

---

| | |
|:---|:---|
| **<u>Series</u>** | **Contractual Expense Limitation** |
| Diversified Tax Exempt Series Class W | 0.35% |
| High Yield Bond Series Class I | 0.65% |
| High Yield Bond Series Class S | 0.65% |
| High Yield Bond Series Class Z | 0.50% |
| High Yield Bond Series Class W | 0.10% |
| Real Estate Series Class I | 0.85% |
| Real Estate Series Class S | 0.85% |
| Real Estate Series Class Z | 0.70% |
| Real Estate Series Class W | 0.10% |
| Unconstrained Bond Series Class I | 0.50% |
| Unconstrained Bond Series Class S | 0.50% |
| Unconstrained Bond Series Class Z | 0.35% |
| Unconstrained Bond Series Class W | 0.05% |

---

Fees earned, waived and reimbursed by the Advisor for the periods ending December 31, are as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2021\*** | &nbsp;&nbsp;**2021\*** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2022** |
|  | &nbsp;&nbsp;**Advisory Fees Paid** | &nbsp;&nbsp;**Fees Waived or Expenses Reimbursed** | &nbsp;&nbsp;**Advisory Fees Paid** | &nbsp;&nbsp;**Fees Waived or Expenses Reimbursed** | &nbsp;&nbsp;**Advisory Fees Paid** | &nbsp;&nbsp;**Fees Waived or Expenses Reimbursed** |
| &nbsp;&nbsp;Core Bond Series | &nbsp;&nbsp;$707080 | &nbsp;&nbsp;$823605 | &nbsp;&nbsp;$939499 | &nbsp;&nbsp;$1038707 | &nbsp;&nbsp;$815416 | &nbsp;&nbsp;$945551 |
| &nbsp;&nbsp;Credit Series | &nbsp;&nbsp;$308850 | &nbsp;&nbsp;$402659 | &nbsp;&nbsp;$498920 | &nbsp;&nbsp;$532933 | &nbsp;&nbsp;$619031 | &nbsp;&nbsp;$637101 |
| &nbsp;&nbsp;Diversified Tax Exempt Series | &nbsp;&nbsp;$1202949 | &nbsp;&nbsp;$1186244 | &nbsp;&nbsp;$654179 | &nbsp;&nbsp;$641517 | &nbsp;&nbsp;$978907 | &nbsp;&nbsp;$968019 |
| &nbsp;&nbsp;High Yield Bond Series | &nbsp;&nbsp;$490017 | &nbsp;&nbsp;$528409 | &nbsp;&nbsp;$822734 | &nbsp;&nbsp;$635996 | &nbsp;&nbsp;$1178109 | &nbsp;&nbsp;$573382 |
| &nbsp;&nbsp;Real Estate Series | &nbsp;&nbsp;$1563337 | &nbsp;&nbsp;$1162038 | &nbsp;&nbsp;$1959967 | &nbsp;&nbsp;$1505089 | &nbsp;&nbsp;$1879518 | &nbsp;&nbsp;$1425445 |
| &nbsp;&nbsp;Unconstrained Bond Series | &nbsp;&nbsp;$2112451 | &nbsp;&nbsp;$2143965 | &nbsp;&nbsp;$2115194 | &nbsp;&nbsp;$2117263 | &nbsp;&nbsp;$2356139 | &nbsp;&nbsp;$2011749 |

---

\*The Real Estate Series recouped fees totaling $2,357 during the period ended December 31, 2021.

The Advisor serves as the Fund's accounting services agent and provides administration services to the Fund and its series. The Advisor has contracted with BNY Mellon Investment Servicing (US) Inc. ("BNY Mellon"), 4400 Computer Drive, Westborough, MA 01581, to provide sub-accounting and sub-administration services to each series of the Fund.

Pursuant to a Master Services Agreement, the Fund pays the Advisor an annual fee related to fund accounting and administration services in the following amounts: 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 $30,400 per Series. For purposes of calculating the foregoing fees, the assets of the Series are aggregated with the assets of the Fund's other series that are not fund-of-fund series. Additionally, certain transaction and out-of-pocket expenses, including charges for reporting relating to the Fund's compliance program, are charged to the Fund.

For the fiscal years ended December 31, 2020, 2021 and 2022 the Advisor received $595,906, $612,379, and $593,666 respectively, from the Series collectively. These figures include amounts received from certain series no longer included in this SAI because they have or are scheduled to terminate operations.

The Advisor and its affiliates may use the Series within discretionary investment accounts. From time to time, these discretionary accounts may hold a substantial portion of the outstanding shares of the Series, and transactions in shares of the Series for such accounts may have an impact upon the size and operations of the Series. For instance, transactions in shares of the Series for these accounts may cause the Series' portfolio turnover rate and transaction costs to rise, which may negatively affect fund performance and increase the likelihood of capital gain distributions. In addition, the Series' assets may be significantly less during times when these discretionary accounts are not invested in the Series, which would cause the Series' remaining shareholders to bear greater portions of the Series' fixed operating expenses, subject to any fee waiver then in effect.

**The Distributor** 

Manning & Napier Investor Services, Inc. (the "Distributor"), an affiliate of the Advisor, acts as Distributor of Fund shares and is located at the same address as the Advisor and the Fund. The Distributor and the Fund are parties to a distribution agreement (the "Distribution Agreement") which applies to each class of shares of the Fund.

The Distribution Agreement is renewable annually. The continuation of the Distribution Agreement must be specifically approved by the Board of Directors and separately by the Directors who are not parties to the Distribution Agreement or "interested persons" (as defined under the 1940 Act) of any party to the Distribution Agreement.

The Distributor will not receive compensation for distribution of Class A, I, W, or Z shares of each Series.

**Payments to Broker-Dealers and Other Financial Intermediaries**

Rule 12b-1 Plan

The Fund's Board of Directors has adopted a Distribution and Shareholder Services Plan pursuant to Rule 12b-1 under the 1940 Act (the "Rule 12b-1 Plan") whereby Class S shares of the Core Bond Series, High Yield Bond Series, Real Estate Series and Unconstrained Bond Series (each a "Rule 12b-1 Plan Class") are subject to an annual distribution and shareholder services fee (a "Rule 12b-1 Fee") of up to 0.25% of the average daily net assets of the applicable Rule 12b-1 Plan Class.

The Rule 12b-1 Fee is intended to compensate the Distributor for services and expenses primarily intended to result in the sale of a Rule 12b-1 Plan Class and/or in connection with the provision of direct client service, personal services, maintenance of shareholder accounts and reporting services to holders of a Rule 12b-1 Plan Class.

The Rule 12b-1 Plan has been adopted in accordance with the provisions of Rule 12b-1 under the 1940 Act, which regulates circumstances under which an investment company may directly or indirectly bear expenses relating to the distribution of its shares. The Rule 12b-1 Plan shall continue in effect for each Rule 12b-1 Plan Class for so long as its continuance is specifically approved at least annually by votes of the majority of both (i) the Directors of the Fund and (ii) those Directors of the Fund who are not "interested persons" (as defined under the 1940 Act) of the Fund, and have no direct or indirect financial interest in the operation of the Rule 12b-1 Plan or any agreements related to it (referred to as the "Qualified Directors"), cast in person at a Board of Directors meeting called for the purpose of voting on the Rule 12b-1 Plan. The Rule 12b-1 Plan requires that quarterly written reports of amounts spent under the Rule 12b-1 Plan and the purposes of such expenditures be furnished to and reviewed by the Directors. With respect to each Rule 12b-1 Plan Class, the Rule 12b-1 Plan may not be amended to increase materially the amount of distribution expenses permitted to be paid under the Rule 12b-1 Plan for such Rule 12b-1 Plan Class without the approval of shareholders holding a majority of the outstanding voting securities of such Rule 12b-1 Plan Class. All material amendments to the Rule 12b-1 Plan must be approved by votes of the majority of both (i) the Directors of the Fund and (ii) the Qualified Directors.

With respect to amounts paid under the Rule 12b-1 Plan for distribution services, the Distributor may use this fee on any activities or expenses primarily intended to result in the sale of shares of the Rule 12b-1 Plan Classes, including, but not limited to, (i) as compensation for the Distributor's services in connection with distribution assistance; or (ii) as a source of payments to financial institutions and intermediaries such as banks, savings and loan associations, insurance companies and investment counselors, broker-dealers, mutual fund supermarkets and the Distributor's affiliates and subsidiaries as compensation for services or reimbursement of expenses incurred in connection with distribution assistance.

With respect to shareholder services, the Distributor may use payments under this aspect of the Rule 12b-1 Plan to provide or enter into agreements with organizations, including affiliates of the Distributor (referred to as "Service Organizations"), who will provide certain shareholder, administrative and non-distribution services for shareholders of the Rule 12b-1 Plan Classes, including, but not limited to: (i) maintaining accounts relating to shareholders that invest in shares of a Rule 12b-1 Plan Class; (ii) responding to shareholder inquiries relating to the services performed by Distributor and/or Service Organizations; (iii) responding to inquiries from shareholders concerning their investment in shares of the Rule 12b-1 Plan Classes; (iv) assisting shareholders in changing dividend options, account designations and addresses; (v) providing information periodically to shareholders showing their position in shares of the Rule 12b-1 Plan Classes; (vi) forwarding shareholder communications from the Fund such as proxies, shareholder reports, annual reports, and dividend distribution and tax notices to shareholders; (vii) processing purchase, exchange and redemption requests from shareholders and placing orders with the Fund or its service providers; (viii) arranging for bank wires; (ix) processing dividend payments from the Fund on behalf of shareholders; (x) preparing tax reports; (xi) providing sub-accounting services; and (xii) providing such other similar non-distribution services as the Fund or Distributor may reasonably request to the extent that the Service Organization is permitted to do so under applicable laws or regulations. The Distributor may also use this fee for payments to financial institutions and intermediaries such as banks, savings and loan associations, insurance companies and investment counselors, broker-dealers, mutual fund supermarkets and the Distributor and/or Service Organizations' affiliates and subsidiaries as compensation for such services.

Generally, the Rule 12b-1 Fee paid under the Rule 12b-1 Plan will not be retained by the Distributor but will instead be reallowed to various financial intermediaries and Service Organizations that enter into distribution and/or shareholder servicing agreements with the Distributor. The Rule 12b-1 Plan and class structure of the Fund permit the Fund to allocate an amount of fees to a financial intermediary or Service Organization based on the level of distribution and/or shareholder services it agrees to provide. The Distributor is free to make additional payments out of its own assets to promote the sale of Fund shares.

Payments under the Rule 12b-1 Plan are made as described above regardless of the Distributor's actual cost of providing the services and may be used to pay the Distributor's overhead expenses. If the cost of providing the services under the Rule 12b-1 Plan is less than the payments received, the unexpended portion of the fees may be retained as profit by the Distributor.

The tables below shows the fees paid under the Rule 12b-1 Plan for the Series for the fiscal year ended December 31, 2022.

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| | | | |
|:---|:---|:---|:---|
| **Series** | **Class** | **Fees Paid in**<br> **2022** | **Fees Retained**<br> **by Distributor in 2022** |
| Core Bond Series | S | $7520 | &nbsp;&nbsp;&nbsp;&nbsp;$3510 |
| High Yield Bond Series | S | $112620 | $1948 |
| Real Estate Series | S | $98483 | $1304 |
| Unconstrained Bond Series | S | $63406 | $9469 |

---

**Other Payments by the Fund**

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 Core Bond Series, High Yield Bond Series, Real Estate Series, and Unconstrained Bond 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 Rule 12b-1 Fee payable under the Rule 12b-1 Plan of the Fund.

**Payments by the Advisor and/or its Affiliates**

The Advisor may use its own resources to engage in activities that may promote the sale of the Series' shares, including payments, or other forms of incentives such as discounted fees for products or services of affiliates, to third parties who provide services such as shareholder servicing, marketing support, and distribution assistance to the Series. These fees or other incentives are in addition to any payments made to financial intermediaries by the Fund. The level of payments made to financial intermediaries may be a fixed fee or based upon one or more of the following factors: gross sales, current assets and/or number of accounts of the Series attributable to the financial intermediary, the particular type of Series, or other measures as agreed to in writing by the Advisor, the Distributor and/or their affiliates and the financial intermediaries or any combination thereof. The amount of these payments is determined at the discretion of the Advisor, the Distributor and/or their affiliates from time to time and may be different for different financial intermediaries based on, for example, the nature of the services provided by the financial intermediary.

The Distributor may from time to time and from its own resources pay or allow additional discounts or promotional incentives in the form of cash or other compensation (including merchandise or travel) to financial intermediaries and it is free to make additional payments out of its own assets to promote the sale of Fund shares. The Advisor may also, from its own resources, defray or absorb costs relating to distribution, including compensation of employees who are involved in distribution. These payments or discounts may be substantial but are paid or discounted by the Advisor or its affiliates, not by the Series or their shareholders. Such payments may provide an incentive for the financial intermediary to make shares of a Series available to its customers and may allow a Series greater access to the financial intermediary's customers, and may create a conflict of interest by influencing the financial intermediary to recommend a Series over another investment.

**Transfer Agent, Dividend Disbursing Agent, Custodian, Independent Registered Public Accounting Firm, and Counsel**

The transfer agent and dividend disbursing agent for the Fund is BNY Mellon. Transfer agent fees are charged to the Fund on a per account basis.

The custodian for the Fund is The Bank of New York Mellon (the "Custodian"), 135 Santilli Highway, Everett, MA 02149. The Custodian holds cash, securities, and other assets of the Fund as required by the 1940 Act. The Custodian may, at its own expense, employ one or more sub-custodians on behalf of the Fund, provided that it shall remain liable for all its duties as custodian. The foreign sub-custodians will act as custodian for the foreign securities held by the Fund.

PricewaterhouseCoopers LLP ("PwC"), with offices at 300 Madison Avenue, New York, NY 10017, serves as the independent registered public accounting firm for all the Series. In addition to providing audit services, PwC assists in the preparation and review of, and signs as paid preparer, the Series' federal and New York State tax returns and provides assistance on certain non-audit matters. The financial highlights for the respective Series included in the Prospectuses and the financial statements contained in the Annual Reports and incorporated by reference into this SAI for the fiscal year ended December 31, 2022 have been audited by PwC.

Morgan, Lewis & Bockius LLP, 1701 Market Street, Philadelphia, PA 19103, serves as legal counsel to the Fund.

Paul Hastings LLP, 101 California Street, 48<sup>th</sup> Floor, San Francisco, CA 94111, serves as legal counsel to the Independent Directors.

**Purchases and Redemptions**

<u>Check Acceptance Policy.</u> The Fund reserves the right to reject certain forms of payment for share purchases. The Fund maintains a check acceptance policy for share purchases. Checks must be made payable to the Manning & Napier Fund, Inc. and must be in U.S. dollars. The Fund will not accept cash, third party checks, starter checks, travelers checks, credit card checks, or money orders. Investments that are received in an unacceptable form will be returned.

<u>Investors Outside the U.S.</u> The Fund does not generally accept investments by non-U.S. persons or U.S. persons living outside the U.S. Investments from U.S. persons living outside the U.S. may be accepted if the U.S. person maintains a physical address within the U.S. or utilizes an APO or similar address. Non-U.S. persons may be permitted to invest under certain limited circumstances.

<u>Payment for shares redeemed.</u> Payment for shares presented for redemption may be delayed more than seven days only for (1) any period (a) during which the NYSE is closed other than customary weekend and holiday closings or (b) during which the SEC determines that trading on the NYSE is restricted; (2) for any period during which the SEC determines that an emergency exists as a result of which (a) disposal by the Fund of securities owned by it is not reasonably practicable or (b) it is not reasonably practicable for the Fund to determine the value of its net assets; or (3) for such other periods as the SEC may by order permit.

The Fund may make payment for shares redeemed in part by giving you portfolio securities. As a redeeming shareholder, you will pay transaction costs to dispose of these securities. In addition, you will continue to be subject to the risks of any market fluctuation in the value of the securities until they are sold. An in-kind distribution of portfolio securities could include illiquid securities. Illiquid securities may not be able to be sold quickly or at a price that reflects full value, or there may not be a market for such securities, which could cause you to realize losses on the security if the security is sold at a price lower than that at which it had been valued.

The Fund has made an election pursuant to Rule 18f-1 under the 1940 Act committing itself to pay in cash all requests for redemption by any shareholder of record of a Series, limited in amount with respect to each shareholder during any 90-day period to the lesser of (1) $250,000 or (2) 1% of the net asset value of the Series at the beginning of such period.

<u>Other Information about Purchases and Redemptions.</u> The Fund has authorized a number of brokers to accept purchase and redemption orders on its behalf, and these brokers are authorized to designate other intermediaries to accept purchase and redemption orders on the Fund's behalf. Orders placed with an authorized financial intermediary will be processed at the share price of the appropriate Series next computed after they are received in good order by the financial intermediary or its designee. Accordingly, for you to receive the current business day's share price, your order must be received by an authorized financial intermediary or its designee in good order before the close of regular trading on the NYSE. Your financial intermediary is responsible for transmitting requests and delivering funds to the Series on a timely basis.

**Portfolio Managers** 

This section includes information about the investment professionals that serve on the Series' Portfolio Management Teams, including information about the dollar range of Fund shares they own, how they are compensated, and other accounts they manage. The share ownership information is current as of December 31, 2022.

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| | | | |
|:---|:---|:---|:---|
| **Name and Title** | &nbsp;&nbsp;**Fund Management Role** | &nbsp;&nbsp;**Dollar Ranges of Equity**<br> **Securities Beneficially Owned**<br> **by the Portfolio Manager in the**<br> **Series covered by this SAI\*** | &nbsp;&nbsp;**Aggregate Dollar Range of**<br> **Equity Securities Beneficially**<br> **Owned by the Portfolio**<br> **Manager in all**<br> **Manning & Napier**<br> **Fund Series\*** |
| Elizaveta Akselrod,<br> Senior Analyst | &nbsp;&nbsp;Member of the Diversified Tax Exempt Series Portfolio Management Teams |  | &nbsp;&nbsp;Between $10,001 and $50,000 |
| Marc Bushallow, CFA,<br> Managing Director of Fixed Income | &nbsp;&nbsp;Member of Core Bond Series, Credit Series, High Yield Bond Series, Diversified Tax Exempt Series, and Unconstrained Bond Series Portfolio Management Teams | &nbsp;&nbsp;Unconstrained Bond Series – between $500,001 and $1,000,000 | &nbsp;&nbsp;Between $500,001 and $1,000,000 |
| Bradley Cronister, CFA | &nbsp;&nbsp;Member of the Core Bond Series and Unconstrained Bond Series Portfolio Management Teams | &nbsp;&nbsp; Core Bond Series – between $10,001 and $50,000<br> Unconstrained Bond Series – between $10,001 and $50,000 | &nbsp;&nbsp;Between $100,001 and $500,000 |
| Scott Friedman, CFA, Senior Analyst | &nbsp;&nbsp;Member of the High Yield Bond Series Portfolio Management Team | &nbsp;&nbsp; Core Bond Series – between $10,001 and $50,000<br> High Yield Bond Series – between $10,001 and $50,000 | &nbsp;&nbsp;Between $100,001 and $500,000 |
| R. Keith Harwood,<br> Director of Credit Research | &nbsp;&nbsp;Member of Core Bond Series, Credit Series, High Yield Bond Series, and Unconstrained Bond Series Portfolio Management Teams |  | &nbsp;&nbsp;Between $500,001 and $1,000,000 |

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| | | | |
|:---|:---|:---|:---|
| **Name and Title** | &nbsp;&nbsp;**Fund Management Role** | &nbsp;&nbsp;**Dollar Ranges of Equity**<br> **Securities Beneficially Owned**<br> **by the Portfolio Manager in the**<br> **Series covered by this SAI\*** | &nbsp;&nbsp;**Aggregate Dollar Range of**<br> **Equity Securities Beneficially**<br> **Owned by the Portfolio**<br> **Manager in all**<br> **Manning & Napier**<br> **Fund Series\*** |
| Joseph R. Rydzynski, CFA, Senior Analyst | &nbsp;&nbsp;Member of Real Estate Series Portfolio Management Team | &nbsp;&nbsp; Real Estate Series – between $100,001 and $500,000  | &nbsp;&nbsp;Between $100,001 and $500,000 |
| Corey A. Van Lare,<br> Senior Analyst | &nbsp;&nbsp;Member of Real Estate Series Portfolio Management Team | &nbsp;&nbsp;Real Estate Series – between $100,001 and $500,000 | &nbsp;&nbsp;Between $100,001 and $500,000 |

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\* Dollar ranges do not reflect interests owned by a Portfolio Manager in collective investment trust funds managed by the Advisor, which may have investment objectives, policies and strategies substantially similar to those of a series of the Fund.

**Compensation**

The portfolio managers of the Series are compensated by the Advisor. The Advisor's portfolio manager compensation system includes a base salary and a bonus. The bonus system has been established to provide a strong incentive for portfolio managers to make investment decisions in the best interest of clients. Bonuses may be several times the level of base salary for successful portfolio managers.

Portfolio managers are assigned a competitive target bonus. The target bonus may be increased or decreased based on the absolute and relative performance of the portfolio manager's overall portfolio over 12- and 36-month time periods. The bonus calculation could result in a negative, zero, or positive bonus. If the bonus calculation results in a negative bonus, then the negative balance is carried forward until the portfolio manager achieves a positive bonus to offset the negative balance.

Portfolio managers may also receive awards under the Manning & Napier P-Share Plan. Recipients who receive an award under this plan will receive P-Shares, which are notional interests, that will entitle the recipient, upon vesting of the award, to have an opportunity to receive a cash bonus that is determined based on the profits of Callodine MN Holdings, Inc., Manning & Napier's parent company, over the course of the applicable performance period for such award.

In addition, certain portfolio managers may be awarded equity ownership in Callodine MN Holdings, Inc., or the Series. Equity ownership represents an important incentive for senior investment professionals and serves as another method to align the long-term interest of portfolio managers with the best interest of clients.

**Management of Other Portfolios**

The following table provides information about other portfolios managed by members of the Series' Portfolio Management Teams. The information provided is current as of December 31, 2022. The information below excludes the Series in this SAI.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Name** | &nbsp;&nbsp;**Registered**<br> **Investment Companies** | &nbsp;&nbsp;**Registered**<br> **Investment Companies** | &nbsp;&nbsp;**Other Pooled**<br> **Investment Vehicles** | &nbsp;&nbsp;**Other Pooled**<br> **Investment Vehicles** | &nbsp;&nbsp;**Other Accounts** | &nbsp;&nbsp;**Other Accounts** |
| **Name** | **Name** | &nbsp;&nbsp;**Number of Accts** | &nbsp;&nbsp;**Total Assets\*** | &nbsp;&nbsp;**Number of Accts** | &nbsp;&nbsp;**Total Assets** | &nbsp;&nbsp;**Number of Accts** | &nbsp;&nbsp;**Total Assets** |
| Elizaveta Akselrod | Elizaveta Akselrod | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;62 | &nbsp;&nbsp;$332750069 |
| Marc Bushallow | Marc Bushallow | &nbsp;&nbsp;4 | &nbsp;&nbsp;$1757212883 | &nbsp;&nbsp;4 | &nbsp;&nbsp;$1080658653 | &nbsp;&nbsp;4013 | &nbsp;&nbsp;$8399033263 |
| Bradley Cronister | Bradley Cronister | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 |
| Scott Friedman | Scott Friedman | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 |
| R. Keith Harwood | R. Keith Harwood | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;207 | &nbsp;&nbsp;$509441424 |
| Joseph R. Rydzynski | Joseph R. Rydzynski | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 |
| Corey A. Van Lare | Corey A. Van Lare | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 |
| \* | At times assets of the Other Accounts in column 3 may be invested in series of the Fund. | At times assets of the Other Accounts in column 3 may be invested in series of the Fund. | At times assets of the Other Accounts in column 3 may be invested in series of the Fund. | At times assets of the Other Accounts in column 3 may be invested in series of the Fund. | At times assets of the Other Accounts in column 3 may be invested in series of the Fund. | At times assets of the Other Accounts in column 3 may be invested in series of the Fund. | At times assets of the Other Accounts in column 3 may be invested in series of the Fund. |

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**Management of Conflicts of Interest**

The Advisor's management of other accounts may give rise to potential conflicts of interest in connection with its management of the Series' investments, on the one hand, and the investments of the other accounts, on the other. The Advisor may, for example, have an incentive to favor accounts with higher fees or performance-based fees in the allocation of investment opportunities. However, the Advisor has established policies and procedures to ensure that the purchase and sale of securities among all accounts it manages are fairly and equitably allocated.

For the Fund, other pooled investment vehicles, and Other Accounts that have authorized it to do so, the Advisor trades equities, futures and most fixed income investments on an aggregate basis to improve execution efficiency and minimize associated costs. Order management systems automatically allocate aggregated orders according to pre-trade determinations using a random or pro-rata based methodology. Each account that participates in an aggregated order will participate at the average security price with all transaction costs shared on a pro-rata basis.

The Advisor's trading function for equities and certain fixed income investments is separate from its research function. The individuals who recommend and approve trades are not the same individuals who execute trades. For equities and most fixed income securities, traders exercise individual discretion in order to get the best possible execution on trades, but guidelines as to security, position size, and price are set by the analysts recommending the security. Proprietary and third-party reporting systems monitor implementation of trading programs across the account base. For certain fixed income trades, however, the trading and research functions overlap. This means that Fixed Income Analysts select and execute trades in certain bonds, primarily securitized debt, within these portfolios.

To remove the incentive for unauthorized trading and speculation in client accounts, members of the Trading Department are not compensated for profits generated, since the Research Department issues the investment directives and members of the Trading Department merely implement them. In addition, the compensation program for Research and Fixed Income Analysts, including those analysts that execute trades, is based on the returns of the particular security recommended or overall investment approach, rather than on the performance of any individual account.

For certain fixed income investments, the Series' Portfolio Management Team identifies the securities to be purchased and a member of the team executes the trades. The team members do not execute trades in the types of securities held in the Series' portfolios for other accounts managed by the Advisor. Rather, when similar fixed income securities are to be purchased for such other accounts, traders exercise individual discretion in order to get the Advisor's clients the best possible execution on trades, but strict guidelines as to security, position size, and price are set by the analysts recommending the security. With respect to any account of the Advisor not receiving a full allocation of a primary market issuance, the Advisor may purchase more bonds on behalf of such account in the secondary market. In such case, the purchase price of such bonds will likely be different than that of the initial issue.

**Portfolio Transactions and Brokerage**

In connection with the Advisor's duty to arrange for the purchase and sale of securities held in the Series' portfolios, the Advisor shall select the broker-dealers that, in the Advisor's judgement, implement the Fund's policy to achieve best execution. The Fund defines best execution as the prompt and efficient execution of securities trades at the most favorable price under the circumstances.

In directing trades to a given broker, the Advisor will consider the reliability, integrity and financial condition of the broker, the size and difficulty in executing the order and the value of the expected contribution of the broker to the investment performance of the Series on a continuing basis.

The Advisor also considers whether a broker provides brokerage and/or research services to the Fund and/or other accounts of the Advisor and may allocate orders for the Series to those brokers that provide such benefits. Such allocations shall be in such amounts and proportions as the Advisor shall determine, and the Advisor shall report on such allocations regularly to the Fund.

Examples of research services for which the Advisor deploys the Fund's commission dollars include research reports and other information on the economy, industries, sectors, groups of securities, individual companies, statistical information, political developments, technical market action, pricing and appraisal services, credit analysis, risk measurement analysis, performance and other analysis. The research which the Advisor or the Sub-Advisor receives for the Series' brokerage commissions, whether or not useful to the Fund, may be useful to the Advisor or the Sub-Advisor in managing the accounts of the Advisor's or the Sub-Advisor's other advisory clients. Similarly, the research received for the commissions of such accounts may be useful to the Fund.

Commissions paid to such brokers may be higher than another broker would have charged if a good faith determination is made by the Advisor that the commission is reasonable in relation to the services provided, viewed in terms of either that particular transaction or the Advisor's holistic experience with that broker for transactions executed across the Advisor's client base.

A portion of the Fund's portfolio transactions may be transacted with primary market makers acting as principal on a net basis, with no brokerage commissions being paid by the Series. Such principal transactions may, however, result in a profit to market makers. In certain instances the Advisor may make purchases of underwritten issues for the Series at prices which include underwriting fees.

The Fund will direct futures trades to one or more Futures Commissions Merchants ("FCMs"), as selected by the Advisor.

**Brokerage Commissions Paid in Last Three Fiscal Years.** The following Series paid brokerage commissions during the past three fiscal years.

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| | | | |
|:---|:---|:---|:---|
|  | **2020** | &nbsp;&nbsp;**2021** | **2022** |
| Core Bond Series | N/A | &nbsp;&nbsp;$3620 | N/A |
| Credit Series | $10699 | &nbsp;&nbsp;$7883 | N/A |
| Diversified Tax Exempt Series | $3228 | &nbsp;&nbsp;N/A | $933 |
| High Yield Bond Series | $7290 | &nbsp;&nbsp;$4197 | $18114 |
| Real Estate Series | $200671 | &nbsp;&nbsp;$82376 | $183103 |
| Unconstrained Bond Series | $69000 | &nbsp;&nbsp;$48250 | $62304 |

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The brokerage commissions paid by the Series will vary year to year based on the market environment and the investment opportunities identified over the year, as well as the level of cash flows.

The brokerage commissions paid by the High Yield Bond Series were higher in 2022 compared to the two prior fiscal years due to increased utilization of ETFs to manage cash flows. The brokerage commissions paid by the Real Estate Series were higher in 2020 and 2022 due to increased trading activity in the portfolio during those fiscal years.

There were no brokerage commissions paid to affiliates during the last three fiscal years.

**Directed Brokerage.** For the fiscal year ended December 31, 2022, the following Series paid brokerage commissions to brokers because of research services provided as follows:

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| | | |
|:---|:---|:---|
| **Series** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Brokerage Commissions Directed in Connection with Research Services** **Provided** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Aggregate Dollar Amount of**<br> **Transactions for which Such**<br> **Commissions Were Paid** |
| Core Bond Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Credit Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Diversified Tax Exempt Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7083057 |
| High Yield Bond Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $101905678 |
| Real Estate Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$183103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $285827636 |
| Unconstrained Bond Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$62304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7001162364 |

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**Regular Broker-Dealers.** The Series' regular broker-dealers are (i) the ten broker-dealers that received the greatest dollar amount of brokerage commissions from the Series; (ii) the ten broker-dealers that engaged as principal in the largest dollar amount of portfolio transactions of the Series; and (iii) the ten broker-dealers that sold the largest dollar amount of Series shares. During the fiscal year ended December 31, 2022, the following Series purchased securities issued by their regular broker-dealers:

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regular Broker-Dealer** | &nbsp;&nbsp;**Value of Portfolio Holdings as of 12/31/22 (000's omitted)** |
| &nbsp;&nbsp;Core Bond Series | &nbsp;&nbsp;BANK OF AMERICA CORPORATION | &nbsp;&nbsp;$2240 |
|  | &nbsp;&nbsp;CITIGROUP GLOBAL MARKETS INC. | &nbsp;&nbsp;$2321 |
|  | &nbsp;&nbsp;JPMORGAN CHASE & CO. | &nbsp;&nbsp;$3752 |
| &nbsp;&nbsp;Unconstrained Bond Series | &nbsp;&nbsp;BANK OF AMERICA CORPORATION | &nbsp;&nbsp; $6422 |
|  | &nbsp;&nbsp;GOLDMAN SACHS GROUP, INC. | &nbsp;&nbsp;$12452 |
|  | &nbsp;&nbsp;JPMORGAN CHASE & CO. | &nbsp;&nbsp;$10037 |
|  | &nbsp;&nbsp;MORGAN STANLEY | &nbsp;&nbsp;$4969 |
| &nbsp;&nbsp;High Yield Bond Series | &nbsp;&nbsp;JEFFERIES & COMPANY INC. | &nbsp;&nbsp;$3250 |
| &nbsp;&nbsp;Credit Series | &nbsp;&nbsp;BANK OF AMERICA CORPORATION | &nbsp;&nbsp;$3638 |
|  | &nbsp;&nbsp;CITIGROUP GLOBAL MARKETS INC. | &nbsp;&nbsp;$3789 |
|  | &nbsp;&nbsp;JPMORGAN CHASE & CO. | &nbsp;&nbsp;$7644 |

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**Net Asset Value**

The NAV is determined on each day that the NYSE is open for trading. In determining the NAV of each Series' shares, common stocks that are traded OTC or listed on national securities exchanges other than the NASDAQ National Market System are valued at the last sale price on the exchange on which each stock is principally traded as of the close of the NYSE (generally 4:00 p.m., Eastern time), or, in the absence of recorded sales, at the closing bid prices on such exchanges. Securities listed on the NASDAQ National Market System are valued in accordance with the NASDAQ Official Closing Price. Unlisted securities that are not included in such NASDAQ National Market System are valued at the quoted bid prices in the OTC market. Short-term investments that mature in sixty days or less may be valued at amortized cost, which approximates market value. Futures, and related options on futures, traded on U.S. and foreign exchanges are valued at the exchange settlement price, or if no settlement price is available, at the last sale price as of the close of the exchange on the valuation date. Investments in registered investment companies are valued at their NAV per share on valuation date. All securities initially expressed in foreign currencies will be converted to U.S. dollars using current exchange rates. Short securities positions are accounted for at value, using the same method of valuation described above. Securities and other assets for which market quotations are not readily available or are unreliable, such as in the case of a security value that has been materially affected by events occurring after the relevant market closes, are valued at fair value. The Board has designated the Advisor as the Series' valuation designee to make all fair value determinations with respected to the Series' portfolio investments, subject to the Board's oversight. 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 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 that is 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. 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. Several pricing services are available, one or more of which may be used by the Advisor. 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 Fund's Board by the Advisor in accordance with certain requirements.

The foreign securities held by the Series may be listed on foreign exchanges that trade on days when the NYSE is not open and the Series do not price their shares. As a result, the NAV of a Series may change at a time when shareholders are not able to purchase or redeem shares.

**Information About Fund Operations** 

The Fund does not expect to hold annual meetings of shareholders, but special meetings of shareholders may be held under certain circumstances. Shareholders of the Fund retain the right, under certain circumstances, to request that a meeting of shareholders be held for the purpose of considering the removal of a Director from office, and if such a request is made, the Fund will assist with shareholder communications in connection with the meeting. The shares of the Fund have equal rights with regard to voting, redemption and liquidations. The Fund's shareholders will vote in the aggregate and not by Series or class except as otherwise expressly required by law or when the Board of Directors determines that the matter to be voted upon affects only the interests of the shareholders of a Series or a Class. Income, direct liabilities and direct operating expenses of a Series will be allocated directly to the Series, and general liabilities and expenses of the Fund will be allocated among the Series in proportion to the total net assets of the Series by the Board of Directors. The holders of shares have no preemptive or conversion rights. Shares when issued are fully paid and non-assessable and do not have cumulative voting rights.

A Series may participate in class action lawsuits relating to its portfolio securities. The proceeds from the settlements of such lawsuits will generally be recorded as assets of the Series in accordance with generally accepted accounting principles. If the Series is liquidated prior to its recognition of the proceeds of a settlement, however, the proceeds may be donated to charity in the event that the officers of the Series reasonably determine that, after taking into account all fees, costs and expenses reasonably related to the administration and distribution of such proceeds, including, but not limited to, administrative fees, mailing fees, and personnel costs, the amount to be distributed to each applicable shareholder is either zero or a de minimis amount.

As part of the Board's considerations when approving the liquidation and dissolution of a Series, the Board may approve the establishment of a liquidating trust for the completion of the liquidation and distribution of a Series' assets to shareholders. This may be the case when, for example, the Series has assets and liabilities which are contingent in nature that remain on the liquidation date. If the Board establishes a liquidating trust for a Series, the Fund would grant, assign and deliver to the liquidating trust all of the Series' rights and interests in any assets it currently owns and the liquidating trust would assume all of such Series' current liabilities and obligations, thereby allowing the Series to fully liquidate and dissolve. The Board would also appoint one or more trustees of the liquidation trust, which may be a Fund officer and/or an employee of the Advisor or an affiliate of the Advisor, to oversee the operations and administration of the trust. The Series' former shareholders on the liquidation date will be the beneficiaries of the liquidating trust.

The liquidating trust will exist solely for the purposes of holding, liquidating and disposing of any assets received by it and paying or settling the liabilities and obligations of the Series. All claims, expenses, charges, liabilities, and obligations of the liquidating trust will be paid out of the trust's assets. On an interim or annual basis and only to the extent the liquidating trust receives assets that are in excess of its costs, fees and expenses, the trust will distribute those assets on a pro rata basis to the beneficiaries of the trust, provided however, that the liquidating trustee may determine, in the exercise of its reasonable judgment and in good faith, that the pro-rata amount of the assets due to each beneficiary would not be practicable to distribute to the beneficiaries because such amount is either zero or de minimis after taking into account the fees, costs and expenses reasonably related to the administration and distribution of such proceeds, including, but not limited to, administrative fees, mailing fees, and personnel costs. In such instance, such amounts will be distributed to a reputable non-profit charitable organization unaffiliated with the Fund or Adviser.

Although the Fund's use of a liquidating trust for a Series is unique to the facts and circumstances relating to the reasons for which it was created, a liquidating trust would generally have a term of three years from the date upon which it was established. At the conclusion of the liquidating trust's term, the trust will distribute any remaining assets to the beneficiaries of the trust, subject to the cost considerations discussed above, and the trust would then liquidate. If a Series (or its corresponding liquidating trust) were to receive any assets after the liquidation of the liquidating trust, such assets will be considered to be assets of the Fund generally and will be distributed by the Fund among all currently active series of the Fund on a pro rata basis.

**Federal Taxes** 

The following is only a summary of certain U.S. federal income tax considerations generally affecting the Series and their shareholders, and is not intended as a substitute for careful tax planning. The summary is very general, and does not address investors subject to special rules, such as investors who hold shares through an individual retirement account ("IRA"), 401(k) or other tax-advantaged account. Shareholders are urged to consult their tax advisers with specific reference to their own tax situations, including their state, local and foreign tax liabilities.

The following discussion of certain U.S. federal income tax consequences is based on the Code, and the regulations issued thereunder as in effect on the date of this SAI. New legislation, certain administrative changes, or court decisions may significantly change the conclusions expressed herein, and may have a retroactive effect with respect to the transactions contemplated herein.

<u>Qualification as a Regulated Investment Company. Each Series has elected and intends to qualify each year to be treated as a RIC under Subchapter M of the Code. As such, each Series expects to be relieved of federal income tax on investment company taxable income and net capital gain (the excess of net long-term capital gain over net short-term capital loss) timely distributed to shareholders.</u>

In order to qualify as a RIC each Series must, among other things, (1) derive at least 90% of its gross income each taxable year from dividends, interest, payments with respect to certain securities loans, and gains from the sale or other disposition of stock, securities or foreign currencies, or other income (including, but not limited to, gains from options, futures or forward contracts) derived with respect to its business of investing in such stock, securities or currencies and net income derived from an interest in a qualified publicly traded partnership (the "Qualifying Income Test"); and (2) diversify its holdings so that at the close of each quarter of each taxable year (i) at least 50% of the value of the Series' total assets is represented by cash and cash items, U.S. Government securities, securities of other RICs, and other securities limited, in respect of any one issuer, to a value not greater than 5% of the value of the Series' total assets and 10% of the outstanding voting securities of such issuer, including the equity securities of a qualified publicly traded partnership and (ii) not more than 25% of the value of its assets is invested, including through corporations in which the Series owns a 20% or more voting stock interest, in the securities of any one issuer (other than U.S. Government securities or securities of any other RIC) or the securities (other than the securities of other RICs) of two or more issuers that are engaged in the same or similar trades or businesses or related trades or businesses if the Series owns at least 20% of the voting power of each such issuer, or the securities of one or more qualified publicly traded partnerships (the "Asset Test"). These requirements may restrict the degree to which the Series may engage in certain hedging transactions and may limit the range of the Series' investments. If a Series qualifies as a RIC, it will not be subject to federal income tax on the part of its net investment income and net realized capital gains, if any, which it timely distributes each year to the shareholders, provided the Series distributes at least the sum of (a) 90% of its investment company taxable income (generally, net investment income plus the excess, if any, of net short-term capital gain over net long-term capital loss) and (b) 90% of its net exempt interest income (the excess of (i) its tax-exempt interest income over (ii) certain deductions attributable to that income), if any (the "Distribution Requirement").

If a Series fails to satisfy the Qualifying Income or Asset Test in any taxable year, it may be eligible for relief provisions if the failures are due to reasonable cause and not willful neglect and if a penalty tax is paid with respect to each failure to satisfy the applicable requirements. If these relief provisions are not available to a Series for any year in which it fails to qualify as a RIC, all of its taxable income will be subject to tax at the regular corporate rate (currently 21%) without any deduction for distributions to shareholders, and its distributions (including capital gains distributions) generally will be taxable as ordinary income dividends to its shareholders, subject to the dividends received deduction for corporate shareholders and lower tax rates on qualified dividend income for individual shareholders. In addition, a Series could be required to recognize unrealized gains, pay substantial taxes and interest, and make substantial distributions before requalifying as a RIC under the Code. If a Series determines that it will not qualify for treatment as a RIC, the fund will establish procedures to reflect the anticipated tax liability in the NAV of such Series. To requalify for treatment as a RIC in a subsequent taxable year, the Series would be required to satisfy the RIC qualification requirements for that year and to distribute any earnings and profits from any year in which the Series failed to qualify for tax treatment as a RIC. If a Series failed to qualify as a RIC for a period greater than two taxable years, it would generally be required to pay a Series-level tax on certain net built-in gains recognized with respect to certain of its assets upon a disposition of such assets within five years of qualifying as a RIC in a subsequent year. The Board reserves the right not to maintain the qualification of a Series for treatment as a RIC if it determines such course of action to be beneficial to shareholders.

Each Series may elect to treat part or all of any "qualified late year loss" as if it had been incurred in the succeeding taxable year in determining the Series' taxable income, net capital gain, net short-term capital gain, and earnings and profits. A "qualified late year loss" generally includes net capital loss, net long-term capital loss, or net short-term capital loss incurred after October 31 of the current taxable year (commonly referred to as "post-October losses") and certain other late-year losses.

The treatment of capital loss carryovers for RICs is similar to the rules that apply to individuals which provide that such losses are carried over by a Series indefinitely. Thus, if a Series has a "net capital loss" (that is, capital losses in excess of capital gains), the excess of the Series' net short-term capital losses over its net long-term capital gains is treated as a short-term capital loss arising on the first day of such Series' next taxable year, and the excess (if any) of the Series' net long-term capital losses over its net short-term capital gains is treated as a long-term capital loss arising on the first day of the Series' next taxable year. In addition, the carryover of capital losses may be limited under the general loss limitation rules if the Series experiences an ownership change as defined in the Code.

Each Series is treated as a separate corporation for federal income tax purposes. Each Series therefore is considered to be a separate entity in determining its treatment under the rules for RICs described herein. Losses in one Series do not offset gains in another and the requirements (other than certain organizational requirements) for qualifying RIC status are determined at the Series level rather than at the Fund level.

<u>Excise Tax.</u> If a Series fails to distribute in a calendar year at least 98% of its ordinary income for the year and 98.2% of its capital gain net income (the excess of short- and long term-capital gains over short- and long- term capital losses) for the one-year period ending October 31 of that year (and any retained amount from the prior year), the Series will be subject to a nondeductible 4% federal excise tax on the undistributed amounts. For this purpose, any ordinary income or capital gain net income retained by a Series and subject to corporate income tax will be considered to have been distributed. Each Series generally intends to make sufficient distributions to avoid imposition of this tax, but can make no assurances that such tax liability will be entirely eliminated. A Series may in certain circumstances be required to liquidate investments in order to make sufficient distributions to avoid federal excise tax liability at a time when the investment advisor might not otherwise have chosen to do so, and liquidation of investments in such circumstances may affect the ability of the Series to satisfy the requirements for qualification as a RIC.

<u>Distributions and Dividends</u>. Each Series receives income generally in the form of dividends and interest on its investments. This income, plus net short-term capital gains, if any, less expenses incurred in the operation of a Series, constitutes its net investment income from which dividends may be paid to you. All or a portion of the net investment income distributions may be treated as qualified dividend income (currently eligible for the reduced maximum capital gains rate to individuals of up to 20% (lower rates apply to individuals in lower tax brackets)) to the extent that a Series receives and reports its dividends as qualified dividend income. Qualified dividend income is, in general, dividend income from taxable domestic corporations and certain foreign corporations (e.g., foreign corporations incorporated in a possession of the United States or in certain countries with a comprehensive tax treaty with the United States, or the stock of which is readily tradable on an established securities market in the United States, in each case subject to certain limitations). A dividend will not be treated as qualified dividend income to the extent that: (i) the shareholder has not held the shares on which the dividend was paid for more than 60 days during the 121-day period that begins on the date that is 60 days before the date on which the shares become "ex-dividend" (which is the day on which declared distributions (dividends or capital gains) are deducted from a Series' assets before it calculates the NAV) with respect to such dividend, (ii) a Series has not satisfied similar holding period requirements with respect to the securities it holds that paid the dividends distributed to the shareholder, (iii) the shareholder is under an obligation (whether pursuant to a short sale or otherwise) to make related payments with respect to substantially similar or related property, or (iv) the shareholder elects to treat such dividend as investment income under section 163(d)(4)(B) of the Code. Therefore, if you lend your shares in a Series, such as pursuant to securities lending arrangement, you may lose the ability to treat dividends (paid while the shares are held by the borrower) as qualified dividend income. Distributions that a Series receives from an underlying fund taxable as a RIC or from a REIT will be treated as qualified dividend income only to the extent so reported by such underlying fund or REIT. Certain Series' investment strategies may limit their ability to make distributions eligible to be treated as qualified dividend income.

It is expected that dividends received by a Series from a REIT and distributed from that Series to a shareholder generally will be taxable to the shareholder as ordinary income. A Series' participation in the lending of securities may affect the amount, timing, and character of distributions to its shareholders. If a Series participates in a securities lending transaction and receives a payment in lieu of dividends (a "substitute payment") with respect to securities on loan in a securities lending transaction, such income generally will not constitute qualified dividend income and thus dividends attributable to such income will not be eligible for taxation at the rates applicable to qualified dividend income for individual shareholders and will not be eligible for the dividends received deduction for corporate shareholders.

Any distribution by a Series may be taxable to shareholders regardless of whether it is received in cash or in additional shares. The Series may derive capital gains and losses in connection with sales or other dispositions of the portfolio securities. Distributions from net short-term capital gains will generally be taxable to shareholders as ordinary income. Distributions from net long-term capital gains will be taxable to shareholders as long-term capital gains regardless of how long the shares have been held. The current maximum tax rate on long-term capital gains for non-corporate shareholders is 20% (lower rates apply to individuals in lower tax brackets). Distributions from capital gains are generally made after applying any available capital loss carryforwards.

Certain distributions may qualify for a dividends received deduction for corporate shareholders, subject to holding period requirements and other limitations under the Code, if they are attributable to the qualifying dividend income a Series receives from a domestic corporation and are properly reported by that Series. Certain Series' investment strategies may limit their ability to make distributions eligible for the dividends received deduction for corporate shareholders.

A RIC that receives business interest income may pass through its net business interest income for purposes of the tax rules applicable to the interest expense limitations under Section 163(j) of the Code. A RIC's total "Section 163(j) Interest Dividend" for a tax year is limited to the excess of the RIC's business interest income over the sum of its business interest expense and its other deductions properly allocable to its business interest income. A RIC may, in its discretion, designate all or a portion of ordinary dividends as Section 163(j) Interest Dividends, which would allow the recipient shareholder to treat the designated portion of such dividends as interest income for purposes of determining such shareholder's interest expense deduction limitation under Section 163(j) of the Code. This can potentially increase the amount of a shareholder's interest expense deductible under Section 163(j) of the Code. In general, to be eligible to treat a Section 163(j) Interest Dividend as interest income, you must have held your shares in a Series for more than 180 days during the 361-day period beginning on the date that is 180 days before the date on which the share becomes ex-dividend with respect to such dividend. Section 163(j) Interest Dividends, if so designated by a Series, will be reported to your financial intermediary or otherwise in accordance with the requirements specified by the IRS.

