Manning & Napier Fund N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-04087

Manning & Napier Fund, Inc.

(Exact name of registrant as specified in charter)

290 Woodcliff Drive, Fairport, NY 14450

(Address of principal executive offices)(Zip Code)

Michele T. Mosca    290 Woodcliff Drive, Fairport, NY 14450

(Name and address of agent for service)

Registrant’s telephone number, including area code: 585-325-6880

Date of fiscal year end: October 31

Date of reporting period: November 1, 2017 through April 30, 2018

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

ITEM 1: REPORTS TO STOCKHOLDERS.

Equity Series

Shareholder Expense Example

(unaudited)

As a shareholder of the Series, you incur ongoing costs, including management fees, shareholder service fees and other Series expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Series and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2017 to April 30, 2018).

Actual Expenses

The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Series’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Series’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid during the period. You may use this information to compare the ongoing costs of investing in the Series and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads), redemption fees, or exchange fees that you may incur in other mutual funds. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

	BEGINNING  ACCOUNT VALUE                   11/1/17	ENDING  ACCOUNT VALUE                   4/30/18	EXPENSES PAID  DURING  PERIOD*              11/1/17-4/30/18
Actual	$1,000.00	$1,050.30	$5.34
Hypothetical
(5% return before expenses)	$1,000.00	$1,019.59	$5.26

*Expenses are equal to the Series’ annualized expense ratio (for the six-month period) of 1.05%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The Series’ total return would have been lower had certain expenses not been waived during the period.

1

Equity Series

Portfolio Composition as of April 30, 2018

(unaudited)

2

Equity Series

Investment Portfolio - April 30, 2018

(unaudited)

	SHARES		VALUE   (NOTE 2)
COMMON STOCKS - 97.8%
Consumer Discretionary - 15.0%
Internet & Direct Marketing Retail - 5.2%
Amazon.com, Inc.*		1,125	$	1,761,896
Booking Holdings, Inc.*		1,010		2,199,780
				3,961,676
Specialty Retail - 7.0%
AutoZone, Inc.*		2,040		1,274,021
Dick’s Sporting Goods, Inc.		31,405		1,039,191
O’Reilly Automotive, Inc.*		8,440		2,161,231
Ulta Beauty, Inc.*		3,435		861,876
				5,336,319
Textiles, Apparel & Luxury Goods - 2.8%
NIKE, Inc. - Class B		31,625		2,162,834
Total Consumer Discretionary				11,460,829
Consumer Staples - 7.9%
Beverages - 1.7%
The Coca-Cola Co.		29,695		1,283,121
Food & Staples Retailing - 1.7%
Sprouts Farmers Market, Inc.*		50,295		1,258,884
Food Products - 2.8%
Campbell Soup Co.		34,900		1,423,222
Mondelez International, Inc. - Class A		18,480		729,960
				2,153,182
Tobacco - 1.7%
Altria Group, Inc.		12,140		681,175
Philip Morris International, Inc.		7,755		635,910
				1,317,085
Total Consumer Staples				6,012,272
Energy - 2.2%
Energy Equipment & Services - 2.2%
Diamond Offshore Drilling, Inc.*		31,805		584,894
Ensco plc - Class A		29,635		167,438
Transocean Ltd.*		72,200		893,114
Total Energy				1,645,446
Financials - 7.7%
Capital Markets - 7.7%
BlackRock, Inc.		3,640		1,898,260
The Charles Schwab Corp.		38,000		2,115,840
E*TRADE Financial Corp.*		31,040		1,883,507
Total Financials				5,897,607

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

3

Equity Series

Investment Portfolio - April 30, 2018

(unaudited)

	SHARES		VALUE   (NOTE 2)
COMMON STOCKS (continued)
Health Care - 18.7%
Biotechnology - 9.5%
Biogen, Inc.*		3,620	$	990,432
BioMarin Pharmaceutical, Inc.*		17,690		1,477,292
Incyte Corp.*		33,400		2,068,796
Regeneron Pharmaceuticals, Inc.*		3,710		1,126,653
Seattle Genetics, Inc.*		20,300		1,039,157
Vertex Pharmaceuticals, Inc.*		3,465		530,699
				7,233,029
Health Care Equipment & Supplies - 1.1%
Intuitive Surgical, Inc.*		1,955		861,725
Health Care Providers & Services - 1.2%
DaVita, Inc.*		14,855		932,745
Life Sciences Tools & Services - 1.6%
Thermo Fisher Scientific, Inc.		5,950		1,251,582
Pharmaceuticals - 5.3%
Bristol-Myers Squibb Co.		14,045		732,166
Johnson & Johnson		16,900		2,137,681
Merck & Co. ,Inc.		19,815		1,166,509
				4,036,356
Total Health Care				14,315,437
Industrials - 5.3%
Air Freight & Logistics - 2.1%
FedEx Corp.		6,595		1,630,284
Commercial Services & Supplies - 1.3%
Advanced Disposal Services, Inc.*		43,440		957,418
Professional Services - 1.0%
Equifax, Inc.		6,805		762,500
Road & Rail - 0.9%
Genesee & Wyoming, Inc. - Class A*		10,120		720,544
Total Industrials				4,070,746
Information Technology - 25.3%
Internet Software & Services - 4.5%
Alphabet, Inc. - Class A*		590		600,962
Alphabet, Inc. - Class C*		555		564,618
Facebook, Inc. - Class A*		12,965		2,229,980
				3,395,560
IT Services - 5.8%
Mastercard, Inc. - Class A		10,160		1,811,223

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

4

Equity Series

Investment Portfolio - April 30, 2018

(unaudited)

	SHARES		VALUE   (NOTE 2)
COMMON STOCKS (continued)
Information Technology (continued)
IT Services (continued)
Visa, Inc. - Class A		20,585	$	2,611,825
				4,423,048
Semiconductors & Semiconductor Equipment - 5.4%
Qorvo, Inc.*		30,755		2,072,887
Skyworks Solutions, Inc.		10,905		946,118
Texas Instruments, Inc.		11,130		1,128,916
				4,147,921
Software - 9.6%
Adobe Systems, Inc.*		5,390		1,194,424
Electronic Arts, Inc.*		14,240		1,680,035
Microsoft Corp.		21,685		2,027,981
ServiceNow, Inc.*		14,830		2,463,856
				7,366,296
Total Information Technology				19,332,825
Materials - 10.1%
Chemicals - 5.2%
Axalta Coating Systems Ltd.*		39,915		1,233,374
CF Industries Holdings, Inc.		20,835		808,398
Olin Corp.		37,835		1,142,239
RPM International, Inc.		15,610		753,963
				3,937,974
Containers & Packaging - 3.1%
Ball Corp.		31,830		1,276,065
Sealed Air Corp.		25,810		1,131,768
				2,407,833
Metals & Mining - 1.8%
Freeport-McMoRan, Inc.		42,375		644,524
Southern Copper Corp. (Peru)		13,955		736,964
				1,381,488
Total Materials				7,727,295
Real Estate - 3.5%
Equity Real Estate Investment Trusts (REITS) - 3.5%
American Tower Corp.		11,650		1,588,594
SBA Communications Corp.*		7,000		1,121,610
Total Real Estate				2,710,204

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

5

Equity Series

Investment Portfolio - April 30, 2018

(unaudited)

	SHARES		VALUE   (NOTE 2)
COMMON STOCKS (continued)
Telecommunication Services - 2.1%
Diversified Telecommunication Services - 2.1%
Zayo Group Holdings, Inc.*		45,260	$	1,642,938
TOTAL COMMON STOCKS
(Identified Cost $62,948,871)				74,815,599
SHORT-TERM INVESTMENT - 1.4%
Dreyfus Government Cash Management1 , 1.60%
(Identified Cost $1,047,594)		1,047,594		1,047,594
TOTAL INVESTMENTS - 99.2%
(Identified Cost $63,996,465)				75,863,193
OTHER ASSETS, LESS LIABILITIES - 0.8%				637,373
NET ASSETS - 100%			$	76,500,566

*Non-income producing security.

¹ Rate shown is the current yield as of April 30, 2018.

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

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

6

Equity Series

Statement of Assets and Liabilities

April 30, 2018 (unaudited)

ASSETS:
Investments, at value (identified cost $63,996,465) (Note 2)	$	75,863,193
Receivable for securities sold		1,181,696
Dividends receivable		10,277
Receivable for fund shares sold		5,512
Prepaid expenses		717
TOTAL ASSETS		77,061,395
LIABILITIES:
Accrued management fees (Note 3)		34,623
Accrued shareholder services fees (Class S) (Note 3)		15,829
Accrued fund accounting and administration fees (Note 3)		13,272
Accrued Chief Compliance Officer service fees (Note 3)		323
Payable for securities purchased		350,430
Payable for fund shares repurchased		102,865
Other payables and accrued expenses		43,487
TOTAL LIABILITIES		560,829
TOTAL NET ASSETS	$	76,500,566
NET ASSETS CONSIST OF:
Capital stock	$	54,907
Additional paid-in-capital		58,959,475
Undistributed net investment loss		(129,811	)
Accumulated net realized gain on investments		5,749,267
Net unrealized appreciation (depreciation) on investments		11,866,728
TOTAL NET ASSETS	$	76,500,566
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class S ($76,500,566/5,490,748 shares)	$	13.93

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

7

Equity Series

Statement of Operations

For the Six Months Ended April 30, 2018 (unaudited)

INVESTMENT INCOME:
Dividends	$	293,831
EXPENSES:
Management fees (Note 3)		302,601
Shareholder services fees (Class S)(Note 3)		100,867
Fund accounting and administration fees (Note 3)		19,980
Directors’ fees (Note 3)		2,836
Chief Compliance Officer service fees (Note 3)		2,032
Custodian fees		1,847
Miscellaneous		69,657
Total Expenses		499,820
Less reduction of expenses (Note 3)		(76,178	)
Net Expenses		423,642
NET INVESTMENT LOSS		(129,811	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments		6,143,289
Net change in unrealized appreciation (depreciation) on investments		(1,592,221	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS		4,551,068
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	4,421,257

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

8

Equity Series

Statements of Changes in Net Assets

	FOR THE SIX MONTHS ENDED 4/30/18 (UNAUDITED)			FOR THE YEAR ENDED 10/31/17
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income (loss)	$	(129,811	)	$	89,394
Net realized gain (loss) on investments		6,143,289			7,935,062
Net change in unrealized appreciation (depreciation) on investments		(1,592,221	)		9,384,301
Net increase from operations		4,421,257			17,408,757
DISTRIBUTIONS TO SHAREHOLDERS (Note 8):
From net realized gain on investments (Class S)		(5,983,528	)		(4,244,499	)
CAPITAL STOCK ISSUED AND REPURCHASED:
Net decrease from capital share transactions (Note 5)		(5,292,070	)		(28,279,625	)
Net decrease in net assets		(6,854,341	)		(15,115,367	)
NET ASSETS:
Beginning of period		83,354,907			98,470,274
End of period (including undistributed net investment loss of $129,811 and $0, respectively)	$	76,500,566		$	83,354,907

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

9

Equity Series

Financial Highlights*

	FOR THE SIX MONTHS ENDED 4/30/18			FOR THE YEAR ENDED
	(UNAUDITED)			10/31/17			10/31/16			10/31/15			10/31/14			10/31/13
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period	$	14.27		$	12.20		$	16.62		$	21.15		$	21.60		$	19.03
Income (loss) from investment operations:
Net investment income (loss)1		(0.02	)		0.01			(0.07	)		0.01			(0.00	)2		0.01
Net realized and unrealized gain (loss) on investments		0.72			2.63			0.64			(0.42	)		2.51			5.14
Total from investment operations		0.70			2.64			0.57			(0.41	)		2.51			5.15
Less distributions to shareholders:
From net investment income		—			—			(0.00	)2		(0.00	)2		(0.01	)		(0.03	)
From net realized gain on investments		(1.04	)		(0.57	)		(4.99	)		(4.12	)		(2.95	)		(2.55	)
Total distributions to shareholders		(1.04	)		(0.57	)		(4.99	)		(4.12	)		(2.96	)		(2.58	)
Net asset value - End of period	$	13.93		$	14.27		$	12.20		$	16.62		$	21.15		$	21.60
Net assets - End of period (000’s omitted)	$	76,501		$	83,355		$	98,470		$	500,946		$	1,290,335		$	1,237,520
Total return3		5.03	%		22.68	%4		6.16	%		(1.46	%)		13.23	%		30.61	%
Ratios (to average net assets)/Supplemental Data:
Expenses**		1.05	%5		1.05	%		1.05	%		1.05	%		1.05	%		1.05	%
Net investment income (loss)		(0.32	%)5		0.10	%		(0.55	%)		0.04	%		(0.01	%)		0.06	%
Portfolio turnover		25	%		71	%		40	%		62	%		61	%		52	%
*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, and in some years may have paid a portion of the Series’ expenses. If these expenses had been incurred by the Series, the expense ratio (to average net assets) would have increased by the following amounts:
		0.19	%5		0.15	%		0.09	%		0.03	%		0.02	%		0.06	%

¹Calculated based on average shares outstanding during the periods.

²Less than $(0.01).

³Represents 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.

⁴Includes litigation proceeds. Excluding this amount, the Series’ total return is 21.48%.

⁵Annualized.

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

10

Equity Series

Notes to Financial Statements

(unaudited)

1. Organization

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

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

The Fund’s Advisor is Manning & Napier Advisors, LLC (the “Advisor”). Shares of the Series are offered to investors, clients and employees of the Advisor and its affiliates. The total authorized capital stock of the Fund consists of 15 billion shares of common stock each having a par value of $0.01. As of April 30, 2018, 10.9 billion shares have been designated in total among 38 series, of which 200 million have been designated as Equity Series Class S common stock.

2. Significant Accounting Policies

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

Security Valuation

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

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

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

Securities for which representative valuations or prices are not available from the Series’ pricing service may be valued at fair value as determined in good faith by the Advisor under procedures approved by and under the general supervision and responsibility of the Fund’s Board of Directors (the “Board”). Due to the inherent uncertainty of valuations of such securities, the fair value may differ significantly from the values that would have been used had a ready market for such securities existed. If trading or events occurring after the close of the principal market in which securities are traded are expected to materially affect the value of those securities, then they may be valued at their fair value, taking this trading or these events into account.

Various inputs are used in determining the value of the Series’ assets or liabilities carried at fair value. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical assets and liabilities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Level 3 includes significant unobservable inputs (including the Series’ own assumptions in determining the fair value of investments). A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

11

Equity Series

Notes to Financial Statements (continued)

(unaudited)

2. Significant Accounting Policies (continued)

Security Valuation (continued)

The following is a summary of the valuation levels used for major security types as of April 30, 2018 in valuing the Series’ assets or liabilities carried at fair value:

DESCRIPTION	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Assets:
Equity securities:
Consumer Discretionary	$	11,460,829	$	11,460,829	$	—	$	—
Consumer Staples		6,012,272		6,012,272		—		—
Energy		1,645,446		1,645,446		—		—
Financials		5,897,607		5,897,607		—		—
Health Care		14,315,437		14,315,437		—		—
Industrials		4,070,746		4,070,746		—		—
Information Technology		19,332,825		19,332,825		—		—
Materials		7,727,295		7,727,295		—		—
Real Estate		2,710,204		2,710,204		—		—
Telecommunication Services		1,642,938		1,642,938		—		—
Mutual Fund		1,047,594		1,047,594		—		—
Total assets	$	75,863,193	$	75,863,193	$	—	$	—

There were no Level 2 or Level 3 securities held by the Series as of October 31, 2017 or April 30, 2018.

The Fund’s policy is to recognize transfers in and transfers out of the valuation levels as of the beginning of the reporting period. There were no transfers between Level 1 and Level 2 during the six months ended April 30, 2018.

New Accounting Guidance

In March 2017, the FASB issued amended guidance to shorten the amortization period for certain callable debt securities held at a premium. The guidance is effective for fiscal years and interim periods beginning after December 15, 2018. Management is currently evaluating the impact of this guidance to the Series.

Security Transactions, Investment Income and Expenses

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

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

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

Federal Taxes

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

Management evaluates its tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of

12

Equity Series

Notes to Financial Statements (continued)

(unaudited)

2. Significant Accounting Policies (continued)

Federal Taxes (continued)

measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is required only when the position is “more likely than not” to be sustained assuming examination by taxing authorities. At April 30, 2018, the Series has recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken in future tax returns.

The Series files income tax returns in the U.S. federal jurisdiction, various states and foreign jurisdictions, as required. No income tax returns are currently under investigation. The statute of limitations on the Series’ tax returns remains open for the years ended October 31, 2014 through October 31, 2017. The Series is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

Foreign Taxes

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

Distributions of Income and Gains

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

Indemnifications

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

Other

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

3. Transactions with Affiliates

The Fund has an Investment Advisory Agreement (the “Agreement”) with the Advisor, for which the Series pays a fee, computed daily and payable monthly, at an annual rate of 0.75% of the Series’ average daily net assets.

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

Shares of the Series are subject to a shareholder services fee in accordance with a shareholder services plan adopted by the Board. The shareholder services fee is intended to compensate financial intermediaries, including affiliates of the Fund, in connection with the provision of direct client service, personal services, maintenance of shareholder accounts and reporting

13

Equity Series

Notes to Financial Statements (continued)

(unaudited)

3. Transactions with Affiliates (continued)

services. For these services, Shares of the Series pay a fee, computed daily and payable monthly, at an annual rate of 0.25% of the average daily net assets of shares. The Fund has a Shareholder Services Agreement with the Advisor, for which the Advisor receives the shareholder services fee as stated above.

The Advisor has contractually agreed, until at least February 28, 2019, to waive its management fee and, if necessary, pay other operating expenses of the Series, exclusive of shareholder services fees, in order to maintain total direct annual fund operating expenses for the Series at no more than 0.80% of average daily net assets each year. Accordingly, the Advisor waived fees of $76,178 for the six months ended April 30, 2018, which is included as a reduction of expenses on the Statement of Operations. The Advisor is not eligible to recoup any expenses that have been waived or reimbursed in prior years.

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

Pursuant to a master services agreement dated March 1, 2017, the Fund pays the Advisor an annual fee related to fund accounting and administration of 0.0085% on the first $25 billion of average daily net assets (excluding Target Series and Strategic Income Series); 0.0075% on the next $15 billion of average daily net assets (excluding Target Series and Strategic Income Series); and 0.0065% of average daily net assets in excess of $40 billion (excluding Target Series and Strategic Income Series); 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. The Advisor has agreements with BNY Mellon Investment Servicing (U.S.) Inc. (“BNY”) under which BNY serves as sub-accountant services agent.

Expenses not directly attributable to a series are allocated based on each series’ relative net assets or number of accounts, depending on the expense.

4. Purchases and Sales of Securities

For the six months ended April 30, 2018, purchases and sales of securities, other than U.S. Government securities and short-term securities, were $19,716,028 and $32,224,737 respectively. There were no purchases or sales of U.S. Government securities.

5. Capital Stock Transactions

Transactions in Class S shares of Equity Series were:

	FOR THE SIX MONTHS ENDED  04/30/18						FOR THE YEAR ENDED 10/31/17
	SHARES			AMOUNT			SHARES			AMOUNT
Sold		193,545		$	2,759,379			452,939		$	5,772,026
Reinvested		426,205			5,860,318			350,413			4,117,356
Repurchased		(972,220	)		(13,911,767	)		(3,033,987	)		(38,169,007	)
Total		(352,470	)	$	(5,292,070	)		(2,230,635	)	$	(28,279,625	)

At April 30, 2018, the Advisor and its affiliates owned 7.8% of the Series.

6. Financial Instruments

The Series may trade in instruments including written and purchased options, forward foreign currency exchange contracts and futures contracts and other derivatives in the normal course of investing activities to assist in managing exposure to various market risks. The Series may be subject to various elements of risk, which may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. These risks include: the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to over the counter derivative counterparties’ failure to perform under contract terms; liquidity risk related to the lack of a liquid market for these

14

Equity Series

Notes to Financial Statements (continued)

(unaudited)

6. Financial Instruments (continued)

contracts allowing the fund to close out its position(s); and documentation risk relating to disagreement over contract terms. No such investments were held by the Series as of April 30, 2018.

7. Foreign Securities

Investing in securities of foreign companies and foreign governments involves special risks and considerations not typically associated with investing in securities of domestic companies and the U.S. Government. These risks include revaluation of currencies and future adverse political and economic developments. Moreover, securities of foreign companies and foreign governments and their markets may be less liquid and their prices more volatile than those of comparable domestic companies and the U.S. Government.

8. Federal Income Tax Information

The amount and characterization of certain income and capital gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. The Series may periodically make reclassifications among its capital accounts to reflect income and gains available for distribution (or available capital loss carryovers) under income tax regulations, without impacting the Series’ net asset value. Any such reclassifications are not reflected in the financial highlights.

The final determination of the tax character of current year distributions will be made at the conclusion of the fiscal year. The tax character of distributions paid for the year ended October 31, 2017, were as follows:

Long-term capital gains $ 4,244,499

At April 30, 2018, the identified cost of investments for federal income tax purposes, the resulting gross unrealized appreciation and depreciation, and the net unrealized appreciation were as follows:

Cost for federal income tax purposes	$	64,134,580
Unrealized appreciation		14,465,793
Unrealized depreciation		(2,737,180	)
Net unrealized appreciation	$	11,728,613

15

Equity Series

Renewal of Investment Advisory Agreement

(unaudited)

At the Manning & Napier Fund, Inc. (the “Fund”) Board of Directors’ (the “Board”) meeting, held on November 16, 2017, the Investment Advisory Agreement (the “Agreement”) between the Fund and Manning & Napier Advisors, LLC (the “Advisor”) was considered by the Board for renewal. In connection with the decision whether to renew the Agreement, a variety of material was provided to the Board in advance of the meeting for their review and consideration.

Representatives of the Advisor attended the meeting and presented additional oral information to the Board to assist the Board in its considerations. The discussion below outlines the materials and information presented to the Board in connection with the Board’s 2017 Annual consideration of the Agreement and the conclusions made by the Directors when determining to continue the Agreement.

• The Board considered the nature and quality of services provided by the Advisor under the Agreement for over 30 years including, among others: deciding what securities to purchase and sell for each Series; arranging for the purchase and sale of such securities by placing orders with broker-dealers; administering the affairs of the Fund (including the books and records of the Fund not maintained by third party service providers such as the custodian or transfer agent); arranging for the insurance coverage for the Fund; and supervising the preparation of tax returns, SEC filings (including registration statements) and reports to shareholders for the Fund. The Board also considered the Advisor’s personnel who perform services to the Fund, the strength of its compliance infrastructure, policies and procedures relating to compliance with securities regulations, reputation, expertise and resources in domestic and foreign financial markets. The Board discussed the quality of these services with representatives from the Advisor and concluded that the Advisor was performing its services to the Fund required under the Agreement in a reasonable manner.

• The Board considered the Advisor’s investments teams, including changes to the teams during the past year, investment team compensation and investment process. The Board considered the performance of each Series since its inception, as well as over multiple time periods including: one year, three year, five year, ten year, and current market cycle. A market cycle includes periods of both rising and falling markets. Returns for established benchmark indices for each Series were provided. In addition, the Board considered (and considers on a quarterly basis) a number of other factors relevant to performance at the meeting including: a peer group performance analysis consisting of Morningstar universes of mutual funds with similar investment objectives; the breadth of the Fund’s product offerings; and performance over reasonable time periods. The Board discussed with Representatives of the Advisor, short-term performance challenges in the Fund’s non-U.S. portfolios which have resulted in a downward trend in assets under management. After discussion, the Board concluded that the nature and quality of the investment management services provided by the Advisor to the Fund, and the Series’ actual and comparative performance, especially over the current market cycle supported the renewal of the agreement.

• The Board considered the costs of the Advisor’s services and the profits of the Advisor as they relate to the Advisor’s services to the Fund under the Agreement. In reviewing the Advisor’s costs and profits, the Board discussed the Advisor’s revenues generated from the Fund and its expenses associated with providing the services under the Agreement. The Advisor presented the Board with information on firmwide investment management profitability to provide a comparison of the Advisor’s profitability from its Fund activities relative to its profitability from its other investment management business. In addition, the Board reviewed the Advisor’s expense allocation methodology used to calculate profitability since many of the Advisor’s resources and expenses are shared across the Advisor’s various investment management vehicles. The Board considered the Advisor’s expenses associated with Fund activities outside of the Agreement (such as expense reimbursements pursuant to expense caps and payments made by the Advisor to third party platforms on which shares of the Fund are available for purchase). After discussing the above costs and profits, the Board concluded that the Advisor’s profitability relating to its services provided under the Agreement was reasonable.

• The Board then considered whether economies of scale were being achieved by the Advisor with respect to its services to the Fund. The Board acknowledged the expense caps incorporated in the Fund’s current fee structure, which requires the Advisor to subsidize the expenses of the Series operating above their cap, noting that 26 Series of the Fund are currently receiving expense reimbursements from the Advisor. The Board concluded that based on the current fee structure and profitability, the Fund would need to grow in assets before the Advisor would be able to achieve meaningful economies of scale.

16

Equity Series

Renewal of Investment Advisory Agreement

(unaudited)

• The Board considered the fees and expenses of the various Series of the Fund. The Advisor provided the Board with information comparing each Series’ contractual management fees with the Advisor’s standard advisory fees for separate accounts and collective investment trusts. The Board considered that the range of services provided to the Series is more extensive than for the Advisor’s other clients due to additional infrastructure, administrative and regulatory requirements related to operating a mutual fund. The Advisor also presented the advisory fees and total expenses for each Series, including the advisory fee adjusted for any contractual expense waivers or reimbursements paid by the Advisor. The advisory fees, 12b-1 Distribution and Service Fees, other expenses (e.g. a combination of Shareholder Services Fees, routine operating expenses and Acquired Fund Fees and Expenses for fund-of-fund Series) and net expense ratios of each Series were compared and ranked (on both a mean and median basis) against funds of a similar size and with similar investment objectives and expense characteristics as disclosed on the Morningstar database. In addition, the Board considered fee reductions that went into effect for the Fund’s Target Series in October 2017, as well as projected fee and expense changes for certain Series approved by the Board in a prior Board meeting. These fee and expense changes would go into effect pursuant to a successful shareholder vote in 2018. Representatives of the Advisor discussed with the Board the comparisons and rankings of fees and net expense ratios for each Series of the Fund and the methodology behind the comparison. The Board considered the Advisor’s active portfolio management that results in portfolios that are more differentiated than the construction of their benchmarks. Based on their review of the information provided, the Board concluded that the fees and expenses of each Series of the Fund were reasonable on a comparative basis.

• The Board also considered the other benefits the Advisor derives from its relationship with the Fund. Such other benefits include participation in a joint insurance program, sharing of compensation expenses for certain shared personnel, relationships with large service providers and certain research services provided by soft dollars. The Board reviewed the broker-dealers who provided research to the Advisor and the products and services paid for, in whole or in part, using soft dollar commissions. Given the level of soft dollar transactions involving the Fund, the Board concluded that these additional benefits to the Advisor were reasonable.

Based on the Board’s deliberations and their evaluation of the information described above, the Board, including a majority of Directors that are not “interested persons” as defined in the Investment Company Act of 1940, concluded that the compensation under the Agreement was fair and reasonable in light of the services and expenses and such other matters as the Directors considered to be relevant in the exercise of their reasonable judgment. Accordingly, the Board approved the renewal of the Agreement. In the course of their deliberations, the Directors did not identify any particular information that was all important or controlling.

17

Equity Series

Literature Requests

(unaudited)

Proxy Voting Policies and Procedures

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

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

Proxy Voting Record

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

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

Quarterly Portfolio Holdings

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

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

The Series’ Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Prospectus and Statement of Additional Information (SAI)

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

Additional information available at www.manning-napier.com

1. Fund Holdings - Month-End

2. Fund Holdings - Quarter-End

3. Shareholder Report - Annual

4. Shareholder Report - Semi-Annual

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

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

MNEQY-04/18-SAR

Shareholder Expense Example

(unaudited)

As a shareholder of the Series, you incur ongoing costs, including management fees, shareholder service fees and other Series expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Series and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2017 to April 30, 2018).

Actual Expenses

The Actual lines of the tables below provide information about actual account values and actual expenses. You may use the information in these lines, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the Actual line for the Series and Class in which you have invested under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The Hypothetical lines of the tables below provide information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid during the period. You may use this information to compare the ongoing costs of investing in a Class of the Series and other funds. To do so, compare this 5% hypothetical example for the Series and Class in which you have invested with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads), redemption fees, or exchange fees that you may incur in other mutual funds. Therefore, the Hypothetical lines of the tables are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

	BEGINNING  ACCOUNT VALUE                           11/1/17	ENDING  ACCOUNT VALUE                           4/30/18	EXPENSES PAID  DURING PERIOD                           11/1/17-4/30/181	ANNUALIZED  EXPENSE                           RATIO2
Target Income
Actual (Class K)	$1,000.00	$   989.30	$2.22	0.45%
Hypothetical3	$1,000.00	$1,022.56	$2.26	0.45%
Actual (Class R)	$1,000.00	$   987.80	$3.45	0.70%
Hypothetical3	$1,000.00	$1,021.32	$3.51	0.70%
Actual (Class I)	$1,000.00	$   990.50	$0.99	0.20%
Hypothetical3	$1,000.00	$1,023.80	$1.00	0.20%
Actual (Class R6)	$1,000.00	$   991.80	$0.25	0.05%
Hypothetical3	$1,000.00	$1,024.55	$0.25	0.05%

1

Shareholder Expense Example

(unaudited)

	BEGINNING  ACCOUNT VALUE                           11/1/17	ENDING  ACCOUNT VALUE                           4/30/18	EXPENSES PAID  DURING PERIOD                           11/1/17-4/30/181	ANNUALIZED  EXPENSE                           RATIO2
Target 2015
Actual (Class K)	$1,000.00	$   991.10	$2.22	0.45%
Hypothetical3	$1,000.00	$1,022.56	$2.26	0.45%
Actual (Class R)	$1,000.00	$   990.00	$3.45	0.70%
Hypothetical3	$1,000.00	$1,021.32	$3.51	0.70%
Actual (Class I)	$1,000.00	$   992.60	$0.99	0.20%
Hypothetical3	$1,000.00	$1,023.80	$1.00	0.20%
Actual (Class R6)	$1,000.00	$   992.90	$0.25	0.05%
Hypothetical3	$1,000.00	$1,024.55	$0.25	0.05%
	BEGINNING  ACCOUNT VALUE                           11/1/17	ENDING  ACCOUNT VALUE                           4/30/18	EXPENSES PAID  DURING PERIOD                           11/1/17-4/30/181	ANNUALIZED  EXPENSE                           RATIO2
Target 2020
Actual (Class K)	$1,000.00	$   993.20	$2.22	0.45%
Hypothetical3	$1,000.00	$1,022.56	$2.26	0.45%
Actual (Class R)	$1,000.00	$   991.30	$3.46	0.70%
Hypothetical3	$1,000.00	$1,021.32	$3.51	0.70%
Actual (Class I)	$1,000.00	$   994.50	$0.99	0.20%
Hypothetical3	$1,000.00	$1,023.80	$1.00	0.20%
Actual (Class R6)	$1,000.00	$   994.80	$0.25	0.05%
Hypothetical3	$1,000.00	$1,024.55	$0.25	0.05%
	BEGINNING  ACCOUNT VALUE                           11/1/17	ENDING  ACCOUNT VALUE                           04/30/18	EXPENSES PAID  DURING PERIOD                           11/1/17-04/30/181	ANNUALIZED  EXPENSE                           RATIO2
Target 2025
Actual (Class K)	$1,000.00	$   995.40	$2.23	0.45%
Hypothetical3	$1,000.00	$1,022.56	$2.26	0.45%
Actual (Class R)	$1,000.00	$   993.90	$3.46	0.70%
Hypothetical3	$1,000.00	$1,021.32	$3.51	0.70%
Actual (Class I)	$1,000.00	$   996.40	$0.99	0.20%
Hypothetical3	$1,000.00	$1,023.80	$1.00	0.20%
Actual (Class R6)	$1,000.00	$   996.70	$0.25	0.05%
Hypothetical3	$1,000.00	$1,024.55	$0.25	0.05%

2

Shareholder Expense Example

(unaudited)

	BEGINNING  ACCOUNT VALUE                           11/1/17	ENDING  ACCOUNT VALUE                           4/30/18	EXPENSES PAID  DURING PERIOD                           11/1/17-4/30/181	ANNUALIZED  EXPENSE                           RATIO2
Target 2030
Actual (Class K)	$1,000.00	$1,001.30	$2.23	0.45%
Hypothetical3	$1,000.00	$1,022.56	$2.26	0.45%
Actual (Class R)	$1,000.00	$1,001.60	$3.47	0.70%
Hypothetical3	$1,000.00	$1,021.32	$3.51	0.70%
Actual (Class I)	$1,000.00	$1,003.60	$0.99	0.20%
Hypothetical3	$1,000.00	$1,023.80	$1.00	0.20%
Actual (Class R6)	$1,000.00	$1,004.90	$0.25	0.05%
Hypothetical3	$1,000.00	$1,024.55	$0.25	0.05%
	BEGINNING  ACCOUNT VALUE                           11/1/17	ENDING  ACCOUNT VALUE                           4/30/18	EXPENSES PAID  DURING PERIOD                           11/1/17-4/30/181	ANNUALIZED  EXPENSE                           RATIO2
Target 2035
Actual (Class K)	$1,000.00	$1,010.60	$2.24	0.45%
Hypothetical3	$1,000.00	$1,022.56	$2.26	0.45%
Actual (Class R)	$1,000.00	$1,010.00	$3.49	0.70%
Hypothetical3	$1,000.00	$1,021.32	$3.51	0.70%
Actual (Class I)	$1,000.00	$1,012.40	$1.00	0.20%
Hypothetical3	$1,000.00	$1,023.80	$1.00	0.20%
Actual (Class R6)	$1,000.00	$1,013.50	$0.25	0.05%
Hypothetical3	$1,000.00	$1,024.55	$0.25	0.05%
	BEGINNING  ACCOUNT VALUE                           11/1/17	ENDING  ACCOUNT VALUE                           4/30/18	EXPENSES PAID  DURING PERIOD                           11/1/17-4/30/181	ANNUALIZED  EXPENSE                           RATIO2
Target 2040
Actual (Class K)	$1,000.00	$1,020.90	$2.25	0.45%
Hypothetical3	$1,000.00	$1,022.56	$2.26	0.45%
Actual (Class R)	$1,000.00	$1,019.30	$3.50	0.70%
Hypothetical3	$1,000.00	$1,021.32	$3.51	0.70%
Actual (Class I)	$1,000.00	$1,021.10	$1.00	0.20%
Hypothetical3	$1,000.00	$1,023.80	$1.00	0.20%
Actual (Class R6)	$1,000.00	$1,022.40	$0.25	0.05%
Hypothetical3	$1,000.00	$1,024.55	$0.25	0.05%

3

Shareholder Expense Example

(unaudited)

	BEGINNING  ACCOUNT VALUE                           11/1/17	ENDING  ACCOUNT VALUE                           4/30/18	EXPENSES PAID  DURING PERIOD                           11/1/17-4/30/181	ANNUALIZED  EXPENSE                           RATIO2
Target 2045
Actual (Class K)	$1,000.00	$1,029.50	$2.26	0.45%
Hypothetical3	$1,000.00	$1,022.56	$2.26	0.45%
Actual (Class R)	$1,000.00	$1,028.30	$3.52	0.70%
Hypothetical3	$1,000.00	$1,021.32	$3.51	0.70%
Actual (Class I)	$1,000.00	$1,030.00	$1.01	0.20%
Hypothetical3	$1,000.00	$1,023.80	$1.00	0.20%
Actual (Class R6)	$1,000.00	$1,031.10	$0.25	0.05%
Hypothetical3	$1,000.00	$1,024.55	$0.25	0.05%
	BEGINNING  ACCOUNT VALUE                           11/1/17	ENDING  ACCOUNT VALUE                           4/30/18	EXPENSES PAID  DURING PERIOD                           11/1/17-4/30/181	ANNUALIZED  EXPENSE                           RATIO2
Target 2050
Actual (Class K)	$1,000.00	$1,032.90	$2.27	0.45%
Hypothetical3	$1,000.00	$1,022.56	$2.26	0.45%
Actual (Class R)	$1,000.00	$1,031.50	$3.53	0.70%
Hypothetical3	$1,000.00	$1,021.32	$3.51	0.70%
Actual (Class I)	$1,000.00	$1,034.00	$1.01	0.20%
Hypothetical3	$1,000.00	$1,023.80	$1.00	0.20%
Actual (Class R6)	$1,000.00	$1,034.30	$0.25	0.05%
Hypothetical3	$1,000.00	$1,024.55	$0.25	0.05%
	BEGINNING  ACCOUNT VALUE                           11/1/17	ENDING  ACCOUNT VALUE                           4/30/18	EXPENSES PAID  DURING PERIOD                           11/1/17-4/30/181	ANNUALIZED  EXPENSE                           RATIO2
Target 2055
Actual (Class K)	$1,000.00	$1,033.00	$2.27	0.45%
Hypothetical3	$1,000.00	$1,022.56	$2.26	0.45%
Actual (Class R)	$1,000.00	$1,031.40	$3.53	0.70%
Hypothetical3	$1,000.00	$1,021.32	$3.51	0.70%
Actual (Class I)	$1,000.00	$1,033.90	$1.01	0.20%
Hypothetical3	$1,000.00	$1,023.80	$1.00	0.20%
Actual (Class R6)	$1,000.00	$1,035.00	$0.25	0.05%
Hypothetical3	$1,000.00	$1,024.55	$0.25	0.05%

4

Shareholder Expense Example

(unaudited)

	BEGINNING  ACCOUNT VALUE                           11/1/17	ENDING  ACCOUNT VALUE                           4/30/18	EXPENSES PAID  DURING PERIOD                           11/1/17-4/30/181	ANNUALIZED  EXPENSE                           RATIO2
Target 2060
Actual (Class K)	$1,000.00	$1,033.00	$2.27	0.45%
Hypothetical3	$1,000.00	$1,022.56	$2.26	0.45%
Actual (Class R)	$1,000.00	$1,030.90	$3.52	0.70%
Hypothetical3	$1,000.00	$1,021.32	$3.51	0.70%
Actual (Class I)	$1,000.00	$1,034.40	$1.01	0.20%
Hypothetical3	$1,000.00	$1,023.80	$1.00	0.20%
Actual (Class R6)	$1,000.00	$1,034.50	$0.25	0.05%
Hypothetical3	$1,000.00	$1,024.55	$0.25	0.05%

¹Expenses are equal to each Class’ annualized expense ratio (for the six-month period), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Expenses are based on the most recent fiscal half year. The Class’ total return would have been lower had certain expenses not been waived during the period.

²Expense ratios of the Class do not include fees and expenses indirectly incurred by the underlying funds. If these expenses were included, the expense ratios would have been higher.

³Assumes 5% annual return before expenses.

5

Portfolio Composition as of April 30, 2018 - Asset Allocation¹

(unaudited)

¹ Represents portfolio composition of the underlying investment(s) for each Series as a percentage of net assets.

² A U.S. Treasury Bond is a long-term obligation of the U.S. Treasury issued with a maturity period of more than ten years.

³ A U.S. Treasury Note is an intermediate-term obligation of the U.S. Treasury issued with a maturity period between one and ten years.

⁴ A U.S. Treasury Bill is an short-term obligation of the U.S. Treasury issued with a maturity of less than one year.

6

Portfolio Composition as of April 30, 2018 - Asset Allocation¹

(unaudited)

¹ Represents portfolio composition of the underlying investment(s) for each Series as a percentage of net assets.

² A U.S. Treasury Bond is a long-term obligation of the U.S. Treasury issued with a maturity period of more than ten years.

³ A U.S. Treasury Note is an intermediate-term obligation of the U.S. Treasury issued with a maturity period between one and ten years.

⁴ A U.S. Treasury Bill is an short-term obligation of the U.S. Treasury issued with a maturity of less than one year.

7

Investment Portfolios - April 30, 2018

(unaudited)

TARGET INCOME SERIES	SHARES		VALUE (NOTE 2)
AFFILIATED INVESTMENT COMPANIES - 100.1%
Manning & Napier Blended Asset Conservative Series - Class R6		10,870,229	$	116,528,851
TOTAL AFFILIATED INVESTMENT COMPANIES
(Identified Cost $118,108,037)				116,528,851
LIABILITIES, LESS OTHER ASSETS - (0.1%)				(78,671	)
NET ASSETS - 100%			$	116,450,180
TARGET 2015 SERIES	SHARES		VALUE (NOTE 2)
AFFILIATED INVESTMENT COMPANIES - 99.9%
Manning & Napier Blended Asset Conservative Series - Class R6		180,298	$	1,932,795
Manning & Napier Blended Asset Moderate Series - Class R6		121,170		1,289,253
TOTAL AFFILIATED INVESTMENT COMPANIES
(Identified Cost $3,271,620)				3,222,048
OTHER ASSETS, LESS LIABILITIES - 0.1%				4,190
NET ASSETS - 100%			$	3,226,238
TARGET 2020 SERIES	SHARES		VALUE (NOTE 2)
AFFILIATED INVESTMENT COMPANIES - 100.1%
Manning & Napier Blended Asset Extended Series - Class R6		908,897	$	9,334,373
Manning & Napier Blended Asset Moderate Series - Class R6		7,895,901		84,012,392
TOTAL AFFILIATED INVESTMENT COMPANIES
(Identified Cost $94,364,338)				93,346,765
LIABILITIES, LESS OTHER ASSETS - (0.1%)				(88,059	)
NET ASSETS - 100%			$	93,258,706

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

8

Investment Portfolios - April 30, 2018

(unaudited)

TARGET 2025 SERIES	SHARES		VALUE (NOTE 2)
AFFILIATED INVESTMENT COMPANIES - 100.0%
Manning & Napier Blended Asset Extended Series - Class R6		2,465,926	$	25,325,058
Manning & Napier Blended Asset Moderate Series - Class R6		2,385,361		25,380,240
TOTAL AFFILIATED INVESTMENT COMPANIES
(Identified Cost $51,193,447)				50,705,298
LIABILITIES, LESS OTHER ASSETS - (0.0%)##				(2,637	)
NET ASSETS - 100%			$	50,702,661
## Less than (0.1%).
TARGET 2030 SERIES	SHARES		VALUE (NOTE 2)
AFFILIATED INVESTMENT COMPANIES - 100.1%
Manning & Napier Blended Asset Extended Series - Class R6		9,900,406	$	101,677,168
Manning & Napier Blended Asset Maximum Series - Class R6		946,559		11,339,778
TOTAL AFFILIATED INVESTMENT COMPANIES
(Identified Cost $113,552,064)				113,016,946
LIABILITIES, LESS OTHER ASSETS - (0.1%)				(109,821	)
NET ASSETS - 100%			$	112,907,125
TARGET 2035 SERIES	SHARES		VALUE (NOTE 2)
AFFILIATED INVESTMENT COMPANIES - 100.0%
Manning & Napier Blended Asset Extended Series - Class R6		1,887,459	$	19,384,199
Manning & Napier Blended Asset Maximum Series - Class R6		871,831		10,444,535
TOTAL AFFILIATED INVESTMENT COMPANIES
(Identified Cost $29,799,727)				29,828,734
LIABILITIES, LESS OTHER ASSETS - (0.0%)##				(3,532	)
NET ASSETS - 100%			$	29,825,202
## Less than (0.1%).

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

9

Investment Portfolios - April 30, 2018

(unaudited)

TARGET 2040 SERIES	SHARES		VALUE (NOTE 2)
AFFILIATED INVESTMENT COMPANIES - 100.1%
Manning & Napier Blended Asset Extended Series - Class R6		2,615,402	$	26,860,176
Manning & Napier Blended Asset Maximum Series - Class R6		3,379,688		40,488,665
TOTAL AFFILIATED INVESTMENT COMPANIES
(Identified Cost $66,622,898)				67,348,841
LIABILITIES, LESS OTHER ASSETS - (0.1%)				(61,572	)
NET ASSETS - 100%			$	67,287,269
TARGET 2045 SERIES	SHARES		VALUE (NOTE 2)
AFFILIATED INVESTMENT COMPANIES - 100.0%
Manning & Napier Blended Asset Extended Series - Class R6		257,767	$	2,647,266
Manning & Napier Blended Asset Maximum Series - Class R6		1,253,831		15,020,896
TOTAL AFFILIATED INVESTMENT COMPANIES
(Identified Cost $17,429,401)				17,668,162
OTHER ASSETS, LESS LIABILITIES - 0.0%##				1,992
NET ASSETS - 100%			$	17,670,154
## Less than 0.1%.
TARGET 2050 SERIES	SHARES		VALUE (NOTE 2)
AFFILIATED INVESTMENT COMPANIES - 100.1%
Manning & Napier Blended Asset Maximum Series - Class R6		2,369,542	$	28,387,114
TOTAL AFFILIATED INVESTMENT COMPANIES
(Identified Cost $27,691,664)				28,387,114
LIABILITIES, LESS OTHER ASSETS - (0.1%)				(20,263	)
NET ASSETS - 100%			$	28,366,851

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

10

Investment Portfolios - April 30, 2018

(unaudited)

TARGET 2055 SERIES	SHARES		VALUE (NOTE 2)
AFFILIATED INVESTMENT COMPANIES - 99.9%
Manning & Napier Blended Asset Maximum Series - Class R6		726,237	$	8,700,319
TOTAL AFFILIATED INVESTMENT COMPANIES
(Identified Cost $8,526,554)				8,700,319
OTHER ASSETS, LESS LIABILITIES - 0.1%				9,977
NET ASSETS - 100%			$	8,710,296
TARGET 2060 SERIES	SHARES		VALUE (NOTE 2)
AFFILIATED INVESTMENT COMPANIES - 100.1%
Manning & Napier Blended Asset Maximum Series - Class R6		624,402	$	7,480,340
TOTAL AFFILIATED INVESTMENT COMPANIES
(Identified Cost $7,344,932)				7,480,340
LIABILITIES, LESS OTHER ASSETS - (0.1%)				(4,425	)
NET ASSETS - 100%			$	7,475,915

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

11

Statements of Assets and Liabilities

April 30, 2018 (unaudited)

	TARGET INCOME			TARGET 2015			TARGET 2020			TARGET 2025			TARGET 2030
ASSETS:
Total investments in Underlying Series:
At value*	$	116,528,851		$	3,222,048		$	93,346,765		$	50,705,298		$	113,016,946
Receivable from Advisor (Note 3)		5,148			8,082			8,210			8,351			10,371
Receivable for shares of Underlying Series sold		23,898			231			4,873			7,565			9,436
Receivable for fund shares sold		12,211			233			44,949			158,315			117,785
Prepaid expenses		42,256			39,343			39,924			48,688			40,164
TOTAL ASSETS		116,612,364			3,269,937			93,444,721			50,928,217			113,194,702
LIABILITIES:
Accrued sub-transfer agent fees (Note 3)		63,805			3,303			75,690			13,278			106,048
Accrued distribution and service (Rule 12b-1) fees (Note 3)		26,712			603			21,160			13,747			26,085
Accrued fund accounting and administration fees (Note 3)		15,670			14,847			15,605			15,180			15,799
Accrued Chief Compliance Officer service fees (Note 3)		323			320			325			321			326
Payable for fund shares repurchased		29,080			68			8,380			23,715			115,317
Audit fees payable		10,632			11,049			10,750			10,869			10,636
Payable for shares of Underlying Series purchased		—			—			35,655			131,563			—
Other payables and accrued expenses		15,962			13,509			18,450			16,883			13,366
TOTAL LIABILITIES		162,184			43,699			186,015			225,556			287,577
TOTAL NET ASSETS	$	116,450,180		$	3,226,238		$	93,258,706		$	50,702,661		$	112,907,125
NET ASSETS CONSIST OF:
Capital stock		119,760			2,931			100,324			42,663			118,806
Additional paid-in-capital		118,433,911			3,706,450			95,954,601			51,120,081			113,272,680
Undistributed net investment income		(176,322	)		(5,469	)		(148,589	)		(83,846	)		(199,101	)
Accumulated net realized gain (loss) on Underlying Series		(347,983	)		(428,102	)		(1,630,057	)		111,912			249,858
Net unrealized appreciation (depreciation) on Underlying Series		(1,579,186	)		(49,572	)		(1,017,573	)		(488,149	)		(535,118	)
TOTAL NET ASSETS	$	116,450,180		$	3,226,238		$	93,258,706		$	50,702,661		$	112,907,125
Class K
Net Assets	$	98,051,497		$	2,798,099		$	74,237,659		$	28,265,054		$	87,440,420
Shares Outstanding		10,064,559			254,362			7,969,846			2,380,122			9,191,382
Net Asset Value, Offering Price, and Redemption Price per share	$	9.74		$	11.00		$	9.31		$	11.88		$	9.51
Class R
Net Assets	$	17,138,425		$	41,033		$	14,823,153		$	20,497,660		$	19,427,593
Shares Outstanding		1,782,570			3,681			1,613,903			1,722,376			2,061,169
Net Asset Value, Offering Price, and Redemption Price per share	$	9.61		$	11.15		$	9.18		$	11.90		$	9.43
Class I
Net Assets	$	1,255,306		$	382,146		$	4,192,923		$	1,934,966		$	6,034,095
Shares Outstanding		128,326			34,595			448,127			163,346			627,499
Net Asset Value, Offering Price, and Redemption Price per share	$	9.78		$	11.05		$	9.36		$	11.85		$	9.62
Class R6
Net Assets	$	4,952		$	4,960		$	4,971		$	4,981		$	5,017
Shares Outstanding		506			449			531			420			522
Net Asset Value, Offering Price, and Redemption Price per share	$	9.79		$	11.05		$	9.36		$	11.86	1	$	9.62	1
*At identified cost	$	118,108,037		$	3,271,620		$	94,364,338		$	51,193,447		$	113,552,064

¹ The net asset values of the Class R6 Shares of the Manning & Napier Target 2025 Series and Target 2030 Series net asset value were calculated using unrounded net assets of $4,980.90 and $5,017.23 divided by the unrounded shares outstanding of 420.214 and 521.760, respectively.