Each Series (or its administrative agent) will inform you of the amount of your ordinary income, exempt-interest dividends, qualified dividend income, and capital gain distributions shortly after the close of each calendar year. Shareholders who have not held the Series' shares for a full year should be aware that the Series may designate and distribute, as ordinary income or capital gain, a percentage of income that is not equal to the actual amount of such income earned during the period of investment in the Series. A distribution will reduce a Series' NAV per share and may be taxable to you as ordinary income or capital gain even though, from an investment standpoint, the distribution may constitute a return of capital. Therefore, an investor should consider the tax consequences of purchasing shares immediately before a distribution record date.

U.S. REITs in which a Series invests often do not provide complete and final tax information to the Series until after the time that the Series issues the tax reporting statement. As a result, the Series may at times find it necessary to reclassify the amount and character of its distributions to you after it issues your tax reporting statement. When such reclassification is necessary, the Series will send you a corrected, final Form 1099-DIV to reflect the reclassified information. If you receive a corrected Form 1099-DIV, use the information on this corrected form, and not the information on the previously issued tax reporting statement, in completing your tax returns.

MLPs in which a Series invests deliver Schedules K-1 to the Series to report their share of income, gains, losses, deductions and credits of the MLP. These Schedules K-1 may be delayed and may not be received until after the time that a Series issues its tax reporting statements. As a result, a Series may at times find it necessary to reclassify the amount and character of its distributions to you after it issues you your tax reporting statement.

If a Series' distributions exceed its earnings and profits (as calculated for federal income tax purposes) for a taxable year, all or a portion of the distributions made in the same taxable year may be re-characterized as a return of capital to shareholders. A return of capital distribution will generally not be taxable, but will reduce each shareholder's cost basis in the Series' shares and result in higher reported capital gain or lower reported capital loss when those shares on which a distribution was received are sold.

Distributions declared in October, November, or December to shareholders of record during those months and paid during the following January are treated as if they were received by each shareholder on December 31 of the year in which they are declared for tax purposes.

U.S. individuals with income exceeding $200,000 ($250,000 if married and filing jointly) are subject to a 3.8% tax on their "net investment income," including interest, dividends, and capital gains (including capital gains realized on the sale, exchange, or redemption of shares of the Series).

<u>Sale, Exchange, or Redemption of Shares</u>. Any gain or loss recognized on a sale, exchange or redemption of shares of a Series by a shareholder who holds a Series' share as capital assetes will generally, for individual shareholders, be treated as a long-term capital gain or loss if the shares have been held for more than one year and otherwise generally will be treated as short-term capital gain or loss. However, if shares on which a shareholder has received a net capital gain distribution or exempt-interest dividend are subsequently sold, exchanged or redeemed and such shares have been held for six months or less, any loss recognized will be treated as long-term capital loss to the extent of the net capital gain distribution or disallowed to the extent of the exempt-interest dividend. In addition, the loss realized on a sale or other disposition of shares will be disallowed to the extent a shareholder repurchases (or enters into a contract or option to repurchase) shares within a period of 61 days (beginning 30 days before and ending 30 days after the disposition of the shares). This loss disallowance rule will apply to shares received through the reinvestment of dividends during the 61-day period. If disallowed, the loss will be reflected in an upward adjustment to the basis of the shares acquired. For tax purposes, an exchange of shares of a Series for shares of a different Series is the same as a sale.

Each Series (or its administrative agent) is required to report to the IRS and furnish its shareholders the cost basis information for purchases of Series shares. In addition to the requirement to report the gross proceeds from the sale of shares, the Series is also required to report the cost basis information for such shares and indicate whether the shares had a short-term or long-term holding period. Each time a shareholder sells shares, the Series will permit the shareholder to elect from among several IRS accepted cost basis methods, including the average cost basis method. In the absence of an election, the Series will use the average cost basis method. The cost basis method elected by the shareholder (or the cost basis method applied by default) for each sale of shares may not be changed after the settlement date of each such sale of shares. Shareholders should consult their tax advisors to determine the best IRS accepted cost basis method for their tax situation and to obtain more information about how cost basis reporting applies to them. Shareholders also should carefully review any cost basis information provided to them by the Series and make any additional basis, holding period or other adjustments that are required when reporting these amounts on their federal income tax returns.

A Series' shares held in a tax-qualified retirement account will generally not be subject to federal taxation on income and capital gains distribution from the Series until a shareholder begins receiving payments from its retirement account. Because each shareholder's tax situation is different, shareholders should consult their tax advisor about the tax implications of an investment in the shares of the Series.

<u>Taxation of Series Investments</u>. A Series' transactions in certain futures contracts, options, forward contracts, foreign currencies, foreign debt securities, foreign entities treated as investment companies, derivative securities, and certain other investment and hedging activities will be subject to special tax rules. In a given case, these rules may affect a Series' ability to qualify as a RIC, accelerate income to the Series, defer losses to the Series, require adjustments in the holding periods of the Series' assets, convert short-term capital losses into long-term capital losses, or otherwise affect the character of the Series' income. These rules could therefore affect the amount, timing, and character of distributions to shareholders. Each Series will endeavor to make any available elections pertaining to such transactions in a manner believed to be in the best interest of the Series.

With respect to investments in zero coupon securities which are sold at original issue discount ("OID") and thus do not make periodic cash interest payments, a Series will be required to include as part of its current income the imputed interest on such obligations even though the Series has not received any interest payments on such obligations during that period. Because each Series intends to distribute all of its net investment income to its shareholders, a Series may have to sell securities to distribute such imputed income which may occur at a time when the Advisor or Sub-Advisor would not have chosen to sell such securities and which may result in a taxable gain or loss. Special rules apply if a Series holds inflation-indexed bonds. Generally, all stated interest on such bonds is recorded as income by the Series under its regular method of accounting for interest income. The amount of positive inflation adjustment, which results in an increase in the inflation-adjusted principal amount of the bond, is treated as OID. The OID is included in the Series' gross income ratably during the period ending with the maturity of the bond, under the general OID inclusion rules. The amount of the Series' OID in a taxable year with respect to a bond will increase the Series' taxable income for such year without a corresponding receipt of cash, until the bond matures. As a result, the Series may need to use other sources of cash to satisfy its distributions for such year. The amount of negative inflation adjustments, which results in a decrease in the inflation-adjusted principal amount of the bond, reduces the amount of interest (including stated interest, OID, and market discount, if any) otherwise includible in the Series' income with respect to the bond for the taxable year.

Any market discount recognized on a bond is taxable as ordinary income. A market discount bond is a bond acquired in the secondary market at a price below redemption value or adjusted issue price if issued with original issue discount. Absent an election by a Series to include the market discount in income as it accrues, gain on its disposition of such an obligation will be treated as ordinary income rather than capital gain to the extent of the accrued market discount.

A Series may invest in inflation-linked debt securities. Any increase in the principal amount of an inflation-linked debt security will be OID, which is taxable as ordinary income and is required to be distributed, even though the Series will not receive the principal, including any increase thereto, until maturity. As noted above, if a Series invests in such securities it may be required to liquidate other investments, including at times when it is not advantageous to do so, in order to satisfy its distribution requirements and to eliminate any possible taxation at the Series level.

Each Series is required for federal income tax purposes to mark-to-market and recognize as income for each taxable year its net unrealized gains and losses on certain futures and options contracts subject to section 1256 of the Code ("Section 1256 Contracts") as of the end of the year as well as those actually realized during the year. Gain or loss from Section 1256 Contracts on broad-based indexes required to be marked to market will be 60% long-term and 40% short-term capital gain or loss. Application of this rule may alter the timing and character of distributions to shareholders. A Series may be required to defer the recognition of losses on Section 1256 Contracts to the extent of any unrecognized gains on offsetting positions held by the Series. It is anticipated that any net gain realized from the closing out of Section 1256 Contracts with respect to securities may be considered gain from the sale of securities and therefore may be qualifying income for purposes of the Qualifying Income Test (as described above). Each Series intends to distribute to shareholders at least annually any net capital gains which have been recognized for federal income tax purposes, including unrealized gains at the end of the Series' fiscal year on futures or options transactions. Such distributions are combined with distributions of capital gains realized on the Series' other investments and shareholders are advised on the nature of the distributions.

Certain investments in other underlying funds and ETFs may not produce qualifying income for purposes of the Qualifying Income Test or satisfy the "Asset Test" (as described above) for a Series to maintain its status as a RIC under the Code. For example, investments in ETFs that track physical commodities and which are treated as grantor trusts under the Code do not generate qualifying income and are not considered "securities" for purposes of the Asset Test (as described above). If one or more underlying funds and/or ETFs generates more non-qualifying income for purposes of the Qualifying Income Test than a Series' portfolio management expects, it could cause the Series to inadvertently fail the Qualifying Income Test, thereby causing the Series to inadvertently fail to qualify as a RIC under the Code.

In general, for purposes of the Qualifying Income Test described above, income derived from a partnership will be treated as qualifying income only to the extent such income is attributable to items of income of the partnership that would be qualifying income if realized directly by a Series. However, 100% of the net income derived from an interest in a "qualified publicly traded partnership" (generally, a partnership (i) interests in which are traded on an established securities market or are readily tradable on a secondary market or the substantial equivalent thereof, (ii) that derives at least 90% of its income from the passive income sources specified in section 7704(d) of the Code, and (iii) that generally derives less than 90% of its income from the same sources as described in the Qualifying Income Test) will be treated as qualifying income. In addition, although in general the passive loss rules of the Code do not apply to RICs, such rules do apply to a RIC with respect to items attributable to an interest in a qualified publicly traded partnership.

A Series may invest in certain MLPs which may be treated as qualified publicly traded partnerships. Income from qualified publicly traded partnerships is qualifying income for purposes of the Qualifying Income Test (as describe above), but a Series' investment in one or more of such qualified publicly traded partnerships is limited under the Asset Test (as describe above) to no more than 25% of the value of a Series' assets. The Series will monitor their investments in such qualified publicly traded partnerships in order to ensure compliance with the Qualifying Income and Asset Tests.

"Qualified publicly traded partnership income" within the meaning of Section 199A(e)(5) of the Code is eligible for a 20% deduction by non-corporate taxpayers. "Qualified publicly traded partnership income" is generally income of a "publicly traded partnership" that is not treated as a corporation for U.S. federal income tax purposes that is effectively connected with such entity's trade or business, but does not include certain investment income. A "publicly traded partnership" for purposes of this deduction is not the same as a "qualified publicly traded partnership" as defined above. This deduction, if allowed in full, equates to a maximum effective tax rate of 29.6% (37% top rate applied to income after 20% deduction). The Tax Act does not contain a provision permitting a RIC, such as a Series, to pass the special character of this income through to its shareholders. Currently, direct investors in entities that generate "qualified publicly traded partnership income" will enjoy the lower rate, but investors in RICs that invest in such entities will not. It is uncertain whether future technical corrections or administrative guidance will address this issue to enable a Series to pass through the special character of "qualified publicly traded partnership income" to shareholders.

A Series may invest in U.S. REITs. Investments in REIT equity securities may require a Series to accrue and distribute income not yet received. To generate sufficient cash to make the requisite distributions, a Series may be required to sell securities in its portfolio (including when it is not advantageous to do so) that it otherwise would have continued to hold. A Series' investments in REIT equity securities may at other times result in a Series' receipt of cash in excess of the REIT's earnings; if a Series distributes these amounts, these distributions could constitute a return of capital to such Series' shareholders for federal income tax purposes. Dividends paid by a REIT, other than capital gain distributions, will be taxable as ordinary income up to the amount of the REIT's current and accumulated earnings and profits. Capital gain dividends paid by a REIT to a Series will be treated as long-term capital gains by the Series and, in turn, may be distributed by the Series to its shareholders as a capital gain distribution. Dividends received by a Series from a REIT generally will not constitute qualified dividend income or qualify for the dividends received deduction. If a REIT is operated in a manner such that it fails to qualify as a REIT, an investment in the REIT would become subject to double taxation, meaning the taxable income of the REIT would be subject to federal income tax at the regular corporate rate without any deduction for dividends paid to shareholders and the dividends would be taxable to shareholders as ordinary income (or possibly as qualified dividend income) to the extent of the REIT's current and accumulated earnings and profits.

"Qualified REIT dividends" (i.e., ordinary REIT dividends other than capital gain dividends and portions of REIT dividends designated as qualified dividend income eligible for capital gain tax rates) are eligible for a 20% deduction by non-corporate taxpayers. This deduction, if allowed in full, equates to a maximum effective tax rate of 29.6% (37% top rate applied to income after 20% deduction). Distributions by a Series to its shareholders that are attributable to qualified REIT dividends received by the Series and which the Series properly reports as "section 199A dividends," are treated as "qualified REIT dividends" in the hands of non-corporate shareholders. A section 199A dividend is treated as a qualified REIT dividend only if the shareholder receiving such dividend holds the dividend-paying RIC shares for at least 46 days of the 91-day period beginning 45 days before the shares become ex-dividend, and is not under an obligation to make related payments with respect to a position in substantially similar or related property. A Series is permitted to report such part of its dividends as section 199A dividends as are eligible, but is not required to do so.

If a Series invests directly in certain investments, such as commodities and commodity-linked derivative instruments, such investments may not produce qualifying income to the Series. To the extent a Series invests in such investments directly, the Series will seek to restrict its income from such instruments that do not generate qualifying income to a maximum of 10% of its gross income (when combined with their other investments that produce non-qualifying income).

If a Series fails to qualify as a RIC and to avail itself of certain relief provisions, it would be subject to tax at the regular corporate rate without any deduction for distributions to shareholders, and its distributions would generally be taxable as dividends. Please see the SAI for a more detailed discussion, including the availability of certain relief provisions for certain failures by a Series to qualify as a RIC.

<u>Foreign Investments</u>. Transactions by a Series in foreign currencies and forward foreign currency contracts will be subject to special provisions of the Code that, among other things, may affect the character of gains and losses realized by the Series (i.e., may affect whether gains or losses are ordinary or capital), accelerate recognition of income to the Series and defer losses. These rules could therefore affect the character, amount and timing of distributions to shareholders. These provisions also may require a Series to mark-to-market certain types of positions in its portfolio (i.e., treat them as if they were closed out) which may cause the Series to recognize income without receiving cash with which to make distributions in amounts necessary to satisfy the RIC distribution requirements for avoiding income and excise taxes. Each Series intends to monitor its transactions, intends to make the appropriate tax elections, and intends to make the appropriate entries in its books and records when it acquires any foreign currency or forward foreign currency contract in order to mitigate the effect of these rules so as to prevent disqualification of the Series as a RIC and minimize the imposition of income and excise taxes.

The U.S. Treasury Department has authority to issue regulations that would exclude foreign currency gains from the Qualifying Income Test described above if such gains are not directly related to the Series' business of investing in stock or securities (or options and futures with respect to stock or securities). Accordingly, regulations may be issued in the future that could treat some or all of a Series' non-U.S. currency gains as non-qualifying income, thereby potentially jeopardizing the Series' status as a RIC for all years to which the regulations are applicable.

If a Series owns shares in certain foreign investment entities, referred to as "passive foreign investment companies" or "PFICs," the Series will be subject to one of the following special tax regimes: (i) the Series is liable for U.S. federal income tax, and an additional interest charge, on a portion of any "excess distribution" from such foreign entity or any gain from the disposition of such shares, even if the entire distribution or gain is paid out by the Series as a dividend to its shareholders; (ii) if the Series were able and elected to treat a PFIC as a "qualified electing fund" or "QEF," the Series would be required each year to include in income, and distribute to shareholders in accordance with the distribution requirements set forth above, the Series' pro rata share of the ordinary earnings and net capital gains of the PFIC, whether or not such earnings or gains are distributed to the Series; or (iii) the Series may be entitled to mark-to-market annually shares of the PFIC, and in such event would be required to distribute to shareholders any such mark-to-market gains in accordance with the distribution requirements set forth above. The Series may have to distribute to its shareholders certain "phantom" income and gain the Series accrues with respect to its investment in a PFIC in order to satisfy its distribution requirement and to avoid imposition of the 4% excise tax described above. The Series will make the appropriate tax elections, if possible, and take any additional steps that are necessary to mitigate the effect of these rules. Amounts included in income each year by a Series arising from a QEF election will be "qualifying income" under the Qualifying Income Test (as described above) even if not distributed to the Series, if the Series derives such income from its business of investing in stock, securities or currencies.

<u>Foreign Taxes</u>. Dividends and interest received by a Series may be subject to income, withholding or other taxes imposed by foreign countries and U.S. possessions that would reduce the yield on its securities. Tax conventions between certain countries and the U.S. may reduce or eliminate these taxes. Foreign countries generally do not impose taxes on capital gains with respect to investments by foreign investors. If more than 50% of the value of a Series' total assets at the close of its taxable year consists of stock or securities of foreign corporations, the Series will be eligible to, and may, file an election with the IRS that will enable shareholders, in effect, to receive the benefit of the foreign tax credit with respect to any foreign and U.S. possessions' income taxes paid by the Series. If the Series were to make such an election, such Series would treat those taxes as dividends paid to its shareholders. Each shareholder would be required to include a proportionate share of those taxes in gross income as income received from a foreign source and to treat the amount so included as if the shareholder had paid the foreign tax directly. The shareholder may then either deduct the taxes deemed paid by him or her in computing his or her taxable income or, alternatively, use the foregoing information in calculating the foreign tax credit (subject to significant limitations) against the shareholder's federal income tax. If a Series makes the election, it will report annually to its shareholders the respective amounts per share of the Series' income from sources within, and taxes paid to, foreign countries and U.S. possessions.

Foreign tax credits, if any, received by a Series as a result of an investment in another RIC (including an ETF which is taxable as a RIC) will not be passed through to you unless the Series qualifies as a "qualified fund-of-funds" under the Code. If a Series is a "qualified fund-of-funds" it will be eligible to file an election with the IRS that will enable it to pass along these foreign tax credits to its shareholders.

A Series will be treated as a "qualified fund-of-funds" if at least 50% of the value of the Series' total assets (at the close of each quarter of the Series' taxable year) is represented by interests in other RICs.

To the extent a Series invests in an underlying fund (including an ETF) that indicates that such underlying fund intends to satisfy the tax requirements to be treated as a RIC under the Code, the Series may be able to receive the benefits of a "qualified fund-of-funds" as described above. If, however, an underlying fund loses its status as a RIC under the Code, a Series would no longer be permitted to count its investment in such underlying fund for purposes of satisfying the requirements to be a "qualified fund-of-funds." In addition, an underlying fund that loses its status as a RIC would be treated as a regular corporation subject to entity level taxation prior to making any distributions to a Series which would affect the amount, timing and character of such income distributed by an underlying fund to a Series.

<u>Backup Withholding</u>. In certain cases, a Series will be required to withhold and remit to the U.S. Treasury 24% of any taxable dividends, capital gain distributions and redemption proceeds paid to a shareholder (1) who has failed to provide a correct and properly certified taxpayer identification number, (2) who is subject to backup withholding by the IRS, (3) who has not certified to the Series that such shareholder is not subject to backup withholding, or (4) who has failed to certify that he or she is a U.S. person (including a U.S. resident alien). This backup withholding is not an additional tax, and any amounts withheld may be credited against the shareholder's U.S. federal income tax liability (provided the appropriate information is furnished to the IRS).

<u>Foreign Shareholders</u>. Foreign shareholders (i.e., nonresident alien individuals and foreign corporations, partnerships, trusts and estates) are generally subject to U.S. withholding tax at the rate of 30% (or a lower tax treaty rate) on distributions derived from net investment income. A Series may, under certain circumstances, report all or a portion of a dividend as an "interest-related dividend" or a "short-term capital gain dividend," which would generally be exempt from this 30% U.S. withholding tax, provided certain other requirements are met. Short-term capital gain dividends received by a nonresident alien individual who is present in the U.S. for a period or periods aggregating 183 days or more during the taxable year are not exempt from this 30% withholding tax. Gains realized by foreign shareholders from the sale or other disposition of shares of a Series generally are not subject to U.S. taxation, unless the recipient is an individual who is physically present in the U.S. for 183 days or more per year. Foreign shareholders who fail to provide an applicable IRS form may be subject to backup withholding on certain payments from a Series. Backup withholding will not be applied to payments that are subject to the 30% (or lower applicable treaty rate) withholding tax described in this paragraph. Different tax consequences may result if the foreign shareholder is engaged in a trade or business within the United States. In addition, the tax consequences to a foreign shareholder entitled to claim the benefits of a tax treaty may be different than those described above.

Under legislation generally known as "FATCA" (the Foreign Account Tax Compliance Act), a Series is required to withhold 30% of certain ordinary dividends it pays to shareholders that fail to meet prescribed information reporting or certification requirements. In general, no such withholding will be required with respect to a U.S. person or non-U.S. person that timely provides the certifications required by a Series or its agent on a valid IRS Form W-9 or applicable series of IRS Form W-8, respectively. Shareholders potentially subject to withholding include foreign financial institutions ("FFIs"), such as non-U.S. investment funds, and non-financial foreign entities ("NFFEs"). To avoid withholding under FATCA, an FFI generally must enter into an information sharing agreement with the IRS in which it agrees to report certain identifying information (including name, address, and taxpayer identification number) with respect to its U.S. account holders (which, in the case of an entity shareholder, may include its direct and indirect U.S. owners), and an NFFE generally must identify and provide other required information to a Series or other withholding agent regarding its U.S. owners, if any. Such non-U.S. shareholders also may fall into certain exempt, excepted or deemed compliant categories as established by regulations and other guidance. A non-U.S. shareholder resident or doing business in a country that has entered into an intergovernmental agreement with the U.S. to implement FATCA will be exempt from FATCA withholding provided that the shareholder and the applicable foreign government comply with the terms of the agreement.

A non-U.S. entity that invests in a Series will need to provide the Series with documentation properly certifying the entity's status under FATCA in order to avoid FATCA withholding. Foreign shareholders are urged to consult their own tax advisors concerning the applicability of the U.S. withholding tax and the proper withholding form(s) to be submitted to the Series.

<u>Potential Reporting Requirements</u>. Under U.S. Treasury regulations, generally, if a shareholder recognizes a loss of $2 million or more for an individual shareholder or $10 million or more for a corporate shareholder, the shareholder must file with the IRS a disclosure statement on Form 8886. Direct shareholders of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, shareholders of a RIC such as the Series are not excepted. Future guidance may extend the current exception from this reporting requirement to shareholders of most or all RICs. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Shareholders should consult their tax advisors to determine the applicability of these regulations in light of their individual circumstances.

<u>Additional Tax Information Concerning the Diversified Tax Exempt Series</u>. The Diversified Tax Exempt Series is designed to provide shareholders with current tax exempt interest income and is not intended to constitute a balanced investment program. If at least 50% of the value of the Diversified Tax Exempt Series' total assets at the close of each quarter of its taxable year consists of debt obligations that generate interest exempt from U.S. Federal income tax, then the Diversified Tax Exempt Series may qualify to pass through to its shareholders the tax-exempt character of its income from such debt obligations by paying exempt interest dividends. The Diversified Tax Exempt Series intends to qualify and to provide shareholders with income exempt from U.S. Federal income tax in the form of exempt-interest dividends.

With respect to the Diversified Tax Exempt Series, a portion of its dividends may be exempt in a shareholder's state of residence. The Diversified Tax Exempt Series will report the portion of its dividends that are derived from interest on obligations in each respective state. Because of these tax exemptions, an investment in the Diversified Tax Exempt Series may not be a suitable investment for retirement plans and other tax-exempt investors. The rules described above do not apply to corporate shareholders and such shareholders should consult their tax advisor concerning the application of these rules to their state tax reporting.

Certain recipients of Social Security and railroad retirement benefits may be required to take into account income from the Diversified Tax Exempt Series in determining the taxability of their benefits. In addition, the Diversified Tax Exempt Series may not be an appropriate investment for shareholders that are "substantial users" or persons related to such users of facilities financed by private activity bonds or industrial revenue bonds. A "substantial user" is defined generally to include certain persons who regularly use a facility in their trade or business. Shareholders should consult their tax advisers to determine the potential effect, if any, on their tax liability of investing in the Diversified Tax Exempt Series.

Exempt-interest dividends may nevertheless be subject to the Alternative Minimum Tax. The Alternative Minimum Tax applicable to non-corporate taxpayers is imposed at a rate of up to 28%. Exempt-interest dividends derived from certain "private activity bonds" issued after August 7, 1986, will generally be an item of tax preference (and therefore potentially subject to the Alternative Minimum Tax).

The deduction otherwise allowable to property and casualty insurance companies for "losses incurred" will be reduced by an amount equal to a portion of exempt-interest dividends received or accrued during the taxable year. Foreign corporations engaged in a trade or business in the United States will be subject to a "branch profits tax" on their "dividend equivalent amount" for the taxable year, which will include exempt-interest dividends. Certain Subchapter S corporations may also be subject to taxes on their "passive investment income", which could include exempt-interest dividends.

Issuers of bonds purchased by the Diversified Tax Exempt Series (or the beneficiary of such bonds) may have made certain representations or covenants in connection with the issuance of such bonds to satisfy certain requirements of the Code that must be satisfied subsequent to the issuance of such bonds. Investors should be aware that exempt-interest dividends derived from such bonds may become subject to federal income taxation retroactively to the date thereof if such representations are determined to have been inaccurate or if the issuer of such bonds (or the beneficiary of such bonds) fails to comply with the covenants.

Under the Code, if a shareholder receives an exempt-interest dividend with respect to any Series share and such Series share is subsequently sold, exchanged or redeemed and such Series share has been held for six months or less, any loss recognized will be disallowed to the extent of the amount of such exempt-interest dividend.

Although the Diversified Tax Exempt Series does not expect to earn any investment company taxable income (as defined by the Code), any income earned on taxable investments will be distributed and will be taxable to shareholders as ordinary income. In general, "investment company taxable income" comprises taxable net investment income plus the excess, if any, of net short-term capital gains over net long-term capital losses. The Diversified Tax Exempt Series would be taxed on any undistributed investment company taxable income. Since any such income will be distributed, it is anticipated that no such tax will be paid by the Diversified Tax Exempt Series.

<u>State and Local Taxes.</u> Distributions by a Series to shareholders and the ownership of shares may be subject to state and local taxes. Therefore, shareholders are urged to consult their tax advisors concerning the application of state and local taxes to investments in the Series, which may differ from the federal income tax consequences.

Many states grant tax-free status to dividends paid to you from interest earned on direct obligations of the U.S. Government, subject in some states to minimum investment requirements that must be met by a Series. Investments in Ginnie Mae or Fannie Mae securities, bankers acceptances, commercial paper, and repurchase agreements collateralized by U.S. Government securities do not generally qualify for such tax-fee treatment. The rules on exclusion of this income are different for corporate shareholders. Shareholders are urged to consult their tax advisors regarding whether, and under what conditions, such exemption is available.

Shareholders should consult their own tax advisors regarding the effect of federal, state, local, and foreign taxes affecting an investment in shares of a Series.

**Performance Reporting**

The performance of the Series may be compared in publications to the performance of various indices and investments for which reliable performance data is available. It may also be compared to averages, performance rankings, or other information prepared by recognized mutual fund statistical services. The Series' annual reports contain additional performance information. These reports are available without charge at the Fund's website, www.manning-napier.com, or by calling 1-800-466-3863.

**Financial Statements**

Each Series' audited financial statements, including the report of PwC thereon, from the Series' annual reports for the fiscal year ended December 31, 2022 are hereby incorporated by reference into this SAI. These Reports may be obtained without charge by calling 1-800-466-3863.

**<u>Appendix A - Description of Bond Ratings<sup>1</sup></u>**

**Moody's Investors Service, Inc. ("Moody's") Short-Term Prime Rating System - Taxable Debt and Deposits Globally**

Moody's short-term debt ratings are opinions of the ability of issuers to repay punctually senior debt obligations. These obligations have an original maturity not exceeding one year, unless explicitly noted.

Moody's employs the following three designations, all judged to be investment grade, to indicate the relative repayment ability of rated issuers:

Prime-1: Issuers rated Prime-1 (or supporting institutions) have a superior ability for repayment of senior short-term debt obligations. Prime-1 repayment ability will often be evidenced by many of the following characteristics:

Leading market positions in well-established industries.

High rates of return on funds employed.

Conservative capitalization structure with moderate reliance on debt and ample asset protection.

Broad margins in earnings coverage of fixed financial charges and high internal cash generation.

Well-established access to a range of financial markets and assured sources of alternate liquidity.

Prime-2: Issuers rated Prime-2 (or supporting institutions) have a strong ability for repayment of senior short-term debt obligations. This will normally be evidenced by many of the characteristics cited above but to a lesser degree. Earnings trends and coverage ratios, while sound, may be more subject to variation. Capitalization characteristics, while still appropriate, may be more affected by external conditions. Ample alternate liquidity is maintained.

Prime-3: Issuers rated Prime-3 (or supporting institutions) have an acceptable ability for repayment of senior short-term obligations. The effect of industry characteristics and market compositions may be more pronounced. Variability in earnings and profitability may result in changes in the level of debt protection measurements and may require relatively high financial leverage. Adequate alternate liquidity is maintained.

Not Prime: Issuers rated Not Prime do not fall within any of the Prime rating categories.

Obligations of a branch of a bank are considered to be domiciled in the country in which the branch is located. Unless noted as an exception, Moody's rating on a bank's ability to repay senior obligations extends only to branches located in countries which carry a Moody's Sovereign Rating for Bank Deposits. Such branch obligations are rated at the lower of the bank's rating or Moody's Sovereign Rating for Bank Deposits for the country in which the branch is located.

When the currency in which an obligation is denominated is not the same as the currency of the country in which the obligation is domiciled, Moody's ratings do not incorporate an opinion as to whether payment of the obligation will be affected by actions of the government controlling the currency of denomination. In addition, risks associated with bilateral conflicts between an investor's home country and either the issuer's home country or the country where an issuer's branch is located are not incorporated into Moody's short-term debt ratings.

If an issuer represents to Moody's that its short-term debt obligations are supported by the credit of another entity or entities, then the name or names of such supporting entity or entities are listed within the parenthesis beneath the name of the issuer, or there is a footnote referring the reader to another page for the name or names of the supporting entity or entities. In assigning ratings to such issuers, Moody's evaluates the financial strength of the affiliated corporations, commercial banks, insurance companies, foreign governments or other entities, but only as one factor in the total rating assessment.

------

<sup>1</sup> The ratings indicated herein are believed to be the most recent ratings available at the date of this SAI for the securities listed. Ratings are generally given to securities at the time of issuance. While the rating agencies may from time to time revise such ratings, they undertake no obligation to do so, and the ratings indicated do not necessarily represent ratings which will be given to these securities on the date of the fund's fiscal year-end.

**Moody's Municipal and Corporate Bond Ratings**

Aaa: Bonds which are rated Aaa are judged to be of the best quality. They carry the smallest degree of investment risk and are generally referred to as "gilt edge." Interest payments are protected by a large or by an exceptionally stable margin and principal is secure. While the various protective elements are likely to change, such changes as can be visualized are most unlikely to impair the fundamentally strong position of such issues.

Aa: Bonds which are rated Aa are judged to be of high quality by all standards. Together with the Aaa group they comprise what are generally known as high grade bonds. They are rated lower than the best bonds because margins of protection may not be as large as in Aaa securities or fluctuation of protective elements may be of greater amplitude or there may be other elements present which make the long term risks appear somewhat larger than in Aaa securities.

A: Bonds which are rated A possess many favorable investment attributes and are to be considered as upper-medium-grade obligations. Factors giving security to principal and interest are considered adequate, but elements may be present which suggest a susceptibility to impairment sometime in the future.

Baa: Bonds which are rated Baa are considered as medium-grade obligations (i.e., they are neither highly protected nor poorly secured). Interest payments and principal security appear adequate for the present but certain protective elements may be lacking or may be characteristically unreliable over any great length of time. Such bonds lack outstanding investment characteristics and in fact have speculative characteristics as well.

Ba: Bonds which are rated Ba are judged to have speculative elements; their future cannot be considered as well assured. Often the protection of interest and principal payments may be very moderate and thereby not well safeguarded during both good and bad times over the future. Uncertainty of position characterizes bonds in this class.

B: Bonds which are rated B generally lack characteristics of the desirable investment. Assurance of interest and principal payments or of maintenance of other terms of the contract over any long period of time may be small.

Caa: Bonds which are rated Caa are of poor standing. Such issues may be in default or there may be present elements of danger with respect to principal or interest.

Ca: Bonds which are rated Ca represent obligations which are speculative in a high degree. Such issues are often in default or have other marked shortcomings.

C: Bonds which are rated C are the lowest rated class of bonds, and issues so rated can be regarded as having extremely poor prospects of ever attaining any real investment standing.

Note: Moody's applies numerical modifiers 1, 2 and 3 in each generic rating classification from Aa through Caa. The modifier 1 indicated that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicated a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category.

Moody's may also assign conditional ratings to municipal bonds. Bonds for which the security depends upon the completion of some act or the fulfillment of some condition are rated conditionally. These are bonds secured by (a) earnings of projects under constructions, (b) earnings of projects unseasoned in operating experience, (c) rentals which begin when facilities are completed, or (d)payments to which some other limiting condition attaches. Parenthetical rating denotes probable credit stature upon completion of construction or elimination of basis of condition.

**Standard & Poor's Short-Term Issue Credit Ratings**

A-1: A short-term obligation rated 'A-1' is rated in the highest category by Standard & Poor's. The obligor's capacity to meet its financial commitment on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor's capacity to meet its financial commitment on these obligations is extremely strong.

A-2: A short-term obligation rated 'A-2' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories. However, the obligor's capacity to meet its financial commitment on the obligation is satisfactory.

A-3: A short-term obligation rated 'A-3' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation.

B: A short-term obligation rated 'B' is regarded as vulnerable and has significant speculative characteristics. The obligor currently has the capacity to meet its financial commitments; however, it faces major ongoing uncertainties which could lead to the obligor's inadequate capacity to meet its financial commitments.

C: A short-term obligation rated 'C' is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitment on the obligation.

D: A short-term obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, unless Standard & Poor's believes that such payments will be made within any stated grace period. However, any stated grace period longer than five business days will be treated as five business days. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of a similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. An obligation's rating is lowered to 'D' if it is subject to a distressed exchange offer.

**Standard & Poor's Municipal and Corporate Bond Ratings**

AAA: An obligation rated 'AAA' has the highest rating assigned by Standard & Poor's. The obligor's capacity to meet its financial commitment on the obligation is extremely strong.

AA: An obligation rated 'AA' differs from the highest-rated obligations only to a small degree. The obligor's capacity to meet its financial commitment on the obligation is very strong.

A: An obligation rated 'A' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the obligor's capacity to meet its financial commitment on the obligation is still strong.

BBB: An obligation rated 'BBB' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation.

Obligations rated 'BB', 'B', 'CCC', 'CC', and 'C' are regarded as having significant speculative characteristics. 'BB' indicates the least degree of speculation and 'C' the highest. While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposures to adverse conditions.

BB: An obligation rated 'BB' is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions which could lead to the obligor's inadequate capacity to meet its financial commitment on the obligation.

B: An obligation rated 'B' is more vulnerable to nonpayment than obligations rated 'BB', but the obligor currently has the capacity to meet its financial commitment on the obligation. Adverse business, financial, or economic conditions will likely impair the obligor's capacity or willingness to meet its financial commitment on the obligation.

CCC: An obligation rated 'CCC' is currently vulnerable to nonpayment, and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitment on the obligation. In the event of adverse business, financial, or economic conditions, the obligor is not likely to have the capacity to meet its financial commitment on the obligation.

CC: An obligation rated 'CC' is currently highly vulnerable to nonpayment. The 'CC' rating is used when a default has not yet occurred, but Standard & Poor's expects default to be a virtual certainty, regardless of the anticipated time to default.

C: An obligation rated 'C' is currently highly vulnerable to nonpayment, and the obligation is expected to have lower relative seniority or lower ultimate recovery compared to obligations that are rated higher.

D: An obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, unless Standard & Poor's believes that such payments will be made within five business days in the absence of a stated grace period or within the earlier of the stated grace period or 30 calendar days. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. An obligation's rating is lowered to 'D' if it is subject to a distressed exchange offer.

NR: This indicates that no rating has been requested, or that there is insufficient information on which to base a rating, or that Standard & Poor's does not rate a particular obligation as a matter of policy.

The ratings from 'AA' to 'CCC' may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories.

The letters 'pr' indicate that the rating was provisional. A provisional rating assumed the successful completion of a project financed by the debt being rated and indicates that payment of debt service requirements was largely or entirely dependent upon the successful, timely completion of the project. This rating, however, while addressing credit quality subsequent to completion of the project, made no comment on the likelihood of or the risk of default upon failure of such completion.

The 'r' modifier was assigned to securities containing extraordinary risks, particularly market risks, which are not covered in the credit rating. The absence of an 'r' modifier should not be taken as an indication that an obligation would not exhibit extraordinary non-credit related risks. Standard & Poor's discontinued the use of the 'r' modifier for most obligations in June 2000 and for the balance of obligations (mainly structured finance transactions) in November 2002.

**<u>Appendix B - Procedures for the Nominating Committee's Consideration of Potential Nominees Submitted by Stockholders</u>**

A nominee for nomination as a Director submitted by a stockholder will not be deemed to be properly submitted to the Committee for the Committee's consideration unless the following qualifications have been met and procedures followed:

1. A
 stockholder or group of stockholders (referred to in either case as a "Nominating Stockholder") that, individually or as a
 group, has beneficially owned at least 5% of the Fund's common stock for at least two years prior to the date the Nominating Stockholder
 submits a candidate for nomination as a Director may submit one candidate to the Committee for consideration at an annual meeting of stockholders.

2. The Nominating
 Stockholder must submit any such recommendation (a "Stockholder Recommendation") in writing to the Fund, to the attention
 of the Secretary, at the address of the principal executive offices of the Fund.

3. The Stockholder
 Recommendation must be delivered to or mailed and received at the principal executive offices of the Fund not less than the date specified
 in a public notice by the Fund. Such public notice shall be made at least 30 calendar days prior to the deadline for submission of Stockholder
 Recommendations. Such public notice may be given in a stockholder report or other mailing to stockholders or by any other means deemed
 by the Committee or the Board of Directors to be reasonably calculated to inform stockholders.

4. The Stockholder
 Recommendation must include: (i) a statement in writing setting forth (A) the name, date of birth, business address and residence address
 of the person recommended by the Nominating Stockholder (the "candidate"); (B) any position or business relationship of the
 candidate, currently or within the preceding five years, with the Nominating Stockholder or an Associated Person of the Nominating Stockholder
 (as defined below); (C) the class or Series and number of all shares of the Fund owned of record or beneficially by the candidate, as
 reported to such Nominating Stockholder by the candidate; (D) any other information regarding the candidate that is required to be disclosed
 about a nominee in a proxy statement or other filing required to be made in connection with the solicitation of proxies for election of
 Directors pursuant to Section 20 of the Investment Company Act of 1940, as amended (the "1940 Act") and the rules and regulations
 promulgated thereunder; (E) whether the Nominating Stockholder believes that the candidate is or will be an "interested person"
 of the Fund (as defined in the 1940 Act) and, if believed not to be an "interested person," information regarding the candidate
 that will be sufficient for the Fund to make such determination; and (F) information as to the candidate's knowledge of the investment
 company industry, experience as a director or senior officer of public companies, directorships on the boards of other registered investment
 companies and educational background ; (ii) the written and signed consent of the candidate to be named as a nominee and to serve as a
 Director if elected; (iii) the written and signed agreement of the candidate to complete a directors' and officers' questionnaire
 if elected; (iv) the Nominating Stockholder's consent to be named as such by the Fund; (v) the class or Series and number of all
 shares of the Fund owned beneficially and of record by the Nominating Stockholder and any Associated Person of the Nominating Stockholder
 and the dates on which such shares were acquired, specifying the number of shares owned beneficially but not of record by each, and stating
 the names of each as they appear on the Fund's record books and the names of any nominee holders for each; and (vi) a description
 of all arrangements or understandings between the Nominating Stockholder, the candidate and/or any other person or persons (including
 their names) pursuant to which the recommendation is being made by the Nominating Stockholder. "Associated Person of the Nominating
 Stockholder" as used in this paragraph 4 means any person required to be identified pursuant to clause (vi) and any other person
 controlling, controlled by or under common control with, directly or indirectly, (a) the Nominating Stockholder or (b) any person required
 to be identified pursuant to clause (vi).

5. The Committee
 may require the Nominating Stockholder to furnish such other information as it may reasonably require or deem necessary to verify any
 information furnished pursuant to paragraph 4 above or to determine the qualifications and eligibility of the candidate proposed by the
 Nominating Stockholder to serve on the Board. If the Nominating Stockholder fails to provide such other information in writing within
 seven days of receipt of written request from the Committee, the recommendation of such candidate as a nominee will be deemed not properly
 submitted for consideration, and will not be considered, by the Committee.

**<u>Appendix C – Proxy Policy and Procedures</u>**

**MANNING & NAPIER PROXY VOTING POLICIES AND PROCEDURES**

**January 26, 2023**

**GENERAL POLICY**

This policy applies to Manning & Napier Advisors, LLC ("MNA") and Rainier Investment Management, LLC ("Rainier"), collectively "Manning & Napier", in their capacity as affiliated discretionary advisors to separate account clients, collective investment trust funds, and advisor and sub-advisor, respectively, to the Manning & Napier Fund, Inc. Manning & Napier is a fiduciary that owes duties of care and loyalty to each client with respect to its exercise of proxy voting authority. Manning & Napier is committed to effective stewardship of client assets and will engage with the companies in which we invest to vote proxies in a manner that we believe will maximize the long-term value of the investment. Manning & Napier has adopted and implemented the following policies and procedures, which it believes are reasonably designed to ensure that proxies are voted in the best interest of clients, in accordance with its fiduciary duties and applicable rules and regulations.

Proxy votes are the property of Manning & Napier's clients. It is presumed, however, that Manning & Napier, pursuant to its discretionary authority, will vote proxies on each client's behalf. Clients typically delegate the authority and responsibility for proxy voting to Manning & Napier's through their written investment management agreement. Manning & Napier uses Broadridge Financial Solutions, Inc. ("Broadridge") to execute proxy votes in accordance with this policy and Glass Lewis & Co. ("Glass Lewis") guidelines for those ballot issues that this policy does not address. Manning & Napier's analysts may override these guidelines or Glass Lewis recommendations in accordance with and adherence to the procedure mandates set forth below. All conflicts or potential conflicts will be resolved by Manning & Napier's Proxy Conflicts and Oversight Committee (the "Committee").

It is Manning & Napier's overarching policy regarding proxies to:

&nbsp;&nbsp;&nbsp;&nbsp;1. Discharge
 our duties prudently, in the interest of plans, plan fiduciaries, plan participants, beneficiaries, clients and shareholders (together
 "clients").

&nbsp;&nbsp;&nbsp;&nbsp;2. Act
 prudently in voting of proxies by considering those factors, which would affect the value of client assets.

&nbsp;&nbsp;&nbsp;&nbsp;3. Maintain
 accurate records as to voting of such proxies that will enable clients to periodically review voting procedures employed and actions taken
 in individual situations.

&nbsp;&nbsp;&nbsp;&nbsp;4. Provide,
 upon request, a report of proxy activity for clients reflecting the activity of the portfolio requested.

&nbsp;&nbsp;&nbsp;&nbsp;5. By
 following our procedures for reconciling proxies, take reasonable steps under the particular circumstances to ensure that proxies for
 which we are responsible are received by us.

&nbsp;&nbsp;&nbsp;&nbsp;6. Make
 available, upon request, this policy to all plan fiduciaries, client, and shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;7. Comply
 with all current and future applicable laws, rules, and regulation governing proxy voting.

**POLICY LIMITATIONS**

Voting proxies with respect to shares of foreign companies may involve significantly greater effort and corresponding cost due to the variety of regulatory schemes and corporate practices in foreign countries. Each country has its own rules and practices regarding shareholder notification, voting restrictions, registration conditions and share blocking. These conditions present challenges such as but not limited to:

● The shares in some countries may be "blocked" by the custodian or depository for a specified number of days before or after the shareholder meeting. When blocked, shares typically may not be traded until the day after the blocking period. Manning & Napier may refrain from voting shares of foreign stocks subject to blocking restrictions where, in its judgment, the benefit from voting the shares is outweighed by the interest of maintaining client liquidity in the shares;

● Often it is difficult to ascertain the date of a shareholder meeting and time frames between notification and the actual meeting date may be too short to allow timely action;

● Language barriers will generally mean that an English translation of proxy information must be obtained or commissioned before the relevant shareholder meeting; and

● The lack of "proxy voting service" or the imposition of voting fees may limit our ability to lodge votes in such countries.

Manning & Napier will make best efforts to vote foreign proxies in accordance with the guidelines set forth herein. There may be times, however, when Manning & Napier is unable to vote foreign proxies due to the practical limitations stipulated above. Manning & Napier might also refrain from voting a foreign proxy when doing so is in the clients' best interests, such as when the explicit (e.g., travel) or imputed (e.g., trading limitations) cost of voting the proxy exceeds the expected benefit to the client.

**PROCEDURES**

Manning & Napier's proxy voting policies and procedures are designed to align with each investment strategy. Accordingly, Manning & Napier's proxy voting practices differ across strategies, which means that Manning & Napier can vote "FOR" a ballot issue on a security held in one portfolio and "AGAINST" a ballot issue on that same security held in another portfolio. Proxies for companies held in MNA's qualitative, bottom-up investment strategies follow the parameters set forth in this policy and certain custom decisions provided to Broadridge. At times, MNA's analysts may wish to override pre-determined voting protocols. The analyst who recommended the security for client portfolios is most familiar with the company and is in the best position to determine how to vote the proxy ballot. Therefore, MNA will defer to its analysts to vote the proxy ballot in the best economic interest of the client even if they vote contrary to these Guidelines. When voting contrary to the pre-determined voting Guidelines an analyst will be required to document their rationale and complete a conflicts questionnaire to ensure that the analyst is singularly focused on the client's best interests.

MNA votes proxies in the Disciplined Value strategy in accordance with Glass Lewis recommendations. Rainier votes proxies in the in the Rainier International Small Cap strategy in accordance with Glass Lewis ESG recommendations. With regards to Custom Solution portfolios that contain a mix of Manning & Napier's investment strategies, voting will occur pursuant to the strategy-level procedures set forth above.

**GUIDELINES**

These guidelines reflect Manning & Napier's general views and serve to help Manning & Napier's customers understand how we tend to vote typical ballot issues. Fundamentally, these guidelines are shaped by Manning & Napier's desire and responsibility to preserve and enhance the value of securities for clients and to protect the long-term interests of our clients.

This list is not exhaustive and is subject to revision as new issues arise. Actual proxy votes may differ from these guidelines because Manning & Napier may determine that voting in contravention of these guidelines on a particular issue(s) is in the best interest of our clients. In all circumstances, however, Manning & Napier will discharge its proxy duties prudently, solely in the best interest of our clients, and for the exclusive purpose of providing benefits to those clients.

&nbsp;&nbsp;&nbsp;&nbsp;**A.**  **<u>BOARDS AND DIRECTORS</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. *<u>Election of Directors</u>* 

Generally, if not contested, we will vote "FOR" the nominated directors. For each director, care must be taken to determine from the proxy statement each director's: attendance at meetings, investment in the company, status inside and outside company, governance profile, compensation, independence from management, and related/relevant parameters. If the director's actions are questionable on any of these items, the analyst may vote "AGAINST" the election of the director.

In a contested race, voting decisions are based on the track record of both slates of candidates, an analysis of what each side is offering to shareholders, assessment of the likelihood of each slate to fulfill promises, and evaluation of the economic benefits that a new board verses old board could generate for shareholders. Candidate backgrounds and qualifications should be considered, along with benefit to shareholders of diversity on the board. If the proposed election of directors would change the number of directors, the change should not diminish the overall quality and independence of the board.

Because of the complexity and specific circumstances of issues concerning a contested race, Manning & Napier's analysts will evaluate and decide these issues on a case-by-case basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. *<u>Appointment of Auditors</u>* :

We will vote "AGAINST" a change of auditors that compromises the integrity of the independent audit process or a change of auditors due to the auditors' refusal to approve a company's financial statement. We also will vote "AGAINST" the re-appointment of an auditor if we believe their independence has been compromised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3.* *<u>Re-election of Directors</u>* 

In order to hold directors accountable, they should be subject to frequent reelection – ideally, on an annual basis. Therefore, we recommend a vote "AGAINST" any proposal to extend the terms of directors beyond one year and a vote "FOR" annual election of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*4.* *<u>Classified Boards</u>* 

A classified board is one in which directors are divided into two (sometimes more) classes, with each serving two-year (sometimes more) terms, with each class re-election occurring in a different year. A non-staggered Board serves a one-year term and Directors stand for re-election each year.

We will vote "FOR" proposals to declassify currently staggered boards and "AGAINST" proposals to retain or institute classified boards. Likewise, we will vote "FOR" proposals to re-elect directors annually. In our view, staggered boards are less accountable to shareholders than boards that are elected annually because directors who are elected annually are more focused on shareholder interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*5.* *<u>Majority Vote in Director Elections</u>* 

We would generally vote "FOR" binding resolutions requesting that the board change the company's bylaws to stipulate that directors need to be elected with an affirmative majority of votes cast, provided it does not conflict with the state law where the company is incorporated. Binding resolutions need to allow for a carve-out for a plurality vote standard when there are more nominees than board seats. Companies should also adopt a post-election policy (also known as a director resignation policy) that will provide guidelines so that the company will promptly address the situation of a holdover director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*6.* *<u>Cumulative Voting</u>* 

Cumulative voting permits proportional representation on the board of directors. Without it, a group with a simple majority could elect all directors. Cumulative voting is meant to enhance minority shareholder decision making power but may not always be beneficial depending on the he independence of the existing board and the operations of the majority voting structure. Accordingly, we will vote in accordance with Glass Lewis recommendations on a given company's ballot.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. *<u>Director/Management Liability</u>* 

Directors must be accountable to shareholders and liable for misdeeds. Therefore, we will vote "AGAINST" proposals that limit director liability or unreasonably indemnify directors. We recognize, however, that directors must be afforded certain protections in order to perform their duties and, therefore support a company taking certain measures, such as enrolling in liability insurance, to encourage directors to take measured risks designed to benefit shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*8.* *<u>Independent Chair</u>* 

We believe that a separation of roles between a CEO and a chairman create a better governance structure than a combined CEO/chairman position. A separation of roles enables the chairman and other board members to oversee the CEO, evaluate CEO performance and hold the CEO accountable. As such, we will vote "FOR" proposals to separate the roles of CEO and chairman. However, we will not automatically vote against the election of a CEO as chairman because we recognize the inevitability and necessity of this structure in smaller companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*9.* *<u>Committee Independence</u>* 

Where practical, we believe that chairpersons of nominating, compensation, or audit committees should be independent of management. Therefore, we recommend a vote "FOR" requirements that these committees have a majority of independent directors and "AGAINST" interested directors seeking appointment to one of these positions.

&nbsp;&nbsp;&nbsp;&nbsp;**B.**  **<u>COMPENSATION and BENEFITS</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1.* *<u>General</u>* 

Executive compensation and benefit packages can vary significantly across companies and the details of company plans can be quite nuanced and difficult to comprehend. We generally believe that companies are in the best position to determine the compensation and benefits that align with the company's size, maturity, financial condition, and industry peers and that will attract and retain the talent required to execute company strategy and grow its value for shareholders. However, we also believe that companies must adopt policies and practices to link compensation and benefits with well-defined and clearly disclosed performance measures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.* *<u>Incentive Compensation</u>* 

Incentive compensation plans reward an executive's performance through a combination of cash compensation and stock awards. Typically, Manning & Napier will vote "FOR" incentive compensation plans that are reasonable relative to peer groups, derive from comprehensive and measurable performance metrics, are designed to attract and retained skilled executives, are sufficiently linked to an executive's tenure and value-add, and are adequately disclosed to shareholders. We generally will vote "AGAINST" incentive compensation plans that dilute shareholder value, are disconnected from management performance, or offer management an opportunity to purchase stock below market value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3.* *<u>Say on Pay</u>* 

"Say on Pay" proposals give shareholders a non-binding vote on executive compensation. Manning & Napier will vote in accordance with Glass Lewis recommendations. Glass Lewis evaluates Say on Pay ballot measures on a case-by-case basis, considering an analysis of a company's current executive compensation model, adequacy of the company's disclosures around compensation and the specific terms of the say on pay proposal

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*4.* *<u>Pay for Performance</u>* 

Pay for performance refers to the link between an executive's performance and their pay. Glass Lewis evaluates shareholder-initiated pay for performance proposals on a case-by-case basis, factoring in the alignment between the company's long-term interests and its executives' financial incentives and the methodology for setting executive compensation. Manning & Napier will defer to Glass Lewis voting recommendations on a given ballot.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*5.* *<u>Golden Parachute</u>* 

Golden parachutes are severance payments made to departing executives after a termination or change in control. We will typically vote "AGAINST" such payments because these payments are often made despite an executive's or company's poor performance. We will vote "FOR" proposals that require shareholder ratification of company severance agreements and executive death benefits. While we generally recommend voting "AGAINST" golden parachutes, an analyst might vote FOR such an award if the analyst believes that it ultimately benefits shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*6.* *<u>Clawback Provisions</u>* 

A clawback provision allows a company to recoup or "claw back" incentive compensation paid to an executive under certain circumstances such as when a company later determines that the executive failed to meet applicable performance goals, or the company must restate financials. Glass Lewis assesses each company's clawback policies and we will vote in accordance with the Glass Lewis recommendations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*7.* *<u>Anti-gross-up Provisions</u>* 

We will vote "FOR" anti-gross-up policies that prohibit companies from paying executives an additional sum of money intended to reimburse them for tax liabilities. Likewise, we will vote "AGAINST" ballot measures that seek to instate a tax gross-up payment. In our view, gross-up payments often are not transparent, making it difficult for shareholders to discern total compensation paid to executives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **SHAREHOLDER RIGHTS and ANTI-TAKEOVER MEASURES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1.* *<u>Supermajority Voting Provisions</u>* 

Supermajority voting provisions require more than a simple shareholder majority in order to ratify a proposal. We believe that supermajority provisions impede shareholder action on critical ballot items and limit the voice of shareholders in making crucial decisions. As such, we will vote "AGAINST" proposals to add a supermajority vote requirement and "FOR" proposals to remove supermajority provisions at non-controlled companies. At controlled companies we may vote "AGAINST" removing supermajority vote requirements in order to preserve our shareholder rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.* *<u>Special Meetings of Shareholders</u>* 

We oppose unreasonable limitations on shareholder rights but recognize management's authority to limit shareholder proposals under certain circumstances. As such, we will vote these ballots in accordance with Glass Lewis recommendations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3.* *<u>Shareholder recovery of proxy contest costs</u>* 

We will vote in accordance with Glass Lewis case-by-case determinations on shareholder proposals that seek to require companies to reimburse shareholders for expenses they incurred by initiating proxy contents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*4.* *<u>Confidential Voting</u>* 

Confidential voting is the best way to guarantee an independent vote. Shareholders must be able to vote all proxies on the merits of each proposal. Open voting alters the concept of free choice in corporate elections and proxy proposal by providing management the opportunity to influence the vote outcome – they can see who has voted for or against proposals before the final vote is taken and therefore management can pressure institutional shareholders, suppliers, customers, and other shareholders with which it maintains a business relationship. This process, which would give management the opportunity to coerce votes from its shareholders, destroys the concept of management accountability. Therefore, we recommend a vote "FOR" confidential voting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*5.* *<u>Multiple Classes of Stocks</u>* 

Multiple classes of stock, which would give more voting rights to one class of shareholders at the expense of another, would clearly affect the rights of all shareholders. We recommend a vote "AGAINST" any proposal which divides common equity into more than one class of stock, or which limits the voting rights of certain shareholders of a single class of stock. The exception would only occur if a subsidiary of a company issued its own class of common stock, such as General Motor's class E (for EDS) and H (for Hughes) stock.

Similarly, we recommend a vote "AGAINST" any proposal to give the board of director's broad powers with respect to establishing new classes of stock and determining voting, dividend, and other rights without shareholder review. An example would be requests to authorize "blank check" preferred stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*6.* *<u>Shareholder Rights Plans</u>* 

Shareholder Rights Plans ("Poison Pills") give shareholders the ability to purchase shares from or sell shares back to the company or, in the case of a hostile acquisition, to the potential acquirer at a price far out of line with their fair market value, effectively making the company more expensive and less attractive to potential acquirers. Typically, we will vote "AGAINST" poison pill proposals and "FOR" proposals to eliminate existing poison pills and proposals that require companies to submit poison pills for shareholder ratification. However, there may be circumstances in which Glass Lewis recommends a vote FOR a poison pill and we will vote in accordance with Glass Lewis' recommendation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*7.* *<u>Greenmail</u>* 

We will vote "FOR" anti-greenmail proposals that prevent company management from buying back company stock from a greenmailer at a significant premium without shareholder approval. However, anti-greenmail measures cannot be bundled with other proposals designed to entrench existing management or discourage attractive takeovers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **CHANGES IN CAPITAL STRUCTURE** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1.* *<u>Increased Authorized Common Stock</u>* 

Requests to authorize increases in common stock can be expected from time-to-time, and when handled in a disciplined manner such requests can be for beneficial purposes such as stock splits, cost-effective means of raising capital, or reasonable incentive programs. However, increases in common stock can easily become dilutive, so by no means are they always in the best interest of shareholders. Purpose and scale are the determining factors with respect to increases in common stock. We will vote in accordance with Glass Lewis' case-by-case evaluation of these factors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.* *<u>Reincorporation</u>* 

We believe that corporate jurisdiction is an issue better suited to board determinations than shareholder determinations. Companies seek reincorporation to obtain more favorable tax treatment or reap other benefits that a new corporate jurisdiction affords. Reincorporation can, however, negatively affect shareholder rights. Accordingly, Manning & Napier's analysts will vote on such matters on a case-by-case basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3.* *<u>Approving Other Business</u>* 

Management may, on occasion, seek broad authorization to approve business resolution without shareholder consent. Management typically already has the authority needed to make routine business decisions, so shareholders should avoid granting blanket authority to management, which may reduce management accountability and/or shareholders rights. Manning & Napier's analysts will evaluate these proposals on a case-by-case basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **ENVIRONMENTAL, SOCIAL, GOVERNANCE MATTERS** 

Material environmental and social issues can have an impact on the value of a company's stock. Manning & Napier believes that companies must adequately disclose policies and any data related to such issues in a consistent manner so that they may be appropriately analyzed. To this end Manning & Napier will generally support proposals seeking company disclosures in line with those proposed by The Task Force on Climate-related Financial Disclosure (TCFD) and the Sustainability Accounting Standards Board (SASB). As not all proposals seek such broad disclosures Manning & Napier would also support reasonable proposals seeking the disclosure of policies related to other Environmental and Social issues including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;• Climate Change

&nbsp;&nbsp;&nbsp;&nbsp;• Bribery/Corruption

&nbsp;&nbsp;&nbsp;&nbsp;• Human Rights

&nbsp;&nbsp;&nbsp;&nbsp;• Diversity

As well as data points including those related to:

&nbsp;&nbsp;&nbsp;&nbsp;• Greenhouse Gas emissions

&nbsp;&nbsp;&nbsp;&nbsp;• Worker Safety

&nbsp;&nbsp;&nbsp;&nbsp;• Diversity

&nbsp;&nbsp;&nbsp;&nbsp;• Political Spending

Shareholder proposals on Environmental and Social issues may also seek to implement changes at the company which seek to lower the potential for boycotts, lawsuits, regulatory penalties, or other financially adverse outcomes. When we believe the impact on the overall shareholders would be neutral or positive, we recommend a vote FOR such proposals.

Examples may include:

&nbsp;&nbsp;&nbsp;&nbsp;• Resolution to establish
 shareholder advisory committees

&nbsp;&nbsp;&nbsp;&nbsp;• Corporate conduct and human
 rights policies

&nbsp;&nbsp;&nbsp;&nbsp;• Adoption of the "MacBride
 Principles" of equal employment

&nbsp;&nbsp;&nbsp;&nbsp;• Adoption of "CERES
 Principles" of environmental responsibility

&nbsp;&nbsp;&nbsp;&nbsp;• Legal and regulatory compliance
 policies

&nbsp;&nbsp;&nbsp;&nbsp;• Supplier standards

&nbsp;&nbsp;&nbsp;&nbsp;• Fair lending

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **FOREIGN SECURITIES** 

While the international proxies generally follow the same guidelines listed above, there are several issues which are not normally a part of the domestic proxies and as such are addressed separately below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1.* *<u>Receiving Financials</u>* 

We recommend voting "FOR" such routine, non-controversial items. Most companies around the world submit their financials to shareholders for approval, and this is one of the first items on most agendas. When evaluating a company's financial statements, unless there are major concerns about the accuracy of the financial statements, we would vote "FOR" this item.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.* *<u>Accepting the acts or performance of the managing board or supervisory board</u>* 

We recommend voting "FOR" such items. The annual formal discharge of board and management represents shareholder approval of actions taken during the year. Discharge is a vote of confidence in the company's management and policies. It does not necessarily eliminate the possibility of future shareholder action, but it does make such action more difficult to pursue. Meeting agendas normally list proposals to discharge both the board and management as one agenda item.

Discharge is generally granted unless a shareholder states a specific reason for withholding discharge and plans to undertake legal action. Withholding discharge is a serious matter and is advisable only when a shareholder has concrete evidence of negligence or abuse on the part of the board or management, has plans to take legal action, or has knowledge of other shareholders' plans to take legal action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3.* *<u>Capital Increase per the following</u>* 

1. with rights, 2. without rights, 3. bonds with rights, or 4. bond without rights. In the majority of cases, we would vote "FOR" capital increases. There may be cases where the analyst deems the capital increase inappropriate and would then vote "AGAINST" such an item.

Companies can have one of two types of capital systems. The authorized capital system sets a limit in a company's articles on the total number of shares that can be issued by the company's board. The system allows companies to issue shares from this pre-approved limit, although in many markets shareholder approval must be obtained prior to an issuance. Companies also request shareholder approval for increases in authorization when the number of shares contained in the articles is inadequate for issuance authorities. When looking at such issues, we need to review the following: the history of issuance requests; the size of the request; and the purpose of the issuance associated with the increase in authorization.

Under the conditional capital system, companies seek authorizations for pools of capital with fixed periods of availability. If a company seeks to establish a pool of capital for general issuance purposes, it requests the creation of a certain number of shares with or without preemptive rights, issuable piecemeal at the discretion of the board for a fixed period of time. Unissued shares lapse after the fixed time period expires. This type of authority would be used to carry out general rights issue or small issuances without preemptive rights.

Requests for a specific issuance authority are tied to a specific transaction or purpose, such as an acquisition or the servicing of convertible securities. Such authorities cannot be used for any purpose other than that specified in the authorization. This pool of conditional capital also carries a fixed expiration date.

In reviewing these proposals, we need to look at the existence of pools of capital from previous years. Because most capital authorizations are for several years, new requests may be made on top of the existing pool of capital. While most requests contain a provision to eliminate earlier pools and replace them with the current request, this is not always the case. Thus, if existing pools of capital are being left in place, the total potential dilution amount from all capital should be considered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.** **CONFLICTS OF INTEREST** 

There are potential conflicts of interest that may arise in connection with the Firm or the Analyst responsible for voting a company's proxy. Examples of potential conflicts may include the following: (1) the voting Analyst is aware that a client of the advisor or its affiliates is a public company whose shares are held in client portfolios; (2) the voting Analyst (or a member of their immediate family) of the advisor or its affiliates also has a personal interest in the outcome of a matter before shareholders of a particular security that they cover as an Analyst; (3) an employee (or a member of their immediate family) of the advisor or its affiliates is a Director or Officer of such security; (4) an employee (or a member of their immediate family) is a Director candidate on the proxy; or (5) the voting Analyst (or a member of their immediate family), the advisor or its affiliates have a business relationship with a participant in a proxy contest, corporate director or director candidates.

In recognizing the above potential conflicts, the following controls have been put in place: (1) analysts provide written confirmation that no conflict of interest exists with respect to each proxy vote on which the analyst opines. If an Analyst indicates a conflict of interest, then the analyst will not be permitted to vote the proxy; instead (2) the Committee will resolve any apparent or potential conflicts of interest. The Committee may utilize the following to assist in seeking resolution (including, without limitation, those instances when the Advisor potentially has an institutional conflict): (1) voting in accordance with the guidance of an independent consultant or outside counsel; (2) designation of a senior employee or committee member to vote that has neither a relationship with the company nor knowledge of any relationship between the advisor or its affiliates with such company; (3) voting in proportion to other shareholders of the issuer; (4) voting in other ways that are consistent with the advisor's and its affiliates' obligation to vote in clients' collective best interest.

With respect to proxies solicited by a Series of the Manning & Napier Fund, Inc. held by separate account clients of Manning & Napier that have delegated proxy voting responsibility to Manning & Napier pursuant to the terms of their investment advisory agreements with Manning & Napier, the Committee will determine if any material conflicts of interest arise with respect to Manning & Napier voting the proxy. If the Committee determines that a material conflict of interest arises with respect to Manning & Napier voting the proxy, Manning & Napier will vote the proxy in accordance with Glass Lewis & Co.'s proxy voting policies and procedures. If the Committee determines that no material conflicts of interest arise with respect to Manning & Napier voting the proxy, then the Committee will determine how to vote the proxy and document its rationale for making the conflict of interest and voting determinations.

With respect to proxies solicited by a Series of the Manning & Napier Fund, Inc. held by another Series of the Manning & Napier Fund, Inc., Manning & Napier will vote such proxies in the same proportion as the vote of all other shareholders of the soliciting Series (i.e., "echo vote"), unless otherwise required by law.

When required by law or SEC exemptive order (if applicable), Manning & Napier will also "echo vote" proxies of an unaffiliated mutual fund or exchange traded fund ("ETF"). When not required to "echo vote," Manning & Napier will defer to Glass Lewis procedures and recommendations for voting proxies of an unaffiliated mutual fund or ETF, subject to any custom policies of Manning & Napier set forth herein. If Manning & Napier and/or its affiliates own greater than a 5% position in an iShares Exchange Traded Fund, we will vote the shares in the same proportion as the vote of all other holders of shares of such iShares fund.

**OVERSIGHT** 

Manning & Napier has a responsibility to oversee its proxy voting processes including those functions delegated to its service providers. Accordingly, Manning & Napier has adopted the following processes:

&nbsp;&nbsp;&nbsp;&nbsp;• The
 Committee or persons that the Committee so designates will review these Guidelines annually

&nbsp;&nbsp;&nbsp;&nbsp;• In
 conjunction with the annual Guideline review, the Committee will review the Glass Lewis guidelines and re-assess the prudence of relying
 on Glass Lewis research and voting recommendations

&nbsp;&nbsp;&nbsp;&nbsp;• The
 Committee or persons that the Committee so designates will conduct due diligence on Glass Lewis to assess conflicts, review current voting
 methodology and research development processes, among other variables

&nbsp;&nbsp;&nbsp;&nbsp;• Manning
 & Napier's Vendor Oversight Committee will review Broadridge as a service provider, evaluating such factors as contract fulfillment,
 error occurrences, financial stability, control infrastructure, among other variables. This review will be conducted in accordance with
 the Vendor Oversight Committee's risk-based review cycle.

**ISSUER and LOBBYIST COMMUNICATION**

Periodically, analysts may receive calls from lobbyists or solicitors trying to persuade them to vote a certain way on a proxy issue, or from other large stockholders trying to persuade Manning & Napier to join a voting conglomerate in order to exercise control of a company. We will take their opinions into consideration, but our policy is simply to vote in accordance with what we feel is in the best interest of our clients and shareholders and which maximizes the value of the investment.

**RECORDKEEPING**

Manning & Napier retains records of the following: (i) these and other related Policies and procedures; (ii) copies of each proxy statement received regarding client securities (except that Manning & Napier may rely on the SEC's Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system; (iii) a record of every vote cast on behalf of a client, which may be maintained by a third-party provider under certain conditions; (iv) documents, if any, that Manning & Napier prepared that were material to its proxy voting decisions; (v) all requests for proxy voting records and Manning & Napier's reply to such requests; and (vi) documentation of conflicts of interests and resolutions thereto. These records will be maintained in accordance with applicable rules and regulations to which Manning & Napier is subject.

**INQUIRIES**

Information regarding these policies and procedures or voting records specific to your account may be obtained through your Financial Consultant or Relationship Manager.

**PART C – OTHER INFORMATION**

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| | | |
|:---|:---|:---|
| **Item 28. Exhibits** | **Item 28. Exhibits** | **Item 28. Exhibits** |
| (a) | (1) | [Articles of Incorporation as filed with the State of Maryland on July 26, 1984 (incorporated by reference to Exhibit (1)(a) to Post-Effective Amendment No. 30 to the Registration Statement on Form N-1A filed on October 23, 1998 with Accession Number 0000751173-98-00050).](http://www.sec.gov/Archives/edgar/data/751173/0000751173-98-000050.txt) |
|  | (2) | [Articles of Amendment as filed with the State of Maryland on March 25, 1985 (incorporated by reference to Exhibit (1)(b) to Post-Effective Amendment No. 30 to the Registration Statement on Form N-1A filed on October 23, 1998 with Accession Number 0000751173-98-00050).](http://www.sec.gov/Archives/edgar/data/751173/0000751173-98-000050.txt) |
|  | (3) | [Articles of Amendment as filed with the State of Maryland on May 23, 1985 (incorporated by reference to Exhibit (1)(c) to Post-Effective Amendment No. 30 to the Registration Statement on Form N-1A filed on October 23, 1998 with Accession Number 0000751173-98-00050).](http://www.sec.gov/Archives/edgar/data/751173/0000751173-98-000050.txt) |
|  | (4) | [Articles of Amendment as filed with the State of Maryland on October 7, 1985 (incorporated by reference to Exhibit (1)(d) to Post-Effective Amendment No. 30 to the Registration Statement on Form N-1A filed on October 23, 1998 with Accession Number 0000751173-98-00050).](http://www.sec.gov/Archives/edgar/data/751173/0000751173-98-000050.txt) |
|  | (5) | [Articles of Amendment as filed with the State of Maryland on July 3, 1986 (incorporated by reference to Exhibit (1)(e) to Post-Effective Amendment No. 30 to the Registration Statement on Form N-1A filed on October 23, 1998 with Accession Number 0000751173-98-00050).](http://www.sec.gov/Archives/edgar/data/751173/0000751173-98-000050.txt) |
|  | (6) | [Articles Supplementary to the charter as filed with the State of Maryland on July 3, 1986 (incorporated by reference to Exhibit (4)(b) to Post-Effective Amendment No. 30 to the Registration Statement on Form N-1A filed on October 23, 1998 with Accession Number 0000751173-98-00050).](http://www.sec.gov/Archives/edgar/data/751173/0000751173-98-000050.txt) |
|  | (7) | [Articles Supplementary to the charter as filed with the State of Maryland on January 20, 1989 (incorporated by reference to Exhibit (4)(c) to Post-Effective Amendment No. 30 to the Registration Statement on Form N-1A filed on October 23, 1998 with Accession Number 000751173-98-00050).](http://www.sec.gov/Archives/edgar/data/751173/0000751173-98-000050.txt) |
|  | (8) | [Articles Supplementary to the charter as filed with the State of Maryland on September 22, 1989 (incorporated by reference to Exhibit (4)(d) to Post-Effective Amendment No. 30 to the Registration Statement on Form N-1A filed on October 23, 1998 with Accession Number 000751173-98-00050).](http://www.sec.gov/Archives/edgar/data/751173/0000751173-98-000050.txt) |
|  | (9) | [Articles Supplementary to the charter as filed with the State of Maryland on November 8, 1989 (incorporated by reference to Exhibit (4)(e) to Post-Effective Amendment No. 30 to the Registration Statement on Form N-1A filed on October 23, 1998 with Accession Number 000751173-98-00050).](http://www.sec.gov/Archives/edgar/data/751173/0000751173-98-000050.txt) |
|  | (10) | [Articles Supplementary to the charter as filed with the State of Maryland on January 30, 1991 (incorporated by reference to Exhibit (4)(f) to Post-Effective Amendment No. 30 to the Registration Statement on Form N-1A filed on October 23, 1998 with Accession Number 000751173-98-00050).](http://www.sec.gov/Archives/edgar/data/751173/0000751173-98-000050.txt) |
|  | (11) | [Articles Supplementary to the charter as filed with the State of Maryland on April 27, 1992 (incorporated by reference to Exhibit (4)(g) to Post-Effective Amendment No. 30 to the Registration Statement on Form N-1A filed on October 23, 1998 with Accession Number 0000751173-98-00050).](http://www.sec.gov/Archives/edgar/data/751173/0000751173-98-000050.txt) |
|  | (12) | [Articles Supplementary to the charter as filed with the State of Maryland on April 29, 1993 (incorporated by reference to Exhibit (4)(h) to Post-Effective Amendment No. 30 to the Registration Statement on Form N-1A filed on October 23, 1998 with Accession Number 0000751173-98-00050).](http://www.sec.gov/Archives/edgar/data/751173/0000751173-98-000050.txt) |
|  | (13) | [Articles Supplementary to the charter as filed with the State of Maryland on September 23, 1993 (incorporated by reference to Exhibit (4)(i) to Post-Effective Amendment No. 30 to the Registration Statement on Form N-1A filed on October 23, 1998 with Accession Number 0000751173-98-00050).](http://www.sec.gov/Archives/edgar/data/751173/0000751173-98-000050.txt) |
|  | (14) | [Articles Supplementary to the charter as filed with the State of Maryland on January 17, 1994 (incorporated by reference to Exhibit (4)(j) to Post-Effective Amendment No. 30 to the Registration Statement on Form N-1A filed on October 23, 1998 with Accession Number 0000751173-98-00050).](http://www.sec.gov/Archives/edgar/data/751173/0000751173-98-000050.txt) |
|  | (15) | [Articles Supplementary to the charter as filed with the State of Maryland on December 13, 1995 (incorporated by reference to Exhibit (4)(k) to Post-Effective Amendment No. 30 to the Registration Statement on Form N-1A filed on October 23, 1998 with Accession Number 0000751173-98-00050).](http://www.sec.gov/Archives/edgar/data/751173/0000751173-98-000050.txt) |
|  | (16) | [Articles Supplementary to the charter as filed with the State of Maryland on April 22, 1996 (incorporated by reference to Exhibit (4)(l) to Post-Effective Amendment No. 30 to the Registration Statement on Form N-1A filed on October 23, 1998 with Accession Number 0000751173-98-00050).](http://www.sec.gov/Archives/edgar/data/751173/0000751173-98-000050.txt) |
|  | (17) | [Articles Supplementary to the charter as filed with the State of Maryland on September 26, 1997 (incorporated by reference to Exhibit (4)(m) to Post-Effective Amendment No. 30 to the Registration Statement on Form N-1A filed on October 23, 1998 with Accession Number 0000751173-98-00050).](http://www.sec.gov/Archives/edgar/data/751173/0000751173-98-000050.txt) |
|  | (18) | [Articles of Amendment as filed with the State of Maryland on September 26, 1997 (incorporated by reference to Exhibit (1)(f) to Post-Effective Amendment No. 30 to the Registration Statement on Form N-1A filed on October 23, 1998 with Accession Number 0000751173-98-00050).](http://www.sec.gov/Archives/edgar/data/751173/0000751173-98-000050.txt) |
|  | (19) | [Certificate of Correction to Articles Supplementary to the charter filed with the State of Maryland on February 24, 1998 (incorporated by reference to Exhibit (4)(n) to Post-Effective Amendment No. 30 to the Registration Statement on Form N-1A filed on October 23, 1998 with Accession Number 0000751173-98-00050).](http://www.sec.gov/Archives/edgar/data/751173/0000751173-98-000050.txt) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(20) [Certificate of Correction to Articles of Amendment as filed with the State of Maryland on February 5, 1998 (incorporated by reference to Exhibit (1)(g) to Post-Effective Amendment No. 30 to the Registration Statement on Form N-1A filed on October 23, 1998 with Accession Number 0000751173-98-00050).](http://www.sec.gov/Archives/edgar/data/751173/0000751173-98-000050.txt)

(21) [Articles of Amendment as filed with the State of Maryland on February 26, 1998 (incorporated by reference to Exhibit (1)(h) to Post-Effective Amendment No. 30 to the Registration Statement on Form N-1A filed on October 23, 1998 with Accession Number 0000751173-98-00050).](http://www.sec.gov/Archives/edgar/data/751173/0000751173-98-000050.txt)

(22) [Articles Supplementary to the charter as filed with the State of Maryland on April 14, 1999 (incorporated by reference to Exhibit (4)(o) to Post-Effective Amendment No. 33 to the Registration Statement on Form N-1A filed on April 19, 1999 with Accession Number 0000751173-99-000020).](http://www.sec.gov/Archives/edgar/data/751173/0000751173-99-000020.txt)

(23) [Articles of Amendment as filed with the State of Maryland on April 14, 1999 (incorporated by reference to Exhibit (1)(i) to Post-Effective Amendment No. 33 to the Registration Statement on Form N-1A filed on April 19, 1999 with Accession Number 0000751173-99-000020).](http://www.sec.gov/Archives/edgar/data/751173/0000751173-99-000020.txt)

(24) [Articles Supplementary to the charter as filed with the State of Maryland on May 13, 1999 (incorporated by reference to Exhibit (4)(p) to Post-Effective Amendment No. 34 to the Registration Statement on Form N-1A filed on May 25, 1999 with Accession Number 0001047469-99-022147).](http://www.sec.gov/Archives/edgar/data/751173/000104746999022147/0001047469-99-022147.txt)

(25) [Articles of Amendment as filed with the State of Maryland on August 30, 1999 (incorporated by reference to Exhibit (1)(j) to Post Effective Amendment No. 35 to the Registration Statement on Form N-1A filed on February 29, 2000 with Accession Number 0000062039-00-000023).](http://www.sec.gov/Archives/edgar/data/751173/000006203900000023/0000062039-00-000023.txt)

(26) [Articles Supplementary to the charter as filed with the State of Maryland on February 24, 2000 (incorporated by reference to Exhibit (4)(q) to Post-Effective Amendment No. 35 to the Registration Statement on Form N-1A filed on February 29, 2000 with Accession Number 0000062039-00-000023).](http://www.sec.gov/Archives/edgar/data/751173/000006203900000023/0000062039-00-000023.txt)

(27) [Articles of Supplementary to the charter as filed with the State of Maryland on November 20, 2000(incorporated by reference to Exhibit 99.(c)18 to Post-Effective Amendment No. 37 to the Registration Statement on Form N-1A filed on February 28, 2001 with Accession Number 0000751173-01-000016).](http://www.sec.gov/Archives/edgar/data/751173/000075117301000016/0000751173-01-000016-0002.txt)

(28) [Articles of Amendment as filed with the State of Maryland on May 31, 2001 (incorporated by reference to Exhibit 99.A to Post Effective Amendment No. 40 to the Registration Statement on Form N-1A filed on February 28, 2002 with Accession Number 0000751173-02-000014).](http://www.sec.gov/Archives/edgar/data/751173/000075117302000014/doc2.txt)

(29) [Articles of Amendment as filed with the State of Maryland on June 14, 2002 (incorporated by reference to Exhibit 99.A(12) to Post Effective Amendment No. 42 to the Registration Statement on Form N-1A filed on June 25, 2002 with Accession Number 0000751173-02-000049).](http://www.sec.gov/Archives/edgar/data/751173/000075117302000049/doc2.txt)

(30) [Articles of Amendment as filed with the State of Maryland on July 1, 2002 (incorporated by reference to Exhibit 99.a(13) to Post Effective Amendment No. 43 to the Registration Statement on Form N-1A filed on February 28, 2003 with Accession Number 0000751173-03-000030).](http://www.sec.gov/Archives/edgar/data/751173/000075117303000030/doc2.txt)

(31) [Articles of Amendment as filed with the State of Maryland on November 22, 2002 (incorporated by reference to Exhibit 99.a(14) to Post Effective Amendment No. 43 to the Registration Statement on Form N-1A filed on February 28, 2003 with Accession Number 0000751173-03-000030).](http://www.sec.gov/Archives/edgar/data/751173/000075117303000030/doc3.txt)

(32) [Articles of Amendment as filed with the State of Maryland on December 11, 2002 (incorporated by reference to Exhibit 99.a(15) to Post Effective Amendment No. 43 to the Registration Statement on Form N-1A filed on February 28, 2003 with Accession Number 0000751173-03-000030).](http://www.sec.gov/Archives/edgar/data/751173/000075117303000030/doc4.txt)

(33) [Articles Supplementary to the charter as filed with the State of Maryland on April 25, 2003 (incorporated by reference to Exhibit 99.(c)(19) to Post-Effective Amendment No. 45 to the Registration Statement on Form N-1A filed on February 27, 2004 with Accession Number 0000751173-04-000027).](http://www.sec.gov/Archives/edgar/data/751173/000075117304000027/doc2.txt)

(34) [Articles Supplementary to the charter as filed with the State of Maryland on February 7, 2002 (incorporated by reference to Exhibit 99.(c)(19) to Post-Effective Amendment No. 46 to the Registration Statement on Form N-1A filed on April 29, 2004 with Accession Number 0000751173-04-000034).](http://www.sec.gov/Archives/edgar/data/751173/000075117304000034/doc2.txt)

(35) [Articles of Amendment as filed with the State of Maryland on May 21, 2004 (incorporated by reference to Exhibit 99.a(16) to Post Effective Amendment No. 47 to the Registration Statement on Form N-1A filed on June 8, 2004 with Accession Number 0000751173-04-000041).](http://www.sec.gov/Archives/edgar/data/751173/000075117304000041/doc2.txt)

(36) [Certificate of Correction to Articles of Amendment as filed with the State of Maryland on August 10, 2004 (incorporated by reference to Exhibit 99.a(17) to Post Effective Amendment No. 50 to the Registration Statement on Form N-1A filed on September 3, 2004 with Accession Number 0000751173-04-000071).](http://www.sec.gov/Archives/edgar/data/751173/000075117304000071/certificate.txt)

(37) [Articles of Amendment as filed with the State of Maryland on September 29, 2006 (incorporated by reference to Exhibit 99.a(18) to Post Effective Amendment No. 57 to the Registration Statement on Form N-1A filed on January 29, 2007 with Accession Number 0000751173-07-000006).](http://www.sec.gov/Archives/edgar/data/751173/000075117307000006/articlesamendment.htm)

(38) [Articles of Amendment as filed with the State of Maryland on February 6, 2007 (incorporated by reference to Exhibit 99.a(19) to Post Effective Amendment No. 58 to the Registration Statement on Form N-1A filed on April 27, 2007 with Accession Number 0001193125-07-093050).](http://www.sec.gov/Archives/edgar/data/751173/000119312507093050/dex99a19.htm)

(39) [Articles of Amendment as filed with the State of Maryland on November 19, 2007 (incorporated by reference to Exhibit 99.a(20) to Post Effective Amendment No. 59 to the Registration Statement on Form N-1A filed on December 3, 2007 with Accession Number 0001193125-07-257625).](http://www.sec.gov/Archives/edgar/data/751173/000119312507257625/dex99a20.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(40) [Articles Supplementary to the charter as filed with the State of Maryland on May 16, 2007 (incorporated by reference to Exhibit 99.c(21) to Post Effective Amendment No. 59 to the Registration Statement on Form N-1A filed on December 3, 2007 with Accession Number 0001193125-07-257625).](http://www.sec.gov/Archives/edgar/data/751173/000119312507257625/dex99c21.htm)

(41) [Articles of Amendment as filed with the State of Maryland on February 1, 2008 (incorporated by reference to Exhibit 99.a(21) to Post Effective Amendment No. 63 to the Registration Statement on Form N-1A filed on February 28, 2008 with Accession Number 0001193125-08-042057).](http://www.sec.gov/Archives/edgar/data/751173/000119312508042057/dex99a21.htm)

(42) [Articles of Amendment as filed with the State of Maryland on February 28, 2008 (incorporated by reference to Exhibit 99.a(22) to Post Effective Amendment No. 63 to the Registration Statement on Form N-1A filed on February 28, 2008 with Accession Number 0001193125-08-042057).](http://www.sec.gov/Archives/edgar/data/751173/000119312508042057/dex99a22.htm)

(43) [Articles of Amendment as filed with the State of Maryland on February 1, 2008 (incorporated by reference to Exhibit 99.a(23) to Post Effective Amendment No. 65 to the Registration Statement on Form N-1A filed on March 28, 2008 with Accession Number 0001193125-08-068194).](http://www.sec.gov/Archives/edgar/data/751173/000119312508068194/dex99a23.htm)

(44) [Articles Supplementary to the charter as filed with the State of Maryland on May 27, 2008 (incorporated by reference to Exhibit 99.c(22) to Post Effective Amendment No. 67 to the Registration Statement on Form N-1A filed on August 19, 2008 with Accession Number 0001193125-08-180565).](http://www.sec.gov/Archives/edgar/data/751173/000119312508180565/dex99c22.htm)

(45) [Articles Supplementary to the charter as filed with the State of Maryland on June 24, 2008 (incorporated by reference to Exhibit 99.c(23) to Post Effective Amendment No. 67 to the Registration Statement on Form N-1A filed on August 19, 2008 with Accession Number 0001193125-08-180565).](http://www.sec.gov/Archives/edgar/data/751173/000119312508180565/dex99c23.htm)

(46) [Articles of Amendment as filed with the State of Maryland on October 27, 2008 (incorporated by reference to Exhibit 99.a(24) to Post Effective Amendment No. 69 to the Registration Statement on Form N-1A filed on November 7, 2008 with Accession Number 0001193125-08-229113).](http://www.sec.gov/Archives/edgar/data/751173/000119312508229113/dex99a24.htm)

(47) [Articles Supplementary to the charter as filed with the State of Maryland on November 10, 2008 (incorporated by reference to Exhibit 99.c(24) to Post Effective Amendment No. 70 to the Registration Statement on Form N-1A filed on January 12, 2009 with Accession Number 0001193125-09-004579).](http://www.sec.gov/Archives/edgar/data/751173/000119312509004579/dex99c24.htm)

(48) [Articles of Amendment as filed with the State of Maryland on June 29, 2009 (incorporated by reference to Exhibit 99.a(48) to Post Effective Amendment No. 76 to the Registration Statement on Form N-1A filed on July 21, 2009 with Accession Number 0001193125-09-152822).](http://www.sec.gov/Archives/edgar/data/751173/000119312509152206/dex99a48.htm)

(49) [Articles of Amendment as filed with the State of Maryland on December 21, 2009 (incorporated by reference to Exhibit 99.a(49) to Post Effective Amendment No. 78 to the Registration Statement on Form N-1A filed on February 26, 2010 with Accession Number 0001193125-10-043153).](http://www.sec.gov/Archives/edgar/data/751173/000119312510043153/dex99a49.htm)

(50) [Articles Supplementary to the charter as filed with the State of Maryland on March 24, 2010 (incorporated by reference to Exhibit 99.a(50) to Post Effective Amendment No. 80 to the Registration Statement on Form N-1A filed on April 30, 2010 with Accession Number 0001193125-10-101399).](http://www.sec.gov/Archives/edgar/data/751173/000119312510101399/dex99a50.htm)

(51) [Articles of Amendment to the charter as filed with the State of Maryland May 13, 2010 (incorporated by reference to Exhibit 99.a(51) to Post Effective Amendment No. 81 to the Registration Statement on Form N-1A filed on January 28, 2011 with Accession Number 0001193125-11-016949).](http://www.sec.gov/Archives/edgar/data/751173/000119312511016949/dex99a51.htm)

(52) [Articles Supplementary to the charter as filed with the State of Maryland on February 9, 2011 (incorporated by reference to Exhibit 99.a(52) to Post Effective Amendment No. 83 to the Registration Statement on Form N-1A filed on February 25, 2011 with Accession Number 0001193125-11-047379).](http://www.sec.gov/Archives/edgar/data/751173/000119312511047379/dex99a52.htm)

(53) [Articles Supplementary to the charter as filed with the State of Maryland dated September 2, 2011 (incorporated by reference to Exhibit 99.a(53) to Post Effective Amendment No. 92 to the Registration Statement on Form N-1A filed on September 23, 2011 with Accession Number 0001193125-11-255116).](http://www.sec.gov/Archives/edgar/data/751173/000119312511255116/d226937dex99a53.htm)

(54) [Articles Supplementary to the charter as filed with the State of Maryland dated December 1, 2011 (incorporated by reference to Exhibit 99.a(54) to Post Effective Amendment No. 95 to the Registration Statement on Form N-1A filed on December 16, 2011 with Accession Number 0001193125-11-343574).](http://www.sec.gov/Archives/edgar/data/751173/000119312511343574/d264876dex99a54.htm)

(55) [Articles of Amendment to the charter as filed with the State of Maryland dated December 21, 2011 (incorporated by reference to Exhibit 99.a(55) to Post Effective Amendment No. 97 to the Registration Statement on Form N-1A filed on December 29, 2011 with Accession Number 0001193125-11-355419).](http://www.sec.gov/Archives/edgar/data/751173/000119312511355419/d249198dex99a55.htm)

(56) [Articles of Amendment to the charter as filed with the State of Maryland dated February 10, 2012 (incorporated by reference to Exhibit 99.a(56) to Post Effective Amendment No. 101 to the Registration Statement on Form N-1A filed on February 28, 2012 with Accession Number 0001193125-12-084741).](http://www.sec.gov/Archives/edgar/data/751173/000119312512084741/d291292dex99a56.htm)

(57) [Articles Supplementary to the charter as filed with the State of Maryland dated March 1, 2012 (incorporated by reference to Exhibit 99.a(57) to Post Effective Amendment No. 103 to the Registration Statement on Form N-1A filed on March 21, 2012 with Accession Number 0001193125-12-124827).](http://www.sec.gov/Archives/edgar/data/751173/000119312512124827/d291272dex99a57.htm)

(58) [Articles of Amendment to the charter as filed with the State of Maryland dated July 10, 2012 (incorporated by reference to Exhibit 99.a(58) to Post Effective Amendment No. 113 to the Registration Statement on Form N-1A filed on July 30, 2012 with Accession Number 0001193125-12-322593).](http://www.sec.gov/Archives/edgar/data/751173/000119312512322593/d381539dex99a58.htm)

(59) [Articles of Amendment to the charter as filed with the State of Maryland dated September 10, 2012 (incorporated by reference to Exhibit 99.a(59) to Post Effective Amendment No. 117 to the Registration Statement on Form N-1A filed on October 23, 2012 with Accession Number 0001193125-12-430949).](http://www.sec.gov/Archives/edgar/data/751173/000119312512430949/d423345dex99a59.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(60) [Articles of Amendment to the charter as filed with the State of Maryland dated May 1, 2013 (incorporated by reference to Exhibit 99.a(60) to Post Effective Amendment No. 130 to the Registration Statement on Form N-1A filed on May 29, 2013 with Accession Number 0001193125-13-239252).](http://www.sec.gov/Archives/edgar/data/751173/000119312513239252/d541243dex99a60.htm)

(61) [Articles Supplementary to the charter as filed with the State of Maryland dated July 1, 2013 (incorporated by reference to Exhibit 99.a(61) to Post Effective Amendment No. 132 to the Registration Statement on Form N-1A filed on July 31, 2013 with Accession Number 0001193125-13-312268).](http://www.sec.gov/Archives/edgar/data/751173/000119312513312268/d573274dex99a61.htm)

(62) [Articles of Amendment to the charter as filed with the State of Maryland dated July 10, 2013 (incorporated by reference to Exhibit 99.a(62) to Post Effective Amendment No. 132 to the Registration Statement on Form N-1A filed on July 31, 2013 with Accession Number 0001193125-13-312268).](http://www.sec.gov/Archives/edgar/data/751173/000119312513312268/d573274dex99a62.htm)

(63) [Articles Supplementary to the charter as filed with the State of Maryland dated September 18, 2013 (incorporated by reference to Exhibit 99.a(63) to Post Effective Amendment No. 135 to the Registration Statement on Form N-1A filed on October 10, 2013 with Accession Number 0001193125-13-396112).](http://www.sec.gov/Archives/edgar/data/751173/000119312513396112/d605262dex99a63.htm)

(64) [Articles Supplementary to the charter as filed with the State of Maryland dated November 15, 2013 (incorporated by reference to Exhibit 99.a(64) to Post Effective Amendment No. 140 to the Registration Statement on Form N-1A filed on December 16, 2013 with Accession Number 0001193125-13-474559).](http://www.sec.gov/Archives/edgar/data/751173/000119312513474559/d644311dex99a64.htm)

(65) [Articles of Amendment to the charter as filed with the State of Maryland dated December 2, 2013 (incorporated by reference to Exhibit 99.a(65) to Post Effective Amendment No. 140 to the Registration Statement on Form N-1A filed on December 16, 2013 with Accession Number 0001193125-13-474559).](http://www.sec.gov/Archives/edgar/data/751173/000119312513474559/d644311dex99a65.htm)

(66) [Articles of Amendment to the charter as filed with the State of Maryland dated May 28, 2014 (incorporated by reference to Exhibit 99.a(66) to Post Effective Amendment No. 148 to the Registration Statement on Form N-1A filed on July 21, 2014 with Accession Number 0001193125-14-274048).](http://www.sec.gov/Archives/edgar/data/751173/000119312514274048/d756027dex99a66.htm)

(67) [Articles Supplementary to the charter as filed with the State of Maryland dated December 1, 2014 (incorporated by reference to Exhibit 99.a(67) to Post Effective Amendment No. 157 to the Registration Statement on Form N-1A filed on December 5, 2014 with Accession Number 0001193125-14-434346).](http://www.sec.gov/Archives/edgar/data/751173/000119312514434346/d821294dex99a67.htm)

(68) [Articles of Amendment to the charter as filed with the State of Maryland dated February 2, 2015 (incorporated by reference to Exhibit 99.a(68) to Post Effective Amendment No. 159 to the Registration Statement on Form N-1A filed on February 27, 2015 with Accession Number 0001193125-15-069104).](http://www.sec.gov/Archives/edgar/data/751173/000119312515069104/d849400dex99a68.htm)

(69) [Articles of Amendment to the charter as filed with the State of Maryland dated April 10, 2015 (incorporated by reference to Exhibit 99.a(69) to Post Effective Amendment No. 163 to the Registration Statement on Form N-1A filed on April 29, 2015 with Accession Number 0001193125-15-155932).](http://www.sec.gov/Archives/edgar/data/751173/000119312515155932/d891120dex99a69.htm)

(70) [Articles of Amendment to the charter as filed with the State of Maryland dated May 11, 2015 (incorporated by reference to Exhibit 99.a(70) to Post Effective Amendment No. 165 to the Registration Statement on Form N-1A filed on May 28, 2015 with Accession Number 000119325-15-203990).](http://www.sec.gov/Archives/edgar/data/751173/000119312515203990/d921618dex99a70.htm)

(71) [Articles of Amendment to the charter as filed with the State of Maryland dated May 26, 2015 (incorporated by reference to Exhibit 99.a(71) to Post Effective Amendment No. 169 to the Registration Statement on Form N-1A filed on July 31, 2015 with Accession Number 0001193125-15-272472).](http://www.sec.gov/Archives/edgar/data/751173/000119312515272472/d88967dex99a71.htm)