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

12

Statements of Assets and Liabilities

April 30, 2018 (unaudited)

	TARGET 2035			TARGET 2040			TARGET 2045			TARGET 2050			TARGET 2055			TARGET 2060
ASSETS:
Total investments in Underlying Series:
At value*	$	29,828,734		$	67,348,841		$	17,668,162		$	28,387,114		$	8,700,319		$	7,480,340
Receivable from Advisor (Note 3)		9,722			10,233			10,377			10,783			10,871			10,561
Receivable for shares of Underlying Series sold		6,105			17,702			5,427			5,323			5,025			5,610
Receivable for fund shares sold		42,242			20,006			19,966			11,015			11,270			21,852
Prepaid expenses		42,215			37,851			40,131			35,399			39,648			22,097
TOTAL ASSETS		29,929,018			67,434,633			17,744,063			28,449,634			8,767,133			7,540,460
LIABILITIES:
Accrued fund accounting and administration fees (Note 3)		15,053			15,410			14,955			15,059			14,883			14,865
Accrued sub-transfer agent fees (Note 3)		12,194			58,493			8,660			24,828			3,789			3,093
Accrued distribution and service (Rule 12b-1) fees (Note 3)		7,964			15,529			4,697			6,392			2,497			1,988
Accrued Chief Compliance Officer service fees (Note 3)		321			323			320			321			320			319
Payable for shares of Underlying Series purchased		35,185			—			18,167			6,199			8,365			21,177
Audit fees payable		10,942			10,813			10,989			10,956			11,028			11,032
Payable for fund shares repurchased		5,849			29,018			154			1,603			1,020			—
Other payables and accrued expenses		16,308			17,778			15,967			17,425			14,935			12,071
TOTAL LIABILITIES		103,816			147,364			73,909			82,783			56,837			64,545
TOTAL NET ASSETS	$	29,825,202		$	67,287,269		$	17,670,154		$	28,366,851		$	8,710,296		$	7,475,915
NET ASSETS CONSIST OF:
Capital stock		23,631			67,327			13,537			26,864			6,812			6,482
Additional paid-in-capital		29,544,943			64,552,980			17,178,588			26,521,888			8,475,430			7,338,486
Undistributed net investment loss		(57,981	)		(138,579	)		(37,453	)		(61,916	)		(18,978	)		(13,754	)
Accumulated net realized gain on Underlying Series		285,602			2,079,598			276,721			1,184,565			73,267			9,293
Net unrealized appreciation (depreciation) on Underlying Series		29,007			725,943			238,761			695,450			173,765			135,408
TOTAL NET ASSETS	$	29,825,202		$	67,287,269		$	17,670,154		$	28,366,851		$	8,710,296		$	7,475,915
Class K
Net Assets	$	16,765,042		$	51,362,141		$	8,406,143		$	20,529,710		$	4,244,662		$	4,623,036
Shares Outstanding		1,330,245			5,133,231			642,160			1,940,440			330,184			400,435
Net Asset Value, Offering Price, and Redemption Price per share	$	12.60		$	10.01		$	13.09		$	10.58		$	12.86		$	11.55
Class R
Net Assets	$	11,989,087		$	12,567,624		$	7,597,324		$	5,782,518		$	4,116,580		$	2,711,921
Shares Outstanding		948,219			1,266,842			584,567			553,429			324,128			235,521
Net Asset Value, Offering Price, and Redemption Price per share	$	12.64		$	9.92		$	13.00		$	10.45		$	12.70		$	11.51
Class I
Net Assets	$	1,066,006		$	3,352,387		$	1,661,523		$	2,049,441		$	343,872		$	135,776
Shares Outstanding		84,196			332,147			126,622			192,091			26,475			11,748
Net Asset Value, Offering Price, and Redemption Price per share	$	12.66		$	10.09		$	13.12		$	10.67		$	12.99		$	11.56
Class R6
Net Assets	$	5,067		$	5,117		$	5,164		$	5,182		$	5,182		$	5,182
Shares Outstanding		400			507			393			486			399			448
Net Asset Value, Offering Price, and Redemption Price per share	$	12.67		$	10.10	1	$	13.13	1	$	10.67	1	$	13.00	1	$	11.56	1
*At identified cost	$	29,799,727		$	66,622,898		$	17,429,401		$	27,691,664		$	8,526,554		$	7,344,932

¹ The net asset values of the Class R6 Shares of the Manning & Napier Target 2040 Series, Target 2045 Series, Target 2050 Series, Target 2055 and Target 2060 Series’ net asset value were calculated using unrounded net assets of $5,116.54, $5,163.530, $5,182.16, $5,182.45 and $5,182.27 divided by the unrounded shares outstanding of 506.636, 393.216, 485.554, 398.666 and 448.176, respectively.

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

13

Statements of Operations

For the Six Months Ended April 30, 2018 (unaudited)

	TARGET INCOME			TARGET 2015			TARGET 2020			TARGET 2025			TARGET 2030
INVESTMENT INCOME:
Income distributions from Underlying Series	$	389,392		$	13,309		$	337,365		$	111,442		$	347,049
EXPENSES:
Distribution and services (Rule 12b-1) fees (Class K)(Note 3)		112,346			4,522			91,001			34,063			114,195
Distribution and services (Rule 12b-1) fees (Class R) (Note 3)		33,751			102			31,302			40,208			41,512
Sub-transfer agent fees (Note 3)		59,166			3,349			71,717			12,573			93,392
Fund accounting and administration fees (Note 3)		24,082			22,869			24,064			23,343			24,372
Directors’ fees (Note 3)		3,199			148			4,028			1,197			4,738
Chief Compliance Officer service fees (Note 3)		2,032			2,028			2,034			2,029			2,034
Registration and filing fees		20,432			19,525			20,901			20,756			20,892
Audit fees		10,290			10,156			10,348			10,205			10,372
Transfer agent fees		10,122			459			7,837			11,089			12,467
Custodian fees		1,207			1,968			2,401			1,883			2,403
Miscellaneous		24,722			16,264			24,440			21,667			27,779
Total Expenses		301,349			81,390			290,073			179,013			354,156
Less reduction of expenses (Note 3)		(47,061	)		(72,756	)		(63,619	)		(59,478	)		(67,502	)
Net Expenses		254,288			8,634			226,454			119,535			286,654
NET INVESTMENT INCOME (LOSS)		135,104			4,675			110,911			(8,093	)		60,395
REALIZED AND UNREALIZED GAIN (LOSS) ON UNDERLYING SERIES:
Net realized gain (loss) on Underlying Series		59,805			3,887			699,576			112,088			1,864,797
Distributions of realized gains from Underlying Series		—			—			—			—			10,343
Net change in unrealized appreciation (depreciation) on Underlying Series		(1,404,382	)		(41,148	)		(806,686	)		(415,222	)		(330,776	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON UNDERLYING SERIES		(1,344,577	)		(37,261	)		(107,110	)		(303,134	)		1,544,364
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,209,473	)	$	(32,586	)	$	3,801		$	(311,227	)	$	1,604,759

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

14

Statements of Operations

For the Six Months Ended April 30, 2018 (unaudited)

	TARGET 2035			TARGET 2040			TARGET 2045			TARGET 2050			TARGET 2055			TARGET 2060
INVESTMENT INCOME:
Income distributions from Underlying Series	$	62,476		$	175,597		$	30,536		$	66,329		$	13,320		$	9,263
EXPENSES:
Distribution and services (Rule 12b-1) fees (Class K) (Note 3)		24,050			67,656			12,265			25,426			5,733			5,088
Distribution and services (Rule 12b-1) fees (Class R) (Note 3)		22,776			24,897			14,827			10,535			8,134			4,650
Fund accounting and administration fees (Note 3)		23,163			23,752			23,020			23,205			22,912			22,887
Sub-transfer agent fees (Note 3)		11,337			56,004			8,149			24,451			3,648			2,900
Chief Compliance Officer service fees (Note 3)		2,028			2,031			2,028			2,029			2,028			2,028
Directors’ fees (Note 3)		857			2,933			497			1,179			224			137
Registration and filing fees		19,937			20,640			19,627			20,224			19,502			19,801
Audit fees		10,192			10,291			10,172			10,199			10,159			10,150
Transfer agent fees		8,678			9,276			7,604			8,190			7,353			7,286
Custodian fees		1,960			2,277			1,884			1,044			950			31
Miscellaneous		20,374			23,296			19,513			21,193			18,892			17,408
Total Expenses		145,352			243,053			119,586			147,675			99,535			92,366
Less reduction of expenses (Note 3)		(69,143	)		(71,924	)		(75,153	)		(78,830	)		(77,542	)		(76,577	)
Net Expenses		76,209			171,129			44,433			68,845			21,993			15,789
NET INVESTMENT INCOME (LOSS)		(13,733	)		4,468			(13,897	)		(2,516	)		(8,673	)		(6,526	)
REALIZED AND UNREALIZED GAIN (LOSS) ON UNDERLYING SERIES:
Net realized gain (loss) on Underlying Series		281,162			2,055,270			270,228			1,168,553			70,061			7,014
Distributions of realized gains from Underlying Series		5,262			25,801			6,666			16,582			3,330			2,316
Net change in unrealized appreciation (depreciation) on Underlying Series		46,344			728,489			228,949			662,987			167,749			131,225
NET REALIZED AND UNREALIZED GAIN (LOSS) ON UNDERLYING SERIES		332,768			2,809,560			505,843			1,848,122			241,140			140,555
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	319,035		$	2,814,028		$	491,946		$	1,845,606		$	232,467		$	134,029

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

15

Statements of Changes in Net Assets

	TARGET INCOME FOR THE SIX MONTHS						TARGET 2015 FOR THE SIX MONTHS
	ENDED 04/30/18 (UNAUDITED)			FOR THE YEAR ENDED 10/31/17			ENDED 04/30/18 (UNAUDITED)			FOR THE YEAR ENDED 10/31/17
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income	$	135,104		$	1,228,046		$	4,675		$	78,493
Net realized gain (loss) on Underlying Series		59,805			1,566,264			3,887			367,523
Distributions of realized gains from Underlying Series		—			177,420			—			96,932
Net change in unrealized appreciation (depreciation) on Underlying Series		(1,404,382	)		2,571,384			(41,148	)		(112,149	)
Net increase (decrease) from operations		(1,209,473	)		5,543,114			(32,586	)		430,799
DISTRIBUTIONS TO SHAREHOLDERS (Note 8):
From net investment income (Class K)		(303,592	)		(995,759	)		(13,667	)		(47,515	)
From net investment income (Class R)		(39,414	)		(26,587	)		(100	)		(72	)
From net investment income (Class I)		(38,110	)		(212,436	)		(1,651	)		(42,420	)
From net investment income (Class R6)		(25	)		—			(27	)		—
Total distributions to shareholders		(381,141	)		(1,234,782	)		(15,445	)		(90,007	)
CAPITAL STOCK ISSUED AND REPURCHASED:
Net increase (decrease) from capital share transactions (Note 6)		19,079,895			16,826,923			(1,291,443	)		(2,508,194	)
Net increase (decrease) in net assets		17,489,281			21,135,255			(1,339,474	)		(2,167,402	)
NET ASSETS:
Beginning of period		98,960,899			77,825,644			4,565,712			6,733,114
End of period1	$	116,450,180		$	98,960,899		$	3,226,238		$	4,565,712
1 Including undistributed (distributions in excess of) net investment income:	$	(176,322	)	$	69,715		$	(5,469	)	$	5,301

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

16

Statements of Changes in Net Assets

	TARGET 2020 FOR THE SIX MONTHS						TARGET 2025 FOR THE SIX MONTHS						TARGET 2030 FOR THE SIX MONTHS
	ENDED 04/30/18 (UNAUDITED)			FOR THE YEAR ENDED 10/31/17			ENDED 04/30/18 (UNAUDITED)			FOR THE YEAR ENDED 10/31/17			ENDED 04/30/18 (UNAUDITED)			FOR THE YEAR ENDED 10/31/17
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income (loss)	$	110,911		$	1,453,253		$	(8,093	)	$	343,482		$	60,395		$	1,414,622
Net realized gain (loss) on Underlying Series		699,576			3,855,178			112,088			2,781,375			1,864,797			5,442,759
Distributions of realized gains from Underlying Series		—			2,459,609			—			509,957			10,343			2,854,246
Net change in unrealized appreciation (depreciation) on Underlying Series		(806,686	)		3,295,573			(415,222	)		(498,082	)		(330,776	)		6,774,360
Net increase (decrease) from operations		3,801			11,063,613			(311,227	)		3,136,732			1,604,759			16,485,987
DISTRIBUTIONS TO SHAREHOLDERS (Note 8):
From net investment income (Class K)		(198,979	)		(1,051,197	)		(60,817	)		(204,189	)		(211,109	)		(1,172,112	)
From net investment income (Class R)		(24,015	)		(56,852	)		(24,557	)		(27,133	)		(24,124	)		(87,689	)
From net investment income (Class I)		(132,089	)		(750,355	)		(6,760	)		(244,222	)		(137,594	)		(903,645	)
From net investment income (Class R6)		(22	)		—			(19	)		—			(19	)		—
From net realized gain on investments (Class K)		—			—			(14,717	)		—			—			—
From net realized gain on investments (Class R)		—			—			(8,107	)		—			—			—
From net realized gain on investments (Class I)		—			—			(1,126	)		—			—			—
From net realized gain on investments (Class R6)		—			—			(3	)		—			—			—
Total distributions to shareholders		(355,105	)		(1,858,404	)		(116,106	)		(475,544	)		(372,846	)		(2,163,446	)
CAPITAL STOCK ISSUED AND REPURCHASED:
Net increase (decrease) from capital share transactions (Note 6)		(20,933,627	)		(24,644,386	)		10,717,202			7,316,471			(29,957,047	)		(13,600,340	)
Net increase (decrease) in net assets		(21,284,931	)		(15,439,177	)		10,289,869			9,977,659			(28,725,134	)		722,201
NET ASSETS:
Beginning of period		114,543,637			129,982,814			40,412,792			30,435,133			141,632,259			140,910,058
End of period1	$	93,258,706		$	114,543,637		$	50,702,661		$	40,412,792		$	112,907,125		$	141,632,259
1 Including undistributed (distributions in excess of) net investment income:	$	(148,589	)	$	95,605		$	(83,846	)	$	16,400		$	(199,101	)	$	113,350

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

17

Statements of Changes in Net Assets

	TARGET 2035 FOR THE SIX MONTHS						TARGET 2040 FOR THE SIX MONTHS						TARGET 2045 FOR THE SIX MONTHS
	ENDED 04/30/18 (UNAUDITED)			FOR THE YEAR ENDED 10/31/17			ENDED 04/30/18 (UNAUDITED)			FOR THE YEAR ENDED 10/31/17			ENDED 04/30/18 (UNAUDITED)			FOR THE YEAR ENDED 10/31/17
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income (loss)	$	(13,733	)	$	219,197		$	4,468		$	557,444		$	(13,897	)	$	76,832
Net realized gain (loss) on Underlying Series		281,162			1,504,119			2,055,270			7,527,200			270,228			1,738,410
Distributions of realized gains from Underlying Series		5,262			629,154			25,801			2,704,575			6,666			478,562
Net change in unrealized appreciation (depreciation) on Underlying Series		46,344			1,183,536			728,489			2,613,161			228,949			119,733
Net increase (decrease) from operations		319,035			3,536,006			2,814,028			13,402,380			491,946			2,413,537
DISTRIBUTIONS TO SHAREHOLDERS (Note 8):
From net investment income (Class K)		(45,892	)		(164,395	)		(110,233	)		(675,356	)		(21,359	)		(80,909	)
From net investment income (Class R)		(13,931	)		(15,877	)		(11,010	)		(47,294	)		(7,799	)		(10,534	)
From net investment income (Class I)		(3,537	)		(181,228	)		(82,129	)		(418,483	)		(5,208	)		(76,897	)
From net investment income (Class R6)		(19	)		—			(19	)		—			(19	)		—
From net realized gain on investments (Class K)		(254,161	)		(79,142	)		(1,003,819	)		—			(531,184	)		(91,638	)
From net realized gain on investments (Class R)		(101,847	)		(8,675	)		(159,665	)		—			(266,564	)		(14,335	)
From net realized gain on investments (Class I)		(13,316	)		(76,653	)		(458,027	)		—			(81,565	)		(76,758	)
From net realized gain on investments (Class R6)		(65	)		—			(93	)		—			(265	)		—
Total distributions to shareholders		(432,768	)		(525,970	)		(1,824,995	)		(1,141,133	)		(913,963	)		(351,071	)
CAPITAL STOCK ISSUED AND REPURCHASED:
Net increase (decrease) from capital share transactions (Note 6)		3,622,051			(1,949,831	)		(17,705,388	)		(16,725,799	)		2,198,423			(241,049	)
Net increase (decrease) in net assets		3,508,318			1,060,205			(16,716,355	)		(4,464,552	)		1,776,406			1,821,417
NET ASSETS:
Beginning of period		26,316,884			25,256,679			84,003,624			88,468,176			15,893,748			14,072,331
End of period1	$	29,825,202		$	26,316,884		$	67,287,269		$	84,003,624		$	17,670,154		$	15,893,748
1 Including undistributed (distributions in excess of) net investment income:	$	(57,981	)	$	19,131		$	(138,579	)	$	60,344		$	(37,453	)	$	10,829

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

18

Statements of Changes in Net Assets

	TARGET 2050 FOR THE SIX MONTHS						TARGET 2055 FOR THE SIX MONTHS						TARGET 2060 FOR THE SIX MONTHS
	ENDED 04/30/18 (UNAUDITED)			FOR THE YEAR ENDED 10/31/17			ENDED 04/30/18 (UNAUDITED)			FOR THE YEAR ENDED 10/31/17			ENDED 04/30/18 (UNAUDITED)			FOR THE YEAR ENDED 10/31/17
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income (loss)	$	(2,516	)	$	167,042		$	(8,673	)	$	35,048		$	(6,526	)	$	8,669
Net realized gain (loss) on Underlying Series		1,168,553			4,841,813			70,061			965,931			7,014			490,147
Distributions of realized gains from Underlying Series		16,582			1,133,284			3,330			217,817			2,316			59,549
Net change in unrealized appreciation (depreciation) on Underlying Series		662,987			(353,000	)		167,749			(62,324	)		131,225			(117,924	)
Net increase from operations		1,845,606			5,789,139			232,467			1,156,472			134,029			440,441
DISTRIBUTIONS TO SHAREHOLDERS (Note 8):
From net investment income (Class K)		(38,263	)		(179,577	)		(9,475	)		(28,911	)		(5,708	)		(17,972	)
From net investment income (Class R)		(4,330	)		(21,593	)		(4,930	)		(5,418	)		(1,717	)		(1,517	)
From net investment income (Class I)		(44,416	)		(190,175	)		(846	)		(41,404	)		(312	)		(933	)
From net investment income (Class R6)		(18	)		—			(18	)		—			(15	)		—
From net realized gain on investments (Class K)		(1,394,136	)		—			(364,619	)		(28,665	)		(373,945	)		(7,607	)
From net realized gain on investments (Class R)		(260,365	)		—			(237,454	)		(5,623	)		(151,029	)		(613	)
From net realized gain on investments (Class I)		(981,902	)		—			(20,998	)		(34,348	)		(11,212	)		(329	)
From net realized gain on investments (Class R6)		(354	)		—			(410	)		—			(516	)		—
Total distributions to shareholders		(2,723,784	)		(391,345	)		(638,750	)		(144,369	)		(544,454	)		(28,971	)
CAPITAL STOCK ISSUED AND REPURCHASED:
Net increase (decrease) from capital share transactions (Note 6)		(6,135,826	)		(251,583	)		2,372,757			50,202			3,251,868			2,578,695
Net increase (decrease) in net assets		(7,014,004	)		5,146,211			1,966,474			1,062,305			2,841,443			2,990,165
NET ASSETS:
Beginning of period		35,380,855			30,234,644			6,743,822			5,681,517			4,634,472			1,644,307
End of period1	$	28,366,851		$	35,380,855		$	8,710,296		$	6,743,822		$	7,475,915		$	4,634,472
1 Including undistributed (distributions in excess of) net investment income:	$	(61,916	)	$	27,627		$	(18,978	)	$	4,964		$	(13,754	)	$	524

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

19

Financial Highlights

TARGET INCOME SERIES CLASS K	FOR THE SIX MONTHS ENDED 4/30/18			FOR THE YEAR ENDED
	(UNAUDITED)			10/31/17			10/31/16			10/31/15			10/31/14			10/31/13
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period	$	9.88		$	9.39		$	9.72		$	10.84		$	11.00		$	10.86
Income (loss) from investment operations:
Net investment income1,2		0.01			0.14			0.17			0.15			0.18			0.18
Net realized and unrealized gain (loss) on investments		(0.12	)		0.49			0.09			(0.29	)		0.37			0.63
Total from investment operations		(0.11	)		0.63			0.26			(0.14	)		0.55			0.81
Less distributions to shareholders:
From net investment income		(0.03	)		(0.14	)		(0.17	)		(0.28	)		(0.29	)		(0.24	)
From net realized gain on investments		—			—			(0.42	)		(0.70	)		(0.42	)		(0.43	)
Total distributions to shareholders		(0.03	)		(0.14	)		(0.59	)		(0.98	)		(0.71	)		(0.67	)
Net asset value - End of period	$	9.74		$	9.88		$	9.39		$	9.72		$	10.84		$	11.00
Net assets - End of period (000’s omitted)	$	98,051		$	80,786		$	64,297		$	67,322		$	52,442		$	47,676
Total return3		(1.07	%)		6.85	%		2.97	%		(1.38	%)		5.35	%		7.83	%
Ratios (to average net assets)/Supplemental Data:
Expenses*		0.45	%4,5		0.31	%6		0.30	%7		0.30	%8		0.30	%7		0.30	%7
Net investment income2		0.25	%4		1.45	%		1.84	%		1.54	%		1.63	%		1.69	%
Series portfolio turnover9		8	%		133	%		6	%		16	%		15	%		14	%
*The investment advisor paid a portion of the Series’ expenses. If these expenses had been incurred by the Series, the expense ratios (to average net assets) would have been increased by the following amounts:
		0.10	%4,5		0.15	%6		0.12	%7		0.16	%8		0.12	%7		0.16	%7
TARGET INCOME SERIES CLASS R	FOR THE SIX MONTHS ENDED 4/30/18			FOR THE YEAR ENDED
	(UNAUDITED)			10/31/17			10/31/16			10/31/15			10/31/14			10/31/13
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period	$	9.76		$	9.28		$	9.61		$	10.71		$	10.89		$	10.76
Income (loss) from investment operations:
Net investment income1,2		—	10		0.05			0.19			0.21			0.15			0.07
Net realized and unrealized gain (loss) on investments		(0.12	)		0.56			0.04			(0.38	)		0.36			0.70
Total from investment operations		(0.12	)		0.61			0.23			(0.17	)		0.51			0.77
Less distributions to shareholders:
From net investment income (loss)		(0.03	)		(0.13	)		(0.14	)		(0.23	)		(0.27	)		(0.21	)
From net realized gain on investments		—			—			(0.42	)		(0.70	)		(0.42	)		(0.43	)
Total distributions to shareholders		(0.03	)		(0.13	)		(0.56	)		(0.93	)		(0.69	)		(0.64	)
Net asset value - End of period	$	9.61		$	9.76		$	9.28		$	9.61		$	10.71		$	10.89
Net assets - End of period (000’s omitted)	$	17,138		$	9,910		$	1,148		$	2,468		$	13,406		$	13,475
Total return3		(1.22	%)		6.68	%		2.69	%		(1.70	%)		5.00	%		7.52	%
Ratios (to average net assets)/Supplemental Data:
Expenses*		0.70	%4,5		0.55	%6		0.55	%7		0.55	%8		0.55	%7		0.55	%7
Net investment income (loss)2		(0.05	%)4		0.57	%		2.07	%		2.05	%		1.40	%		0.66	%
Series portfolio turnover9		8	%		133	%		6	%		16	%		15	%		14	%
*For certain periods presented, the investment advisor paid a portion of the Series’ expenses. If these expenses had been incurred by the Series, the expense ratios (to average net assets) would have been increased by the following amounts:
		N/A			0.15	%6		0.12	%7		0.16	%8		0.12	%7		0.14	%7

¹Calculated based on average shares outstanding during the periods.

²Net investment income is affected by the timing of distributions from the Underlying Series in which the Series invest. The ratios do not include net investment income of the Underlying Series in which the Series invests.

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

⁴Annualized.

⁵Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratio of the Underlying Series was 0.45%.

⁶Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratio of the Underlying Series was 0.67% for Manning & Napier Pro-Blend^® Conservative Term Series - Class I and 0.45% for Manning & Napier Blended Asset Conservative Series - Class R6.

⁷Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratio of the Underlying Series was 0.67%.

⁸Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratio of the Underlying Series was 0.68%.

⁹Reflects activity of the Series and does not include the activity of the Underlying Series.

¹⁰Less than $0.01.

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

20

Financial Highlights

TARGET INCOME SERIES CLASS I	FOR THE SIX MONTHS ENDED 4/30/18			FOR THE YEAR ENDED
	(UNAUDITED)			10/31/17			10/31/16			10/31/15			10/31/14			10/31/13
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period	$	9.92		$	9.42		$	9.75		$	10.88		$	11.04		$	10.90
Income (loss) from investment operations:
Net investment income1,2		0.05			0.19			0.24			0.16			0.21			0.19
Net realized and unrealized gain (loss) on investments		(0.14	)		0.48			0.04			(0.28	)		0.37			0.65
Total from investment operations		(0.09	)		0.67			0.28			(0.12	)		0.58			0.84
Less distributions to shareholders:
From net investment income		(0.05	)		(0.17	)		(0.19	)		(0.31	)		(0.32	)		(0.27	)
From net realized gain on investments		—			—			(0.42	)		(0.70	)		(0.42	)		(0.43	)
Total distributions to shareholders		(0.05	)		(0.17	)		(0.61	)		(1.01	)		(0.74	)		(0.70	)
Net asset value - End of period	$	9.78		$	9.92		$	9.42		$	9.75		$	10.88		$	11.04
Net assets - End of period (000’s omitted)	$	1,255		$	8,260		$	12,380		$	26,000		$	11,610		$	11,271
Total return3		(0.95	%)		7.20	%		3.20	%		(1.21	%)		5.59	%		8.09	%
Ratios (to average net assets)/Supplemental Data:
Expenses*		0.20	%4,5		0.06	%6		0.05	%7		0.05	%8		0.05	%7		0.05	%7
Net investment income2		1.05	%4		2.02	%		2.61	%		1.65	%		1.92	%		1.76	%
Series portfolio turnover9		8	%		133	%		6	%		16	%		15	%		14	%
*The investment advisor paid a portion of the Series’ expenses. If these expenses had been incurred by the Series, the expense ratios (to average net assets) would have been increased by the following amounts:
		0.15	%4,5		0.15	%6		0.12	%7		0.16	%8		0.12	%7		0.16	%7

TARGET INCOME SERIES CLASS R6	FOR THE SIX MONTHS ENDED 4/30/18 (UNAUDITED)			FOR THE PERIOD 10/16/1710 TO 10/31/17
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period	$	9.92		$	9.93
Income (loss) from investment operations:
Net investment income1,2		0.03			—
Net realized and unrealized gain (loss) on investments		(0.11	)		(0.01	)
Total from investment operations		(0.08	)		(0.01	)
Less distributions to shareholders:
From net investment income		(0.05	)		—
Total distributions to shareholders		(0.05	)		—
Net asset value - End of period	$	9.79		$	9.92
Net assets - End of period (000’s omitted)	$	5		$	5
Total return3		(0.82	%)		(0.10	%)
Ratios (to average net assets)/Supplemental Data:
Expenses*4		0.05	%5		0.05	%6
Net investment income (loss)2,4		0.69	%		(0.05	%)6
Series portfolio turnover9		8	%		133	%
*The investment advisor paid a portion of the Series’ expenses. If these expenses had been incurred by the Series, the expense ratios (to average net assets) would have been increased by the following amounts4:
		0.13	%5		0.15	%

¹Calculated based on average shares outstanding during the periods.

²Net investment income is affected by the timing of distributions from the Underlying Series in which the Series invest. The ratios do not include net investment income of the Underlying Series in which the Series invests.

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

⁴Annualized.

⁵Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratio of the Underlying Series was 0.45%.

⁶Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratio of the Underlying Series was 0.67% for Manning & Napier Pro-Blend^® Conservative Term Series - Class I and 0.45% for Manning & Napier Blended Asset Conservative Series - Class R6.

⁷Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratio of the Underlying Series was 0.67%.

⁸Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratio of the Underlying Series was 0.68%.

⁹Reflects activity of the Series and does not include the activity of the Underlying Series.

¹⁰Commencement of operations.

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

21

Financial Highlights

TARGET 2015 SERIES CLASS K	FOR THE SIX MONTHS ENDED 4/30/18			FOR THE YEAR ENDED
	(UNAUDITED)			10/31/17			10/31/16			10/31/15			10/31/14			10/31/13
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period	$	11.14		$	10.49		$	11.17		$	12.07		$	11.79		$	10.59
Income (loss) from investment operations:
Net investment income1,2		0.01			0.12			0.11			0.12			0.10			0.15
Net realized and unrealized gain (loss) on investments		(0.11	)		0.68			0.13			(0.35	)		0.53			1.25
Total from investment operations		(0.10	)		0.80			0.24			(0.23	)		0.63			1.40
Less distributions to shareholders:
From net investment income		(0.04	)		(0.15	)		(0.12	)		(0.28	)		(0.26	)		(0.20	)
From net realized gain on investments		—			—			(0.80	)		(0.39	)		(0.09	)		—
Total distributions to shareholders		(0.04	)		(0.15	)		(0.92	)		(0.67	)		(0.35	)		(0.20	)
Net asset value - End of period	$	11.00		$	11.14		$	10.49		$	11.17		$	12.07		$	11.79
Net assets - End of period (000’s omitted)	$	2,798		$	4,196		$	3,274		$	3,500		$	3,200		$	1,019
Total return3		(0.89	%)		7.70	%		2.58	%		(2.04	%)		5.45	%		13.45	%
Ratios (to average net assets)/Supplemental Data:
Expenses*		0.45	%4,5		0.31	%6		0.30	%7		0.30	%8		0.30	%9		0.30	%9
Net investment income2		0.22	%4		1.11	%		1.09	%		1.01	%		0.80	%		1.34	%
Series portfolio turnover10		36	%		139	%		49	%		46	%		46	%		50	%
*The investment advisor paid a portion of the Series’ expenses. If these expenses had been incurred by the Series, the expense ratios (to average net assets) would have been increased by the following amounts:
		3.63	%4,5		2.39	%6		1.51	%7		1.14	%8		1.41	%9		6.06	%9
TARGET 2015 SERIES CLASS R	FOR THE SIX MONTHS ENDED 4/30/18			FOR THE YEAR ENDED
	(UNAUDITED)			10/31/17			10/31/16			10/31/15			10/31/14			10/31/13
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period	$	11.29		$	10.51		$	11.19		$	12.09		$	11.81		$	10.59
Income (loss) from investment operations:
Net investment income (loss)1,2		0.00	11		0.13			0.09			0.12			0.07			0.01
Net realized and unrealized gain (loss) on investments		(0.11	)		0.66			0.13			(0.39	)		0.53			1.39
Total from investment operations		(0.11	)		0.79			0.22			(0.27	)		0.60			1.40
Less distributions to shareholders:
From net investment income		(0.03	)		(0.01	)		(0.10	)		(0.24	)		(0.23	)		(0.18	)
From net realized gain on investments		—			—			(0.80	)		(0.39	)		(0.09	)		—
Total distributions to shareholders		(0.03	)		(0.01	)		(0.90	)		(0.63	)		(0.32	)		(0.18	)
Net asset value - End of period	$	11.15		$	11.29		$	10.51		$	11.19		$	12.09		$	11.81
Net assets - End of period (000’s omitted)	$	41		$	40		$	802		$	839		$	1,587		$	1,015
Total return3		(1.00	%)		7.47	%		2.34	%		(2.37	%)		5.22	%		13.36	%
Ratios (to average net assets)/Supplemental Data:
Expenses*		0.70	%4,5		0.55	%6		0.55	%7		0.55	%8		0.55	%9		0.55	%9
Net investment income (loss)2		(0.05	%)4		1.21	%		0.86	%		1.07	%		0.60	%		0.11	%
Series portfolio turnover10		36	%		139	%		49	%		46	%		46	%		50	%
*The investment advisor paid a portion of the Series’ expenses. If these expenses had been incurred by the Series, the expense ratios (to average net assets) would have been increased by the following amounts:
		3.61	%4,5		2.39	%6		1.51	%7		1.14	%8		1.47	%9		3.45	%9

¹Calculated based on average shares outstanding during the periods.

²Net investment income is affected by the timing of distributions from the Underlying Series in which the Series invest. The ratios do not include net investment income of the Underlying Series in which the Series invests.

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

⁴Annualized.

⁵Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratios of the Underlying Series were 0.45% for Manning & Napier Blended Asset Conservative Series - Class R6 and 0.50% for Manning & Napier Blended Asset Moderate Series - Class R6.

⁶Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratios of the Underlying Series were 0.67% for Manning & Napier Pro-Blend^® Conservative Term Series - Class I, 0.83% for Manning & Napier Pro-Blend^® Moderate Term Series - Class I, 0.45% for Manning & Napier Blended Asset Conservative Series - Class R6 and 0.50% for Manning & Napier Blended Asset Moderate Series - Class R6.

⁷Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratios of the Underlying Series were 0.67% for Manning & Napier Pro-Blend^® Conservative Term Series - Class I and 0.82% for Manning & Napier Pro-Blend^® Moderate Term Series - Class I.

⁸Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratios of the Underlying Series were 0.81% for Manning & Napier Pro-Blend^® Moderate Term Series - Class I and 0.82% for Manning & Napier Pro-Blend^® Extended Term Series - Class I.

⁹Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratios of the Underlying Series were 0.81% for Manning & Napier Pro-Blend^® Moderate Term Series - Class I and 0.81% for Manning & Napier Pro-Blend^® Extended Term Series - Class I.

¹⁰Reflects activity of the Series and does not include the activity of the Underlying Series.

¹¹Less than $0.01.

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

22

Financial Highlights

TARGET 2015 SERIES CLASS I	FOR THE SIX MONTHS ENDED 4/30/18			FOR THE YEAR ENDED
	(UNAUDITED)			10/31/17			10/31/16			10/31/15			10/31/14			10/31/13
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period	$	11.19		$	10.53		$	11.21		$	12.11		$	11.83		$	10.61
Income (loss) from investment operations:
Net investment income1,2		0.02			0.20			0.16			0.15			0.14			0.11
Net realized and unrealized gain (loss) on investments		(0.10	)		0.63			0.11			(0.35	)		0.51			1.32
Total from investment operations		(0.08	)		0.83			0.27			(0.20	)		0.65			1.43
Less distributions to shareholders:
From net investment income		(0.06	)		(0.17	)		(0.15	)		(0.31	)		(0.28	)		(0.21	)
From net realized gain on investments		—			—			(0.80	)		(0.39	)		(0.09	)		—
Total distributions to shareholders		(0.06	)		(0.17	)		(0.95	)		(0.70	)		(0.37	)		(0.21	)
Net asset value - End of period	$	11.05		$	11.19		$	10.53		$	11.21		$	12.11		$	11.83
Net assets - End of period (000’s omitted)	$	382		$	324		$	2,657		$	5,129		$	4,785		$	3,619
Total return3		(0.74	%)		8.03	%		2.85	%		(1.78	%)		5.67	%		13.71	%
Ratios (to average net assets)/Supplemental Data:
Expenses*		0.20	%4,5		0.05	%6		0.05	%7		0.05	%8		0.05	%9		0.05	%9
Net investment income2		0.40	%4		1.88	%		1.53	%		1.28	%		1.12	%		1.01	%
Series portfolio turnover10		36	%		139	%		49	%		46	%		46	%		50	%
*The investment advisor paid a portion of the Series’ expenses. If these expenses had been incurred by the Series, the expense ratios (to average net assets) would have been increased by the following amounts:
		3.61	%4,5		2.39	%6		1.51	%7		1.14	%8		1.46	%9		4.09	%9

TARGET 2015 SERIES CLASS R6	FOR THE SIX MONTHS  ENDED 4/30/18 (UNAUDITED)			FOR THE PERIOD 10/16/1711 TO 10/31/17
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period	$	11.19		$	11.20
Income (loss) from investment operations:
Net investment income (loss)1,2		0.03			—
Net realized and unrealized gain (loss) on investments		(0.11	)		(0.01	)
Total from investment operations		(0.08	)		(0.01	)
Less distributions to shareholders:
From net investment income		(0.06	)		—
Total distributions to shareholders		(0.06	)		—
Net asset value - End of period	$	11.05		$	11.19
Net assets - End of period (000’s omitted)	$	5		$	5
Total return3		(0.71	%)		(0.09	%)
Ratios (to average net assets)/Supplemental Data:
Expenses*4		0.05	%5		0.05	%6
Net investment income (loss)2,4		0.61	%		(0.05	%)
Series portfolio turnover10		36	%		139	%
*The investment advisor paid a portion of the Series’ expenses. If these expenses had been incurred by the Series, the expense ratios (to average net assets) would have been increased by the following amounts4:
		3.61	%5		2.39	%6

¹Calculated based on average shares outstanding during the periods.

²Net investment income is affected by the timing of distributions from the Underlying Series in which the Series invest. The ratios do not include net investment income of the Underlying Series in which the Series invests.

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

⁴Annualized.

⁵Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratios of the Underlying Series were 0.45% for Manning & Napier Blended Asset Conservative Series - Class R6 and 0.50% for Manning & Napier Blended Asset Moderate Series - Class R6.

⁶Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratios of the Underlying Series were 0.67% for Manning & Napier Pro-Blend^® Conservative Term Series - Class I, 0.83% for Manning & Napier Pro-Blend^® Moderate Term Series - Class I, 0.45% for Manning & Napier Blended Asset Conservative Series - Class R6 and 0.50% for Manning & Napier Blended Asset Moderate Series - Class R6.

⁷Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratios of the Underlying Series were 0.67% for Manning & Napier Pro-Blend^® Conservative Term Series - Class I and 0.82% for Manning & Napier Pro-Blend^® Moderate Term Series - Class I.

⁸Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratios of the Underlying Series were 0.81% for Manning & Napier Pro-Blend^® Moderate Term Series - Class I and 0.82% for Manning & Napier Pro-Blend^® Extended Term Series - Class I.

⁹Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratios of the Underlying Series were 0.81% for Manning & Napier Pro-Blend^® Moderate Term Series - Class I and 0.81% for Manning & Napier Pro-Blend^® Extended Term Series - Class I.

¹⁰Reflects activity of the Series and does not include the activity of the Underlying Series.

¹¹Commencement of operations.

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

23

Financial Highlights

TARGET 2020 SERIES CLASS K	FOR THE SIX MONTHS ENDED 4/30/18			FOR THE YEAR ENDED
	(UNAUDITED)			10/31/17			10/31/16			10/31/15			10/31/14			10/31/13
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period	$	9.40		$	8.75		$	9.45		$	10.77		$	10.79		$	9.89
Income (loss) from investment operations:
Net investment income1,2		0.01			0.09			0.09			0.11			0.11			0.12
Net realized and unrealized gain (loss) on investments		(0.07	)		0.68			0.12			(0.33	)		0.51			1.33
Total from investment operations		(0.06	)		0.77			0.21			(0.22	)		0.62			1.45
Less distributions to shareholders:
From net investment income		(0.03	)		(0.12	)		(0.10	)		(0.28	)		(0.25	)		(0.20	)
From net realized gain on investments		—			—			(0.81	)		(0.82	)		(0.39	)		(0.35	)
Total distributions to shareholders		(0.03	)		(0.12	)		(0.91	)		(1.10	)		(0.64	)		(0.55	)
Net asset value - End of period	$	9.31		$	9.40		$	8.75		$	9.45		$	10.77		$	10.79
Net assets - End of period (000’s omitted)	$	74,238		$	70,632		$	79,236		$	80,006		$	95,364		$	82,841
Total return3		(0.68	%)		8.91	%		2.83	%		(2.24	%)		6.14	%		15.43	%
Ratios (to average net assets)/Supplemental Data:
Expenses*		0.45	%4,5		0.31	%6		0.30	%7		0.30	%8		0.30	%9		0.30	%9
Net investment income2		0.13	%4		1.04	%		1.08	%		1.17	%		1.06	%		1.20	%
Series portfolio turnover10		18	%		118	%		16	%		42	%		37	%		19	%
*The investment advisor paid a portion of the Series’ expenses. If these expenses had been incurred by the Series, the expense ratios (to average net assets) would have been increased by the following amounts:
		0.13	%4,5		0.09	%6		0.06	%7		0.04	%8		0.03	%9		0.05	%9
TARGET 2020 SERIES CLASS R	FOR THE SIX MONTHS ENDED 4/30/18			FOR THE YEAR ENDED
	(UNAUDITED)			10/31/17			10/31/16			10/31/15			10/31/14			10/31/13
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period	$	9.28		$	8.64		$	9.34		$	10.60		$	10.66		$	9.78
Income (loss) from investment operations:
Net investment income (loss)1,2		(0.01	)		0.06			0.09			0.12			0.09			0.09
Net realized and unrealized gain (loss) on investments		(0.07	)		0.68			0.09			(0.32	)		0.47			1.32
Total from investment operations		(0.08	)		0.74			0.18			(0.20	)		0.56			1.41
Less distributions to shareholders:
From net investment income		(0.02	)		(0.10	)		(0.07	)		(0.24	)		(0.23	)		(0.18	)
From net realized gain on investments		—			—			(0.81	)		(0.82	)		(0.39	)		(0.35	)
Total distributions to shareholders		(0.02	)		(0.10	)		(0.88	)		(1.06	)		(0.62	)		(0.53	)
Net asset value - End of period	$	9.18		$	9.28		$	8.64		$	9.34		$	10.60		$	10.66
Net assets - End of period (000’s omitted)	$	14,823		$	10,851		$	4,553		$	8,193		$	22,564		$	30,393
Total return3		(0.87	%)		8.69	%		2.56	%		(2.13	%)		5.55	%		15.07	%
Ratios (to average net assets)/Supplemental Data:
Expenses*		0.70	%4,5		0.56	%6		0.55	%7		0.55	%8		0.55	%9		0.55	%9
Net investment income (loss)2		(0.17	%)4		0.63	%		1.04	%		1.24	%		0.83	%		0.85	%
Series portfolio turnover10		18	%		118	%		16	%		42	%		37	%		19	%
*The investment advisor paid a portion of the Series’ expenses. If these expenses had been incurred by the Series, the expense ratios (to average net assets) would have been increased by the following amounts:
		0.03	%4,5		0.09	%6		0.06	%7		0.04	%8		0.03	%9		0.05	%9

¹Calculated based on average shares outstanding during the periods.

²Net investment income is affected by the timing of distributions from the Underlying Series in which the Series invest. The ratios do not include net investment income of the Underlying Series in which the Series invests.

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

⁴Annualized.

⁵Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratios of the Underlying Series were 0.55% for Manning & Napier Blended Asset Extended Series - Class R6 and 0.50% for Manning & Napier Blended Asset Moderate Series - Class R6.

⁶Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratios of the Underlying Series were 0.83% for Manning & Napier Pro-Blend^® Extended Term Series - Class I, 0.83% for Manning & Napier Pro-Blend^® Moderate Term Series - Class I, 0.55% for Manning & Napier Blended Asset Extended Series -Class R6 and 0.50% for Manning & Napier Blended Asset Moderate Series - Class R6.

⁷Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratios of the Underlying Series were 0.82% for Manning & Napier Pro-Blend^® Moderate Term Series - Class I and 0.82% for Manning & Napier Pro-Blend^® Extended Term Series - Class I.

⁸Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratios of the Underlying Series were 0.81% for Manning & Napier Pro-Blend^® Moderate Term Series - Class I and 0.82% for Manning & Napier Pro-Blend^® Extended Term Series - Class I.

⁹Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratios of the Underlying Series were 0.81% for Manning & Napier Pro-Blend^® Moderate Term Series - Class I and 0.81% for Manning & Napier Pro-Blend^® Extended Term Series - Class I.

¹⁰Reflects activity of the Series and does not include the activity of the Underlying Series.

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

24

Financial Highlights

TARGET 2020 SERIES CLASS I	FOR THE SIX MONTHS ENDED 4/30/18			FOR THE YEAR ENDED
	(UNAUDITED)			10/31/17			10/31/16			10/31/15			10/31/14			10/31/13
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period	$	9.45		$	8.79		$	9.50		$	10.81		$	10.83		$	9.93
Income (loss) from investment operations:
Net investment income1,2		0.04			0.13			0.13			0.13			0.16			0.14
Net realized and unrealized gain (loss) on investments		(0.09	)		0.67			0.09			(0.31	)		0.49			1.34
Total from investment operations		(0.05	)		0.80			0.22			(0.18	)		0.65			1.48
Less distributions to shareholders:
From net investment income		(0.04	)		(0.14	)		(0.12	)		(0.31	)		(0.28	)		(0.23	)
From net realized gain on investments		—			—			(0.81	)		(0.82	)		(0.39	)		(0.35	)
Total distributions to shareholders		(0.04	)		(0.14	)		(0.93	)		(1.13	)		(0.67	)		(0.58	)
Net asset value - End of period	$	9.36		$	9.45		$	8.79		$	9.50		$	10.81		$	10.83
Net assets - End of period (000’s omitted)	$	4,193		$	33,056		$	46,194		$	74,947		$	61,673		$	70,556
Total return3		(0.55	%)		9.28	%		2.97	%		(1.87	%)		6.37	%		15.65	%
Ratios (to average net assets)/Supplemental Data:
Expenses*		0.20	%4,5		0.06	%6		0.05	%7		0.05	%8		0.05	%9		0.05	%9
Net investment income2		0.80	%4		1.44	%		1.55	%		1.33	%		1.48	%		1.34	%
Series portfolio turnover10		18	%		118	%		16	%		42	%		37	%		19	%
*The investment advisor paid a portion of the Series’ expenses. If these expenses had been incurred by the Series, the expense ratios (to average net assets) would have been increased by the following amounts:
		0.16	%4,5		0.09	%6		0.06	%7		0.04	%8		0.03	%9		0.05	%9

TARGET 2020 SERIES CLASS R6	FOR THE SIX MONTHS ENDED 4/30/18 (UNAUDITED)			FOR THE PERIOD 10/16/1711 TO 10/31/17
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period	$	9.45		$	9.46
Income from investment operations:
Net investment income1,2		0.03			—
Net realized and unrealized gain (loss) on investments		(0.08	)		(0.01	)
Total from investment operations		(0.05	)		(0.01	)
Less distributions to shareholders:
From net investment income		(0.04	)		—
Total distributions to shareholders		(0.04	)		—
Net asset value - End of period	$	9.36		$	9.45
Net assets - End of period (000’s omitted)	$	5		$	5
Total return3		(0.52	%)		(0.11	%)
Ratios (to average net assets)/Supplemental Data:
Expenses*4		0.05	%5		0.05	%6
Net investment income (loss)2,4		0.53	%		(0.05	%)
Series portfolio turnover10		18	%		118	%
*The investment advisor paid a portion of the Series’ expenses. If these expenses had been incurred by the Series, the expense ratios (to average net assets) would have been increased by the following amounts4 :
		0.13	%5		0.09	%6

¹Calculated based on average shares outstanding during the periods.

²Net investment income is affected by the timing of distributions from the Underlying Series in which the Series invest. The ratios do not include net investment income of the Underlying Series in which the Series invests.

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

⁴Annualized.

⁵Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratios of the Underlying Series were 0.55% for Manning & Napier Blended Asset Extended Series - Class R6 and 0.50% for Manning & Napier Blended Asset Moderate Series - Class R6.

⁶Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratios of the Underlying Series were 0.83% for Manning & Napier Pro-Blend^® Extended Term Series - Class I, 0.83% for Manning & Napier Pro-Blend^® Moderate Term Series - Class I, 0.55% for Manning & Napier Blended Asset Extended Series - Class R6 and 0.50% for Manning & Napier Blended Asset Moderate Series - Class R6.