(72) [Articles Supplementary to the charter as filed with the State of Maryland dated July 10, 2015 (incorporated by reference to Exhibit 99.a(72) to Post Effective Amendment No. 169 to the Registration Statement on Form N-1A filed on July 31, 2015 with Accession Number 0001193125-15-272472).](http://www.sec.gov/Archives/edgar/data/751173/000119312515272472/d88967dex99a72.htm)

(73) [Articles of Amendment to the charter as filed with the State of Maryland dated July 13, 2015 (incorporated by reference to Exhibit 99.a(73) to Post Effective Amendment No. 169 to the Registration Statement on Form N-1A filed on July 31, 2015 with Accession Number 0001193125-15-272472).](http://www.sec.gov/Archives/edgar/data/751173/000119312515272472/d88967dex99a73.htm)

(74) [Articles of Amendment to the charter as filed with the State of Maryland dated December 18, 2015 (incorporated by reference to Exhibit 99.a(74) to Post Effective Amendment No. 171 to the Registration Statement on Form N-1A filed on December 30, 2015 with Accession Number 0001193125-15-416921).](http://www.sec.gov/Archives/edgar/data/751173/000119312515416921/d104908dex99a74.htm)

(75) [Articles of Amendment to the charter as filed with the State of Maryland dated February 3, 2017 as (incorporated by reference to Exhibit 99.a(75) to Post Effective Amendment No. 183 to the Registration Statement on Form N-1A filed on February 24, 2017 with Accession Number 0001193125-17-056244).](http://www.sec.gov/Archives/edgar/data/751173/000119312517056244/d282492dex99a75.htm)

(76) [Articles of Amendment to the Charter as filed with the State of Maryland dated June 6, 2016 (incorporated by reference to Exhibit 99.a(76) to Post Effective Amendment No. 185 to the Registration Statement on Form N-1A filed on April 18, 2017 with Accession Number 0001193125-17-127042).](http://www.sec.gov/Archives/edgar/data/751173/000119312517127042/d354911dex99a76.htm)

(77) [Articles Supplementary to the Charter as filed with the State of Maryland dated April 11, 2017 (incorporated by reference to Exhibit 99.a(77) to Post Effective Amendment No. 185 to the Registration Statement on Form N-1A filed on April 18, 2017 with Accession Number 0001193125-17-127042).](http://www.sec.gov/Archives/edgar/data/751173/000119312517127042/d354911dex99a77.htm)

(78) [Articles of Amendment to the Charter as filed with the State of Maryland dated April 12, 2017 (incorporated by reference to Exhibit 99.a(78) to Post Effective Amendment No. 185 to the Registration Statement on Form N-1A filed on April 18, 2017 with Accession Number 0001193125-17-127042).](http://www.sec.gov/Archives/edgar/data/751173/000119312517127042/d354911dex99a78.htm)

(79) [Articles of Amendment to the Charter as filed with the State of Maryland dated June 19, 2017 (incorporated by reference to Exhibit 99.a(79) to Post Effective Amendment No. 188 to the Registration Statement on Form N-1A filed on June 21, 2017 with Accession Number 0001193125-17-209147).](http://www.sec.gov/Archives/edgar/data/751173/000119312517209147/d417825dex99a79.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | (80) | [Articles of Amendment to the Charter as filed with the State of Maryland dated December 4, 2017 (incorporated by reference to Exhibit 99.a(80) to Post Effective Amendment No. 197 to the Registration Statement on Form N-1A filed on December 7, 2017 with Accession Number 0001193125-17-363530).](http://www.sec.gov/Archives/edgar/data/751173/000119312517363530/d495520dex99a80.htm) |
|  | (81) | [Articles of Amendment to the Charter as filed with the State of Maryland dated February 14, 2018 (incorporated by reference to Exhibit 99.a(81) to Post Effective Amendment No. 199 to the Registration Statement on Form N-1A filed on February 26, 2018 with Accession Number 0001193125-18-058157).](http://www.sec.gov/Archives/edgar/data/751173/000119312518058157/d533840dex99a81.htm) |
|  | (82) | [Articles of Amendment to the Charter as filed with the State of Maryland dated June 26, 2018 (incorporated by reference to Exhibit 99.a(82) to Post Effective Amendment No. 203 to the Registration Statement on Form N-1A filed on July 17, 2018 with Accession Number 0001193125-18-219598).](http://www.sec.gov/Archives/edgar/data/751173/000119312518219598/d912087dex99a82.htm) |
|  | (83) | [Articles Supplementary to the Charter as filed with the State of Maryland dated July 12, 2018 (incorporated by reference to Exhibit 99.a(83) to Post Effective Amendment No. 203 to the Registration Statement on Form N-1A filed on July 17, 2018 with Accession Number 0001193125-18-219598).](http://www.sec.gov/Archives/edgar/data/751173/000119312518219598/d912087dex99a83.htm) |
|  | (84) | [Articles of Amendment to the Charter as filed with the State of Maryland dated July 20, 2018 (incorporated by reference to Exhibit 99.a(84) to Post Effective Amendment No. 205 to the Registration Statement on Form N-1A filed on September 26, 2018 with Accession Number 0001193125-18-283857).](http://www.sec.gov/Archives/edgar/data/751173/000119312518283857/d596117dex99a84.htm) |
|  | (85) | [Articles Supplementary to the Charter as filed with the State of Maryland dated September 13, 2018 (incorporated by reference to Exhibit 99.a(85) to Post Effective Amendment No. 205 to the Registration Statement on Form N-1A filed on September 26, 2018 with Accession Number 0001193125-18-283857).](http://www.sec.gov/Archives/edgar/data/751173/000119312518283857/d596117dex99a85.htm) |
|  | (86) | [Articles of Amendment to the Charter as filed with the State of Maryland dated December 3, 2018 (incorporated by reference to Exhibit 99.a(86) to Post Effective Amendment No. 213 to the Registration Statement on Form N-1A filed on February 27, 2019 with Accession Number 0001193125-19-054181).](http://www.sec.gov/Archives/edgar/data/751173/000119312519054181/d685808dex99a86.htm) |
|  | (87) | [Articles of Amendment to the Charter as filed with the State of Maryland dated February 6, 2019 (incorporated by reference to Exhibit 99.a(87) to Post Effective Amendment No. 213 to the Registration Statement on Form N-1A filed on February 27, 2019 with Accession Number 0001193125-19-054181).](http://www.sec.gov/Archives/edgar/data/751173/000119312519054181/d685808dex99a87.htm) |
|  | (88) | [Articles of Amendment to the Charter as filed with the State of Maryland dated April 23, 2019 (incorporated by reference to Exhibit 99.a.(88) to Post Effective Amendment No. 215 to the Registration Statement on Form N-1A filed on February 27, 2020 with Accession Number 0001193125-20-052712).](http://www.sec.gov/Archives/edgar/data/751173/000119312520052712/d853913dex99a88.htm) |
|  | (89) | [Articles of Amendment to the Charter as filed with the State of Maryland dated June 10, 2019 (incorporated by reference to Exhibit 99.a.(89) to Post Effective Amendment No. 215 to the Registration Statement on Form N-1A filed on February 27, 2020 with Accession Number 0001193125-20-052712).](http://www.sec.gov/Archives/edgar/data/751173/000119312520052712/d853913dex99a89.htm) |
|  | (90) | [Articles of Amendment to the Charter as filed with the State of Maryland dated November 6, 2019 (incorporated by reference to Exhibit 99.a.(90) to Post Effective Amendment No. 215 to the Registration Statement on Form N-1A filed on February 27, 2020 with Accession Number 0001193125-20-052712).](http://www.sec.gov/Archives/edgar/data/751173/000119312520052712/d853913dex99a90.htm) |
|  | (91) | [Articles of Amendment to the Charter as filed with the State of Maryland dated December 6, 2019 (incorporated by reference to Exhibit 99.a.(91) to Post Effective Amendment No. 215 to the Registration Statement on Form N-1A filed on February 27, 2020 with Accession Number 0001193125-20-052712).](http://www.sec.gov/Archives/edgar/data/751173/000119312520052712/d853913dex99a91.htm) |
|  | (92) | [Articles of Amendment to the Charter as filed with the State of Maryland dated July 30, 2020 (incorporated by reference to Exhibit 99.a(92) to Post Effective Amendment No. 217 to the Registration Statement of Form N-1A filed on February 25, 2021 with Accession Number 0001193125-21-057155).](http://www.sec.gov/Archives/edgar/data/751173/000119312521057155/d250382dex99a92.htm) |
|  | (93) | [Articles of Amendment to the Charter as filed with the State of Maryland dated October 28, 2020 (incorporated by reference to Exhibit 99.a(93) to Post Effective Amendment No. 217 to the Registration Statement of Form N-1A filed on February 25, 2021 with Accession Number 0001193125-21-057155).](http://www.sec.gov/Archives/edgar/data/751173/000119312521057155/d250382dex99a93.htm) |
|  | (94) | [Articles of Amendment to the Charter as filed with the State of Maryland dated October 5, 2022 as filed herewith.](ex99-a94.htm) |
| (b) |  |  |
|  | (1) | [Amended and Restated By-Laws dated May 5, 2020 (incorporated by reference to Exhibit (2)(a)(1) to the Registration Statement on Form N-14 filed on May 21, 2020 with Accession Number 0001387131-20-005062).](http://www.sec.gov/Archives/edgar/data/751173/000138713120005062/ex99-2a1.htm) |
| (c) |  |  |
|  | (1) | [Specimen Stock Certificate (incorporated by reference to Exhibit 1(a) (Articles of Incorporation) and Exhibit (2) (By-Laws) to Post-Effective Amendment No. 30 to the Registration Statement on Form N-1A filed on October 23, 1998 with Accession Number 0000751173-98-00050).](http://www.sec.gov/Archives/edgar/data/751173/0000751173-98-000050.txt) |
| (d) |  |  |
|  | (1) | [Investment Advisory Agreement dated October 21, 2022 as filed herewith.](ex99-d1.htm) |
|  | (1)(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Amended and Restated Schedule A to the Investment Advisor Agreement dated January 20, 2023 as filed herewith.](ex99-d1a.htm) |
|  | (2)(a) | [Expense Limitation Agreement between Manning & Napier Advisors, LLC and Manning & Napier Fund, Inc., dated October 21, 2022 as filed herewith.](ex99-d2a.htm) |
|  | (2)(a)(i) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Amended and Restated Schedule A to the Expense Limitation Agreement between Manning & Napier Advisors, LLC and Manning & Napier Fund, Inc., dated January 20, 2023 as filed herewith.](ex99-d2ai.htm) |

---

---

| | | |
|:---|:---|:---|
|  | (2)(b) | [Advisory Fee Waiver Agreement between Manning & Napier Advisors, LLC and Manning & Napier Fund, Inc. dated October 21, 2022 as filed herewith.](ex99-d2b.htm) |
|  | (2)(b)(i) | [Amended and Restated Schedule A to the Advisory Fee Waiver Agreement between Manning & Napier Advisors, LLC and Manning & Napier Fund, Inc. dated January 20, 2023 as filed herewith.](ex99-d2bi.htm) |
|  | (3)(a) | [Investment Advisory Agreement between Manning & Napier Fund, Inc. and Manning & Napier Advisors, LLC, on behalf of the Rainier International Discovery Series dated October 21, 2022 as filed herewith.](ex99-d3a.htm) |
|  | (4)(a) | [Investment Sub-Advisory Agreement between Rainier Investment Management, LLC and Manning & Napier Advisors, LLC, on behalf of the Rainier International Discovery Series dated October 21, 2022 as filed herewith.](ex99-d4a.htm) |
| (e) |  |  |
|  | (1) | [Amended and Restated Distribution Agreement dated October 21, 2022 as filed herewith.](ex99-de1.htm) |
|  | (1)(a) | [Amended and Restated Schedule A to the Distribution Agreement dated January 20, 2023 as filed herewith.](ex99-de1a.htm) |
|  | (2) | [Manning & Napier Fund, Inc. form of dealer agreement between Manning & Napier Investor Services, Inc. and financial intermediaries (incorporated by reference to Exhibit 99.e(2) to Post-Effective Amendment 201 to the Registration Statement on Form N-1A filed on April 26, 2018 with Accession Number 0001193125-18-134595).](http://www.sec.gov/Archives/edgar/data/751173/000119312518134595/d560788dex99e2.htm) |
| (f) |  | Not Applicable. |
| (g) |  |  |
|  | (1) | [Mutual Fund Custody and Service Agreement between Manning & Napier Fund, Inc. and The Bank of New York Mellon beginning February 1, 2015 (incorporated by reference to Exhibit 99.g(1) to Post-Effective Amendment No. 163 to the Registration Statement on Form N-1A filed on April 29, 2015 with Accession Number 0001193125-15-155932).](http://www.sec.gov/Archives/edgar/data/751173/000119312515155932/d891120dex99g1.htm) |
|  | (1)(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Amendment to the Custody Agreement dated January 1, 2018 (incorporated by reference to Exhibit 99.g(1)a to Post-Effective Amendment No. 199 to the Registration Statement on Form N-1A filed on February 26, 2018 with Accession Number 0001193125-18-058157).](http://www.sec.gov/Archives/edgar/data/751173/000119312518058157/d533840dex99g1a.htm) |
|  | (1)(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Amendment to the Custody Agreement dated March 22, 2021 (incorporated by reference to Exhibit 99.g(1)(b) to Post-Effective Amendment No. 218 to the Registration Statement on Form N-1A filed on February 25, 2022 with Accession Number 0001387131-22-002466).](http://www.sec.gov/Archives/edgar/data/751173/000119312518058157/d533840dex99g1a.htm) |
|  | (1)(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Amendment to the Custody Agreement dated August 26, 2021 (incorporated by reference to Exhibit 99.g(1)(c) to Post-Effective Amendment No. 218 to the Registration Statement on Form N-1A filed on February 25, 2022 with Accession Number 0001387131-22-002466).](http://www.sec.gov/Archives/edgar/data/751173/000119312518058157/d533840dex99g1a.htm) |
| (h) |  |  |
|  | (1) | [Amended and Restated Master Services Agreement dated February 13, 2020 between Manning & Napier Advisors, LLC and Manning & Napier Fund, Inc. (incorporated by reference to Exhibit 99.h(1) to Post-Effective Amendment No. 215 to the Registration Statement on Form N-1A filed on February 27, 2020 with Accession Number 0001193125-20-052712).](http://www.sec.gov/Archives/edgar/data/751173/000119312520052712/d853913dex99h1.htm) |
|  | (1)(a) | [Amended and Restated Fund Administration Appendix and Schedule A to the Master Services Agreement between Manning & Napier Advisors, LLC and Manning & Napier Fund, Inc. dated August 17, 2022 as filed herewith.](ex99-h1a.htm) |
|  | (2) | [Transfer Agency and Shareholder Services Agreement between BNY Mellon Investment Servicing (US) Inc., Manning & Napier Fund, Inc. and Manning & Napier Advisors, LLC dated March 1, 2017 (incorporated by reference to Exhibit 99.h(2) to Post-Effective Amendment No. 185 to the Registration Statement on Form N-1A filed on April 18, 2017 with Accession Number 0001193125-17-127042).](http://www.sec.gov/Archives/edgar/data/751173/000119312517127042/d354911dex99h2.htm) |
|  | (2)(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Amendment No. 1 to the Transfer Agency and Shareholder Services Agreement dated March 10, 2017 (incorporated by reference to Exhibit 99.h(2)a to Post-Effective Amendment No. 199 to the Registration Statement on Form N-1A filed on February 26, 2018 with Accession Number 0001193125-18-058157).](http://www.sec.gov/Archives/edgar/data/751173/000119312518058157/d533840dex99h2a.htm) |
|  | (2)(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Amendment No. 2 to the Transfer Agency and Shareholder Services Agreement dated June 12, 2017 (incorporated by reference to Exhibit 99.h(2)b to Post-Effective Amendment No. 199 to the Registration Statement on Form N-1A filed on February 26, 2018 with Accession Number 0001193125-18-058157).](http://www.sec.gov/Archives/edgar/data/751173/000119312518058157/d533840dex99h2b.htm) |
|  | (2)(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Amendment No. 3 to the Transfer Agency and Shareholder Services Agreement dated October 11, 2017 (incorporated by reference to Exhibit 99.h(2)c to Post-Effective Amendment No. 199 to the Registration Statement on Form N-1A filed on February 26, 2018 with Accession Number 0001193125-18-058157).](http://www.sec.gov/Archives/edgar/data/751173/000119312518058157/d533840dex99h2c.htm) |
|  | (2)(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Amendment No. 4 to the Transfer Agency and Shareholder Services Agreement dated January 1, 2018 (incorporated by reference to Exhibit 99.h(2)d to Post-Effective Amendment No. 199 to the Registration Statement on Form N-1A filed on February 26, 2018 with Accession Number 0001193125-18-058157).](http://www.sec.gov/Archives/edgar/data/751173/000119312518058157/d533840dex99h2d.htm) |

---

---

| | | |
|:---|:---|:---|
|  | (2)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Amendment No. 5 to the Transfer Agency and Shareholder Services Agreement dated March 4, 2020 (incorporated by reference to Exhibit 99.h(2)(e) to Post-Effective Amendment No. 218 to the Registration Statement on Form N-1A filed on February 25, 2022 with Accession Number 0001387131-22-002466).](http://www.sec.gov/Archives/edgar/data/751173/000138713122002466/ex99-h2e.htm) |
|  | (2)(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Amendment No. 6 to the Transfer Agency and Shareholder Services Agreement dated March 22, 2021 (incorporated by reference to Exhibit 99.h(2)(f) to Post-Effective Amendment No. 218 to the Registration Statement on Form N-1A filed on February 25, 2022 with Accession Number 0001387131-22-002466).](http://www.sec.gov/Archives/edgar/data/751173/000138713122002466/ex99-h2f.htm) |
|  | (2)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Amendment No. 7 to the Transfer Agency and Shareholder Services Agreement dated August 26, 2021 (incorporated by reference to Exhibit 99.h(2)(g) to Post-Effective Amendment No. 218 to the Registration Statement on Form N-1A filed on February 25, 2022 with Accession Number 0001387131-22-002466).](http://www.sec.gov/Archives/edgar/data/751173/000138713122002466/ex99-h2g.htm) |
| (i) |  | [Opinion of Morgan, Lewis & Bockius, LLP is filed herewith.](ex99-i.htm) |
| (j) |  | Consent of Independent Registered Public Accounting Firm PricewaterhouseCoopers LLP is filed herewith. |
| (k) |  | Not Applicable. |
| (l) |  | [Investment letters (incorporated by reference to Exhibit (13) to Post-Effective Amendment No. 30 to the Registration Statement on Form N-1A filed on October 23, 1998 with Accession Number 0000751173-98-00050).](http://www.sec.gov/Archives/edgar/data/751173/0000751173-98-000050.txt) |
| (m) |  |  |
|  | (1) | [Shareholder Services Plan (incorporated by reference to Exhibit 99.m(5) to Post-Effective Amendment No. 60 to the Registration Statement on Form N-1A filed on December 17, 2007 with Accession Number 0001193125-07-266584).](http://www.sec.gov/Archives/edgar/data/751173/000119312507266584/dex99m5.htm) |
|  | (1)(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Amended and Restated Shareholder Services Plan Exhibit A dated May 21, 2020 (incorporated by reference to Exhibit 99.m(1)(a) to Post Effective Amendment No. 217 to the Registration Statement of Form N-1A filed on February 25, 2021 with Accession Number 0001193125-21-057155)](http://www.sec.gov/Archives/edgar/data/751173/000119312521057155/d250382dex99m1a.htm). |
|  | (2) | [Shareholder Services Agreement between Manning & Napier Fund, Inc. and Manning & Napier Advisors, Inc. (incorporated by reference to Exhibit 99.m(6) to Post-Effective Amendment No. 60 to the Registration Statement on Form N-1A filed on December 17, 2007 with Accession Number 0001193125-07-266584).](http://www.sec.gov/Archives/edgar/data/751173/000119312507266584/dex99m6.htm) |
|  | (2)(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Assignment and Assumption Agreement among Manning & Napier Fund, Inc., Manning & Napier Advisors, Inc., and Manning & Napier Advisors, LLC dated October 1, 2011 (incorporated by reference to Exhibit 99.d(2)e to Post Effective Amendment No. 93 to the Registration Statement on Form N-1A filed on November 1, 2011 with Accession Number 0001193125-11-289850).](http://www.sec.gov/Archives/edgar/data/751173/000119312511289850/d249198dex99d2.htm) |
|  | (2)(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Amended and Restated Shareholder Services Agreement Exhibit A dated May 21, 2020 (incorporated by reference to Exhibit 99.m(2)(b) to Post Effective Amendment No. 217 to the Registration Statement of Form N-1A filed on February 25, 2021 with Accession Number 0001193125-21-057155)](http://www.sec.gov/Archives/edgar/data/751173/000119312521057155/d250382dex99m2b.htm). |
|  | (3) | [Amended and Restated Distribution and Shareholder Services Plan (incorporated by reference to Exhibit 99.m(3) to Post-Effective Amendment No. 213 to the Registration Statement on Form N-1A filed on February 27, 2019 with Accession Number 0001193125-19-054181).](http://www.sec.gov/Archives/edgar/data/751173/000119312519054181/d685808dex99m3.htm) |
|  | (3)(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Amended and Restated Distribution and Shareholder Services Plan Exhibit A dated September 28, 2020 (incorporated by reference to Exhibit 99.m(3)(a) to Post Effective Amendment No. 217 to the Registration Statement of Form N-1A filed on February 25, 2021 with Accession Number 0001193125-21-057155).](http://www.sec.gov/Archives/edgar/data/751173/000119312521057155/d250382dex99m3a.htm) |
| (n) |  |  |
|  | (1) | [Amended and Restated Rule 18f-3 Plan dated May 23, 2019 (incorporated by reference to Exhibit 99.n(1) to Post-Effective Amendment No. 215 to the Registration Statement on Form N-1A filed on February 27, 2020 with Accession Number 0001193125-20-052712).](http://www.sec.gov/Archives/edgar/data/751173/000119312520052712/d853913dex99n1.htm) |
|  | (1)(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Amended and Restated Rule 18f-3 Plan Schedule A dated January 20, 2023 as filed herewith.](ex99-n1a.htm) |
| (o) |  | Not Applicable. |
| (p) |  |  |
|  | (1) | [Amended Code of Ethics adopted by Manning & Napier Fund, Inc., Manning & Napier Advisors, LLC, Manning & Napier Investor Services, Inc. and Rainier Investment Management, LLC dated November 23, 2022 as filed herewith.](ex99-p1.htm) |
| (q) |  |  |
|  | (1) | [Powers of Attorney dated February 13, 2020 for Chester N. Watson, Paul A. Brooke, and Stephen B. Ashley (incorporated by reference to Exhibit 99.q to Post-Effective Amendment No. 215 to the Registration Statement on Form N-1A filed on February 27, 2020 with Accession Number 0001193125-20-052712).](http://www.sec.gov/Archives/edgar/data/751173/000119312520052712/d853913dex99q.htm) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(2) [Power of Attorney dated April 17, 2020 for Russell O. Vernon (incorporated by reference to Exhibit 99.q(2) to Post Effective Amendment No. 217 to the Registration Statement of Form N-1A filed on February 25, 2021 with Accession Number 0001193125-21-057155)](http://www.sec.gov/Archives/edgar/data/751173/000119312521057155/d250382dex99q2.htm) .

(3) [Powers of Attorney dated February 11, 2020 for John M. Glazer (incorporated by reference to Exhibit 99.q(3) to Post Effective Amendment No. 217 to the Registration Statement of Form N-1A filed on February 25, 2021 with Accession Number 0001193125-21-057155)](http://www.sec.gov/Archives/edgar/data/751173/000119312521057155/d250382dex99q3.htm) .

**Item 29.** 

**Persons Controlled by or under Common Control with Registrant.** 

Not Applicable

**Item 30.**

**Indemnification.**

Reference is made to subparagraph (b) of paragraph (7) of Article SEVENTH of Registrant's Articles of Incorporation, which reflects the positions taken in Investment Company Act Release 11330.

Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to trustees, officers and controlling persons of Registrant pursuant to the foregoing provisions, or otherwise, Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in that Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by Registrant of expenses incurred or paid by a trustee, officer or controlling persons of Registrant in the successful defense of any action, suit or proceeding) is asserted by such trustee, officer or controlling person in connection with the securities being registered, Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

The Directors and Officers of the Registrant are covered parties under a Directors & Officers/Errors & Omissions insurance policy issued by St. Paul Fire & Marine Insurance Company, Federal Insurance Company, Arch Insurance Company, Continental Casualty Company and Berkley Regional Insurance Company. The effect of such insurance is to insure against liability for any act, error, omission, misstatement, misleading statement, neglect or breach of duty by the insureds as directors and/or officers of the Registrant.

**Item 31.**

**Business and Other Connections of Investment Advisor.**

Manning & Napier Advisors, LLC is the investment advisor of the High Yield Bond Series, Pro-Blend Moderate Term Series, Pro-Blend Extended Term Series, Pro-Blend Conservative Series, Pro-Blend Maximum Term Series, Equity Series, Overseas Series, Diversified Tax Exempt Series, Core Bond Series, Unconstrained Bond Series, Disciplined Value Series, Real Estate Series, Rainier International Discovery Series and Credit Series. Manning & Napier Advisors, LLC was the investment advisor to the Emerging Markets Series prior to its liquidation on November 10, 2017, the Quality Equity Series prior to its liquidation on March 9, 2018, the World Opportunities Series prior to its reorganization into the Overseas Series on September 24, 2018, the Strategic Income Conservative Series prior to its liquidation on September 27, 2018, the Ohio Tax Exempt Series and Global Fixed Income Series prior to their liquidations on November 30, 2018, the Income Series, Equity Income Series and International Series prior to their liquidations on November 20, 2019, the Blended Asset Moderate Series, Blended Asset Conservative Series, Blended Asset Extended Series and Blended Asset Maximum Series prior to their liquidation on September 18, 2020, the Target Income Series, Target 2015 Series, Target 2020 Series, Target 2025 Series, Target 2030 Series, Target 2035 Series, Target 2040 Series, Target 2045 Series, Target 2050 Series, Target 2055 Series, Target 2060 Series prior to their reorganization on September 28, 2020 and the New York Tax Exempt Series on January 20, 2023. For information as to the business, profession, vocation or employment of a substantial nature of Manning & Napier Advisors, LLC and its officers, reference is made to Part B of this Registration Statement and to Form ADV as filed under the Investment Advisers Act of 1940 by Manning & Napier Advisors, LLC.

Rainier Investment Management, LLC is the investment sub-advisor of the Rainier International Discovery Series. For information as to the business, profession, vocation or employment of a substantial nature of Rainier Investment Management, LLC and its officers, reference is made to Part B of this Registration Statement and to Form ADV as filed under the Investment Advisers Act of 1940 by Rainier Investment Management, LLC.

**Item 32.**

**Principal Underwriters.**

(a) Not Applicable

(b) Manning & Napier Investor Services, Inc. is the Distributor for the Registrant's shares.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name & Principal Business <br> Address** | &nbsp;&nbsp;**Positions & Offices With Distributor** | &nbsp;&nbsp;**Positions & Offices With <br> Registrant** |
| &nbsp;&nbsp; Scott Morabito<br> 290 Woodcliff Drive<br> Fairport, NY 14450 | &nbsp;&nbsp;President & Director | &nbsp;&nbsp;Vice President |
| &nbsp;&nbsp; Valerie Lindenmuth<br> 290 Woodcliff Drive<br> Fairport, NY 14450 | &nbsp;&nbsp;Director | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp; Michelle O'Brien<br> 290 Woodcliff Drive<br> Fairport, NY 14450 | &nbsp;&nbsp;Treasurer | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp; Elizabeth Craig<br> 290 Woodcliff Drive<br> Fairport, NY 14450 | &nbsp;&nbsp;Corporate Secretary & Director | &nbsp;&nbsp;Corporate Secretary |
| &nbsp;&nbsp; Samantha Larew<br> 290 Woodcliff Drive<br> Fairport, NY 14450 | &nbsp;&nbsp;Chief Compliance Officer | &nbsp;&nbsp;Chief Compliance Officer |

---

(c) Not Applicable

**Item 33.**

**Location of Accounts and Records.** 

With respect to the Registrant:

Manning & Napier Fund, Inc.

290 Woodcliff Drive

Fairport, NY 14450

With respect to the Registrant's Investment Advisors:

Manning & Napier Advisors, LLC

290 Woodcliff Drive

Fairport, NY 14450

Rainier Investment Management, LLC

600 University Street, Suite 2412

Seattle, WA 98101

With respect to the Registrant's Transfer Agent:

BNY Mellon Investment Servicing (US) Inc.

4400 Computer Drive

Westborough, MA 01581

With respect to the Registrant's Custodian:

The Bank of New York Mellon Corporation

135 Santilli Highway

Everett, MA 02149

**Item 34.**

**Management Services.**

Not Applicable.

**Item 35.**

**Undertakings.**

Not Applicable.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant duly certifies that it meets all of the requirements for effectiveness of this Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933 and has duly caused this Post-Effective Amendment to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the Village of Fairport and State of New York on the 27th day of February 2023.

---

| | |
|:---|:---|
| Manning & Napier Fund, Inc. | Manning & Napier Fund, Inc. |
| (Registrant) | (Registrant) |
| By | /s/ Paul J. Battaglia |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Paul J. Battaglia |
|  | President |

---

Pursuant to the requirements of the Securities Act of 1933, this Post-Effective Amendment to the Registration Statement has been signed below by the following persons in the capacities and on the date indicated.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**<u>Signature</u>** | &nbsp;&nbsp;**<u>Title</u>** | &nbsp;&nbsp;**<u>Date</u>** |
| &nbsp;&nbsp; <u>/s/ Paul J. Battaglia</u><br> Paul J. Battaglia | &nbsp;&nbsp;President, Principal Executive Officer, Director | &nbsp;&nbsp;February 27, 2023 |
| &nbsp;&nbsp; <u>/s/</u>____\*__________<br> John M. Glazer | &nbsp;&nbsp;Director | &nbsp;&nbsp;February 27, 2023 |
| &nbsp;&nbsp; /s/ ____\*__________<br> Stephen B. Ashley | &nbsp;&nbsp;Director | &nbsp;&nbsp;February 27, 2023 |
| &nbsp;&nbsp; /s/ ____\*____________<br> Paul A. Brooke | &nbsp;&nbsp;Director | &nbsp;&nbsp;February 27, 2023 |
| &nbsp;&nbsp; /s/ ____\*____________<br> Russell O. Vernon | &nbsp;&nbsp;Director | &nbsp;&nbsp;February 27, 2023 |
| &nbsp;&nbsp; /s/ ____\*____________<br> Chester N. Watson | &nbsp;&nbsp;Director | &nbsp;&nbsp;February 27, 2023 |
| &nbsp;&nbsp; <u>/s/ Troy Statczar</u><br> Troy Statczar | &nbsp;&nbsp;Principal Financial Officer, Chief Financial Officer, Treasurer | &nbsp;&nbsp;February 27, 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \* By: <u>/s/ Paul J. Battaglia</u><br> Paul J. Battaglia |  |  |

---

\* Pursuant to powers of attorney dated February 13, 2020, April 17, 2020 and February 11, 2021. See Item 28(q) of this Registration Statement.

**EXHIBIT INDEX**

[Exhibit 99.a(94) - Articles of Amendment to the Charter as filed with the State of Maryland dated October 5, 2022](ex99-a94.htm)

[Exhibit 99.d(1) - Investment Advisory Agreement dated October 21, 2022](ex99-d1.htm)

[Exhibit 99.d(1)(a) - Amended and Restated Schedule A to the Investment Advisor Agreement dated January 20, 2023](ex99-d1a.htm)

[Exhibit 99.d(2)(a) - Expense Limitation Agreement between Manning & Napier Advisors, LLC and Manning & Napier Fund, Inc., dated October 21, 2022](ex99-d2a.htm)

[Exhibit 99.d(2)(a)(i) - Amended and Restated Schedule A to the Expense Limitation Agreement between Manning & Napier Advisors, LLC and Manning & Napier Fund, Inc., dated January 20, 2023](ex99-d2ai.htm)

[Exhibit 99.d(2)(b) - Advisory Fee Waiver Agreement between Manning & Napier Advisors, LLC and Manning & Napier Fund, Inc. dated October 21, 2022](ex99-d2b.htm)

[Exhibit 99.d(2)(b)(i) – Amended and Restated Schedule A to the Advisory Fee Waiver Agreement between Manning & Napier Advisors, LLC and Manning & Napier Fund, Inc. dated January 20, 2023](ex99-d2bi.htm)

[Exhibit 99.d(3)(a) – Investment Advisory Agreement between Manning & Napier Fund, Inc. and Manning & Napier Advisors, LLC, on behalf of the Rainier International Discovery Series dated October 21, 2022](ex99-d3a.htm)

[Exhibit 99.d(4)(a) – Investment Sub-Advisory Agreement between Rainier Investment Management, LLC and Manning & Napier Advisors, LLC, on behalf of the Rainier International Discovery Series dated October 21, 2022](ex99-d4a.htm)

[Exhibit 99.e(1) - Amended and Restated Distribution Agreement dated October 21, 2022](ex99-de1.htm)

[Exhibit 99.e(1)(a) - Amended and Restated Schedule A to the Distribution Agreement dated January 20, 2023](ex99-de1a.htm)

[Exhibit 99.h(1)(a) Amended and Restated Fund Administration Appendix and Schedule A to the Master Services Agreement between Manning & Napier Advisors, LLC and Manning & Napier Fund, Inc. dated August 17, 2022](ex99-h1a.htm)

[Exhibit 99.i – Opinion of Morgan, Lewis & Bockius, LLP](ex99-i.htm).

[Exhibit 99. j – Consent of Independent Registered Public Accounting Firm PricewaterhouseCoopers LLP.](ex99-j.htm)

[Exhibit 99.n(1)(a) - Amended and Restated Rule 18f-3 Plan Schedule A dated January 20, 2023](ex99-n1a.htm)

[Exhibit 99.p(1) Amended Code of Ethics adopted by Manning & Napier Fund, Inc., Manning & Napier Advisors, LLC, Manning & Napier Investor Services, Inc. and Rainier Investment Management, LLC dated November 23, 2022](ex99-p1.htm).

## Ex-99.(A)(94)

**Exhibit 99.a(94)**

**MANNING & NAPIER FUND, INC.**

**ARTICLES OF AMENDMENT**

MANNING & NAPIER FUND, INC. (the "Corporation"), a corporation organized under the laws of the State of Maryland, having its registered business address at 2405 York Road, Suite 201, Lutherville-Timonium, Maryland, 21093, does hereby certify to the State Department of Assessments and Taxation of Maryland (the "Department") that:

**FIRST**: The Corporation is registered as an open-end investment company under the Investment Company Act of 1940.

**SECOND**: The Articles of Incorporation of the Corporation (the "Articles") are hereby amended to provide that, immediately upon the Stock Split Effective Time (as defined below), every 1 issued and outstanding share of each class of capital stock listed below, each a currently designated and classified class of capital stock of the Corporation (each, a "Class"), with the pre-split par value per share listed below, immediately before the Stock Split Effective Time, shall be split into a fractional issued and outstanding share of such Class in accordance with the split ratio listed below, with the post-split part value per share listed below;

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name of Class of Capital Stock** | &nbsp;&nbsp; **Pre Split** <br> **Par Value** <br> **Per Share** | &nbsp;&nbsp;**Split**<br> **Ratio** | &nbsp;&nbsp; **Post Split** <br> **Par Value** <br> **Per Share** |
| &nbsp;&nbsp;Pro-Blend Conservative Term Series Class I | &nbsp;&nbsp;$0.01 | &nbsp;&nbsp;0.692071-for-1 | &nbsp;&nbsp;$0.01444938 |
| &nbsp;&nbsp;Pro-Blend Conservative Term Series Class L | &nbsp;&nbsp;$0.01 | &nbsp;&nbsp;0.649731-for-1 | &nbsp;&nbsp;$0.01539098 |
| &nbsp;&nbsp;Pro-Blend Conservative Term Series Class R | &nbsp;&nbsp;$0.01 | &nbsp;&nbsp;0.651270-for-1 | &nbsp;&nbsp;$0.01535461 |
| &nbsp;&nbsp;Pro-Blend Extended Term Series Class I | &nbsp;&nbsp;$0.01 | &nbsp;&nbsp;0.419216-for-1 | &nbsp;&nbsp;$0.02385405 |
| &nbsp;&nbsp;Pro-Blend Extended Term Series Class L | &nbsp;&nbsp;$0.01 | &nbsp;&nbsp;0.473967-for-1 | &nbsp;&nbsp;$0.02109852 |
| &nbsp;&nbsp;Pro-Blend Extended Term Series Class R | &nbsp;&nbsp;$0.01 | &nbsp;&nbsp;0.530327-for-1 | &nbsp;&nbsp;$0.01885629 |
| &nbsp;&nbsp;Pro-Blend Maximum Term Series Class I | &nbsp;&nbsp;$0.01 | &nbsp;&nbsp;0.353232-for-1 | &nbsp;&nbsp;$0.02831001 |
| &nbsp;&nbsp;Pro-Blend Maximum Term Series Class L | &nbsp;&nbsp;$0.01 | &nbsp;&nbsp;0.383285-for-1 | &nbsp;&nbsp;$0.02609025 |
| &nbsp;&nbsp;Pro-Blend Maximum Term Series Class R | &nbsp;&nbsp;$0.01 | &nbsp;&nbsp;0.523261-for-1 | &nbsp;&nbsp;$0.01911092 |
| &nbsp;&nbsp;Pro-Blend Moderate Term Series Class I | &nbsp;&nbsp;$0.01 | &nbsp;&nbsp;0.669604-for-1 | &nbsp;&nbsp;$0.01493420 |
| &nbsp;&nbsp;Pro-Blend Moderate Term Series Class L | &nbsp;&nbsp;$0.01 | &nbsp;&nbsp;0.679883-for-1 | &nbsp;&nbsp;$0.01470841 |
| &nbsp;&nbsp;Pro-Blend Moderate Term Series Class R | &nbsp;&nbsp;$0.01 | &nbsp;&nbsp;0.721733-for-1 | &nbsp;&nbsp;$0.01385554 |
| &nbsp;&nbsp;Real Estate Series Class Z | &nbsp;&nbsp;$0.01 | &nbsp;&nbsp;0.352711-for-1 | &nbsp;&nbsp;$0.02835182 |
| &nbsp;&nbsp;Real Estate Series Class I | &nbsp;&nbsp;$0.01 | &nbsp;&nbsp;0.351034-for-1 | &nbsp;&nbsp;$0.02848727 |

---

**THIRD**: The Articles are hereby amended, effective immediately after the Stock Split Effective Time, to increase the par value per share of each Class to $0.01 per share, as listed below.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Name of Class of Capital Stock** | &nbsp;&nbsp; **Post-Split** <br> **Par Value** <br> **Per Share** |
| &nbsp;&nbsp;Pro-Blend Conservative Term Series Class I | &nbsp;&nbsp;$0.01 |
| &nbsp;&nbsp;Pro-Blend Conservative Term Series Class L | &nbsp;&nbsp;$0.01 |
| &nbsp;&nbsp;Pro-Blend Conservative Term Series Class R | &nbsp;&nbsp;$0.01 |
| &nbsp;&nbsp;Pro-Blend Extended Term Series Class I | &nbsp;&nbsp;$0.01 |
| &nbsp;&nbsp;Pro-Blend Extended Term Series Class L | &nbsp;&nbsp;$0.01 |
| &nbsp;&nbsp;Pro-Blend Extended Term Series Class R | &nbsp;&nbsp;$0.01 |
| &nbsp;&nbsp;Pro-Blend Maximum Term Series Class I | &nbsp;&nbsp;$0.01 |
| &nbsp;&nbsp;Pro-Blend Maximum Term Series Class L | &nbsp;&nbsp;$0.01 |
| &nbsp;&nbsp;Pro-Blend Maximum Term Series Class R | &nbsp;&nbsp;$0.01 |
| &nbsp;&nbsp;Pro-Blend Moderate Term Series Class I | &nbsp;&nbsp;$0.01 |
| &nbsp;&nbsp;Pro-Blend Moderate Term Series Class L | &nbsp;&nbsp;$0.01 |
| &nbsp;&nbsp;Pro-Blend Moderate Term Series Class R | &nbsp;&nbsp;$0.01 |
| &nbsp;&nbsp;Real Estate Series Class Z | &nbsp;&nbsp;$0.01 |
| &nbsp;&nbsp;Real Estate Series Class I | &nbsp;&nbsp;$0.01 |

---

**FOURTH**: The amendments to the Articles as set forth in Article SECOND AND THIRD above have been duly approved by a majority of the Board of Directors of the Corporation (the "Board") as required by the Maryland General Corporation Law (the "MGCL"). The amendments set forth in these Articles of Amendment are limited to changes expressly authorized by Section 2-605(a)(2) and Section 2-309(e)(2) of the MGCL to be made without shareholder action.

**FIFTH**: These Articles of Amendment shall become effective at 4:00 p.m. EST on November 4, 2022 (the "Stock Split Effective Time").

**SIXTH**: The amendments to the Articles as set forth above do not alter the authorized shares of the Corporation.

IN WITNESS WHEREOF, MANNING & NAPIER FUND, INC. has caused these Articles of Amendment to be signed in its name and on its behalf by its President and its corporate seal to be hereunto affixed and attested by its Secretary as of the 5<sup>th</sup> day of October, 2022.

---

| | |
|:---|:---|
| MANNING & NAPIER FUND, INC. | MANNING & NAPIER FUND, INC. |
| By: | /s/ Paul J. Battaglia |
|  | Paul J. Battaglia<br> President |

---

[Seal]

Attest:

/s/ Elizabeth Craig

Elizabeth Craig

Secretary

THE UNDERSIGNED, President of Manning & Napier Fund, Inc., who executed on behalf of said corporation the foregoing Articles of Amendment of which this certificate is made a part, hereby acknowledges, in the name and on behalf of said corporation, the foregoing Articles of Amendment to be the corporate act of said corporation and further certifies that, to the best of his knowledge, information and belief, the matters and facts set forth herein with respect to the approval thereof are true in all material respects, under the penalties of perjury.

---

| | |
|:---|:---|
| By: | /s/ Paul J. Battaglia |
| Paul J. Battaglia | Paul J. Battaglia |
| President | President |

---

## Ex-99.(D)(1)

**Exhibit 99.d(1)**

**MANNING & NAPIER FUND, INC.**

**INVESTMENT ADVISORY AGREEMENT**

AGREEMENT made as of this 21st day of October, 2022, by and between MANNING & NAPIER FUND, INC. (the "Fund"), a corporation organized under the laws of the State of Maryland, and MANNING & NAPIER ADVISORS, LLC (the "Advisors").

<u>W I T N E S S E T H</u>:

In consideration of the mutual promises and agreements herein contained and other good and valuable consideration, the receipt of which is hereby acknowledged, it is hereby agreed by and between the parties hereto as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>In General</u> 

The Advisor agrees, all as more fully set forth herein, to act as managerial investment advisor to each of the portfolios of the Fund referenced on Schedule A, as may be amended from time to time by written agreement between the parties, with respect to the investment of its assets and to supervise and arrange the purchase and sale of securities held in each portfolio of the Fund and generally administer the affairs of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Duties
 and Obligations of the Advisor

<u>with respect to Management of the Fund</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the succeeding provisions of this section and subject to the direction and control of the Board of Directors of the Fund, the Advisor shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Decide what securities and other assets shall be purchased or sold by each portfolio of the Fund and when;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Arrange for the purchase and the sale of securities and other assets held in each portfolio of the Fund by placing purchase and sale orders for the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To carry out the obligations above, the Advisor shall exercise full discretion and act for the Fund in the same manner and with the same force and effect as the Fund itself might or could do with respect to purchases, sales or other transactions, as well as with respect to all other such things necessary or incidental to the furtherance or conduct of such purchases, sales or other transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All services performed by the Advisor, including any investment purchases or sales, shall at all times conform to, and be in accordance with, any requirements imposed by: (1) the provisions of the Investment Company Act of 1940 (the "Act") and of any rules or regulations in force thereunder; (2) any other applicable provisions of law including, without limitation, the Internal Revenue Code and the Investment Advisers Act of 1940 (the "Advisers Act"); (3) the provisions of the Articles of Incorporation and By-Laws of the Fund as amended from time to time; (4) any policies and determinations of the Board of Directors of the Fund; and (5) the Fund's registration statement on Form N-1A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Advisor shall also administer the affairs of the Fund and, in connection therewith, shall be responsible for (i) overseeing the Fund's insurance relationships; (ii) preparing for the Fund (or assisting counsel and/or auditors in the preparation of) all required tax returns, proxy statements and reports to the Fund's shareholders and Directors and reports to and other filings with the Securities and Exchange Commission and any other governmental agency (the Fund agreeing to supply or to cause to be supplied to the Advisor all necessary financial and other information in connection with the foregoing); (iii) preparing such applications and reports as may be necessary to register or maintain the Fund's registration and/or the registration of its shares under the securities or "blue-sky" laws of the various states (the Fund agreeing to pay all filing fees or other similar fees in connection therewith); (iv) responding to all inquiries or other communications of shareholders, if any, which are directed to the Advisor, or if any such inquiry or communication is more properly to be responded to by the Fund's transfer agent, custodian or accounting services agent, the Advisor is responsible for directing such inquiry to the appropriate party in a timely fashion and ensuring that such inquiry is responded to; and (v) authorizing and directing any of the Advisor's directors, officers and employees who may be elected as directors or officers of the Fund to serve in the capacities in which they are elected. All services to be furnished by the Advisor under this Agreement may be furnished through the medium of any such directors, officers or employees of the Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Advisor shall not be responsible for the provision of administrative, bookkeeping or accounting services to the Fund under this Agreement, except as otherwise provided herein or as may be necessary for the Advisor to supply to the Fund or its Board the information required to be supplied under this Agreement.