⁷Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratios of the Underlying Series were 0.82% for Manning & Napier Pro-Blend^® Moderate Term Series - Class I and 0.82% for Manning & Napier Pro-Blend^® Extended Term Series - Class I.

⁸Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratios of the Underlying Series were 0.81% for Manning & Napier Pro-Blend^® Moderate Term Series - Class I and 0.82% for Manning & Napier Pro-Blend^® Extended Term Series - Class I.

⁹Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratios of the Underlying Series were 0.81% for Manning & Napier Pro-Blend^® Moderate Term Series - Class I and 0.81% for Manning & Napier Pro-Blend^® Extended Term Series - Class I.

¹⁰Reflects activity of the Series and does not include the activity of the Underlying Series.

¹¹Commencement of operations.

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

25

Financial Highlights

TARGET 2025 SERIES CLASS K	FOR THE SIX MONTHS ENDED 4/30/18			FOR THE YEAR ENDED
	(UNAUDITED)			10/31/17			10/31/16			10/31/15			10/31/14			10/31/13
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period	$	11.97		$	11.02		$	11.82		$	13.01		$	12.50		$	10.77
Income (loss) from investment operations:
Net investment income1,2		—	3		0.10			0.12			0.12			0.09			0.09
Net realized and unrealized gain (loss) on investments		(0.05	)		1.01			0.15			(0.40	)		0.80			1.85
Total from investment operations		(0.05	)		1.11			0.27			(0.28	)		0.89			1.94
Less distributions to shareholders:
From net investment income		(0.03	)		(0.16	)		(0.13	)		(0.43	)		(0.34	)		(0.21	)
From net realized gain on investments		(0.01	)		—			(0.94	)		(0.48	)		(0.04	)		—
Total distributions to shareholders		(0.04	)		(0.16	)		(1.07	)		(0.91	)		(0.38	)		(0.21	)
Net asset value - End of period	$	11.88		$	11.97		$	11.02		$	11.82		$	13.01		$	12.50
Net assets - End of period (000’s omitted)	$	28,265		$	25,591		$	13,381		$	11,896		$	7,501		$	710
Total return4		(0.46	%)		10.23	%		2.86	%		(2.31	%)		7.28	%		18.32	%
Ratios (to average net assets)/Supplemental Data:
Expenses*		0.45	%5,6		0.31	%7		0.30	%8		0.30	%9		0.30	%10		0.30	%10
Net investment income (loss)2		0.05	%5		0.86	%		1.08	%		1.01	%		0.66	%		0.80	%
Series portfolio turnover11		25	%		208	%		51	%		27	%		30	%		22	%
*The investment advisor paid a portion of the Series’ expenses. If these expenses had been incurred by the Series, the expense ratios (to average net assets) would have been increased by the following amounts:
		0.28	%5,6		0.43	%7		0.33	%8		0.39	%9		0.59	%10		10.70	%10
TARGET 2025 SERIES CLASS R	FOR THE SIX MONTHS ENDED 4/30/18			FOR THE YEAR ENDED
	(UNAUDITED)			10/31/17			10/31/16			10/31/15			10/31/14			10/31/13
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period	$	12.00		$	11.05		$	11.86		$	13.02		$	12.53		$	10.75
Income (loss) from investment operations:
Net investment income (loss)1,2		(0.01	)		0.04			0.09			0.13			0.10			(0.01	)
Net realized and unrealized gain (loss) on investments		(0.06	)		1.04			0.14			(0.43	)		0.75			1.98
Total from investment operations		(0.07	)		1.08			0.23			(0.30	)		0.85			1.97
Less distributions to shareholders:
From net investment income		(0.02	)		(0.13	)		(0.10	)		(0.38	)		(0.32	)		(0.19	)
From net realized gain on investments		(0.01	)		—			(0.94	)		(0.48	)		(0.04	)		—
Total distributions to shareholders		(0.03	)		(0.13	)		(1.04	)		(0.86	)		(0.36	)		(0.19	)
Net asset value - End of period	$	11.90		$	12.00		$	11.05		$	11.86		$	13.02		$	12.53
Net assets - End of period (000’s omitted)	$	20,498		$	12,693		$	1,671		$	2,101		$	3,799		$	1,540
Total return4		(0.61	%)		9.94	%		2.50	%		(2.44	%)		6.93	%		18.61	%
Ratios (to average net assets)/Supplemental Data:
Expenses*		0.70	%5,6		0.55	%7		0.55	%8		0.55	%9		0.55	%10		0.55	%10
Net investment income (loss)2		(0.23	%)5		0.30	%		0.87	%		1.07	%		0.75	%		(0.10	%)
Series portfolio turnover11		25	%		208	%		51	%		27	%		30	%		22	%
*The investment advisor paid a portion of the Series’ expenses. If these expenses had been incurred by the Series, the expense ratios (to average net assets) would have been increased by the following amounts:
		0.22	%5,6		0.43	%7		0.33	%8		0.39	%9		0.62	%10		1.75	%10

¹Calculated based on average shares outstanding during the periods.

²Net investment income is affected by the timing of distributions from the Underlying Series in which the Series invest. The ratios do not include net investment income of the Underlying Series in which the Series invests.

³Less than $0.01.

⁴Represents aggregate total return for the periods indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been reimbursed during the periods. Periods less than one year are not annualized.

⁵Annualized.

⁶Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratios of the Underlying Series were 0.55% for Manning & Napier Blended Asset Extended Series - Class R6 and 0.50% for Manning & Napier Blended Asset Moderate Series - Class R6.

⁷Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratios of the Underlying Series were 0.83% for Manning & Napier Pro-Blend^® Extended Term Series - Class I, 0.83% for Manning & Napier Pro-Blend^® Moderate Term Series - Class I, 0.55% for Manning & Napier Blended Asset Extended Series -Class R6 and 0.50% for Manning & Napier Blended Asset Moderate Series - Class R6.

⁸Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratios of the Underlying Series were 0.82% for Manning & Napier Pro-Blend^® Moderate Term Series - Class I and 0.82% for Manning & Napier Pro-Blend^® Extended Term Series - Class I.

⁹Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratios of the Underlying Series were 0.82% for Manning & Napier Pro-Blend^® Extended Term Series - Class I and 0.83% for Manning & Napier Pro-Blend^® Maximum Term Series - Class I.

¹⁰Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratios of the Underlying Series were 0.81% for Manning & Napier Pro-Blend^® Extended Term Series - Class I and 0.82% for Manning & Napier Pro-Blend^® Maximum Term Series - Class I.

¹¹Reflects activity of the Series and does not include the activity of the Underlying Series.

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

26

Financial Highlights

TARGET 2025 SERIES CLASS I	FOR THE SIX MONTHS ENDED 4/30/18			FOR THE YEAR ENDED
	(UNAUDITED)			10/31/17			10/31/16			10/31/15			10/31/14			10/31/13
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period	$	11.94		$	10.99		$	11.80		$	12.98		$	12.47		$	10.77
Income (loss) from investment operations:
Net investment income1,2		0.02			0.19			0.15			0.16			0.16			0.12
Net realized and unrealized gain (loss) on investments		(0.06	)		0.95			0.14			(0.40	)		0.75			1.81
Total from investment operations		(0.04	)		1.14			0.29			(0.24	)		0.91			1.93
Less distributions to shareholders:
From net investment income		(0.04	)		(0.19	)		(0.16	)		(0.46	)		(0.36	)		(0.23	)
From net realized gain on investments		(0.01	)		—			(0.94	)		(0.48	)		(0.04	)		—
Total distributions to shareholders		(0.05	)		(0.19	)		(1.10	)		(0.94	)		(0.40	)		(0.23	)
Net asset value - End of period	$	11.85		$	11.94		$	10.99		$	11.80		$	12.98		$	12.47
Net assets - End of period (000’s omitted)	$	1,935		$	2,123		$	15,384		$	15,539		$	13,046		$	9,373
Total return3		(0.36	%)		10.52	%		3.04	%		(2.00	%)		7.51	%		18.26	%
Ratios (to average net assets)/Supplemental Data:
Expenses*		0.20	%4,5		0.05	%6		0.05	%7		0.05	%8		0.05	%9		0.05	%9
Net investment income2		0.34	%4		1.71	%		1.38	%		1.29	%		1.22	%		1.03	%
Series portfolio turnover10		25	%		208	%		51	%		27	%		30	%		22	%
*The investment advisor paid a portion of the Series’ expenses. If these expenses had been incurred by the Series, the expense ratios (to average net assets) would have been increased by the following amounts:
		0.36	%4,5		0.43	%6		0.33	%7		0.39	%8		0.64	%9		1.43	%9

TARGET 2025 SERIES CLASS R6	FOR THE SIX MONTHS ENDED 4/30/18 (UNAUDITED)			FOR THE PERIOD 10/16/1711 TO 10/31/17
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period	$	11.94		$	11.95
Income (loss) from investment operations:
Net investment income1,2		0.03			—
Net realized and unrealized gain (loss) on investments		(0.06	)		(0.01	)
Total from investment operations		(0.03	)		(0.01	)
Less distributions to shareholders:
From net investment income		(0.04	)		—
From net realized gain on investments		(0.01	)		—
Total distributions to shareholders		(0.05	)		—
Net asset value - End of period	$	11.86		$	11.94
Net assets - End of period (000’s omitted)	$	5		$	5
Total return3		(0.33	%)		(0.08	%)
Ratios (to average net assets)/Supplemental Data:
Expenses*4		0.05	%5		0.05	%6
Net investment income (loss)2,4		0.49	%		(0.05	%)
Series portfolio turnover10		25	%		208	%
*The investment advisor paid a portion of the Series’ expenses. If these expenses had been incurred by the Series, the expense ratios (to average net assets) would have been increased by the following amounts4:
		0.36	%5		0.43	%6

¹Calculated based on average shares outstanding during the periods.

²Net investment income is affected by the timing of distributions from the Underlying Series in which the Series invest. The ratios do not include net investment income of the Underlying Series in which the Series invests.

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

⁴Annualized.

⁵Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratios of the Underlying Series were 0.55% for Manning & Napier Blended Asset Extended Series - Class R6 and 0.50% for Manning & Napier Blended Asset Moderate Series - Class R6.

⁶Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratios of the Underlying Series were 0.83% for Manning & Napier Pro-Blend^® Extended Term Series - Class I, 0.83% for Manning & Napier Pro-Blend^® Moderate Term Series - Class I, 0.55% for Manning & Napier Blended Asset Extended Series - Class R6 and 0.50% for Manning & Napier Blended Asset Moderate Series - Class R6.

⁷Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratios of the Underlying Series were 0.82% for Manning & Napier Pro-Blend^® Moderate Term Series - Class I and 0.82% for Manning & Napier Pro-Blend^® Extended Term Series - Class I.

⁸Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratios of the Underlying Series were 0.82% for Manning & Napier Pro-Blend^® Extended Term Series - Class I and 0.83% for Manning & Napier Pro-Blend^® Maximum Term Series - Class I.

⁹Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratios of the Underlying Series were 0.81% for Manning & Napier Pro-Blend^® Extended Term Series - Class I and 0.82% for Manning & Napier Pro-Blend^® Maximum Term Series - Class I.

¹⁰Reflects activity of the Series and does not include the activity of the Underlying Series.

¹¹Commencement of operations.

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

27

Financial Highlights

TARGET 2030 SERIES CLASS K	FOR THE SIX MONTHS ENDED 4/30/18			FOR THE YEAR ENDED
	(UNAUDITED)			10/31/17			10/31/16			10/31/15			10/31/14			10/31/13
Per share data (for a share outstanding throughout each Period):
Net asset value - Beginning of period	$	9.52		$	8.59		$	9.78		$	11.52		$	11.40		$	9.94
Income (loss) from investment operations:
Net investment income1,2		—	3		0.08			0.08			0.11			0.10			0.10
Net realized and unrealized gain (loss) on investments		0.01			0.98			0.13			(0.34	)		0.73			1.86
Total from investment operations		0.01			1.06			0.21			(0.23	)		0.83			1.96
Less distributions to shareholders:
From net investment income		(0.02	)		(0.13	)		(0.09	)		(0.44	)		(0.35	)		(0.15	)
From net realized gain on investments		—			—			(1.31	)		(1.07	)		(0.36	)		(0.35	)
Total distributions to shareholders		(0.02	)		(0.13	)		(1.40	)		(1.51	)		(0.71	)		(0.50	)
Net asset value - End of period	$	9.51		$	9.52		$	8.59		$	9.78		$	11.52		$	11.40
Net assets - End of period (000’s omitted)	$	87,440		$	89,018		$	79,527		$	79,169		$	118,788		$	91,676
Total return4		0.13	%		12.49	%		3.12	%		(2.33	%)		7.67	%		20.56	%
Ratios (to average net assets)/Supplemental Data:
Expenses*		0.45	%5,6		0.31	%7		0.30	%8		0.30	%8		0.30	%9		0.30	%9
Net investment income2		0.03	%6		0.89	%		0.94	%		1.11	%		0.87	%		0.90	%
Series portfolio turnover10		18	%		130	%		22	%		38	%		27	%		9	%
*The investment advisor paid a portion of the Series’ expenses. If these expenses had been incurred by the Series, the expense ratios (to average net assets) would have been increased by the following amounts:
		0.11	%5,6		0.08	%7		0.06	%8		0.04	%8		0.03	%9		0.05	%9
TARGET 2030 SERIES CLASS R	FOR THE SIX MONTHS ENDED 4/30/18			FOR THE YEAR ENDED
	(UNAUDITED)			10/31/17			10/31/16			10/31/15			10/31/14			10/31/13
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period	$	9.43		$	8.51		$	9.70		$	11.37		$	11.31		$	9.87
Income (loss) from investment operations:
Net investment income (loss)1,2		(0.01	)		0.05			0.07			0.10			0.07			0.07
Net realized and unrealized gain (loss) on investments		0.02			0.98			0.12			(0.30	)		0.67			1.85
Total from investment operations		0.01			1.03			0.19			(0.20	)		0.74			1.92
Less distributions to shareholders:
From net investment income		(0.01	)		(0.11	)		(0.07	)		(0.40	)		(0.32	)		(0.13	)
From net realized gain on investments		—			—			(1.31	)		(1.07	)		(0.36	)		(0.35	)
Total distributions to shareholders		(0.01	)		(0.11	)		(1.38	)		(1.47	)		(0.68	)		(0.48	)
Net asset value - End of period	$	9.43		$	9.43		$	8.51		$	9.70		$	11.37		$	11.31
Net assets - End of period (000’s omitted)	$	19,428		$	14,500		$	7,832		$	11,115		$	20,894		$	28,034
Total return4		0.16	%		12.20	%		2.85	%		(2.11	%)		6.90	%		20.19	%
Ratios (to average net assets)/Supplemental Data:
Expenses*		0.70	%5,6		0.56	%7		0.55	%8		0.55	%8		0.55	%9		0.55	%9
Net investment income (loss)2		(0.25	%)6		0.59	%		0.84	%		0.95	%		0.62	%		0.63	%
Series portfolio turnover10		18	%		130	%		22	%		38	%		27	%		9	%
*The investment advisor paid a portion of the Series’ expenses. If these expenses had been incurred by the Series, the expense ratios (to average net assets) would have been increased by the following amounts:
		0.02	%5,6		0.08	%7		0.06	%8		0.04	%8		0.03	%9		0.05	%9

¹Calculated based on average shares outstanding during the periods.

²Net investment income is affected by the timing of distributions from the Underlying Series in which the Series invest. The ratios do not include net investment income of the Underlying Series in which the Series invests.

³Less than $0.01.

⁴Represents aggregate total return for the period indicated, and assumes reinvestment of all distributions. Periods less than one year are not annualized.

⁵Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratios of the Underlying Series were 0.55% for Manning & Napier Blended Asset Extended Series - Class R6 and 0.55% for Manning & Napier Blended Asset Maximum Series - Class R6

⁶Annualized.

⁷Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratios of the Underlying Series were 0.83% for Manning & Napier Pro-Blend^® Extended Term Series - Class I, 0.85% for Manning & Napier Pro-Blend^® Maximum Term Series - Class I, 0.55% for Manning & Napier Blended Asset Extended Series -Class R6 and 0.55% for Manning & Napier Blended Asset Maximum Series - Class R6.

⁸Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratios of the Underlying Series were 0.82% for Manning & Napier Pro-Blend^® Extended Term Series - Class I and 0.83% for Manning & Napier Pro-Blend^® Maximum Term Series - Class I.

⁹Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratios of the Underlying Series were 0.81% for Manning & Napier Pro-Blend^® Extended Term Series - Class I and 0.82% for Manning & Napier Pro-Blend^® Maximum Term Series - Class I.

¹⁰Reflects activity of the Series and does not include the activity of the Underlying Series.

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

28

Financial Highlights

TARGET 2030 SERIES CLASS I	FOR THE SIX MONTHS ENDED 4/30/18			FOR THE YEAR ENDED
	(UNAUDITED)			10/31/17			10/31/16			10/31/15			10/31/14			10/31/13
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period	$	9.62		$	8.68		$	9.87		$	11.61		$	11.48		$	10.01
Income (loss) from investment operations:
Net investment income1,2		0.03			0.12			0.12			0.12			0.14			0.12
Net realized and unrealized gain (loss) on investments		—	3		0.97			0.11			(0.32	)		0.73			1.88
Total from investment operations		0.03			1.09			0.23			(0.20	)		0.87			2.00
Less distributions to shareholders:
From net investment income		(0.03	)		(0.15	)		(0.11	)		(0.47	)		(0.38	)		(0.18	)
From net realized gain on investments		—			—			(1.31	)		(1.07	)		(0.36	)		(0.35	)
Total distributions to shareholders		(0.03	)		(0.15	)		(1.42	)		(1.54	)		(0.74	)		(0.53	)
Net asset value - End of period	$	9.62		$	9.62		$	8.68		$	9.87		$	11.61		$	11.48
Net assets - End of period (000’s omitted)	$	6,034		$	38,110		$	53,551		$	75,870		$	58,075		$	63,662
Total return4		0.36	%		12.76	%		3.38	%		(2.02	%)		7.95	%		20.81	%
Ratios (to average net assets)/Supplemental Data:
Expenses*		0.20	%5,6		0.06	%7		0.05	%8		0.05	%8		0.05	%9		0.05	%9
Net investment income2		0.60	%6		1.30	%		1.36	%		1.22	%		1.23	%		1.14	%
Series portfolio turnover10		18	%		130	%		22	%		38	%		27	%		9	%
*The investment advisor paid a portion of the Series’ expenses. If these expenses had been incurred by the Series, the expense ratios (to average net assets) would have been increased by the following amounts:
		0.13	%5,6		0.08	%7		0.06	%8		0.04	%8		0.03	%9		0.05	%9

TARGET 2030 SERIES CLASS R6	FOR THE SIX MONTHS ENDED 4/30/18 (UNAUDITED)			FOR THE PERIOD 10/16/1711 TO 10/31/17
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period	$	9.61		$	9.62
Income (loss) from investment operations:
Net investment income1,2		0.02			—
Net realized and unrealized gain (loss) on investments		0.03			(0.01	)
Total from investment operations		0.05			(0.01	)
Less distributions to shareholders:
From net investment income		(0.04	)		—
Total distributions to shareholders		(0.04	)		—
Net asset value - End of period	$	9.62		$	9.61
Net assets - End of period (000’s omitted)	$	5		$	5
Total return4		0.49	%		(0.10	%)
Ratios (to average net assets)/Supplemental Data:
Expenses*6		0.05	%5		0.05	%7
Net investment income (loss)2,6		0.43	%		(0.05	%)
Series portfolio turnover10		18	%		130	%
*The investment advisor paid a portion of the Series’ expenses. If these expenses had been incurred by the Series, the expense ratios (to average net assets) would have been increased by the following amount6:
		0.11	%5		0.08	%7

¹Calculated based on average shares outstanding during the periods.

²Net investment income is affected by the timing of distributions from the Underlying Series in which the Series invest. The ratios do not include net investment income of the Underlying Series in which the Series invests.

³Less than $0.01.

⁴Represents 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.

⁵Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratios of the Underlying Series were 0.55% for Manning & Napier Blended Asset Extended Series - Class R6 and 0.55% for Manning & Napier Blended Asset Maximum Series - Class R6

⁶Annualized.

⁷Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratios of the Underlying Series were 0.83% for Manning & Napier Pro-Blend^® Extended Term Series - Class I, 0.85% for Manning & Napier Pro-Blend^® Maximum Term Series - Class I, 0.55% for Manning & Napier Blended Asset Extended Series -Class R6 and 0.55% for Manning & Napier Blended Asset Maximum Series - Class R6.

⁸Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratios of the Underlying Series were 0.82% for Manning & Napier Pro-Blend^® Extended Term Series - Class I and 0.83% for Manning & Napier Pro-Blend^® Maximum Term Series - Class I.

⁹Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratios of the Underlying Series were 0.81% for Manning & Napier Pro-Blend^® Extended Term Series - Class I and 0.82% for Manning & Napier Pro-Blend^® Maximum Term Series - Class I.

¹⁰Reflects activity of the Series and does not include the activity of the Underlying Series.

¹¹Commencement of operations.

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

29

Financial Highlights

TARGET 2035 SERIES CLASS K	FOR THE SIX MONTHS ENDED 4/30/18			FOR THE YEAR ENDED
	(UNAUDITED)			10/31/17			10/31/16			10/31/15			10/31/14			10/31/13
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period	$	12.66		$	11.30		$	12.32		$	13.71		$	13.22		$	10.92
Income (loss) from investment operations:
Net investment income1,2		—	3		0.08			0.08			0.11			0.06			0.08
Net realized and unrealized gain (loss) on investments		0.13			1.50			0.21			(0.38	)		0.99			2.35
Total from investment operations		0.13			1.58			0.29			(0.27	)		1.05			2.43
Less distributions to shareholders:
From net investment income		(0.03	)		(0.15	)		(0.10	)		(0.61	)		(0.46	)		(0.13	)
From net realized gain on investments		(0.16	)		(0.07	)		(1.21	)		(0.51	)		(0.10	)		—
Total distributions to shareholders		(0.19	)		(0.22	)		(1.31	)		(1.12	)		(0.56	)		(0.13	)
Net asset value - End of period	$	12.60		$	12.66		$	11.30		$	12.32		$	13.71		$	13.22
Net assets - End of period (000’s omitted)	$	16,765		$	18,235		$	11,745		$	8,979		$	5,378		$	465
Total return4		1.06	%		14.32	%		3.13	%		(2.20	%)		8.17	%		22.42	%
Ratios (to average net assets)/Supplemental Data:
Expenses*		0.45	%5,6		0.31	%7		0.30	%8		0.30	%8		0.30	%9		0.30	%9
Net investment income (loss)2		(0.00	%)5,10		0.67	%		0.71	%		0.86	%		0.44	%		0.66	%
Series portfolio turnover11		32	%		173	%		22	%		26	%		24	%		18	%
*The investment advisor paid a portion of the Series’ expenses. If these expenses had been incurred by the Series, the expense ratios (to average net assets) would have been increased by the following amounts:
		0.50	%5,6		0.54	%7		0.43	%8		0.52	%8		0.83	%9		9.70	%9
TARGET 2035 SERIES CLASS R	FOR THE SIX MONTHS ENDED 4/30/18			FOR THE YEAR ENDED
	(UNAUDITED)			10/31/17			10/31/16			10/31/15			10/31/14			10/31/13
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period	$	12.70		$	11.33		$	12.34		$	13.72		$	13.25		$	10.91
Income (loss) from investment operations:
Net investment income (loss)1,2		(0.02	)		0.03			0.06			0.08			0.07			—	3
Net realized and unrealized gain (loss) on investments		0.14			1.52			0.21			(0.38	)		0.93			2.44
Total from investment operations		0.12			1.55			0.27			(0.30	)		1.00			2.44
Less distributions to shareholders:
From net investment income		(0.02	)		(0.11	)		(0.07	)		(0.57	)		(0.43	)		(0.10	)��
From net realized gain on investments		(0.16	)		(0.07	)		(1.21	)		(0.51	)		(0.10	)		—
Total distributions to shareholders		(0.18	)		(0.18	)		(1.28	)		(1.08	)		(0.53	)		(0.10	)
Net asset value - End of period	$	12.64		$	12.70		$	11.33		$	12.34		$	13.72		$	13.25
Net assets - End of period (000’s omitted)	$	11,989		$	7,112		$	2,057		$	2,337		$	2,911		$	1,172
Total return4		1.00	%		13.96	%		2.92	%		(2.44	%)		7.82	%		22.50	%
Ratios (to average net assets)/Supplemental Data:
Expenses*		0.70	%5,6		0.55	%7		0.55	%8		0.55	%8		0.55	%9		0.55	%9
Net investment income (loss)2		(0.32	%)5		0.23	%		0.50	%		0.66	%		0.49	%		0.17	%
Series portfolio turnover11		32	%		173	%		22	%		26	%		24	%		18	%
*The investment advisor paid a portion of the Series’ expenses. If these expenses had been incurred by the Series, the expense ratios (to average net assets) would have been increased by the following amounts:
		0.41	%5,6		0.54	%7		0.43	%8		0.52	%8		0.88	%9		2.38	%9

¹Calculated based on average shares outstanding during the periods.

²Net investment income is affected by the timing of distributions from the Underlying Series in which the Series invest. The ratios do not include net investment income of the Underlying Series in which the Series invests.

³Less than $0.01.

⁴Represents 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.

⁵Annualized.

⁶Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratio of the Underlying Series were 0.55% for Manning & Napier Blended Asset Extended Series - Class R6 and 0.55% for Manning & Napier Blended Asset Maximum Series - Class R6.

⁷Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratios of the Underlying Series were 0.83% for Manning & Napier Pro-Blend^® Extended Term Series - Class I, 0.85% for Manning & Napier Pro-Blend^® Maximum Term Series - Class I, 0.55% for Manning & Napier Blended Asset Extended Series -Class R6 and 0.55% for Manning & Napier Blended Asset Maximum Series - Class R6.

⁸Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratios of the Underlying Series were 0.82% for Manning & Napier Pro-Blend^® Extended Term Series - Class I and 0.83% for Manning & Napier Pro-Blend^® Maximum Term Series - Class I.

⁹Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratios of the Underlying Series were 0.81% for Manning & Napier Pro-Blend^® Extended Term Series - Class I and 0.82% for Manning & Napier Pro-Blend^® Maximum Term Series - Class I.

¹⁰Less than (0.01%).

¹¹Reflects activity of the Series and does not include the activity of the Underlying Series.

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

30

Financial Highlights

TARGET 2035 SERIES CLASS I	FOR THE SIX MONTHS ENDED 4/30/18			FOR THE YEAR ENDED
	(UNAUDITED)			10/31/17			10/31/16			10/31/15			10/31/14			10/31/13
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period	$	12.71		$	11.35		$	12.36		$	13.75		$	13.25		$	10.92
Income (loss) from investment operations:
Net investment income1,2		0.02			0.16			0.11			0.14			0.12			0.09
Net realized and unrealized gain (loss) on investments		0.13			1.45			0.21			(0.38	)		0.96			2.38
Total from investment operations		0.15			1.61			0.32			(0.24	)		1.08			2.47
Less distributions to shareholders:
From net investment income		(0.04	)		(0.18	)		(0.12	)		(0.64	)		(0.48	)		(0.14	)
From net realized gain on investments		(0.16	)		(0.07	)		(1.21	)		(0.51	)		(0.10	)		—
Total distributions to shareholders		(0.20	)		(0.25	)		(1.33	)		(1.15	)		(0.58	)		(0.14	)
Net asset value - End of period	$	12.66		$	12.71		$	11.35		$	12.36		$	13.75		$	13.25
Net assets - End of period (000’s omitted)	$	1,066		$	964		$	11,455		$	10,993		$	9,487		$	6,322
Total return3		1.24	%		14.53	%		3.45	%		(1.98	%)		8.43	%		22.81	%
Ratios (to average net assets)/Supplemental Data:
Expenses*		0.20	%4,5		0.05	%6		0.05	%7		0.05	%7		0.05	%8		0.05	%8
Net investment income (loss)2		0.24	%4		1.37	%		1.01	%		1.07	%		0.88	%		0.75	%
Series portfolio turnover9		32	%		173	%		22	%		26	%		24	%		18	%
*The investment advisor paid a portion of the Series’ expenses. If these expenses had been incurred by the Series, the expense ratios (to average net assets) would have been increased by the following amounts:
		0.54	%4,5		0.54	%6		0.43	%7		0.52	%7		0.91	%8		2.40	%8

TARGET 2035 SERIES CLASS R6	FOR THE SIX MONTHS ENDED 4/30/18 (UNAUDITED)			FOR THE PERIOD 10/16/1710 TO 10/31/17
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period	$	12.71		$	12.71
Income (loss) from investment operations:
Net investment Income1,2		0.02			—
Net realized and unrealized gain (loss) on investments		0.15			—
Total from investment operations		0.17			—
Less distributions to shareholders:
From net investment income		(0.05	)		—
From net realized gain on investments		(0.16	)		—
Total distributions to shareholders		(0.21	)		—
Net asset value - End of period	$	12.67		$	12.71
Net assets - End of period (000’s omitted)	$	5		$	5
Total return3		1.35	%		0.00	%
Ratios (to average net assets)/Supplemental Data:
Expenses*4		0.05	%5		0.05	%6
Net investment income (loss)2,4		0.39	%		(0.05	%)
Series portfolio turnover9		32	%		173	%
*The investment advisor paid a portion of the Series’ expenses. If these expenses had been incurred by the Series, the expense ratios (to average net assets) would have been increased by the following amounts4:
		0.54	%5		0.54	%6

¹Calculated based on average shares outstanding during the periods.

²Net investment income is affected by the timing of distributions from the Underlying Series in which the Series invest. The ratios do not include net investment income of the Underlying Series in which the Series invests.

³Represents 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.

⁴Annualized.

⁵Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratio of the Underlying Series were 0.55% for Manning & Napier Blended Asset Extended Series - Class R6 and 0.55% for Manning & Napier Blended Asset Maximum Series - Class R6.

⁶Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratios of the Underlying Series were 0.83% for Manning & Napier Pro-Blend^® Extended Term Series - Class I, 0.85% for Manning & Napier Pro-Blend^® Maximum Term Series - Class I, 0.55% for Manning & Napier Blended Asset Extended Series -Class R6 and 0.55% for Manning & Napier Blended Asset Maximum Series - Class R6.

⁷Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratios of the Underlying Series were 0.82% for Manning & Napier Pro-Blend^® Extended Term Series - Class I and 0.83% for Manning & Napier Pro-Blend^® Maximum Term Series - Class I.

⁸Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratios of the Underlying Series were 0.81% for Manning & Napier Pro-Blend^® Extended Term Series - Class I and 0.82% for Manning & Napier Pro-Blend^® Maximum Term Series - Class I.

⁹Reflects activity of the Series and does not include the activity of the Underlying Series.

¹⁰Commencement of operations.

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

31

Financial Highlights

TARGET 2040 SERIES CLASS K	FOR THE SIX MONTHS ENDED 4/30/18			FOR THE YEAR ENDED
	(UNAUDITED)			10/31/17			10/31/16			10/31/15			10/31/14			10/31/13
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period	$	10.01		$	8.73		$	10.13		$	12.50		$	12.47		$	10.29
Income (loss) from investment operations:
Net investment income1,2		—	3		0.05			0.05			0.09			0.07			0.06
Net realized and unrealized gain (loss) on investments		0.21			1.34			0.16			(0.32	)		0.94			2.43
Total from investment operations		0.21			1.39			0.21			(0.23	)		1.01			2.49
Less distributions to shareholders:
From net investment income		(0.02	)		(0.11	)		(0.06	)		(0.61	)		(0.48	)		(0.07	)
From net realized gain on investments		(0.19	)		—			(1.55	)		(1.53	)		(0.50	)		(0.24	)
Total distributions to shareholders		(0.21	)		(0.11	)		(1.61	)		(2.14	)		(0.98	)		(0.31	)
Net asset value - End of period	$	10.01		$	10.01		$	8.73		$	10.13		$	12.50		$	12.47
Net assets - End of period (000’s omitted)	$	51,362		$	52,397		$	55,920		$	51,931		$	83,655		$	67,576
Total return4		2.09	%		16.08	%		3.24	%		(2.30	%)		8.61	%		24.81	%
Ratios (to average net assets)/Supplemental Data:
Expenses*		0.45	%5,6		0.31	%7		0.30	%8		0.30	%8		0.30	%9		0.30	%9
Net investment income (loss)2		(0.05	%)5		0.54	%		0.57	%		0.80	%		0.54	%		0.49	%
Series portfolio turnover10		24	%		127	%		26	%		45	%		22	%		13	%
*The investment advisor paid a portion of the Series’ expenses. If these expenses had been incurred by the Series, the expense ratios (to average net assets) would have been increased by the following amounts:
		0.19	%5,6		0.14	%7		0.10	%8		0.08	%8		0.06	%9		0.09	%9
TARGET 2040 SERIES CLASS R	FOR THE SIX MONTHS ENDED 4/30/18			FOR THE YEAR ENDED
	(UNAUDITED)			10/31/17			10/31/16			10/31/15			10/31/14			10/31/13
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period	$	9.93		$	8.66		$	10.06		$	12.33		$	12.39		$	10.22
Income (loss) from investment operations:
Net investment income (loss)1,2		(0.02	)		0.02			0.03			0.07			0.03			0.02
Net realized and unrealized gain (loss) on investments		0.21			1.34			0.15			(0.24	)		0.86			2.42
Total from investment operations		0.19			1.36			0.18			(0.17	)		0.89			2.44
Less distributions to shareholders:
From net investment income		(0.01	)		(0.09	)		(0.03	)		(0.57	)		(0.45	)		(0.03	)
From net realized gain on investments		(0.19	)		—			(1.55	)		(1.53	)		(0.50	)		(0.24	)
Total distributions to shareholders		(0.20	)		(0.09	)		(1.58	)		(2.10	)		(0.95	)		(0.27	)
Net asset value - End of period	$	9.92		$	9.93		$	8.66		$	10.06		$	12.33		$	12.39
Net assets - End of period (000’s omitted)	$	12,568		$	7,946		$	4,653		$	5,226		$	10,469		$	15,993
Total return4		1.93	%		15.83	%		2.94	%		(1.91	%)		7.60	%		24.50	%
Ratios (to average net assets)/Supplemental Data:
Expenses*		0.70	%5,6		0.56	%7		0.55	%8		0.55	%8		0.55	%9		0.55	%9
Net investment income (loss)2		(0.34	%)5		0.25	%		0.36	%		0.62	%		0.23	%		0.20	%
Series portfolio turnover10		24	%		127	%		26	%		45	%		22	%		13	%
*The investment advisor paid a portion of the Series’ expenses. If these expenses had been incurred by the Series, the expense ratios (to average net assets) would have been increased by the following amounts:
		0.09	%5,6		0.14	%7		0.10	%8		0.08	%8		0.06	%9		0.09	%9

¹Calculated based on average shares outstanding during the periods.

²Net investment income is affected by the timing of distributions from the Underlying Series in which the Series invest. The ratios do not include net investment income of the Underlying Series in which the Series invests.

³Less than $0.01.

⁴Represents aggregate total return for the periods indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been reimbursed during the periods. Periods less than one year are not annualized.

⁵Annualized.

⁶Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratio of the Underlying Series were 0.55% for Manning & Napier Blended Asset Extended Series - Class R6 and 0.55% for Manning & Napier Blended Asset Maximum Series - Class R6.

⁷Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratios of the Underlying Series were 0.83% for Manning & Napier Pro-Blend^® Extended Term Series - Class I, 0.85% for Manning & Napier Pro-Blend^® Maximum Term Series - Class I, 0.55% for Manning & Napier Blended Asset Extended Series -Class R6 and 0.55% for Manning & Napier Blended Asset Maximum Series - Class R6.

⁸Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratios of the Underlying Series were 0.82% for Manning & Napier Pro-Blend^® Extended Term Series - Class I and 0.83% for Manning & Napier Pro-Blend^® Maximum Term Series - Class I.

⁹Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratios of the Underlying Series were 0.81% for Manning & Napier Pro-Blend^® Extended Term Series - Class I and 0.82% for Manning & Napier Pro-Blend^® Maximum Term Series - Class I.

¹⁰Reflects activity of the Series and does not include the activity of the Underlying Series.

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

32

Financial Highlights

TARGET 2040 SERIES CLASS I	FOR THE SIX MONTHS ENDED 4/30/18			FOR THE YEAR ENDED
	(UNAUDITED)			10/31/17			10/31/16			10/31/15			10/31/14			10/31/13
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period	$	10.10		$	8.81		$	10.20		$	12.58		$	12.55		$	10.35
Income (loss) from investment operations:
Net investment income1,2		0.02			0.09			0.09			0.10			0.10			0.08
Net realized and unrealized gain (loss) on investments		0.19			1.33			0.15			(0.30	)		0.94			2.45
Total from investment operations		0.21			1.42			0.24			(0.20	)		1.04			2.53
Less distributions to shareholders:
From net investment income		(0.03	)		(0.13	)		(0.08	)		(0.65	)		(0.51	)		(0.09	)
From net realized gain on investments		(0.19	)		—			(1.55	)		(1.53	)		(0.50	)		(0.24	)
Total distributions to shareholders		(0.22	)		(0.13	)		(1.63	)		(2.18	)		(1.01	)		(0.33	)
Net asset value - End of period	$	10.09		$	10.10		$	8.81		$	10.20		$	12.58		$	12.55
Net assets - End of period (000’s omitted)	$	3,352		$	23,656		$	27,895		$	43,552		$	32,952		$	33,545
Total return3		2.11	%		16.36	%		3.60	%		(2.08	%)		8.81	%		25.16	%
Ratios (to average net assets)/Supplemental Data:
Expenses*		0.20	%4,5		0.06	%6		0.05	%7		0.05	%7		0.05	%8		0.05	%8
Net investment income2		0.49	%4		0.91	%		0.99	%		0.96	%		0.79	%		0.71	%
Series portfolio turnover9		24	%		127	%		26	%		45	%		22	%		13	%
*The investment advisor paid a portion of the Series’ expenses. If these expenses had been incurred by the Series, the expense ratios (to average net assets) would have been increased by the following amounts:
		0.21	%4,5		0.14	%6		0.10	%7		0.08	%7		0.06	%8		0.09	%8

TARGET 2040 SERIES CLASS R6	FOR THE SIX MONTHS ENDED 4/30/18 (UNAUDITED)			FOR THE PERIOD 10/16/1710 TO 10/31/17
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period	$	10.10		$	10.09
Income (loss) from investment operations:
Net investment income1,2		0.02			—
Net realized and unrealized gain (loss) on investments		0.21			0.01
Total from investment operations		0.23			0.01
Less distributions to shareholders:
From net investment income		(0.04	)		—
From net realized gain on investments		(0.19	)		—
Total distributions to shareholders		(0.23	)		—
Net asset value - End of period	$	10.10		$	10.10
Net assets - End of period (000’s omitted)	$	5		$	5
Total return3		2.24	%		0.10	%
Ratios (to average net assets)/Supplemental Data:
Expenses*4		0.05	%5		0.05	%6
Net investment income (loss)2,4		0.35	%		(0.05	%)
Series portfolio turnover9		24	%		127	%
*The investment advisor paid a portion of the Series’ expenses. If these expenses had been incurred by the Series, the expense ratios (to average net assets) would have been increased by the following amounts4:
		0.19	%5		0.14	%6

¹Calculated based on average shares outstanding during the periods.

²Net investment income is affected by the timing of distributions from the Underlying Series in which the Series invest. The ratios do not include net investment income of the Underlying Series in which the Series invests.

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

⁴Annualized.

⁵Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratio of the Underlying Series were 0.55% for Manning & Napier Blended Asset Extended Series - Class R6 and 0.55% for Manning & Napier Blended Asset Maximum Series - Class R6.

⁶Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratios of the Underlying Series were 0.83% for Manning & Napier Pro-Blend^® Extended Term Series - Class I, 0.85% for Manning & Napier Pro-Blend^® Maximum Term Series - Class I, 0.55% for Manning & Napier Blended Asset Extended Series -Class R6 and 0.55% for Manning & Napier Blended Asset Maximum Series - Class R6.

⁷Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratios of the Underlying Series were 0.82% for Manning & Napier Pro-Blend^® Extended Term Series - Class I and 0.83% for Manning & Napier Pro-Blend^® Maximum Term Series - Class I.

⁸Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratios of the Underlying Series were 0.81% for Manning & Napier Pro-Blend^® Extended Term Series - Class I and 0.82% for Manning & Napier Pro-Blend^® Maximum Term Series - Class I.

⁹Reflects activity of the Series and does not include the activity of the Underlying Series.

¹⁰Commencement of operations.

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

33

Financial Highlights

TARGET 2045 SERIES CLASS K	FOR THE SIX MONTHS ENDED 4/30/18			FOR THE YEAR ENDED
	(UNAUDITED)			10/31/17			10/31/16			10/31/15			10/31/14			10/31/13
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period	$	13.44		$	11.69		$	12.71		$	14.32		$	13.73		$	11.01
Income (loss) from investment operations:
Net investment income1,2		—	3		0.05			0.04			0.08			0.03			0.03
Net realized and unrealized gain (loss) on investments		0.39			1.99			0.28			(0.34	)		1.15			2.74
Total from investment operations		0.39			2.04			0.32			(0.26	)		1.18			2.77
Less distributions to shareholders:
From net investment income		(0.03	)		(0.13	)		(0.06	)		(0.77	)		(0.52	)		(0.05	)
From net realized gain on investments		(0.71	)		(0.16	)		(1.28	)		(0.58	)		(0.07	)		—
Total distributions to shareholders		(0.74	)		(0.29	)		(1.34	)		(1.35	)		(0.59	)		(0.05	)
Net asset value - End of period	$	13.09		$	13.44		$	11.69		$	12.71		$	14.32		$	13.73
Net assets - End of period (000’s omitted)	$	8,406		$	9,795		$	6,793		$	3,812		$	3,041		$	234
Total return4		2.95	%		17.87	%		3.26	%		(2.10	%)		8.90	%		25.23	%
Ratios (to average net assets)/Supplemental Data:
Expenses*		0.45	%5,6		0.31	%7		0.30	%8		0.30	%9		0.30	%10		0.30	%10
Net investment income (loss)2		(0.07	%)5		0.43	%		0.33	%		0.58	%		0.23	%		0.26	%
Series portfolio turnover11		37	%		175	%		26	%		28	%		48	%		20	%
*The investment advisor paid a portion of the Series’ expenses. If these expenses had been incurred by the Series, the expense ratios (to average net assets) would have been increased by the following amounts:
		0.90	%5,6		0.97	%7		0.89	%8		1.21	%9		1.95	%10		17.80	%10
TARGET 2045 SERIES CLASS R	FOR THE SIX MONTHS ENDED 4/30/18			FOR THE YEAR ENDED
	(UNAUDITED)			10/31/17			10/31/16			10/31/15			10/31/14			10/31/13
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period	$	13.36		$	11.62		$	12.64		$	14.25		$	13.66		$	10.99
Income (loss) from investment operations:
Net investment income (loss)1,2		(0.03	)		0.01			0.02			0.05			0.02			0.01
Net realized and unrealized gain (loss) on investments		0.40			1.99			0.27			(0.35	)		1.13			2.71
Total from investment operations		0.37			2.00			0.29			(0.30	)		1.15			2.72
Less distributions to shareholders:
From net investment income		(0.02	)		(0.10	)		(0.03	)		(0.73	)		(0.49	)		(0.05	)
From net realized gain on investments		(0.71	)		(0.16	)		(1.28	)		(0.58	)		(0.07	)		—
Total distributions to shareholders		(0.73	)		(0.26	)		(1.31	)		(1.31	)		(0.56	)		(0.05	)
Net asset value - End of period	$	13.00		$	13.36		$	11.62		$	12.64		$	14.25		$	13.66
Net assets - End of period (000’s omitted)	$	7,597		$	4,733		$	1,731		$	1,631		$	1,825		$	618
Total return4		2.83	%		17.52	%		3.04	%		(2.41	%)		8.71	%		24.87	%
Ratios (to average net assets)/Supplemental Data:
Expenses*		0.70	%5,12		0.55	%7		0.55	%8		0.55	%9		0.55	%10		0.55	%10
Net investment income (loss)2		(0.39	%)5		0.10	%		0.14	%		0.36	%		0.12	%		0.11	%
Series portfolio turnover11		37	%		175	%		26	%		28	%		48	%		20	%
*The investment advisor paid a portion of the Series’ expenses. If these expenses had been incurred by the Series, the expense ratios (to average net assets) would have been increased by the following amounts:
		0.79	%5,6		0.97	%7		0.89	%8		1.21	%9		2.06	%10		9.07	%10

¹Calculated based on average shares outstanding during the periods.

²Net investment income is affected by the timing of distributions from the Underlying Series in which the Series invest. The ratios do not include net investment income of the Underlying Series in which the Series invests.

³Less than $0.01.

⁴Represents aggregate total return for the periods indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been reimbursed during the periods. Periods less than one year are not annualized.

⁵Annualized.

⁶Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratios of the Underlying Series were 0.55% for Manning & Napier Blended Asset Extended Series -Class R6 and 0.55% for Manning & Napier Blended Asset Maximum Series - Class R6.

⁷Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratios of the Underlying Series were 0.83% for Manning & Napier Pro-Blend^® Extended Term Series - Class I, 0.85% for Manning & Napier Pro-Blend^® Maximum Term Series - Class I, 0.55% for Manning & Napier Blended Asset Extended Series -Class R6 and 0.55% for Manning & Napier Blended Asset Maximum Series - Class R6.

⁸Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratios of the Underlying Series were 0.82% for Manning & Napier Pro-Blend^® Extended Term Series - Class I and 0.83% for Manning & Napier Pro-Blend^® Maximum Term Series - Class I.

⁹Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratio of the Underlying Series was 0.83%.

¹⁰Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratio of the Underlying Series was 0.82%.

¹¹Reflects activity of the Series and does not include the activity of the Underlying Series.

¹²Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratio of the Underlying Series were 0.55% for Manning & Napier Blended Asset Extended Series - Class R6 and 0.55% for Manning & Napier Blended Asset Maximum Series - Class R6.

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

34

Financial Highlights

TARGET 2045 SERIES CLASS I	FOR THE SIX MONTHS ENDED 4/30/18			FOR THE YEAR ENDED
	(UNAUDITED)			10/31/17			10/31/16			10/31/15			10/31/14			10/31/13
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period	$	13.48		$	11.71		$	12.73		$	14.35		$	13.75		$	11.01
Income (loss) from investment operations:
Net investment income1,2		0.01			0.11			0.07			0.11			0.08			0.06
Net realized and unrealized gain (loss) on investments		0.39			1.98			0.99			(0.35	)		1.14			2.74
Total from investment operations		0.40			2.09			1.06			(0.24	)		1.22			2.80
Less distributions to shareholders:
From net investment income		(0.05	)		(0.16	)		(0.80	)		(0.80	)		(0.55	)		(0.06	)
From net realized gain on investments		(0.71	)		(0.16	)		(1.28	)		(0.58	)		(0.07	)		—
Total distributions to shareholders		(0.76	)		(0.32	)		(2.08	)		(1.38	)		(0.62	)		(0.06	)
Net asset value - End of period	$	13.12		$	13.48		$	11.71		$	12.73		$	14.35		$	13.75
Net assets - End of period (000’s omitted)	$	1,662		$	1,361		$	5,548		$	4,494		$	2,894		$	1,983
Total return3		3.00	%		18.29	%		3.49	%		(1.92	%)		9.15	%		25.58	%
Ratios (to average net assets)/Supplemental Data:
Expenses*		0.20	%4,5		0.05	%6		0.05	%7		0.05	%8		0.05	%9		0.05	%9
Net investment income2		0.16	%4		0.90	%		0.64	%		0.86	%		0.57	%		0.46	%
Series portfolio turnover10		37	%		175	%		26	%		28	%		48	%		20	%
*The investment advisor paid a portion of the Series’ expenses. If these expenses had been incurred by the Series, the expense ratios (to average net assets) would have been increased by the following amounts:
		0.92	%4,5		0.97	%6		0.89	%7		1.21	%8		2.14	%9		6.82	%9

TARGET 2045 SERIES CLASS R6	FOR THE SIX MONTHS ENDED 4/30/18 (UNAUDITED)			FOR THE PERIOD 10/16/1711 TO 10/31/17
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period	$	13.48		$	13.46
Income (loss) from investment operations:
Net investment income1,2		0.02			—
Net realized and unrealized gain (loss) on investments		0.39			0.02
Total from investment operations		0.41			0.02
Less distributions to shareholders:
From net investment income		(0.05	)		—
From net realized gain on investments		(0.71	)		—
Total distributions to shareholders		(0.76	)		—
Net asset value - End of period	$	13.13		$	13.48
Net assets - End of period (000’s omitted)	$	5		$	5
Total return3		3.11	%		0.15	%
Ratios (to average net assets)/Supplemental Data:
Expenses*4		0.05	%5		0.05	%6
Net investment income (loss)2,4		0.31	%		(0.05	%)
Series portfolio turnover10		37	%		175	%
*The investment advisor paid a portion of the Series’ expenses. If these expenses had been incurred by the Series, the expense ratios (to average net assets) would have been increased by the following amounts4:
		0.92	%5		0.97	%6

¹Calculated based on average shares outstanding during the periods.

²Net investment income is affected by the timing of distributions from the Underlying Series in which the Series invest. The ratios do not include net investment income of the Underlying Series in which the Series invests.

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

⁴Annualized.

⁵Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratio of the Underlying Series were 0.55% for Manning & Napier Blended Asset Extended Series - Class R6 and 0.55% for Manning & Napier Blended Asset Maximum Series - Class R6.

⁶Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratios of the Underlying Series were 0.83% for Manning & Napier Pro-Blend^® Extended Term Series - Class I, 0.85% for Manning & Napier Pro-Blend^® Maximum Term Series - Class I, 0.55% for Manning & Napier Blended Asset Extended Series -Class R6 and 0.55% for Manning & Napier Blended Asset Maximum Series - Class R6.

⁷Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratios of the Underlying Series were 0.82% for Manning & Napier Pro-Blend^® Extended Term Series - Class I and 0.83% for Manning & Napier Pro-Blend^® Maximum Term Series - Class I.

⁸Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratio of the Underlying Series was 0.83%.

⁹Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratio of the Underlying Series was 0.82%.

¹⁰Reflects activity of the Series and does not include the activity of the Underlying Series.

¹¹Commencement of operations.

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

35

Financial Highlights

TARGET 2050 SERIES CLASS K	FOR THE SIX MONTHS ENDED 4/30/18			FOR THE YEAR ENDED
	(UNAUDITED)			10/31/17			10/31/16			10/31/15			10/31/14			10/31/13
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period	$	11.03		$	9.41		$	11.35		$	13.73		$	13.52		$	10.81
Income (loss) from investment operations:
Net investment income (loss)1,2		(0.01	)		0.04			0.04			0.09			0.05			0.05
Net realized and unrealized gain (loss) on investments		0.37			1.69			0.18			(0.32	)		1.07			2.74
Total from investment operations		0.36			1.73			0.22			(0.23	)		1.12			2.79
Less distributions to shareholders:
From net investment income		(0.02	)		(0.11	)		(0.04	)		(0.72	)		(0.54	)		(0.05	)
From net realized gain on investments		(0.79	)		—			(2.12	)		(1.43	)		(0.37	)		(0.03	)
Total distributions to shareholders		(0.81	)		(0.11	)		(2.16	)		(2.15	)		(0.91	)		(0.08	)
Net asset value - End of period	$	10.58		$	11.03		$	9.41		$	11.35		$	13.73		$	13.52
Net assets - End of period (000’s omitted)	$	20,530		$	18,667		$	14,874		$	15,144		$	47,531		$	36,591
Total return3		3.29	%		18.55	%		3.43	%		(2.15	%)		8.80	%		25.99	%
Ratios (to average net assets)/Supplemental Data:
Expenses*		0.45	%4,5		0.31	%6		0.30	%7		0.30	%7		0.30	%8		0.30	%8
Net investment income (loss)2		(0.11	%)4		0.39	%		0.40	%		0.72	%		0.40	%		0.37	%
Series portfolio turnover9		20	%		139	%		31	%		49	%		13	%		5	%
*The investment advisor paid a portion of the Series’ expenses. If these expenses had been incurred by the Series, the expense ratios (to average net assets) would have been increased by the following amounts:
		0.49	%4,5		0.41	%6		0.37	%7		0.26	%7		0.18	%8		0.26	%8
TARGET 2050 SERIES CLASS R	FOR THE SIX MONTHS ENDED 4/30/18			FOR THE YEAR ENDED
	(UNAUDITED)			10/31/17			10/31/16			10/31/15			10/31/14			10/31/13
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period	$	10.91		$	9.30		$	11.25		$	13.60		$	13.43		$	10.74
Income (loss) from investment operations:
Net investment income (loss)1,2		(0.02	)		0.01			0.01			0.06			0.01			0.01
Net realized and unrealized gain (loss) on investments		0.36			1.68			0.18			(0.29	)		1.04			2.73
Total from investment operations		0.34			1.69			0.19			(0.23	)		1.05			2.74
Less distributions to shareholders:
From net investment income		(0.01	)		(0.08	)		(0.02	)		(0.69	)		(0.51	)		(0.02	)
From net realized gain on investments		(0.79	)		—			(2.12	)		(1.43	)		(0.37	)		(0.03	)
Total distributions to shareholders		(0.80	)		(0.08	)		(2.14	)		(2.12	)		(0.88	)		(0.05	)
Net asset value - End of period	$	10.45		$	10.91		$	9.30		$	11.25		$	13.60		$	13.43
Net assets - End of period (000’s omitted)	$	5,783		$	3,345		$	2,433		$	2,215		$	5,140		$	5,022
Total return3		3.15	%		18.35	%		3.09	%		(2.17	%)		8.28	%		25.69	%
Ratios (to average net assets)/Supplemental Data:
Expenses*		0.70	%4,5		0.56	%6		0.55	%7		0.55	%7		0.55	%8		0.55	%8
Net investment income (loss)2		(0.38	%)4		0.07	%		0.12	%		0.54	%		0.10	%		0.11	%
Series portfolio turnover9		20	%		139	%		31	%		49	%		13	%		5	%
*The investment advisor paid a portion of the Series’ expenses. If these expenses had been incurred by the Series, the expense ratios (to average net assets) would have been increased by the following amounts:
		0.39	%4,5		0.41	%6		0.37	%7		0.26	%7		0.18	%8		0.26	%8

¹Calculated based on average shares outstanding during the periods.

²Net investment income is affected by the timing of distributions from the Underlying Series in which the Series invest. The ratios do not include net investment income of the Underlying Series in which the Series invests.

³Represents 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.

⁴Annualized.

⁵Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratio of the Underlying Series was 0.55%.

⁶Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratio of the Underlying Series was 0.85% for Manning & Napier Pro-Blend^® Maximum Term Series - Class I and 0.55% for Manning & Napier Blended Asset Maximum Series - Class R6.

⁷Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratio of the Underlying Series was 0.83%.

⁸Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratio of the Underlying Series was 0.82%.

⁹Reflects activity of the Series and does not include the activity of the Underlying Series.

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

36

Financial Highlights

TARGET 2050 SERIES CLASS I	FOR THE SIX MONTHS ENDED 4/30/18			FOR THE YEAR ENDED
	(UNAUDITED)			10/31/17			10/31/16			10/31/15			10/31/14			10/31/13
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period	$	11.12		$	9.48		$	11.43		$	13.82		$	13.60		$	10.88
Income (loss) from investment operations:
Net investment income1,2		0.02			0.07			0.07			0.10			0.08			0.07
Net realized and unrealized gain (loss) on investments		0.36			1.70			0.17			(0.29	)		1.08			2.76
Total from investment operations		0.38			1.77			0.24			(0.19	)		1.16			2.83
Less distributions to shareholders:
From net investment income		(0.04	)		(0.13	)		(0.07	)		(0.77	)		(0.57	)		(0.08	)
From net realized gain on investments		(0.79	)		—			(2.12	)		(1.43	)		(0.37	)		(0.03	)
Total distributions to shareholders		(0.83	)		(0.13	)		(2.19	)		(2.20	)		(0.94	)		(0.11	)
Net asset value - End of period	$	10.67		$	11.12		$	9.48		$	11.43		$	13.82		$	13.60
Net assets - End of period (000’s omitted)	$	2,049		$	13,364		$	12,928		$	15,688		$	12,077		$	9,042
Total return3		3.40	%		18.91	%		3.61	%		(1.82	%)		9.07	%		26.21	%
Ratios (to average net assets)/Supplemental Data:
Expenses*		0.20	%4,5		0.06	%6		0.05	%7		0.05	%8		0.05	%8		0.05	%8
Net investment income2		0.40	%4		0.71	%		0.73	%		0.84	%		0.62	%		0.57	%
Series portfolio turnover9		20	%		139	%		31	%		49	%		13	%		5	%
*The investment advisor paid a portion of the Series’ expenses. If these expenses had been incurred by the Series, the expense ratios (to average net assets) would have been increased by the following amounts:
		0.51	%4,5		0.41	%6		0.37	%7		0.26	%8		0.18	%8		0.26	%8

TARGET 2050 SERIES CLASS R6	FOR THE SIX MONTHS ENDED 04/30/18 (UNAUDITED)			FOR THE PERIOD 10/16/1710 TO 10/31/17
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period	$	11.12		$	11.10
Income (loss) from investment operations:
Net investment income1,2		0.02			—
Net realized and unrealized gain (loss) on investments		0.36			0.02
Total from investment operations		0.38			0.02
Less distributions to shareholders:
From net investment income		(0.04	)		—
From net realized gain on investments		(0.79	)		—
Total distributions to shareholders		(0.83	)		—
Net asset value - End of period	$	10.67		$	11.12
Net assets - End of period (000’s omitted)	$	5		$	5
Total return3		3.43	%		0.18	%
Ratios (to average net assets)/Supplemental Data:
Expenses*4		0.05	%5		0.05	%6
Net investment income (loss)2,4		0.30	%		(0.05	%)
Series portfolio turnover9		20	%		139	%
*The investment advisor paid a portion of the Series’ expenses. If these expenses had been incurred by the Series, the expense ratios (to average net assets) would have been increased by the following amounts4:
		0.48	%5		0.41	%6

¹Calculated based on average shares outstanding during the periods.

²Net investment income is affected by the timing of distributions from the Underlying Series in which the Series invest. The ratios do not include net investment income of the Underlying Series in which the Series invests.

³Represents 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.

⁴Annualized.

⁵Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratio of the Underlying Series was 0.55%.

⁶Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratio of the Underlying Series was 0.85% for Manning & Napier Pro-Blend^® Maximum Term Series - Class I and 0.55% for Manning & Napier Blended Asset Maximum Series - Class R6.

⁷Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratio of the Underlying Series was 0.83%.

⁸Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratio of the Underlying Series was 0.82%.

⁹Reflects activity of the Series and does not include the activity of the Underlying Series.

¹⁰Commencement of operations.

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

37

Financial Highlights

TARGET 2055 SERIES CLASS K	FOR THE SIX MONTHS ENDED 4/30/18			FOR THE YEAR ENDED
	(UNAUDITED)			10/31/17			10/31/16			10/31/15			10/31/14			10/31/13
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period	$	13.57		$	11.70		$	12.56		$	13.94		$	13.85		$	11.04
Income (loss) from investment operations:
Net investment income (loss)1,2		(0.01	)		0.05			0.03			0.09			0.06			(0.02	)
Net realized and unrealized gain (loss) on investments		0.45			2.08			0.30			(0.35	)		1.05			2.86
Total from investment operations		0.44			2.13			0.33			(0.26	)		1.11			2.84
Less distributions to shareholders:
From net investment income		(0.03	)		(0.13	)		(0.05	)		(0.74	)		(0.55	)		(0.03	)
From net realized gain on investments		(1.12	)		(0.13	)		(1.14	)		(0.38	)		(0.47	)		—
Total distributions to shareholders		(1.15	)		(0.26	)		(1.19	)		(1.12	)		(1.02	)		(0.03	)
Net asset value - End of period	$	12.86		$	13.57		$	11.70		$	12.56		$	13.94		$	13.85
Net assets - End of period (000’s omitted)	$	4,245		$	4,141		$	2,380		$	1,142		$	1,777		$	208
Total return3		3.30	%		18.61	%		3.38	%		(2.06	%)		8.50	%		25.79	%
Ratios (to average net assets)/Supplemental Data:
Expenses*		0.45	%4,5		0.31	%6		0.30	%7		0.30	%7		0.30	%8		0.30	%8
Net investment income (loss)2		(0.11	%)4		0.37	%		0.30	%		0.68	%		0.43	%		(0.17	%)
Series portfolio turnover9		18	%		186	%		30	%		55	%		63	%		605	%
*The investment advisor paid a portion of the Series’ expenses. If these expenses had been incurred by the Series, the expense ratios (to average net assets) would have been increased by the following amounts:
		1.95	%4,5		2.15	%6		2.44	%7		3.68	%7		4.79	%8		62.25	%8
TARGET 2055 SERIES CLASS R	FOR THE SIX MONTHS ENDED 4/30/18			FOR THE YEAR ENDED
	(UNAUDITED)			10/31/17			10/31/16			10/31/15			10/31/14			10/31/13
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period	$	13.43		$	11.59		$	12.45		$	13.83		$	13.77		$	11.03
Income (loss) from investment operations:
Net investment income (loss)1,2		(0.03	)		0.01			0.01			0.05			0.03			(0.01	)
Net realized and unrealized gain (loss) on investments		0.44			2.07			0.30			(0.34	)		1.04			2.77
Total from investment operations		0.41			2.08			0.31			(0.29	)		1.07			2.76
Less distributions to shareholders:
From net investment income		(0.02	)		(0.11	)		(0.03	)		(0.71	)		(0.54	)		(0.02	)
From net realized gain on investments		(1.12	)		(0.13	)		(1.14	)		(0.38	)		(0.47	)		—
Total distributions to shareholders		(1.14	)		(0.24	)		(1.17	)		(1.09	)		(1.01	)		(0.02	)
Net asset value - End of period	$	12.70		$	13.43		$	11.59		$	12.45		$	13.83		$	13.77
Net assets - End of period (000’s omitted)	$	4,117		$	2,388		$	519		$	409		$	515		$	51
Total return3		3.14	%		18.28	%		3.18	%		(2.32	%)		8.21	%		25.01	%
Ratios (to average net assets)/Supplemental Data:
Expenses*		0.70	%4,5		0.55	%6		0.55	%7		0.55	%7		0.55	%8		0.55	%8
Net investment income (loss)2		(0.39	%)4		0.04	%		0.11	%		0.39	%		0.24	%		(0.07	%)
Series portfolio turnover9		18	%		186	%		30	%		55	%		63	%		605	%
*The investment advisor paid a portion of the Series’ expenses. If these expenses had been incurred by the Series, the expense ratios (to average net assets) would have been increased by the following amounts:
		1.84	%4,5		2.15	%6		2.44	%7		3.68	%7		5.39	%8		129.56	%8

¹Calculated based on average shares outstanding during the periods.

²Net investment income is affected by the timing of distributions from the Underlying Series in which the Series invest. The ratios do not include net investment income of the Underlying Series in which the Series invests.

³Represents 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.

⁴Annualized.

⁵Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratio of the Underlying Series was 0.55%.

⁶Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratio of the Underlying Series was 0.85% for Manning & Napier Pro-Blend^® Maximum Term Series - Class I and 0.55% for Manning & Napier Blended Asset Maximum Series - Class R6.

⁷Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratio of the Underlying Series was 0.83%.

⁸Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratio of the Underlying Series was 0.82%.

⁹Reflects activity of the Series and does not include the activity of the Underlying Series.

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

38

Financial Highlights

TARGET 2055 SERIES CLASS I	FOR THE SIX MONTHS ENDED 4/30/18			FOR THE YEAR ENDED
	(UNAUDITED)			10/31/17			10/31/16			10/31/15			10/31/14			10/31/13
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period	$	13.70		$	11.81		$	12.66		$	14.05		$	13.94		$	11.05
Income (loss) from investment operations:
Net investment income1,2		0.01			0.12			0.07			0.10			0.08			—	3
Net realized and unrealized gain (loss) on investments		0.45			2.06			0.30			(0.33	)		1.07			2.94
Total from investment operations		0.46			2.18			0.37			(0.23	)		1.15			2.94
Less distributions to shareholders:
From net investment income		(0.05	)		(0.16	)		(0.08	)		(0.78	)		(0.57	)		(0.05	)
From net realized gain on investments		(1.12	)		(0.13	)		(1.14	)		(0.38	)		(0.47	)		—
Total distributions to shareholders		(1.17	)		(0.29	)		(1.22	)		(1.16	)		(1.04	)		(0.05	)
Net asset value - End of period	$	12.99		$	13.70		$	11.81		$	12.66		$	14.05		$	13.94
Net assets - End of period (000’s omitted)	$	344		$	210		$	2,783		$	1,658		$	872		$	366
Total return4		3.39	%		18.87	%		3.69	%		(1.83	%)		8.75	%		26.67	%
Ratios (to average net assets)/Supplemental Data:
Expenses*		0.20	%5,6		0.05	%7		0.05	%8		0.05	%8		0.05	%9		0.05	%9
Net investment income (loss)2		0.12	%5		0.95	%		0.58	%		0.80	%		0.57	%		(0.03	%)
Series portfolio turnover10		18	%		186	%		30	%		55	%		63	%		605	%
*The investment advisor paid a portion of the Series’ expenses. If these expenses had been incurred by the Series, the expense ratios (to average net assets) would have been increased by the following amounts:
		1.97	%5,6		2.15	%7		2.44	%8		3.68	%8		7.80	%9		8.21	%9

TARGET 2055 SERIES CLASS R6	FOR THE SIX MONTHS ENDED 4/30/18 (UNAUDITED)			FOR THE PERIOD 10/16/1711 TO 10/31/17
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period	$	13.70		$	13.68
Income (loss) from investment operations:
Net investment income1,2		0.02			—
Net realized and unrealized gain on (loss) on investments		0.45			0.02
Total from investment operations		0.47			0.02
Less distributions to shareholders:
From net investment income		(0.05	)		—
From net realized gain on investments		(1.12	)		—
Total distributions to shareholders		(1.17	)		—
Net asset value - End of period	$	13.00		$	13.70
Net assets - End of period (000’s omitted)	$	5		$	5
Total return4		3.50	%		0.15	%
Ratios (to average net assets)/Supplemental Data:
Expenses*5		0.05	%6		0.05	%7
Net investment income (loss)2,5		0.30	%		(0.05	%)
Series portfolio turnover10		18	%		186	%
*The investment advisor paid a portion of the Series’ expenses. If these expenses had been incurred by the Series, the expense ratios (to average net assets) would have been increased by the following amounts5:
		1.97	%6		2.15	%7

¹Calculated based on average shares outstanding during the periods.

²Net investment income is affected by the timing of distributions from the Underlying Series in which the Series invest. The ratios do not include net investment income of the Underlying Series in which the Series invests.

³Less than $0.01.

⁴Represents 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.

⁵Annualized.

⁶Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratio of the Underlying Series was 0.55%.

⁷Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratio of the Underlying Series was 0.85% for Manning & Napier Pro-Blend^® Maximum Term Series - Class I and 0.55% for Manning & Napier Blended Asset Maximum Series - Class R6.

⁸Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratio of the Underlying Series was 0.83%.

⁹Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratio of the Underlying Series was 0.82%.

¹⁰Reflects activity of the Series and does not include the activity of the Underlying Series.

¹¹Commencement of operations.

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

39

Financial Highlights

TARGET 2060 SERIES CLASS K	FOR THE SIX MONTHS ENDED 4/30/18			FOR THE YEAR ENDED						FOR THE PERIOD
	(UNAUDITED)			10/31/17			10/31/16			9/21/151 TO 10/31/15
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period	$	12.45		$	10.67		$	10.36		$	10.00
Income (loss) from investment operations:
Net investment income (loss)2,3		(0.01	)		0.04			0.01			(0.00	)4
Net realized and unrealized gain (loss) on investments		0.41			1.91			0.34			0.36
Total from investment operations		0.40			1.95			0.35			0.36
Less distributions to shareholders:
From net investment income		(0.02	)		(0.12	)		(0.04	)		—
From net realized gain on investments		(1.28	)		(0.05	)		—			—
Total distributions to shareholders		(1.30	)		(0.17	)		(0.04	)		—
Net asset value - End of period	$	11.55		$	12.45		$	10.67		$	10.36
Net assets - End of period (000’s omitted)	$	4,623		$	3,284		$	1,407		$	52
Total return5		3.30	%		18.56	%		3.45	%		3.60	%
Ratios (to average net assets)/Supplemental Data:
Expenses*		0.45	%6,7		0.31	%8		0.30	%9		0.30	%6,10
Net investment income (loss)3		(0.13	%)6		0.39	%		0.10	%		(0.30	%)6
Series portfolio turnover11		3	%		173	%		14	%		4	%
*The investment advisor paid a portion of the Series’ expenses. If these expenses had been incurred by the Series, the expense ratios (to average net assets) would have been increased by the following amounts:
		2.57	%6,7		5.26	%8		9.37	%9		151.35	%6,10,12
TARGET 2060 SERIES CLASS R	FOR THE SIX MONTHS ENDED 4/30/18			FOR THE YEAR ENDED						FOR THE PERIOD
	(UNAUDITED)			10/31/17			10/31/16			9/21/151 TO 10/31/15
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period	$	12.43		$	10.65		$	10.36		$	10.00
Income (loss) from investment operations:
Net investment income (loss)2,3		(0.02	)		—	4		0.01			(0.01	)
Net realized and unrealized gain (loss) on investments		0.39			1.92			0.31			0.37
Total from investment operations		0.37			1.92			0.32			0.36
Less distributions to shareholders:
From net investment income		(0.01	)		(0.09	)		(0.03	)		—
From net realized gain on investments		(1.28	)		(0.05	)		—			—
Total distributions to shareholders		(1.29	)		(0.14	)		(0.03	)		—
Net asset value - End of period	$	11.51		$	12.43		$	10.65		$	10.36
Net assets - End of period (000’s omitted)	$	2,712		$	1,242		$	182		$	56
Total return5		3.09	%		18.29	%		3.16	%		3.60	%
Ratios (to average net assets)/Supplemental Data:
Expenses*		0.70	%6,7		0.55	%8		0.55	%9		0.55	%6,10
Net investment income (loss)3		(0.42	%)6		(0.01	%)		0.09	%		(0.55	%)6
Series portfolio turnover11		3	%		173	%		14	%		4	%
*The investment advisor paid a portion of the Series’ expenses. If these expenses had been incurred by the Series, the expense ratios (to average net assets) would have been increased by the following amounts:
		2.43	%6,7		5.26	%8		9.37	%9		151.35	%6,10,12

¹Commencement of operations.

²Calculated based on average shares outstanding during the periods.

³Net investment income is affected by the timing of distributions from the Underlying Series in which the Series invest. The ratios do not include net investment income of the Underlying Series in which the Series invests.

⁴Less than $(0.01).

⁵Represents aggregate total return for the periods indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been reimbursed during the periods. Periods less than one year are not annualized.

⁶Annualized.

⁷Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratio of the Underlying Series was 0.55%.

⁸Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratio of the Underlying Series was 0.85% for Manning & Napier Pro-Blend^® Maximum Term Series - Class I and 0.55% for Manning & Napier Blended Asset Maximum Series - Class R6.

⁹Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratio of the Underlying Series was 0.84%.

¹⁰Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratio of the Underlying Series was 0.83%.

¹¹Reflects activity of the Series and does not include the activity of the Underlying Series.

¹²The increase to the expense ratios (to average net assets) is largely due to the small net assets in each class.

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

40

Financial Highlights

TARGET 2060 SERIES CLASS I	FOR THE SIX MONTHS ENDED 4/30/18			FOR THE YEAR ENDED						FOR THE PERIOD
	(UNAUDITED)			10/31/17			10/31/16			9/21/151 TO 10/31/15
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period	$	12.46		$	10.68		$	10.36		$	10.00
Income (loss) from investment operations:
Net investment income (loss)2,3		0.01			0.08			(0.07	)		(0.00	)4
Net realized and unrealized gain (loss) on investments		0.41			1.89			0.31			0.36
Total from investment operations		0.42			1.97			0.38			0.36
Less distributions to shareholders:
From net investment income		(0.04	)		(0.14	)		(0.06	)		—
From net realized gain on investments		(1.28	)		(0.05	)		—			—
Total distributions to shareholders		(1.32	)		(0.19	)		(0.06	)		—
Net asset value - End of period	$	11.56		$	12.46		$	10.68		$	10.36
Net assets - End of period (000’s omitted)	$	136		$	104		$	56		$	52
Total return5		3.44	%		18.80	%		3.71	%		3.60	%
Ratios (to average net assets)/Supplemental Data:
Expenses*		0.20	%6,7		0.05	%8		0.05	%9		0.05	%6,10
Net investment income (loss)3		0.13	%6		0.72	%		0.65	%		(0.05	%)6
Series portfolio turnover11		3	%		173	%		14	%		4	%
*The investment advisor paid a portion of the Series’ expenses. If these expenses had been incurred by the Series, the expense ratios (to average net assets) would have been increased by the following amounts:
		2.50	%6,7		5.26	%8		9.37	%9		151.34	%6,10,12

TARGET 2060 SERIES CLASS R6	FOR THE SIX MONTHS ENDED 4/30/2018 (UNAUDITED)			FOR THE PERIOD 10/16/171 TO 10/31/17
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period	$	12.46		$	12.44
Income (loss) from investment operations:
Net investment income13		0.02			—
Net realized and unrealized gain (loss) on investments		0.40			0.02
Total from investment operations		0.42			0.02
Less distributions to shareholders:
From net investment income		(0.04	)		—
From net realized gain on investments		(1.28	)		—
Total distributions to shareholders		(1.32	)		—
Net asset value - End of period	$	11.56		$	12.46
Net assets - End of period (000’s omitted)	$	5		$	5
Total return5		3.45	%		0.16	%
Ratios (to average net assets)/Supplemental Data:
Expenses*6		0.05	%7		0.05	%8
Net investment loss6		0.30	%		(0.05	%)
Series portfolio turnover11		3	%		173	%
*The investment advisor paid a portion of the Series’ expenses. If these expenses had been incurred by the Series, the expense ratios (to average (net assets) would have been increased by the following amounts6:
		2.58	%7		5.26	%8

¹Commencement of operations.

²Calculated based on average shares outstanding during the periods.

³Net investment income is affected by the timing of distributions from the Underlying Series in which the Series invest. The ratios do not include net investment income of the Underlying Series in which the Series invests.

⁴Less than $(0.01).

⁵Represents aggregate total return for the periods indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been reimbursed during the periods. Periods less than one year are not annualized.

⁶Annualized.

⁷Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratio of the Underlying Series was 0.55%.

⁸Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratio of the Underlying Series was 0.85% for Manning & Napier Pro-Blend^® Maximum Term Series - Class I and 0.55% for Manning & Napier Blended Asset Maximum Series - Class R6.

⁹Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratio of the Underlying Series was 0.84%.

¹⁰Expense ratios do not include expenses of the Underlying Series in which the Series invests. The expense ratio of the Underlying Series was 0.83%.

¹¹Reflects activity of the Series and does not include the activity of the Underlying Series.

¹²The increase to the expense ratios (to average net assets) is largely due to the small net assets in each class.

¹³Calculated based on average shares outstanding during the period.

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

41

Notes to Financial Statements

(unaudited)

1. Organization

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 and Target 2060 Series (each the “Series”) are no-load diversified series of Manning & Napier Fund, Inc. (the “Fund”). The Fund is organized in Maryland and is registered under the Investment Company Act of 1940 (the “1940 Act”), as amended, as an open-end management investment company.

Each Series seeks to achieve its investment objectives by investing in a combination of other Manning & Napier mutual funds (the “Underlying Series”) according to a target asset allocation strategy. The Series are designed to provide single investment portfolios that adjust over time to meet the changing risk and return objectives of investors over their expected investment horizon. As the target retirement date approaches, the Series’ portfolios become more conservative with a larger fixed-income investment component. The financial statements of the Underlying Series should be read in conjunction with the Series’ financial statements.

Each Series is authorized to issue four classes of shares (Class K, R, I and R6). Each class of shares is substantially the same, except that class-specific distribution and shareholder servicing expenses are borne by the specific class of shares to which they relate.

The Fund’s Advisor is Manning & Napier Advisors, LLC (the “Advisor”). Shares of each Series are offered to investors and employees of the Advisor and its affiliates. The total authorized capital stock of the Fund consists of 15 billion shares of common stock each having a par value of $0.01. As of April 30, 2018, 10.9 billion shares have been designated in total among 38 series, of which 40 million have been designated in each of the Series for Class K, R and R6 common stock and 100 million have been designated in each of the Series for Class I common stock.

2. Significant Accounting Policies

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

Security Valuation

Investments in the Underlying Series are valued at their net asset value per share on valuation date. In the absence of the availability of a net asset value per share on the Underlying Series, security valuations may be determined in good faith by the Advisor under procedures approved by and under the general supervision and responsibility of the Fund’s Board of Directors (the “Board”).

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

Securities for which representative valuations or prices are not available from the Series’ pricing service may be valued at fair value as determined in good faith by the Advisor under procedures approved by and under the general supervision and responsibility of the Board. Due to the inherent uncertainty of valuations of such securities, the fair value may differ significantly from the values that would have been used had a ready market for such securities existed. If trading or events occurring after the close of the principal market in which securities are traded are expected to materially affect the value of those securities, then they may be valued at their fair value, taking this trading or these events into account.

42

Notes to Financial Statements (continued)

(unaudited)

2. Significant Accounting Policies (continued)

Security Valuation (continued)

Various inputs are used in determining the value of the Series’ assets or liabilities carried at fair value. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical assets and liabilities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Level 3 includes significant unobservable inputs (including the Series’ own assumptions in determining the fair value of investments). A financial instrument’s level within the fair value hierarchy is based on the lowest level on any input both individually and in aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the valuation levels used for major security types as of April 30, 2018 in valuing the Series’ assets or liabilities carried at fair value:

	TARGET INCOME SERIES
DESCRIPTION	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Assets:
Mutual fund	$	116,528,851	$	116,528,851	$	—	$	—
Total assets	$	116,528,851	$	116,528,851	$	—	$	—
	TARGET 2015 SERIES
DESCRIPTION	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Assets:
Mutual funds	$	3,222,048	$	3,222,048	$	—	$	—
Total assets	$	3,222,048	$	3,222,048	$	—	$	—
	TARGET 2020 SERIES
DESCRIPTION	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Assets:
Mutual funds	$	93,346,765	$	93,346,765	$	—	$	—
Total assets	$	93,346,765	$	93,346,765	$	—	$	—
	TARGET 2025 SERIES
DESCRIPTION	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Assets:
Mutual funds	$	50,705,298	$	50,705,298	$	—	$	—
Total assets	$	50,705,298	$	50,705,298	$	—	$	—
	TARGET 2030 SERIES
DESCRIPTION	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Assets:
Mutual funds	$	113,016,946	$	113,016,946	$	—	$	—
Total assets	$	113,016,946	$	113,016,946	$	—	$	—
	TARGET 2035 SERIES
DESCRIPTION	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Assets:
Mutual funds	$	29,828,734	$	29,828,734	$	—	$	—
Total assets	$	29,828,734	$	29,828,734	$	—	$	—

43

Notes to Financial Statements (continued)

(unaudited)

2. Significant Accounting Policies (continued)

Security Valuation (continued)

	TARGET 2040 SERIES
DESCRIPTION	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Assets:
Mutual funds	$	67,348,841	$	67,348,841	$	—	$	—
Total assets	$	67,348,841	$	67,348,841	$	—	$	—
	TARGET 2045 SERIES
DESCRIPTION	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Assets:
Mutual funds	$	17,668,162	$	17,668,162	$	—	$	—
Total assets	$	17,668,162	$	17,668,162	$	—	$	—
	TARGET 2050 SERIES
DESCRIPTION	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Assets:
Mutual fund	$	28,387,114	$	28,387,114	$	—	$	—
Total assets	$	28,387,114	$	28,387,114	$	—	$	—
	TARGET 2055 SERIES
DESCRIPTION	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Assets:
Mutual fund	$	8,700,319	$	8,700,319	$	—	$	—
Total assets	$	8,700,319	$	8,700,319	$	—	$	—
	TARGET 2060 SERIES
DESCRIPTION	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Assets:
Mutual fund	$	7,480,340	$	7,480,340	$	—	$	—
Total assets	$	7,480,340	$	7,480,340	$	—	$	—

There were no Level 2 or Level 3 securities held by any of the Series as of October 31, 2017 or April 30, 2018.

The Fund’s policy is to recognize transfers in and transfers out of the valuation levels as of the beginning of the reporting period. There were no transfers between Level 1 and Level 2 during the six months ended April 30, 2018.

New Accounting Guidance

In March 2017, the FASB issued amended guidance to shorten the amortization period for certain callable debt securities held at a premium. The guidance is effective for fiscal years and interim periods beginning after December 15, 2018. Management is currently evaluating the impact of this guidance to the Series.

Security Transactions, Investment Income and Expenses

Security transactions are accounted for on trade date. Dividend income is recorded on the ex-dividend date. Non-cash dividends, if any, are recorded at the fair value of the securities received. Income and capital gains distributions from the Underlying Series, if any, are recorded on the ex-dividend date.

Expenses are recorded on an accrual basis. Most expenses of the Fund can be attributed to a specific series. Expenses which cannot be directly attributed are apportioned among the series in the Fund in such a manner as deemed equitable by the Fund’s Board, taking into consideration, among other things, the nature and type of expense. Expenses included in the accompanying statements of operations do not include any expense of the Underlying Series.

44

Notes to Financial Statements (continued)

(unaudited)

2. Significant Accounting Policies (continued)

Security Transactions, Investment Income and Expenses (continued)

Income, expenses (other than class specific expenses), and realized and unrealized gains and losses are prorated among the classes based on the relative net assets of each class. Class specific expenses are directly charged to that Class.

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

Federal Taxes

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

Management evaluates its tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is required only when the position is “more likely than not” to be sustained assuming examination by taxing authorities. At April 30, 2018, the Series have recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken in future tax returns.

The Series file income tax returns in the U.S. federal jurisdiction, various states and foreign jurisdictions, as required. No income tax returns are currently under investigation. The statute of limitations on 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 and Target 2055 Series tax returns remains open for the years ended October 31, 2014 through October 31, 2017. The statute of limitations on Target 2060 Series remains open for the period ended October 31, 2015 and the years ended October 31, 2016 through 2017. The Series are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

Foreign Taxes

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

Distributions of Income and Gains

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

Indemnifications

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

Other

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

45

Notes to Financial Statements (continued)

(unaudited)

3. Transactions with Affiliates and Other Agreements

The Fund has an Investment Advisory Agreement (the “Agreement”) with the Advisor, for which the Advisor does not receive a fee for the services it performs for the Series. However, the Advisor is entitled to receive the management fee from each of the Underlying Series in which the Series invest.

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

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

The Advisor has contractually agreed, until at least February 29, 2028 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, do not exceed 0.20% of the average daily net assets of the Class I, Class K, and Class R shares, and 0.05% of the average daily net assets of the Class R6 shares. The Advisor’s agreement to limit each class’ 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 the Underlying Series. For the six months ended April 30, 2018, the Advisor reimbursed expenses of $47,061 for Target Income Series, $72,756 for Target 2015 Series, $63,619 for Target 2020 Series, $59,478 for Target 2025 Series, $67,502 for Target 2030 Series, $69,143 Target 2035 Series, $71,924 for Target 2040 Series, $75,153 for Target 2045 Series, $78,830 for Target 2050 Series, $77,542 for Target 2055 series and $76,577 for Target 2060 Series, which is included as a reduction of expenses on the Statements of Operations. The Advisor is not eligible to recoup any expenses that have been reimbursed in prior years.

Manning & Napier Investor Services, Inc., a registered broker-dealer affiliate of the Advisor, acts as distributor for the Fund’s shares. Each Series compensates the distributor for distributing and servicing the Series’ Class K and Class R shares pursuant to a distribution plan adopted under Rule 12b-1 of the 1940 Act, regardless of expenses actually incurred. Under the agreement, each Series pays distribution and service fees to the distributor at an annual rate of 0.25% of average daily net assets attributable to Class K shares and 0.50% of average daily net assets attributable to Class R shares. There are no distribution and service fees on Class I and Class R6 shares of each Series. The fees are accrued daily and paid monthly.

Pursuant to a master services agreement dated March 1, 2017, the Fund pays the Advisor an annual fee related to fund accounting and administration of 0.00225% of average daily net assets of the Target Series with an annual base fee of $40,000 per Target series. Additionally, certain transaction and out-of-pocket expenses, including charges for reporting relating to the Fund’s compliance program, are charged. The Advisor has agreements with BNY Mellon Investment Servicing (U.S.) Inc. (“BNY”) under which BNY serves as sub-accountant services agent.

Expenses not directly attributable to a series are allocated based on each series’ relative net assets or number of accounts, depending on the expense.

46

Notes to Financial Statements (continued)

(unaudited)

4. Purchases and Sales of Securities

For the six months ended April 30, 2018, purchases and sales of Underlying Series were as follows:

SERIES	PURCHASES		SALES
Target Income Series	$	27,577,284	$	8,693,577
Target 2015 Series	$	1,427,081	$	2,726,148
Target 2020 Series	$	18,658,767	$	39,781,024
Target 2025 Series	$	22,387,134	$	11,619,683
Target 2030 Series	$	24,643,625	$	54,846,258
Target 2035 Series	$	12,490,739	$	9,306,718
Target 2040 Series	$	18,984,673	$	38,447,785
Target 2045 Series	$	7,749,132	$	6,470,863
Target 2050 Series	$	6,817,483	$	15,651,163
Target 2055 Series	$	3,211,776	$	1,485,586
Target 2060 Series	$	2,924,323	$	200,897

5. Investments in Affiliated Issuers

A summary of the Series’ transactions in the shares of affiliated issuers of Manning & Napier during the six months ended April 30, 2018 is set forth below:

TARGET INCOME SERIES	VALUE AT 10/31/17		PURCHASE COST		SALES PROCEEDS		VALUE AT 4/30/18		SHARES HELD AT 4/30/18		DIVIDEND INCOME		DISTRIBUTIONS AND NET REALIZED GAIN OR LOSS			CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION)
Blended Asset Conservative Series - Class R6	$	98,989,721	$	27,577,284	$	8,693,577	$	116,528,851		10,870,229	$	389,392	$	59,805		$	(1,404,382	)
TARGET 2015 SERIES	VALUE AT 10/31/17		PURCHASE COST		SALES PROCEEDS		VALUE AT 4/30/18		SHARES HELD AT 4/30/18		DIVIDEND INCOME		DISTRIBUTIONS AND NET REALIZED GAIN OR LOSS			CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION)
Blended Asset Conservative Series - Class R6	$	1,766,362	$	1,155,256	$	951,195	$	1,932,795		180,298	$	5,815	$	(5,159	)	$	(32,469	)
Blended Asset Moderate Series - Class R6		2,792,015		271,825		1,774,953		1,289,253		121,170		7,494		9,046			(8,679	)
	$	4,558,377	$	1,427,081	$	2,726,148	$	3,222,048			$	13,309	$	3,887		$	(41,148	)

47

Notes to Financial Statements (continued)

(unaudited)

5. Investments in Affiliated Issuers (continued)

TARGET 2020  SERIES	VALUE AT  10/31/17		PURCHASE  COST		SALES  PROCEEDS		VALUE AT  4/30/18		SHARES HELD  AT  4/30/18		DIVIDEND  INCOME		DISTRIBUTIONS  AND  NET REALIZED  GAIN OR LOSS			CHANGE IN  UNREALIZED  APPRECIATION  (DEPRECIATION)
Blended Asset Extended Series - Class R6	$	17,770,393	$	1,392,267	$	10,034,799	$	9,334,373		908,897	$	45,010	$	232,233		$	(25,722	)
Blended Asset Moderate Series - Class R6		96,805,738		17,266,500		29,746,225		84,012,392		7,895,901		292,355		467,343			(780,964	)
	$	114,576,131	$	18,658,767	$	39,781,024	$	93,346,765			$	337,365	$	699,576		$	(806,686	)
TARGET 2025    SERIES	VALUE AT  10/31/17		PURCHASE  COST		SALES  PROCEEDS		VALUE AT  04/30/18		SHARES HELD  AT  04/30/18		DIVIDEND  INCOME		DISTRIBUTIONS  AND NET  REALIZED GAIN  OR LOSS			CHANGE IN  UNREALIZED  APPRECIATION  (DEPRECIATION)
Blended Asset Extended Series - Class R6	$	24,428,863	$	9,307,155	$	8,398,989	$	25,325,058		2,465,926	$	62,891	$	116,282		$	(128,253	)
Blended Asset Moderate Series - Class R6		15,812,118		13,079,979		3,220,694		25,380,240		2,385,361		48,551		(4,193	)		(286,969	)
	$	40,240,981	$	22,387,134	$	11,619,683	$	50,705,298			$	111,442	$	112,088		$	(415,222	)
TARGET 2030  SERIES	VALUE AT  10/31/17		PURCHASE  COST		SALES  PROCEEDS		VALUE AT  4/30/18		SHARES HELD  AT  4/30/18		DIVIDEND  INCOME		DISTRIBUTIONS  AND  NET REALIZED  GAIN OR LOSS			CHANGE IN  UNREALIZED  APPRECIATION  (DEPRECIATION)
Blended Asset Extended Series - Class R6	$	119,139,003	$	22,827,787	$	40,649,386	$	101,677,168		9,900,406	$	305,677	$	984,083		$	(624,318	)
Blended Asset Maximum Series - Class R6		22,546,555		1,815,838		14,196,872		11,339,778		946,559		41,372		891,057			293,542
	$	141,685,558	$	24,643,625	$	54,846,258	$	113,016,946			$	347,049	$	1,875,140		$	(330,776	)
TARGET 2035  SERIES	VALUE AT  10/31/17		PURCHASE  COST		SALES  PROCEEDS		VALUE AT  4/30/18		SHARES HELD  AT  4/30/18		DIVIDEND  INCOME		DISTRIBUTIONS  AND  NET REALIZED  GAIN OR LOSS			CHANGE IN  UNREALIZED  APPRECIATION  (DEPRECIATION)
Blended Asset Extended Series - Class R6	$	15,365,587	$	8,722,185	$	4,580,611	$	19,384,199		1,887,459	$	41,428	$	32,585		$	(155,548	)
Blended Asset Maximum Series - Class R6		10,951,620		3,768,554		4,726,107		10,444,535		871,831		21,048		253,839			201,892
	$	26,317,207	$	12,490,739	$	9,306,718	$	29,828,734			$	62,476	$	286,424		$	46,344

48

Notes to Financial Statements (continued)

(unaudited)

5. Investments in Affiliated Issuers (continued)

TARGET 2040  SERIES	VALUE AT  10/31/17		PURCHASE  COST		SALES  PROCEEDS		VALUE AT  4/30/18		SHARES HELD  AT  04/30/18		DIVIDEND  INCOME		DISTRIBUTIONS  AND  NET REALIZED  GAIN OR LOSS		CHANGE IN  UNREALIZED  APPRECIATION  (DEPRECIATION)
Blended Asset Extended Series - Class R6	$	28,065,508	$	11,409,064	$	12,644,211	$	26,860,176		2,615,402	$	72,393	$	303,533	$	(273,718	)
Blended Asset Maximum Series - Class R6		55,962,686		7,575,609		25,803,574		40,488,665		3,379,688		103,204		1,777,538		1,002,207
	$	84,028,194	$	18,984,673	$	38,447,785	$	67,348,841			$	175,597	$	2,081,071	$	728,489
TARGET 2045  SERIES	VALUE AT  10/31/17		PURCHASE  COST		SALES  PROCEEDS		VALUE AT  04/30/18		SHARES HELD  AT  04/30/18		DIVIDEND  INCOME		DISTRIBUTIONS  AND  NET REALIZED  GAIN OR LOSS		CHANGE IN  UNREALIZED  APPRECIATION  (DEPRECIATION)
Blended Asset Extended Series - Class R6	$	1,493,246	$	1,949,082	$	761,213	$	2,647,266		257,767	$	3,870	$	5,567	$	39,415
Blended Asset Maximum Series - Class R6		14,397,470		5,800,050		5,709,650		15,020,896		1,253,831		26,666		271,327		(268,364	)
	$	15,890,716	$	7,749,132	$	6,470,863	$	17,668,162			$	30,536	$	276,894	$	(228,949	)
TARGET 2050  SERIES	VALUE AT  10/31/17		PURCHASE  COST		SALES  PROCEEDS		VALUE AT  4/30/18		SHARES HELD  AT  4/30/18		DIVIDEND  INCOME		DISTRIBUTIONS  AND  NET REALIZED  GAIN		CHANGE IN  UNREALIZED  APPRECIATION  (DEPRECIATION)
Blended Asset Maximum Series - Class R6	$	35,389,255	$	6,817,483	$	15,651,163	$	28,387,114		2,369,542	$	66,329	$	1,185,135	$	662,987
TARGET 2055  SERIES	VALUE AT  10/31/17		PURCHASE  COST		SALES  PROCEEDS		VALUE AT  4/30/18		SHARES HELD  AT  4/30/18		DIVIDEND  INCOME		DISTRIBUTIONS  AND  NET REALIZED  GAIN OR LOSS		CHANGE IN  UNREALIZED  APPRECIATION  (DEPRECIATION)
Blended Asset Maximum Series - Class R6	$	6,736,319	$	3,211,776	$	1,485,586	$	8,700,319		726,237	$	13,320	$	73,391	$	167,749
TARGET 2060  SERIES	VALUE AT  10/31/17		PURCHASE  COST		SALES  PROCEEDS		VALUE AT  4/30/18		SHARES HELD  AT  4/30/18		DIVIDEND  INCOME		DISTRIBUTIONS  AND  NET REALIZED  GAIN OR LOSS		CHANGE IN  UNREALIZED  APPRECIATION  (DEPRECIATION)
Blended Asset Maximum Series - Class R6	$	4,618,675	$	2,924,323	$	200,897	$	7,480,340		624,402	$	9,263	$	9,330	$	131,225

49

Notes to Financial Statements (continued)

(unaudited)

6. Capital Stock Transactions

Transactions in Class K, Class R, Class I and Class R6 shares:

TARGET INCOME SERIES:	FOR THE SIX MONTHS ENDED 4/30/18						FOR THE YEAR  ENDED 10/31/17						FOR THE SIX MONTHS ENDED 4/30/18						FOR THE YEAR ENDED 10/31/17
	CLASS K SHARES			AMOUNTS			CLASS K SHARES			AMOUNTS			CLASS R SHARES			AMOUNTS			CLASS R SHARES			AMOUNTS
Sold		2,293,816		$	22,654,899			2,337,440		$	22,659,341			827,149		$	8,057,224			1,017,890		$	9,772,506
Reinvested		30,645			302,775			106,700			992,014			4,028			39,313			2,785			26,048
Repurchased		(435,617	)		(4,291,285	)		(1,119,121	)		(10,770,060	)		(63,907	)		(622,774	)		(129,081	)		(1,229,453	)
Total		1,888,844		$	18,666,389			1,325,019		$	12,881,295			767,270		$	7,473,763			891,594		$	8,569,101
TARGET INCOME SERIES:	FOR THE SIX MONTHS ENDED 4/30/18						FOR THE YEAR  ENDED 10/31/17						FOR THE SIX MONTHS ENDED 4/30/18						FOR THE PERIOD 10/16/171 TO 10/31/17
	CLASS I SHARES			AMOUNTS			CLASS I SHARES			AMOUNTS			CLASS R6 SHARES			AMOUNTS			CLASS R6 SHARES			AMOUNTS
Sold		17,568		$	177,402			131,766		$	1,259,979			—		$	—			504		$	5,000
Reinvested		3,700			36,670			21,427			199,890			3			25			—			—
Repurchased		(725,477	)		(7,274,354	)		(634,616	)		(6,088,342	)		—			—			—			—
Total		(704,209	)	$	(7,060,282	)		(481,423	)	$	(4,628,473	)		3		$	25			504		$	5,000
TARGET 2015 SERIES:	FOR THE SIX MONTHS ENDED 4/30/18						FOR THE YEAR  ENDED 10/31/17						FOR THE SIX MONTHS ENDED 4/30/18						FOR THE YEAR ENDED 10/31/17
	CLASS K SHARES			AMOUNTS			CLASS K SHARES			AMOUNTS			CLASS R SHARES			AMOUNTS			CLASS R SHARES			AMOUNTS
Sold		30,621		$	341,374			127,914		$	1,381,081			116		$	1,304			1,512		$	15,971
Reinvested		1,230			13,667			4,600			47,515			9			100			7			72
Repurchased		(154,068	)		(1,711,834	)		(68,059	)		(726,662	)		(3	)		(34	)		(74,290	)		(780,760	)
Total		(122,217	)	$	(1,356,793	)		64,455		$	701,934			122		$	1,370			(72,771	)	$	(764,717	)
TARGET 2015 SERIES:	FOR THE SIX MONTHS ENDED 4/30/18						FOR THE YEAR  ENDED 10/31/17						FOR THE SIX MONTHS ENDED 4/30/18						FOR THE PERIOD 10/16/171 TO 10/31/17
	CLASS I SHARES			AMOUNTS			CLASS I SHARES			AMOUNTS			CLASS R6 SHARES			AMOUNTS			CLASS R6 SHARES			AMOUNTS
Sold		8,749		$	99,232			71,237		$	759,360			—		$	—			446		$	5,000
Reinvested		148			1,651			3,867			40,103			3			27			—			—
Repurchased		(3,277	)		(36,930	)		(298,585	)		(3,249,874	)		—			—			—			—
Total		5,620		$	63,953			(223,481	)	$	(2,450,411	)		3		$	27			446		$	5,000
TARGET 2020 SERIES:	FOR THE SIX MONTHS ENDED 4/30/18						FOR THE YEAR  ENDED 10/31/17						FOR THE SIX MONTHS ENDED 4/30/18						FOR THE YEAR ENDED 10/31/17
	CLASS K SHARES			AMOUNTS			CLASS K SHARES			AMOUNTS			CLASS R SHARES			AMOUNTS			CLASS R SHARES			AMOUNTS
Sold		1,004,194		$	9,466,442			2,172,901		$	19,607,802			509,473		$	4,732,160			886,323		$	8,009,764
Reinvested		21,038			197,761			121,288			1,040,715			2,608			24,015			6,480			55,423
Repurchased		(566,181	)		(5,334,901	)		(3,836,660	)		(34,880,548	)		(67,422	)		(628,172	)		(250,464	)		(2,227,372	)
Total		459,051		$	4,329,302			(1,542,471	)	$	(14,232,031	)		444,659		$	4,128,003			642,339		$	5,837,815