The Advisor shall maintain separate books and detailed records of all matters pertaining to the securities and other assets held by the Fund as required by Rule 31a-1 under the 1940 Act (other than those records being maintained by any administrator, accounting services agent, custodian or transfer agent appointed by the Fund) relating to its responsibilities provided hereunder with respect to the securities and other assets, and shall preserve such records for the periods and in the manner prescribed therefore by Rule 31a-2 under the 1940 Act (the "Fund Books and Records"). The Fund Books and Records shall be available to the Board at any time upon request, shall be delivered to the Fund upon the termination of this Agreement (the Advisor may retain a copy of such records) and shall be available without delay during any day the Fund is open for business. The Advisor agrees that all Fund Books and Records are property of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Board has the authority to determine how proxies with respect to securities that are held by the Fund shall be voted, and the Board has determined to delegate the authority and responsibility to vote proxies for the Fund's securities to the Advisor. So long as proxy voting authority for the Fund has been delegated to the Advisor, the Advisor shall exercise its proxy voting responsibilities. The Advisor shall carry out such responsibility in accordance with any instructions that the Board shall provide from time to time, and at all times in a manner consistent with Rule 206(4)-6 under the Advisers Act and its fiduciary responsibilities to the Fund. The Advisor shall provide periodic reports and keep records relating to proxy voting as the Board may reasonably request or as may be necessary for the Fund to comply with the 1940 Act and other applicable law. Any such delegation of proxy voting responsibility to the Advisor may be revoked or modified by the Board at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Advisor will provide the Fund with any information reasonably requested regarding the services provided hereunder required for any meeting of the Board, or for any shareholder report, Form N-CSR, Form N-SAR, Form N-Q, Form N-PX, amended registration statement, proxy statement, prospectus supplement or similar document to be filed by the Fund with the Commission. The Advisor will make its officers and employees available to meet with the Board from time to time on due notice to review its services to the Fund in light of current and prospective economic and market conditions and shall furnish to the Board such information as may reasonably be necessary in order for the Board to evaluate this Agreement or any proposed amendments thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Advisor shall give the Fund the benefit of its best judgment and effort in rendering services hereunder, but the Advisor shall not be liable for any loss sustained by reason of the purchase, sale or retention of any security, whether or not such purchase, sale or retention shall have been based upon its own investigation and research or upon investigation and research made by any other individual, firm or corporation, if such purchase, sale or retention shall have been made and such other individual, firm or corporation shall, have been selected in good faith. Nothing herein contained shall, however, be construed to protect the Advisor against any liability to the Fund or its security holders by reason of willful misfeasance, bad faith or gross negligence in the performance of its duties, or by reason of its reckless disregard of its obligations and duties under this Agreement. It is agreed that the Advisor shall have no responsibility or liability for the accuracy or completeness of the Fund's Registration Statement under the Act or the Securities Act of 1933 except for information supplied by the Advisor for inclusion therein. The Fund agrees to indemnify the Advisor to the full extent permitted by the Fund's Articles of Incorporation. The federal securities laws impose liabilities under certain circumstances on persons who act in good faith, and therefore nothing herein shall in any way constitute a waiver or limitation of any rights that the Fund may have under any federal securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Nothing in this Agreement shall prevent the Advisor or any affiliated person (as defined in the Act) of the Advisor from acting as investment advisor or manager and/or principal underwriter for any other person, firm or corporation and shall not in any way limit or restrict the Advisor or any such affiliated person from buying, selling or trading any securities or hedging instruments for its or their own accounts or for the accounts of others from whom it or they may be acting, provided, however, that the Advisor expressly represents that it will undertake no activities which, in its judgment, will adversely affect the performance of its obligations to the Fund under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Nothing in this Agreement shall permit the Advisor to take or receive physical possession of cash, securities or other investments of the Fund. The cash, securities or other investments of the Fund shall be held in the custody of an entity chosen by the Fund to act as the Fund's custodian (the "Custodian"). The Fund represents and agrees that any such Custodian shall be a "qualified custodian" as defined in Rule 206(4)-2 under the Advisers Act. The Fund shall be responsible for all custodial arrangements and the payment of all custodial charges and fees. The cash, securities or other investments of the Fund are held in the custody of the Custodian, and the Advisor shall have no responsibility or liability with respect to custody arrangements or the acts, omissions or other conduct of the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Advisor is registered as an investment adviser under the Advisers Act, and will remain so registered for the duration of this Agreement. The Advisor is not prohibited by the Advisers Act or the 1940 Act from performing the services contemplated by this Agreement, and, to the best knowledge of the Advisor, there is no proceeding or investigation that is reasonably likely to result in the Advisor being prohibited from performing the services contemplated by this Agreement. The Advisor agrees to promptly notify the Fund of the occurrence of any event that would disqualify the Advisor from serving as an investment adviser to a registered investment company. The Advisor is in compliance, in all material respects, with all applicable federal and state law in connection with its investment management operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Broker-Dealer Relationships</u>

The Advisor shall determine the securities and other assets to be purchased or sold by the Fund and will place orders with or through such persons, brokers or dealers, including futures commission merchants, to carry out the policy with respect to brokerage set forth in the Fund's registration statement on Form N-1A or as the Board of Directors may direct from time to time, in conformity with all federal securities laws. In executing Fund transactions and selecting brokers or dealers, including futures commission merchants, the Advisor will use its best efforts to seek on behalf of the Fund the best overall terms available under the circumstances. In assessing the best overall terms available for any transaction, the Advisor shall consider all factors that it deems relevant, including, without limitation, the breadth of the market in the security, the price of the security, the financial condition and execution capability of the broker or dealer, and the reasonableness of the commission, if any, both for the specific transaction and on a continuing basis. In evaluating the best overall terms available, and in selecting the broker-dealer to execute a particular transaction, the Advisor may also consider the brokerage and research services provided (as those terms are defined in Section 28(e) of the Securities Exchange Act of 1934 (the "Exchange Act")). Consistent with any guidelines established by the Board of Directors of the Fund and Section 28(e) of the Exchange Act, the Advisor is authorized to pay to a broker or dealer who provides such brokerage and research services a commission for executing a portfolio transaction for the Fund which is in excess of the amount of commission another broker or dealer would have charged for effecting that transaction if, but only if, the Advisor determines in good faith that such commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer -- viewed in terms of that particular transaction or in terms of the overall responsibilities of the Advisor to its discretionary clients, including the Fund. The Advisor shall not take into account the sale of shares of the Fund when allocating purchase and sale orders for portfolio securities to brokers or dealers. In no instance, will the Fund's securities or other assets be purchased from or sold to the Advisor, the Fund's principal underwriter, or any affiliated person of either the Fund, Advisor, or the principal underwriter, acting as principal in the transaction, except to the extent permitted by the Securities and Exchange Commission ("SEC") and the 1940 Act

On occasions when the Advisor deems the purchase or sale of a security to be in the best interest of the Fund as well as other clients of the Advisor, the Advisor may, to the extent permitted by applicable law and regulations, aggregate the order for securities to be sold or purchased. In such event, the Advisor will allocate securities so purchased or sold, as well as the expenses incurred in the transaction, in a manner the Advisor reasonably considers to be equitable and consistent with its fiduciary obligations to the Fund and to such other clients under the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Allocation of Expenses</u>

The Advisor agrees that it will furnish the Fund, at the Advisor's expense, with all office space and facilities, and equipment and clerical personnel necessary for carrying out its duties under this Agreement. The Advisor will also pay all compensation of all Directors, officers and employees of the Fund who are affiliated persons of the Advisor. All costs and expenses not expressly assumed by the Advisor under this Agreement shall be paid by the Fund, including, but not limited to (i) interest and taxes; (ii) brokerage commissions; (iii) insurance premiums; (iv) compensation and expenses to its Directors other than those affiliated with the Advisor; (v) legal and audit expenses; (vi) fees and expenses of the Fund's custodian, shareholder servicing or transfer agent and accounting services agent; (vii) expenses incident to the issuance of its shares on the payment of, or reinvestment of, dividends; (viii) fees and expenses incident to the registration under Federal or state securities laws of the Fund or its shares; (ix) expenses of preparing, printing and mailing reports and notices and proxy material to shareholders of the Fund; (x) all other expenses incidental to holding meetings of the Fund's shareholders; (xi) dues or assessments of or contributions to the Investment Company Institute or any successor; and (xii) such non-recurring expenses as may arise, including litigation affecting the Fund and the legal obligations which the Fund may have to indemnify its officers and Directors with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Compensation of the Advisor</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund agrees to pay the Advisor and the Advisor agrees to accept as full compensation for all services rendered by the Advisor hereunder, an annual management fee payable monthly and computed on the net asset value of the Fund as of the close of business each business day at the annual rates included on Schedule A to this Agreement. The method for determining the net asset value of the Fund for purposes hereof shall be the same as the method for determining the net asset value of the Fund for purposes of establishing the offering and redemption prices of Fund shares as described in the Fund's registration statement on Form N-1A. In the event of termination of this Agreement, the fee provided in this paragraph shall be computed on the basis of the period ending on the last business day on which this Agreement is in effect subject to a pro rata adjustment based on the number of days elapsed in the current month as a percentage of the total number of days in such month. Except as may otherwise be prohibited by law or regulation (including any then current SEC staff interpretation), the Advisor may, in its discretion and from time to time, waive a portion of its fee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Duration and Termination</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement, unless sooner terminated as provided herein, shall remain in effect until two years from the date of execution, and thereafter, for periods of one year so long as such continuance thereafter is specifically approved at least annually (a) by the vote of a majority of those Directors of the Fund who are not parties to this Agreement or interested persons of any such party, cast in person at a meeting called for the purpose of voting on such approval, and (b) by the Directors of the Fund or by vote of a majority of the outstanding voting securities of the Fund; provided, however, that if the shareholders of the Fund fail to approve the Agreement as provided herein, the Advisor may continue to serve hereunder in the manner and to the extent permitted by the 1940 Act and rules and regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement may be terminated by the Advisor at any time without penalty upon giving the Fund sixty (60) days' written notice (which notice may be waived by the Fund) and may be terminated by the Fund at any time without penalty upon giving the Advisor sixty (60) days' written notice (which notice may be waived by the Advisor), provided that such termination by the Fund shall be directed or approved by the vote of the holders of a majority (as defined in the Act) of the voting securities of the Fund at the time outstanding and entitled to vote, or by a majority vote of the Board of Directors. This Agreement shall automatically terminate in the event of its assignment (as so defined).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As used in this Section 6, the terms "assignment," "interested persons", and a "vote of a majority of the outstanding voting securities" shall have the respective meanings set forth in the 1940 Act and the rules and regulations thereunder, subject to such exemptions as may be granted by the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Notice</u>

Any notice, advice or report to be given pursuant to this Agreement shall be deemed sufficient if delivered or mailed by registered, certified or overnight mail, postage prepaid addressed by the party giving notice to the other party at the last address furnished by the other party. Until notified to the contrary, each party's address for receiving notice is set forth below:

To the Advisor at: <u>Manning & Napier Advisors, LLC 290 Woodcliff Drive Fairport, New York 14450 Attention: Legal Department </u> <br> <u>To the Fund at:</u> <u>Manning & Napier Fund, Inc. c/o Manning & Napier Advisors, LLC 290 Woodcliff Drive Fairport, New York 14450 Attention: Legal Department </u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Amendments</u>

This Agreement may not be added to or changed orally and may not be modified or rescinded except by a writing signed by the parties hereto and in accordance with the 1940 Act, when applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Limitation of Liability</u>

It is expressly agreed that the obligations of the Fund hereunder shall not be binding upon any of the Directors, shareholders, nominees, officers, agents or employees of the Fund personally, but shall bind only the assets of the Fund. The execution and delivery of this Agreement have been authorized by the Directors, and this Agreement has been signed and delivered by an authorized officer of the Fund, acting as such, and neither such authorization by the Directors nor such execution and delivery by such officer shall be deemed to have been made by any of them individually or to impose any liability on them personally, but shall bind only the assets of the Fund as provided in the Funds' current articles of incorporation and by-laws. In addition, no portfolio of the Fund shall be liable for the obligations of any other portfolio of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Entire Agreement</u>

This Agreement embodies the entire agreement and understanding between the parties hereto, and supersedes all prior agreements and understandings relating to this Agreement's subject matter.

The Fund is entering into this Agreement with the Advisor on behalf of the respective portfolios of the Fund severally and not jointly, with the express intention that the provisions contained in each numbered paragraph hereof shall be understood as applying separately with respect to each portfolio as if contained in separate agreements between the Fund and Advisor for each such portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Enforceability</u>

Any term or provision of this Agreement which is invalid or unenforceable in any jurisdiction shall, as to such jurisdiction be ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms or provisions of this Agreement or affecting the validity or enforceability of any of the terms or provisions of this Agreement in any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Governing Law</u>

This Agreement shall be governed by the internal laws of the State of Maryland, without regard to conflict of law principles; provided, however that nothing herein shall be construed as being inconsistent with the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Miscellaneous</u>

Where the effect of a requirement of the 1940 Act or the Advisers Act reflected in any provision of this Agreement is altered by a rule, regulation or order of the Commission, whether of special or general application, such provision shall be deemed to incorporate the effect of such rule, regulation or order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Paragraph Headings</u>

The headings of paragraphs contained in this Agreement are provided for convenience only, form no part of this Agreement and shall not affect its construction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Counterparts</u>

This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

IN WITNESS WHEREOF, the parties hereto have caused the foregoing instrument to be executed by duly authorized persons and their seals to be hereunto affixed, all as of the day and year first above written.

---

| | | |
|:---|:---|:---|
|  | By: | &nbsp;&nbsp;MANNING & NAPIER FUND, INC.<br>&nbsp;&nbsp;/s/ Paul J. Battaglia |
|  |  | &nbsp;&nbsp;Paul J. Battaglia |
| Attest: |  |  |
| <u>/s/ Elizabeth Craig</u> |  |  |
|  |  | &nbsp;&nbsp;MANNING & NAPIER ADVISORS, LLC |
|  | By: | &nbsp;&nbsp;/s/ Sarah C. Turner |
|  |  | &nbsp;&nbsp;Sarah C. Turner |
| Attest: |  |  |
| <u>/s/ Elizabeth Craig</u> |  |  |

---

SCHEDULE A

TO THE

MANNING & NAPIER FUND, INC.

INVESTMENT ADVISORY AGREEMENT

October 21, 2022

FEE SCHEDULE

The Fund agrees to pay the Advisor as full compensation for all services rendered by the Advisor hereunder, an annual management fee payable monthly and computed on the net asset value of the Fund as of the close of business each business day at the annual rates listed below:

---

| | |
|:---|:---|
| <u>SERIES</u> | <u>PERCENTAGE</u> |
| Core Bond Series | &nbsp;&nbsp;&nbsp;0.25% |
| Credit Series | &nbsp;&nbsp;&nbsp;0.25% |
| Disciplined Value Series | &nbsp;&nbsp;&nbsp;0.30% |
| Diversified Tax Exempt Series | &nbsp;&nbsp;&nbsp;0.50% |
| Equity Series | &nbsp;&nbsp;&nbsp;0.75% |
| High Yield Bond Series | &nbsp;&nbsp;&nbsp;0.40% |
| New York Tax Exempt Series | &nbsp;&nbsp;&nbsp;0.50% |
| Overseas Series | &nbsp;&nbsp;&nbsp;0.60% |
| Pro-Blend Conservative Term Series | &nbsp;&nbsp;&nbsp;0.40% |
| Pro-Blend Extended Term Series | &nbsp;&nbsp;&nbsp;0.60% |
| Pro-Blend Maximum Term Series | &nbsp;&nbsp;&nbsp;0.60% |
| Pro-Blend Moderate Term Series | &nbsp;&nbsp;&nbsp;0.60% |
| Real Estate Series | &nbsp;&nbsp;&nbsp;0.60% |
| Unconstrained Bond Series | &nbsp;&nbsp;&nbsp;0.30% |

---

## Ex-99.(D)(1)(A)

**Exhibit 99.d(1)(a)**

SCHEDULE A

TO THE

MANNING & NAPIER FUND, INC.

INVESTMENT ADVISORY AGREEMENT

January 20, 2023

FEE SCHEDULE

The Fund agrees to pay the Advisor as full compensation for all services rendered by the Advisor hereunder, an annual management fee payable monthly and computed on the net asset value of the Fund as of the close of business each business day at the annual rates listed below:

---

| | |
|:---|:---|
| <u>SERIES</u> | <u>PERCENTAGE</u> |
| Core Bond Series | &nbsp;&nbsp;&nbsp;0.25% |
| Credit Series | &nbsp;&nbsp;&nbsp;0.25% |
| Disciplined Value Series | &nbsp;&nbsp;&nbsp;0.30% |
| Diversified Tax Exempt Series | &nbsp;&nbsp;&nbsp;0.50% |
| Equity Series | &nbsp;&nbsp;&nbsp;0.75% |
| High Yield Bond Series | &nbsp;&nbsp;&nbsp;0.40% |
| Overseas Series | &nbsp;&nbsp;&nbsp;0.60% |
| Pro-Blend Conservative Term Series | &nbsp;&nbsp;&nbsp;0.40% |
| Pro-Blend Extended Term Series | &nbsp;&nbsp;&nbsp;0.60% |
| Pro-Blend Maximum Term Series | &nbsp;&nbsp;&nbsp;0.60% |
| Pro-Blend Moderate Term Series | &nbsp;&nbsp;&nbsp;0.60% |
| Real Estate Series | &nbsp;&nbsp;&nbsp;0.60% |
| Unconstrained Bond Series | &nbsp;&nbsp;&nbsp;0.30% |

---

## Ex-99.(D)(2)(A)

**Exhibit 99.d(2)(a)**

**EXPENSE LIMITATION AGREEMENT**

**EXPENSE LIMITATION AGREEMENT,** effective as of October 21, 2022, by and between Manning & Napier Advisors, LLC (the "Advisor") and Manning & Napier Fund, Inc. (the "Company") (the "Agreement"), on behalf of the series of the Company set forth in Schedule A attached hereto (each, a "Series").

**WHEREAS,** the Company is a Maryland corporation organized under an Articles of Incorporation, dated July 26, 1984, as amended (the "Articles"), and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management company of the series type, and each Series is a series of the Company with the classes set forth in Schedule A attached hereto (each, a "Class");

**WHEREAS**, the Company and the Advisor have entered into Investment Advisory Agreements dated October 21, 2022 with respect to each Series of the Fund (the "Advisory Agreements") pursuant to which the Advisor provides investment advisory services to each Series for compensation based on the value of the average daily net assets of the Series;

**WHEREAS,** the Company, on behalf of certain Series, and the Advisor have entered into an agreement whereby, pursuant to the terms of such agreement, the Advisor has agreed to waive the investment advisory fees payable to it by Class W Shares of the Series pursuant to the Advisory Agreement with respect to said Series (the "Advisory Fee Waiver Agreement");

**WHEREAS,** the Company and the Advisor have determined that it is appropriate and in the best interests of each Series and the Series' shareholders to maintain the expenses of each Class of the Series at a level at or below the level to which the Class would normally be subject in order for the Class's expense ratio to not exceed the Maximum Annual Operating Expense Limit (as hereinafter defined) specified for such Class in Schedule A hereto;

**NOW THEREFORE,** the parties hereto agree as follows:

**1. <u>Expense Limitation</u>.**

**1.1. <u>Applicable Expense Limit</u>.** To the extent that the aggregate expenses incurred by a Class of a Series in any fiscal year, including, but not limited to, investment advisory fees of the Advisor that are not waived pursuant to the Advisory Fee Waiver Agreement (but excluding any class-specific expenses (including distribution and service (12b-1) fees and shareholder servicing fees), interest, taxes, brokerage commissions, and other costs and expenses relating to the securities that are purchased and sold by the Series, dividend and interest expenses on securities sold short, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, and other non-routine expenses not incurred in the ordinary course of such Series' business) and expenses for which payment has been made through the use of all or a portion of brokerage commissions (or markups or markdowns) generated by that Series ("Fund Operating Expenses"), exceed the Maximum Annual Operating Expense Limit, as defined in Section 1.2 below, this excess amount (the "Excess Amount") shall be the liability of the Advisor.

**1.2. <u>Maximum Annual Operating Expense Limit</u>.** The Maximum Annual Operating Expense Limit with respect to a Class of a Series shall be the amount specified in Schedule A based on a percentage of the average daily net assets of the Class. The Maximum Annual Operating Expense Limit for a Class of a Series contemplates that certain expenses for the Series may be paid through the use of all or a portion of brokerage commissions (or markups or markdowns) generated by the Series.

**1.3. <u>Method of Computation</u>.** To determine the Advisor's liability with respect to the Excess Amount, each month the Fund Operating Expenses for the Class shall be annualized as of the last day of the month. If the annualized Fund Operating Expenses of a Class of a Series subject to the Advisory Fee Waiver Agreement for any month exceed the Maximum Annual Operating Expense Limit of such Class, the Advisor shall remit to the Class an amount that is sufficient to pay said Excess Amount. If the annualized Fund Operating Expenses of a Class of a Series not subject to the Advisory Fee Waiver Agreement for any month exceed the Maximum Annual Operating Expense Limit of such Class, the Advisor shall first waive or reduce the Advisor's investment advisory fee for said month by an amount sufficient to reduce the annualized Fund Operating Expenses to an amount no higher than the Maximum Annual Operating Expense Limit. If the amount of the waived or reduced investment advisory fee for any said month is insufficient to pay the Excess Amount, or, would cause the Class to pay a different share of the investment advisory fee than any other Class of the Series not subject to the Advisory Fee Waiver Agreement, the Advisor also shall remit to the Class an amount that, together with the waived or reduced investment advisory fee, is sufficient to pay said Excess Amount.

**1.4. <u>Year-End Adjustment</u>.** If necessary, on or before the last day of the first month of each fiscal year (or the termination of this Agreement if sooner), an adjustment payment shall be made by the appropriate party in order that the amount of the investment advisory fees waived or reduced and other payments remitted by the Advisor to each Class, pursuant to this Section 1, with respect to the previous fiscal year shall equal the Excess Amount for said fiscal year.

**2. <u>Reimbursement of Fee Waivers and Expense Payments</u>.** 

**2.1. <u>Reimbursement</u>.** At any time in which the Advisory Agreement with respect to a Series still is in effect, the Advisor shall be entitled to reimbursement by a Class of said Series, in whole or in part as provided below, of the investment advisory fees waived or reduced and other payments remitted by the Advisor to said Class pursuant to Section 1 hereof to the extent that the estimated aggregate Fund Operating Expenses of such Class for the fiscal year are less than the Maximum Annual Operating Expense Limit (i) at the time of the fee waiver or expense payment and (ii) at the time of the reimbursement. The total amount of reimbursement to which the Advisor may be entitled ("Reimbursement Amount") shall equal, at any time, the sum of all investment advisory fees previously waived or reduced by the Advisor and all other payments remitted by the Advisor to a Series, pursuant to Section 1 hereof, during the rolling three (3)-year period preceding the reimbursement, less any reimbursement previously paid by said Series to the Advisor, pursuant to this Section 2, with respect to said waivers, reductions, and payments. For the avoidance of doubt, the Reimbursement Amount for any such waiver, reduction or other remittance by the Advisor shall be determined by reference to its own rolling 3-year period. Notwithstanding anything to the contrary above, the Reimbursement Amount shall not include (i) any waiver, reduction or other remittance by the Advisor prior to the date of this Agreement, (ii) any waiver of investment advisory fees pursuant to the Advisory Fee Waiver Agreement, or (iii) any additional charges or fees whatsoever, including, for example, interest accruable on the Reimbursement Amount.

**2.2. <u>Board Notification</u>.** Each Series shall provide to the Board of Directors of the Company (the "Board") a quarterly report of any reimbursements paid to the Advisor pursuant to this Agreement.

**2.3. <u>Method of Computation</u>.** To determine a Class's accrual, if any, to reimburse the Advisor for the Reimbursement Amount, each month the Fund Operating Expenses of the Class shall be annualized as of the last day of the month. If the annualized Fund Operating Expenses of a Class for any month are less than the Maximum Annual Operating Expense Limit of said Class, said Class shall accrue into the Class's net asset value an amount payable to the Advisor sufficient to increase the annualized Fund Operating Expenses of that Class to an amount no greater than the Maximum Annual Operating Expense Limit of that Class, provided that said amount paid to the Advisor in no event shall exceed the total Reimbursement Amount. For accounting purposes, amounts accrued pursuant to this Section 2 shall be a liability of a Class for purposes of determining the Class's net asset value.

**2.4. <u>Payment and Year-End Adjustment</u>.** Amounts accrued pursuant to this Agreement shall be payable to the Advisor as of the last day of each month. If necessary, on or before the last day of the first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual Fund Operating Expenses of a Class for the prior fiscal year (including any reimbursement payments hereunder with respect to said fiscal year) do not exceed the Maximum Annual Operating Expense Limit for said fiscal year.

**2.5. <u>Survival.</u>** Subject to Section 2.1, this Section 2 shall survive the termination of this Agreement.

**3. <u>Term and Termination of Agreement</u>.** This Agreement will remain in effect indefinitely with respect to a Class of a Series, and will terminate only upon (i) the liquidation and dissolution of the Class, (ii) the Advisor no longer serves as the investment adviser with respect to the Series , or (iii) the approval by majority vote of the Directors, including a majority of those Directors who are not "interested persons" (as such term is defined in the 1940 Act) of the Company (the "Independent Directors") voting separately.

**4. <u>Miscellaneous</u>.**

**4.1. <u>Captions</u>.** The captions in this Agreement are included for convenience of reference only and in no other way define or delineate any of the provisions hereof or otherwise affect the construction or effect of the provisions hereof.

**4.2. <u>Interpretation</u>.** Nothing herein contained shall be deemed to require the Company or a Series to take any action contrary to the Company's Articles or By-Laws, or any applicable statutory or regulatory requirement to which the Company or the Series is subject or by which the Company or the Series is bound, or to relieve or deprive the Board of the Board's responsibility for and control of the conduct of the affairs of the Company or the Series.

**4.3. <u>Definitions</u>.** Any question of interpretation of any term or provision of this Agreement, including, but not limited to, the investment advisory fee, the computations of net asset values, and the allocation of expenses, having a counterpart in or otherwise derived from the terms and provisions of an Advisory Agreement or the 1940 Act, shall have the same meaning as and be resolved by reference to said Advisory Agreement or the 1940 Act.

**4.4. <u>Enforceability</u>.** Any term or provision of this Agreement which is invalid or unenforceable in any jurisdiction shall be ineffective, as to said jurisdiction, to the extent of said invalidity or unenforceability without rendering invalid or unenforceable the remaining terms or provisions of this Agreement or affecting the validity or enforceability of any of the terms or provisions of this Agreement in any other jurisdiction.

**4.5. <u>Governing Law and Jurisdiction</u>.** This Agreement shall be governed by and construed in accordance with the substantive laws of the State of Maryland without giving effect to the conflicts of law principles thereof, and the parties consent to the jurisdiction of courts, both state or federal, in Maryland, with respect to any dispute under this Agreement.

**4.6. <u>Amendment</u>.** This Agreement may not be amended except pursuant to a writing signed by the parties hereto and in accordance with the 1940 Act, when applicable. Schedule A hereto may not be amended to increase the Maximum Annual Operating Expense Limit of a Class unless such amendment is authorized by majority vote of the Directors, including a majority of Independent Directors voting separately.

**4.7. <u>Assignment.</u>** The Advisor may not assign its right or obligations under this Agreement except with prior approval by majority vote of the Directors, including a majority of Independent Directors voting separately.

**4.8. <u>Severability</u>.** If any provision of this Agreement shall be held or made invalid by a court decision, statute, or rule, or otherwise shall be rendered invalid, the remainder of this Agreement shall not be affected thereby.

**4.9. <u>Entire Agreement</u>.** This Agreement, including any schedules hereto (each of which is incorporated herein and made a part hereof by these references), represents the entire agreement and understanding of the parties hereto, and shall supersede any prior agreements.

**[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]**

**IN WITNESS WHEREOF,** the parties have caused this Agreement to be signed by their respective officers thereunto duly authorized, as of the day and year first above written.

**MANNING & NAPIER FUND, INC.**,

on behalf of the series of the Company set forth in Schedule A

/s/ Elizabeth Craig

Name: Elizabeth Craig

Title: Corporate Secretary

**MANNING & NAPIER ADVISORS, LLC**

/s/ Sarah Turner

Name: Sarah Turner

Title: Corporate Secretary

**SCHEDULE A**

**DATED: October 21, 2022**

**MAXIMUM ANNUAL OPERATING EXPENSE LIMITS**

This Agreement relates to the following Series of the Company:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name of Series** | &nbsp;&nbsp;**Share Class** | &nbsp;&nbsp;**Maximum**<br> **Annual Operating Expense Limit** |
| &nbsp;&nbsp;Pro-Blend Conservative Term Series | &nbsp;&nbsp;L, R, S, I | &nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;Pro-Blend Conservative Term Series | &nbsp;&nbsp;Z | &nbsp;&nbsp;0.50% |
| &nbsp;&nbsp;Pro-Blend Conservative Term Series | &nbsp;&nbsp;W | &nbsp;&nbsp;0.10% |
| &nbsp;&nbsp;Pro-Blend Moderate Term Series | &nbsp;&nbsp;L, R, S, I | &nbsp;&nbsp;0.85% |
| &nbsp;&nbsp;Pro-Blend Moderate Term Series | &nbsp;&nbsp;Z | &nbsp;&nbsp;0.70% |
| &nbsp;&nbsp;Pro-Blend Moderate Term Series | &nbsp;&nbsp;W | &nbsp;&nbsp;0.10% |
| &nbsp;&nbsp;Pro-Blend Extended Term Series | &nbsp;&nbsp;L, R, S, I | &nbsp;&nbsp;0.85% |
| &nbsp;&nbsp;Pro-Blend Extended Term Series | &nbsp;&nbsp;Z | &nbsp;&nbsp;0.70% |
| &nbsp;&nbsp;Pro-Blend Extended Term Series | &nbsp;&nbsp;W | &nbsp;&nbsp;0.10% |
| &nbsp;&nbsp;Pro-Blend Maximum Term Series | &nbsp;&nbsp;L, R, S, I | &nbsp;&nbsp;0.85% |
| &nbsp;&nbsp;Pro-Blend Maximum Term Series | &nbsp;&nbsp;Z | &nbsp;&nbsp;0.70% |
| &nbsp;&nbsp;Pro-Blend Maximum Term Series | &nbsp;&nbsp;W | &nbsp;&nbsp;0.10% |
| &nbsp;&nbsp;Equity Series | &nbsp;&nbsp;S | &nbsp;&nbsp;0.80% |
| &nbsp;&nbsp;Equity Series | &nbsp;&nbsp;W | &nbsp;&nbsp;0.05% |
| &nbsp;&nbsp;Disciplined Value Series | &nbsp;&nbsp;S, I | &nbsp;&nbsp;0.60% |
| &nbsp;&nbsp;Disciplined Value Series | &nbsp;&nbsp;Z | &nbsp;&nbsp;0.45% |
| &nbsp;&nbsp;Disciplined Value Series | &nbsp;&nbsp;W | &nbsp;&nbsp;0.15% |
| &nbsp;&nbsp;Rainier International Discovery Series | &nbsp;&nbsp;S, I | &nbsp;&nbsp;1.15% |
| &nbsp;&nbsp;Rainier International Discovery Series | &nbsp;&nbsp;Z | &nbsp;&nbsp;1.00% |
| &nbsp;&nbsp;Rainier International Discovery Series | &nbsp;&nbsp;W | &nbsp;&nbsp;0.10% |
| &nbsp;&nbsp;Overseas Series | &nbsp;&nbsp;W | &nbsp;&nbsp;0.05% |
| &nbsp;&nbsp;Overseas Series | &nbsp;&nbsp;I | &nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;Overseas Series | &nbsp;&nbsp;S | &nbsp;&nbsp;0.80% |
| &nbsp;&nbsp;Overseas Series | &nbsp;&nbsp;Z | &nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;New York Tax Exempt Series | &nbsp;&nbsp;A | &nbsp;&nbsp;0.85% |
| &nbsp;&nbsp;New York Tax Exempt Series | &nbsp;&nbsp;W | &nbsp;&nbsp;0.35% |
| &nbsp;&nbsp;Diversified Tax Exempt Series | &nbsp;&nbsp;A | &nbsp;&nbsp;0.85% |
| &nbsp;&nbsp;Diversified Tax Exempt Series | &nbsp;&nbsp;W | &nbsp;&nbsp;0.35% |
| &nbsp;&nbsp;Unconstrained Bond Series | &nbsp;&nbsp;S, I | &nbsp;&nbsp;0.50% |
| &nbsp;&nbsp;Unconstrained Bond Series | &nbsp;&nbsp;Z | &nbsp;&nbsp;0.35% |
| &nbsp;&nbsp;Unconstrained Bond Series | &nbsp;&nbsp;W | &nbsp;&nbsp;0.05% |
| &nbsp;&nbsp;Real Estate Series | &nbsp;&nbsp;S, I | &nbsp;&nbsp;0.85% |
| &nbsp;&nbsp;Real Estate Series | &nbsp;&nbsp;Z | &nbsp;&nbsp;0.70% |
| &nbsp;&nbsp;Real Estate Series | &nbsp;&nbsp;W | &nbsp;&nbsp;0.10% |
| &nbsp;&nbsp;Core Bond Series | &nbsp;&nbsp;S, I | &nbsp;&nbsp;0.45% |
| &nbsp;&nbsp;Core Bond Series | &nbsp;&nbsp;Z | &nbsp;&nbsp;0.30% |
| &nbsp;&nbsp;Core Bond Series | &nbsp;&nbsp;W | &nbsp;&nbsp;0.05% |
| &nbsp;&nbsp;High Yield Bond Series | &nbsp;&nbsp;S, I | &nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;High Yield Bond Series | &nbsp;&nbsp;Z | &nbsp;&nbsp;0.50% |
| &nbsp;&nbsp;High Yield Bond Series | &nbsp;&nbsp;W | &nbsp;&nbsp;0.10% |

---

## Ex-99.(D)(2)(A)(I)

**Exhibit 99.d(2)(a)(i)**

**SCHEDULE A**

**DATED: January 20, 2023**

**MAXIMUM ANNUAL OPERATING EXPENSE LIMITS**

This Agreement relates to the following Series of the Company:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name of Series** | &nbsp;&nbsp;**Share Class** | &nbsp;&nbsp;**Maximum**<br> **Annual Operating Expense Limit** |
| &nbsp;&nbsp;Pro-Blend Conservative Term Series | &nbsp;&nbsp;L, R, S, I | &nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;Pro-Blend Conservative Term Series | &nbsp;&nbsp;Z | &nbsp;&nbsp;0.50% |
| &nbsp;&nbsp;Pro-Blend Conservative Term Series | &nbsp;&nbsp;W | &nbsp;&nbsp;0.10% |
| &nbsp;&nbsp;Pro-Blend Moderate Term Series | &nbsp;&nbsp;L, R, S, I | &nbsp;&nbsp;0.85% |
| &nbsp;&nbsp;Pro-Blend Moderate Term Series | &nbsp;&nbsp;Z | &nbsp;&nbsp;0.70% |
| &nbsp;&nbsp;Pro-Blend Moderate Term Series | &nbsp;&nbsp;W | &nbsp;&nbsp;0.10% |
| &nbsp;&nbsp;Pro-Blend Extended Term Series | &nbsp;&nbsp;L, R, S, I | &nbsp;&nbsp;0.85% |
| &nbsp;&nbsp;Pro-Blend Extended Term Series | &nbsp;&nbsp;Z | &nbsp;&nbsp;0.70% |
| &nbsp;&nbsp;Pro-Blend Extended Term Series | &nbsp;&nbsp;W | &nbsp;&nbsp;0.10% |
| &nbsp;&nbsp;Pro-Blend Maximum Term Series | &nbsp;&nbsp;L, R, S, I | &nbsp;&nbsp;0.85% |
| &nbsp;&nbsp;Pro-Blend Maximum Term Series | &nbsp;&nbsp;Z | &nbsp;&nbsp;0.70% |
| &nbsp;&nbsp;Pro-Blend Maximum Term Series | &nbsp;&nbsp;W | &nbsp;&nbsp;0.10% |
| &nbsp;&nbsp;Equity Series | &nbsp;&nbsp;S | &nbsp;&nbsp;0.80% |
| &nbsp;&nbsp;Equity Series | &nbsp;&nbsp;W | &nbsp;&nbsp;0.05% |
| &nbsp;&nbsp;Disciplined Value Series | &nbsp;&nbsp;S, I | &nbsp;&nbsp;0.60% |
| &nbsp;&nbsp;Disciplined Value Series | &nbsp;&nbsp;Z | &nbsp;&nbsp;0.45% |
| &nbsp;&nbsp;Disciplined Value Series | &nbsp;&nbsp;W | &nbsp;&nbsp;0.15% |
| &nbsp;&nbsp;Rainier International Discovery Series | &nbsp;&nbsp;S, I | &nbsp;&nbsp;1.15% |
| &nbsp;&nbsp;Rainier International Discovery Series | &nbsp;&nbsp;Z | &nbsp;&nbsp;1.00% |
| &nbsp;&nbsp;Rainier International Discovery Series | &nbsp;&nbsp;W | &nbsp;&nbsp;0.10% |
| &nbsp;&nbsp;Overseas Series | &nbsp;&nbsp;W | &nbsp;&nbsp;0.05% |
| &nbsp;&nbsp;Overseas Series | &nbsp;&nbsp;I | &nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;Overseas Series | &nbsp;&nbsp;S | &nbsp;&nbsp;0.80% |
| &nbsp;&nbsp;Overseas Series | &nbsp;&nbsp;Z | &nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;Diversified Tax Exempt Series | &nbsp;&nbsp;A | &nbsp;&nbsp;0.85% |
| &nbsp;&nbsp;Diversified Tax Exempt Series | &nbsp;&nbsp;W | &nbsp;&nbsp;0.35% |
| &nbsp;&nbsp;Unconstrained Bond Series | &nbsp;&nbsp;S, I | &nbsp;&nbsp;0.50% |
| &nbsp;&nbsp;Unconstrained Bond Series | &nbsp;&nbsp;Z | &nbsp;&nbsp;0.35% |
| &nbsp;&nbsp;Unconstrained Bond Series | &nbsp;&nbsp;W | &nbsp;&nbsp;0.05% |
| &nbsp;&nbsp;Real Estate Series | &nbsp;&nbsp;S, I | &nbsp;&nbsp;0.85% |
| &nbsp;&nbsp;Real Estate Series | &nbsp;&nbsp;Z | &nbsp;&nbsp;0.70% |
| &nbsp;&nbsp;Real Estate Series | &nbsp;&nbsp;W | &nbsp;&nbsp;0.10% |
| &nbsp;&nbsp;Core Bond Series | &nbsp;&nbsp;S, I | &nbsp;&nbsp;0.45% |
| &nbsp;&nbsp;Core Bond Series | &nbsp;&nbsp;Z | &nbsp;&nbsp;0.30% |
| &nbsp;&nbsp;Core Bond Series | &nbsp;&nbsp;W | &nbsp;&nbsp;0.05% |
| &nbsp;&nbsp;High Yield Bond Series | &nbsp;&nbsp;S, I | &nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;High Yield Bond Series | &nbsp;&nbsp;Z | &nbsp;&nbsp;0.50% |
| &nbsp;&nbsp;High Yield Bond Series | &nbsp;&nbsp;W | &nbsp;&nbsp;0.10% |

---

## Ex-99.(D)(2)(B)

**Exhibit 99.d(2)(b)**

ADVISORY FEE WAIVER AGREEMENT

This agreement is made as of the <u>21st</u> day of <u>October</u>, 2022 by and between MANNING & NAPIER FUND, INC., a Maryland Corporation (the "Fund"), and MANNING & NAPIER ADVISORS, LLC, a Delaware Corporation (the "Advisor"), with respect to the following:

WHEREAS, the Advisor serves as the investment advisor to certain series of the Fund listed on Schedule A (each, a "Series"), pursuant to an Investment Advisory Agreement dated <u>October 21</u>, 2022, with respect to the Rainier International Discovery Series, and an Investment Advisory Agreement dated <u>October 21</u>, 2022, as amended, with respect to each other Series (each, an "Investment Advisory Agreement"); and

WHEREAS, the Fund and the Advisor desire to enter into a contractual fee waiver arrangement with respect to the Class W shares of the Series.

NOW THEREFORE, in consideration of the mutual covenants herein contained and other good and valuable consideration, the receipt whereof is hereby acknowledged, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Advisor agrees to waive the advisory fee payable to it by the Class W shares of the Series pursuant to each Investment Advisory Agreement. For the avoidance of doubt, this Agreement does not impact the advisory fee payable to the Advisor by any class of shares of the Series other than the Class W shares of the Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. This Agreement will remain in effect from year to year unless terminated as provided herein. This Agreement cannot be terminated by the Advisor without the approval of the Fund's Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Any question of interpretation of any term or provision of this Agreement having a counterpart in or otherwise derived from a term or provision of the Investment Company Act of 1940, as amended (the "1940 Act") shall be resolved by reference to such term or provision of the 1940 Act and to interpretations thereof, if any, by the United States Courts or in the absence of any controlling decision of any such court, by rules, regulations or orders of the Securities and Exchange Commission ("SEC") issued pursuant to said Act. In addition, where the effect of a requirement of the 1940 Act reflected in any provision of this Agreement is revised by rule, regulation or order of the SEC, such provision shall be deemed to incorporate the effect of such rule, regulation or order. Otherwise the provisions of this Agreement shall be interpreted in accordance with the laws of Maryland.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. This Agreement may be amended only by a written instrument signed by each of the parties hereto.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed in duplicate by their respective officers as of the day and year first above written.

---

| |
|:---|
| Manning & Napier |
| FUND, INC. |
| On behalf of each of its Series |
| listed on <u>Schedule A</u> hereto |

---

---

| | |
|:---|:---|
| by: | /s/ Elizabeth Craig |
| By: Elizabeth Craig | By: Elizabeth Craig |
| Title: Corporate Secretary | Title: Corporate Secretary |

---

Manning & Napier <br> ADVISORS, LLC

---

| | |
|:---|:---|
| by: | /s/Sarah Turner |
| By: Sarah Turner | By: Sarah Turner |
| Title: Corporate Secretary | Title: Corporate Secretary |

---

**SCHEDULE A**

**October 21, 2022**

<u>Series</u>

Core Bond Series Class W

Credit Series Class W

Disciplined Value Series Class W

Diversified Tax Exempt Series Class W

Equity Series Class W

High Yield Bond Series Class W

New York Tax Exempt Series Class W

Overseas Series Class W

Pro-Blend Conservative Term Series Class W

Pro-Blend Moderate Term Series Class W

Pro-Blend Extended Term Series Class W

Pro-Blend Maximum Term Series Class W

Rainier International Discovery Series Class W

Real Estate Series Class W

Unconstrained Bond Series Class W

## Ex-99.(D)(2)(B)(I)

**Exhibit 99.d(2)(b)(i)**

**AMENDED AND RESTATED**

**ADVISORY FEE WAIVER AGREEMENT**

**SCHEDULE A**

**January 20, 2023**

<u>Series</u>

Core Bond Series Class W

Credit Series Class W

Disciplined Value Series Class W

Diversified Tax Exempt Series Class W

Equity Series Class W

High Yield Bond Series Class W

Overseas Series Class W

Pro-Blend Conservative Term Series Class W

Pro-Blend Moderate Term Series Class W

Pro-Blend Extended Term Series Class W

Pro-Blend Maximum Term Series Class W

Rainier International Discovery Series Class W

Real Estate Series Class W

Unconstrained Bond Series Class W

## Ex-99.(D)(3)(A)

**Exhibit 99.d(3)(a)**

**MANNING & NAPIER FUND, INC.** 

**INVESTMENT ADVISORY AGREEMENT**

**with**

**MANNING & NAPIER ADVISORS, LLC**

**THIS INVESTMENT ADVISORY AGREEMENT** ("Agreement) is made as of the 21<sup>st</sup> day of October, 2022, by and between Manning & Napier Fund, Inc. , a corporation organized under the laws of the State of Maryland (the "Fund"), on behalf of the series of the Fund indicated on Schedule A (each, a "Series" and collectively, the "Series"), which may be amended from time to time by written instrument executed by the parties to add additional Series and Manning & Napier Advisors, LLC, a limited liability company organized under the laws of the State of Delaware (the "Advisor").

**WITNESSETH:**

**WHEREAS**, the Fund is registered with the U.S. Securities and Exchange Commission ("SEC") as an open-end investment company under the Investment Company Act of 1940, as amended (the "1940 Act"); and

**WHEREAS,** each Series is a series of the Fund having its own investment objective or objectives, policies, limitations and separate assets and liabilities; and

**WHEREAS**, the Advisor is registered as an investment advisor under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), and engages in the business of providing investment management services; and

**WHEREAS**, the Fund, on behalf of each Series, desires to retain the Advisor to render advice and services to each Fund pursuant to the terms and provisions of this Agreement, and the Advisor desires to furnish said advice and services; and

**WHEREAS**, the Advisor agrees to serve as the investment advisor for each Series on the terms and conditions set forth herein; and

**WHEREAS**, the Advisor may retain one or more sub-advisors (the "Sub-Advisors") to render portfolio management services to the Series pursuant to investment sub-advisory agreements between the Advisor and each such Sub-Advisor (each, a "Sub-Advisory Agreement").

**NOW, THEREFORE,** in consideration of the covenants and the mutual promises hereinafter set forth, the parties to this Agreement, intending to be legally bound hereby, mutually agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. APPOINTMENT OF ADVISOR.** The Fund hereby appoints the Advisor and the Advisor hereby accepts such appointment, to render investment advisory and related services to the Fund for the period and on the terms set forth in this Agreement, subject to the supervision and direction of the Fund's Board of Directors (the "Board of Directors" or "Board").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. DUTIES OF ADVISOR.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) GENERAL DUTIES.** Subject to the supervision of the Board of Directors, the Advisor shall act as investment advisor to each Series and shall supervise investments of each Series in accordance with the investment objectives, policies and restrictions of each Series as provided in each Series' prospectus and statement of additional information, as currently in effect and as amended or supplemented from time to time, and in compliance with the requirements applicable to registered investment companies under applicable laws, including, but not limited to, the 1940 Act, the Commodity Exchange Act and the rules of the National Futures Association, and those requirements applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended ("Code"). It is understood and agreed that the Advisor shall have no obligation to initiate litigation on behalf of the Fund.

Without limiting the generality of the foregoing, the Advisor shall: (i) furnish each Series with advice and recommendations with respect to the investment of each Series' assets and the purchase and sale of portfolio securities and other investments for each Series, including the taking of such steps as may be necessary to implement such advice and recommendations (*i.e.*, placing the orders); (ii) manage and oversee the investments of each Series, subject to the ultimate supervision and direction of the Fund's Board of Directors; (iii) vote proxies for each Series (or delegate such responsibility to vote proxies), and file beneficial ownership reports required by Sections 13(f) and 13(g) of the Securities Exchange Act of 1934 (the "1934 Act") for the Series; (iv) maintain records relating to the advisory services provided by the Advisor hereunder required to be prepared and maintained by the Advisor or the Series pursuant to applicable law; (v) furnish reports, statements and other data on securities, valuations of Series assets, economic conditions and other matters related to the investment of the Series' assets which the officers of the Fund may reasonably request; and (vi) render to the Fund's Board of Directors such periodic and special reports with respect to the Series' investment activities as the Board may reasonably request; and (vii) have full authority to retain Sub-Advisors to provide certain investment advisory services to the Series, subject to the approval of the Board and the requirements of the 1940 Act. In accordance with clause (vii), the Advisor may delegate certain of its duties under this Agreement with respect to a Series to a Sub-Advisor or Sub-Advisors (including the rights and obligations set forth in Section 2(b) below) by entering into Sub-Advisory Agreements with one or more Sub-Advisors and, except as otherwise permitted under the terms of any exemptive relief granted to the Fund and Advisor by the SEC, or by rule or regulation, the Advisor may only enter into Sub-Advisory Agreements or materially amend Sub-Advisory Agreements with the approval of the Board and the approval of the shareholders of the affected Series. The Advisor shall be responsible for overseeing the performance of the Sub-Advisors and recommending changes in Sub-Advisors as appropriate. The Advisor may pay the Sub-Advisor a portion of the compensation received by the Advisor hereunder; provided, however, that the Advisor shall remain fully liable for all of its obligations under this Agreement.

The Advisor shall also administer the affairs of the Fund and, in connection therewith, shall be responsible for (i) overseeing the Fund's insurance relationships; (ii) preparing for the Fund (or assisting counsel and/or auditors in the preparation of) all required tax returns, proxy statements and reports to the Fund's shareholders and Directors and reports to and other filings with the SEC and any other governmental agency (the Fund agreeing to supply or to cause to be supplied to the Advisor all necessary financial and other information in connection with the foregoing); (iii) responding to all inquiries or other communications of shareholders, if any, which are directed to the Advisor, or if any such inquiry or communication is more properly to be responded to by the Fund's transfer agent, custodian or accounting services agent, the Advisor is responsible for directing such inquiry to the appropriate party in a timely fashion and ensuring that such inquiry is responded to; and (iv) authorizing and directing any of the Advisor's directors, officers and employees who may be elected as directors or officers of the Fund to serve in the capacities in which they are elected. All services to be furnished by the Advisor under this Agreement may be furnished through the medium of any such directors, officers or employees of the Advisor.