50

Notes to Financial Statements (continued)

(unaudited)

6. Capital Stock Transactions (continued)

TARGET 2020 SERIES:	FOR THE SIX MONTHS ENDED 4/30/18						FOR THE YEAR  ENDED 10/31/17						FOR THE SIX MONTHS ENDED 4/30/18						FOR THE PERIOD 10/16/171 TO 10/31/17
	CLASS I SHARES			AMOUNTS			CLASS I SHARES			AMOUNTS			CLASS R6 SHARES			AMOUNTS			CLASS R6 SHARES			AMOUNTS
Sold		113,857		$	1,085,280			682,033		$	6,089,825			—		$	—			529		$	5,000
Reinvested		12,951			122,001			80,657			698,280			2			22			—			—
Repurchased		(3,177,614	)		(30,598,235	)		(2,516,290	)		(23,043,275	)		—			—			—			—
Total		(3,050,806	)	$	(29,390,954	)		(1,753,600	)	$	(16,255,170	)		2		$	22			529		$	5,000
TARGET 2025 SERIES:	FOR THE SIX MONTHS ENDED 4/30/18						FOR THE YEAR ENDED 10/31/17						FOR THE SIX MONTHS ENDED 4/30/18						FOR THE YEAR ENDED 10/31/17
	CLASS K SHARES			AMOUNTS			CLASS K SHARES			AMOUNTS			CLASS R SHARES			AMOUNTS			CLASS R SHARES			AMOUNTS
Sold		874,776		$	10,488,321			1,510,708		$	17,519,643			709,622		$	8,544,326			1,041,870		$	12,170,838
Reinvested		6,314			75,515			18,798			204,099			2,723			32,641			2,406			26,982
Repurchased		(639,330	)		(7,669,119	)		(605,174	)		(6,888,059	)		(47,797	)		(578,290	)		(137,641	)		(1,565,471	)
Total		241,760		$	2,894,717			924,332		$	10,835,683			664,548		$	7,998,677			906,635		$	10,632,349
TARGET 2025 SERIES:	FOR THE SIX MONTHS ENDED 4/30/18						FOR THE YEAR ENDED 10/31/17						FOR THE SIX MONTHS ENDED 4/30/18						FOR THE PERIOD 10/16/171 TO 10/31/17
	CLASS I SHARES			AMOUNTS			CLASS I SHARES			AMOUNTS			CLASS R6 SHARES			AMOUNTS			CLASS R6 SHARES			AMOUNTS
Sold		23,873		$	284,485			370,555		$	4,134,606			—		$	—			418		$	5,000
Reinvested		653			7,788			19,004	��		205,945			2			22			—			—
Repurchased		(39,041	)		(468,487	)		(1,611,229	)		(18,497,112	)		—			—			—			—
Total		(14,515	)	$	(176,214	)		(1,221,670	)	$	(14,156,561	)		2		$	22			418		$	5,000
TARGET 2030 SERIES:	FOR THE SIX MONTHS ENDED 4/30/18						FOR THE YEAR ENDED 10/31/17						FOR THE SIX MONTHS ENDED 4/30/18						FOR THE YEAR  ENDED 10/31/17
	CLASS K SHARES			AMOUNTS			CLASS K SHARES			AMOUNTS			CLASS R SHARES			AMOUNTS			CLASS R SHARES			AMOUNTS
Sold		1,081,508		$	10,387,685			2,778,652		$	25,188,374			638,196		$	6,081,357			1,104,982		$	10,086,182
Reinvested		22,002			210,341			134,225			1,140,501			2,540			24,082			10,235			86,458
Repurchased		(1,267,009	)		(12,179,444	)		(2,812,564	)		(25,309,781	)		(116,737	)		(1,112,307	)		(497,936	)		(4,376,457	)
Total		(163,499	)	$	(1,581,418	)		100,313		$	1,019,094			523,999		$	4,993,132			617,281		$	5,796,183
TARGET 2030 SERIES:	FOR THE SIX MONTHS ENDED 4/30/18						FOR THE YEAR ENDED 10/31/17						FOR THE SIX MONTHS ENDED 4/30/18						FOR THE PERIOD 10/16/171 TO 10/31/17
	CLASS I SHARES			AMOUNTS			CLASS I SHARES			AMOUNTS			CLASS R6 SHARES			AMOUNTS			CLASS R6 SHARES			AMOUNTS
Sold		272,320		$	2,643,369			758,409		$	6,802,909			—		$	—			520		$	5,000
Reinvested		13,397			129,286			97,154			836,401			2			19			—			—
Repurchased		(3,620,691	)		(36,141,435	)		(3,060,611	)		(28,059,927	)		—			—			—			—
Total		(3,334,974	)	$	(33,368,780	)		(2,205,048	)	$	(20,420,617	)		2		$	19			520		$	5,000

51

Notes to Financial Statements (continued)

(unaudited)

6. Capital Stock Transactions (continued)

TARGET 2035 SERIES:	FOR THE SIX MONTHS ENDED 4/30/18						FOR THE YEAR ENDED 10/31/17						FOR THE SIX MONTHS ENDED 4/30/18						FOR THE YEAR ENDED 10/31/17
	CLASS K SHARES			AMOUNTS			CLASS K SHARES			AMOUNTS			CLASS R SHARES			AMOUNTS			CLASS R SHARES			AMOUNTS
Sold		476,485		$	6,064,043			814,585		$	9,738,361			389,004		$	4,988,275			544,941		$	6,670,222
Reinvested		23,744			300,026			21,885			243,472			9,149			115,564			2,155			24,341
Repurchased		(610,919	)		(7,826,064	)		(434,491	)		(5,179,247	)		(9,868	)		(126,568	)		(168,720	)		(1,949,856	)
Total		(110,690	)	$	(1,461,995	)		401,979		$	4,802,586			388,285		$	4,977,271			378,376		$	4,744,707
TARGET 2035 SERIES:	FOR THE SIX MONTHS ENDED 4/30/18						FOR THE YEAR ENDED 10/31/17						FOR THE SIX MONTHS ENDED 4/30/18						FOR THE PERIOD 10/16/171 TO 10/31/17
	CLASS I SHARES			AMOUNTS			CLASS I SHARES			AMOUNTS			CLASS R6 SHARES			AMOUNTS			CLASS R6 SHARES			AMOUNTS
Sold		11,954		$	153,037			234,658		$	2,741,000			—		$	—			393		$	5,000
Reinvested		1,330			16,853			21,053			235,530			7			83			—			—
Repurchased		(4,954	)		(63,198	)		(1,189,172	)		(14,478,654	)		—			—			—			—
Total		8,330		$	106,692			(933,461	)	$	(11,502,124	)		—		$	83			—		$	5,000
TARGET 2040 SERIES:	FOR THE SIX MONTHS ENDED 4/30/18						FOR THE YEAR ENDED 10/31/17						FOR THE SIX MONTHS ENDED 4/30/18						FOR THE YEAR ENDED 10/31/17
	CLASS K SHARES			AMOUNTS			CLASS K SHARES			AMOUNTS			CLASS R SHARES			AMOUNTS			CLASS R SHARES			AMOUNTS
Sold		694,771		$	7,045,198			1,845,055		$	17,096,157			522,811		$	5,258,212			619,963		$	5,888,746
Reinvested		110,912			1,108,012			74,153			646,006			17,109			169,559			5,183			44,814
Repurchased		(906,542	)		(9,234,763	)		(3,091,920	)		(29,044,040	)		(73,240	)		(738,079	)		(362,011	)		(3,348,998	)
Total		(100,859	)	$	(1,081,553	)		(1,172,712	)	$	(11,301,877	)		466,680		$	4,689,692			263,135		$	2,584,562
TARGET 2040 SERIES:	FOR THE SIX MONTHS ENDED 4/30/18						FOR THE YEAR ENDED 10/31/17						FOR THE SIX MONTHS ENDED 4/30/18						FOR THE PERIOD 10/16/171 TO 10/31/17
	CLASS I SHARES			AMOUNTS			CLASS I SHARES			AMOUNTS			CLASS R6 SHARES			AMOUNTS			CLASS R6 SHARES			AMOUNTS
Sold		188,133		$	1,915,162			457,484		$	4,244,538			—		$	—			496		$	5,000
Reinvested		53,181			535,536			45,229			401,029			11			112			—			—
Repurchased		(2,252,026	)		(23,764,337	)		(1,327,779	)		(12,659,051	)		—			—			—			—
Total		(2,010,712	)	$	(21,313,639	)		(825,066	)	$	(8,013,484	)		11		$	112			496		$	5,000
TARGET 2045 SERIES:	FOR THE SIX MONTHS ENDED 4/30/18						FOR THE YEAR ENDED 10/31/17						FOR THE SIX MONTHS ENDED 4/30/18						FOR THE YEAR ENDED 10/31/17
	CLASS K SHARES			AMOUNTS			CLASS K SHARES			AMOUNTS			CLASS R SHARES			AMOUNTS			CLASS R SHARES			AMOUNTS
Sold		287,074		$	3,828,123			289,509		$	3,610,585			250,905		$	3,322,857			309,595		$	3,960,365
Reinvested		42,405			552,543			14,998			172,547			21,172			274,179			2,194			24,869
Repurchased		(415,987	)		(5,565,608	)		(157,105	)		(1,895,184	)		(41,663	)		(556,766	)		(106,658	)		(1,260,324	)
Total		(86,508	)	$	(1,184,942	)		147,402		$	1,887,948			230,414		$	3,040,270			205,131		$	2,724,910

52

Notes to Financial Statements (continued)

(unaudited)

6. Capital Stock Transactions (continued)

TARGET 2045 SERIES:	FOR THE SIX MONTHS ENDED 4/30/18						FOR THE YEAR ENDED 10/31/17						FOR THE SIX MONTHS ENDED 4/30/18						FOR THE PERIOD 10/16/171 TO 10/31/17
	CLASS I SHARES			AMOUNTS			CLASS I SHARES			AMOUNTS			CLASS R6 SHARES			AMOUNTS			CLASS R6 SHARES			AMOUNTS
Sold		28,474		$	384,360			187,597		$	2,278,160			—		$	—			371		$	5,000
Reinvested		6,649			86,772			11,904			137,492			22			284			—			—
Repurchased		(9,511	)		(128,321	)		(572,125	)		(7,274,559	)		—			—			—			—
Total		25,612		$	342,811			(372,624	)	$	(4,858,907	)		22		$	284			371		$	5,000
TARGET 2050 SERIES:	FOR THE SIX MONTHS ENDED 4/30/18						FOR THE YEAR ENDED 10/31/17						FOR THE SIX MONTHS ENDED 4/30/18						FOR THE YEAR ENDED 10/31/16
	CLASS K SHARES			AMOUNTS			CLASS K SHARES			AMOUNTS			CLASS R SHARES			AMOUNTS			CLASS R SHARES			AMOUNTS
Sold		422,962		$	4,605,007			719,001		$	7,297,415			241,756		$	2,571,336			254,979		$	2,619,581
Reinvested		134,865			1,418,778			18,205			173,482			25,431			264,514			2,280			21,200
Repurchased		(309,182	)		(3,360,286	)		(626,193	)		(6,386,413	)		(20,309	)		(224,188	)		(212,192	)		(2,122,025	)
Total		248,645		$	2,663,499			111,013		$	1,084,484			246,878		$	2,611,662			45,067		$	518,756
TARGET 2050 SERIES:	FOR THE SIX MONTHS ENDED 4/30/18						FOR THE YEAR ENDED 10/31/17						FOR THE SIX MONTHS ENDED 4/30/18						FOR THE PERIOD 10/16/171 TO 10/31/17
	CLASS I SHARES			AMOUNTS			CLASS I SHARES			AMOUNTS			CLASS R6 SHARES			AMOUNTS			CLASS R6 SHARES			AMOUNTS
Sold		108,944		$	1,203,803			449,709		$	4,542,067			—		$	—			451		$	5,000
Reinvested		93,742			993,663			18,875			182,278			35			372			—			—
Repurchased		(1,212,380	)		(13,608,825	)		(630,302	)		(6,584,168	)		—			—			—			—
Total		(1,009,694	)	$	(11,411,359	)		(161,718	)	$	(1,859,823	)		35		$	372			451		$	5,000
TARGET 2055 SERIES:	FOR THE SIX MONTHS ENDED 4/30/18						FOR THE YEAR ENDED 10/31/17						FOR THE SIX MONTHS ENDED 4/30/18						FOR THE YEAR ENDED 10/31/17
	CLASS K SHARES			AMOUNTS			CLASS K SHARES			AMOUNTS			CLASS R SHARES			AMOUNTS			CLASS R SHARES			AMOUNTS
Sold		122,574		$	1,625,926			183,894		$	2,305,123			128,786		$	1,682,470			166,456		$	2,131,519
Reinvested		29,272			374,094			4,973			57,576			19,193			242,384			955			11,041
Repurchased		(126,846	)		(1,678,747	)		(86,995	)		(1,064,756	)		(1,708	)		(22,326	)		(34,345	)		(418,012	)
Total		25,000		$	321,273			101,872		$	1,297,943			146,271		$	1,902,528			133,066		$	1,724,548
TARGET 2055 SERIES:	FOR THE SIX MONTHS ENDED 4/30/18						FOR THE YEAR ENDED 10/31/17						FOR THE SIX MONTHS ENDED 4/30/18						FOR THE PERIOD 10/16/171 TO 10/31/17
	CLASS I SHARES			AMOUNTS			CLASS I SHARES			AMOUNTS			CLASS R6 SHARES			AMOUNTS			CLASS R6 SHARES			AMOUNTS
Sold		11,036		$	147,777			141,581		$	1,738,110			—		$	—			365		$	5,000
Reinvested		1,693			21,844			5,949			69,828			34			428			—			—
Repurchased		(1,567	)		(21,093	)		(367,843	)		(4,785,227	)		—			—			—			—
Total		11,162		$	148,528			(220,313	)	$	(2,977,289	)		34		$	428			365		$	5,000

53

Notes to Financial Statements (continued)

(unaudited)

6. Capital Stock Transactions (continued)

TARGET 2060 SERIES:	FOR THE SIX MONTHS ENDED 4/30/18						FOR THE YEAR ENDED 10/31/17						FOR THE SIX MONTHS ENDED 4/30/18						FOR THE YEAR ENDED 10/31/17
	CLASS K SHARES			AMOUNTS			CLASS K SHARES			AMOUNTS			CLASS R SHARES			AMOUNTS			CLASS R SHARES			AMOUNTS
Sold		117,336		$	1,398,381			134,187		$	1,564,437			124,171		$	1,463,128			97,802		$	1,164,532
Reinvested		33,071			379,653			2,389			25,579			13,329			152,746			196			2,130
Repurchased		(13,729	)		(159,578	)		(4,631	)		(53,278	)		(1,933	)		(23,248	)		(15,100	)		(164,344	)
Total		136,678		$	1,618,456			131,945		$	1,536,738			135,567		$	1,592,626			82,898		$	1,002,318
TARGET 2060 SERIES:	FOR THE SIX MONTHS ENDED 4/30/18						FOR THE YEAR ENDED 10/31/17						FOR THE SIX MONTHS ENDED 4/30/18						FOR THE PERIOD 10/16/171 TO 10/31/17
	CLASS I SHARES			AMOUNTS			CLASS I SHARES			AMOUNTS			CLASS R6 SHARES			AMOUNTS			CLASS R6 SHARES			AMOUNTS
Sold		2,682		$	31,625			4,721		$	53,596			—		$	—			402		$	5,000
Reinvested		789			9,062			108			1,164			46			531			—			—
Repurchased		(35	)		(432	)		(1,774	)		(20,121	)		—			—			—			—
Total		3,436		$	40,255			3,055		$	34,639			46		$	531			402		$	5,000

¹Commencement of operations.

The following table represents instances at April 30, 2018, where a shareholder account owned greater than 10% of a Series:

SERIES	NUMBER OF ACCOUNTS OVER 10%		PERCENTAGE OF THE SERIES
Target Income Series		1		46.2	%
Target 2015 Series		2		30.5	%
Target 2020 Series		1		46.4	%
Target 2030 Series		1		46.3	%
Target 2040 Series		1		42.9	%
Target 2050 Series		2		43.6	%
Target 2060 Series		1		42.1	%

At April 30, 2018, the Advisor and its affiliates owned 0.2% of the Target 2015 Series, 2.7% of the Target 2060 Series, and 0.1% or less of each remaining Series. Investment activities of these shareholders may have a material effect on the Series.

7. Financial Instruments

The Underlying Series may trade in instruments including written and purchased options, forward foreign currency exchange contracts and futures contracts and other derivatives in the normal course of investing activities to assist in managing exposure to various market risks. The Underlying Series may be subject to various elements of risk which may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. These risks include: the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to over the counter derivative counterparties’ failure to perform under contract terms; liquidity risk related to the lack of a liquid market for these contracts allowing the fund to close out its position(s); and documentation risk relating to disagreement over contract terms. No such investments were directly held by the Series as of April 30, 2018.

8. Federal Income Tax Information

The amount and characterization of certain income and capital gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Each Series may periodically make reclassifications among its capital

54

Notes to Financial Statements (continued)

(unaudited)

8. Federal Income Tax Information (continued)

accounts to reflect income and gains available for distribution (or available capital loss carryovers) under income tax regulations, without impacting the Series’ net asset value. Any such reclassifications are not reflected in the financial highlights.

The final determination of the tax character of current year distributions will be made at the conclusion of the fiscal year. The tax character of distributions paid for the year ended October 31, 2017 were as follows:

	TARGET INCOME SERIES		TARGET 2015 SERIES		TARGET 2020 SERIES		TARGET 2025 SERIES		TARGET 2030 SERIES
Ordinary income (2017)	$	1,234,782	$	90,007	$	1,858,404	$	475,544	$	2,163,446

	TARGET 2035 SERIES		TARGET 2040 SERIES		TARGET 2045 SERIES		TARGET 2050 SERIES		TARGET 2055 SERIES		TARGET 2060 SERIES
Ordinary income (2017)	$	361,500	$	1,141,133	$	174,047	$	391,345	$	75,733	$	24,681
Long-term capital gain (2017)	$	164,470	$	—	$	177,024	$	—	$	68,636	$	4,290

At April 30, 2018, the the identified cost of investments for federal income tax purposes, the resulting gross unrealized appreciation (depreciation), and the net unrealized appreciation (depreciation) were as follows:

	TARGET INCOME SERIES			TARGET 2015 SERIES			TARGET 2020 SERIES			TARGET 2025 SERIES			TARGET 2030 SERIES
Cost for federal income tax purposes	$	118,120,464		$	3,273,716		$	94,374,638		$	51,208,536		$	113,569,618
Unrealized appreciation		—			—			—			—			313,783
Unrealized depreciation		(1,591,613	)		(51,668	)		(1,027,873	)		(503,238	)		(866,455	)
Net unrealized depreciation	$	(1,591,613	)	$	(51,668	)	$	(1,027,873	)	$	(503,238	)	$	(552,672	)

	TARGET 2035 SERIES			TARGET 2040 SERIES			TARGET 2045 SERIES			TARGET 2050 SERIES		TARGET 2055 SERIES		TARGET 2060 SERIES
Cost for federal income tax purposes	$	29,803,351		$	66,624,059		$	17,430,789		$	27,691,932	$	8,526,668	$	7,344,960
Unrealized appreciation		208,242			1,051,052			279,603			695,182		173,651		135,380
Unrealized depreciation		(182,859	)		(326,270	)		(42,230	)		—		—		—
Net unrealized appreciation (depreciation)	$	25,383		$	724,782		$	237,373		$	695,182	$	173,651	$	135,380

At October 31, 2017, Target Income Series, Target 2015 Series, Target 2020 Series and Target 2030 Series had net long-term capital loss carryforwards of $406,009, $431,980, $2,328,975 and $1,622,824, respectively, which may be carried forward indefinitely.

55

Renewal of Investment Advisory Agreement

(unaudited)

At the Manning & Napier Fund, Inc. (the “Fund”) Board of Directors’ (the “Board”) meeting, held on November 16, 2017, the Investment Advisory Agreement (the “Agreement”) between the Fund and Manning & Napier Advisors, LLC (the “Advisor”) was considered by the Board for renewal. In connection with the decision whether to renew the Agreement, a variety of material was provided to the Board in advance of the meeting for their review and consideration.

Representatives of the Advisor attended the meeting and presented additional oral information to the Board to assist the Board in its considerations. The discussion below outlines the materials and information presented to the Board in connection with the Board’s 2017 Annual consideration of the Agreement and the conclusions made by the Directors when determining to continue the Agreement.

• The Board considered the nature and quality of services provided by the Advisor under the Agreement for over 30 years including, among others: deciding what securities to purchase and sell for each Series; arranging for the purchase and sale of such securities by placing orders with broker-dealers; administering the affairs of the Fund (including the books and records of the Fund not maintained by third party service providers such as the custodian or transfer agent); arranging for the insurance coverage for the Fund; and supervising the preparation of tax returns, SEC filings (including registration statements) and reports to shareholders for the Fund. The Board also considered the Advisor’s personnel who perform services to the Fund, the strength of its compliance infrastructure, policies and procedures relating to compliance with securities regulations, reputation, expertise and resources in domestic and foreign financial markets. The Board discussed the quality of these services with representatives from the Advisor and concluded that the Advisor was performing its services to the Fund required under the Agreement in a reasonable manner.

• The Board considered the Advisor’s investments teams, including changes to the teams during the past year, investment team compensation and investment process. The Board considered the performance of each Series since its inception, as well as over multiple time periods including: one year, three year, five year, ten year, and current market cycle. A market cycle includes periods of both rising and falling markets. Returns for established benchmark indices for each Series were provided. In addition, the Board considered (and considers on a quarterly basis) a number of other factors relevant to performance at the meeting including: a peer group performance analysis consisting of Morningstar universes of mutual funds with similar investment objectives; the breadth of the Fund’s product offerings; and performance over reasonable time periods. The Board discussed with Representatives of the Advisor, short-term performance challenges in the Fund’s non-U.S. portfolios which have resulted in a downward trend in assets under management. After discussion, the Board concluded that the nature and quality of the investment management services provided by the Advisor to the Fund, and the Series’ actual and comparative performance, especially over the current market cycle supported the renewal of the agreement.

• The Board considered the costs of the Advisor’s services and the profits of the Advisor as they relate to the Advisor’s services to the Fund under the Agreement. In reviewing the Advisor’s costs and profits, the Board discussed the Advisor’s revenues generated from the Fund and its expenses associated with providing the services under the Agreement. The Advisor presented the Board with firmwide investment management profitability to provide a meaningful comparison of the Advisor’s profitability from its Fund activities relative to its profitability from its other investment management business. In addition, the Board reviewed the Advisor’s expense allocation methodology used to calculate profitability since many of the Advisor’s resources and expenses are shared across the Advisor’s various investment management vehicles. The Board considered the Advisor’s expenses associated with Fund activities outside of the Agreement (such as expense reimbursements pursuant to expense caps and payments made by the Advisor to third party platforms on which shares of the Fund are available for purchase). After discussing the above costs and profits, the Board concluded that the Advisor’s profitability relating to its services provided under the Agreement was reasonable.

• The Board then considered whether economies of scale were being achieved by the Advisor with respect to its services to the Fund. The Board acknowledged the expense caps incorporated in the Fund’s current fee structure, which requires the Advisor to subsidize the expenses of the Series operating above their cap, noting that 26 Series of the Fund are currently receiving expense reimbursements from the Advisor. The Board concluded that based on the current fee structure and profitability, the Fund would need to grow in assets before the Advisor would be able to achieve meaningful economies of scale.

56

Renewal of Investment Advisory Agreement

(unaudited)

• The Board considered the fees and expenses of the various Series of the Fund. The Advisor provided the Board with information comparing each Series’ contractual management fees with the Advisor’s standard advisory fees for separate accounts and collective investment trusts. The Board considered that the range of services provided to the Series is more extensive than for the Advisor’s other clients due to additional infrastructure, administrative and regulatory requirements related to operating a mutual fund. The Advisor also presented the advisory fees and total expenses for each Series, including the advisory fee adjusted for any contractual expense waivers or reimbursements paid by the Advisor. The advisory fees, 12b-1 Distribution and Service Fees, other expenses (e.g. a combination of Shareholder Services Fees, routine operating expenses and Acquired Fund Fees and Expenses for fund-of-fund Series) and net expense ratios of each Series were compared and ranked (on both a mean and median basis) against funds of a similar size and with similar investment objectives and expense characteristics as disclosed on the Morningstar database. In addition, the Board considered fee reductions that went into effect for the Fund’s Target Series in October 2017, as well as projected fee and expense changes for certain Series approved by the Board in a prior Board meeting. These fee and expense changes would go into effect pursuant to a successful shareholder vote in 2018. Representatives of the Advisor discussed with the Board the comparisons and rankings of fees and net expense ratios for each Series of the Fund and the methodology behind the comparison. The Board considered the Advisor’s active portfolio management that results in portfolios that are more differentiated than the construction of their benchmarks. Based on their review of the information provided, the Board concluded that the fees and expenses of each Series of the Fund were reasonable on a comparative basis.

• The Board also considered the other benefits the Advisor derives from its relationship with the Fund. Such other benefits include participation in a joint insurance program, sharing of compensation expenses for certain shared personnel, relationships with large service providers and certain research services provided by soft dollars. The Board reviewed the broker-dealers who provided research to the Advisor and the products and services paid for, in whole or in part, using soft dollar commissions. Given the level of soft dollar transactions involving the Fund, the Board concluded that these additional benefits to the Advisor were reasonable.

Based on the Board’s deliberations and their evaluation of the information described above, the Board, including a majority of Directors that are not “interested persons” as defined in the Investment Company Act of 1940, concluded that the compensation under the Agreement was fair and reasonable in light of the services and expenses and such other matters as the Directors considered to be relevant in the exercise of their reasonable judgment. Accordingly, the Board approved the renewal of the Agreement. In the course of their deliberations, the Directors did not identify any particular information that was all important or controlling.

57

Literature Requests

(unaudited)

Proxy Voting Policies and Procedures

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

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

Proxy Voting Record

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

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

Quarterly Portfolio Holdings

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

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

The Series’ Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Prospectus and Statement of Additional Information (SAI)

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

Additional information available at www.manning-napier.com

1. Fund Holdings - Month-End

2. Fund Holdings - Quarter-End

3. Shareholder Report - Annual

4. Shareholder Report - Semi-Annual

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

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

MNTGT-04/18-SAR

Shareholder Expense Example - Blended Asset Conservative Series

(unaudited)

As a shareholder of the Series, you incur ongoing costs, including management fees, shareholder service fees and other Series expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Series and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested in each class at the beginning of the period and held for the entire period (November 1, 2017 to April 30, 2018).

Actual Expenses

The Actual lines of the table below provide information about actual account values and actual expenses. You may use the information in these lines, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the Actual line for the Class in which you have invested under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The Hypothetical lines of each class in the table below provide information about hypothetical account values and hypothetical expenses based on the Series’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Series’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid during the period. You may use this information to compare the ongoing costs of investing in the Series and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs such as sales charges (loads), redemption fees, or exchange fees that you may incur in other mutual funds. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

	BEGINNING  ACCOUNT VALUE                    11/1/17	ENDING  ACCOUNT VALUE                    4/30/18	EXPENSES PAID  DURING  PERIOD*                   11/1/17-4/30/18
Actual	$1,000.00	$991.60	$2.22
Hypothetical (5% return before expenses)	$1,000.00	$1,022.56	$2.26

*Expenses are equal to the Series’ annualized expense ratio (for the six-month period) of 0.45%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The Series’ total return would have been lower had certain expenses not been waived during the period.

1

Portfolio Composition - Blended Asset Conservative Series

As of April 30, 2018 (unaudited)

Sector Allocation4
Financials	9.8	%
Information Technology	7.6	%
Health Care	6.1	%
Energy	5.6	%
Consumer Discretionary	4.5	%
Real Estate	3.5	%
Consumer Staples	2.9	%
Materials	2.8	%
Industrials	2.3	%
Telecommunication Services	1.9	%
Utilities	0.2	%
4Including common stocks and corporate bonds, as a percentage of total investments.

Top Five Stock Holdings5
Booking Holdings, Inc.	0.8	%
Qorvo, Inc.	0.7	%
Johnson & Johnson	0.7	%
Incyte Corp.	0.7	%
Facebook, Inc. - Class A	0.6	%
5As a percentage of total investments.
Top Five Bond Holdings6
U.S. Treasury Note, 1.625%, 4/30/2019	5.9	%
U.S. Treasury Note, 1.125%, 7/31/2021	5.2	%
U.S. Treasury Bill, 1.85%, 9/6/2018	4.0	%
U.S. Treasury Note, 1.375%, 4/30/2020	3.0	%
U.S. Treasury Note, 1.625%, 4/30/2023	2.0	%
6As a percentage of total investments.

2

Investment Portfolio - April 30, 2018

(unaudited)

BLENDED ASSET CONSERVATIVE SERIES	SHARES		VALUE (NOTE 2)
COMMON STOCKS - 28.2%
Consumer Discretionary - 2.5%
Automobiles - 0.1%
Honda Motor Co., Ltd. - ADR (Japan)		2,571	$	88,340
Hotels, Restaurants & Leisure - 0.1%
McDonald’s Corp.		889		148,854
Household Durables - 0.0%##
Newell Brands, Inc.		2,230		61,615
Internet & Direct Marketing Retail - 0.9%
Amazon.com, Inc.*		70		109,629
Booking Holdings, Inc.*		440		958,320
				1,067,949
Media - 0.3%
Comcast Corp. - Class A		3,685		115,672
Quebecor, Inc. - Class B (Canada)		5,850		109,077
Shaw Communications, Inc. - Class B (Canada)		5,340		109,757
				334,506
Multiline Retail - 0.2%
Dollar General Corp.		1,260		121,628
Target Corp.		917		66,574
				188,202
Specialty Retail - 0.5%
Dick’s Sporting Goods, Inc.		1,855		61,382
The Home Depot, Inc.		1,103		203,834
Industria de Diseno Textil S.A. (Spain)1		9,055		280,688
O’Reilly Automotive, Inc.*		325		83,223
				629,127
Textiles, Apparel & Luxury Goods - 0.4%
lululemon athletica, Inc.*		3,840		383,232
NIKE, Inc. - Class B		855		58,473
				441,705
Total Consumer Discretionary				2,960,298
Consumer Staples - 2.5%
Beverages - 1.4%
Ambev S.A. - ADR (Brazil)		59,920		396,670
Anheuser-Busch InBev S.A./N.V. (Belgium)1		5,800		576,134
Diageo plc (United Kingdom)1		15,415		549,929
PepsiCo, Inc.		1,970		198,852
				1,721,585
Food & Staples Retailing - 0.3%
CVS Health Corp.		1,339		93,502
Walgreens Boots Alliance, Inc.		1,079		71,700
Walmart, Inc.		2,597		229,731
				394,933
Food Products - 0.2%
J&J Snack Foods Corp.		500		68,705
The Kraft Heinz Co.		1,286		72,505
Mondelez International, Inc. - Class A		3,181		125,649
				266,859
Household Products - 0.1%
Colgate-Palmolive Co.		1,301		84,864
Personal Products - 0.5%
Unilever plc - ADR (United Kingdom)		9,972		558,133
Total Consumer Staples				3,026,374
Energy - 1.6%
Energy Equipment & Services - 0.8%
Diamond Offshore Drilling, Inc.*		9,190		169,004
Ensco plc - Class A		15,330		86,614
Schlumberger Ltd.		6,520		447,011
Transocean Ltd.*		21,540		266,450
				969,079
Oil, Gas & Consumable Fuels - 0.8%
BP plc - ADR (United Kingdom)		3,330		148,485
Chevron Corp.		875		109,471
China Petroleum & Chemical Corp. - ADR (China)		1,395		136,068
Exxon Mobil Corp.		3,320		258,130
Hess Corp.		1,335		76,082
Marathon Petroleum Corp.		783		58,655
Royal Dutch Shell plc - Class B - ADR (Netherlands)		1,100		79,662
TOTAL S.A. (France)1		865		54,367
Valero Energy Corp.		660		73,214
				994,134
Total Energy				1,963,213
Financials - 2.6%
Banks - 1.3%
Bank of America Corp.		6,750		201,960
BankUnited, Inc.		905		35,847
Citigroup, Inc.		2,470		168,627
Fifth Third Bancorp.		1,275		42,292
Huntington Bancshares, Inc.		2,345		34,964
JPMorgan Chase & Co.		4,161		452,634
KeyCorp.		3,395		67,628

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

3

Investment Portfolio - April 30, 2018

(unaudited)

BLENDED ASSET CONSERVATIVE SERIES	SHARES		VALUE (NOTE 2)
COMMON STOCKS (continued)
Financials (continued)
Banks (continued)
The PNC Financial Services Group, Inc.		255	$	37,131
Regions Financial Corp.		2,175		40,672
SunTrust Banks, Inc.		540		36,072
U.S. Bancorp		2,092		105,541
Wells Fargo & Co.		6,522		338,883
				1,562,251
Capital Markets - 1.1%
Apollo Global Management, LLC - Class A		1,490		42,972
Ares Management LP		1,470		32,340
BlackRock, Inc.		830		432,845
The Blackstone Group LP		1,500		46,425
The Charles Schwab Corp.		8,195		456,298
E*TRADE Financial Corp.*		3,840		233,011
				1,243,891
Insurance - 0.2%
The Allstate Corp.		345		33,748
American International Group, Inc.		520		29,120
Arthur J Gallagher & Co.		545		38,145
Chubb Ltd.		350		47,484
Lincoln National Corp.		455		32,141
Old Republic International Corp.		1,655		33,762
Principal Financial Group, Inc.		500		29,610
Willis Towers Watson plc		225		33,415
				277,425
Total Financials				3,083,567
Health Care - 6.0%
Biotechnology - 2.7%
AbbVie, Inc.		1,694		163,556
Amgen, Inc.		778		135,745
Biogen, Inc.*		1,200		328,320
BioMarin Pharmaceutical, Inc.*		5,510		460,140
Gilead Sciences, Inc.		1,616		116,724
Incyte Corp.*		12,510		774,869
Regeneron Pharmaceuticals, Inc.*		1,990		604,323
Seattle Genetics, Inc.*		7,820		400,306
Vertex Pharmaceuticals, Inc.*		1,030		157,755
				3,141,738
Health Care Equipment & Supplies - 0.6%
Koninklijke Philips N.V. - NY Shares (Netherlands)		1,571		66,328
Medtronic plc2		7,929		635,351
				701,679
Health Care Providers & Services - 0.3%
DaVita, Inc.*2		5,430		340,950
Pharmaceuticals - 2.4%
AstraZeneca plc (United Kingdom)1		1,010		70,703
Bristol-Myers Squibb Co.		6,730		350,835
Eli Lilly & Co.		1,869		151,520
Johnson & Johnson		6,525		825,347
Merck & Co., Inc.		8,452		497,569
Novartis AG - ADR (Switzerland)		7,485		574,025
Perrigo Co. plc2		545		42,586
Pfizer, Inc.		5,491		201,025
Sanofi (France)1		725		57,320
Sanofi - ADR (France)		3,046		119,769
				2,890,699
Total Health Care				7,075,066
Industrials - 2.1%
Aerospace & Defense - 0.3%
The Boeing Co.		563		187,794
Lockheed Martin Corp.		342		109,727
United Technologies Corp.		973		116,906
				414,427
Air Freight & Logistics - 0.4%
FedEx Corp.		1,280		316,416
United Parcel Service, Inc. - Class B		1,074		121,899
				438,315
Airlines - 0.1%
Delta Air Lines, Inc.		1,000		52,220
Southwest Airlines Co.		925		48,868
				101,088
Commercial Services & Supplies - 0.1%
Covanta Holding Corp.		4,990		74,351
Waste Management, Inc.		1,190		96,735
				171,086
Construction & Engineering - 0.1%
Comfort Systems USA, Inc.		1,500		63,300
Electrical Equipment - 0.1%
ABB Ltd. (Asea Brown Boveri) - ADR (Switzerland)		3,174		73,859
Emerson Electric Co.		1,002		66,543
				140,402
Industrial Conglomerates - 0.3%
3M Co.		928		180,394
General Electric Co.		985		13,859

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

4

Investment Portfolio - April 30, 2018

(unaudited)

BLENDED ASSET CONSERVATIVE SERIES	SHARES		VALUE (NOTE 2)
COMMON STOCKS (continued)
Industrials (continued)
Industrial Conglomerates (continued)
Honeywell International, Inc.		860	$	124,425
				318,678
Machinery - 0.1%
Caterpillar, Inc.		569		82,141
Mueller Water Products, Inc. - Class A		5,750		56,292
				138,433
Professional Services - 0.2%
Equifax, Inc.		2,300		257,715
Road & Rail - 0.4%
Genesee & Wyoming, Inc. - Class A*		2,940		209,328
Kansas City Southern		940		100,232
Union Pacific Corp.		931		124,410
				433,970
Total Industrials				2,477,414
Information Technology - 6.1%
Communications Equipment - 0.2%
Cisco Systems, Inc.		4,532		200,722
Internet Software & Services - 1.4%
Alibaba Group Holding Ltd. - ADR (China)*		1,890		337,441
Alphabet, Inc. - Class A*		210		213,902
Alphabet, Inc. - Class C*		210		213,639
Facebook, Inc. - Class A*		4,200		722,400
Tencent Holdings Ltd. - Class H (China)1		4,470		219,758
				1,707,140
IT Services - 1.1%
Automatic Data Processing, Inc.		668		78,877
Broadridge Financial Solutions, Inc.		280		30,019
International Business Machines Corp.		1,024		148,439
InterXion Holding N.V. (Netherlands)*		920		59,819
Mastercard, Inc. - Class A		3,270		582,943
Visa, Inc. - Class A		3,480		441,542
				1,341,639
Semiconductors & Semiconductor Equipment - 2.1%
Broadcom, Inc.		393		90,162
Intel Corp.		7,955		410,637
Qorvo, Inc.*		12,390		835,086
Skyworks Solutions, Inc.		5,460		473,710
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR (Taiwan)		5,180		199,171
Texas Instruments, Inc.		4,466		452,986
				2,461,752
Software - 1.2%
Electronic Arts, Inc.*		2,630		310,287
Microsoft Corp.		7,100		663,992
ServiceNow, Inc.*		2,600		431,964
				1,406,243
Technology Hardware, Storage & Peripherals - 0.1%
Apple, Inc.		680		112,377
Total Information Technology				7,229,873
Materials - 1.5%
Chemicals - 0.3%
DowDuPont, Inc.		1,890		119,524
FMC Corp.		1,205		96,075
LyondellBasell Industries N.V. - Class A		635		67,139
RPM International, Inc.		865		41,779
				324,517
Containers & Packaging - 0.9%
Ball Corp.		10,378		416,054
Graphic Packaging Holding Co.		8,035		114,900
Sealed Air Corp.		9,515		417,233
Sonoco Products Co.		2,070		106,315
				1,054,502
Metals & Mining - 0.3%
Antofagasta plc (Chile)1		8,685		116,040
BHP Billiton Ltd. - ADR (Australia)		2,196		102,663
Lundin Mining Corp. (Canada)		16,815		111,319
Rio Tinto plc - ADR (United Kingdom)		1,633		89,733
				419,755
Total Materials				1,798,774
Real Estate - 2.8%
Equity Real Estate Investment Trusts (REITS) - 2.8%
Acadia Realty Trust		535		12,626
Agree Realty Corp.		240		11,731
Alexandria Real Estate Equities, Inc.		185		23,045
American Campus Communities, Inc.		685		26,790

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

5

Investment Portfolio - April 30, 2018

(unaudited)

BLENDED ASSET CONSERVATIVE SERIES	SHARES		VALUE (NOTE 2)
COMMON STOCKS (continued)
Real Estate (continued)
Equity Real Estate Investment Trusts (REITS) (continued)
American Homes 4 Rent - Class A		2,345	$	47,369
American Tower Corp.		785		107,043
Americold Realty Trust		640		13,190
Apartment Investment & Management Co. - Class A		860		34,916
Apple Hospitality REIT, Inc.		1,180		21,228
AvalonBay Communities, Inc.		560		91,280
Axiare Patrimonio SOCIMI S.A. (Spain)1		510		10,812
Bluerock Residential Growth REIT, Inc.		1,060		9,529
Boston Properties, Inc.		445		54,027
Brandywine Realty Trust		1,355		21,829
CatchMark Timber Trust, Inc. - Class A		10,430		136,007
Chesapeake Lodging Trust		610		18,019
Colony NorthStar, Inc. - Class A		8,590		52,485
Columbia Property Trust, Inc.		670		14,311
Community Healthcare Trust, Inc.		3,355		85,553
CoreCivic, Inc.		3,560		71,770
Cousins Properties, Inc.		6,465		57,474
Crown Castle International Corp.		1,145		115,496
CubeSmart		1,905		56,083
Digital Realty Trust, Inc.		950		100,406
EastGroup Properties, Inc.		105		9,427
Equinix, Inc.		440		185,148
Equity LifeStyle Properties, Inc.		325		28,977
Equity Residential		670		41,346
Essex Property Trust, Inc.		120		28,763
Extra Space Storage, Inc.		460		41,211
First Industrial Realty Trust, Inc.		1,315		40,910
Forest City Realty Trust, Inc. - Class A		1,005		20,160
Getty Realty Corp.		740		18,537
GGP, Inc.		1,155		23,088
Global Medical REIT, Inc.		1,495		11,646
HCP, Inc.		1,820		42,515
Healthcare Trust of America, Inc. - Class A		930		23,241
Hibernia REIT plc (Ireland)1		11,960		21,433
Host Hotels & Resorts, Inc.		2,410		47,140
Independence Realty Trust, Inc.		1,710		16,074
Invitation Homes, Inc.		2,042		47,252
Lamar Advertising Co. - Class A		700		44,597
Life Storage, Inc.		140		12,382
The Macerich Co.		270		15,557
Mid-America Apartment Communities, Inc.		575		52,590
National Retail Properties, Inc.		425		16,167
Outfront Media, Inc.		1,950		36,563
Physicians Realty Trust		2,475		36,977
Plymouth Industrial REIT, Inc.		330		5,676
Prologis, Inc.		1,565		101,584
Public Storage		275		55,490
Regency Centers Corp.		410		24,128
Rexford Industrial Realty, Inc.		400		12,220
SBA Communications Corp.*		695		111,360
Simon Property Group, Inc.		730		114,128
STAG Industrial, Inc.		2,515		61,794
STORE Capital Corp.		700		17,661
Sun Communities, Inc.		440		41,294
Sunstone Hotel Investors, Inc.		1,865		29,094
Terreno Realty Corp.		325		12,074
UDR, Inc.		1,465		52,960
UMH Properties, Inc.		1,180		15,965
Unibail-Rodamco S.E. (France)1		135		32,409
Urban Edge Properties		1,905		39,186
Ventas, Inc.		390		20,054
VEREIT, Inc.		2,550		17,340
Vornado Realty Trust		615		41,838
Welltower, Inc.		460		24,582
Weyerhaeuser Co.		10,375		381,592
Total Real Estate				3,267,149
Telecommunication Services - 0.3%
Diversified Telecommunication Services - 0.3%
Zayo Group Holdings, Inc.*		8,830		320,529
Utilities - 0.2%
Electric Utilities - 0.0%##
Exelon Corp.		930		36,903
Independent Power and Renewable Electricity Producers - 0.1%
Boralex, Inc. - Class A (Canada)		1,815		32,442
Innergex Renewable Energy, Inc. (Canada)		2,995		31,584
Northland Power, Inc. (Canada)		1,760		31,733
Pattern Energy Group, Inc. - Class A		1,695		30,815
				126,574

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

6

Investment Portfolio - April 30, 2018

(unaudited)

BLENDED ASSET CONSERVATIVE SERIES	SHARES/ PRINCIPAL AMOUNT3		VALUE (NOTE 2)
COMMON STOCKS (continued)
Utilities (continued)
Multi-Utilities - 0.1%
CMS Energy Corp.		1,325	$	62,527
Total Utilities				226,004
TOTAL COMMON STOCKS
(Identified Cost $33,662,501)				33,428,261
CORPORATE BONDS - 18.8%
Non-Convertible Corporate Bonds - 18.8%
Consumer Discretionary - 2.0%
Auto Components - 0.0%##
Techniplas LLC4, 10.00%, 5/1/2020		35,000		30,888
Household Durables - 0.2%
Century Communities, Inc., 5.875%, 7/15/2025		57,000		54,221
Meritage Homes Corp., 5.125%, 6/6/2027		40,000		37,950
TRI Pointe Group, Inc. - TRI Pointe Homes, Inc., 4.375%, 6/15/2019		25,000		25,031
TRI Pointe Group, Inc. - TRI Pointe Homes, Inc., 5.875%, 6/15/2024		21,000		21,289
Weekley Homes LLC - Weekley Finance Corp., 6.00%, 2/1/2023		24,000		23,700
Weekley Homes LLC - Weekley Finance Corp.4, 6.625%, 8/15/2025		35,000		33,950
				196,141
Internet & Direct Marketing Retail - 0.9%
Booking Holdings, Inc., 3.60%, 6/1/2026		1,100,000		1,066,308
Media - 0.9%
CCO Holdings LLC - CCO Holdings Capital Corp.4, 5.50%, 5/1/2026		25,000		24,343
Cogeco Communications, Inc. (Canada)4, 4.875%, 5/1/2020		20,000		20,100
CSC Holdings, LLC, 5.25%, 6/1/2024		48,000		44,970
Discovery Communications LLC, 5.20%, 9/20/2047		730,000		713,995
Telenet Finance Luxembourg Notes S.A.R.L (Belgium)4, 5.50%, 3/1/2028		200,000		191,000
				994,408
Textiles, Apparel & Luxury Goods - 0.0%##
Hanesbrands, Inc.4, 4.875%, 5/15/2026		25,000		24,000
Total Consumer Discretionary				2,311,745
Consumer Staples - 0.3%
Beverages - 0.3%
PepsiCo, Inc., 3.10%, 7/17/2022		300,000		299,617
Food & Staples Retailing - 0.0%##
C&S Group Enterprises LLC4, 5.375%, 7/15/2022		49,000		46,060
Household Products - 0.0%##
First Quality Finance Co., Inc.4, 5.00%, 7/1/2025		15,000		14,363
Total Consumer Staples				360,040
Energy - 3.9%
Energy Equipment & Services - 0.0%##
Shelf Drilling Holdings Ltd. (United
Arab Emirates) 4, 8.25%, 2/15/2025		30,000		30,450
Trinidad Drilling Ltd. (Canada)4, 6.625%, 2/15/2025		36,000		34,515
				64,965
Oil, Gas & Consumable Fuels - 3.9%
Boardwalk Pipelines LP, 5.95%, 6/1/2026		990,000		1,056,072
Cheniere Energy Partners LP4, 5.25%, 10/1/2025		45,000		43,988
DCP Midstream Operating LP4, 9.75%, 3/15/2019		20,000		21,050
Dynagas LNG Partners LP - Dynagas Finance, Inc. (Monaco), 6.25%, 10/30/2019		36,000		36,450
GasLog Ltd. (Monaco), 8.875%, 3/22/2022		35,000		37,100
Hilcorp Energy I LP - Hilcorp Finance Co.4, 5.75%, 10/1/2025		41,000		40,590
Jonah Energy LLC - Jonah Energy Finance Corp.4, 7.25%, 10/15/2025		55,000		44,000
Kinder Morgan Energy Partners LP, 6.95%, 1/15/2038		890,000		1,056,249
Petroleos Mexicanos (Mexico)4, 6.35%, 2/12/2048		1,110,000		1,017,870
Rockies Express Pipeline, LLC4, 5.625%, 4/15/2020		25,000		25,883
Sabine Pass Liquefaction LLC, 5.875%, 6/30/2026		980,000		1,064,289
SemGroup Corp., 6.375%, 3/15/2025		55,000		52,388
Seven Generations Energy Ltd. (Canada)4, 5.375%, 9/30/2025		24,000		23,340
Southwestern Energy Co.5, 6.70%, 1/23/2025		27,000		26,460

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

7

Investment Portfolio - April 30, 2018

(unaudited)

BLENDED ASSET CONSERVATIVE SERIES	PRINCIPAL AMOUNT3		VALUE (NOTE 2)
CORPORATE BONDS (continued)
Non-Convertible Corporate Bonds (continued)
Energy (continued)
Oil, Gas & Consumable Fuels (continued)
Tallgrass Energy Partners LP - Tallgrass Energy Finance Corp.4, 5.50%, 9/15/2024		49,000	$	49,735
				4,595,464
Total Energy				4,660,429
Financials - 7.2%
Banks - 4.2%
Bank of America Corp., 4.00%, 1/22/2025		1,080,000		1,067,469
Citigroup, Inc., 8.125%, 7/15/2039		720,000		1,042,795
Intesa Sanpaolo S.p.A. (Italy)4, 3.875%, 1/12/2028		1,130,000		1,055,495
JPMorgan Chase & Co., 6.30%, 4/23/2019		1,030,000		1,066,319
Popular, Inc., 7.00%, 7/1/2019		41,000		41,718
Santander Holdings USA, Inc., 3.40%, 1/18/2023		730,000		707,299
				4,981,095
Capital Markets - 0.9%
Morgan Stanley6, (3 mo. LIBOR US + 1.220%), 3.583%, 5/8/2024		1,050,000		1,070,682
Consumer Finance - 0.1%
Ally Financial, Inc., 3.50%, 1/27/2019		30,000		29,985
SLM Corp., 5.125%, 4/5/2022		40,000		40,400
				70,385
Diversified Financial Services - 0.8%
Aircastle Ltd., 6.25%, 12/1/2019		15,000		15,581
International Lease Finance Corp., 6.25%, 5/15/2019		716,000		739,491
LPL Holdings, Inc.4, 5.75%, 9/15/2025		24,000		23,280
Navient Corp., 7.25%, 9/25/2023		30,000		31,350
Oxford Finance, LLC - Oxford Finance Co.- Issuer II, Inc.4, 6.375%, 12/15/2022		45,000		45,900
Park Aerospace Holdings Ltd. (Ireland)4, 4.50%, 3/15/2023		44,000		42,130
				897,732
Insurance - 1.2%
Assured Guaranty US Holdings, Inc., 5.00%, 7/1/2024		720,000		747,111
Prudential Financial, Inc.7, (3 mo. LIBOR US + 4.175%), 5.875%, 9/15/2042		670,000		712,712
				1,459,823
Thrifts & Mortgage Finance - 0.0%##
Ladder Capital Finance Holdings LLLP - Ladder Capital Finance Corp.4, 5.875%, 8/1/2021		30,000		30,525
Total Financials				8,510,242
Health Care - 0.1%
Biotechnology - 0.0%##
AMAG Pharmaceuticals, Inc. 4 , 7.875%, 9/1/2023		27,000		26,865
Health Care Providers & Services - 0.1%
DaVita, Inc., 5.00%, 5/1/2025		35,000		33,170
Fresenius Medical Care US Finance II, Inc. (Germany)4, 6.50%, 9/15/2018		15,000		15,193
Ortho-Clinical Diagnostics, Inc. - Ortho-Clinical Diagnostics S.A.4, 6.625%, 5/15/2022		25,000		24,750
Tenet Healthcare Corp., 6.00%, 10/1/2020		20,000		20,641
				93,754
Total Health Care				120,619
Industrials - 0.2%
Airlines - 0.0%##
Allegiant Travel Co., 5.50%, 7/15/2019		26,000		26,260
Construction & Engineering - 0.0%##
Tutor Perini Corp.4, 6.875%, 5/1/2025		36,000		36,889
Containers & Packaging - 0.1%
W/S Packaging Holdings, Inc.4, 9.00%, 4/15/2023		45,000		46,012
Industrial Conglomerates - 0.1%
LSB Industries, Inc.4, 9.625%, 5/1/2023		45,000		45,169
Machinery - 0.0%##
Xerium Technologies, Inc., 9.50%, 8/15/2021		27,000		28,148

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

8

Investment Portfolio - April 30, 2018

(unaudited)

BLENDED ASSET CONSERVATIVE SERIES	PRINCIPAL AMOUNT3/ SHARES		VALUE (NOTE 2)
CORPORATE BONDS (continued)
Non-Convertible Corporate Bonds (continued)
Industrials (continued)
Marine - 0.0%##
Global Ship Lease, Inc. (United Kingdom)4, 9.875%, 11/15/2022		45,000	$	44,213
Total Industrials				226,691
Information Technology - 1.5%
Internet Software & Services - 1.5%
Alibaba Group Holding Ltd. (China), 3.40%, 12/6/2027		1,130,000		1,063,883
Tencent Holdings Ltd. (China)4, 3.595%, 1/19/2028		740,000		703,220
				1,767,103
Semiconductors & Semiconductor Equipment -0.0%##
MagnaChip Semiconductor Corp. (South Korea), 6.625%, 7/15/2021		39,000		37,538
Total Information Technology				1,804,641
Materials - 1.3%
Chemicals - 0.0%##
Kissner Holdings LP - Kissner Milling Co. Ltd. - BSC Holding, Inc. - Kissner USA (Canada)4, 8.375%, 12/1/2022		32,000		32,800
Metals & Mining - 1.3%
Anglo American Capital plc (United Kingdom)4, 4.00%, 9/11/2027		740,000		697,137
Corp Nacional del Cobre de Chile (Chile)4, 5.625%, 9/21/2035		630,000		706,140
Mountain Province Diamonds, Inc. (Canada)4, 8.00%, 12/15/2022		75,000		74,250
				1,477,527
Total Materials				1,510,327
Real Estate - 0.7%
Equity Real Estate Investment Trusts (REITS) - 0.1%
GTP Acquisition Partners I LLC4, 2.35%, 6/15/2020		95,000		93,637
iStar, Inc., 5.25%, 9/15/2022		34,000		32,980
				126,617
Real Estate Management & Development - 0.6%
American Homes 4 Rent LP, 4.25%, 2/15/2028		730,000		701,825
Greystar Real Estate Partners, LLC4, 5.75%, 12/1/2025		40,000		39,600
				741,425
Total Real Estate				868,042
Telecommunication Services - 1.6%
Diversified Telecommunication Services - 1.5%
AT&T, Inc., 4.25%, 3/1/2027		710,000		704,840
Verizon Communications, Inc., 5.50%, 3/16/2047		1,000,000		1,066,040
				1,770,880
Wireless Telecommunication Services - 0.1%
Hughes Satellite Systems Corp., 5.25%, 8/1/2026		61,000		59,628
Inmarsat Finance plc (United Kingdom)4, 4.875%, 5/15/2022		100,000		96,500
Sprint Communications, Inc.4, 9.00%, 11/15/2018		11,000		11,309
				167,437
Total Telecommunication Services				1,938,317
TOTAL CORPORATE BONDS (Identified Cost $22,880,358)				22,311,093
MUTUAL FUND - 0.1%
iShares Russell 1000 Value ETF
(Identified Cost $49,743)		410		49,339
U.S. TREASURY SECURITIES - 23.2%
U.S. Treasury Bonds - 3.8%
U.S. Treasury Bond, 6.25%, 5/15/2030		909,000		1,211,456
U.S. Treasury Bond, 4.75%, 2/15/2037		1,404,000		1,760,484
U.S. Treasury Bond, 2.50%, 2/15/2045		1,022,000		911,736
U.S. Treasury Inflation Indexed Bond, 0.75%, 2/15/2042		584,458		568,258
Total U.S. Treasury Bonds
(Identified Cost $4,658,525)				4,451,934
U.S. Treasury Notes - 19.4%
U.S. Treasury Inflation Indexed Note, 0.125%, 4/15/2020		1,158,187		1,148,470
U.S. Treasury Inflation Indexed Note, 0.125%, 1/15/2023		573,550		560,226
U.S. Treasury Note, 1.625%, 4/30/2019		7,051,000		7,004,728
U.S. Treasury Note, 1.375%, 4/30/2020		3,572,000		3,493,862
U.S. Treasury Note, 1.125%, 7/31/2021		6,513,000		6,200,071
U.S. Treasury Note, 1.625%, 4/30/2023		2,535,000		2,396,862

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

9

Investment Portfolio - April 30, 2018

(unaudited)

BLENDED ASSET CONSERVATIVE SERIES	PRINCIPAL AMOUNT3		VALUE (NOTE 2)
U.S. TREASURY SECURITIES (continued)
U.S. Treasury Notes (continued)
U.S. Treasury Note, 1.625%, 5/15/2026		1,225,000	$	1,111,113
U.S. Treasury Note, 2.375%, 5/15/2027		1,150,000		1,099,148
Total U.S. Treasury Notes (Identified Cost $23,265,598)				23,014,480
TOTAL U.S. TREASURY SECURITIES (Identified Cost $27,924,123)				27,466,414
ASSET-BACKED SECURITIES - 3.9%
Capital One Multi-Asset Execution Trust, Series 2016, Class A4, 1.33%, 6/15/2022		200,000		196,464
CarMax Auto Owner Trust, Series 2017-3, Class A3, 1.97%, 4/15/2022		228,000		224,584
Chesapeake Funding II LLC, Series 2016-2A, Class A14, 1.88%, 6/15/2028		258,788		257,371
Chesapeake Funding II LLC, Series 2017-2A, Class A14, 1.99%, 5/15/2029		139,618		138,645
Colony American Homes, Series 2015-1A, Class A4,6, (1 mo. LIBOR US + 1.200%), 3.097%, 7/17/2032		228,966		228,966
Credit Acceptance Auto Loan Trust, Series 2017-1A, Class A4, 2.56%, 10/15/2025		255,000		253,432
Enterprise Fleet Financing LLC, Series 2015-2, Class A24, 1.59%, 2/22/2021		15,316		15,307
GM Financial Automobile Leasing Trust, Series 2016-3, Class A4, 1.78%, 5/20/2020		225,000		223,128
Invitation Homes Trust, Series 2015-SFR3, Class A4,6, (1 mo. LIBOR US + 1.300%), 3.196%, 8/17/2032		255,698		256,266
Invitation Homes Trust, Series 2017-SFR2, Class A4,6, (1 mo. LIBOR US + 0.850%), 2.746%, 12/17/2036		79,635		79,759
Invitation Homes Trust, Series 2017-SFR2, Class B4,6, (1 mo. LIBOR US + 1.150%), 3.046%, 12/17/2036		60,000		60,177
Progress Residential Trust, Series 2017-SFR2, Class A4, 2.897%, 12/17/2034		150,000		145,056
SBA Small Business Investment Companies, Series 2015-10B, Class 1, 2.829%, 9/10/2025		504,834		500,810
SoFi Consumer Loan Program LLC, Series 2016-5, Class A4, 3.06%, 9/25/2028		242,873		242,205
SoFi Consumer Loan Program LLC, Series 2017-5, Class A14, 2.14%, 9/25/2026		176,687		175,480
SoFi Professional Loan Program LLC, Series 2015-D, Class A24, 2.72%, 10/27/2036		118,804		117,253
SoFi Professional Loan Program LLC, Series 2016-B, Class A2B4, 2.74%, 10/25/2032		100,000		98,632
SoFi Professional Loan Program LLC, Series 2016-E, Class A2B4, 2.49%, 1/25/2036		280,000		272,950
SoFi Professional Loan Program LLC, Series 2017-A, Class A2A4, 1.55%, 3/26/2040		73,020		72,376
SoFi Professional Loan Program LLC, Series 2017-F, Class A1FX4, 2.05%, 1/25/2041		87,297		86,519
SoFi Professional Loan Program LLC, Series 2017-F, Class A2FX4, 2.84%, 1/25/2041		75,000		73,060
SoFi Professional Loan Program LLC, Series 2018-A, Class A2A4, 2.39%, 2/25/2042		162,967		161,860
Tesla Auto Lease Trust, Series 2018-A, Class A4, 2.32%, 12/20/2019		202,063		201,224
Tricon American Homes Trust, Series 2016-SFR1, Class A4, 2.589%, 11/17/2033		220,823		213,991
Tricon American Homes Trust, Series 2017-SFR2, Class A4, 2.928%, 1/17/2036		200,000		192,954
World Omni Automobile Lease Securitization Trust, Series 2016-A, Class A3, 1.45%, 8/15/2019		100,000		99,412
TOTAL ASSET-BACKED SECURITIES (Identified Cost $4,643,995)				4,587,881

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

10

Investment Portfolio - April 30, 2018

(unaudited)

BLENDED ASSET CONSERVATIVE SERIES	PRINCIPAL AMOUNT 3		VALUE (NOTE 2)
COMMERCIAL MORTGAGE-BACKED SECURITIES - 9.2%
BWAY Mortgage Trust, Series 2015-1740, Class A4, 2.917%, 1/10/2035		567,000	$	540,382
Caesars Palace Las Vegas Trust, Series 2017-VICI, Class A4, 3.531%, 10/15/2034		260,000		260,998
Commercial Mortgage Pass-Through Certificates, Series 2015-DC1, Class A5, 3.35%, 2/10/2048		545,000		535,584
Credit Suisse Mortgage Capital Trust, Series 2013-IVR3, Class A14,8, 2.50%, 5/25/2043		161,460		150,406
Credit Suisse Mortgage Capital Trust, Series 2013-TH1, Class A14,8, 2.13%, 2/25/2043		110,898		102,415
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K033, Class A28 , 3.06%, 7/25/2023		664,000		662,238
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K035, Class A28, 3.458%, 8/25/2023		727,000		736,937
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KJ10, Class A2, 2.912%, 12/25/2023		518,000		511,202
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KJ13, Class A2, 2.864%, 8/25/2022		342,000		339,660
Freddie Mac REMICS, Series 4791, Class BA, 4.00%, 3/15/2044		432,000		440,625
FREMF Mortgage Trust, Series 2013-K712, Class B4,8, 3.362%, 5/25/2045		135,000		135,428
FREMF Mortgage Trust, Series 2014-K41, Class B4,8, 3.832%, 11/25/2047		273,000		269,564
FREMF Mortgage Trust, Series 2014-K716, Class B4,8, 3.95%, 8/25/2047		451,000		458,139
GAHR Commercial Mortgage Trust, Series 2015-NRF, Class BFX4,8, 3.382%, 12/15/2034		305,000		304,753
GAHR Commercial Mortgage Trust, Series 2015-NRF, Class DFX4,8, 3.382%, 12/15/2034		1,290,000		1,282,149
Government National Mortgage Association, Series 2012-113, Class PY, 2.50%, 9/20/2042		250,000		223,404
JP Morgan Mortgage Trust, Series 2013-2, Class A24,8, 3.50%, 5/25/2043		92,265		90,680
JP Morgan Mortgage Trust, Series 2014-2, Class 1A14,8, 3.00%, 6/25/2029		124,587		123,258
JP Morgan Mortgage Trust, Series 2017-2, Class A54,8, 3.50%, 5/25/2047		346,899		343,403
JP Morgan Mortgage Trust, Series 2017-2, Class A64,8, 3.00%, 5/25/2047		372,595		363,251
JP Morgan Mortgage Trust, Series 2017-3, Class 1A34,8, 3.50%, 8/25/2047		346,913		340,298
JP Morgan Mortgage Trust, Series 2017-6, Class A34,8, 3.50%, 12/25/2048		239,397		234,834
JP Morgan Mortgage Trust, Series 2017-6, Class A54,8, 3.50%, 12/25/2048		284,096		281,055
New Residential Mortgage Loan Trust, Series 2014-3A, Class AFX34,8, 3.75%, 11/25/2054		113,000		112,867
New Residential Mortgage Loan Trust, Series 2015-2A, Class A14,8, 3.75%, 8/25/2055		121,511		121,977
New Residential Mortgage Loan Trust, Series 2016-4A, Class A14,8, 3.75%, 11/25/2056		159,062		159,328
SBA Small Business Investment Companies, Series 2015-10A, Class 1, 2.517%, 3/10/2025		117,572		115,085
SCG Trust, Series 2013-SRP1, Class AJ4,6, (1 mo. LIBOR US + 2.200%), 4.097%, 11/15/2026		442,000		441,072
Sequoia Mortgage Trust, Series 2013-8, Class A18, 3.00%, 6/25/2043		129,534		124,653
Starwood Retail Property Trust, Series 2014-STAR, Class A4,6, (1 mo. LIBOR US + 1.220%), 3.117%, 11/15/2027		263,355		263,604
Towd Point Mortgage Trust, Series 2016-5, Class A14,8, 2.50%, 10/25/2056		260,467		255,172
WF-RBS Commercial Mortgage Trust, Series 2011-C2, Class A44,8, 4.869%, 2/15/2044		352,061		365,854
WinWater Mortgage Loan Trust, Series 2015-1, Class A14,8, 3.50%, 1/20/2045		134,094		131,957

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

11

Investment Portfolio - April 30, 2018

(unaudited)

BLENDED ASSET CONSERVATIVE SERIES		PRINCIPAL AMOUNT 3		VALUE (NOTE 2)
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
WinWater Mortgage Loan Trust, Series 2015-3, Class A54,8, 3.50%, 3/20/2045			119,031	$	119,186
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Identified Cost $11,199,623)					10,941,418
FOREIGN GOVERNMENT BONDS - 2.2%
Canada Housing Trust No. 1 (Canada)4, 4.10%, 12/15/2018	CAD		27,000		21,360
Canadian Government Bond (Canada), 2.75%, 6/1/2022	CAD		33,000		26,372
Export-Import Bank of Korea (South Korea), 2.625%, 12/30/2020			1,000,000		979,524
The Korea Development Bank (South Korea), 1.375%, 9/12/2019			600,000		584,883
Mexican Government Bond (Mexico), 8.00%, 6/11/2020	MXN		733,000		39,730
Mexican Government Bond (Mexico), 6.50%, 6/10/2021	MXN		275,000		14,347
Mexican Government Bond (Mexico), 6.50%, 6/9/2022	MXN		504,000		26,105
Mexican Government Bond (Mexico), 7.75%, 5/29/2031	MXN		92,000		4,987
Province of Ontario (Canada), 2.00%, 9/27/2018			211,000		210,696
Province of Ontario (Canada), 1.25%, 6/17/2019			206,000		203,003
Singapore Government Bond (Singapore), 2.50%, 6/1/2019	SGD		60,000		45,671
Svensk Exportkredit AB (Sweden), 1.125%, 8/28/2019			504,000		494,450
TOTAL FOREIGN GOVERNMENT BONDS (Identified Cost $2,688,156)					2,651,128
U.S. GOVERNMENT AGENCIES - 8.0%
Mortgage-Backed Securities - 8.0%
Fannie Mae, Pool #888468, 5.50%, 9/1/2021			24,749		25,412
Fannie Mae, Pool #888810, 5.50%, 11/1/2022			29,498		30,272
Fannie Mae, Pool #MA1834, 4.50%, 2/1/2034			99,810		104,461
Fannie Mae, Pool #MA1903, 4.50%, 5/1/2034			99,036		104,134
Fannie Mae, Pool #AB8161, 6.00%, 12/1/2037			89,192		99,424
Fannie Mae, Pool #995196, 6.00%, 7/1/2038			76,556		85,370
Fannie Mae, Pool #890294, 5.50%, 1/1/2039			97,012		106,025
Fannie Mae, Pool #AD0307, 5.50%, 1/1/2039			50,838		55,496
Fannie Mae, Pool #AE0604, 6.00%, 7/1/2039			57,313		63,685
Fannie Mae, Pool #MA0258, 4.50%, 12/1/2039			119,917		126,192
Fannie Mae, Pool #890326, 5.50%, 1/1/2040			103,005		112,561
Fannie Mae, Pool #AL1595, 6.00%, 1/1/2040			74,660		82,873
Fannie Mae, Pool #AL0152, 6.00%, 6/1/2040			100,826		112,317
Fannie Mae, Pool #AL1410, 4.50%, 12/1/2041			161,149		169,423
Fannie Mae, Pool #AL7729, 4.00%, 6/1/2043			84,880		87,102
Fannie Mae, Pool #AS4103, 4.50%, 12/1/2044			134,677		142,025
Fannie Mae, Pool #AZ2001, 3.50%, 5/1/2045			308,048		306,572
Fannie Mae, Pool #AZ9215, 4.00%, 10/1/2045			124,816		127,405
Fannie Mae, Pool #BC3490, 3.50%, 2/1/2046			270,893		269,335
Fannie Mae, Pool #BC6764, 3.50%, 4/1/2046			211,972		210,721
Fannie Mae, Pool #BC2098, 4.00%, 6/1/2046			132,013		134,571
Fannie Mae, Pool #AS7800, 3.00%, 8/1/2046			590,552		570,587
Fannie Mae, Pool #MA2705, 3.00%, 8/1/2046			345,939		334,244
Fannie Mae, Pool #BD6987, 4.00%, 10/1/2046			143,555		146,359
Fannie Mae, Pool #BD6997, 4.00%, 10/1/2046			108,158		110,270
Fannie Mae, Pool #BE3815, 4.00%, 12/1/2046			104,877		106,936
Fannie Mae, Pool #BE7845, 4.50%, 2/1/2047			143,757		150,826
Fannie Mae, Pool #CA0241, 4.00%, 8/1/2047			551,799		563,176
Fannie Mae, Pool #BD3546, 4.00%, 9/1/2047			182,312		186,081
Fannie Mae, Pool #MA3184, 4.50%, 11/1/2047			541,704		565,569

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

12

Investment Portfolio - April 30, 2018

(unaudited)

BLENDED ASSET CONSERVATIVE SERIES	PRINCIPAL AMOUNT3		VALUE (NOTE 2)
U.S. GOVERNMENT AGENCIES (continued)
Mortgage-Backed Securities (continued)
Fannie Mae, Pool #MA3334, 4.50%, 4/1/2048		548,709	$	573,165
Fannie Mae, Pool #AL8674, 5.651%, 1/1/2049		172,942		186,316
Freddie Mac, Pool #C91754, 4.50%, 3/1/2034		100,093		104,783
Freddie Mac, Pool #C91762, 4.50%, 5/1/2034		137,502		144,628
Freddie Mac, Pool #K92054, 4.00%, 10/1/2034		108,034		111,738
Freddie Mac, Pool #C91850, 4.00%, 9/1/2035		73,235		75,473
Freddie Mac, Pool #C91854, 4.00%, 10/1/2035		222,026		228,810
Freddie Mac, Pool #G03926, 6.00%, 2/1/2038		46,484		51,753
Freddie Mac, Pool #G05196, 5.50%, 10/1/2038		44,432		48,549
Freddie Mac, Pool #G05409, 5.50%, 3/1/2039		39,990		43,700
Freddie Mac, Pool #A92889, 4.50%, 7/1/2040		174,256		183,432
Freddie Mac, Pool #A93451, 4.50%, 8/1/2040		171,255		180,267
Freddie Mac, Pool #G60334, 4.50%, 10/1/2041		143,098		150,624
Freddie Mac, Pool #Q17513, 3.50%, 4/1/2043		241,940		242,231
Freddie Mac, Pool #Q24752, 3.50%, 2/1/2044		195,092		195,326
Freddie Mac, Pool #G60183, 4.00%, 12/1/2044		149,312		152,592
Freddie Mac, Pool #Q37592, 4.00%, 12/1/2045		259,893		265,602
Freddie Mac, Pool #G60636, 4.00%, 1/1/2046		184,426		188,707
Freddie Mac, Pool #Q42596, 3.50%, 8/1/2046		296,327		294,970
Freddie Mac, Pool #Q49109, 4.00%, 7/1/2047		262,548		267,865
Freddie Mac, Pool #Q50343, 4.00%, 8/1/2047		286,848		292,579
Freddie Mac, Pool #G08786, 4.50%, 10/1/2047		221,709		231,845
TOTAL U.S. GOVERNMENT AGENCIES (Identified Cost $9,737,107)				9,504,379
U.S. GOVERNMENT SECURITIES - 4.0%
U.S. Treasury Bills - 4.0%
U.S. Treasury Bill9, 1.85%, 9/6/2018 (Identified Cost $4,743,522)		4,775,000		4,742,946
SHORT-TERM INVESTMENT - 2.2%
Dreyfus Government Cash Management10, 1.60%, (Identified Cost $2,558,774)		2,558,774		2,558,774
TOTAL INVESTMENTS IN SECURITIES - 99.8% (Identified Cost $120,087,902)				118,241,633
TOTAL OPTIONS WRITTEN - 0.0%## (Premiums Received $17,597)				(13,617	)
TOTAL INVESTMENTS - 99.8%				118,228,016
OTHER ASSETS, LESS LIABILITIES - 0.2%				274,697
NET ASSETS - 100%			$	118,502,713

ADR - American Depositary Receipt

CAD - Canadian Dollar

ETF - Exchange-traded fund

MXN - Mexican Peso

No. - Number

SGD - Singapore Dollar

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

13

Investment Portfolio - April 30, 2018

(unaudited)

EXCHANGE-TRADED OPTIONS WRITTEN
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		EXERCISE PRICE		NOTIONAL AMOUNT (000)3		VALUE
Call
Regeneron Pharmaceuticals, Inc.		3		05/18/2018	$	360.00		91	$	(147	)
Seattle Genetics, Inc.		23		05/18/2018		55.00		118		(2,668	)
Zayo Group Holdings, Inc.		32		05/18/2018		40.00		116		(320	)
										(3,135	)
Put
Skyworks Solutions, Inc.		15		05/11/2018		85.00		130		(3,150	)
Booking Holdings, Inc.		1		05/18/2018		1,990.00		218		(1,615	)
Electronic Arts, Inc.		11		05/18/2018		110.00		130		(1,738	)
Qorvo, Inc.		21		05/18/2018		62.50		142		(2,625	)
Texas Instruments, Inc.		14		05/18/2018		92.00		142		(490	)
Alibaba Group Holding Ltd.		8		05/25/2018		160.00		143		(864	)
										(10,482	)
TOTAL EXCHANGE-TRADED OPTIONS WRITTEN									$	(13,617	)

*Non-income producing security.

## Less than 0.1%.

¹A factor from a third party vendor was applied to determine the security’s fair value following the close of local trading.

²A portion of this security is designated with the broker as collateral for options contracts written. As of April 30, 2018, the total value of such securities was $858,434.

³Amount is stated in USD unless otherwise noted.

⁴Restricted securities - Investment in securities that are restricted as to public resale under the Securities Act of 1933, as amended. These securities have been sold under Rule 144A and have been determined to be liquid. These securities amount to $16,224,012 or 13.7%, of the Series’ net assets as of April 30, 2018 (see Note 2 to the financial statements).

⁵Step coupon rate security - Rate steps up/down by 25 basis points upon rating downgrade/upgrade by Moody’s and S&P rating agencies (Subject to a maximum of 100 basis points per agency, 200 basis points maximum).

⁶Floating rate security. Rate shown is the rate in effect as of April 30, 2018.

⁷Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in ^effect as of April 30, 2018.

⁸Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and ^prepayments on the underlying pool of assets. Rate shown is the rate in effect as of April 30, 2018.

⁹Represents the annualized yield at time of purchase.

¹⁰Rate shown is the current yield as of April 30, 2018.

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

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

14

Statement of Assets and Liabilities - Blended Asset Conservative Series

April 30, 2018 (unaudited)

ASSETS:
Investments in securities, at value (identified cost $120,087,902) (Note 2)	$	118,241,633
Interest receivable		451,736
Receivable for securities sold		51,250
Dividends receivable		28,334
Foreign tax reclaims receivable		8,495
Prepaid and other expenses		1,817
TOTAL ASSETS		118,783,265
LIABILITIES:
Accrued management fees (Note 3)		90,345
Accrued fund accounting and administration fees (Note 3)		40,527
Accrued Chief Compliance Officer service fees (Note 3)		411
Accrued Directors’ fees (Note 3)		245
Options written, at value (premiums received $17,597) (Note 2)		13,617
Payable for securities purchased		69,773
Payable for fund shares repurchased		24,036
Audit fees payable		21,231
Accrued custodian fees		15,593
Other payables and accrued expenses		4,774
TOTAL LIABILITIES		280,552
TOTAL NET ASSETS	$	118,502,713
NET ASSETS CONSIST OF:
Capital stock	$	110,505
Additional paid-in-capital		119,913,175
Undistributed net investment income		746,306
Accumulated net realized loss on investments, foreign currency and translation of other assets and liabilities		(424,878	)
Net unrealized appreciation (depreciation) on investments, foreign currency and translation of other assets and liabilities		(1,842,395	)
TOTAL NET ASSETS	$	118,502,713
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class R6
($118,502,713/ 11,050,527 shares)	$	10.72

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

15

Statement of Operations - Blended Asset Conservative Series

For the Six Months Ended April 30, 2018 (unaudited)

INVESTMENT INCOME:
Interest	$	1,042,273
Dividends (net of foreign taxes withheld, $9,822)		298,858
Total Investment Income		1,341,131
EXPENSES:
Management fees (Note 3)		220,616
Fund accounting and administration fees (Note 3)		43,981
Directors’ fees (Note 3)		4,060
Chief Compliance Officer service fees (Note 3)		2,129
Audit fees		19,056
Custodian fees		15,814
Miscellaneous		5,617
Total Expenses		311,273
Less reduction of expenses (Note 3)		(63,080	)
Net Expenses		248,193
NET INVESTMENT INCOME		1,092,938
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:
Net realized gain (loss) on-
Investments in securities		(463,452	)
Options written		51,928
Foreign currency and translation of other assets and liabilities		(134	)
		(411,658	)
Net change in unrealized appreciation (depreciation) on-
Investments in securities		(1,650,954	)
Options written		3,980
Foreign currency and translation of other assets and liabilities		(55	)
		(1,647,029	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY		(2,058,687	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(965,749	)

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

16

Statement of Changes in Net Assets - Blended Asset Conservative Series

	FOR THE SIX MONTHS ENDED 4/30/18 (UNAUDITED)			FOR THE PERIOD 10/13/171 TO 10/31/17
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income	$	1,092,938		$	48,573
Net realized gain (loss) on investments and foreign currency		(411,658	)		(13,218	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency		(1,647,029	)		(195,366	)
Net decrease from operations		(965,749	)		(160,011	)
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(395,207	)		—
CAPITAL STOCK ISSUED AND REPURCHASED:
Net increase from capital share transactions (Note 5)		19,087,767			100,935,913
Net increase in net assets		17,726,811			100,775,902
NET ASSETS:
Beginning of period		100,775,902			—
End of period (including undistributed net investment income of $746,306 and $48,575, respectively)	$	118,502,713		$	100,775,902

¹Commencement of operations.

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

17

Financial Highlights - Blended Asset Conservative Series - Class R6

	FOR THE SIX MONTHS ENDED 4/30/18 (UNAUDITED)			FOR THE PERIOD 10/13/171 TO 10/31/17
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period	$	10.85		$	10.87
Income (loss) from investment operations:
Net investment income2		0.11			0.01
Net realized and unrealized loss on investments		(0.20	)		(0.03	)
Total from investment operations		(0.09	)		(0.02	)
Less distributions to shareholders:
From net investment income		(0.04	)		—
Net asset value - End of period	$	10.72		$	10.85
Net assets - End of period (000’s omitted)	$	118,503		$	100,776
Total return3		(0.84	%)		(0.18	%)
Ratios (to average net assets)/Supplemental Data:
Expenses4		0.45	%		0.45	%
Net investment income4		1.98	%		0.99	%
Series portfolio turnover		43	%		5	%
*The investment advisor did not impose all or a portion of its management and/or other fees during the period, and may have paid a portion of the Series’ expenses. If these expenses had been incurred by the Series, the expense ratio (to average net assets) would have increased by the following amounts4:
		0.11	%		1.21	%

¹Commencement of operations.

²Calculated based on average shares outstanding during the periods.

³Represents 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 during the periods. Periods less than one year are not annualized.

⁴Annualized.

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

18

Shareholder Expense Example - Blended Asset Moderate Series

(unaudited)

As a shareholder of the Series, you incur ongoing costs, including management fees, shareholder service fees and other Series expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Series and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested in each class at the beginning of the period and held for the entire period (November 1, 2017 to April 30, 2018).

Actual Expenses

The Actual lines of the table below provide information about actual account values and actual expenses. You may use the information in these lines, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the Actual line for the Class in which you have invested under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The Hypothetical lines of each class in the table below provide information about hypothetical account values and hypothetical expenses based on the Series’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Series’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid during the period. You may use this information to compare the ongoing costs of investing in the Series and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs such as sales charges (loads), redemption fees, or exchange fees that you may incur in other mutual funds. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

	BEGINNING ACCOUNT VALUE         11/1/17	ENDING ACCOUNT VALUE         4/30/18	EXPENSES PAID DURING PERIOD*         11/1/17-4/30/18
Actual	$1,000.00	$994.60	$2.47
Hypothetical (5% return before expenses)	$1,000.00	$1,022.32	$2.51

* Expenses are equal to the Series’ annualized expense ratio (for the six-month period) of 0.50%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The Series’ total return would have been lower had certain expenses not been waived during the period.

19

Portfolio Composition - Blended Asset Moderate Series

As of April 30, 2018 (unaudited)

Sector Allocation4
Information Technology	11.2	%
Health Care	8.7	%
Financials	8.6	%
Energy	5.7	%
Consumer Discretionary	5.3	%
Consumer Staples	3.6	%
Real Estate	3.2	%
Materials	3.0	%
Industrials	2.4	%
Telecommunication Services	2.0	%
Utilities	0.1	%
4Including common stocks and corporate bonds, as a percentage of total investments.

Top Ten Stock Holdings5
Qorvo, Inc.	1.5	%
Booking Holdings, Inc.	1.4	%
Incyte Corp.	1.3	%
Facebook, Inc. - Class A	1.2	%
Regeneron Pharmaceuticals, Inc.	1.1	%
Anheuser-Busch InBev S.A./N.V. (Belgium)	1.0	%
Mastercard, Inc. - Class A	1.0	%
Microsoft Corp.	0.9	%
Medtronic plc	0.9	%
Novartis AG - ADR (Switzerland)	0.9	%
Booking Holdings, Inc.
5As a percentage of total investments.

20

Investment Portfolio - April 30, 2018

(unaudited)

BLENDED ASSET MODERATE SERIES	SHARES		VALUE (NOTE 2)
COMMON STOCKS - 37.3%
Consumer Discretionary - 3.5%
Automobiles - 0.0%##
Suzuki Motor Corp. (Japan)1		400	$	21,499
Diversified Consumer Services - 0.0%##
Fu Shou Yuan International Group Ltd. (China)1		26,000		24,801
Hotels, Restaurants & Leisure - 0.0%##
Accor S.A. (France)1		370		20,913
CVC Brasil Operadora e Agencia de Viagens S.A. (Brazil)		1,100		18,168
				39,081
Household Durables - 0.0%##
Kaufman & Broad S.A. (France)1		635		33,453
Internet & Direct Marketing Retail - 1.7%
Amazon.com, Inc.*		180		281,903
Booking Holdings, Inc.*		720		1,568,160
				1,850,063
Leisure Products - 0.0%##
Trigano S.A. (France)1		160		30,151
Yamaha Corp. (Japan)1		300		14,476
				44,627
Media - 0.4%
Quebecor, Inc. - Class B (Canada)		11,515		214,704
Shaw Communications, Inc. - Class B (Canada)		10,500		215,814
				430,518
Multiline Retail - 0.0%##
Lojas Renner S.A. (Brazil)		1,470		13,638
Specialty Retail - 0.6%
Fnac Darty S.A. (France)*1		255		27,361
Industria de Diseno Textil S.A. (Spain)1		18,530		574,396
Maisons du Monde S.A. (France)1,2		465		18,895
				620,652
Textiles, Apparel & Luxury Goods - 0.8%
ANTA Sports Products Ltd. (China)1		5,000		28,531
lululemon athletica, Inc.*		8,080		806,384
				834,915
Total Consumer Discretionary				3,913,247
Consumer Staples - 3.5%
Beverages - 2.6%
Ambev S.A. - ADR (Brazil)		121,000		801,020
Anheuser-Busch InBev S.A./N.V. (Belgium)1		11,575		1,149,785
Diageo plc (United Kingdom)1		26,060		929,688
Treasury Wine Estates Ltd. (Australia)1		1,835		26,211
				2,906,704
Food & Staples Retailing - 0.0%##
Matsumotokiyoshi Holdings Co. Ltd. (Japan)1		400		17,819
Raia Drogasil S.A. (Brazil)		1,000		19,616
				37,435
Food Products - 0.1%
Danone S.A. (France)1		370		29,972
Kerry Group plc - Class A (Ireland)1		335		34,063
Nestle S.A. (Switzerland)1		460		35,636
				99,671
Personal Products - 0.8%
Beiersdorf AG (Germany)1		210		23,759
Unilever plc - ADR (United Kingdom)		14,610		817,722
				841,481
Tobacco - 0.0%##
British American Tobacco plc - ADR (United Kingdom)		475		25,945
Total Consumer Staples				3,911,236
Energy - 2.0%
Energy Equipment & Services - 1.7%
Diamond Offshore Drilling, Inc.*		17,630		324,216
Ensco plc - Class A		29,050		164,132
Schlumberger Ltd.3		13,235		907,392
Transocean Ltd.*		41,350		511,500
				1,907,240
Oil, Gas & Consumable Fuels - 0.3%
Cameco Corp. (Canada)		1,315		13,847
China Petroleum & Chemical Corp. - Class H (China)1		20,000		19,477
Eni SpA (Italy)1		950		18,571
Galp Energia SGPS S.A. (Portugal)1		1,775		34,068
Repsol S.A. (Spain)1		1,445		27,575
Royal Dutch Shell plc - Class B - ADR (Netherlands)		510		36,934
SK Innovation Co. Ltd. (South Korea)1		95		17,408
Suncor Energy, Inc. (Canada)		490		18,738
TOTAL S.A. (France)1		455		28,597

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

21

Investment Portfolio - April 30, 2018

(unaudited)

			VALUE
BLENDED ASSET MODERATE SERIES	SHARES		(NOTE 2)
COMMON STOCKS (continued)
Energy (continued)
Oil, Gas & Consumable Fuels (continued)
Transportadora de Gas del Sur S.A. - Class B - ADR (Argentina)*		760	$	14,486
Vermilion Energy, Inc. (Canada)		535		18,084
YPF S.A. - ADR (Argentina)		735		16,089
				263,874
Total Energy				2,171,114
Financials - 2.5%
Banks - 0.3%
Banco Comercial Portugues S.A. (Portugal)*1		45,965		15,387
Bankia S.A. (Spain)1		4,890		21,455
BPER Banca (Italy)1		2,980		17,202
CaixaBank S.A. (Spain)1		7,885		38,344
Credit Agricole S.A. (France)1		1,860		30,629
Erste Group Bank AG (Austria)1		555		27,140
Eurobank Ergasias S.A. (Greece)*1		23,660		29,864
FinecoBank Banca Fineco S.p.A. (Italy)1		3,870		46,083
Grupo Financiero Galicia S.A. - ADR (Argentina)		270		17,258
Grupo Supervielle S.A. - ADR (Argentina)		545		15,227
Itau Unibanco Holding S.A. (Brazil)		1,600		23,234
Jyske Bank A/S (Denmark)1		310		18,563
KBC Group N.V. (Belgium)1		450		39,123
Sydbank A/S (Denmark)1		435		16,081
				355,590
Capital Markets - 2.2%
Amundi S.A. (France)1,2		490		41,672
Banca Generali S.p.A. (Italy)1		710		23,032
BlackRock, Inc.		1,580		823,970
Bolsas y Mercados Argentinos S.A. (Argentina)		1,795		32,899
The Charles Schwab Corp.		15,550		865,824
E*TRADE Financial Corp.*		7,660		464,809
Euronext N.V. (Netherlands)1,2		640		45,878
Julius Baer Group Ltd. (Switzerland)1		1,015		60,239
Natixis S.A. (France)1		3,825		31,414
				2,389,737
Thrifts & Mortgage Finance - 0.0%##
Aareal Bank AG (Germany)1		730		36,514
Total Financials				2,781,841
Health Care - 8.6%
Biotechnology - 4.7%
Biogen, Inc.*		2,280		623,808
BioMarin Pharmaceutical, Inc.*		10,470		874,350
Incyte Corp.*		23,645		1,464,571
Regeneron Pharmaceuticals, Inc.*		3,820		1,160,058
Seattle Genetics, Inc.*		15,060		770,921
Vertex Pharmaceuticals, Inc.*		1,855		284,112
				5,177,820
Health Care Equipment & Supplies - 0.9%
Medtronic plc		12,845		1,029,270
Health Care Providers & Services - 0.6%
DaVita, Inc.*		10,240		642,969
Fleury S.A. (Brazil)		3,000		22,360
Fresenius Medical Care AG & Co. KGaA (Germany)1		155		15,728
Orpea (France)1		215		27,551
				708,608
Life Sciences Tools & Services - 0.1%
QIAGEN N.V.*		545		17,827
QIAGEN N.V.*1		685		22,407
Tecan Group AG (Switzerland)1		80		17,590
				57,824
Pharmaceuticals - 2.3%
Bristol-Myers Squibb Co.3		6,200		323,206
Johnson & Johnson		6,220		786,768
Merck & Co., Inc		7,410		436,227
Novartis AG - ADR (Switzerland)		12,535		961,309
Perrigo Co. plc		465		36,335
				2,543,845
Total Health Care				9,517,367
Industrials - 2.2%
Aerospace & Defense - 0.0%##
BAE Systems plc (United Kingdom)1		1,505		12,627
Air Freight & Logistics - 0.5%
FedEx Corp.3		2,460		608,112
Airlines - 0.0%##
Azul S.A. - ADR (Brazil)*		625		19,375
Ryanair Holdings plc - ADR (Ireland)*		110		12,097
				31,472
Building Products - 0.1%
Cie de Saint-Gobain (France)1		870		45,519
Daikin Industries Ltd. (Japan)1		200		23,363

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

22

Investment Portfolio - April 30, 2018

(unaudited)

BLENDED ASSET MODERATE SERIES	SHARES		VALUE (NOTE 2)
COMMON STOCKS (continued)
Industrials (continued)
Building Products (continued)
Geberit AG (Switzerland)1		60	$	25,604
				94,486
Commercial Services & Supplies - 0.1%
China Everbright International Ltd. (China)1		23,000		32,261
Elis S.A. (France)1		1,200		28,700
SPIE S.A. (France)1		1,705		38,579
				99,540
Construction & Engineering - 0.1%
Eiffage S.A. (France)1		305		36,305
FLSmidth & Co. A/S (Denmark)1		250		15,442
Vinci S.A. (France)1		750		74,988
				126,735
Electrical Equipment - 0.0%##
Legrand S.A. (France)1		330		25,678
Industrial Conglomerates - 0.1%
Siemens AG (Germany)1		565		71,752
Machinery - 0.2%
FANUC Corp. (Japan)1		100		21,421
Hyundai Heavy Industries Co. Ltd. (South Korea)*1		80		8,856
Hyundai Mipo Dockyard Co. Ltd. (South Korea)*1		105		8,720
Jungheinrich AG (Germany)1		890		37,533
KION Group AG (Germany)1		485		40,427
Metso OYJ (Finland)1		1,265		44,958
Samsung Heavy Industries Co. Ltd. (South Korea)*1		1,285		8,784
The Weir Group plc (United Kingdom)1		2,155		63,060
				233,759
Professional Services - 0.5%
Equifax, Inc.		4,410		494,141
Randstad Holding N.V. (Netherlands)1		675		43,445
				537,586
Road & Rail - 0.4%
Genesee & Wyoming, Inc. - Class A*		5,640		401,568
Trading Companies & Distributors - 0.1%
Ashtead Group plc (United Kingdom)1		1,185		32,911
Brenntag AG (Germany)1		410		23,481
Howden Joinery Group plc (United Kingdom)1		1,850		12,108
Kanamoto Co. Ltd. (Japan)1		500		17,085
				85,585
Transportation Infrastructure - 0.1%
Aena SME S.A. (Spain)1,2		315		64,930
Grupo Aeroportuario del Centro Norte S.A.B. de C.V. (Mexico)		1,800		9,495
Grupo Aeroportuario del Pacifico S.A.B. de C.V. - ADR (Mexico)		90		9,375
				83,800
Total Industrials				2,412,700
Information Technology - 9.8%
Electronic Equipment, Instruments & Components -0.1%
Halma plc (United Kingdom)1		1,605		26,931
Hexagon A.B. - Class B (Sweden)1		425		24,539
Hitachi Ltd. (Japan)1		6,000		43,791
Hollysys Automation Technologies Ltd. (China)		685		15,111
Keyence Corp. (Japan)1		100		60,978
				171,350
Internet Software & Services - 3.0%
Alibaba Group Holding Ltd. - ADR (China)*		4,095		731,121
Alphabet, Inc. - Class A*		390		397,246
Alphabet, Inc. - Class C*		390		396,759
Facebook, Inc. - Class A*		7,480		1,286,560
NetEase, Inc. - ADR (China)		75		19,280
Tencent Holdings Ltd. - Class H (China)1		9,780		480,813
				3,311,779
IT Services - 1.9%
Amdocs Ltd.		645		43,377
InterXion Holding N.V. (Netherlands)*		755		49,090
Luxoft Holding, Inc.*		155		6,254
Mastercard, Inc. - Class A		6,220		1,108,839
Pagseguro Digital Ltd. - Class A (Brazil)*		275		9,138
Sopra Steria Group (France)1		225		48,028
Visa, Inc. - Class A		6,400		812,032
				2,076,758
Semiconductors & Semiconductor Equipment - 2.5%
Qorvo, Inc.*		23,740		1,600,076

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

23

Investment Portfolio - April 30, 2018

(unaudited)

BLENDED ASSET MODERATE SERIES	SHARES		VALUE (NOTE 2)
COMMON STOCKS (continued)
Information Technology (continued)
Semiconductors & Semiconductor Equipment (continued)
Skyworks Solutions, Inc.		8,350	$	724,446
Texas Instruments, Inc.		3,880		393,548
				2,718,070
Software - 2.3%
Atlassian Corp. plc - Class A*		220		12,316
Dassault Systemes S.E. (France)1		205		26,566
Electronic Arts, Inc.*3		5,160		608,777
Microsoft Corp.		11,090		1,037,137
Nexon Co. Ltd. (Japan)*1		2,030		29,539
ServiceNow, Inc.*		5,040		837,346
Sophos Group plc (United Kingdom)1,2		4,300		29,362
Temenos Group AG (Switzerland)1		150		18,874
				2,599,917
Total Information Technology				10,877,874
Materials - 1.9%
Chemicals - 0.1%
Akzo Nobel N.V. (Netherlands)1		385		34,865
Croda International plc (United Kingdom)1		558		34,135
Mexichem S.A.B. de C.V. (Mexico)		4,100		12,814
Solvay S.A. (Belgium)1		240		33,377
				115,191
Construction Materials - 0.1%
Loma Negra Cia Industrial Argentina
S.A. - ADR (Argentina)*		795		16,488
Wienerberger AG (Austria)1		1,515		38,175
				54,663
Containers & Packaging - 1.2%
Ball Corp.		20,260		812,223
Sealed Air Corp.		12,120		531,462
				1,343,685
Metals & Mining - 0.5%
Antofagasta plc (Chile)1		19,720		263,479
First Quantum Minerals Ltd. (Zambia)		435		6,268
Grupo Mexico S.A.B. de C.V. - Series B (Mexico)		11,500		38,075
Lundin Mining Corp. (Canada)		37,455		247,959
				555,781
Total Materials				2,069,320
Real Estate - 2.6%
Equity Real Estate Investment Trusts (REITS) - 2.6%
Acadia Realty Trust		440		10,384
Agree Realty Corp		195		9,532
Alexandria Real Estate Equities, Inc.		150		18,687
American Campus Communities, Inc.		575		22,488
American Homes 4 Rent - Class A		1,935		39,087
American Tower Corp.		1,500		204,540
Americold Realty Trust		545		11,232
Apartment Investment & Management Co. - Class A		735		29,841
Apple Hospitality REIT, Inc.		970		17,450
AvalonBay Communities, Inc.		460		74,980
Axiare Patrimonio SOCIMI S.A. (Spain)1		415		8,798
Bluerock Residential Growth REIT, Inc.		870		7,821
Boston Properties, Inc.		370		44,922
Brandywine Realty Trust		1,090		17,560
CatchMark Timber Trust, Inc. - Class A		2,545		33,187
Chesapeake Lodging Trust		500		14,770
Colony NorthStar, Inc. - Class A		2,080		12,709
Columbia Property Trust, Inc.		545		11,641
Community Healthcare Trust, Inc.		1,125		28,688
CoreCivic, Inc.		1,455		29,333
Cousins Properties, Inc.		5,330		47,384
Crown Castle International Corp.		275		27,739
CubeSmart		740		21,786
Digital Realty Trust, Inc.		510		53,902
EastGroup Properties, Inc.		85		7,631
Equinix, Inc.		260		109,405
Equity LifeStyle Properties, Inc.		265		23,627
Equity Residential		550		33,940
Essex Property Trust, Inc.		100		23,969
Extra Space Storage, Inc.		370		33,148
First Industrial Realty Trust, Inc.		1,105		34,377
Forest City Realty Trust, Inc. - Class A		835		16,750
Getty Realty Corp.		605		15,156
GGP, Inc.		955		19,090
Global Medical REIT, Inc.		1,260		9,815
HCP, Inc.		1,460		34,106
Healthcare Trust of America, Inc. - Class A		760		18,992
Hibernia REIT plc (Ireland)1		9,625		17,249
Host Hotels & Resorts, Inc.		1,985		38,828
Independence Realty Trust, Inc.		1,410		13,254

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

24

Investment Portfolio - April 30, 2018

(unaudited)