The Advisor will provide the Fund with any information reasonably requested regarding the services provided hereunder required for any meeting of the Board, or for any shareholder report, Form N-CSR, Form N-SAR, Form N-Q, Form N-PX, Form N-PORT, Form N-CEN, amended registration statement, proxy statement, prospectus supplement or similar document to be filed by the Fund with the SEC. The Advisor will make its officers and employees available to meet with the Board from time to time on due notice to review its services to the Fund in light of current and prospective economic and market conditions and shall furnish to the Board such information as may reasonably be necessary in order for the Board to evaluate this Agreement or any proposed amendments thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) BROKERAGE.** In connection with the investment and reinvestment of the assets of each Series, the Advisor is authorized (and can delegate to Sub-Advisors) to select the brokers, dealers or futures commission merchants that will execute purchase and sale transactions for each Series' portfolio (the "Portfolio"), to execute for each Series as its agent and attorney-in-fact standard customer agreements and other documentation in connection with opening trading accounts with such brokers, dealers or futures commission merchants, including, but not limited to, ISDA agreements, and to use all reasonable efforts to obtain the best available price and most favorable execution ("best execution") with respect to all such purchases and sales of portfolio securities for said Portfolio. The Advisor may take into consideration, among other things, the best net price available; the reliability, integrity and financial condition of the broker-dealer; the size of and difficulty in executing the order; and the value of the expected contribution of the broker-dealer to the investment performance of each Series on a continuing basis. The price to the Series in any transaction may be less favorable than that available from another broker-dealer if the difference is reasonably justified by other aspects of the portfolio execution services offered. The Advisor shall maintain records adequate to demonstrate compliance with the requirements of this section. Such records shall be made available to the Fund upon request.

In evaluating the ability of a broker-dealer to provide best execution with respect to a particular transaction, the Advisor may also consider the brokerage and research services provided (as those terms are defined in Section 28(e) of the Securities Exchange Act of 1934 (the "Exchange Act")). Consistent with any guidelines established by the Board of Directors of the Fund and Section 28(e) of the Exchange Act, the Advisor is authorized to pay to a broker or dealer who provides such brokerage and research services a commission for executing a portfolio transaction for a Series which is in excess of the amount of commission another broker or dealer would have charged for effecting that transaction if, but only if, the Advisor determines in good faith that such commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer -- viewed in terms of that particular transaction or in terms of the overall responsibilities of the Advisor to its discretionary clients, including the Series. In addition, the Advisor is authorized to allocate purchase and sale orders for securities to brokers or dealers (including brokers and dealers that are affiliated with the Advisor, any Sub-Advisor or the Fund's principal underwriter) if the Advisor believes that the quality of the transaction and the commission are comparable to what they would be with other qualified firms. In no instance, however, will a Series' assets be purchased from or sold to the Advisor, any Sub-Advisor, the Fund's principal underwriter, or any affiliated person of either the Fund, Advisor, any Sub-Advisor or the principal underwriter, acting as principal in the transaction, except to the extent permitted by the SEC and the 1940 Act.

When the Advisor deems the purchase or sale of a security to be in the best interest of a Series as well as of other clients, the Advisor, to the extent permitted by applicable laws and regulations and consistent with the Advisor's duty to seek best execution, may aggregate orders of the Series and of those other clients for the purchase or sale of the security. In such event, allocation of the securities so purchased or sold, as well as the expenses incurred in the transaction, will be made by the Advisor in the manner it considers to be equitable and consistent with its fiduciary obligations to the Series and to such other clients.

The Fund authorizes and empowers the Advisor to open and maintain trading accounts in the name of each Series and to execute for each Series as its agent and attorney-in-fact customer agreements with such broker or brokers as the Advisor shall select as provided herein. The Advisor shall cause all securities and other property purchased or sold for a Series to be settled at the place of business of the custodian or as the custodian shall direct. All securities and other property of a Series shall remain in the direct or indirect custody of the custodian except as otherwise authorized by the Board.

The Advisor further shall have the authority to instruct the custodian to pay cash for securities and other property delivered to the custodian for a Series and deliver securities and other property against payment for a Series, and such other authority granted by the Fund from time to time. The Advisor shall not have authority to cause the custodian to deliver securities and other property or pay cash to the Advisor except as expressly provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. REPRESENTATIONS OF THE ADVISOR.** The Advisor represents, warrants and agrees that it:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** has all requisite power and authority to enter into and perform its obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** has taken all necessary actions to authorize its execution, delivery and performance of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** is registered as an advisor under the Advisers Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** has furnished to the Fund the Advisor's most recent registration statement on Form ADV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. REPRESENTATIONS OF THE FUND.** The Fund represents, warrants and agrees that it:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** has all requisite power and authority to enter into and perform its obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** has taken all necessary actions to authorize its execution, delivery and performance of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** has furnished to the Advisor copies of each of the following documents: (i) the Articles of Incorporation of the Fund; (ii) the By-Laws of the Fund; (iii) the resolutions of the Board approving the engagement of the Advisor as investment advisor of the Series and approving the form of this Agreement; and (iv) current copies of a Series' Prospectus and Statement of Additional Information. The Fund shall furnish the Advisor from time to time with copies of all material amendments of or material supplements to the foregoing, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. COVENANTS OF THE ADVISOR.** The Advisor covenants that it shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** maintain all licenses and registrations necessary to perform its duties hereunder in good order; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** maintain insurance in the types and in an amount at least equal to that disclosed to the Board of Directors in connection with their approval of this Agreement and shall provide prompt notice to the Fund (i) of any material changes in its insurance policies or insurance coverage; or (ii) if any material claims are reasonably expected to be made on its insurance policies. Furthermore, the Advisor shall, upon reasonable request, provide the Fund with any information it may reasonably require concerning the amount of or scope of such insurance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. INDEPENDENT CONTRACTOR.** The Advisor shall, for all purposes herein, be deemed to be an independent contractor, and shall, unless otherwise expressly provided and authorized to do so in this Agreement or another writing by the Fund to the Advisor, have no authority to act for or represent the Fund or the Series in any way, or in any way be deemed an agent for the Fund or for the Series. It is expressly understood and agreed that the services to be rendered by the Advisor to the Series under the provisions of this Agreement are not to be deemed exclusive, and that the Advisor may give advice and take action with respect to other clients, including affiliates of the Advisor, that may be similar to or different from that given to the Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. ADVISOR'S PERSONNEL.** The Advisor shall, at its own expense, maintain such staff and employ or retain such personnel and consult with such other persons as it shall from time to time determine to be necessary to the performance of its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. EXPENSES.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** With respect to the operation of each Series, the Advisor shall be responsible for (i) providing the personnel, office space and equipment reasonably necessary to perform its obligations hereunder; and (ii) all compensation of all Directors, officers and employees of the Fund who are affiliated persons of the Advisor (except to the extent the Board shall have specifically approved the payment by the Fund of all or a portion of the compensation of the Fund's chief compliance officer), provided, however, the foregoing shall not be construed to prevent such affiliated persons from being reimbursed for reasonable expenses incurred in connection with Fund board meetings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** The Advisor and the Fund, on behalf of a Series, may, but are not obligated to, enter into a separate agreement pursuant to which the Advisor agrees to waive its management fee and/or reimburse Series expenses in order to limit the total annual operating expenses of the Series at a level set forth in such agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** Each Series is responsible for and has assumed the obligation for payment of all of its expenses, other than as stated in Section 8(a) above, including but not limited to: fees and expenses incurred in connection with the issuance, registration and transfer of its shares; brokerage and commission expenses; all expenses of transfer, receipt, safekeeping, servicing and accounting for the cash, securities and other property of the Fund for the benefit of the Series including all fees and expenses of its custodian, shareholder services agent and accounting services agent; interest charges on any borrowings; costs and expenses of pricing and calculating its daily net asset value (including, without limitation, any equipment or services obtained for the purpose of pricing shares or valuing a Series' assets) and of maintaining its books of account required under the 1940 Act; taxes, if any; expenditures in connection with meetings of the Series' shareholders and the Board of Directors that are properly payable by the Series; salaries and expenses to officers of the Fund other than those affiliated with the Advisor; an allocated portion of the salary and expenses of the Fund's Chief Compliance Officer as may be agreed upon with the Advisor; fees of members of the Board of Directors or members of any advisory board or committee other than those affiliated with the Advisor; reasonable out of pocket expenses of members of the Board of Directors or members of any advisory board or committee, including those affiliated with the Advisor, incurred in connection with Fund board meetings; insurance premiums on property or personnel of the Series which inure to its benefit, including liability and fidelity bond insurance; the cost of preparing, printing and mailing reports, proxy statements, prospectuses and statements of additional information of the Series or other communications for distribution to prospective and existing shareholders to the extent permitted by law; legal, auditing and accounting fees; all or any portion of trade association dues or educational program expenses determined appropriate by the Board of Directors; dues or assessments of or contributions to the Investment Company Institute or any successor; reasonable out of pocket expenses incurred by the Fund's Chief Compliance Officer or designee related to the performance of their duties overseeing the Fund's Rule 38a-1 compliance program, including oversight of the Fund's service providers; fees and expenses (including legal fees) of registering and maintaining registration of its shares for sale under applicable securities laws; all expenses of maintaining and servicing shareholder accounts, including all charges for transfer, shareholder recordkeeping, dividend disbursing, redemption, and other agents for the benefit of the Series, if any; and all other charges and costs of its operation plus any extraordinary and non-recurring expenses as may arise, including litigation affecting the Fund and the Fund's obligation to indemnify its officers and Directors with respect thereto in accordance with the Fund's governing documents, except as herein otherwise prescribed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** Nothing herein shall prohibit the Directors from approving the payment by the Fund of additional compensation to others for consulting services, supplemental research and security and economic analysis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. INVESTMENT ADVISORY AND MANAGEMENT FEE.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** The Series shall pay to the Advisor, and the Advisor agrees to accept, as full compensation for all services furnished or provided to such Series pursuant to this Agreement, an annual management fee at the rate set forth in Schedule A to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** The management fee shall be accrued daily by the Series and paid to the Advisor on a monthly basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** The initial fee under this Agreement shall be payable in the month following the effective date of this Agreement and shall be prorated as set forth below. If this Agreement is terminated prior to the end of any month, the fee to the Advisor shall be prorated for the portion of any month in which this Agreement is in effect which is not a complete month according to the proportion which the number of calendar days in the month during which the Agreement is in effect bears to the number of calendar days in the month, and shall be payable within 10 days after the date of termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** The fee payable to the Advisor under this Agreement will be reduced to the extent of any receivable owed by the Advisor to the Series and as may be agreed to by the parties under any expense limitation agreement between the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. CONFLICTS WITH FUND'S GOVERNING DOCUMENTS AND APPLICABLE LAWS.** Nothing herein contained shall be deemed to require the Fund or any Series to take any action contrary to the Fund's Articles of Incorporation or By-Laws, or any applicable statute or regulation, or to relieve or deprive the Board of Directors of its responsibility for and control of the conduct of the affairs of the Fund and Series. In this connection, the Advisor acknowledges that the Directors retain ultimate plenary authority over the Series and may take any and all actions necessary and reasonable to protect the interests of shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. REPORTS AND ACCESS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** The Advisor agrees to supply such information to the Fund as shall be reasonably necessary to permit the Fund's service providers to satisfy their obligations and respond to the reasonable requests of the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** The Fund agrees to provide the Advisor such information about the Fund and each Series as is necessary and appropriate for the Advisor to perform its services hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. ADVISOR'S LIABILITIES; STANDARD OF CARE; INDEMNIFICATION.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** The Advisor shall comply with all applicable laws and regulations in the discharge of its duties under this Agreement; and it shall (as provided in Section 2 above) comply with the investment policies, guidelines and restrictions of the Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** The Advisor shall not be obligated to perform any service not described in this Agreement, and shall not be deemed by virtue of this Agreement to have made any representation or warranty that any level of investment performance or level of investment results will be achieved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** In the absence of willful misfeasance, bad faith, gross negligence, or reckless disregard of the obligations or duties hereunder on the part of the Advisor, the Advisor shall not be subject to liability to the Fund or a Series or to any shareholder of a Series for any act or omission in the course of, or connected with, rendering services hereunder or for any losses that may be sustained in the purchase, holding or sale of any security by a Series, including, without limitation for any error of judgment, for any mistake of law, for any act or omission by the Advisor or any affiliate of the Advisor or by any Sub-Advisor. It is agreed that the Advisor shall have no responsibility or liability for the accuracy or completeness of the Fund's registration statement under the 1940 Act or the Securities Act of 1933, as amended (the "1933 Act") except for information supplied by the Advisor for inclusion therein. Federal securities laws and certain state laws impose liabilities under certain circumstances on persons who have acted in good faith, and therefore nothing herein shall in any way constitute a waiver or limitation of any rights which the Fund, a Series or any shareholder of a Series may have under any federal securities law or state law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** The Advisor shall indemnify and hold harmless the Fund from and against any and all claims, losses, liabilities or damages (including reasonable attorney's fees and other related expenses) resulting from the Advisor's willful misfeasance, bad faith or gross negligence in connection with the performance of the Advisor's obligations under this Agreement, or from the Advisor's reckless disregard of its obligations and duties under this Agreement; provided, however, that the Advisor's obligation under this Section 12 shall be reduced to the extent that the claim against, or the loss, liability or damage experienced by the Advisor, is caused by or is otherwise directly related to the Fund's own willful misfeasance, bad faith or gross negligence, or to the reckless disregard of its duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** The Fund shall indemnify and hold harmless the Advisor from and against any and all claims, losses, liabilities or damages (including reasonable attorney's fees and other related expenses) resulting from the Fund's willful misfeasance, bad faith or gross negligence in connection with the performance of the Advisor's obligations under this Agreement, or from the Fund's reckless disregard of its obligations and duties under this Agreement; provided, however, that the Fund's obligation under this Section 12 shall be reduced to the extent that the claim against, or the loss, liability or damage experienced by the Advisor, is caused by or is otherwise directly related to the Advisor's own willful misfeasance, bad faith or gross negligence, or to the reckless disregard of its duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)** Neither the Advisor nor the Fund shall be liable for special, consequential or incidental damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(g)** No provision of this Agreement shall be construed to protect any Director or officer of the Fund, or officer of the Advisor, from liability in violation of Sections 17(h) and (i) of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. Limitation of Liability**. It is expressly agreed that the obligations of the Fund hereunder shall not be binding upon any of the Directors, shareholders, nominees, officers, agents or employees of the Fund personally, but shall bind only the assets of the Fund. The execution and delivery of this Agreement have been authorized by the Directors, and this Agreement has been signed and delivered by an authorized officer of the Fund, acting as such, and neither such authorization by the Directors nor such execution and delivery by such officer shall be deemed to have been made by any of them individually or to impose any liability on them personally, but shall bind only the assets of the Fund as provided in the Fund's Articles of Incorporation and By-Laws. In addition, no Series of the Fund shall be liable for the obligations of any other Series of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14. EXCLUSIVITY; TRADING FOR ADVISOR'S OWN ACCOUNT.** The services of the Advisor to the Fund and the Series are not to be deemed exclusive, and the Advisor may act as investment advisor for any other person, and shall not in any way be limited or restricted from buying, selling or trading any securities for its or their own accounts or the accounts of others for whom it or they may be acting, provided, however, that the Advisor expressly agrees that it will undertake no activities which, in its reasonable judgment, will adversely affect the performance of its obligations to a Series under this Agreement. The Fund agrees that the Advisor may give advice and take action in the performance of its duties with respect to any of its other clients which may differ from advice given or the timing or nature of action taken with respect to the Fund. Nothing in this Agreement shall be deemed to require the Advisor, its principals, affiliates, agents or employees to purchase or sell for a Series any security which it or they may purchase or sell for its or their own account or for the account of any other client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15. TERM.**

With respect to a Series, this Agreement shall become effective on the date of execution of this Agreement or, if later, at the time the Series commences operations pursuant to an effective amendment to the Fund's Registration Statement under the 1933 Act, and shall remain in effect for a period of two (2) years, unless sooner terminated as hereinafter provided. This Agreement shall continue in effect thereafter, with respect to a Series, for additional periods not exceeding one year so long as such continuation is specifically approved at least annually by (i) the Board of Directors or by the vote of a majority of the outstanding voting securities of the Series and (ii) the vote of a majority of the Directors of the Fund who are not parties to this Agreement nor interested persons thereof, cast in person at a meeting called for the purpose of voting on such approval; provided, however, that if the shareholders of a Series fail to approve the Agreement as provided herein, the Advisor may continue to serve hereunder in the manner and to the extent permitted by the 1940 Act and rules and regulations thereunder. The terms "majority of the outstanding voting securities" and "interested persons" shall have the meanings set forth in the 1940 Act, and the foregoing requirement that continuance of this Agreement be "specifically approved at least annually" shall be construed in a manner consistent with the 1940 Act and the rules and regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16. RIGHT TO USE NAME.**

The name "Manning & Napier" or any reasonable derivation of the same, and all rights to the use of the name "Manning & Napier" belong to the Advisor and its affiliates, and the Advisor and its affiliates have the right to license such name to the Fund and the Series. In that regard, the Advisor has consented to the use by the Fund of the identifying words "Manning & Napier" and has granted to the Fund a non-exclusive license to use the name Manning & Napier as part of the name of the Fund and the name of any Series. In the event that the Advisor or one of its affiliates is not appointed as investment advisor of the Fund or ceases to be the investment advisor of the Fund or of any Series, the non-exclusive license granted herein may be revoked by the Advisor and, if so revoked, the Fund shall cease using the name "Manning & Napier" as part of its name or the name of any Series, unless otherwise consented to by the Advisor or any successor to its interests in such name.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17. TERMINATION; NO ASSIGNMENT.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** This Agreement may be terminated by the Fund on behalf of a Series at any time without payment of any penalty, by the Board of Directors or by vote of a majority of the outstanding voting securities of the Series, upon sixty (60) days' written notice to the Advisor, and by the Advisor upon sixty (60) days' written notice to the Series. In the event of a termination, the Advisor shall cooperate in the orderly transfer of the Series' affairs and, at the request of the Board of Directors, transfer, at the Series' expense, any and all books and records of the Series maintained by the Advisor on behalf of the Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** This Agreement shall terminate automatically in the event of its assignment. The term "assignment" shall have the meaning set forth in the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18. BOOKS AND RECORDS.** The Advisor shall not be responsible for the provision of administrative, bookkeeping or accounting services to the Fund under this Agreement, except as otherwise provided herein or as may be necessary for the Advisor to supply to the Fund or the Board the information required to be supplied under this Agreement. In compliance with the requirements of Rule 31a-3 under the 1940 Act, the Advisor hereby agrees that all records which it maintains for the Series are the property of the Fund and further agrees to surrender promptly to the Fund copies of any of such records upon the Fund's request, provided, however, that the Advisor may retain copies of any records to the extent required for it to comply with applicable laws. The Advisor further agrees to preserve for the periods prescribed by Rule 31a-2 under the 1940 Act the records relating to its activities hereunder required to be maintained by Rule 31a-1 under the 1940 Act and to preserve the records relating to its activities hereunder required by Rule 204-2 under the Advisers Act for the period specified in said Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19. CONFIDENTIALITY; NONPUBLIC PERSONAL INFORMATION.** Each party to this Agreement shall keep confidential any nonpublic information concerning the other party and will not use or disclose such information for any purpose other than the performance of its responsibilities and duties hereunder, unless the non-disclosing party has authorized such disclosure or if such disclosure is compelled by subpoena or is expressly required or requested by applicable federal or state regulatory authorities. Nonpublic information shall not include information a party to this Agreement can clearly establish was (a) known to the party prior to this Agreement; (b) rightfully acquired by the party from third parties whom the party reasonably believes are not under an obligation of confidentiality to the other party to this Agreement; (c) placed in public domain without fault of the party or its affiliates; or (d) independently developed by the party without reference or reliance upon the nonpublic information.

Notwithstanding any provision herein to the contrary, the Advisor agrees on behalf of itself and its managers, members, officers, and employees (1) treat confidentially and as proprietary information of the Fund (a) all records and other information relative to the Series' prior, present, or potential shareholders (and clients of said shareholders) and (b) any Nonpublic Personal Information, as defined under Section 248.3(t) of Regulation S-P ("Regulation S-P"), promulgated under the Gramm-Leach-Bliley Act (the "G-L-B Act"); and (2) except after prior notification to and approval in writing by the Fund, not to use such records and information for any purpose other than the performance of its responsibilities and duties hereunder, or as otherwise permitted by Regulation S-P or the G-L-B Act, and if in compliance therewith, the privacy policies adopted by the Fund and communicated in writing to the Advisor. Such written approval shall not be unreasonably withheld by the Fund and may not be withheld where the Advisor may be exposed to civil or criminal contempt or other proceedings for failure to comply after being requested to divulge such information by duly constituted authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20. ANTI-MONEY LAUNDERING COMPLIANCE.** The Advisor acknowledges that, in compliance with the Bank Secrecy Act, as amended, the USA PATRIOT Act, and any implementing regulations thereunder (together, "AML Laws"), the Fund has adopted an Anti-Money Laundering Policy. The Advisor agrees to comply with the Fund's Anti-Money Laundering Policy and the AML Laws, as the same may apply to the Advisor, now and in the future; provided, however, that the Advisor shall not be liable in respect of any failure by it to comply with changes to the Fund's Anti-Money Laundering Policy of which it has not been notified in writing by the Fund a reasonable time in advance of the effectiveness of such changes. The Advisor further agrees to provide to the Fund and/or the administrator such reports, certifications and contractual assurances as may be reasonably requested by the Fund. The Fund may disclose information regarding the Advisor to governmental and/or regulatory or self-regulatory authorities to the extent required by applicable law or regulation and may file reports with such authorities as may be required by applicable law or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21. CERTIFICATIONS; DISCLOSURE CONTROLS AND PROCEDURES.** The Advisor acknowledges that, in compliance with the Sarbanes-Oxley Act of 2002 (the "Sarbanes-Oxley Act"), and the implementing regulations promulgated thereunder, the Fund and the Series are required to make certain certifications and have adopted disclosure controls and procedures. To the extent reasonably requested by the Fund, the Advisor agrees to use its best efforts to assist the Fund and the Series in complying with the Sarbanes-Oxley Act and implementing the Fund's disclosure controls and procedures. The Advisor agrees to inform the Fund of any material development related to the Series that the Advisor reasonably believes is relevant to the Series' certification obligations under the Sarbanes-Oxley Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22. NOTIFICATION.** The Advisor agrees that it will provide prompt notice to the Fund about material changes in the employment status of key investment management personnel involved in the management of any Series, material changes in the investment process used to manage any Series, any changes in senior management, operations, financial condition or ownership of the Advisor's firm and the occurrence of any event that would disqualify the Advisor from serving as an investment advisor of an investment company pursuant to Section 9(a) of the 1940 Act or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23. NOTICES.** Notices and other communications required or permitted under this Agreement shall be in writing, shall be deemed to be effectively delivered when actually received, and may be delivered by US mail (first class, postage prepaid), by hand or by commercial overnight delivery service, addressed as follows:

ADVISOR: Manning & Napier Advisors, LLC 290 Woodcliff Dr. Fairport, NY 14450 <br>FUND: Manning & Napier Fund, Inc. 290 Woodcliff Dr. Fairport, NY 14450

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24. AMENDMENT.** No provision of this Agreement may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by all parties and only in accordance with the provisions of the 1940 Act and the rules and regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25. SEVERABILITY AND ENTIRE AGREEMENT.** If any provision of this Agreement shall be held or made invalid by a court decision, statute or rule, or shall be otherwise rendered invalid, the remainder of this Agreement shall not be affected thereby. This Agreement embodies the entire agreement and understanding between the parties hereto, and supersedes all prior agreements and understandings relating to this Agreement's subject matter. In the event the terms of this Agreement are applicable to more than one Series, the Fund is entering into this Agreement with the Advisor on behalf of the respective Series severally and not jointly, with the express intention that the provisions contained in each numbered Section hereof shall be understood as applying separately with respect to each Series as if contained in separate agreements between the Fund and Advisor for each such Series. In the event that this Agreement is made applicable to any additional Series by way of a Schedule executed subsequent to the date first indicated above, provisions of such Schedule shall be deemed to be incorporated into this Agreement as it relates to such Series so that, for example, the execution date for purposes of Section 14 of this Agreement with respect to such Series shall be the execution date of the relevant Schedule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**26. CAPTIONS.** The captions in this Agreement are included for convenience of reference only and in no way define or limit any of the provisions hereof or otherwise affect their construction or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**27. GOVERNING LAW.** This Agreement shall be governed by, and construed in accordance with, the laws of the State of Maryland without giving effect to the conflict of laws principles thereof; provided that nothing herein shall be construed to preempt, or to be inconsistent with, any federal law, regulation or rule, including the 1940 Act and the Advisers Act and any rules and regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28. COUNTERPARTS.** This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29. MISCELLANEOUS.** Where the effect of a requirement of the 1940 Act or the Advisers Act reflected in any provision of this Agreement is altered by a rule, regulation or order of the SEC, whether of special or general application, such provision shall be deemed to incorporate the effect of such rule, regulation or order.

**[SIGNATURE PAGE FOLLOWS]**

**IN WITNESS WHEREOF**, the parties hereto have caused this Agreement to be duly executed by their duly authorized officers, all on the day and year first above written.

---

| | | | |
|:---|:---|:---|:---|
| **Manning & Napier Fund, Inc.** <br> on behalf of the series listed on Schedule A | **Manning & Napier Fund, Inc.** <br> on behalf of the series listed on Schedule A | **Manning & Napier Advisors, LLC** | **Manning & Napier Advisors, LLC** |
| By: | /s/ Elizabeth Craig | By: | /s/ Sarah C. Turner |
| Name: | Elizabeth Craig | Name: | Sarah C. Turner |
| Title: | Corporate Secretary | Title: | Corporate Secretary |

---

**SCHEDULE A**

---

| | |
|:---|:---|
| **Series** | **Annual Fee Rate as a Percentage of** <br> **Average Daily Net Assets** |
| Rainier International Discovery Series | 0.90% |

---

## Ex-99.(D)(4)(A)

**Exhibit 99.d(4)(a)**

**INVESTMENT SUB-ADVISORY AGREEMENT**

This **AGREEMENT** is made as of the 21st day of October, 2022, by and among Rainier Investment Management, LLC, an investment advisor located at 601 Union Street, Suite 3525, Seattle, Washington, 98101, (the "**Sub-adviser**"), and Manning & Napier Advisors, LLC, an investment advisor located at 290 Woodcliff Dr. Fairport, New York 14450 (the "**Advisor**").

**WHEREAS**, the Advisor and the Sub-adviser are each registered as investment advisers under the Investment Advisers Act of 1940, as amended (the "**Advisers Act**"); and

**WHEREAS**, Manning & Napier Fund, Inc. Fund, a corporation organized under the laws of the State of Maryland located at 290 Woodcliff Dr. Fairport, New York, 14450 (the "**Fund**"), is an open-end investment company with one or more series of shares and is registered under the Investment Company Act of 1940, as amended (the "**1940 Act**"); and

**WHEREAS**, the Fund has retained the Adviser to perform investment advisory services for the Rainier International Discovery Series, a series of the Fund (the "**Fund**"), under the terms of an investment advisory agreement, dated August 21, 2017, between the Adviser and the Fund on behalf of the Series (the "**Advisory Agreement**"); and

**WHEREAS**, the Advisory Agreement provides that the Advisor may retain one or more sub-advisers, subject to the approval of the Fund's Board of Directors (the "**Board**"), including a majority of Directors of the Board who are not "interested persons" of the Adviser (the "**Independent Directors**"), in accordance with the requirements of the 1940 Act, to render portfolio management services to the Series pursuant to investment sub-advisory agreements between the Series, the Advisor and each such sub-adviser; and

**WHEREAS**, the Fund's Board has duly consented to and approved the appointment of the Sub-adviser to provide investment advisory services (the "**Services**") to a portion of the assets of the Series allocated to the Sub-adviser (the "**Allocated Portion**"); and

**WHEREAS**, the Advisor, acting pursuant to the Advisory Agreement, wishes to retain the Sub-adviser to provide the Services to the Allocated Portion in the manner and on the terms set out in this Agreement, and the Sub-adviser desires to provide such Services;

**NOW, THEREFORE, WITNESSETH**: The parties hereby agree as follows:

1. <u>APPOINTMENT OF SUB-ADVISER</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Acceptance</u>.
 The Advisor hereby appoints the Sub-adviser, and the Sub-adviser hereby accepts the appointment,
 on the terms herein set forth and for the compensation herein provided, to act as an
 investment adviser to the Series with respect to the Allocated Portion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Independent Contractor</u>. The Sub-adviser shall for all purposes herein be deemed to be an independent
 contractor and shall, unless otherwise expressly provided or authorized in this Agreement
 or another writing by the Fund or Adviser to the Sub-adviser, have no authority to act
 for or be deemed an agent of the Fund or the Series in any way, or in any way be deemed
 an agent for the Fund or for the Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>The Sub-adviser's Representations</u>. The Sub-adviser represents, warrants and agrees
 that (i) it has all requisite power and authority to enter into and perform its obligations
 under this Agreement; (ii) it has taken all necessary corporate action to authorize its
 execution, delivery and performance of this Agreement; (iii) neither it nor any "**affiliated person**" of it, as such term is defined in Section 2(a)(3) of the 1940 Act,
 is subject to any disqualification that would make it unable to serve as an investment
 adviser to a registered investment company under Section 9 of the 1940 Act; (iv) it is
 duly registered as an adviser under the Advisers Act; and (v) except as otherwise specified
 herein, it will not delegate any obligation assumed pursuant to this Agreement to any
 third party without first obtaining the written consent of the Series and the Advisor.

The Sub-adviser further represents, warrants, and agrees that it shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Use
 its best judgment and efforts in rendering the advice and services to Fund and Series
 as contemplated by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Maintain
 all licenses and registrations necessary to perform its duties hereunder in good order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Conduct
 its operations at all times in conformance with the Advisers Act, the 1940 Act, and any
 other applicable state and/or self-regulatory organization regulations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Maintain
 errors and omissions insurance coverage in an amount not less than its current level
 of coverage and shall provide written notice to the Fund (i) of any material changes
 in its insurance policies or insurance coverage; or (ii) if any material claims will
 be made on its insurance policies. Furthermore, the Sub-adviser shall, upon reasonable
 request, provide the Fund with any information it may reasonably require concerning the
 amount of or scope of such insurance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>The Advisor's Representations</u>. The Advisor represents, warrants and agrees that
 it has all requisite power and authority to enter into and perform its obligations under
 this Agreement, and has taken all necessary corporate action to authorize its execution,
 delivery and performance of this Agreement. The Advisor further represents, warrants
 and agrees that it has the authority under the Advisory Agreement to appoint the Sub-adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Plenary authority of the Board.</u> The Sub-adviser and Advisor both acknowledge that the Series
 is a mutual fund that operates as a series of the Fund under the authority of the Board.

2. <u>DELIVERY OF DOCUMENTS</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Advisor has furnished or will furnish to the Sub-adviser copies of each of the following
 documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Articles of Incorporation of the Fund as in effect on the date hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
By-laws of the Fund in effect on the date hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 resolutions of the Board approving the engagement of the Sub-adviser as a sub-adviser
 for the Allocated Portion and approving the form of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the
 Advisory Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the
 Code of Ethics of the Fund and of the Advisor as currently in effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) current
 copies of the Series' Prospectus and Statement of Additional Information.

The Advisor shall furnish the Sub-adviser from time to time with copies of all material amendments of or material supplements to the foregoing, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Sub-adviser has furnished or will furnish the Advisor with copies of each of the following
 documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Sub-adviser's most recent registration statement on Form ADV;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 Sub-adviser's most recent balance sheet;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) separate
 lists of persons whom the Sub-adviser wishes to have authorized to give written and/or
 oral instructions to the custodian (the "**Custodian**") and accounting
 agent of the Series' assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the
 Code of Ethics (defined below) of the Sub-adviser as currently in effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the
 Sub-adviser's proxy voting policies as currently in effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) complete
 and accurate copies of any compliance manuals, trading, commission and other reports,
 insurance policies, and such other management or operational documents as the Advisor
 may reasonably request in writing (on behalf of itself or the Board) in assessing the
 Sub-adviser.

The Sub-adviser shall furnish the Advisor from time to time with copies of all material amendments of or material supplements to the foregoing, if any. Additionally, the Sub-adviser shall provide to the Advisor such other documents relating to its services under this Agreement as the Advisor may reasonably request on a periodic basis. Such amendments or supplements shall be provided within thirty (30) days of the time such materials became available to the Sub-adviser.

3. <u>PROVISION OF INVESTMENT SUB-ADVISORY SERVICES .</u> 

Subject to the supervision of the Board and the Advisor, the Sub-adviser shall manage the investments of the Allocated Portion in accordance with the Series' investment objective, policies, and restrictions as provided in the Series' Prospectus and Statement of Additional Information, as currently in effect and as amended or supplemented from time to time and provided to the Sub-adviser, and in compliance with the requirements applicable to registered investment companies under applicable laws, including, but not limited to, the 1940 Act, the Commodity Exchange Act (the "**CEA**") and the rules of the National Futures Association (the "**NFA Rules**"), and those requirements applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended. From time to time, the Adviser or the Fund may provide the Sub-adviser with written copies of other investment policies, guidelines and restrictions applicable to the Sub-adviser's management of the Allocated Portion, which shall become effective at such time as agreed upon by both parties. Subject to each of the foregoing sentences above, the Sub-adviser shall have full discretionary authority to manage the investment of the assets of the Allocated Portion, including the authority to purchase, sell, cover open positions, and generally to deal in securities, financial and commodity futures contracts, options, short-term investment vehicles and other property and assets comprising or relating to the Allocated Portion.

In addition, the Sub-adviser will, at its own expense:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) advise
 the Advisor and the Series in connection with investment policy decisions to be made
 by it regarding the Series and, upon request, furnish the Advisor and the Series with
 research, economic and statistical data in connection with the Series' investments
 and investment policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) submit
 such reports and information as the Advisor or the Series may reasonably request to assist
 the Custodian and/or Accounting Agent in its determination of the market value of securities
 held in the Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) obtain
 and evaluate pertinent economic, financial, and other information affecting the economy
 generally and certain investment assets as such information relates to securities or
 other financial instruments that are purchased for or considered for purchase by the
 Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) employ
 professional portfolio managers and, if deemed necessary, securities analysts who provide
 research services to the Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) place
 orders for purchases and sales of portfolio investments for the Allocated Portion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) give
 instructions to the Custodian concerning the delivery of securities and transfer of cash
 for the Allocated Portion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) as
 soon as practicable after the close of business each day but no later than 11:00 a.m.
 Eastern time the following business day, provide the Custodian with copies of trade tickets
 for each transaction effected for the Allocated Portion by the Sub-adviser, provide copies
 to the Advisor and the Series upon request, and promptly forward to the Custodian copies
 of all brokerage or dealer confirmations received by the Sub-adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) as
 soon as practicable following the end of each calendar month, provide the Advisor and
 the Series with written statements showing all transactions effected for the Allocated
 Portion during the month by the Sub-adviser, a summary listing all investments attributable
 to transactions of the Sub-adviser that are held in the Allocated Portion as of the last
 day of the month, and such other information as the Advisor or the Series may reasonably
 request in connection with any accounting or marketing services that the Advisor provides
 for the Series. The Advisor and the Series acknowledge that Sub-adviser and Custodian
 may use different pricing vendors, which may result in valuation discrepancies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to
 the extent reasonably requested by the Fund or the Advisor, use its best efforts to assist
 the Chief Compliance Officer of the Fund in respect of Rule 38a-1 under the 1940 Act
 including, without limitation, providing the Chief Compliance Officer of the Fund or
 the Advisor with (a) current copies of the compliance policies and procedures of the
 Sub-adviser in effect from time to time (including prompt notice of any material changes
 thereto), (b) reports of any violations of the Sub-adviser's compliance policies
 and procedures that occurred in connection with the provision of services to the Fund,
 (c) a copy of the Sub-adviser's annual compliance report as required by Rule 206(4)-7
 of the Advisers Act, (d) copies of any correspondence between the Sub-adviser and a regulatory
 agency in connection with regulatory examinations or proceedings, and (e) upon request,
 a certificate of the Chief Compliance Officer of the Sub-adviser to the effect that the
 policies and procedures of the Sub-adviser are reasonably designed to prevent violation
 of the Federal Securities Laws (as such term is defined in Rule 38a-1);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) comply
 with all procedures and policies adopted by the Board in compliance with applicable law,
 including without limitation, Rules 10f-3, 12d3-1, 17a-7, 17e-1 and 17j-1 under the 1940
 Act, and the Pricing and Valuation Procedures (together, "**Fund Procedures** ")
 provided to the Sub-adviser by the Advisor or the Series and notify the Advisor as soon
 as reasonably practicable upon (a) detection of any breach of such Series Procedures
 or (b) determination that a Series Procedure conflicts with a procedure adopted by the
 Sub-adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) maintain
 a written code of ethics (the "**Code of Ethics**") that it reasonably
 believes complies with the requirements of Rule 17j-1 under the 1940 Act, a copy of which
 will be provided to the Advisor and the Series, including any amendments thereto, and
 institute and enforce procedures reasonably necessary to prevent "**access persons**,"
 as such term is defined in Rule 17j-1, from violating its Code of Ethics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) promptly
 complete and return to the Advisor or the Fund any compliance questionnaires or other
 inquiries submitted to the Sub-adviser in writing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) furnish
 to the Directors such information as may reasonably be requested in order for the Board
 to evaluate this Agreement or any proposed amendments thereto for the purposes of approving
 this Agreement, the renewal thereof or any amendment hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) as
 reasonably requested by the Series, provide the Series with information and advice regarding
 assets in the Allocated Portion to assist the Series in determining the appropriate valuation
 of such assets and the appropriate pricing sources for such assets and whether pricing
 information provided by the Series' pricing agents is reasonable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) file
 with the SEC any report on Form 13F or Schedule 13G and any amendments thereto, required
 by the Securities Exchange Act of 1934 (the "**Exchange Act** "), with
 respect to its duties as are set forth herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) except
 as permitted by the Series Procedures, shall treat confidentially, and shall not disclose
 without the consent of the Series, all information in respect of the portfolio investments
 of the Series, including, without limitation, the identification and market value or
 other pricing information of any and all portfolio securities or other financial instruments
 held by the Series, and any and all trades of portfolio securities or other transactions
 effected for the Series (including past, pending and proposed trades); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) upon
 request, will review the Series' Summary Prospectus, Prospectus, Statement of Additional
 Information, periodic reports to shareholders, reports and schedules filed with the Securities
 and Exchange Commission (the "**SEC**") (including any amendment, supplement
 or sticker to any of the foregoing) and advertising and sales material relating to the
 Series (collectively, the "**Disclosure Documents**") in order to ensure
 that, with respect to the disclosure about the Sub-adviser, the manner in which the Sub-adviser
 manages the Series and information relating directly or indirectly to the Sub-adviser
 (the "**Sub-adviser Disclosure** "), such Disclosure Documents contain
 no untrue statements of material fact and do not omit any statement of material fact
 required to be stated therein or necessary to make the statements therein not misleading.

In providing services under this Agreement, the Sub-adviser shall (i) maintain all licenses and registrations necessary to perform its duties hereunder in good order; (ii) conduct its operations at all times in conformance with the Advisers Act, the 1940 Act, the CEA, the NFA Rules and any other applicable state and/or self-regulatory organization regulations; and (iii) maintain errors and omissions insurance in an amount at least equal to that disclosed to the Board in connection with their approval of this Agreement.

The Series or its agent will provide timely information to the Sub-adviser regarding such matters as inflows to and outflows from the Series and the cash requirements of, and cash available for investment in, the Series. The Series or its agent will timely provide the Sub-adviser with copies of monthly accounting statements for the Series, and such other information as may be reasonably necessary or appropriate in order for the Sub-adviser to perform its responsibilities hereunder.

The Adviser will be responsible for all class actions and lawsuits involving the Series or securities held, or formerly held, in the Series. The Sub-adviser is not required to take any action or to render investment-related advice with respect to lawsuits involving the Series, including those involving securities presently or formerly held in the Series, or the issuers thereof, including actions involving bankruptcy. In the case of notices of class action suits received by the Sub-adviser involving issuers presently or formerly held in the Allocated Portion of the Series, the Sub-adviser shall promptly forward such notices to the Advisor and, with the consent of the Advisor, may provide information about the Series to third parties for purposes of participating in any settlements relating to such class actions.

4. <u>PROXY VOTING</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Advisor hereby delegates to the Sub-adviser the Advisor's discretionary authority
 to exercise voting rights with respect to the securities and investments of the Allocated
 Portion of the Series, provided however, that the Series may request that the Sub-adviser
 vote proxies for the Allocated Portion in accordance with the Series' proxy voting
 policies. Absent specific instructions to the contrary provided to it by the Advisor
 or the Series, and subject to its receipt of all necessary voting materials, the Sub-adviser
 shall vote all proxies with respect to investments of the Series in accordance with the
 Sub-adviser's proxy voting policy as most recently provided to the Advisor and
 the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Sub-adviser's proxy voting policies shall comply with any rules or regulations
 promulgated by the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Sub-adviser shall maintain and preserve a record, in an easily-accessible place for a
 period of not less than three (3) years (or longer, if required by law), of the Sub-adviser's
 voting procedures, of the Sub-adviser's actual votes, and such other information
 required for the Series to comply with any rules or regulations promulgated by the SEC.
 The Sub-adviser shall supply updates of this record to the Advisor or any authorized
 representative of the Advisor, or to the Series on a quarterly basis (or more frequently,
 upon the request of the Advisor). The Sub-adviser shall provide the Advisor and the Series
 with information regarding the policies and procedures that the Sub-adviser uses to determine
 how to vote proxies relating to the Allocated Portion.

5. <u>ALLOCATION OF EXPENSES</u> 

Each party to this Agreement shall bear the costs and expenses of performing its obligations hereunder. In this regard, the Advisor specifically agrees that the Sub-adviser shall not be responsible for the following expenses:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) fees
 and expenses incurred in connection with the issuance, registration and transfer of its
 shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) brokerage
 and commission expenses incurred by the Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all
 expenses of transfer, receipt, safekeeping, servicing and accounting for the cash, securities
 and other property of the Fund for the benefit of the Series including all fees and expenses
 of its Custodian, shareholder services agent and accounting services agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) interest
 charges on any Series borrowings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) costs
 and expenses of pricing and calculating its daily net asset value (including, without
 limitation, any equipment or services obtained for the purpose of pricing shares or valuing
 the Series' assets) and of maintaining its books of account required under the
 1940 Act, except for the expenses incurred by the Sub-adviser in connection with its
 services under Section 13 hereunder, which are expenses of the Sub-adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Series
 taxes, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) except
 as stated below, expenditures in connection with meetings of the Series' shareholders
 and the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) salaries
 and expenses of officers of the Fund, including without limitation the Fund's Chief
 Compliance Officer, and fees and expenses of members of the Board or members of any advisory
 board or committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) insurance
 premiums on property or personnel of the Series which inure to its benefit, including
 liability and fidelity bond insurance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) legal,
 auditing and accounting fees of the Series and trade association dues or educational
 program expenses of the Fund or the Board; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) fees
 and expenses (including legal fees) of registering and maintaining registration of the
 Series' shares for sale under applicable securities laws; all expenses of maintaining
 and servicing shareholder accounts, including all charges for transfer, shareholder recordkeeping,
 dividend disbursing, redemption, and other agents for the benefit of the Series, if any.

The Sub-adviser specifically agrees that with respect to the operation of the Series, the Sub-adviser shall be responsible for (i) providing the personnel, office space, furnishings, and equipment reasonably necessary to provide its sub-advisory services to the Series hereunder, and (ii) the costs of any special Board meetings or shareholder meetings convened for the primary benefit of the Sub-adviser. Additionally, the Sub-adviser agrees that the Sub-adviser shall be responsible for reasonable expenses incurred by the Series or Advisor in responding to a legal, administrative, judicial or regulatory action, claim, or suit involving the Sub-adviser to which neither the Series nor the Advisor is a party. Nothing in this Agreement shall alter the allocation of expenses and costs agreed upon between the Series and the Advisor in the Advisory Agreement or any other agreement to which they are parties.

6. <u>SUB-ADVISORY FEES</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Advisor shall pay to the Sub-adviser, and the Sub-adviser agrees to accept, as full compensation
 for all services furnished or provided to the Series pursuant to this Agreement a fee
 (for the payment of which the Series shall have no obligation or liability), based on
 the Current Net Assets of the Allocated Portion, as set forth in Schedule A attached
 hereto and made a part hereof. Such fee shall be accrued daily and payable monthly, as
 soon as practicable after the last day of each calendar month. In the case of termination
 of this Agreement with respect to the Series during any calendar month, the fee with
 respect to the Allocated Portion accrued to, but excluding, the date of termination shall
 be paid promptly following such termination. For purposes of computing the amount of
 sub-advisory fee accrued for any day, "Current Net Assets" shall mean the
 Allocated Portion's net assets, managed by the Sub-adviser, as of the most recent
 preceding day for which the Series' net assets were computed. For the avoidance
 of doubt, notwithstanding the fact that the Agreement has not been terminated, no fee
 will be accrued under this Agreement with respect to any day that the value of the Current
 Net Assets of the Allocated Portion equals zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Sub-adviser voluntarily may reduce any portion of the fees due to it pursuant to this
 Agreement. Any such reduction shall be applicable only to such specific reduction and
 shall not constitute an agreement to reduce any future compensation due to the Sub-adviser
 hereunder.

7. <u>PORTFOLIO TRANSACTIONS</u> 

In connection with the investment and reinvestment of the assets of the Series, the Sub-adviser is authorized to select the brokers or dealers that will execute purchase and sale transactions for the Allocated Portion's portfolio (the "**Portfolio**") and to use all reasonable efforts to obtain the best available price and most favorable execution with respect to all such purchases and sales of portfolio securities for said Portfolio. The Sub-adviser may take into consideration, among other things, the best net price available; the reliability, integrity and financial condition of the broker-dealer; the size of and difficulty in executing the order; and the value of the expected contribution of the broker-dealer to the investment performance of the Series on a continuing basis. The price to the Series in any transaction may be less favorable than that available from another broker-dealer if the difference is reasonably justified by other aspects of the portfolio execution services offered. The Sub-adviser shall maintain records adequate to demonstrate compliance with the requirements of this paragraph. Such records shall be made available to the Series or Advisor upon request.

In evaluating the best overall terms available, and in selecting the broker-dealer to execute a particular transaction, the Sub-adviser may also consider the brokerage and research services provided (as those terms are defined in Section 28(e) of the Exchange Act). Consistent with any guidelines established by the Board and Section 28(e) of the Exchange Act, the Sub-adviser is authorized to pay to a broker or dealer who provides such brokerage and research services a commission for executing a portfolio transaction for the Series which is in excess of the amount of commission another broker or dealer would have charged for effecting that transaction if, but only if, the Sub-adviser determines in good faith that such commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer -- viewed in terms of that particular transaction or in terms of the overall responsibilities of the Sub-adviser to its discretionary clients, including the Series. In addition, the Sub-adviser is authorized to allocate purchase and sale orders for securities to brokers or dealers (including brokers and dealers that are affiliated with the Advisor, Sub-adviser or the Fund's principal underwriter) if the Sub-adviser believes that the quality of the transaction and the commission are comparable to what they would be with other qualified firms. In no instance, however, will the Series' assets be purchased from or sold to the Advisor, Sub-adviser, the Fund's principal underwriter, or any affiliated person of either the Fund, Advisor, the Sub-adviser or the principal underwriter, acting as principal in the transaction, except to the extent permitted by the SEC and the 1940 Act.

The Advisor and the Series authorize and empower the Sub-adviser to direct the Custodian to open and maintain accounts for trading in securities and other investments (all such accounts hereinafter called "**brokerage accounts**") for and in the name of the Series. In addition, in connection with establishing such brokerage accounts, the Advisor and the Series authorize and empower the Sub-adviser to execute for the Series as its agent and attorney-in-fact reasonable and customary customer agreements and other documentation in connection therewith, such as International Swaps and Derivatives Association (ISDA) agreements and futures and options account agreements, with brokers, dealers, and/or futures commission merchants as the Sub-adviser shall select as provided above. Subject to applicable law, including the custody requirements under the 1940 Act, the Sub-adviser may, using such of the securities and other investments of the Series as the Sub-adviser deems necessary or desirable, direct the Custodian to deposit for the Series original and maintenance brokerage and margin deposits and otherwise direct payments of cash, cash equivalents and securities and other property into such brokerage accounts and to such brokers or to a collateral account established with the Custodian as the Sub-adviser deems desirable or appropriate and as is required by applicable law. The Sub-adviser shall cause all securities and other property purchased or sold for the Series to be settled at the place of business of the Custodian or as the Custodian shall direct. All securities and other property of the Series shall remain in the direct or indirect custody of the Custodian, except as otherwise permitted by applicable law. The Sub-adviser shall notify the Custodian as soon as practicable of the necessary information to enable the Custodian to effect such purchases and sales.

The Sub-adviser further shall have the authority to instruct the Custodian (i) to pay cash for securities and other property delivered to the Custodian for the Series, (ii) to deliver securities and other property against payment for the Series, and (iii) to transfer assets and funds to such brokerage accounts as the Sub-adviser may designate, all consistent with the powers, authorities and limitations set forth herein. The Sub-adviser shall not have authority to cause the Custodian to deliver securities and other property, or pay cash to the Sub-adviser except as expressly provided herein.

8. <u>LIABILITY; STANDARD OF CARE AND INDEMNIFICATION</u> 

The Sub-adviser shall comply with all applicable laws and regulations in the discharge of its duties under this Agreement; shall (as provided in Section 3 above) comply with the investment policies, guidelines and restrictions of the Series; shall act at all times in the best interests of the Series; and shall discharge its duties with the care, skill, prudence and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of a similar enterprise. The Sub-adviser shall be liable to the Series and/or the Advisor for any loss (including brokerage charges) incurred by the Series as a result of any investment made by the Sub-adviser in violation of the first paragraph of Section 3 hereof. The Sub-adviser shall have responsibility for the accuracy and completeness (and liability for the lack thereof) only of Disclosure Documents furnished to the Sub-adviser by the Adviser or the Series, and only with respect to the Sub-adviser Disclosure in such Disclosure Documents.

Except as set forth above, in the absence of willful misfeasance, bad faith, gross negligence, or reckless disregard of the obligations or duties hereunder on the part of the Sub-adviser, the Sub-adviser shall not be subject to liability to the Advisor or the Series for any act or omission in the course of, or connected with, rendering services hereunder or for any losses that may be sustained in the purchase, holding or sale of any security by the Series, including, without limitation for any error of judgment, for any mistake of law, for any act or omission by the Sub-adviser. Notwithstanding the foregoing, federal securities laws and certain state laws impose liabilities under certain circumstances on persons who have acted in good faith, and therefore nothing herein shall in any way constitute a waiver or limitation of any rights which the Advisor or Series may have under any federal securities law or state law.

The Sub-adviser shall indemnify and hold harmless the Advisor and the Series from and against any and all claims, losses, liabilities or damages (including reasonable attorney's fees and other related expenses) (i) arising out of or based upon any untrue statement or alleged untrue statement of a material fact contained in any Disclosure Document or the omission or alleged omission from a Disclosure Document of a material fact required to be stated therein or necessary to make the statements therein not misleading, in each case solely with respect to the Sub-adviser Disclosure; and (ii) resulting from the Sub-adviser's willful misfeasance, bad faith or gross negligence in connection with the performance of the Sub-adviser's obligations under this Agreement, or from the Sub-adviser's reckless disregard of its obligations and duties under this Agreement; provided, however, that the Sub-adviser's obligation under this Section 8 shall be reduced to the extent that the claim against, or the loss, liability or damage experienced by the Advisor, is caused by or is otherwise directly related to the Advisor's own willful misfeasance, bad faith or gross negligence, or to the reckless disregard of its duties under this Agreement.

In the absence of willful misfeasance, bad faith, gross negligence, or reckless disregard of the obligations or duties hereunder on the part of the Advisor or Series, the Advisor or Series shall not be subject to liability to the Sub-adviser for any act or omission in the course of, or connected with, rendering services hereunder or for any losses that may be sustained in the purchase, holding or sale of any security by the Series, including, without limitation for any error of judgment, for any mistake of law, for any act or omission by the Advisor or the Series. Notwithstanding the foregoing, federal securities laws and certain state laws impose liabilities under certain circumstances on persons who have acted in good faith, and therefore nothing herein shall in any way constitute a waiver or limitation of any rights which the Sub-adviser may have under any federal securities law or state law.

The Advisor shall indemnify and hold harmless the Sub-adviser from and against any and all claims, losses, liabilities or damages (including reasonable attorney's fees and other related expenses) resulting from the Advisor's willful misfeasance, bad faith or gross negligence in connection with the performance of the Advisor's obligations under this Agreement, or from the Advisor's reckless disregard of its obligations and duties under this Agreement; provided, however, that the Advisor's obligation under this Section 8 shall be reduced to the extent that the claim against, or the loss, liability or damage experienced by the Sub-adviser, is caused by or is otherwise directly related to the Sub-adviser's own willful misfeasance, bad faith or gross negligence, or to the reckless disregard of its duties under this Agreement.

No provision of this Agreement shall be construed to protect any Directors or Officer of the Fund, or officer of the Advisor or Sub-adviser, from liability in violation of Sections 17(h) and (i) of the 1940 Act.

The Sub-adviser shall not be obligated to perform any service not described in this Agreement, and shall not be deemed by virtue of this Agreement to have made any representation or warranty that any level of investment performance or level of investment results will be achieved.

9. <u>TERM AND TERMINATION OF THIS AGREEMENT; NO ASSIGNMENT</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This
 Agreement shall become effective upon approval by the Board and the shareholders of the
 Series and its execution by the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This
 Agreement shall continue in effect for a period of more than two years from the date
 hereof only so long as continuance is specifically approved at least annually in conformance
 with the 1940 Act; provided, however, that this Agreement may be terminated with respect
 to the Series (a) by the Series at any time, without the payment of any penalty, by the
 vote of a majority of Directors of the Fund or by the vote of a majority of the outstanding
 voting securities of the Series, (b) by the Advisor at any time, without the payment
 of any penalty, on not more than 60 days' nor less than 30 days' written
 notice to the Sub-adviser, or (c) by the Sub-adviser at any time, without the payment
 of any penalty, on 90 days' written notice to the Advisor. This Agreement shall
 terminate automatically and immediately in the event of its assignment, or in the event
 of a termination of the Advisory Agreement. As used in this Section 9, the terms "**assignment** "
 and "**vote of a majority of the outstanding voting securities**" shall
 have the respective meanings set forth in the 1940 Act and the rules and regulations
 thereunder, subject to such exceptions as may be granted by the SEC under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In
 the event of a termination, the Sub-adviser shall cooperate in the orderly transfer of
 the Series' affairs and, at the request of the Board or the Advisor, transfer any
 and all books and records of the Series maintained by the Sub-adviser on behalf of the
 Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 Sub-adviser shall promptly notify the Advisor of any proposed transaction or other event
 that could reasonably be expected to result in an assignment of this Agreement within
 the meaning of the 1940 Act.

10. <u>SERVICES NOT EXCLUSIVE</u> 

The services of the Sub-adviser to the Advisor and the Series are not to be deemed exclusive and it shall be free to render similar services to others so long as its services hereunder are not impaired thereby. It is specifically understood that directors, officers and employees of the Sub-adviser and of its subsidiaries and affiliates may continue to engage in providing portfolio management services and advice to other investment advisory clients. The Advisor agrees that Sub-adviser may give advice and take action in the performance of its duties with respect to any of its other clients which may differ from advice given or the timing or nature of action taken with respect to the Series. Nothing in this Agreement shall be deemed to require Sub-adviser, its principals, affiliates, agents or employees to purchase or sell for the Series any security which it or they may purchase or sell for its or their own account or for the account of any other client.

11. <u>AGGREGATION OF ORDERS</u> 

Nothing in this Agreement shall preclude the combination of orders for the sale or purchase of portfolio securities of the Series with those for other accounts managed by the Sub-adviser or its affiliates, if orders are allocated in a manner deemed equitable by the Sub-adviser among the accounts and at a price approximately averaged and if such combination of orders and the allocation thereof is consistent with applicable law. The Sub-adviser agrees that (i) it will not aggregate transactions unless aggregation is consistent with its duty to seek best execution; (ii) over time, no account will be favored or disfavored over any other account; each account participating in an aggregated order will participate at the average share price for all transactions in that security on a given business day, with transaction costs shared pro-rata based on each account's participation in the transaction; and (iii) allocations will be made in accordance with the Sub-adviser's compliance policies and procedures and applicable law. The Sub-adviser also agrees to provide such documentation and/or information to the Series or Advisor as is reasonably necessary to allow the Series or Advisor to determine whether orders for the Series have been aggregated and allocated equitably.

12. <u>AMENDMENT</u> 

No provision of this Agreement may be changed, waived, discharged or terminated orally, and this Agreement may be amended only by an instrument in writing signed by all parties and only in accordance with the provisions of the 1940 Act and the rules and regulations promulgated thereunder.

13. <u>BOOKS AND RECORDS</u> 

In compliance with the requirements of Rule 31a-3 under the 1940 Act, the Sub-adviser hereby agrees that all records which it maintains for the Fund are the property of the Fund and further agrees to surrender promptly to the Fund copies of any of such records upon the Series' or the Advisor's request, provided, however, that Sub-adviser may retain copies of any records to the extent required for it to comply with applicable laws. The Sub-adviser further agrees to preserve for the periods prescribed by Rule 31a-2 under the 1940 Act the records relating to its activities hereunder required to be maintained by Rule 31a-1 under the 1940 Act and to preserve the records relating to its activities hereunder required by Rule 204-2 under the Advisers Act for the period specified in said Rule. Notwithstanding the foregoing, Sub-adviser has no responsibility for the maintenance of the records of the Series, except for those related to the Allocated Portion.

14. <u>NONPUBLIC PERSONAL INFORMATION; CONFIDENTIALITY</u> 

Notwithstanding any provision herein to the contrary, the Sub-adviser hereto agrees on behalf of itself and its directors, Directors, shareholders, officers, and employees (1) to treat confidentially and as proprietary information of the Series (a) all records and other information relative to the Series' prior, present, or potential shareholders (and clients of said shareholders) and (b) any "**Non-public Personal Information**," as defined under Section 248.3(t) of Regulation S-P ("**Regulation S-P**"), promulgated under the Gramm-Leach-Bliley Act (the "**G-L-B Act**"), and (2) except after prior notification to and approval in writing by the Fund, not to use such records and information for any purpose other than the performance of its responsibilities and duties hereunder, or as otherwise permitted by Regulation S-P or the G-L-B Act, and if in compliance therewith, the privacy policies adopted by the Fund and communicated in writing to the Sub-adviser. Such written approval shall not be unreasonably withheld by the Fund and may not be withheld where the Sub-adviser may be exposed to civil or criminal contempt or other proceedings for failure to comply after being requested to divulge such information by duly constituted authorities.

Each party to this Agreement shall keep confidential all Confidential Information (defined below) concerning the other party and will not use or disclose such information for any purpose other than the performance of its responsibilities and duties hereunder, unless the non-disclosing party has authorized such disclosure or if such disclosure is compelled by subpoena or is expressly required or requested by applicable federal or state regulatory authorities. The receiving party may disclose or disseminate the disclosing party's Confidential Information to its employees and agents that have a legitimate need to know such Confidential Information in order to assist the receiving party in performing its obligations under this Agreement. The receiving party shall advise all such foregoing persons of the receiving party's obligations of confidentiality and non-use under this Agreement, and the receiving party shall be responsible for ensuring compliance by such persons with such obligations.

Each party shall take commercially reasonable steps to prevent unauthorized access to the other party's Confidential Information. In addition, each party shall promptly notify the other party in writing upon learning of any unauthorized disclosure or use of the other party's Confidential Information by such party or its agents.

The term "**Confidential Information**," as used herein, means any of a party's proprietary or confidential information including, without limitation, any Non-public Personal Information of such party, its affiliates, their respective clients or suppliers, or other persons with whom they do business, that may be obtained by the other party from any source or that may be developed as a result of this Agreement and Non-public Personal Information that is disclosed, directly or indirectly, to the other party by or on behalf of the disclosing party, whether in writing, orally or by other means and whether or not such information is marked as confidential. Confidential Information shall not include information a party to this Agreement can clearly establish was (a) known to the party prior to this Agreement; (b) rightfully acquired by the party from third parties whom the party reasonably believes are not under an obligation of confidentiality to the other party to this Agreement; (c) placed in public domain without fault of the party or its affiliates; or (d) independently developed by the party without reference or reliance upon the nonpublic information.

Each party acknowledges and agrees that due to the unique nature of Confidential Information there can be no adequate remedy at law for any breach of its obligations under this Section 14, that any such breach or threatened breach may allow a party or third parties to unfairly compete with the other party resulting in irreparable harm to such party, and therefore, that upon any such breach or any threat thereof, each party will be entitled to appropriate temporary (until the matter may be resolved) equitable and injunctive relief from a court of competent jurisdiction without the necessity of proving actual loss.

The provisions of this Section 14 shall survive any termination of this Agreement.

15. <u>CERTIFICATIONS; DISCLOSURE CONTROLS AND PROCEDURES</u> 

The Sub-adviser acknowledges that, in compliance with the Sarbanes-Oxley Act of 2002 (the "**Sarbanes-Oxley Act**"), and the implementing regulations promulgated thereunder, the Fund and the Series are required to make certain certifications and have adopted disclosure controls and procedures. To the extent reasonably requested by the Fund, the Sub-adviser agrees to use its best efforts to assist the Fund and the Series in complying with the Sarbanes-Oxley Act and implementing the Fund's disclosure controls and procedures. The Sub-adviser agrees to inform the Fund of any material development related to the Series that the Sub-adviser reasonably believes is relevant to the Series' certification obligations under the Sarbanes-Oxley Act.

16. <u>REPORTS AND ACCESS</u> 

To the extent not otherwise identified in this Agreement, the Sub-adviser agrees to supply such other information and documentation to the Advisor and to permit such compliance inspections by the Advisor or the Series as shall be reasonably necessary to permit the Advisor and the Series' service providers to satisfy their obligations and respond to the reasonable requests of the Fund.

17. <u>COOPERATION WITH REGULATORY AUTHORITIES OR OTHER ACTIONS</u> 

The parties to this Agreement each agree to cooperate in a reasonable manner with each other in the event that any of them should become involved in a legal, administrative, judicial or regulatory action, claim, or suit as a result of performing its obligations under this Agreement.

18. <u>NOTIFICATION</u> 

The Sub-adviser agrees that it will provide prompt notice to the Advisor and Series about developments relating to its duties as Sub-adviser of which the Sub-adviser has, or should have, knowledge that would materially affect the Series, including but not limited to material changes in the employment status of key investment management personnel involved in the management of the Series, material changes in the investment process used to manage the Series, any changes in senior management, operations, financial condition or ownership of the Sub-adviser's firm, and the occurrence of any event that would disqualify the Sub-adviser from serving as an investment adviser of an investment company pursuant to Section 9(a) of the 1940 Act or otherwise. The Sub-adviser shall immediately notify the Adviser and the Fund in the event that the Sub-adviser: (1) becomes subject to a statutory disqualification that prevents the Sub-adviser from serving as an investment adviser pursuant to this Agreement; or (2) is or expects to become the subject of an administrative proceeding or enforcement action by the SEC or other regulatory authority (including, without limitation, any self-regulatory organization). The Sub-adviser shall immediately forward, upon receipt, to the Advisor any correspondence (or portion of such correspondence) from the SEC or other regulatory authority that relates to the Fund or the Series.

19. <u>NOTICES</u> 

Notices and other communications required or permitted under this Agreement shall be in writing, shall be deemed to be effectively delivered when actually received, and may be delivered by US mail (first class, postage prepaid), by facsimile transmission, by hand or by commercial overnight delivery service, addressed as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Adviser:** | 290 Woodcliff Dr.<br> Fairport, NY 14450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Sub-adviser**: | 601 Union Street, Suite 3525,<br> Seattle, Washington, 98101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Fund/Series:** | 290 Woodcliff Dr.<br> Fairport, NY 14450 |

---

20. <u>ASSIGNMENT</u> 

This Agreement shall automatically terminate, without the payment of any penalty, in the event of its "**assignment**," as that term is defined in section 2(a)(4) of the 1940 Act.

21. <u>SEVERABILITY AND ENTIRE AGREEMENT</u> 

If any provision of this Agreement shall be held or made invalid by a court decision, statute or rule, or shall be otherwise rendered invalid, the remainder of this Agreement shall not be affected thereby. This Agreement embodies the entire agreement and understanding between the parties hereto, and supersedes all prior agreements and understandings relating to this Agreement's subject matter.

22. <u>CAPTIONS</u> 

The captions in this Agreement are included for convenience of reference only and in no way define or limit any of the provisions hereof or otherwise affect their construction or effect.

23. <u>CONSULTATION WITH OTHER SUB-ADVISERS</u> 

In performance of its duties and obligations under this Agreement, the Sub-adviser shall not consult with any other sub-adviser to the Series or a sub-adviser to a portfolio that is under common control with the Series concerning transactions for the Series, except as permitted by the Series Procedures. The Sub-adviser shall not provide investment advice to any assets of the Series other than the assets managed by the Sub-adviser.

24. <u>CHANGE IN THE SUB-ADVISER'S OWNERSHIP</u> 

The Sub-adviser agrees that it shall notify the Fund of any anticipated or otherwise reasonably foreseeable change in the ownership of the Sub-adviser within a reasonable time prior to such change being effected.

25. <u>COUNTERPARTS</u> 

**This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Signatures on this Agreement may be communicated by electronic transmission (which shall include facsimile or email) and shall be binding upon the parties so transmitting their signatures.**

26. <u>MISCELLANEOUS</u> 

Where the effect of a requirement of the 1940 Act or Advisers Act, as amended, reflected in any provision of this Agreement is altered by a rule, regulation or order of the SEC, whether of special or general application, such provision shall be deemed to incorporate the effect of such rule, regulation or order.

27. <u>GOVERNING LAW</u> 

This Agreement shall be governed by, and construed in accordance with, the laws of the Maryland without giving effect to the conflict of laws principles of Maryland or any other jurisdiction; provided that nothing herein shall be construed to preempt, or to be inconsistent with, any federal law, regulation or rule, including the 1940 Act and the Advisers Act, as amended, and any rules and regulations promulgated thereunder.

**IN WITNESS WHEREOF**, the parties hereto have caused this Agreement to be executed as of the day first set forth above.

---

| | |
|:---|:---|
| Manning & Napier Advisors, LLC | Manning & Napier Advisors, LLC |
| 290 Woodcliff Dr. | 290 Woodcliff Dr. |
| Fairport, NY 14450 | Fairport, NY 14450 |
| By: | /s/ Sarah C. Turner |
| Name: Sarah C. Turner | Name: Sarah C. Turner |
| Title: Corporate Secretary | Title: Corporate Secretary |

---

---

| | |
|:---|:---|
| Rainier Investment Management, LLC | Rainier Investment Management, LLC |
| By: | /s/ Sarah C. Turner |
| Name: Sarah C. Turner | Name: Sarah C. Turner |
| Title: Corporate Secretary | Title: Corporate Secretary |

---

**SCHEDULE A**

**FUNDS AND FEES**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**<u>Series</u>** | &nbsp;&nbsp;**<u>Annual Sub-advisory Fee Rate</u>** |
| &nbsp;&nbsp;**Rainier International Discovery Series** | &nbsp;&nbsp;**0.70%** |

---

## Ex-99.(D)(E)(1)

**Exhibit 99.(d)(e)(1)**

**MANNING & NAPIER FUND, INC.**

**AMENDED AND RESTATED DISTRIBUTION AGREEMENT**

THIS AGREEMENT is made as of the 21st day of October, 2022 by and between Manning & Napier Fund, Inc. , a Maryland corporation (the "Fund"), and Manning & Napier Investor Services, Inc., a New York corporation (the "Broker").

**R E C I T A L S**

WHEREAS, the Fund is registered as an open-end, diversified, management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"); and

WHEREAS, the Broker is registered as a broker dealer under the Securities Exchange Act of 1934, as amended; and

WHEREAS, the Fund and the Broker desire to enter an agreement to provide distribution services for the common stock shares of the Fund's Series (collectively, the "Series Shares") listed on Schedule A hereto, on the terms and conditions hereinafter set forth;

NOW, THEREFORE, in consideration of the mutual covenants herein contained and other good and valuable consideration, the receipt whereof is hereby acknowledged, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Appointment</u>. The Fund hereby appoints the Broker as Distributor of the Series Shares for the period and on the terms set forth in this Agreement. The Broker accepts such appointment and agrees to render the services herein set forth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Duties as Distributor</u>. The Broker shall give the Fund the benefit of its best judgment, efforts and facilities in rendering its services as Distributor. The Broker will act as Distributor subject to the supervision of the Fund's Board of Directors and the following understanding: (i) nothing herein contained shall be deemed to relieve or deprive the Board of Directors of the Fund of its responsibility for and control of the conduct of the Fund's affairs; and (ii) in all matters relating to the performance of this Agreement, the Broker will act in conformity with the Articles, By-laws and Prospectus and SAI of the Fund and with the instructions and directions of the Fund's Board of Directors and will conform to and comply with the requirements of the 1940 Act and all other applicable Federal or state laws and regulations. In carrying out its obligations hereunder, the Broker shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) receive orders for the purchase of the Series Shares, accept or reject such orders on behalf of the Fund in accordance with the Fund's currently effective Prospectus and SAI and transmit such orders as are so accepted to the Fund's or its transfer agent as promptly as possible;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) receive requests for redemption from holders of the Portfolio Shares and transmit such redemption requests to the Fund's or its transfer agent as promptly as possible; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) respond to inquiries from the holders of the Series Shares concerning the status of their accounts with the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Distribution of Series Shares</u>. The Broker shall be exclusive distributor of the Series Shares. It is mutually understood and agreed that the Broker does not undertake to sell all or any specific portion of Series Shares. The Fund shall not sell any of its Series Shares except through the Broker. Notwithstanding the provisions of the foregoing sentence:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Fund may issue its Series Shares at their net asset value to any shareholder of the Fund purchasing such shares with dividends or other cash distributions received from the Fund pursuant to an offer made to all shareholders of the Series Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Broker may, and when requested by the Fund shall, suspend its efforts to effectuate sales of the Series Shares at any time when in the opinion of the Broker or of the Fund no sales should be made because of market or other economic considerations or abnormal circumstances of any kind;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Fund may withdraw the offering of the Series Shares: (i) at any time with the consent of the Broker, or (ii) without such consent when so required by the provisions of any statute or of any order, rule or regulation of any governmental body having jurisdiction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the price at which the Series Shares may be sold (the "offering price") shall be the net asset value per share, which shall be determined in the manner established from time to time by the Fund's Board of Directors and as set forth in the Fund's then current Prospectus and SAI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Control by Board of Directors</u>. Any distribution activities undertaken by the Broker pursuant to this Agreement, as well as any other activities undertaken by the Broker on behalf of the Fund pursuant thereto, shall at all times be subject to any applicable directives of the Board of Directors of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Compliance with Applicable Requirements</u>. In carrying out its obligations under this Agreement, the Broker shall at all times conform to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all applicable provisions of the 1940 Act and any rules and regulations adopted thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the provisions of the Registration Statement of the Fund under the Securities Act of 1933 and the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the provisions of the Articles of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the provisions of the By-laws of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the rules and regulations of the National Association of Securities Dealers, Inc. ("NASD") and all other self-regulatory organizations applicable to the sale of investment company shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any other applicable provisions of state and Federal law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Expenses</u>. The expenses connected with the Series shares shall be allocable between the Fund and the Broker as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Broker shall furnish, at its expense and without cost to the Fund, the services of personnel to the extent that such services are required to carry out its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Fund assumes and shall pay or cause to be paid all other expenses of the Fund (other than those expressly assumed by the Fund's investment advisor and sub-advisor), including, without limitation: the fees of the Fund's investment advisor; any custodian or depository appointed by the Fund for the safekeeping of its cash, portfolio securities and other property, and any transfer, divided or accounting agent or agents appointed by the Fund; brokers commissions chargeable to the Fund in connection with portfolio securities transactions to which the Fund is a party; all taxes, including securities issuance and transfer taxes, and fees payable by the Fund to Federal, state or other governmental agencies; the costs and expenses of engraving or printing of certificates representing shares of the Fund; all costs and expenses in connection with the registration and maintenance of registration of the Fund and its shares with the SEC and various states and other jurisdictions (including filing fees, legal fees and disbursements of counsel); the costs and expenses of printing, including typesetting, and distributing Prospectuses and SAI of the Fund and supplements thereto to the Fund's shareholders; all expenses of shareholders' and directors' meetings and of preparing, printing and mailing of proxy statements and reports to shareholders; fees and travel expenses of directors or director members of any advisory board or committee; all expenses incident to the payment of any dividend, distribution, withdraw or redemption, whether in shares or in cash; charges and expenses of any outside services used for pricing of the Fund's shares; fees and expense of legal counsel and of independent accountants, in connection with any matter relating to the fund; membership dues of industry associations; interest payable on Fund borrowings; postage; insurance premiums on property or personnel (including officers and directors) of the Fund which insure to its benefit; extraordinary expenses (including, but not limited to, legal claims and liabilities and litigation costs and any indemnification related thereto); and all other charges and costs of the Fund's operation unless otherwise explicitly provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Delegation of Responsibilities</u>. The Broker may, but shall not be under any duty to, perform services on behalf of the Fund which are not required by this Agreement upon the request of the Fund's Board of Directors. Such services will be performed on behalf of the Fund and the Broker's charge in rendering such services may be billed monthly to the Fund. Payment or assumption by the Broker of any Fund expense that the Broker is not required to pay or assume under this Agreement shall not relieve the Broker of any of its obligations to the Fund nor obligate the Broker to pay or assume any similar Fund expenses on any subsequent occasions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Compensation</u>. The Broker shall receive from the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) all distribution and service fees, as applicable, at the rate and under the terms and conditions set forth in each Distribution Plan (collectively, "Plans") adopted by the appropriate class of Series Shares, as such Plans may be amended from time to time, and subject to any further limitations on such fees as the Board of Directors may impose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) all deferred sales charges ("DSCs"), if any, applied on redemptions of the applicable class(es) of Series Shares on the terms and subject to such waivers as are described in the Fund"s Registration Statement and current prospectuses, as amended from time to time, or as otherwise required pursuant to applicable law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) all front-end sales charges, if any, on purchases of the applicable Series Shares sold subject to such charges as described in the Fund's Registration Statement and current prospectuses, as amended from time to time. The Broker, or brokers, dealers and other financial institutions and intermediaries that have entered into sub-distribution or dealer agreements with the Distributor, may collect the gross proceeds derived from the sale of such class(es) of Shares, remit the net asset value thereof to the fund upon receipt of the proceeds and retain the applicable sales charge.

The Broker may reallow any or all of the distribution or service fee, contingent deferred sales charges and front-end sales charges which it is paid by the fund to such brokers, dealers and other financial institutions and intermediaries as the Broker may from time to time determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Non-Exclusivity</u>. The services of the Broker to the Fund are not to be deemed to be exclusive, and the Broker shall be free to render distribution or other services to others (including other investment companies) and to engage in other activities. It is understood and agreed that officers or directors of the Broker may serve as officers or directors of the Fund, and that officers or directors of the Fund may serve as officers or directors of the Broker to the extent permitted by law; and that the officers and directors of the Broker are not prohibited from engaging in any other business activity or from rendering services to any other person, or from serving as partners, officers, trustees or directors of any other firm, trust or corporation, including other investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Term</u>. This Agreement shall become effective at the close of business on the date hereof and shall continue in force and effect, subject to Section 12 hereof, for two years from the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Renewal</u>. Following the expiration of its initial two-year term, this Agreement shall continue in force and effect from year to year, provided that such continuance is specifically approved at least annually:

(a)(i) by the Fund's Board of Directors or (ii) by the vote of a majority of the outstanding voting securities of the Series Shares (as defined in Section 2(a)(42) of the 1940 Act, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by the affirmative vote of a majority of the directors who are not parties to this Agreement or "interested persons" (as defined by the 1940 Act) of any such party and have no direct or indirect financial interest in the operation of this Agreement or any agreement related to this Agreement, by votes cast in person at a meeting specifically called for the purpose of voting on such approval.

Notwithstanding any provision of this paragraph to the contrary, if the holders of any one series of the Series Shares of the Fund fail to approve this Agreement, the Broker may continue to serve as distributor to the other Series Shares of the Fund whose holders approved this Agreement and, in the manner and to the extent permitted by the 1940 Act, to the series of Series Shares of the Fund which did not approve this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Termination</u>. This Agreement may be terminated at any time, without the payment of any penalty, by vote of the Fund's Board of Directors or by vote of a majority of the members of the Board of Directors of the Fund who are not "interested persons" of the Fund and have no direct or indirect financial interest in the operation of this Agreement or in any agreement related to this Agreement, by vote of a majority of the Series Shares of the Fund's outstanding voting securities (as defined in Section 2(a)(42) of the 1940 Act), or by the Broker, on sixty (60) days' written notice to the other party. The notice provided for herein may be waived by either party. This Agreement shall automatically terminate in the event of its assignment, the term "assignment" having the meaning defined in Section 2(a)(4) of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Amendments</u>. This Agreement may be amended by the parties hereto only if such amendment is specifically approved (I) by the Board of Directors of the Fund or by the vote of a majority of outstanding voting securities of the Series Shares, and (ii) by a majority of those directors who are not parties to this Agreement or "interested persons" of any such party, which vote must be cast in person at a meeting called for the purpose of voting on such approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Liability of the Distributor</u>. In the performance of its duties hereunder, the Broker shall be obligated to exercise care and diligence and to act in good faith and to use its best efforts within reasonable limits to ensure the accuracy of all services performed under this Agreement, but the Broker shall not be liable for any act or omission which loss does not constitute willful misfeasance, bad faith or gross negligence on the part of the Broker or reckless disregard by the Broker of its duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Notices</u>. Any notices under this Agreement shall be in writing, addressed and delivered or mailed postage paid to the other party at such address as such other party may designate for the receipt of such notice. Until further notice to the other party, it is agreed that the address of the Fund for this purpose and that of the Broker shall be 1100 Chase Square, Rochester, New York 14604.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Questions of Interpretation</u>. This Agreement shall be implemented and continued in a manner consistent with the provisions of the 1940 Act. Any question of interpretation of any term or provision of this Agreement having a counterpart in or otherwise derived from a term or provision of the 1940 Act, shall be resolved by reference to such term or provision of the 1940 Act and to interpretations thereof, if any, by the United States Courts or, in the absence of any controlling decision of any such court, by rules, regulations or orders of the SEC issued pursuant to said Act. In addition, where the effect of a requirement of the 1940 reflected in any provision of this Agreement is revised by rule, regulation or order of the SEC, such provision shall be deemed to incorporate the effect of such rule, regulation or order.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed in duplicate by their respective officers on the day and year first written above.

---

| | |
|:---|:---|
| MANNING & NAPIER FUND, INC. | MANNING & NAPIER FUND, INC. |
| By: | /s/ Paul J. Battaglia |
| Paul J. Battaglia<br> President | Paul J. Battaglia<br> President |
| MANNING & NAPIER INVESTOR SERVICES, INC. | MANNING & NAPIER INVESTOR SERVICES, INC. |
| By: | /s/ Elizabeth Craig |
| Elizabeth Craig<br> Corporate Secretary | Elizabeth Craig<br> Corporate Secretary |

---

**SCHEDULE A**

**Dated October 21, 2022**

The following is a restatement to the existing Schedule A of the Amended and Restated Distribution Agreement between the Manning & Napier Fund, Inc. and Manning & Napier Investor Services, Inc.:

**<u>Name of Series</u>**

Pro-Blend Maximum Term Series

Pro-Blend Conservative Term Series

Pro-Blend Moderate Term Series

Pro-Blend Extended Term Series

High Yield Bond Series

New York Tax Exempt Series

Diversified Tax Exempt Series

Equity Series

Overseas Series

Core Bond Series

Unconstrained Bond Series

Disciplined Value Series

Real Estate Series

Rainier International Discovery Series

Credit Series

## Ex-99.(D)(E)(1)(A)

**Exhibit 99.(d)(e)(1)(a)**

**AMENDED AND RESTATED DISTRIBUTION AGREEMENT**

**SCHEDULE A**

**Dated January 20, 2023**

The following is a restatement to the existing Schedule A of the Amended and Restated Distribution Agreement between the Manning & Napier Fund, Inc. and Manning & Napier Investor Services, Inc.:

**<u>Name of Series</u>**

Pro-Blend Maximum Term Series

Pro-Blend Conservative Term Series

Pro-Blend Moderate Term Series

Pro-Blend Extended Term Series

High Yield Bond Series

Diversified Tax Exempt Series

Equity Series

Overseas Series

Core Bond Series

Unconstrained Bond Series

Disciplined Value Series

Real Estate Series

Rainier International Discovery Series

Credit Series

## Ex-99.(H)(1)(A)

**Exhibit 99.h(1)(a)**

**AMENDED AND RESTATED**

**FUND ADMINISTRATION APPENDIX**

**to the MASTER SERVICES AGREEMENT**

**August 17, 2022**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Description of Services on a Continuous Basis.</u> MNA will perform the following administration
functions if required:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Maintenance of Books and Records.</u> MNA will keep and maintain
the books and records of the Fund for each Series pursuant to Rule 3la-1 under the Investment Company Act of 1940 (the "Rule").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Performance of Administration Services.</u> MNA shall perform
the following administration services for each series of the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Prepare quarterly broker security transactions summaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Prepare monthly security transaction listings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Supply various normal and customary Series and Fund statistical data as requested on an ongoing
basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Provide compliance policies and procedures related to services covered under Rule 38a-l under the
1940 Act; summaries of such policies and procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Prepare, and coordinate with the Fund's financial printer, the SEC filing of the Fund's annual,
semi-annual, and quarterly shareholder reports, and prepare and coordinate with the Fund's financial printer the SEC filing of
Forms N-CSR, Exhibit F to N-PORT and Form N-PX;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Monitor each Series' status as a regulated investment company under Sub- chapter M of the Internal
Revenue Code of 1986, as amended ("Sub- chapter M).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Provide information (such as NAV, performance, holdings) to third parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Draft the annual update to the Fund's registration statement, periodic supplements and summary
prospectus(es) and coordinate the SEC filing of these documents with the Fund's financial printer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Compliance services related to the detection of market timing and excessive trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Compliance services related to the Fund's Liquidity Risk Management Program and Rule 22e-4
of the Investment Company Act of 1940.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) Compliance services related to the Fund's Derivatives Risk Management Program and Rule 18f-4
of the Investment Company Act of 1940.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) Tax Services including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Prepare annual tax provision/components of capital analysis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Provide tax footnote disclosure information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Prepare annual excise provision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Provide required amount of distribution from ordinary income and capital gains for excise distribution
purposes in conjunction with sub-chapter M distribution requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Assist in 1099-DIV year-end reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Such other tax accounting duties as the parties may mutually agree in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) Uncertain tax services including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Identification and documentation of all material tax positions taken by the Fund during each of
its fiscal years (each such fiscal year being a "Review Period");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Review of the Fund's: (A) tax provision work papers, (B) excise tax distribution work papers, (C)
income and excise tax returns, (D) tax policies and procedures, and (E) Subchapter M compliance work papers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Determination as to whether the Tax Positions have been consistently applied and documentation
of any inconsistencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Review of relevant statutory authorities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Review of any tax opinions and legal memoranda prepared by tax counsel or tax auditors to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Review of standard mutual fund industry practices, to the extent such practices are known to or
may reasonably be determined; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Delivery of a written report to the Fund with respect to the above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) Anti-money laundering services including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Perform reasonable actions necessary to assist the Fund in complying with Section 352 of the USA
Patriot Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Perform reasonable actions necessary to assist the Fund in complying with requirements regarding
a due diligence program for "foreign financial institution" accounts in accordance with applicable regulations promulgated
by the U.S. Department of Treasury under Section 312 of the USA PATRIOT ACT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Perform reasonable action necessary to assist the Fund in complying with requirement regarding
a customer identification program in accordance with applicable regulations promulgated by U.S. Department of Treasury under Section
326 of the USA Patriot Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Perform reasonable actions necessary to assist the Fund with respect to FinCEN Section 314(a) information
requests received by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. U.S. Government List Matching Services. Compare appropriate list matching data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Maintain, or cause to be maintained, written controls reasonably designed to detect the occurrence
of Red Flags (meaning a pattern, practice, or specific activity or a combination of patterns, practices or specific activities
which may indicate the possible existence of identity theft affecting a registered owner or a covered person) in connection with
(i) account opening and other account activities and transactions conducted directly, and (ii) transactions effected directly by
covered persons in covered accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(xiii)</u> <u>FORM N-PORT</u>. Will, or will cause a vendor to: (i) collect, aggregate and normalize the data
required for the submission of Form N-PORT; (ii) prepare, on a monthly basis, Form N-PORT; and (iii) file Form N-PORT with the
SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(xiv)</u> <u>FORM N-CEN</u>. Will, or will cause a vendor to: (i) collect, aggregate and normalize the data
required for the submission of Form N-CEN; (ii) prepare, on an annual basis, Form N-CEN; and (iii) file Form N-CEN with the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Sub-Administration Agent Services</u>. MNA will oversee and supervise
all services provided by a sub-administration agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Compensation.</u> For services performed by MNA pursuant to this Appendix, the Fund will pay
to MNA compensation for such services as the parties may agree to from time to time in writing, set forth in, Schedule A, hereto,
as such Schedule may be amended from time to time.

**AMENDED AND RESTATED SCHEDULE A** 

**To the Master Services Agreement**

**Effective August 17, 2022**

**I.**  **<u>Administration and Accounting</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.**  ***The following fees apply to the Fund's Series that are not fund-of-fund Series:*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** **Asset Based Fees:** 

The following annual fee will be calculated based upon the Series' aggregate average net assets and paid monthly:

0.0085% of the Series' first $25 billion of average net assets;

0.0075% of the Series' next $15 billion of average net assets; and,

0.0065% of the Series' average net assets in excess of $40 billion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii.** **Financial Administration Base Fee:** 

The annual base fee will be $18,400 for each Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.**  ***The following fees apply to the Fund's Series that are fund-of-fund Series:*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** **Asset Based Fees:** 

The following annual fee will be calculated based upon the fund-of-funds' aggregate average net assets and paid monthly:

0.00225% of the fund-of-funds' average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii.** **Accounting Base Fee:** 

The annual base fee for accounting services will be $12,000 per fund-of-fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iii.** **Financial Administration Base Fee:** 

The annual base fee for financial administration services will be $12,000 per fund-of-fund.

**II.**  **<u>Regulatory Administration</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Regulatory Administration Services Fees:** 

$25,000 per annum per Fund plus $5,400 per Series per year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **ArcProspectus Services:** 

$150 per published page (estimate based on two annual registration statement updates)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Base 38a-1 Compliance Support Service Fees:** 

For base compliance support services, MNA will charge $7,500 per year for administration and accounting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Regulatory Filing Services Fees:** 

 **Form N-CSR filing fee:**

$2,500 per filing for annual report

$1,500 per filing for semi-annual report

**Part F of Form N-PORT filing fee:**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>First Series</u> | <u>Each additional Series</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$750 per filing | $375 per filing |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **SEC Modernization: Form N-PORT and N-CEN** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Per standard fund per year | $10000 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Per complex \* fund per year | $12000 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Per fund of fund per year | $8000 |

---

*\*Complexity is based on # counterparties, derivatives, securities lending and/or external data sources* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **SEC 18F-4 Full Derivatives Services** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Per account, per year | $20000 |

---

**III.**  **<u>Financial Typesetting Fees:</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** 40 Act Financial Reporting Service Fee-per Series per year is included in the Fund Admin base fee.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Typesetting Fee | $150 per page |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charts and Graphs | $97 per graph for set up |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charts and Graphs | $85 per graph for changes |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Programming and Implementation-per hour | $125 per hour |

---

**IV.**  **<u>Additional Fees:</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Multiple Manager Fee:

$15,000 annually per portfolio sleeve for unaffiliated manager

$3,000 annually per portfolio sleeve managed by client or affiliate, with the exception of affiliated derivatives management (Options/Future)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Multiple Class Fee:

$6,000 annually per class, for each class beyond the first class in each Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Fair Value Services:** 

$6,000 annually per Series that utilizes the service

**VI.**  **<u>OUT-OF-POCKET EXPENSES</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** In addition to the fees set forth above, the Fund agrees to reimburse MNA for any out –of-pocket
expenses. Out-of-pocket expenses include, but are not limited to the following:

● Independent Security Market Quote Costs\*:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Domestic equities | $0.08 | Foreign equities | $0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Domestic bonds | $0.50 | Foreign bonds | $0.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money market inst. | $0.50 | CMO/asset-backed | $0.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal bonds | $0.60 | Broker/manually priced securities | $1.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank loans | $0.50 | Options | $0.25 |

---

● Fair Value Services (as quoted by provider)

● Courier and other delivery charges

● Telephone costs

● Banking costs

● Vendor changes – including, but not limited to system utilized to perform services under this Agreement.

*\*Prices are subject to change as a result of third party vendors and are per security per day charges.*

**VII.**  **<u>MISCELLANEOUS</u>** 

On an annual basis, upon thirty (30) days prior written notice, MNA may increase fees once each year (November 1 - October 31) by the lesser of (i) 1.5%, or (ii) the cumulative percentage increase in the Consumer Price Index for All Urban Consumers (CPI-U) U.S. City Average, All items (unadjusted) - (1982-84=100), published by the U.S. Department of Labor, since November 1, 2014 or the last such adjustment in the fees subsequent to November 1, 2014. MNA must invoke this clause (give the written notice provided for above) with respect to a particular contract year or with respect to a 12-month period commencing within such year within 120 days of the end of the prior year.

## Ex-99.(I)

**Exhibit 99.i**

![](ex99i001.jpg)

February 27, 2023

Manning & Napier Fund, Inc.

290 Woodcliff Drive

Fairport, NY 14450

Re: <u>Opinion of Counsel regarding Post-Effective Amendment No. 219 to the Registration Statement filed on Form N-1A under the Securities Act of 1933 (File No. 002-92633)</u>

Ladies and Gentlemen:

We have acted as counsel to Manning & Napier Fund, Inc. (the "Fund"), a Maryland corporation, in connection with the above-referenced Registration Statement on Form N-1A (as amended, the "Registration Statement"), which relates to the Fund's shares of common stock, par value $0.01 per share (collectively, the "Shares"). This opinion is being delivered to you in connection with the Fund's filing of Post-Effective Amendment No. 219 to the Registration Statement (the "Amendment") to be filed with the Securities and Exchange Commission ("SEC") pursuant to Rule 485(b) under the Securities Act of 1933 (the "1933 Act"). With your permission, all assumptions and statements of reliance herein have been made without any independent investigation or verification on our part except to the extent otherwise expressly stated, and we express no opinion with respect to the subject matter or accuracy of such assumptions or items relied upon.

In connection with this opinion, we have reviewed, among other things, executed copies of the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a certificate of the State of Maryland as to the existence and good standing of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Fund's Articles of Incorporation and all amendments, corrections and supplements thereto
(the "Articles of Incorporation");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a certificate executed by Elizabeth Craig, the Secretary of the Fund, certifying as to the Fund's
Articles of Incorporation and Amended and Restated By-Laws (the "By-Laws") and certain resolutions adopted by the Board
of Directors of the Fund authorizing the issuance of the Shares; and

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Morgan, Lewis & Bockius llp** |  |
| &nbsp;&nbsp;1701 Market Street |  |
| &nbsp;&nbsp;Philadelphia, PA 19103-2921 | &nbsp;&nbsp;![](ex99i002.jpg) +1.215.963.5000 |
| &nbsp;&nbsp;United States | &nbsp;&nbsp;![](ex99i003.jpg) +1.215.963.5001 |

---

Manning & Napier Fund, Inc.

February 27, 2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a printer's proof of the Amendment.

In our capacity as counsel to the Fund, we have examined the originals or certified, written or electronic, conformed or reproduced copies, of all records, agreements, instruments and documents as we have deemed relevant or necessary as the basis for the opinion hereinafter expressed. In all such examinations, we have assumed the legal capacity of all natural persons executing documents, the genuineness of all signatures, the authenticity of all original, certified or electronic copies, and the conformity to original or certified copies of all copies submitted to us as conformed or reproduced copies. As to various questions of fact relevant to such opinion, we have relied upon, and assume the accuracy of, certificates and oral or written (including electronic) statements of public officials and officers or representatives of the Fund. We have assumed that the Amendment, as filed with the SEC, will be in substantially the form of the printer's proof referred to in paragraph (d) above.

Based upon, and subject to, the limitations set forth herein, we are of the opinion that the Shares, when issued and sold in accordance with the terms of purchase described in the Registration Statement, will be legally issued, fully paid and nonassessable under the laws of the State of Maryland.

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement. In giving this consent, we do not concede that we are in the category of persons whose consent is required under Section 7 of the 1933 Act.

Very truly yours,

/s/Morgan, Lewis & Bockius LLP

## Ex-99.(J)

**Exhibit 99.j**

<u>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>

We hereby consent to the incorporation by reference in this Registration Statement on Form N-1A of Manning & Napier Fund, Inc. of our reports dated December 20, 2022, relating to the financial statements and financial highlights, which appear in Annual Reports of Disciplined Value Series, Equity Series, Overseas Series, Pro-Blend<sup>®</sup> Conservative Term Series, Pro-Blend<sup>®</sup> Extended Term Series, Pro-Blend<sup>®</sup> Maximum Term Series, Pro-Blend<sup>®</sup> Moderate Term Series and Rainier International Discovery Series on Form N-CSR for the year ended October 31, 2022 and of our reports dated February 23, 2023, relating to the financial statements and financial highlights, which appear in Annual Reports of Core Bond Series, Credit Series, Diversified Tax Exempt Series, High Yield Bond Series, Real Estate Series and Unconstrained Bond Series on Form N-CSR for the year ended December 31, 2022. We also consent to the references to us under the headings "Financial Statements", "Transfer Agent, Dividend Disbursing Agent, Custodian, Independent Registered Public Accounting Firm, and Counsel" and "Financial Highlights" in such Registration Statement.

/s/PricewaterhouseCoopers LLP

New York, New York

February 27, 2023

## Ex-99.(N)(1)(A)

**Exhibit 99.n(1)(a)**

**AMENDED & RESTATED SCHEDULE A to**

**MANNING & NAPIER FUND, INC.**

**Amended and Restated Rule 18f-3 Multiple Class Plan**

**January 20, 2023**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **FUND** | **SHARE CLASS** | **SHARE CLASS** | **SHARE CLASS** | **SHARE CLASS** | **SHARE CLASS** | **SHARE CLASS** | **SHARE CLASS** | **SHARE CLASS** | **SHARE CLASS** |
| | **S** | **I** | **K** | **R** | **L** | **R6** | **Z** | **A** | **W** |
| Pro-Blend Conservative Term Series | **X** | **X** |  | **X** | **X** |  | **X** |  | **X** |
| Pro-Blend Moderate Term Series | **X** | **X** |  | **X** | **X** |  | **X** |  | **X** |
| Pro-Blend Extended Term Series | **X** | **X** |  | **X** | **X** |  | **X** |  | **X** |
| Pro-Blend Maximum Term Series | **X** | **X** |  | **X** | **X** |  | **X** |  | **X** |
| Diversified Tax Exempt Series |  |  |  |  |  |  |  | **X** | **X** |
| High Yield Bond Series | **X** | **X** |  |  |  |  | **X** |  | **X** |
| Overseas Series | **X** | **X** |  |  |  |  | **X** |  | **X** |
| Equity Series | **X** |  |  |  |  |  |  |  | **X** |
| Core Bond Series | **X** | **X** |  |  |  |  | **X** |  | **X** |
| Unconstrained Bond Series | **X** | **X** |  |  |  |  | **X** |  | **X** |
| Disciplined Value Series | **X** | **X** |  |  |  |  | **X** |  | **X** |
| Real Estate Series | **X** | **X** |  |  |  |  | **X** |  | **X** |
| Rainier International Discovery Series | **X** | **X** |  |  |  |  | **X** |  | **X** |
| Credit Series |  |  |  |  |  |  |  |  | **X** |

---

## Ex-99.(P)(1)

**Exhibit 99.p(1)**

Manning & Napier Code of Ethics

for

Manning & Napier Advisors, LLC

Rainier Investment Management, LLC

(each, an "Advisor" and, collectively, the "Advisors")

Manning & Napier Fund, Inc. (the "Fund")

Manning & Napier Investor Services, Inc.

and

Any other person(s) notified by a Chief Compliance Officer ("CCO")

Updated: November 23, 2022

If you have any questions regarding the procedures for complying with this Code of Ethics**,** please direct all questions to Jessica Kushner, Advisor CCO or Samantha Larew, Fund CCO.