BLENDED ASSET MODERATE SERIES	SHARES/ PRINCIPAL AMOUNT4		VALUE (NOTE 2)
COMMON STOCKS (continued)
Real Estate (continued)
Equity Real Estate Investment Trusts (REITS) (continued)
Invitation Homes, Inc.		1,685	$	38,991
Lamar Advertising Co. - Class A		240		15,290
Life Storage, Inc.		120		10,613
The Macerich Co.		270		15,557
Mid-America Apartment Communities, Inc.		475		43,444
National Retail Properties, Inc.		360		13,694
Outfront Media, Inc.		650		12,188
Physicians Realty Trust		2,005		29,955
Plymouth Industrial REIT, Inc.		275		4,730
Prologis, Inc.		1,285		83,409
Public Storage		235		47,418
Regency Centers Corp.		335		19,715
Rexford Industrial Realty, Inc.		325		9,929
SBA Communications Corp.*		1,330		213,106
Simon Property Group, Inc.		725		113,346
STAG Industrial, Inc.		1,085		26,658
STORE Capital Corp.		580		14,633
Sun Communities, Inc.		370		34,724
Sunstone Hotel Investors, Inc.		1,535		23,946
Terreno Realty Corp.		270		10,030
UDR, Inc.		1,205		43,561
UMH Properties, Inc.		985		13,327
Unibail-Rodamco S.E. (France)1		215		51,615
Urban Edge Properties		1,580		32,501
Ventas, Inc.		315		16,197
VEREIT, Inc.		2,160		14,688
Vornado Realty Trust		515		35,035
Welltower, Inc.		370		19,773
Weyerhaeuser Co.		15,175		558,136
				2,814,007
Real Estate Management & Development - 0.0%##
Nexity S.A. (France)1		525		32,828
Total Real Estate				2,846,835
Telecommunication Services - 0.6%
Diversified Telecommunication Services - 0.6%
Iliad S.A. (France)1		125		25,038
Zayo Group Holdings, Inc.*		16,460		597,498
Total Telecommunication Services				622,536
Utilities - 0.1%
Electric Utilities - 0.0%##
Pampa Energia S.A. - ADR (Argentina)*		275		15,686
Independent Power and Renewable Electricity Producers - 0.1%
China Longyuan Power Group Corp. Ltd. - Class H (China)1		44,000		43,218
Huaneng Renewables Corp. Ltd. - Class H (China)1		94,000		41,745
				84,963
Total Utilities				100,649
TOTAL COMMON STOCKS (Identified Cost $41,393,511)				41,224,719
CORPORATE BONDS - 16.4%
Non-Convertible Corporate Bonds - 16.4%
Consumer Discretionary - 1.8%
Auto Components - 0.0%##
Techniplas LLC2, 10.00%, 5/1/2020		35,000		30,888
Household Durables - 0.2%
Century Communities, Inc., 5.875%, 7/15/2025		58,000		55,172
Meritage Homes Corp., 5.125%, 6/6/2027		40,000		37,950
TRI Pointe Group, Inc. - TRI Pointe
Homes, Inc., 4.375%, 6/15/2019		30,000		30,038
TRI Pointe Group, Inc. - TRI Pointe
Homes, Inc., 5.875%, 6/15/2024		24,000		24,330
Weekley Homes LLC - Weekley Finance Corp., 6.00%, 2/1/2023		25,000		24,688
Weekley Homes LLC - Weekley Finance Corp.2, 6.625%, 8/15/2025		39,000		37,830
				210,008
Internet & Direct Marketing Retail - 0.8%
Booking Holdings, Inc., 3.60%, 6/1/2026		860,000		833,659
Media - 0.8%
CCO Holdings LLC - CCO Holdings Capital Corp.2, 5.50%, 5/1/2026		25,000		24,342
Cogeco Communications, Inc. (Canada)2, 4.875%, 5/1/2020		15,000		15,075
CSC Holdings, LLC, 5.25%, 6/1/2024		54,000		50,591
Discovery Communications LLC, 5.20%, 9/20/2047		580,000		567,284
Telenet Finance Luxembourg Notes S.A.R.L (Belgium)2, 5.50%, 3/1/2028		200,000		191,000
				848,292

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

25

Investment Portfolio - April 30, 2018

(unaudited)

BLENDED ASSET MODERATE SERIES	PRINCIPAL AMOUNT4		VALUE (NOTE 2)
CORPORATE BONDS (continued)
Non-Convertible Corporate Bonds (continued)
Consumer Discretionary (continued)
Textiles, Apparel & Luxury Goods - 0.0%##
Hanesbrands, Inc.2, 4.875%, 5/15/2026		30,000	$	28,800
Total Consumer Discretionary				1,951,647
Consumer Staples - 0.1%
Food & Staples Retailing - 0.1%
C&S Group Enterprises LLC2, 5.375%, 7/15/2022		60,000		56,400
Household Products - 0.0%##
First Quality Finance Co., Inc.2, 5.00%, 7/1/2025		15,000		14,363
Total Consumer Staples				70,763
Energy - 3.7%
Energy Equipment & Services - 0.1%
Shelf Drilling Holdings Ltd. (United Arab Emirates)2, 8.25%, 2/15/2025		35,000		35,525
Trinidad Drilling Ltd. (Canada)2, 6.625%, 2/15/2025		44,000		42,185
				77,710
Oil, Gas & Consumable Fuels - 3.6%
Boardwalk Pipelines LP, 5.95%, 6/1/2026		780,000		832,056
Cheniere Energy Partners LP2, 5.25%, 10/1/2025		40,000		39,100
DCP Midstream Operating LP2, 9.75%, 3/15/2019		15,000		15,788
Dynagas LNG Partners LP - Dynagas Finance, Inc. (Monaco), 6.25%, 10/30/2019		44,000		44,550
GasLog Ltd. (Monaco), 8.875%, 3/22/2022		43,000		45,580
Hilcorp Energy I LP - Hilcorp Finance Co.2, 5.75%, 10/1/2025		41,000		40,590
Jonah Energy LLC - Jonah Energy Finance Corp.2, 7.25%, 10/15/2025		60,000		48,000
Kinder Morgan Energy Partners LP, 6.95%, 1/15/2038		700,000		830,758
Petroleos Mexicanos (Mexico)2, 6.35%, 2/12/2048		870,000		797,790
Rockies Express Pipeline, LLC2, 5.625%, 4/15/2020		25,000		25,883
Sabine Pass Liquefaction LLC, 5.875%, 6/30/2026		780,000		847,087
SemGroup Corp., 6.375%, 3/15/2025		60,000		57,150
Seven Generations Energy Ltd. (Canada)2, 5.375%, 9/30/2025		27,000		26,257
Southwestern Energy Co.5, 6.70%, 1/23/2025		31,000		30,380
Tallgrass Energy Partners LP - Tallgrass Energy Finance Corp.2, 5.50%, 9/15/2024		41,000		41,615
Williams Partners LP, 3.75%, 6/15/2027		340,000		319,860
				4,042,444
Total Energy				4,120,154
Financials - 6.1%
Banks - 3.6%
Bank of America Corp., 4.00%, 1/22/2025		850,000		840,137
Citigroup, Inc., 8.125%, 7/15/2039		570,000		825,546
Intesa Sanpaolo S.p.A. (Italy)2, 3.875%, 1/12/2028		890,000		831,319
JPMorgan Chase & Co., 6.30%, 4/23/2019		810,000		838,561
Popular, Inc., 7.00%, 7/1/2019		47,000		47,822
Santander Holdings USA, Inc., 3.40%, 1/18/2023		580,000		561,963
				3,945,348
Capital Markets - 0.8%
Morgan Stanley6, (3 mo. LIBOR US + 1.220%), 3.583%, 5/8/2024 830,000				846,349
Consumer Finance - 0.0%##
Ally Financial, Inc., 3.50%, 1/27/2019		30,000		29,985
SLM Corp., 5.125%, 4/5/2022		40,000		40,400
				70,385
Diversified Financial Services - 0.7%
Aircastle Ltd., 6.25%, 12/1/2019		15,000		15,581
International Lease Finance Corp., 6.25%, 5/15/2019		571,000		589,733
LPL Holdings, Inc.2, 5.75%, 9/15/2025		28,000		27,160
Navient Corp., 7.25%, 9/25/2023		25,000		26,125
Oxford Finance, LLC - Oxford
Finance Co.- Issuer II, Inc.2, 6.375%, 12/15/2022		40,000		40,800
Park Aerospace Holdings Ltd. (Ireland)2, 4.50%, 3/15/2023		42,000		40,215
				739,614

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

26

Investment Portfolio - April 30, 2018

(unaudited)

BLENDED ASSET MODERATE SERIES	PRINCIPAL AMOUNT4		VALUE (NOTE 2)
CORPORATE BONDS (continued)
Non-Convertible Corporate Bonds (continued)
Financials (continued)
Insurance - 1.0%
Assured Guaranty US Holdings, Inc., 5.00%, 7/1/2024		530,000	$	549,957
Prudential Financial, Inc.7, (3 mo. LIBOR US + 4.175%), 5.875%, 9/15/2042		530,000		563,788
				1,113,745
Thrifts & Mortgage Finance - 0.0%##
Ladder Capital Finance Holdings LLLP - Ladder Capital Finance Corp.2, 5.875%, 8/1/2021		25,000		25,438
Total Financials				6,740,879
Health Care - 0.1%
Biotechnology - 0.0%##
AMAG Pharmaceuticals, Inc.2, 7.875%, 9/1/2023		30,000		29,850
Health Care Providers & Services - 0.1%
DaVita, Inc., 5.00%, 5/1/2025		39,000		36,960
Fresenius Medical Care US Finance II, Inc. (Germany)2, 6.50%, 9/15/2018		17,000		17,218
Ortho-Clinical Diagnostics, Inc. - Ortho-Clinical Diagnostics S.A.2, 6.625%, 5/15/2022		30,000		29,700
Tenet Healthcare Corp., 6.00%, 10/1/2020		15,000		15,481
				99,359
Total Health Care				129,209
Industrials - 0.2%
Airlines - 0.0%##
Allegiant Travel Co., 5.50%, 7/15/2019		28,000		28,280
Construction & Engineering - 0.1%
Tutor Perini Corp.2, 6.875%, 5/1/2025		44,000		45,087
Containers & Packaging - 0.0%##
W/S Packaging Holdings, Inc.2, 9.00%, 4/15/2023		40,000		40,900
Industrial Conglomerates - 0.0%##
LSB Industries, Inc.2, 9.625%, 5/1/2023		40,000		40,150
Machinery - 0.0%##
Xerium Technologies, Inc., 9.50%, 8/15/2021		34,000		35,445
Marine - 0.1%
Global Ship Lease, Inc. (United Kingdom)2, 9.875%, 11/15/2022		50,000		49,125
Total Industrials				238,987
Information Technology - 1.3%
Internet Software & Services - 1.3%
Alibaba Group Holding Ltd. (China), 3.40%, 12/6/2027		890,000		837,925
Tencent Holdings Ltd. (China)2, 3.595%, 1/19/2028		590,000		560,676
				1,398,601
Semiconductors & Semiconductor Equipment - 0.0%##
MagnaChip Semiconductor Corp. (South Korea), 6.625%, 7/15/2021		43,000		41,387
Total Information Technology				1,439,988
Materials - 1.1%
Chemicals - 0.0%##
Kissner Holdings LP - Kissner Milling Co. Ltd. - BSC Holding, Inc. - Kissner USA (Canada)2, 8.375%, 12/1/2022		38,000		38,950
Metals & Mining - 1.1%
Anglo American Capital plc (United Kingdom)2, 4.00%, 9/11/2027		590,000		555,826
Corp Nacional del Cobre de Chile (Chile)2, 5.625%, 9/21/2035		500,000		560,429
Mountain Province Diamonds, Inc. (Canada)2, 8.00%, 12/15/2022		70,000		69,300
				1,185,555
Total Materials				1,224,505
Real Estate - 0.6%
Equity Real Estate Investment Trusts (REITS) - 0.1%
GTP Acquisition Partners I LLC2, 2.35%, 6/15/2020		92,000		90,681
iStar, Inc., 5.25%, 9/15/2022		36,000		34,920
				125,601
Real Estate Management & Development - 0.5%
American Homes 4 Rent LP, 4.25%, 2/15/2028		580,000		557,614
Greystar Real Estate Partners, LLC2, 5.75%, 12/1/2025		45,000		44,550
				602,164
Total Real Estate				727,765

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

27

Investment Portfolio - April 30, 2018

(unaudited)

BLENDED ASSET MODERATE SERIES	PRINCIPAL AMOUNT4 / SHARES		VALUE (NOTE 2)
CORPORATE BONDS (continued)
Non-Convertible Corporate Bonds (continued)
Telecommunication Services - 1.4%
Diversified Telecommunication Services - 1.2%
AT&T, Inc., 4.25%, 3/1/2027		540,000	$	536,075
Verizon Communications, Inc., 5.50%, 3/16/2047		780,000		831,511
				1,367,586
Wireless Telecommunication Services - 0.2%
Hughes Satellite Systems Corp., 5.25%, 8/1/2026		71,000		69,403
Inmarsat Finance plc (United Kingdom)2, 4.875%, 5/15/2022		101,000		97,465
Sprint Communications, Inc.2, 9.00%, 11/15/2018		12,000		12,338
				179,206
Total Telecommunication Services				1,546,792
TOTAL CORPORATE BONDS (Identified Cost $18,668,207)				18,190,689
MUTUAL FUNDS - 0.1%
Global X MSCI Greece ETF		3,510		37,452
iShares MSCI Eurozone ETF		1,150		50,979
TOTAL MUTUAL FUNDS (Identified Cost $84,619)				88,431
U.S. TREASURY SECURITIES - 22.9%
U.S. Treasury Bonds - 5.6%
U.S. Treasury Bond, 6.25%, 5/15/2030		784,000		1,044,864
U.S. Treasury Bond, 4.75%, 2/15/2037		1,246,000		1,562,367
U.S. Treasury Bond, 2.50%, 2/15/2045		872,000		777,919
U.S. Treasury Bond, 3.00%, 5/15/2047		2,270,000		2,228,236
U.S. Treasury Inflation Indexed Bond, 0.75%, 2/15/2042		625,560		608,220
Total U.S. Treasury Bonds (Identified Cost $6,443,015)				6,221,606
U.S. Treasury Notes - 17.3%
U.S. Treasury Inflation Indexed Note, 0.125%, 4/15/2020		806,361		799,596
U.S. Treasury Inflation Indexed Note, 0.125%, 1/15/2023		602,352		588,358
U.S. Treasury Note, 1.625%, 4/30/2019		3,330,000		3,308,147
U.S. Treasury Note, 1.375%, 4/30/2020		3,287,000		3,215,097
U.S. Treasury Note, 2.00%, 7/31/2022		6,103,000		5,921,340
U.S. Treasury Note, 1.625%, 4/30/2023		1,150,000		1,087,334
U.S. Treasury Note, 1.625%, 5/15/2026		1,163,000		1,054,877
U.S. Treasury Note, 2.375%, 5/15/2027		2,199,000		2,101,763
U.S. Treasury Note, 2.75%, 2/15/2028		1,100,000		1,082,727
Total U.S. Treasury Notes (Identified Cost $19,468,285)				19,159,239
TOTAL U.S. TREASURY SECURITIES (Identified Cost $25,911,300)				25,380,845
ASSET-BACKED SECURITIES - 3.9%
CarMax Auto Owner Trust, Series 2017-1, Class A3, 1.98%, 11/15/2021		225,000		222,678
Chesapeake Funding II LLC, Series 2017-2A, Class A12, 1.99%, 5/15/2029		631,073		626,674
Colony American Homes, Series 2015-1A, Class A2,6, (1 mo. LIBOR US + 1.200%), 3.097%, 7/17/2032		197,872		197,872
Credit Acceptance Auto Loan Trust, Series 2017-1A, Class A2, 2.56%, 10/15/2025		255,000		253,432
Enterprise Fleet Financing LLC, Series 2015-2, Class A22, 1.59%, 2/22/2021		33,825		33,806
Enterprise Fleet Financing LLC, Series 2017-2, Class A22, 1.97%, 1/20/2023		450,000		446,411
Invitation Homes Trust, Series 2015-SFR3, Class A2,6, (1 mo. LIBOR US + 1.300%), 3.196%, 8/17/2032		379,786		380,630
Invitation Homes Trust, Series 2017-SFR2, Class A2,6, (1 mo. LIBOR US + 0.850%), 2.746%, 12/17/2036		89,589		89,729
Invitation Homes Trust, Series 2017-SFR2, Class B2,6, (1 mo. LIBOR US + 1.150%), 3.046%, 12/17/2036		65,000		65,192

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

28

Investment Portfolio - April 30, 2018

(unaudited)

BLENDED ASSET MODERATE SERIES	PRINCIPAL AMOUNT4		VALUE (NOTE 2)
ASSET-BACKED SECURITIES (continued)
SoFi Consumer Loan Program LLC, Series 2016-1, Class A2, 3.26%, 8/25/2025		255,779	$	255,357
SoFi Consumer Loan Program LLC, Series 2016-5, Class A2, 3.06%, 9/25/2028		263,112		262,389
SoFi Professional Loan Program LLC, Series 2016-E, Class A2B2, 2.49%, 1/25/2036		430,000		419,173
SoFi Professional Loan Program LLC, Series 2017-A, Class A2A2, 1.55%, 3/26/2040		104,053		103,135
SoFi Professional Loan Program LLC, Series 2017-F, Class A1FX2, 2.05%, 1/25/2041		87,297		86,519
SoFi Professional Loan Program LLC, Series 2017-F, Class A2FX2, 2.84%, 1/25/2041		75,000		73,060
SoFi Professional Loan Program LLC, Series 2018-A, Class A2A2, 2.39%, 2/25/2042		186,248		184,982
Tesla Auto Lease Trust, Series 2018-A, Class A2, 2.32%, 12/20/2019		202,063		201,224
Tricon American Homes Trust, Series 2016-SFR1, Class A2, 2.589%, 11/17/2033		229,815		222,706
Tricon American Homes Trust, Series 2017-SFR2, Class A2, 2.928%, 1/17/2036		240,000		231,545
TOTAL ASSET-BACKED SECURITIES (Identified Cost $4,397,171)				4,356,514
COMMERCIAL MORTGAGE-BACKED SECURITIES - 7.5%
BWAY Mortgage Trust, Series 2015-1740, Class A2, 2.917%, 1/10/2035		541,000		515,603
Caesars Palace Las Vegas Trust, Series 2017-VICI, Class A2, 3.531%, 10/15/2034		300,000		301,151
Credit Suisse Mortgage Capital Trust, Series 2013-IVR3, Class A12,8, 2.50%, 5/25/2043		195,138		181,778
Credit Suisse Mortgage Capital Trust, Series 2013-TH1, Class A12,8, 2.13%, 2/25/2043		139,674		128,989
CSMC Trust, Series 2014-IVR3, Class A12,8, 3.50%, 7/25/2044		337,306		333,195
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K009, Class X1 (IO)8, 1.29%, 8/25/2020		2,525,566		61,497
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K021, Class X1 (IO)8, 1.458%, 6/25/2022		1,928,109		95,403
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K030, Class X1 (IO)8, 0.203%, 4/25/2023		9,987,899		88,474
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K033, Class A28, 3.06%, 7/25/2023		765,000		762,970
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K035, Class A28, 3.458%, 8/25/2023		697,000		706,527
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KJ10, Class A2, 2.912%, 12/25/2023		590,000		582,257
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KJ13, Class A2, 2.864%, 8/25/2022		369,000		366,476
Freddie Mac REMICS, Series 4791, Class BA, 4.00%, 3/15/2044		325,000		331,489
FREMF Mortgage Trust, Series 2013-K28, Class X2A (IO)2, 0.10%, 6/25/2046		24,731,897		94,063
FREMF Mortgage Trust, Series 2013-K712, Class B2,8, 3.362%, 5/25/2045		143,000		143,453
FREMF Mortgage Trust, Series 2014-K37, Class B2,8, 4.558%, 1/25/2047		320,000		331,357
GAHR Commercial Mortgage Trust, Series 2015-NRF, Class BFX2,8, 3.382%, 12/15/2034		372,000		371,698
JP Morgan Mortgage Trust, Series 2013-2, Class A22,8, 3.50%, 5/25/2043		111,331		109,417
JP Morgan Mortgage Trust, Series 2014-2, Class 1A12,8, 3.00%, 6/25/2029		149,265		147,674
JP Morgan Mortgage Trust, Series 2017-6, Class A52,8, 3.50%, 12/25/2048		402,469		398,161
New Residential Mortgage Loan Trust, Series 2014-3A, Class AFX32,8, 3.75%, 11/25/2054		125,385		125,237

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

29

Investment Portfolio - April 30, 2018

(unaudited)

BLENDED ASSET MODERATE SERIES		PRINCIPAL AMOUNT4		VALUE (NOTE 2)
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
New Residential Mortgage Loan Trust, Series 2015-2A, Class A12,8, 3.75%, 8/25/2055			157,373	$	157,976
New Residential Mortgage Loan Trust, Series 2016-4A, Class A12,8, 3.75%, 11/25/2056			164,646		164,922
SCG Trust, Series 2013-SRP1, Class AJ2,6, (1 mo. LIBOR US + 2.200%), 4.097%, 11/15/2026			574,000		572,795
Sequoia Mortgage Trust, Series 2013-2, Class A8, 1.874%, 2/25/2043			125,330		112,988
Sequoia Mortgage Trust, Series 2013-8, Class A18, 3.00%, 6/25/2043			155,775		149,907
Starwood Retail Property Trust, Series 2014-STAR, Class A2,6, (1 mo. LIBOR US + 1.220%), 3.117%, 11/15/2027			316,026		316,325
Towd Point Mortgage Trust, Series 2016-5, Class A12,8, 2.50%, 10/25/2056			291,326		285,404
WinWater Mortgage Loan Trust, Series 2015-1, Class A12,8, 3.50%, 1/20/2045			164,404		161,785
WinWater Mortgage Loan Trust, Series 2015-3, Class A52,8, 3.50%, 3/20/2045			144,308		144,496
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(Identified Cost $8,417,356)					8,243,467
FOREIGN GOVERNMENT BONDS - 2.0%
Canada Housing Trust No. 1 (Canada)2, 4.10%, 12/15/2018	CAD		52,000		41,139
Canadian Government Bond (Canada), 2.75%, 6/1/2022	CAD		67,000		53,542
Export-Import Bank of Korea (South Korea), 2.625%, 12/30/2020			500,000		489,762
The Korea Development Bank (South Korea), 1.375%, 9/12/2019			500,000		487,402
Mexican Government Bond (Mexico), 8.00%, 6/11/2020	MXN		1,338,000		72,522
Mexican Government Bond (Mexico), 6.50%, 6/10/2021	MXN		540,000		28,173
Mexican Government Bond (Mexico), 6.50%, 6/9/2022	MXN		879,000		45,528
Mexican Government Bond (Mexico), 7.75%, 5/29/2031	MXN		169,000		9,162
Province of Ontario (Canada), 2.00%, 9/27/2018			230,000		229,669
Province of Ontario (Canada), 1.25%, 6/17/2019			203,000		200,047
Singapore Government Bond (Singapore), 2.50%, 6/1/2019	SGD		116,000		88,298
Svensk Exportkredit AB (Sweden), 1.125%, 8/28/2019			500,000		490,525
TOTAL FOREIGN GOVERNMENT BONDS
(Identified Cost $2,261,929)					2,235,769
U.S. GOVERNMENT AGENCIES - 6.1%
Mortgage-Backed Securities - 6.1%
Fannie Mae, Pool #888468, 5.50%, 9/1/2021			41,208		42,313
Fannie Mae, Pool #888810, 5.50%, 11/1/2022			49,411		50,707
Fannie Mae, Pool #MA1834, 4.50%, 2/1/2034			131,860		138,004
Fannie Mae, Pool #MA1903, 4.50%, 5/1/2034			105,275		110,693
Fannie Mae, Pool #745418, 5.50%, 4/1/2036			100,545		110,069
Fannie Mae, Pool #AB8161, 6.00%, 12/1/2037			126,266		140,750
Fannie Mae, Pool #995196, 6.00%, 7/1/2038			190,396		212,317
Fannie Mae, Pool #MA0258, 4.50%, 12/1/2039			161,055		169,483
Fannie Mae, Pool #AL0152, 6.00%, 6/1/2040			142,744		159,012
Fannie Mae, Pool #AL0241, 4.00%, 4/1/2041			183,104		187,894
Fannie Mae, Pool #AL1410, 4.50%, 12/1/2041			309,121		324,991
Fannie Mae, Pool #AL7068, 4.50%, 9/1/2042			327,692		344,808
Fannie Mae, Pool #AL7729, 4.00%, 6/1/2043			162,476		166,729
Fannie Mae, Pool #BC3490, 3.50%, 2/1/2046			421,509		419,086
Fannie Mae, Pool #BC6764, 3.50%, 4/1/2046			244,700		243,255
Fannie Mae, Pool #BD1381, 3.50%, 6/1/2046			148,723		147,845
Fannie Mae, Pool #MA2705, 3.00%, 8/1/2046			247,100		238,746
Fannie Mae, Pool #CA0241, 4.00%, 8/1/2047			639,740		652,930
Fannie Mae, Pool #MA3184, 4.50%, 11/1/2047			312,881		326,665

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

30

Investment Portfolio - April 30, 2018

(unaudited)

BLENDED ASSET MODERATE SERIES	SHARES/ PRINCIPAL AMOUNT4		VALUE (NOTE 2)
U.S. GOVERNMENT AGENCIES (continued)
Mortgage-Backed Securities (continued)
Fannie Mae, Pool #AL8674, 5.651%, 1/1/2049		356,253	$	383,802
Freddie Mac, Pool #C91754, 4.50%, 3/1/2034		107,145		112,166
Freddie Mac, Pool #C91762, 4.50%, 5/1/2034		149,376		157,118
Freddie Mac, Pool #C91850, 4.00%, 9/1/2035		256,187		264,014
Freddie Mac, Pool #C91854, 4.00%, 10/1/2035		184,421		190,057
Freddie Mac, Pool #G03926, 6.00%, 2/1/2038		43,193		48,089
Freddie Mac, Pool #G04731, 5.50%, 4/1/2038		43,492		47,524
Freddie Mac, Pool #G08273, 5.50%, 6/1/2038		54,752		59,821
Freddie Mac, Pool #Q37592, 4.00%, 12/1/2045		345,938		353,537
Freddie Mac, Pool #Q42596, 3.50%, 8/1/2046		270,127		268,890
Freddie Mac, Pool #Q45199, 4.00%, 1/1/2047		146,739		150,147
Freddie Mac, Pool #Q45210, 4.00%, 1/1/2047		123,419		125,987
Freddie Mac, Pool #G08786, 4.50%, 10/1/2047		406,467		425,049
TOTAL U.S. GOVERNMENT AGENCIES
(Identified Cost $6,949,389)				6,772,498
U.S. GOVERNMENT SECURITIES - 2.0%
U.S. Treasury Bills - 2.0%
U.S. Treasury Bill9, 1.82%, 9/6/2018
(Identified Cost $2,185,842)		2,200,000		2,185,232
SHORT-TERM INVESTMENT - 1.5%
Dreyfus Government Cash Management10, 1.60%, (Identified Cost $1,656,744)		1,656,744		1,656,744
TOTAL INVESTMENTS IN SECURITIES - 99.7%
(Identified Cost $111,926,068)				110,334,908
TOTAL OPTIONS WRITTEN - 0.0%##
(Premiums Received $26,405)				(20,737	)
TOTAL INVESTMENTS - 99.7%				110,314,171
OTHER ASSETS, LESS LIABILITIES - 0.3%				356,937
NET ASSETS - 100%			$	110,671,108

ADR - American Depositary Receipt

CAD - Canadian Dollar

ETF - Exchange-traded fund

IO - Interest only

MXN - Mexican Peso

No. - Number

SGD - Singapore Dollar

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

31

Investment Portfolio - April 30, 2018

(unaudited)

EXCHANGE-TRADED OPTIONS WRITTEN
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION          DATE		EXERCISE          PRICE		NOTIONAL         AMOUNT (000)		VALUE
Call
Regeneron Pharmaceuticals, Inc.		5		5/18/18	$	360.00		152	$	(245	)
Seattle Genetics, Inc.		37		5/18/18		55.00		189		(4,292	)
Zayo Group Holdings, Inc.		51		5/18/18		40.00		185		(510	)
										(5,047	)
Put
Skyworks Solutions, Inc.		24		5/11/18		85.00		208		(5,040	)
Booking Holdings, Inc.		1		5/18/18		1,990.00		218		(1,615	)
Electronic Arts, Inc.		18		5/18/18		110.00		212		(2,844	)
Qorvo, Inc.		33		5/18/18		62.50		222		(4,125	)
Texas Instruments, Inc.		22		5/18/18		92.00		223		(770	)
Alibaba Group Holding Ltd.		12		5/25/18		160.00		214		(1,296	)
										(15,690	)
TOTAL EXCHANGE-TRADED OPTIONS WRITTEN									$	(20,737	)

*Non-income producing security.

## Less than 0.1%.

¹A factor from a third party vendor was applied to determine the security’s fair value following the close of local trading.

²Restricted securities - Investment in securities that are restricted as to public resale under the Securities Act of 1933, as amended. These securities have been sold under Rule 144A and have been determined to be liquid. These securities amount to $14,119,799 or 12.8%, of the Series’ net assets as of April 30, 2018 (see Note 2 to the financial statements).

³A portion of this security is deposited with the broker as collateral for options contracts written. As of April 30, 2018, the total value of such securities was $2,021,975.

⁴Amount is stated in USD unless otherwise noted.

⁵Step coupon rate security - Rate steps up/down by 25 basis points upon rating downgrade/upgrade by Moody’s and S&P rating agencies (Subject to a maximum of 100 basis points per agency, 200 basis points maximum).

⁶Floating rate security. Rate shown is the rate in effect as of April 30, 2018.

⁷Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of April 30, 2018.

⁸Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of April 30, 2018.

⁹Represents the annualized yield at time of purchase.

¹⁰Rate shown is the current yield as of April 30, 2018.

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

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

32

Statement of Assets and Liabilities - Blended Asset Moderate Series

April 30, 2018 (unaudited)

ASSETS:
Investments in securities, at value (identified cost $111,926,068) (Note 2)	$	110,334,908
Foreign currency, at value (identified cost $334)		332
Interest receivable		447,260
Receivable for fund shares sold		97,871
Receivable for securities sold		58,283
Dividends receivable		42,480
Foreign tax reclaims receivable		11,595
Prepaid expenses		1,908
TOTAL ASSETS		110,994,637
LIABILITIES:
Accrued management fees (Note 3)		80,881
Accrued fund accounting and administration fees (Note 3)		41,473
Accrued Directors’ fees (Note 3)		1,624
Accrued Chief Compliance Officer service fees (Note 3)		411
Options written, at value (premiums received $26,405) (Note 2)		20,737
Payable for securities purchased		118,068
Accrued custodian fees payable		24,760
Audit fees payable		22,598
Payable for fund shares repurchased		8,260
Other payables and accrued expenses		4,717
TOTAL LIABILITIES		323,529
TOTAL NET ASSETS	$	110,671,108
NET ASSETS CONSIST OF:
Capital stock	$	104,024
Additional paid-in-capital		111,393,072
Undistributed net investment income		638,858
Accumulated net realized gain on investments, foreign currency and translation of other assets and liabilities		121,238
Net unrealized appreciation (depreciation) on investments, foreign currency and translation of other assets and liabilities		(1,586,084	)
TOTAL NET ASSETS	$	110,671,108
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class R6 ($110,671,108/ 10,402,433 shares)	$	10.64

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

33

Statement of Operations - Blended Asset Moderate Series

For the Six Months Ended April 30, 2018 (unaudited)

INVESTMENT INCOME:
Interest	$	930,622
Dividends (net of foreign taxes withheld, $20,125)		293,620
Total Investment Income		1,224,242
EXPENSES:
Management fees (Note 3)		257,004
Fund accounting and administration fees (Note 3)		45,550
Directors’ fees (Note 3)		5,954
Chief Compliance Officer service fees (Note 3)		2,129
Custodian fees		26,464
Miscellaneous		22,103
Total Expenses		359,204
Less reduction of expenses (Note 3)		(73,644	)
Net Expenses		285,560
NET INVESTMENT INCOME		938,682
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:
Net realized gain (loss) on- Investments in securities		57,212
Options written		83,159
Foreign currency and translation of other assets and liabilities		(1,455	)
		138,916
Net change in unrealized appreciation (depreciation) on- Investments in securities		(1,310,999	)
Options written		5,668
Foreign currency and translation of other assets and liabilities		(490	)
		(1,305,821	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY		(1,166,905	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(228,223	)

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

34

Statement of Changes in Net Assets - Blended Asset Moderate Series

	FOR THE SIX MONTHS ENDED 4/30/18 (UNAUDITED)			FOR THE PERIOD 10/13/171 TO 10/31/17
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income	$	938,682		$	48,288
Net realized gain (loss) on investments and foreign currency		138,916			(17,390	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency		(1,305,821	)		(280,263	)
Net decrease from operations		(228,223	)		(249,365	)
DISTRIBUTIONS TO SHAREHOLDERS (Note 8):
From net investment income		(348,400	)		—
CAPITAL STOCK ISSUED AND REPURCHASED:
Net increase (decrease) from capital share transactions (Note 5)		(4,123,570	)		115,620,666
Net increase (decrease) in net assets		(4,700,193	)		115,371,301
NET ASSETS:
Beginning of period		115,371,301			—
End of period (including undistributed net investment income of $638,858 and $48,576,respectively)	$	110,671,108		$	115,371,301

¹ Commencement of operations.

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

35

Financial Highlights - Blended Asset Moderate Series - Class R6

	FOR THE SIX MONTHS ENDED 4/30/18 (UNAUDITED)			FOR THE PERIOD 10/13/171 TO 10/31/17
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period	$	10.73		$	10.75
Income (loss) from investment operations:
Net investment income (loss)2		0.09			0.00	3
Net realized and unrealized loss on investments		(0.15	)		(0.02	)
Total from investment operations		(0.06	)		(0.02	)
Less distributions to shareholders:
From net investment income		(0.03	)		—
Net asset value - End of period	$	10.64		$	10.73
Net assets - End of period (000’s omitted)	$	110,671		$	115,371
Total return4		(0.54	%)		(0.19	%)
Ratios (to average net assets)/Supplemental Data:
Expenses5		0.50	%		0.50	%
Net investment income5		1.64	%		0.85	%
Series portfolio turnover		54	%		4	%
*The investment advisor did not impose all or a portion of its management and/or other fees during the period, and may have paid a portion of the Series’ expenses. If these expenses had been incurred by the Series, the expense ratio (to average net assets) would have increased by the following amounts5:
		0.13	%		0.99	%

¹Commencement of operations.

²Calculated based on average shares outstanding during the periods.

³Less than $0.01.

⁴Represents aggregate total return for the periods indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been reimbursed during the periods. Periods less than one year are not annualized.

⁵Annualized.

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

36

Shareholder Expense Example - Blended Asset Extended Series

(unaudited)

As a shareholder of the Series, you incur ongoing costs, including management fees, shareholder service fees and other Series expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Series and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested in each class at the beginning of the period and held for the entire period (November 1, 2017 to April 30, 2018).

Actual Expenses

The Actual lines of the table below provide information about actual account values and actual expenses. You may use the information in these lines, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the Actual line for the Class in which you have invested under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The Hypothetical lines of each class in the table below provide information about hypothetical account values and hypothetical expenses based on the Series’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Series’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid during the period. You may use this information to compare the ongoing costs of investing in the Series and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs such as sales charges (loads), redemption fees, or exchange fees that you may incur in other mutual funds. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

	BEGINNING   ACCOUNT VALUE              11/1/17	ENDING   ACCOUNT VALUE              4/30/18	EXPENSES PAID   DURING PERIOD*   11/1/2017-4/30/18
Actual	$1,000.00	$998.60	$2.73
Hypothetical (5% return before expenses)	$1,000.00	$1,022.07	$2.76

*Expenses are equal to the Series’ annualized expense ratio (for the six-month period) of 0.55%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the period since inception). The Series’ total return would have been lower had certain expenses not been waived during the period.

37

Portfolio Composition - Blended Asset Extended Series

As of April 30, 2018 (unaudited)

Sector Allocation4
Information Technology	14.5	%
Health Care	11.7	%
Financials	8.2	%
Consumer Discretionary	6.1	%
Energy	5.4	%
Consumer Staples	4.9	%
Real Estate	3.7	%
Industrials	3.6	%
Materials	3.4	%
Telecommunication Services	1.9	%
Utilities	0.3	%
4Including common stocks and corporate bonds, as a percentage of total investments.

Top Ten Stock Holdings5
Qorvo, Inc.	2.0	%
Booking Holdings, Inc.	1.8	%
Incyte Corp.	1.8	%
Facebook, Inc. - Class A	1.6	%
Anheuser-Busch InBev S.A./N.V. (Belgium)	1.4	%
Mastercard, Inc. - Class A	1.3	%
Regeneron Pharmaceuticals, Inc.	1.3	%
Medtronic plc	1.3	%
Microsoft Corp.	1.2	%
Novartis AG - ADR (Switzerland)	1.2	%
5As a percentage of total investments.

38

Investment Portfolio - April 30, 2018

(unaudited)

BLENDED ASSET EXTENDED SERIES	SHARES		VALUE (NOTE 2)
COMMON STOCKS - 49.7%
Consumer Discretionary - 4.5%
Automobiles - 0.0%##
Suzuki Motor Corp. (Japan)1		1,000	$	53,748
Diversified Consumer Services - 0.0%##
Fu Shou Yuan International Group Ltd. (China)1		60,000		57,234
Hotels, Restaurants & Leisure - 0.1%
Accor S.A. (France)1		880		49,739
CVC Brasil Operadora e Agencia de Viagens S.A. (Brazil)		2,500		41,291
				91,030
Household Durables - 0.0%##
Kaufman & Broad S.A. (France)1		1,490		78,496
Internet & Direct Marketing Retail - 2.1%
Amazon.com, Inc.*		330		516,823
Booking Holdings, Inc.*		1,550		3,375,900
				3,892,723
Leisure Products - 0.1%
Trigano S.A. (France)1		370		69,725
Yamaha Corp. (Japan)1		800		38,602
				108,327
Media - 0.5%
Quebecor, Inc. - Class B (Canada)		25,820		481,429
Shaw Communications, Inc. - Class B (Canada)		23,590		484,863
				966,292
Multiline Retail - 0.0%##
Lojas Renner S.A. (Brazil)		3,475		32,238
Specialty Retail - 0.8%
Fnac Darty S.A. (France)*1		580		62,232
Industria de Diseno Textil S.A. (Spain)1		43,445		1,346,715
Maisons du Monde S.A. (France)1,2		1,050		42,666
				1,451,613
Textiles, Apparel & Luxury Goods - 0.9%
ANTA Sports Products Ltd. (China)1		11,000		62,768
lululemon athletica, Inc.*		15,335		1,530,433
				1,593,201
Total Consumer Discretionary				8,324,902
Consumer Staples - 4.8%
Beverages - 3.6%
Ambev S.A. - ADR (Brazil)		265,305		1,756,319
Anheuser-Busch InBev S.A./N.V. (Belgium)1		26,505		2,632,835
Diageo plc (United Kingdom)1		61,465		2,192,759
Treasury Wine Estates Ltd. (Australia)1		4,360		62,278
				6,644,191
Food & Staples Retailing - 0.1%
Matsumotokiyoshi Holdings Co. Ltd. (Japan)1		900		40,092
Raia Drogasil S.A. (Brazil)		2,400		47,079
				87,171
Food Products - 0.1%
Danone S.A. (France)1		820		66,425
Kerry Group plc - Class A (Ireland)1		785		79,819
Nestle S.A. (Switzerland)1		995		77,083
				223,327
Personal Products - 1.0%
Beiersdorf AG (Germany)1		440		49,781
Unilever plc - ADR (United Kingdom)		32,685		1,829,379
				1,879,160
Tobacco - 0.0%##
British American Tobacco plc - ADR (United Kingdom)		990		54,074
Total Consumer Staples				8,887,923
Energy - 2.5%
Energy Equipment & Services - 2.2%
Diamond Offshore Drilling, Inc.*		39,340		723,463
Ensco plc - Class A		59,780		337,757
Schlumberger Ltd		31,210		2,139,758
Transocean Ltd.*		71,260		881,486
				4,082,464
Oil, Gas & Consumable Fuels - 0.3%
Cameco Corp. (Canada)3		3,120		32,854
China Petroleum & Chemical Corp. - Class H (China)1		44,000		42,850
Eni SpA (Italy)1		2,145		41,931
Galp Energia SGPS S.A. (Portugal)1		4,200		80,611
Repsol S.A. (Spain)1		3,275		62,496
Royal Dutch Shell plc - Class B - ADR (Netherlands)3		1,185		85,818
SK Innovation Co. Ltd. (South Korea)1		230		42,147
Suncor Energy, Inc. (Canada)		1,105		42,257
TOTAL S.A. (France)1		1,035		65,051

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

39

Investment Portfolio - April 30, 2018

(unaudited)

BLENDED ASSET EXTENDED SERIES	SHARES		VALUE (NOTE 2)
COMMON STOCKS (continued)
Energy (continued)
Oil, Gas & Consumable Fuels (continued)
Transportadora de Gas del Sur S.A. - Class B - ADR (Argentina)*		1,800	$	34,308
Vermilion Energy, Inc. (Canada)		1,205		40,731
YPF S.A. - ADR (Argentina)3		1,740		38,089
				609,143
Total Energy				4,691,607
Financials - 3.4%
Banks - 0.4%
Banco Comercial Portugues S.A. (Portugal)*1		109,215		36,560
Bankia S.A. (Spain)1		10,185		44,688
BPER Banca (Italy)1		7,050		40,696
CaixaBank S.A. (Spain)1		17,300		84,128
Credit Agricole S.A. (France)1		4,400		72,456
Erste Group Bank AG (Austria)1		1,255		61,372
Eurobank Ergasias S.A. (Greece)*1		53,260		67,225
FinecoBank Banca Fineco S.p.A. (Italy)1		9,030		107,527
Grupo Financiero Galicia S.A. - ADR (Argentina)		640		40,909
Grupo Supervielle S.A. - ADR (Argentina)		1,290		36,043
Itau Unibanco Holding S.A. (Brazil)		3,800		55,180
Jyske Bank A/S (Denmark)1		730		43,712
KBC Group N.V. (Belgium)1		1,055		91,722
Sydbank A/S (Denmark)1		1,030		38,077
				820,295
Capital Markets - 2.9%
Amundi S.A. (France)1,2		1,155		98,227
Banca Generali S.p.A. (Italy)1		1,675		54,336
BlackRock, Inc.		3,550		1,851,325
Bolsas y Mercados Argentinos S.A. (Argentina)		4,035		73,954
The Charles Schwab Corp.		34,915		1,944,067
E*TRADE Financial Corp.*		16,300		989,084
Euronext N.V. (Netherlands)1,2		1,520		108,960
Julius Baer Group Ltd. (Switzerland)1		2,290		135,908
Natixis S.A. (France)1		9,080		74,573
				5,330,434
Thrifts & Mortgage Finance - 0.1%
Aareal Bank AG (Germany)1		1,725		86,283
Total Financials				6,237,012
Health Care - 11.6%
Biotechnology - 6.2%
Biogen, Inc.*		4,980		1,362,528
BioMarin Pharmaceutical, Inc.*		22,600		1,887,326
Incyte Corp.*		53,220		3,296,447
Regeneron Pharmaceuticals, Inc.*		8,030		2,438,550
Seattle Genetics, Inc.*		35,510		1,817,757
Vertex Pharmaceuticals, Inc.*		4,390		672,372
				11,474,980
Health Care Equipment & Supplies - 1.3%
Medtronic plc3		29,565		2,369,043
Health Care Providers & Services - 0.8%
DaVita, Inc.*		22,925		1,439,461
Fleury S.A. (Brazil)		7,000		52,172
Fresenius Medical Care AG & Co. KGaA (Germany)1		345		35,007
Orpea (France)1		505		64,714
				1,591,354
Life Sciences Tools & Services - 0.1%
QIAGEN N.V.*		1,185		38,761
QIAGEN N.V.*1		1,500		49,067
Tecan Group AG (Switzerland)1		190		41,776
				129,604
Pharmaceuticals - 3.2%
Bristol-Myers Squibb Co.		14,650		763,704
Johnson & Johnson		13,920		1,760,741
Merck & Co., Inc.		17,420		1,025,515
Novartis AG - ADR (Switzerland)		29,365		2,252,002
Perrigo Co. plc		1,035		80,875
				5,882,837
Total Health Care				21,447,818
Industrials - 3.0%
Aerospace & Defense - 0.0%##
BAE Systems plc (United Kingdom)1		3,580		30,037
Air Freight & Logistics - 0.8%
FedEx Corp.		5,790		1,431,288
Airlines - 0.1%
Azul S.A. - ADR (Brazil)*		1,475		45,725
Ryanair Holdings plc - ADR (Ireland)*		235		25,843
				71,568
Building Products - 0.1%
Cie de Saint-Gobain (France)1		1,955		102,288
Daikin Industries Ltd. (Japan)1		500		58,408

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

40

Investment Portfolio - April 30, 2018

(unaudited)

BLENDED ASSET EXTENDED SERIES	SHARES		VALUE (NOTE 2)
COMMON STOCKS (continued)
Industrials (continued)
Building Products (continued)
Geberit AG (Switzerland)1		135	$	57,609
				218,305
Commercial Services & Supplies - 0.1%
China Everbright International Ltd. (China)1		55,000		77,146
Elis S.A. (France)1		2,705		64,694
SPIE S.A. (France)1		3,840		86,888
				228,728
Construction & Engineering - 0.2%
Eiffage S.A. (France)1		725		86,298
FLSmidth & Co. A/S (Denmark)1		590		36,443
Vinci S.A. (France)1		1,730		172,972
				295,713
Electrical Equipment - 0.0%##
Legrand S.A. (France)1		775		60,305
Industrial Conglomerates - 0.1%
Siemens AG (Germany)1		1,275		161,918
Machinery - 0.3%
FANUC Corp. (Japan)1		200		42,842
Hyundai Heavy Industries Co. Ltd. (South Korea)*1		185		20,480
Hyundai Mipo Dockyard Co. Ltd. (South Korea)*1		235		19,516
Jungheinrich AG (Germany)1		2,115		89,194
KION Group AG (Germany)1		1,155		96,275
Metso OYJ (Finland)1		2,895		102,889
Samsung Heavy Industries Co. Ltd. (South Korea)*1		2,870		19,619
The Weir Group plc (United Kingdom)1		4,790		140,165
				530,980
Professional Services - 0.6%
Equifax, Inc.		9,430		1,056,631
Randstad Holding N.V. (Netherlands)1		1,525		98,154
				1,154,785
Road & Rail - 0.5%
Genesee & Wyoming, Inc. - Class A*		13,270		944,824
Trading Companies & Distributors - 0.1%
Ashtead Group plc (United Kingdom)1		2,805		77,903
Brenntag AG (Germany)1		955		54,695
Howden Joinery Group plc (United Kingdom)1		4,390		28,733
Kanamoto Co. Ltd. (Japan)1		1,200		41,004
				202,335
Transportation Infrastructure - 0.1%
Aena SME S.A. (Spain)1,2		725		149,443
Grupo Aeroportuario del Centro Norte S.A.B. de C.V. (Mexico)		4,200		22,154
Grupo Aeroportuario del Pacifico S.A.B. de C.V. - ADR (Mexico)		215		22,397
				193,994
Total Industrials				5,524,780
Information Technology - 13.4%
Electronic Equipment, Instruments & Components - 0.2%
Halma plc (United Kingdom)1		3,610		60,573
Hexagon A.B. - Class B (Sweden)1		1,005		58,028
Hitachi Ltd. (Japan)1		13,000		94,881
Hollysys Automation Technologies Ltd. (China)		1,620		35,737
Keyence Corp. (Japan)1		300		182,934
				432,153
Internet Software & Services - 4.1%
Alibaba Group Holding Ltd. - ADR (China)*		9,185		1,639,890
Alphabet, Inc. - Class A*		910		926,908
Alphabet, Inc. - Class C*		910		925,770
Facebook, Inc. - Class A*		17,495		3,009,140
NetEase, Inc. - ADR (China)		165		42,417
Tencent Holdings Ltd. - Class H (China)1		22,990		1,130,256
				7,674,381
IT Services - 2.6%
Amdocs Ltd.3		1,430		96,167
InterXion Holding N.V.
(Netherlands)*		1,540		100,131
Luxoft Holding, Inc.*		320		12,912
Mastercard, Inc. - Class A		13,970		2,490,432
Pagseguro Digital Ltd. - Class A
(Brazil)*		615		20,436
Sopra Steria Group (France)1		505		107,796
Visa, Inc. - Class A		15,120		1,918,426
				4,746,300
Semiconductors & Semiconductor Equipment - 3.3%
Qorvo, Inc.*		54,780		3,692,172

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

41

Investment Portfolio - April 30, 2018

(unaudited)