*Preamble*

Manning & Napier (the "Firm") *exists to build brighter futures no matter what comes next*. In order to fulfill this vision statement, the Firm relies on all of its employees to act with the utmost care, consideration, respect, and integrity when engaging with clients and colleagues alike. Through steadfast adherence to these behaviors, we gain our client's trust—the foundation of our success.

The financial services industry is highly competitive, but Manning & Napier's corporate values and ethical principles can help set us apart. We must build *meaningful relationships* with our clients, communities and each-other. We must embrace change and take *bold initiative* to challenge the status quo, act decisively and hold ourselves accountable. And, we must strive for *continuous growth* to evolve in line with our client's needs and regulators' expectations.

Manning & Napier has adopted a Code of Ethics ("Code") to guide employees in pursuing the highest standards of ethical conduct. The Code encapsulates the key components of unwavering ethical behavior but is not meant to address every situation that can arise in our complex, constantly evolving business. Your internal compass must help you navigate matters beyond the scope of the Code. When in doubt, consult your Chief Compliance Officers and/or General Counsel.

Numerous rules and regulations dictate the standards of care that guide the Firm's conduct and the actions of its employees. The Code operates in conjunction with various other policies and procedures to ensure that the Firm takes appropriate steps to mitigate conflict and uphold applicable standards of care. As an employee, you must take the time to familiarize yourself with the content and substance of these policies and procedures and conduct yourself accordingly.

**Table of Contents**

---

| | | |
|:---|:---|:---|
| **Section/Title** | | **Page** |
| I. Code of Ethics | I. Code of Ethics |  |
| A. | Adoption of the Code of Ethics | 4 |
| B. | Persons Covered by this Code | 4 |
| C. | Why this Code applies to You | 4 |
| II. Manning & Napier's Standards of Professional Business Conduct | II. Manning & Napier's Standards of Professional Business Conduct | 4 |
| A. | Conduct | 4 |
| B. | Conflicting Activities | 5 |
|  | 1. Conflicting Transactions | 5 |
|  | 2. Conflicting Duties | 5 |
|  | 3. Conflicts of Interest | 5 |
|  | 4. Disclosure of Conflicts | 5 |
|  | 5. Disclosure of Referral Fees | 5 |
| C. | Prohibited Activities | 5 |
|  | 1. In General | 5 |
|  | 2. Prohibition on Accepting and Giving of Gifts | 5 |
|  | 3. Prohibition Against Assisting Legal and Ethical Violations | 6 |
|  | 4. Prohibition Against Use of Material Non-Public Information | 6 |
|  | 5. Prohibition Against Plagiarism | 6 |
|  | 6. Prohibition Against Misrepresentation of Services | 6 |
| D. | Compliance with Laws, Rules, Regulations and Policies | 6 |
|  | 1. Required Knowledge and Compliance | 6 |
|  | 2. Personal Securities Transactions | 6 |
|  | 3. Whistleblowing | 6 |
|  | 4. Responsibilities of Supervisors | 7 |
|  | 5. Reporting Violations | 7 |
| E. | Investment Recommendations and Actions | 7 |
|  | 1. Investment Recommendations | 7 |
|  | 2. Fair Dealing with Customers and Clients | 7 |
|  | 3. Preservation of Confidentiality | 7 |
|  | 4. Maintenance of Independence and Objectivity | 7 |
| III. Personal Securities Transactions | III. Personal Securities Transactions | 7 |
| A. | Reporting Requirements – All Employees | 7 |
|  | 1. What Accounts Are Covered by this Code | 7 |
|  | 2. Disclosure of All Covered Accounts | 8 |
|  | 3. Duplicate Copies | 8 |
|  | 4. Quarterly Transaction Reports | 8 |
| B. | Reporting Requirements – Access and Investment Persons | 8 |
|  | 1. Initial Holdings Certification | 8 |
|  | 2. Annual Holdings Certification | 9 |
| C. | Pre-Clearance Requirements | 9 |
|  | 1. What Securities Are Covered by this Code | 9 |
|  | 2. What Securities Are Not Covered by this Code | 9 |
|  | 3. How to Obtain Pre-Clearance | 10 |
|  | 4. IPO's and Limited Offerings/Private Placements | 10 |
| D. | Restricted Activities | 10 |
| E. | 30-Day Holding Period Requirement | 11 |
| F. | Non-Covered Activities | 11 |
| G. | Construction and Administration of this Code. | 12 |
| H. | Resolutions/Sanctions | 13 |
| I. | Annual Written Reports to the Boards | 13 |
| J. | Recordkeeping | 14 |

---

APPENDIX A. Covered Account Definition

APPENDIX B. Applicable Definitions

APPENDIX C. CCO's and Review Officers

APPENDIX D. M&N Whistleblower Policy & Procedures

<u>Section I. </u> <u>Code of Ethics</u>

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Adoption of the Code of Ethics.** Manning & Napier Advisors,
LLC, Rainier Investment Management, LLC (collectively, the "Advisors"), Manning & Napier Fund, Inc. (the "Fund"),
and Manning & Napier Investor Services, Inc., (collectively, "the Firm") have adopted this Code of Ethics (the "Code")
in accordance with Rule 17j-1 under the Investment Company Act of 1940, as amended (the "1940 Act") and Rule 204A-1 of the
Investment Advisers Act of 1940, as amended (the "Advisers Act").

The Code establishes standards of conduct and requires employees of the Firm to comply with all applicable federal securities laws (as defined in Appendix B). Furthermore, the Code, among other things, governs personal securities trading, including the reporting of personal securities accounts, holdings, and transactions, along with the pre-clearance of certain investments.

The Firm and its employees owe a fiduciary duty to our clients. Employees are required to conduct their affairs, including their personal securities transactions, in such a manner as to avoid:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) serving
 their own personal interests ahead of clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) taking
 inappropriate advantage of their position with the Firm; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) creating
 any actual or potential conflicts of interest or abuse of their position of trust and
 responsibility.

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Persons Covered by the Code.** 

● Directors and Officers of the Firm;

● Employees; and

● Certain temporary workers, interns and consultants, certain employees of affiliates, or particular persons designated by a CCO.

&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Why this Code Applies to You.** As an employee of the Firm, you have a responsibility to put the clients' best interest first, and
to act in a manner that does not compromise the interests of any client or create any apparent or actual conflicts of interest between
the Firm, employees, and our clients. The Firm will provide each employee with a copy of this Code and any amendments. In addition, each
employee is required to submit an acknowledgement of the receipt of the Code and any amendments.

A Review Officer will advise you of whether you are deemed an Access Person\* or an Investment Person under this Code, as defined in Appendix B. If you have not received notification identifying you as an Access or Investment Person, you are considered a Non-Access Person under this Code.

*\*Note: As used herein, the term "Access Person" shall include both Access Person and Investment Person, except where otherwise noted.*

<u>Section II. </u> <u>Standards of Professional Business Conduct</u>

The Standards of Professional Business Conduct set forth herein do not purport to address every possible conflict or prohibition. It is your responsibility to use this Section as a guide in all of your business activity. When conflicts occur that are not contemplated here, it is your responsibility to ensure that such conflicts do not harm clients or otherwise place your interests ahead of clients. You must escalate to a CCO any newly identified material conflicts of interest to ensure that the Firm has appropriate controls in place to mitigate such conflicts.

**A. Conduct.** Employees are to conduct themselves with integrity, honesty, and dignity, and act in an ethical manner in their dealings with the public, clients, prospective clients, and fellow employees. Additionally, employees are to encourage fellow employees to conduct themselves in a professional and ethical manner that will positively reflect on themself, their profession, and the Firm. Employees are to use reasonable care and exercise independent professional judgement, act with competence, and strive to maintain and improve their competence and that of fellow employees. Employees must hold themselves and their peers accountable to compliance with and adherence to the principles of this Code.

**B. Conflicting Activities.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Conflicting Transactions**. No Employee who is aware (or should be aware) that the Advisors are purchasing or selling a particular Covered Security or are considering such a purchase or sale for clients may engage in any transaction with respect to that security.

For the purposes of this Code, a Covered Security is under consideration for purchase or sale when**:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a
 Covered Security is recommended for purchase or sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a
 decision has been made, though not yet implemented, to make such purchase or sale; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 Advisors seriously consider making a recommendation regarding the Covered Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Conflicting Duties**. Employees may not serve on a Board of Directors of publicly traded companies (other than Manning & Napier, Inc.) or otherwise undertake any special duties or responsibilities to companies in which the Firm could invest in their client's portfolios without receiving prior written approval from a CCO.

FINRA Rule 3241, limits registered persons from being named a customer's beneficiary or holding a position of trust for or on behalf of a customer. All Employees must receive prior approval from a CCO or Review Officer in order to be named as a customer's beneficiary, executor or trustee, or hold a power of attorney or similar position for or on behalf of customer. Prior approval is not required when the customer is a member of the employee's immediate family.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Conflicts of Interest**. A conflict of interest occurs when your private interest(s) interfere in any way with interest(s) of the Firm and/or its clients. You have a responsibility to report any material transaction or relationship that reasonably could be expected to create a conflict of interest with the Firm or its clients. You should be aware that actual or potential conflicts of interest could arise not just from dealing with external parties, such as clients or consultants, but also from relations or transactions with other employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Disclosure of Conflicts.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) When
 making investment recommendations, or taking investment actions, you must disclose to
 your customers and clients any material conflict of interest relating to you and any
 material beneficial ownership of the securities involved which could reasonably be expected
 to impair your ability to render unbiased and objective advice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) You
 must disclose to the Firm all matters, which could reasonably be expected to interfere
 with your duties to the Firm, or with your ability to render unbiased and objective advice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) You
 must comply with all requirements as to disclosure of conflicts of interest imposed by
 law and by rules and regulations of organizations governing your activities and shall
 comply with any prohibitions on your activities if a conflict of interest exists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. Disclosure of Referral Fees.** You must make appropriate disclosures to a prospective client of any consideration paid to others for recommending your services to that prospective client.

**C. Prohibited Activities.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. In General.** You shall not engage in any act, practice or course of conduct that would violate the provisions of Rule 17j-1 or Rule 204A-1, or any other applicable Federal Securities Laws, including: (1) the employment of any device, scheme or artifice to defraud a client, prospective client, fund or an account; (2) the making of any untrue statement of a material fact to a client, prospective client, fund or an account, or omitting to state a material fact necessary in order to make the statements made to a client, prospective client, fund or an account, in light of the circumstances in which they are made, not misleading; (3) the engagement in any act, practice or course of business that operates or would operate as a fraud or deceit on a client, prospective client, fund or an account; and (4) the engagement in any manipulative practice with respect to a client, prospective client, fund or an account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Prohibition on Accepting and Giving of Gifts**. The acceptance or giving of gifts or excessive entertainment from people who have business dealings or prospective dealings with the Firm, must not constitute a conflict of interest or create the appearance of impropriety. Employees may not give or receive gifts in excess of the limit set in the Firm's policy, and if applicable, your departmental gift policy. In addition, employees must be personally satisfied that the gift or entertainment is not intended to influence their judgment or the performance of their duties. Please consult *Manning & Napier's Receipt of Gifts by Employees Policy* found in the HR Employee Manual, and Departmental Gift Policy, if applicable, for further information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Prohibition Against Assisting Legal and Ethical Violations.** Employees shall not participate in, or assist with, any acts in which they know, or should reasonably know, to be in violation of any applicable law, rule, or regulation of any government, governmental agency, or regulatory organization governing their professional, financial, or business activities. Likewise, employees shall not act in any manner that would violate any provisions of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Prohibition Against Use of Material Non-Public Information.** All Employees must comply with all laws and regulations relating to the use of material non-public information, including, but not limited to: (1) if you acquire such information as a result of a special or confidential relationship of the Firm with the issuer, you shall not communicate the information (other than within the relationship), or take investment action on the basis of such information if doing so would violate that relationship; and (2) if you are not in a special or confidential relationship with the issuer, you shall not communicate or act on material non-public information if you know or reasonably should know that such information was disclosed to you in breach of a duty. If such a breach exists, all material non-public information must be reported immediately to a CCO or the General Counsel. You are prohibited from communicating or acting on any material non-public information. Employees who influence the Firm's securities recommendations and investment ideas are prohibited from using Material Non-Public Information and are required to report such knowledge immediately to a CCO or the General Counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. Prohibition Against Plagiarism.** You shall not, when presenting material to clients, prospective clients, or the general public, use material that is not authorized by your Supervisor and Compliance Department, if applicable; nor shall you copy or use in substantially the same form, material prepared by persons outside of the Firm without acknowledging its use and identifying the source of such material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. Prohibition Against Misrepresentation of Services.** You must not make any statements, orally or in writing, which materially misrepresent: (1) the services that you are capable of performing for the client or prospective client; (2) your qualifications or those of the Firm; (3) the investment performance the Firm has accomplished or can reasonably be expected to achieve for the client or prospective client; or (4) the expected performance of any investment. You must not make any unsupported oral or written statement that assures or guarantees any investment or return on investment, explicitly or implicitly.

**D. Compliance with Laws, Rules, Regulations and Policies.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Required Knowledge and Compliance**. You must maintain knowledge of and shall comply with all applicable laws, rules and regulations of any government, governmental agency, and regulatory organization governing your professional, financial, or business activities and applicable policies and procedures of the Firm. Such laws include, but are not limited to, the "Federal Securities Laws" (as defined in Appendix B).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Personal Securities Transactions.** You must conduct yourself in such a manner that always place the clients' best interests first. Transactions for the Firm's clients have priority over your personal transactions, and any personal transactions must be conducted in a manner that does not operate adversely to the interests of our clients or otherwise give rise to actual or potential conflicts of interest.

If you decide to make a recommendation about the purchase or sale of a security, you must give your clients and the Firm adequate opportunity to act on this recommendation before taking action for your own benefit. You must comply with all requirements covered in the Personal Securities Transactions Section of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Whistleblowing.** If you have knowledge of, or a concern about, illegal, dishonest, or fraudulent activity, you are encouraged to promptly report such activity. The Firm strictly prohibits retaliation of any kind against employees who submit a whistleblowing claim. The "Manning & Napier Whistleblower Policy & Procedures" have been included under Appendix D for your reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Responsibilities of Supervisors.** If you have supervisory responsibility, you must exercise reasonable supervision over those employees who report to you, such as to prevent any violation by such persons of applicable statutes, regulations, or provisions of the Code. In doing so, you are able to rely upon reasonable procedures established by the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. Reporting Violations.** You must promptly report any violations or suspected violations of the Code to a CCO or a Review Officer.

**E. Investment Recommendations and Actions.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Investment Recommendations**. You must exercise diligence and thoroughness in making an investment recommendation to others or in taking an investment action for others, while taking into consideration the appropriateness and suitability of the investment for such portfolio or client. This includes: (1) the needs and circumstances of the client, as indicated by the client's statement of investment objectives; (2) the basic characteristics of the investment; (3) the basic characteristics of the total portfolio. You must use reasonable judgment to determine the applicable relevant factors, in accordance with the Firm's investment strategies, screens and pricing disciplines. You must distinguish between facts and opinion in presentation of investment recommendations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) You
 must have a reasonable and adequate basis for such recommendations and actions, supported
 by appropriate research and investigation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) You
 must make reasonable and diligent efforts to avoid any material misrepresentation in
 any research report or investment recommendation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) You
 must maintain appropriate records to support the reasonableness of such recommendations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Fair Dealing with Customers and Clients**. You must act in a manner consistent with your obligation to deal fairly with all prospects and clients when, (1) disseminating investment recommendations, (2) disseminating material changes in prior investment advice, and (3) taking investment action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Preservation of Confidentiality.** You must preserve the confidentiality of information communicated by the Firm or each client concerning matters within the scope of the confidential relationship, unless you have received information concerning illegal activities. Please consult *Manning & Napier's Privacy Policy and Firmwide Information Security Program*, if applicable, for further information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Maintenance of Independence and Objectivity.** In relationships and contacts with an issuer of securities, whether individually or as a member of a group, you must use particular care and good judgment to achieve and maintain independence and objectivity.

<u>Section III.</u> <u>Personal Securities Transactions</u>

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Reporting Requirements – All Employees.** 

&nbsp;&nbsp;&nbsp;&nbsp;1. **What Accounts Are Covered by this Code.** This Code covers all securities accounts in which
 any Employee has or may have any direct or indirect Beneficial Ownership in a Covered
 Security (the "Covered Accounts"). (See Appendix A to this Code for a discussion
 of what constitutes such a beneficial interest.) This includes any account that  **<u>has the ability</u>** to hold or transact in covered securities irrespective of whether
 you actually hold or transact in covered securities in the account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Independent Directors.** Each Independent Director of the Fund (that is, one who is not an "interested
 person" of the Fund as defined in the 1940 Act) must, within 30 days after the
 end of each calendar quarter, file a report (which is to be filed with a Review Officer
 or the Fund's CCO) as to Covered Transactions; however, such a report need to be
 made as to a particular Covered Security only if the Independent Director at the time
 of that transaction knew, or in the ordinary course of fulfilling his or her official
 duties as a Director of the Fund should have known, that, during the 15 business day
 period immediately preceding or after the Covered Transaction, the Covered Security is
 or was purchased or sold by the Fund or was "considered" for such purchase
 or sale.

&nbsp;&nbsp;&nbsp;&nbsp;2. **Disclosure of All Covered Accounts.** Each Employee upon hire and/or no later than 10 calendar
 days of start date is required to disclose all Covered Accounts as defined in this Code.
 The Firm has appointed the following designated brokers for employees to hold their Covered
 Accounts at: Charles Schwab or TD Ameritrade. Employees may request an exemption from
 the designated broker requirement from a CCO or Review Officer. Exemptions will be approved
 on a case-by-case basis and typically only for those brokers that have electronic feeds
 to our third-party vendor. If approved, the Employee must remember that all other requirements
 under the Code remain.

In addition, each Employee must notify a Review Officer (as defined in Appendix C) or a CCO within 10 calendar days of the opening of any additional covered accounts. Additional accounts are required to be opened with one of the selected designated brokers as identified above unless the Employee has obtained an exemption from a CCO or Review Officer prior to opening the account.

&nbsp;&nbsp;&nbsp;&nbsp;3. **Duplicate Copies.** The Firm will instruct the broker to add the Covered Account(s) to its electronic
 feed that transmits transaction detail directly to its Compliance Vendor used for personal
 securities monitoring. Compliance reserves the right to request that Employees provide
 duplicate account statements and/or trade confirms as deemed necessary by a CCO or Review
 Officer.

&nbsp;&nbsp;&nbsp;&nbsp;4. **Quarterly Transaction Reports**. Employees must report all covered transactions to the Compliance
 Department no later than 30 calendar days following the end of each calendar quarter.
 Compliance typically receives employee transaction records that fulfill this policy requirement
 through electronic transaction feeds to our Compliance Vendor. In the event there is
 a disruption or delay in electronic feeds for a covered account, the employee must provide
 duplicate statements and/or trade confirmations upon request by a CCO or Review Officer.

Additionally, employees must obtain pre-approval for private placement transactions through the firm's Compliance Vendor. The record of approval will fulfill the transaction reporting requirement.

The Compliance Vendor maintains records of quarterly transaction reports that contain at least the following information for each transaction of a Covered Security in which the employee had, or acquired as a result of the transaction, any direct or indirect beneficial ownership during the quarter: (i) the date of the transaction and the title, the interest rate and maturity (if applicable) and quantity of the Covered Security involved; (ii) the nature of the transaction (e.g. purchase, sale or other type of acquisition or disposition); (iii) the price at which the transaction was effected; (iv) the name of the broker, dealer or bank with or through whom the transaction was effected; and (v) the date the report was submitted.

Within 30 calendar days after the end of each calendar quarter, Employees must log on to the Compliance Vendor's website, verify their quarterly transactions, and complete the required certification(s). In the event that information such as a covered account(s) or covered transaction(s) are missing or incorrect on the quarterly certification, the employee must notify the Compliance Department prior to completing their certification. For individuals who are away from work on Medical Leave, the certification must be completed within 10 calendar days of returning to work.

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Reporting Requirements – Access and Investment Persons.** 

&nbsp;&nbsp;&nbsp;&nbsp;1. **Initial Holdings Certification.** Each Access Person is required to report all their Covered
 Accounts and Covered Holdings (initial holdings report) to a CCO or Review Officer no
 later than 10 calendar days after the date upon which they become an Access Person. The
 Review Officer or CCO will enter the accounts into the Firm's third-party monitoring
 system and request an electronic feed from the broker.

The initial holdings report (e.g., most recent account statement) must contain the following information: (i) title, number of shares and aggregate value for equity securities, and principal amount for debt securities; (ii) the name of each broker, dealer or bank with which he or she maintains an account; and (iii) the date the report is submitted. The information (e.g., account statement) must be current as of a date no more than 45 calendar days prior to the date the person becomes an Access Person. For Covered Securities not held at a broker-dealer (private placements, securities in certificate form, etc.) such holdings of Covered Securities should be reported separately to a Review Officer or a CCO.

&nbsp;&nbsp;&nbsp;&nbsp;2. **Annual Holdings Certification**. Each Access Person is required to annually verify their holdings
 as of December 31<sup>st</sup> of the prior year through the Compliance Vendor's
 website, or to a Review Officer or CCO, by January 30<sup>th</sup> each year. For individuals
 who are away from work on Medical Leave, the certification must be completed within 10
 calendar days of returning to work.

The annual holdings report must contain the following information: (i) title, number of shares and aggregate value for equity securities, and principal amount for debt securities; (ii) the name of each broker, dealer or bank with which the employee and immediate family members living in the same household maintains an account; and (iii) the date the report is submitted. The report should be current as of December 31<sup>st</sup>. Covered Securities not held at a broker-dealer (private placements, securities in certificate form, etc.), must be reported separately to a Review Officer or a CCO. Such holdings can be submitted through the Firm's third-party monitoring system or emailed to a Review Officer or CCO.

&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Pre-Clearance Requirements.** 

&nbsp;&nbsp;&nbsp;&nbsp;1. **What Securities Are Covered by this Code.** With the exception of those securities deemed
 Non-Covered, this Code covers all securities (and any options or warrants to purchase
 or sell the same) and are referred to as "Covered Securities. " Covered Securities include:

● Common stock

● Preferred stock

● Exchange-traded funds ("ETFs")

● Real estate investment trusts ("REITs")

● Unit investment trusts ("UITs")

● Accelerated return notes ("ARNs")

● Closed-end mutual funds

● Options

● Bonds

● Interests in limited partnerships

● Private placement securities

● Private securities

● Initial public offerings ("IPOs")

● Derivatives

Covered Securities that are held by the Fund are referred to as "Fund Securities." Purchases of any third party registered closed-end investment companies that the Firm sub-advises are prohibited.

**<u>Employees are required to obtain pre-clearance for all transactions of Covered Securities.</u>** Additionally, **<u>same day pre-clearance</u>** is required for all covered securities transactions executed within a brokerage account (i.e., Stocks, Bonds, ETF, etc.). Covered Securities not held in a brokerage account (i.e., Private Placements, Limited Partnerships, etc.) must still receive pre-clearance prior to engaging in a contract.

&nbsp;&nbsp;&nbsp;&nbsp;2. **What Securities Are Not Covered by this Code.** Transactions in the following "Non-Covered
 Securities" do not require pre-clearance:

● U.S. Government Securities

● Bankers' acceptances

● Bank certificates of deposit

● Commercial paper

● High quality short-term debt instruments (including repurchase agreements)

● Shares of registered open-end investment companies, except that employees must disclose ownership in but need not obtain pre-approval for transactions in Reportable Funds (as defined in Appendix B))

● Shares of money market funds

● Cash

● Physical Commodities

● Futures (commodity and security futures)

● Index-based options

● Currencies

● \*Cryptocurrencies

\* Cryptocurrencies are not covered securities, but crypto-ETFs and similar securities are covered and subject to all pre-clearance and reporting requirements. Additionally, you should always confirm with Compliance as to whether any account opened to facilitate cryptocurrency trading requires disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;3. **How to Obtain Pre-Clearance.** Employees must obtain pre-clearance for all transactions
 of all Covered Securities through the Compliance Vendor's website. **Pre-clearance requests are reviewed by compliance and trading at 9 am (EST) and 2 pm (EST).** As
 such, all requests must be entered into the Firm's third-party monitoring system
 prior to 2 pm (EST) each day. Any requests entered after 2 pm (EST) will be cancelled
 and will need to be re-entered the following business day prior to 2 pm (EST) in order
 to be reviewed. Pre-clearance approval is valid from the time approval was received until
 the next close of the market on which the security trades.

All employees are restricted to **50 pre-clearance** requests **per calendar month**. The Compliance Department can further limit the number of pre-clearance requests either temporarily or permanently as deemed necessary to prioritize the needs of clients and shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;4. **IPOs & Limited Offerings/Private Placements.** IPOs, Limited Offerings and Private Placements
 are investments that many individuals rarely have the opportunity to participate in.
 As such, when employees invest in these opportunities, it raises questions as to whether
 the employee is misappropriating an investment opportunity that should first be offered
 to eligible client or receiving a personal benefit for directing client business or brokerage.
 Employees must obtain pre-clearance on all IPO, Limited Offering and Private Placements
 (as defined in Appendix B) prior to engaging in any transactions. Requests should be
 submitted for review utilizing the Firm ' s
 third-party monitoring system. Employees must disclose any potential or actual conflicts
 of interests in relation to the offering. A Review officer or CCO will review all such
 requests before an employee can engage in the offering.

&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Restricted Activities**: To avoid actual and potential conflicts of interest, the Firm's
 code restricts the following types of transactions.

&nbsp;&nbsp;&nbsp;&nbsp;1. **All Employees** are prohibited from engaging in the following types of transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Limit
 Orders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Stop
 Orders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Short
 Sales

&nbsp;&nbsp;&nbsp;&nbsp;2. **Analyst and Portfolio Manager Restrictions:** To avoid actual and potential conflicts of interest
 Analysts and Portfolio Managers are restricted from executing trades in their personal
 accounts contrary to recommendations their Research Team(s) makes for clients and shareholders.
 Exchange Traded Funds (ETFs) are excluded from this restriction. This means that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) You
 cannot buy positions in a personal account that your team is selling from client portfolios
 nor sell positions from your personal account that your team is buying for client portfolios.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) When
 you buy a position that we hold in client accounts you must hold it until we sell it
 to zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) You
 cannot trim positions (in your personal accounts) in proportion to trims in client portfolios.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) You
 must wait 30 days from a sell to zero before purchasing the company in your personal
 account.

Restrictions are applied at the team level:

● <u>Portfolio Teams</u> —portfolio team analysts are only restricted from securities held or recommended for their applicable products irrespective of whether the same position is held in Core

● <u>Sector Teams</u> —sector analysts are only precluded at the sector level. Accordingly, a tech analyst may sell a life sciences stock even though the life sciences analyst has recommended that the Firm buy more

● <u>Core Team</u> —Members of the Core Teams are precluded from trading contrary to all Core holdings and recommendations

&nbsp;&nbsp;&nbsp;&nbsp;**E.** **30-Day Holding Period Requirement. This requirement is applicable to all All Employees.** 

Employees are prohibited from selling a security within 30 calendar days of the date of the employee's most recent purchase of the security. For example, if an employee buys shares of ZYX stock on March 1<sup>st</sup>, they may not sell any shares of ZYX stock for 30 full calendar days following March 1<sup>st</sup> (that is, not until April 1<sup>st</sup>.)

The 30-day Rule "clock" restarts **EACH** time the employee buys additional shares of that Security, and the "clock" applies to the full lot of shares. If the employee holds shares of the same security in additional brokerage accounts, the "clock" applies for the full lot of those shares as well.

Compliance reserves the right to grant exceptions to the PST restrictions outlined in sections C 3, D and E above in the event of an employee emergency (i.e., a health-related issue, a death in the family, fire, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Non-Covered Activities.** The following activities would not require pre-clearance, but duplicate
 confirmations must still be provided to Compliance:

&nbsp;&nbsp;&nbsp;&nbsp;1. Purchases
 pursuant to a payroll deduction plan, provided that, a Review Officer or a CCO has been
 previously notified by the Employee that the spouse (or other immediate family member
 living in the same household) will be participating in the payroll deduction plan;

&nbsp;&nbsp;&nbsp;&nbsp;2. Exercise
 of stock option of corporate employer;

&nbsp;&nbsp;&nbsp;&nbsp;3. Purchases
 effected through an established Dividend Reinvestment Plan (" DRP "),
 provided that, a Review Officer or a CCO is first notified by the Employee that they
 (or an immediate family member living in the same household) will be participating in
 the DRP. The purchase of share(s) to initiate participation in the DRP or the purchase
 of shares in addition to those purchased with dividends AND any sale of shares from the
 DRP MUST receive pre-clearance;

&nbsp;&nbsp;&nbsp;&nbsp;4. Purchases
 effected through a systematic investment plan involving the automatic investment of a
 set dollar amount on predetermined dates, provided that a Review Officer or a CCO has
 been previously notified by the Employee of the plan. The purchase of securities of the
 issuer to initiate participation in the plan AND any sale of shares from such a plan
 MUST receive prior clearance;

&nbsp;&nbsp;&nbsp;&nbsp;5. Purchases
 or sales over which the person has no influence or control (including transactions within
 a managed account solely for tax purposes undertaken by the discretionary manager);

&nbsp;&nbsp;&nbsp;&nbsp;6. Purchases
 or sales that are non-volitional, such as fractional share liquidations that occur during
 account transfers, purchases or sales upon the exercise of puts or calls written by the
 person and sales from a margin account to meet a bona fide margin call;

&nbsp;&nbsp;&nbsp;&nbsp;7. Purchases
 effected upon the exercise of rights issued by an issuer pro rata to all holders of a
 class of its securities, to the extent such rights were acquired from such issuer; or

&nbsp;&nbsp;&nbsp;&nbsp;8. Sales
 in mandatory tenders. For option transactions involving Fund Securities, the transaction
 is treated as a transaction of the Fund Security for approval purposes. (NAPs only)

&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Construction and Administration of this Code**. This Code shall be administered by the Advisor's
 CCO in consultation with the Fund's CCO. The CCOs (or, in certain cases, a designated
 Review Officer designated) shall have the following duties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Firm shall institute procedures to ensure that each Employee and each person who becomes
 an Access Person is identified and informed of the Code and of their reporting obligations.
 The procedures shall require:

● a signed or electronic certification from each Employee that he or she has read, and understands, the Code;

● that each Employee be notified of the transaction reporting and holding reporting requirements, as applicable;

● that each Access Person be notified to submit their initial holdings report within 10 calendar days after becoming an Access Person; and

● that an annual certification be provided by each Employee to the effect that the Employee, within the most recent year, complied fully with the Code and met all of the reporting requirements under the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. All
 Employees are required to certify to their Covered Securities transactions in all Covered
 Accounts on a quarterly basis. In the event that information such as a covered account(s)
 or covered transaction(s) are missing or incorrect on the quarterly certification, the
 employee must notify the Compliance Department prior to completing their certification.
 For individuals who are away from work on Medical Leave, the certification must be completed
 within 10 calendar days of returning to work. In addition, all Access and Investment
 Persons are required to certify to their holdings annually by January 30<sup>th</sup>.

For each Covered Security transaction made by an Access Person, the Compliance Vendor's system, or a Review Officer or a CCO, will review the security against securities that the Firm anticipates purchasing or selling for its clients. On a periodic basis, which shall be at least annually, the Director of Investments shall review transactions by, and holdings of, Investment Persons in the Research Department, in light of Covered Securities purchased or sold by the Firm's clients, including the Fund, for patterns of trading activity that evidence a possible violation of the Code. This review shall be conducted in accordance with the standards of this Code and the related Compliance and Surveillance Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Training and Education**. All new employees are required to attend a Compliance Orientation
 to cover their obligations under the Code. This training typically takes place during
 orientation on their first day of employment. As well, employees are required to complete
 annual training on the Firm's Code. Additional Code training may be required at
 the discretion of a CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. If
 a Review Officer determines, based on a review conducted under paragraph 2, section G2,
 above, that a material violation of the Code may have occurred or may occur in the future,
 the Review Officer shall contact the relevant Access Person and provide an opportunity
 to supply explanatory material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. All
 Employees are required to report any violations or potential violations of the Code to
 a CCO or a Review Officer. A CCO shall review any matters related to violations or potential
 violations of the Code. The Advisor's CCO, in consultation with the Fund's
 CCO, determines the materiality of all violations.

● In the event that a CCO determines that a late filing of, or unintended inaccuracy in, a report or other instance of non-compliance did not reflect a violation of the general standards of the Code and presented no risk of harm to its clients, including the Fund, the Advisor's CCO in consultation with the Fund's CCO may determine that such violation is not material. Any such event and determination shall be subject to the recordkeeping requirements concerning violations, as set forth below in this Code.

● If the Advisor's CCO in consultation with the Fund's CCO finds that a material Code violation has occurred, the Fund's CCO in consultation with the Advisors' CCO must submit a written report, including the full details of any investigation, together with any explanatory material provided by the relevant Access Person, and sanctions imposed by the CCO, to the Manning & Napier Fund Board of Directors ("Fund Board") for review during the next regularly scheduled board meeting. Any such event and determination shall be subject to the recordkeeping requirements concerning violations, as set forth below in this Code.

&nbsp;&nbsp;&nbsp;&nbsp;**H.** **Resolution/Sanctions.** If a CCO, determines that an Employee committed a material violation of the Code, a CCO will impose a minimum 180 trading restriction
and may impose additional sanctions as deemed appropriate by the CCO, including, among other things, disgorgement of profits, issuance
of a letter of censure, or the suspension or termination of employment. In its discretion, the Fund's CCO may submit the resolution
of any such matter, including any sanctions, to the Fund Board for approval at the next regularly scheduled Fund Board meeting unless,
the Fund CCO determines that the circumstances warrant an earlier report.

If a CCO determines that an Employee committed a non-material violation of the Code, a CCO will evaluate any previous violations committed by the employee in the preceding 36 months and at a minimum the following four strikes policy will be utilized:

---

| | |
|:---|:---|
| &nbsp;&nbsp;Non-Material Violations in prior 36 months | &nbsp;&nbsp;Trading Restriction |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;Warning Memo |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;30 Day Trading Restriction |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;60 Day Trading Restriction |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;90 Day Trading Restriction |

---

Depending on the specific circumstances surrounding a non-material violation to the Code, a CCO may impose additional sanctions such as additional training, longer trading restrictions, and closure of brokerage accounts among other things.

Any such determination shall be subject to the recordkeeping requirements concerning violations, as set forth below in this Code.

**I.** **Annual Written Reports to the Fund Board of Directors.** At least annually, the CCO(s) will provide *written* reports to the Fund
Board and a member of the Firm's Senior Management, and material amendments to the Code will be considered and approved
by the Fund Board or a member of the Firm's Senior Management as applicable, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Issues
 Arising Under the Code. The reports must describe any material issue(s) that arose during
 the previous year under the Code or procedures related thereto, including any material
 Code <u>or</u> material procedural violations, and any resulting sanction(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The
 Fund's CCO or a member of the Firm's Senior Management, as appropriate, in
 consultation with the Advisors' CCO, if applicable, may report to the Fund Board
 of Directors more frequently as they deem necessary or appropriate and shall do so as
 requested by the Fund Board or a member of the Firm's Senior Management. The reports
 should address the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Fund's CCO's (in consultation with the Advisors' CCO, if applicable)
 evaluation of the Code and any recommendations for improvement, including a summary of
 whether the existing procedures under the Code and the related Compliance and Surveillance
 Procedures appear to be sufficient to detect violations of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any
 series of related or unrelated violations that the Fund's CCO (in consultation
 with the Advisors' CCO, if applicable) views as being non-material when considered
 separately, but which raise a material issue under the Code when considered in the aggregate;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 specifics of any additional efforts that may be necessary or appropriate to educate Employees
 regarding the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Certification.
 Each report to the Fund Board must be accompanied by a certification to the Fund Board
 that the Firm has adopted procedures reasonably necessary to prevent their Employees,
 including Access Persons, from violating the Code by the Fund's and Advisors'
 CCOs.

**J.** **Recordkeeping.** The Firm will maintain the records set forth below. These records will be maintained in accordance with the 1940 Act and the
Adviser's Act. They will be available for examination by representatives of the Securities and Exchange Commission and other
regulatory agencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A
 copy of the Firm's Code and any other compliance policy or procedure that is currently
 in effect or was in effect at any time within the past five years must be preserved in
 an easily accessible place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A
 record of any Code violation and of any actions taken as a result of the violation must
 be preserved in an easily accessible place for a period of at least five years following
 the end of the fiscal year in which the violation occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. A
 copy of each report submitted under this Code, including any information provided in
 lieu of any such reports made under the Code, will be preserved for a period of at least
 five years from the end of the fiscal year in which it is made, or the information provided **,** for the first two years in an easily accessible place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. A
 record of all persons, currently or within the past five years, who are or were required
 to submit reports under this Code, or who are or were responsible for reviewing these
 reports, must be maintained in an easily accessible place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. A
 copy of each annual report to the Fund Board and the Firm's Senior Management required
 by this Code must be maintained for at least five years from the end of the fiscal year
 in which it is made, for the first two years in an easily accessible place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The
 Firm must maintain a record of any decision, and the reasons supporting the decision,
 to approve the acquisition of securities acquired in an Initial Public Offering or Limited
 Offering by any Employee for at least five years after the end of the fiscal year in
 which the approval is granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The
 Code will be disclosed in accordance with the requirements of Form N-1A and applicable
 Federal Securities Laws.

Appendix A

The purpose of this Appendix is to discuss the circumstances in which the Employee has a "direct or indirect beneficial interest" in a security, or in a securities account. This question is to be interpreted in the same manner as it would be in determining whether a person is subject to the provisions of Section 16 of the Securities Exchange Act of 1934 and Rule 16a-1(a) (2) thereunder.

Under Rule 17j-1 of the 1940 Act and Rule 204A-1 of the Advisers Act, an Employee need not report "transactions effected for any account over which such person does not have any direct or indirect influence or control." For the purposes of the Code, an Employee may not report an account that would otherwise be a Covered Account by filing with a CCO a statement indicating lack of influence and control as stated above together with such other documents as the CCO(s) may require demonstrating such lack of influence or control.

The general categories of types of beneficial ownership may be summarized as follows: (i) direct ownership; (ii) securities held by others for the benefit of the Employee; (iii) securities held by certain family members; and (iv) securities held by certain estates, trusts, corporations or partnerships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Direct Ownership</u>. This includes securities registered in the name of an Employee and bearer
 securities of which the Employee is the bearer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Securities Held by Others for the Benefit of an Employee</u>. This involves, in general, any agreement,
 arrangement or understanding, under which an Employee derives benefits substantially
 equivalent to those of ownership. This category would include, but not be limited to,
 securities held by pledges, custodians and brokers, as well as if an employee decides
 to open an HSA (Health Savings Account) through TD Ameritrade.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Securities Held by Certain Family Members</u>. The SEC has indicated that the "beneficial
 ownership" of an Employee extends to securities owned (see below) by a wife or
 husband, or domestic partner of that Employee, by a minor child or by other relatives
 (i) sharing the same household, or (ii) not sharing same household but whose investments
 the Employee directs or controls. Such ownership by relatives may be direct (e.g., in
 their own name) or in one or more of the indirect ways described in this Appendix. This
 beneficial ownership position of the SEC is not affected by whether the assets being
 invested are the separate property of the relative; however, an Employee may, as described
 in the Code, disclaim beneficial ownership of any particular securities and also may,
 as described in this Appendix, remove from the category of Covered Accounts over which
 the Employee has no direct or indirect influence or control. With respect to temporary
 employees and interns, such temporary employees and interns will only need to disclose
 any covered accounts in their own name, unless they are employed with the Firm for a
 period of six months or more, or if requested by a CCO. Please consult with Compliance
 for detailed guidelines for temporary employees and interns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Securities Held by Estates, Etc.</u> An Employee may also have a beneficial interest in securities
 held by estates, trusts, partnerships or corporations. Employees who are (i) settlors
 (e.g., creators), trustees or beneficiaries of a trust; (ii) executors or administrators
 of, or beneficiaries or legatees of, an estate; (iii) partners of a partnership, or (iv)
 directors, officers or substantial shareholders of a corporation, which, in each case,
 invests in Covered Securities, are required to obtain a determination from a CCO as to
 whether the accounts in question are Covered Accounts. In making any such determination,
 a CCO may rely on the advice of counsel.

Appendix B

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. "Access
Person" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) With
 respect to the Fund or Advisors, any director, officer or advisory person, as defined
 below, of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. "Advisory
Person" of the Fund and the Advisors means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any
 employee of the Fund or the Advisors (or of any company in the control relationship)
 who, in connection with his or her regular functions or duties, has the power, or is
 a member of a group that has the power to authorize or recommend a purchase or sale of
 a Covered Security in the Fund, or who, obtains information of a Covered Security that
 is being considered for purchases or sales in the Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any
 natural person in a control relationship to the Fund or the Advisors who obtains information
 of a Covered Security that is being considered or is recommended for purchase or sale
 in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. "Investment
Person" of the Fund and the Advisors means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any
 employee of the Fund or the Advisors (or of any company in a control relationship) who,
 in connection with his or her regular functions or duties, has the power or is a member
 of a group that has the power, to authorize or recommend a purchase or sale of a Covered
 Security by the Fund; provided that each member of the Research and Fixed Income Departments,
 other than their Administrative staff, shall be deemed an Investment Person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any
 natural person who is in a control relationship to the Fund or the Advisors who obtains
 a Recommendation of a Covered Security that is being considered for purchase or sale
 in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. " Beneficial
Ownership " means:

For the purposes of the Code, an Employee has a Beneficial Ownership if the Employee has direct or indirect pecuniary interest in a financial instrument or account through any contract, arrangement, understanding, relationship or otherwise. An Employee has an indirect Beneficial Ownership if securities are held by members of such person's immediate family sharing the same household. The term immediate family means any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law and includes adoptive relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. "Initial
Public Offering" means:

An offering of securities registered under the Securities Act of 1933, as amended (the "1933 Act"), the issuer of which, immediately before the registration, was not subject to the reporting requirements of section 13 or 15(d) of the Securities and Exchange Act of 1934, as amended (the "1934 Act").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. "Limited
Offering" means:

An offering that is exempt from registration under the 1933 Act pursuant to section 4(2) or section 4(6) or pursuant to Rule 504, 505 or 506.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. " Federal
Securities Laws " means:

The 1933 Act, the 1934 Act, the Sarbanes-Oxley Act of 2002, the 1940 Act, the Advisers Act, Title V of the Gramm-Leach-Bliley Act, any rules adopted by the SEC under any of these statutes, the Bank Secrecy Act as it applies to funds and investment advisers, and any rules adopted thereunder by the SEC or the Department of Treasury.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. " Reportable
Funds " means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any
 fund for which an Advisor serves as an investment adviser as defined in section 2(a)
 (20) of the 1940 Act; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any
 fund whose investment adviser or principal underwriter controls the Firm, is controlled
 by the Firm, or is under common control with the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. "Control"
 means:

Investment discretion in whole or in part over an account regardless of Beneficial Ownership, such as an account for which a person has power of attorney or authority to effect transactions.

Appendix C

Fund's Chief Compliance Officer: Samantha Larew

Advisors' Chief Compliance Officer: Jessica Kushner

Review Officers: Members of the Compliance Department

Appendix D

**M&N WHISTLEBLOWER POLICY & PROCEDURES**

The Firm has long been committed to maintaining the highest possible standards of ethical, moral and legal business conduct, and has always taken seriously its obligations to its employees. In line with this commitment, the Firm has voluntarily subscribed to the high standards applied by Sarbanes-Oxley to publicly held companies by adopting this policy, which aims to provide an avenue for employees to report serious concerns, such as actions that 1) are unlawful 2) may have a material negative impact on a client of the company 3) may lead to incorrect financial reporting or 4) otherwise amount to serious improper conduct.

If an employee has knowledge of, or a concern about, illegal, dishonest or fraudulent activity, the employee is encouraged to promptly report such activity. The earlier a concern is expressed, the easier it is to take action.

A concern may be submitted in any of the following ways:

● To the Securities and Exchange Commission (the "SEC") via the SEC's website at www.sec.gov/whistleblower, or hotline number: 202-551-4790, or to the Financial Industry Regulatory Authority ("FINRA") via FINRA's tip-line number: 1-866-963-4672, or email to whistleblower@finra.org.

● To your direct supervisor or to any supervisor.

● Directly to Sarah Turner, Jessica Kushner, Stacey Green, Marc Mayer, or one of the Manning & Napier Fund, Inc. Independent Directors:

Steve Ashley (585) 454-4840

Paul Brooke (917) 860-1133

Chet Watson (313) 268-1697

John Glazer (917) 270-6193

Russell Vernon (914) 588-7200

In writing and submitted anonymously to any of the persons listed above.

In reporting such activity or concern, the employee must exercise good faith and sound judgment to avoid baseless allegations.

The policy encourages employees to put their names to concerns because appropriate follow-up questions and investigation may not be possible unless the source of the information is identified. If a claim is submitted anonymously, the employee filing the claim is encouraged to provide enough factual information to facilitate an investigation including, names, dates, places, events, and why the employee believes the matter is a concern.

As with all complaints submitted, concerns expressed anonymously will be investigated to the extent possible and consideration will be given to:

● The seriousness of the issue raised;

● The credibility of the concern; and

● The likelihood of confirming the allegation from attributable sources.

All reports of such activity must be promptly submitted by the initial recipient of the complaint (as listed above) to the Funds' Chief Compliance Officer or, in the alternative, to the CEO (and to in-house and/or outside counsel if the matter involves the Manning & Napier Fund, Inc.), who is responsible for determining whether an investigation is appropriate and the form such investigation should take, as well as coordinating whatever corrective action is necessary. To the extent any wrongdoing is uncovered as a result of a report; corrective action will ensue and may include disciplinary action, up to and including termination of employment. Matters that relate in any way to the Manning & Napier Fund, Inc. will also be reported to the Fund's Audit Committee. Matters that relate in any way to Exeter Trust Company will also be reported to Exeter Trust Company's Audit Committee.

Protection for reporting such activity is provided as follows:

● The company strictly prohibits retaliation of any kind against employees for complaints submitted in good faith. This includes, but is not limited to, protection from retaliation in the form of an adverse employment action such as termination, compensation decreases, or poor work assignments and threats of physical harm.

Any employee who believes he/she is being retaliated against should contact the Human Resources Manager immediately.

The right of an employee for protection against retaliation does not include immunity for any personal wrongdoing by the employee that is alleged and investigated.

● Every effort will be made to protect the complainant's identity however identity may have to be disclosed to conduct a thorough investigation.

An employee who knowingly and willfully files a false, fictitious or fraudulent report of wrongdoing will be subject to disciplinary action, up to and including termination of employment.

This policy does not cover general employee problems or concerns and should not be used for such. For these issues, employees should talk to their supervisor and/or contact the Human Resources Manager.

For any questions regarding this policy, please contact the Human Resources Manager.