BLENDED ASSET EXTENDED SERIES	SHARES		VALUE (NOTE 2)
COMMON STOCKS (continued)
Information Technology (continued)
Semiconductors & Semiconductor Equipment (continued)
Skyworks Solutions, Inc.		18,740	$	1,625,882
Texas Instruments, Inc.		8,630		875,341
				6,193,395
Software - 3.2%
Atlassian Corp. plc - Class A*		520		29,110
Dassault Systemes S.E. (France)1		465		60,259
Electronic Arts, Inc.*		11,650		1,374,467
Microsoft Corp.		24,680		2,308,074
Nexon Co. Ltd. (Japan)*1		4,732		68,857
ServiceNow, Inc.*		11,330		1,882,366
Sophos Group plc (United Kingdom)1,2		10,055		68,658
Temenos Group AG (Switzerland)1		345		43,411
				5,835,202
Total Information Technology				24,881,431
Materials - 2.4%
Chemicals - 0.1%
Akzo Nobel N.V. (Netherlands)1		920		83,314
Croda International plc (United Kingdom)1		1,256		76,833
Mexichem S.A.B. de C.V. (Mexico)		9,700		30,316
Solvay S.A. (Belgium)1		530		73,707
				264,170
Construction Materials - 0.1%
Loma Negra Cia Industrial Argentina
S.A. - ADR (Argentina)*		1,875		38,887
Wienerberger AG (Austria)1		3,415		86,051
				124,938
Containers & Packaging - 1.6%
Ball Corp.		43,380		1,739,104
Sealed Air Corp.		26,200		1,148,870
				2,887,974
Metals & Mining - 0.6%
Antofagasta plc (Chile)1		42,585		568,979
First Quantum Minerals Ltd. (Zambia)		955		13,760
Grupo Mexico S.A.B. de C.V. - Series B (Mexico)		26,900		89,062
Lundin Mining Corp. (Canada)		77,545		513,363
				1,185,164
Total Materials				4,462,246
Real Estate - 3.2%
Equity Real Estate Investment Trusts (REITS) - 3.1%
Acadia Realty Trust		890		21,004
Agree Realty Corp.		405		19,796
Alexandria Real Estate Equities, Inc.		290		36,125
American Campus Communities, Inc.		1,175		45,954
American Homes 4 Rent - Class A		3,730		75,346
American Tower Corp.		3,160		430,898
Americold Realty Trust		1,095		22,568
Apartment Investment & Management Co. - Class A		1,470		59,682
Apple Hospitality REIT, Inc.		1,875		33,731
AvalonBay Communities, Inc.		895		145,885
Axiare Patrimonio SOCIMI S.A. (Spain)1		840		17,807
Bluerock Residential Growth REIT, Inc.		1,775		15,957
Boston Properties, Inc.		745		90,450
Brandywine Realty Trust		2,210		35,603
CatchMark Timber Trust, Inc. - Class A		5,175		67,482
Chesapeake Lodging Trust		965		28,506
Colony NorthStar, Inc. - Class A		4,245		25,937
Columbia Property Trust, Inc.		1,100		23,496
Community Healthcare Trust, Inc.		2,165		55,207
CoreCivic, Inc.		2,950		59,472
Cousins Properties, Inc.		10,840		96,368
Crown Castle International Corp.		525		52,957
CubeSmart		1,495		44,013
Digital Realty Trust, Inc.		1,050		110,974
EastGroup Properties, Inc.		175		15,711
Equinix, Inc.		505		212,499
Equity LifeStyle Properties, Inc.		545		48,592
Equity Residential		1,110		68,498
Essex Property Trust, Inc.		200		47,938
Extra Space Storage, Inc.		755		67,640
First Industrial Realty Trust, Inc.		2,245		69,842
Forest City Realty Trust, Inc. - Class A		1,695		34,002
Getty Realty Corp.		1,165		29,183
GGP, Inc.		1,835		36,682
Global Medical REIT, Inc.		2,555		19,903
HCP, Inc.		2,960		69,146
Healthcare Trust of America, Inc. - Class A		1,550		38,734
Hibernia REIT plc (Ireland)1		19,535		35,008
Host Hotels & Resorts, Inc.		3,830		74,915
Independence Realty Trust, Inc.		2,860		26,884

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

42

Investment Portfolio - April 30, 2018

(unaudited)

BLENDED ASSET EXTENDED SERIES	SHARES/ PRINCIPAL AMOUNT4		VALUE (NOTE 2)
COMMON STOCKS (continued)
Real Estate (continued)
Equity Real Estate Investment Trusts (REITS) (continued)
Invitation Homes, Inc.		3,247	$	75,136
Lamar Advertising Co. - Class A		455		28,988
Life Storage, Inc.		240		21,226
The Macerich Co.		540		31,115
Mid-America Apartment
Communities, Inc.		915		83,686
National Retail Properties, Inc.		720		27,389
Outfront Media, Inc.		1,250		23,437
Physicians Realty Trust		4,080		60,955
Plymouth Industrial REIT, Inc.		565		9,718
Prologis, Inc.		2,620		170,064
Public Storage		475		95,846
Regency Centers Corp.		680		40,018
Rexford Industrial Realty, Inc.		655		20,010
SBA Communications Corp.*		2,710		434,223
Simon Property Group, Inc.		1,460		228,256
STAG Industrial, Inc.		2,195		53,931
STORE Capital Corp.		1,110		28,005
Sun Communities, Inc.		750		70,388
Sunstone Hotel Investors, Inc.		2,965		46,254
Terreno Realty Corp.		545		20,247
UDR, Inc.		2,325		84,049
UMH Properties, Inc.		2,015		27,263
Unibail-Rodamco S.E. (France)1		450		108,031
Urban Edge Properties		3,210		66,030
Ventas, Inc.		635		32,652
VEREIT, Inc.		4,365		29,682
Vornado Realty Trust		1,045		71,091
Welltower, Inc.		750		40,080
Weyerhaeuser Co.		33,665		1,238,199
				5,776,364
Real Estate Management & Development - 0.1%
Nexity S.A. (France)1		1,245		77,850
Total Real Estate				5,854,214
Telecommunication Services - 0.8%
Diversified Telecommunication Services - 0.8%
Iliad S.A. (France)1		260		52,079
Zayo Group Holdings, Inc.*3		38,970		1,414,611
Total Telecommunication Services				1,466,690
Utilities - 0.1%
Electric Utilities - 0.0%##
Pampa Energia S.A. - ADR (Argentina)*		650		37,076
Independent Power and Renewable Electricity Producers - 0.1%
China Longyuan Power Group Corp. Ltd. - Class H (China)1		98,000		96,258
Huaneng Renewables Corp. Ltd. - Class H (China)1		212,000		94,150
				190,408
Total Utilities				227,484
TOTAL COMMON STOCKS
(Identified Cost $92,721,408)				92,006,107
CORPORATE BONDS - 14.0%
Non-Convertible Corporate Bonds - 14.0%
Consumer Discretionary - 1.6%
Auto Components - 0.1%
Techniplas LLC2, 10.00%, 5/1/2020		60,000		52,950
Household Durables - 0.2%
Century Communities, Inc., 5.875%, 7/15/2025		110,000		104,637
Meritage Homes Corp., 5.125%, 6/6/2027		70,000		66,412
TRI Pointe Group, Inc. - TRI Pointe Homes, Inc., 4.375%, 6/15/2019		50,000		50,062
TRI Pointe Group, Inc. - TRI Pointe Homes, Inc., 5.875%, 6/15/2024		43,000		43,591
Weekley Homes LLC - Weekley Finance Corp., 6.00%, 2/1/2023		45,000		44,438
Weekley Homes LLC - Weekley Finance Corp.2, 6.625%, 8/15/2025		70,000		67,900
				377,040
Internet & Direct Marketing Retail - 0.6%
Booking Holdings, Inc., 3.60%, 6/1/2026		1,140,000		1,105,083
Media - 0.7%
CCO Holdings LLC - CCO Holdings Capital Corp.2, 5.50%, 5/1/2026		40,000		38,948
Cequel Communications Holdings I LLC - Cequel Capital Corp.2, 7.50%, 4/1/2028		200,000		202,750
Cogeco Communications, Inc. (Canada)2, 4.875%, 5/1/2020		30,000		30,150
CSC Holdings, LLC, 5.25%, 6/1/2024		96,000		89,940
Discovery Communications LLC, 5.20%, 9/20/2047		760,000		743,338

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

43

Investment Portfolio - April 30, 2018

(unaudited)

BLENDED ASSET EXTENDED SERIES	PRINCIPAL AMOUNT4		VALUE (NOTE 2)
CORPORATE BONDS (continued)
Non-Convertible Corporate Bonds (continued)
Consumer Discretionary (continued)
Media (continued)
Telenet Finance Luxembourg Notes S.A.R.L (Belgium)2, 5.50%, 3/1/2028		200,000	$	191,000
				1,296,126
Textiles, Apparel & Luxury Goods - 0.0%##
Hanesbrands, Inc.2, 4.875%, 5/15/2026		55,000		52,800
Total Consumer Discretionary				2,883,999
Consumer Staples - 0.1%
Food & Staples Retailing - 0.1%
C&S Group Enterprises LLC2, 5.375%, 7/15/2022		104,000		97,760
Household Products - 0.0%##
First Quality Finance Co., Inc.2, 5.00%, 7/1/2025		25,000		23,937
Total Consumer Staples				121,697
Energy - 2.9%
Energy Equipment & Services - 0.1%
Shelf Drilling Holdings Ltd. (United Arab Emirates)2, 8.25%, 2/15/2025		60,000		60,900
Trinidad Drilling Ltd. (Canada)2, 6.625%, 2/15/2025		76,000		72,865
				133,765
Oil, Gas & Consumable Fuels - 2.8%
Boardwalk Pipelines LP, 5.95%, 6/1/2026		1,030,000		1,098,741
Cheniere Energy Partners LP2, 5.25%, 10/1/2025		70,000		68,425
DCP Midstream Operating LP2, 9.75%, 3/15/2019		30,000		31,575
Dynagas LNG Partners LP - Dynagas Finance, Inc. (Monaco), 6.25%, 10/30/2019		78,000		78,975
GasLog Ltd. (Monaco), 8.875%, 3/22/2022		73,000		77,380
Hilcorp Energy I LP - Hilcorp Finance Co.2, 5.75%, 10/1/2025		75,000		74,250
Jonah Energy LLC - Jonah Energy Finance Corp.2, 7.25%, 10/15/2025		105,000		84,000
Kinder Morgan Energy Partners LP, 6.95%, 1/15/2038		930,000		1,103,721
Petroleos Mexicanos (Mexico)2, 6.35%, 2/12/2048		1,150,000		1,054,550
Rockies Express Pipeline, LLC2, 5.625%, 4/15/2020		40,000		41,412
Sabine Pass Liquefaction LLC, 5.875%, 6/30/2026		1,020,000		1,107,729
SemGroup Corp., 6.375%, 3/15/2025		105,000		100,012
Seven Generations Energy Ltd. (Canada)2, 5.375%, 9/30/2025		49,000		47,652
Southwestern Energy Co.5, 6.70%, 1/23/2025		56,000		54,880
Tallgrass Energy Partners LP - Tallgrass Energy Finance Corp.2, 5.50%, 9/15/2024		74,000		75,110
Williams Partners LP, 3.75%, 6/15/2027		105,000		98,780
				5,197,192
Total Energy				5,330,957
Financials - 4.8%
Banks - 2.8%
Bank of America Corp., 4.00%, 1/22/2025		1,120,000		1,107,005
Citigroup, Inc., 8.125%, 7/15/2039		750,000		1,086,245
Intesa Sanpaolo S.p.A. (Italy)2, 3.875%, 1/12/2028		1,170,000		1,092,858
JPMorgan Chase & Co., 6.30%, 4/23/2019		1,070,000		1,107,729
Popular, Inc., 7.00%, 7/1/2019		76,000		77,330
Santander Holdings USA, Inc., 3.40%, 1/18/2023		760,000		736,366
				5,207,533
Capital Markets - 0.6%
Morgan Stanley6, (3 mo. LIBOR US + 1.220%), 3.583%, 5/8/2024		1,090,000		1,111,470
Consumer Finance - 0.1%
Ally Financial, Inc., 3.50%, 1/27/2019		50,000		49,975
SLM Corp., 5.125%, 4/5/2022		65,000		65,650
				115,625
Diversified Financial Services - 0.5%
Aircastle Ltd., 6.25%, 12/1/2019		30,000		31,162
International Lease Finance Corp., 6.25%, 5/15/2019		591,000		610,390
LPL Holdings, Inc.2, 5.75%, 9/15/2025		52,000		50,440
Navient Corp., 7.25%, 9/25/2023		40,000		41,800

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

44

Investment Portfolio - April 30, 2018

(unaudited)

BLENDED ASSET EXTENDED SERIES	PRINCIPAL AMOUNT4		VALUE (NOTE 2)
CORPORATE BONDS (continued)
Non-Convertible Corporate Bonds (continued)
Financials (continued)
Diversified Financial Services (continued)
Oxford Finance, LLC - Oxford Finance Co.- Issuer II, Inc.2, 6.375%, 12/15/2022		70,000	$	71,400
Park Aerospace Holdings Ltd. (Ireland)2, 4.50%, 3/15/2023		74,000		70,855
				876,047
Insurance - 0.8%
Assured Guaranty US Holdings, Inc., 5.00%, 7/1/2024		770,000		798,993
Prudential Financial, Inc.7, (3 mo. LIBOR US + 4.175%), 5.875%, 9/15/2042		690,000		733,987
				1,532,980
Thrifts & Mortgage Finance - 0.0%##
Ladder Capital Finance Holdings LLLP - Ladder Capital Finance Corp.2, 5.875%, 8/1/2021		45,000		45,787
Total Financials				8,889,442
Health Care - 0.1%
Biotechnology - 0.0%##
AMAG Pharmaceuticals, Inc.2, 7.875%, 9/1/2023		54,000		53,730
Health Care Providers & Services - 0.1%
DaVita, Inc., 5.00%, 5/1/2025		70,000		66,339
Fresenius Medical Care US Finance II, Inc. (Germany)2, 6.50%, 9/15/2018		30,000		30,385
Ortho-Clinical Diagnostics, Inc. - Ortho-Clinical Diagnostics S.A.2, 6.625%, 5/15/2022		55,000		54,450
Tenet Healthcare Corp., 6.00%, 10/1/2020		30,000		30,962
				182,136
Total Health Care				235,866
Industrials - 0.7%
Airlines - 0.0%##
Allegiant Travel Co., 5.50%, 7/15/2019		50,000		50,500
Construction & Engineering - 0.1%
Tutor Perini Corp.2, 6.875%, 5/1/2025		79,000		80,951
Containers & Packaging - 0.1%
W/S Packaging Holdings, Inc.2, 9.00%, 4/15/2023		70,000		71,575
Industrial Conglomerates - 0.0%##
LSB Industries, Inc.2, 9.625%, 5/1/2023		70,000		70,262
Machinery - 0.4%
CNH Industrial Capital LLC, 3.375%, 7/15/2019		740,000		741,850
Xerium Technologies, Inc., 9.50%, 8/15/2021		59,000		61,508
				803,358
Marine - 0.1%
Global Ship Lease, Inc. (United Kingdom)2, 9.875%, 11/15/2022		100,000		98,250
Total Industrials				1,174,896
Information Technology - 1.0%
Internet Software & Services - 1.0%
Alibaba Group Holding Ltd. (China), 3.40%, 12/6/2027		1,170,000		1,101,542
Tencent Holdings Ltd. (China)2, 3.595%, 1/19/2028		770,000		731,729
				1,833,271
Semiconductors & Semiconductor Equipment -0.0%##
MagnaChip Semiconductor Corp. (South Korea), 6.625%, 7/15/2021		78,000		75,075
Total Information Technology				1,908,346
Materials - 1.0%
Chemicals - 0.1%
Kissner Holdings LP - Kissner Milling Co. Ltd. - BSC Holding, Inc. - Kissner USA (Canada)2, 8.375%, 12/1/2022		68,000		69,700
OCI N.V. (Netherlands)2, 6.625%, 4/15/2023		200,000		202,800
				272,500
Metals & Mining - 0.9%
Anglo American Capital plc (United Kingdom)2, 4.00%, 9/11/2027		770,000		725,400
Corp Nacional del Cobre de Chile (Chile)2, 5.625%, 9/21/2035		650,000		728,557
Mountain Province Diamonds, Inc. (Canada)2, 8.00%, 12/15/2022		120,000		118,800
				1,572,757
Total Materials				1,845,257

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

45

Investment Portfolio - April 30, 2018

(unaudited)

BLENDED ASSET EXTENDED SERIES	PRINCIPAL AMOUNT4/ SHARES		VALUE (NOTE 2)
CORPORATE BONDS (continued)
Non-Convertible Corporate Bonds (continued)
Real Estate - 0.5%
Equity Real Estate Investment Trusts (REITS) - 0.1%
GTP Acquisition Partners I LLC2, 2.35%, 6/15/2020		123,000	$	121,236
iStar, Inc., 5.25%, 9/15/2022		57,000		55,290
				176,526
Real Estate Management & Development - 0.4%
American Homes 4 Rent LP, 4.25%, 2/15/2028		760,000		730,667
Greystar Real Estate Partners, LLC2, 5.75%, 12/1/2025		75,000		74,250
				804,917
Total Real Estate				981,443
Telecommunication Services - 1.1%
Diversified Telecommunication Services - 0.9%
AT&T, Inc., 4.25%, 3/1/2027		680,000		675,058
Verizon Communications, Inc., 5.50%, 3/16/2047		1,030,000		1,098,021
				1,773,079
Wireless Telecommunication Services - 0.2%
Hughes Satellite Systems Corp., 5.25%, 8/1/2026		130,000		127,075
Inmarsat Finance plc (United Kingdom)2, 4.875%, 5/15/2022		160,000		154,400
Sprint Communications, Inc.2, 9.00%, 11/15/2018		22,000		22,619
				304,094
Total Telecommunication Services				2,077,173
Utilities - 0.2%
Independent Power and Renewable Electricity Producers - 0.2%
Atlantica Yield plc (Spain)2, 7.00%, 11/15/2019		204,000		212,670
Drax Finco plc (United Kingdom)2, 6.625%, 11/1/2025		200,000		201,000
Total Utilities				413,670
TOTAL CORPORATE BONDS
(Identified Cost $26,507,254)				25,862,746
MUTUAL FUNDS - 0.1%
Global X MSCI Greece ETF		7,900		84,293
iShares MSCI Eurozone ETF		2,730		121,021
TOTAL MUTUAL FUNDS
(Identified Cost $196,228)				205,314
U.S. TREASURY SECURITIES - 17.7%
U.S. Treasury Bonds - 5.8%
U.S. Treasury Bond, 6.25%, 5/15/2030		1,396,000		1,860,497
U.S. Treasury Bond, 4.75%, 2/15/2037		2,181,000		2,734,770
U.S. Treasury Bond, 2.50%, 2/15/2045		1,687,000		1,504,989
U.S. Treasury Bond, 3.00%, 5/15/2047		3,815,000		3,744,810
U.S. Treasury Inflation Indexed Bond, 0.75%, 2/15/2042		872,500		848,316
Total U.S. Treasury Bonds
(Identified Cost $11,091,892)				10,693,382
U.S. Treasury Notes - 11.9%
U.S. Treasury Inflation Indexed Note, 0.125%, 4/15/2020		863,245		856,002
U.S. Treasury Inflation Indexed Note, 0.125%, 1/15/2023		1,043,220		1,018,986
U.S. Treasury Note, 1.625%, 4/30/2019		3,650,000		3,626,047
U.S. Treasury Note, 1.375%, 4/30/2020		3,750,000		3,667,969
U.S. Treasury Note, 2.00%, 7/31/2022		1,000		970
U.S. Treasury Note, 1.625%, 4/30/2023		3,925,000		3,711,118
U.S. Treasury Note, 1.25%, 7/31/2023		2,000,000		1,847,812
U.S. Treasury Note, 1.625%, 5/15/2026		1,976,000		1,792,294
U.S. Treasury Note, 2.375%, 5/15/2027		3,786,000		3,618,588
U.S. Treasury Note, 2.75%, 2/15/2028		1,925,000		1,894,771
Total U.S. Treasury Notes
(Identified Cost $22,381,652)				22,034,557
TOTAL U.S. TREASURY SECURITIES
(Identified Cost $33,473,544)				32,727,939
ASSET-BACKED SECURITIES - 3.3%
Chesapeake Funding II LLC2, 2.11%, 3/15/2028		119,737		119,405
Chesapeake Funding II LLC, Series 2017-2A, Class A12, 1.99%, 5/15/2029		930,786		924,298
Credit Acceptance Auto Loan Trust, Series 2017-1A, Class A2, 2.56%, 10/15/2025		451,000		448,226

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

46

Investment Portfolio - April 30, 2018

(unaudited)

BLENDED ASSET EXTENDED SERIES	PRINCIPAL AMOUNT4		VALUE (NOTE 2)
ASSET-BACKED SECURITIES (continued)
Enterprise Fleet Financing LLC, Series 2015-2, Class A22, 1.59%, 2/22/2021		43,927	$	43,903
Enterprise Fleet Financing LLC, Series 2016-2, Class A22, 1.74%, 2/22/2022		112,961		112,383
Invitation Homes Trust, Series 2015-SFR3, Class A2,6, (1 mo. LIBOR US + 1.300%), 3.196%, 8/17/2032		404,228		405,126
Invitation Homes Trust, Series 2017-SFR2, Class A2,6, (1 mo. LIBOR US + 0.850%), 2.746%, 12/17/2036		164,246		164,503
Invitation Homes Trust, Series 2017-SFR2, Class B2,6, (1 mo. LIBOR US + 1.150%), 3.046%, 12/17/2036		120,000		120,355
SoFi Consumer Loan Program LLC, Series 2016-2, Class A2, 3.09%, 10/27/2025		381,030		380,585
SoFi Professional Loan Program LLC, Series 2017-A, Class A2A2, 1.55%, 3/26/2040		836,535		829,154
SoFi Professional Loan Program LLC, Series 2017-C, Class A2A2, 1.75%, 7/25/2040		1,266,152		1,254,639
South Carolina Student Loan Corp., Series 2005, Class A36, (3 mo. LIBOR US + 0.140%), 2.146%, 12/1/2023		247,087		246,951
Tax Ease Funding LLC, Series 2016-1A, Class A2, 3.131%, 6/15/2028		100,918		100,840
Tesla Auto Lease Trust, Series 2018-A, Class A2, 2.32%, 12/20/2019		360,199		358,704
Tricon American Homes Trust, Series 2016-SFR1, Class A2, 2.589%, 11/17/2033		322,741		312,757
Tricon American Homes Trust, Series 2017-SFR2, Class A2, 2.928%, 1/17/2036		300,000		289,431
TOTAL ASSET-BACKED SECURITIES
(Identified Cost $6,158,130)				6,111,260
COMMERCIAL MORTGAGE-BACKED SECURITIES - 5.7%
BWAY Mortgage Trust, Series 2015-1740, Class A2, 2.917%, 1/10/2035		889,000		847,266
Credit Suisse Mortgage Capital Trust, Series 2013-IVR3, Class A12,8, 2.50%, 5/25/2043		229,185		213,494
CSMC Trust, Series 2014-IVR3, Class A12,8, 3.50%, 7/25/2044		441,092		435,717
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K017, Class X1 (IO)8, 1.341%, 12/25/2021		6,137,711		242,804
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K035, Class A28, 3.458%, 8/25/2023		969,000		982,244
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KJ10, Class A2, 2.912%, 12/25/2023		942,000		929,638
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KJ13, Class A2, 2.864%, 8/25/2022		673,000		668,396
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KP01, Class A2, 1.72%, 1/25/2019		26,242		26,120
Freddie Mac REMICS, Series 4791, Class BA, 4.00%, 3/15/2044		412,000		420,226
FREMF Mortgage Trust, Series 2013-K712, Class B2,8, 3.362%, 5/25/2045		283,000		283,897
FREMF Mortgage Trust, Series 2014-K41, Class B2,8, 3.832%, 11/25/2047		485,000		478,897
FREMF Mortgage Trust, Series 2014-K715, Class B2,8, 3.979%, 2/25/2046		471,000		478,841
GAHR Commercial Mortgage Trust, Series 2015-NRF, Class BFX2,8, 3.382%, 12/15/2034		565,000		564,542
JP Morgan Mortgage Trust, Series 2013-2, Class A22,8, 3.50%, 5/25/2043.		131,064		128,811
JP Morgan Mortgage Trust, Series 2014-2, Class 1A12,8, 3.00%, 6/25/2029		220,199		217,851
JP Morgan Mortgage Trust, Series 2017-6, Class A32,8, 3.50%, 12/25/2048		383,035		375,734
JP Morgan Mortgage Trust, Series 2017-6, Class A52,8, 3.50%, 12/25/2048		520,842		515,268
New Residential Mortgage Loan Trust, Series 2014-3A, Class AFX32,8, 3.75%, 11/25/2054		166,632		166,435

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

47

Investment Portfolio - April 30, 2018

(unaudited)

BLENDED ASSET EXTENDED SERIES		PRINCIPAL AMOUNT4		VALUE (NOTE 2)
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
New Residential Mortgage Loan Trust, Series 2015-2A, Class A12,8, 3.75%, 8/25/2055			246,258	$	247,202
New Residential Mortgage Loan Trust, Series 2016-4A, Class A12,8, 3.75%, 11/25/2056			249,581		249,999
SCG Trust, Series 2013-SRP1, Class AJ2,6 , (1 mo. LIBOR US + 1.950%), 4.097%, 11/15/2026			700,000		698,531
Sequoia Mortgage Trust, Series 2013-2, Class A8, 1.874%, 2/25/2043			164,900		148,662
Sequoia Mortgage Trust, Series 2013-8, Class A18, 3.00%, 6/25/2043			185,590		178,598
Starwood Retail Property Trust, Series 2014-STAR, Class A2,6, (1 mo. LIBOR US + 1.220%), 3.117%, 11/15/2027			373,317		373,670
Towd Point Mortgage Trust, Series 2016-5, Class A12,8, 2.50%, 10/25/2056			436,204		427,337
WinWater Mortgage Loan Trust, Series 2015-1, Class A12,8, 3.50%, 1/20/2045			188,016		185,020
WinWater Mortgage Loan Trust, Series 2015-3, Class A52,8, 3.50%, 3/20/2045			168,262		168,482
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(Identified Cost $10,874,798)					10,653,682
FOREIGN GOVERNMENT BONDS - 1.6%
Canada Housing Trust No. 1 (Canada)2, 4.10%, 12/15/2018	CAD		86,000		68,037
Canadian Government Bond (Canada), 2.75%, 6/1/2022	CAD		102,000		81,513
Export-Import Bank of Korea (South Korea), 2.625%, 12/30/2020			500,000		489,762
The Korea Development Bank (South Korea), 1.375%, 9/12/2019			900,000		877,324
Mexican Government Bond (Mexico), 8.00%, 6/11/2020	MXN		2,087,000		113,119
Mexican Government Bond (Mexico), 6.50%, 6/10/2021	MXN		888,000		46,329
Mexican Government Bond (Mexico), 6.50%, 6/9/2022	MXN		1,443,000		74,740
Mexican Government Bond (Mexico), 7.75%, 5/29/2031	MXN		278,000		15,071
Province of Ontario (Canada), 2.00%, 9/27/2018			268,000		267,614
Province of Ontario (Canada), 1.25%, 6/17/2019			223,000		219,756
Singapore Government Bond (Singapore), 2.50%, 6/1/2019	SGD		188,000		143,104
Svensk Exportkredit AB (Sweden), 1.125%, 8/28/2019			621,000		609,233
TOTAL FOREIGN GOVERNMENT BONDS
(Identified Cost $3,039,188)					3,005,602
U.S. GOVERNMENT AGENCIES - 5.1%
Mortgage-Backed Securities - 5.1%
Fannie Mae, Pool #888468, 5.50%, 9/1/2021			52,565		53,974
Fannie Mae, Pool #888810, 5.50%, 11/1/2022			63,048		64,701
Fannie Mae, Pool #MA1834, 4.50%, 2/1/2034			295,027		308,774
Fannie Mae, Pool #AY8263, 3.00%, 5/1/2035			475,482		462,988
Fannie Mae, Pool #AB8161, 6.00%, 12/1/2037			147,194		164,078
Fannie Mae, Pool #AD0207, 6.00%, 10/1/2038			238,711		265,859
Fannie Mae, Pool #AD0307, 5.50%, 1/1/2039			150,235		164,001
Fannie Mae, Pool #MA0258, 4.50%, 12/1/2039			190,140		200,090
Fannie Mae, Pool #AL1595, 6.00%, 1/1/2040			123,212		136,766
Fannie Mae, Pool #AL0241, 4.00%, 4/1/2041			306,895		314,923
Fannie Mae, Pool #AL1410, 4.50%, 12/1/2041			513,515		539,880
Fannie Mae, Pool #AL7729, 4.00%, 6/1/2043			268,384		275,410
Fannie Mae, Pool #AS4103, 4.50%, 12/1/2044			299,295		315,625
Fannie Mae, Pool #BC3490, 3.50%, 2/1/2046			670,208		666,355
Fannie Mae, Pool #MA2705, 3.00%, 8/1/2046			345,939		334,244
Fannie Mae, Pool #BE3812, 4.00%, 12/1/2046			350,517		357,399
Fannie Mae, Pool #BE3815, 4.00%, 12/1/2046			338,208		344,848
Fannie Mae, Pool #CA0241, 4.00%, 8/1/2047			837,846		855,121
Fannie Mae, Pool #MA3184, 4.50%, 11/1/2047			406,278		424,177

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

48

Investment Portfolio - April 30, 2018

(unaudited)

BLENDED ASSET EXTENDED SERIES	PRINCIPAL AMOUNT4/ SHARES		VALUE (NOTE 2)
U.S. GOVERNMENT AGENCIES (continued)
Mortgage-Backed Securities (continued)
Fannie Mae, Pool #AL8674, 5.651%, 1/1/2049		566,590	$	610,405
Freddie Mac, Pool #C91754, 4.50%, 3/1/2034		139,199		145,721
Freddie Mac, Pool #C91762, 4.50%, 5/1/2034		185,877		195,510
Freddie Mac, Pool #C91771, 4.50%, 6/1/2034		180,468		190,545
Freddie Mac, Pool #C91780, 4.50%, 7/1/2034		200,343		210,801
Freddie Mac, Pool #C91850, 4.00%, 9/1/2035		587,522		605,472
Freddie Mac, Pool #G04601, 5.50%, 7/1/2038		225,449		245,798
Freddie Mac, Pool #G04587, 5.50%, 8/1/2038		203,942		222,656
Freddie Mac, Pool #Q33778, 4.00%, 6/1/2045		297,726		304,629
Freddie Mac, Pool #G08786, 4.50%, 10/1/2047		443,418		463,690
TOTAL U.S. GOVERNMENT AGENCIES (Identified Cost $9,692,125)				9,444,440
U.S. GOVERNMENT SECURITIES - 1.0%
U.S. Treasury Bills - 1.0%
U.S. Treasury Bill9, 1.83%, 9/6/2018 (Identified Cost $1,862,867)		1,875,000		1,862,413
SHORT-TERM INVESTMENT - 1.6%
Dreyfus Government Cash Management10, 1.60%, (Identified Cost $2,971,882)		2,971,882		2,971,882
TOTAL INVESTMENTS IN SECURITIES - 99.8% (Identified Cost $187,497,424)				184,851,385
TOTAL OPTIONS WRITTEN - 0.0%## (Premiums Received $59,182)				(46,488	)
TOTAL INVESTMENTS - 99.8%				184,804,897
OTHER ASSETS, LESS LIABILITIES - 0.2%				448,221
NET ASSETS - 100%			$	185,253,118

ADR - American Depositary Receipt

CAD - Canadian Dollar

ETF - Exchange-traded fund

IO - Interest only

MXN - Mexican Peso

No. - Number

SGD - Singapore Dollar

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

49

Investment Portfolio - April 30, 2018

(unaudited)

EXCHANGE-TRADED OPTION WRITTEN
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		EXERCISE PRICE		NOTIONAL AMOUNT (000)		VALUE
Call
Regeneron Pharmaceuticals, Inc.		12		05/18/18	$	360.00		364	$	(588	)
Seattle Genetics, Inc.		83		05/18/18		55.00		425		(9,628	)
Zayo Group Holdings, Inc.		115		05/18/18		40.00		417		(1,150	)
										(11,366	)
Put
Skyworks Solutions, Inc.		55		05/11/18		85.00		477		(11,550	)
Booking Holdings, Inc.		2		05/18/18		1,990.00		436		(3,230	)
Electronic Arts, Inc.		41		05/18/18		110.00		484		(6,478	)
Texas Instruments, Inc.		49		05/18/18		92.00		497		(1,715	)
Qorvo, Inc.		73		05/18/18		63.00		492		(9,125	)
Alibaba Group Holding Ltd.		28		05/25/18		160.00		500		(3,024	)
										(35,122	)
TOTAL EXCHANGE-TRADED OPTIONS WRITTEN									$	(46,488	)

*Non-income producing security.

## Less than 0.1%.

¹A factor from a third party vendor was applied to determine the security’s fair value following the close of local trading.

²Restricted securities - Investment in securities that are restricted as to public resale under the Securities Act of 1933, as amended. These securities have been sold under Rule 144A and have been determined to be liquid. These securities amount to $20,980,332 or 11.3%, of the Series’ net assets as of April 30, 2018 (see Note 2 to the financial statements).

³A portion of this security is designated with the broker as collateral for options contracts written. As of April 30, 2018, the total value of such securities was $3,919,260

⁴Amount is stated in USD unless otherwise noted.

⁵Step coupon rate security - Rate steps up/down by 25 basis points upon rating downgrade/upgrade by Moody’s and S&P rating agencies (Subject to a maximum of 100 basis points per agency, 200 basis points maximum).

⁶Floating rate security. Rate shown is the rate in effect as of April 30, 2018.

⁷Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of April 30, 2018.

⁸Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of April 30, 2018.

⁹Represents the annualized yield at time of purchase.

¹⁰Rate shown is the current yield as of April 30, 2018.

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

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

50

Statement of Assets and Liabilities - Blended Asset Extended Series

April 30, 2018 (unaudited)

ASSETS:
Investments in securities, at value (identified cost $187,497,424) (Note 2)	$	184,851,385
Foreign currency, at value (identified cost $781)		775
Interest receivable		620,032
Receivable for securities sold		124,043
Receivable for fund shares sold		94,942
Foreign tax reclaims receivable		22,670
Dividends receivable		96,883
Prepaid and other expenses		2,898
TOTAL ASSETS		185,813,628
LIABILITIES:
Accrued management fees (Note 3)		117,450
Accrued fund accounting and administration fees (Note 3)		43,972
Accrued Chief Compliance Officer service fees (Note 3)		411
Options written, at value (premiums received $59,182) (Note 2)		46,488
Payable for securities purchased		260,644
Accrued custodian fees payable		43,108
Payable for fund shares repurchased		24,625
Other payables and accrued expenses		23,812
TOTAL LIABILITIES		560,510
TOTAL NET ASSETS	$	185,253,118
NET ASSETS CONSIST OF:
Capital stock	$	180,359
Additional paid-in-capital		185,009,591
Undistributed net investment income		989,574
Accumulated net realized gain on investments, foreign currency and translation of other assets and liabilities		1,708,229
Net unrealized depreciation on investments, foreign currency and translation of other assets and liabilities		(2,634,635	)
TOTAL NET ASSETS	$	185,253,118
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class R6 ($185,253,118/ 18,035,856 shares)	$	10.27

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

51

Statement of Operations - Blended Asset Extended Series

For the Six Months Ended April 30, 2018 (unaudited)

INVESTMENT INCOME:
Interest	$	1,337,114
Dividends (net of foreign taxes withheld, $49,675)		675,779
Total Investment Income		2,012,893
EXPENSES:
Management fees (Note 3)		503,551
Fund accounting and administration fees (Note 3)		49,710
Directors’ fees (Note 3)		6,337
Chief Compliance Officer service fees (Note 3)		2,129
Custodian fees		48,128
Miscellaneous		29,203
Total Expenses		639,058
Less reduction of expenses (Note 3)		(85,152	)
Net Expenses		553,906
NET INVESTMENT INCOME		1,458,987
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:
Net realized gain (loss) on-
Investments in securities		1,533,947
Options written		203,243
Foreign currency and translation of other assets and liabilities		(3,655	)
		1,733,535
Net change in unrealized appreciation (depreciation) on-
Investments		(2,137,612	)
Options written		12,694
Foreign currency and translation of other assets and liabilities		(1,015	)
		(2,125,933	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY		(392,398	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,066,589

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

52

Statement of Changes in Net Assets - Blended Asset Extended Series

	FOR THE SIX MONTHS ENDED 4/30/18 (UNAUDITED)			FOR THE PERIOD 10/13/171 TO 10/31/17
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income	$	1,458,987		$	61,190
Net realized gain (loss) on investments and foreign currency		1,733,535			(24,640	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency		(2,125,933	)		(508,702	)
Net increase from operations		1,066,589			(472,152	)
DISTRIBUTIONS TO SHAREHOLDERS (Note 8):
From net investment income		(531,269	)		—
CAPITAL STOCK ISSUED AND REPURCHASED:
Net decrease from capital share transactions (Note 5)		(21,461,668	)		206,651,618
Net decrease in net assets		(20,926,348	)		206,179,466
NET ASSETS:
Beginning of period		206,179,466			—
End of period (including undistributed net investment income of $989,574 and $61,856, respectively)	$	185,253,118		$	206,179,466

¹Commencement of operations.

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

53

Financial Highlights - Blended Asset Extended Series - Class R6

	FOR THE SIX MONTHS ENDED 4/30/18 (UNAUDITED)			FOR THE PERIOD 10/13/171 TO 10/31/17
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period	$	10.31		$	10.33
Income (loss) from investment operations:
Net investment income (loss)2		0.07			0.00	3
Net realized and unrealized loss on investments		(0.08	)		(0.02	)
Total from investment operations		(0.01	)		(0.02	)
Less distributions to shareholders:
From net investment income		(0.03	)		—
Net asset value - End of period	$	10.27		$	10.31
Net assets - End of period (000’s omitted)	$	185,253		$	206,179
Total return4		(0.14	%)		(0.19	%)
Ratios (to average net assets)/Supplemental Data:
Expenses5		0.55	%		0.55	%
Net investment income5		1.45	%		0.61	%
Series portfolio turnover		52	%		4	%
*The investment advisor did not impose all or a portion of its management and/or other fees during the period, and may have paid a portion of the Series’ expenses. If these expenses had been incurred by the Series, the expense ratio (to average net assets) would have increased by the following amounts5:
		0.09	%		0.54	%

¹Commencement of operations.

²Calculated based on average shares outstanding during the periods.

³Less than $0.01.

⁴Represents aggregate total return for the period indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been reimbursed during the period. Periods less than one year are not annualized.

⁵Annualized.

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

54

Shareholder Expense Example - Blended Asset Maximum Series

(unaudited)

As a shareholder of the Series, you incur ongoing costs, including management fees, shareholder service fees and other Series expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Series and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested in each class at the beginning of the period and held for the entire period (November 1, 2017 to April 30, 2018).

Actual Expenses

The Actual lines of the table below provide information about actual account values and actual expenses. You may use the information in these lines, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the Actual line for the Class in which you have invested under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The Hypothetical lines of each class in the table below provide information about hypothetical account values and hypothetical expenses based on the Series’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Series’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid during the period. You may use this information to compare the ongoing costs of investing in the Series and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs such as sales charges (loads), redemption fees, or exchange fees that you may incur in other mutual funds. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

	BEGINNING   ACCOUNT VALUE            11/1/17	ENDING    ACCOUNT VALUE             4/30/18	EXPENSES PAID             DURING PERIOD*    11/1/17-4/30/18
Actual	$1,000.00	$1,035.00	$2.78
Hypothetical (5% return before expenses)	$1,000.00	$1,022.07	$2.76

*Expenses are equal to the Series’ annualized expense ratio (for the six-month period) of 0.55%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the period since inception). The Series’ total return would have been lower had certain expenses not been waived during the period.

55

Portfolio Composition - Blended Asset Maximum Series

As of April 30, 2018 (unaudited)

Sector Allocation4
Information Technology	20.2	%
Health Care	17.0	%
Consumer Staples	12.5	%
Consumer Discretionary	12.2	%
Materials	8.3	%
Financials	7.6	%
Industrials	5.1	%
Energy	3.9	%
Real Estate	3.3	%
Telecommunication Services	1.8	%
Utilities	0.1	%
4Including common stocks and corporate bonds, as a percentage of total investments.

Top Ten Stock Holdings5
ServiceNow, Inc.	2.3	%
Incyte Corp.	2.0	%
Qorvo, Inc.	2.0	%
O’Reilly Automotive, Inc.	1.9	%
Booking Holdings, Inc.	1.8	%
Facebook, Inc. - Class A	1.8	%
Mastercard, Inc. - Class A	1.7	%
Diageo plc (United Kingdom)	1.5	%
Alibaba Group Holding Ltd. - ADR (China)	1.4	%
Novartis AG - ADR (Switzerland)	1.4	%
5As a percentage of total investments.

56

Investment Portfolio - April 30, 2018

(unaudited)

BLENDED ASSET MAXIMUM SERIES	SHARES		VALUE (NOTE 2)
COMMON STOCKS - 87.8%
Consumer Discretionary - 11.6%
Automobiles - 0.0%##
Suzuki Motor Corp. (Japan)1		700	$	37,624
Diversified Consumer Services - 0.0%##
Fu Shou Yuan International Group Ltd. (China)1		35,000		33,386
Hotels, Restaurants & Leisure - 0.1%
Accor S.A. (France)1		590		33,348
CVC Brasil Operadora e Agencia de Viagens S.A. (Brazil)		1,400		23,123
				56,471
Household Durables - 0.0%##
Kaufman & Broad S.A. (France)1		680		35,824
Internet & Direct Marketing Retail - 2.8%
Amazon.com, Inc.*		745		1,166,767
Booking Holdings, Inc.*		1,005		2,188,890
				3,355,657
Leisure Products - 0.1%
Trigano S.A. (France)1		215		40,516
Yamaha Corp. (Japan)1		500		24,126
				64,642
Media - 1.0%
Quebecor, Inc. - Class B (Canada)		22,985		428,569
Shaw Communications, Inc. - Class B (Canada)		39,380		809,407
				1,237,976
Multiline Retail - 0.0%##
Lojas Renner S.A. (Brazil)		2,090		19,389
Specialty Retail - 5.5%
AutoZone, Inc.*		2,015		1,258,408
Dick’s Sporting Goods, Inc.		31,395		1,038,861
Fnac Darty S.A. (France)*1		340		36,481
Industria de Diseno Textil S.A. (Spain)1		25,920		803,472
Maisons du Monde S.A. (France)1,2		615		24,990
O’Reilly Automotive, Inc.*		8,935		2,287,985
Ulta Beauty, Inc.*		5,010		1,257,059
				6,707,256
Textiles, Apparel & Luxury Goods - 2.1%
ANTA Sports Products Ltd. (China)1		7,000		39,943
lululemon athletica, Inc.*		13,695		1,366,761
NIKE, Inc. - Class B		16,760		1,146,216
				2,552,920
Total Consumer Discretionary				14,101,145
Consumer Staples - 12.5%
Beverages - 5.5%
Ambev S.A. - ADR (Brazil)		251,880		1,667,445
Anheuser-Busch InBev S.A./N.V. (Belgium)1		19,645		1,951,407
The Coca-Cola Co.		28,865		1,247,257
Diageo plc (United Kingdom)1		50,650		1,806,935
Treasury Wine Estates Ltd. (Australia)1		2,645		37,781
				6,710,825
Food & Staples Retailing - 0.7%
Matsumotokiyoshi Holdings Co. Ltd. (Japan)1		500		22,273
Raia Drogasil S.A. (Brazil)		1,600		31,386
Sprouts Farmers Market, Inc.*		32,490		813,225
				866,884
Food Products - 2.7%
Campbell Soup Co.		32,640		1,331,059
Danone S.A. (France)1		580		46,983
Kerry Group plc - Class A (Ireland)1		475		48,298
Mondelez International, Inc. - Class A		18,945		748,328
Nestle S.A. (Switzerland)1		14,950		1,158,178
				3,332,846
Personal Products - 2.2%
Beiersdorf AG (Germany)1		9,830		1,112,148
Unilever plc - ADR (United Kingdom)		27,490		1,538,615
				2,650,763
Tobacco - 1.4%
Altria Group, Inc.		14,955		839,124
British American Tobacco plc - ADR (United Kingdom)		740		40,419
Philip Morris International, Inc.		10,045		823,690
				1,703,233
Total Consumer Staples				15,264,551
Energy - 2.9%
Energy Equipment & Services - 2.6%
Diamond Offshore Drilling, Inc.*		26,630		489,726
Ensco plc - Class A		41,790		236,114
Schlumberger Ltd.		24,150		1,655,724
Transocean Ltd.*		62,220		769,661
				3,151,225
Oil, Gas & Consumable Fuels - 0.3%
Cameco Corp. (Canada)		2,030		21,376

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

57

Investment Portfolio - April 30, 2018

(unaudited)

BLENDED ASSET MAXIMUM SERIES	SHARES		VALUE (NOTE 2)
COMMON STOCKS (continued)
Energy (continued)
Oil, Gas & Consumable Fuels (continued)
China Petroleum & Chemical Corp. - Class H (China)1		26,000	$	25,320
Eni SpA (Italy)1		1,255		24,533
Galp Energia SGPS S.A. (Portugal)1		2,490		47,791
Repsol S.A. (Spain)1		1,920		36,639
Royal Dutch Shell plc - Class B - ADR (Netherlands)		695		50,332
SK Innovation Co. Ltd. (South Korea)1		125		22,906
Suncor Energy, Inc. (Canada)		650		24,857
TOTAL S.A. (France)1		610		38,339
Transportadora de Gas del Sur S.A. - Class B - ADR (Argentina)*		1,080		20,585
Vermilion Energy, Inc. (Canada)		705		23,830
YPF S.A. - ADR (Argentina)		1,060		23,203
				359,711
Total Energy				3,510,936
Financials - 6.3%
Banks - 2.2%
Banco Comercial Portugues S.A. (Portugal)*1		68,870		23,054
Bankia S.A. (Spain)1		127,085		557,599
BPER Banca (Italy)1		4,190		24,187
CaixaBank S.A. (Spain)1		180,160		876,094
Credit Agricole S.A. (France)1		2,645		43,556
Erste Group Bank AG (Austria)1		735		35,943
Eurobank Ergasias S.A. (Greece)*1		31,190		39,368
FinecoBank Banca Fineco S.p.A. (Italy)1		71,610		852,715
Grupo Financiero Galicia S.A. - ADR (Argentina)		365		23,331
Grupo Supervielle S.A. - ADR (Argentina)		785		21,933
Itau Unibanco Holding S.A. (Brazil)		2,400		34,851
Jyske Bank A/S (Denmark)1		395		23,652
KBC Group N.V. (Belgium)1		545		47,382
Sydbank A/S (Denmark)1		620		22,920
				2,626,585
Capital Markets - 4.1%
Amundi S.A. (France)1,2		695		59,106
Banca Generali S.p.A. (Italy)1		1,010		32,764
BlackRock, Inc.		1,960		1,022,140
Bolsas y Mercados Argentinos S.A. (Argentina)		2,330		42,704
The Charles Schwab Corp.		29,485		1,641,725
E*TRADE Financial Corp.*		20,910		1,268,819
Euronext N.V. (Netherlands)1,2		800		57,347
Julius Baer Group Ltd. (Switzerland)1		14,705		872,718
Natixis S.A. (France)1		5,520		45,335
				5,042,658
Thrifts & Mortgage Finance - 0.0%##
Aareal Bank AG (Germany)1		990		49,519
Total Financials				7,718,762
Health Care - 17.0%
Biotechnology - 6.5%
Biogen, Inc.*		3,695		1,010,952
BioMarin Pharmaceutical, Inc.*		19,845		1,657,256
Incyte Corp.*.		39,050		2,418,757
Regeneron Pharmaceuticals, Inc.*		4,175		1,267,864
Seattle Genetics, Inc.*		21,400		1,095,466
Vertex Pharmaceuticals, Inc.*		3,145		481,688
				7,931,983
Health Care Equipment & Supplies - 2.7%
Intuitive Surgical, Inc.*		1,895		835,278
Medtronic plc		30,480		2,442,362
				3,277,640
Health Care Providers & Services - 1.2%
DaVita, Inc.*		13,255		832,281
Fleury S.A. (Brazil)		4,200		31,303
Fresenius Medical Care AG & Co.
KGaA (Germany)1		5,440		552,001
Orpea (France)1		290		37,162
				1,452,747
Life Sciences Tools & Services - 1.7%
QIAGEN N.V.*		40,715		1,331,788
QIAGEN N.V.*1		1,065		34,838
Tecan Group AG (Switzerland)1		115		25,286
Thermo Fisher Scientific, Inc.		2,965		623,688
				2,015,600
Pharmaceuticals - 4.9%
Bristol-Myers Squibb Co.		9,895		515,826
Johnson & Johnson		10,895		1,378,109
Merck & Co., Inc.		8,915		524,826
Novartis AG - ADR (Switzerland)		22,170		1,700,217
Perrigo Co. plc		23,640		1,847,230
				5,966,208
Total Health Care				20,644,178

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

58

Investment Portfolio - April 30, 2018

(unaudited)

BLENDED ASSET MAXIMUM SERIES	SHARES		VALUE (NOTE 2)
COMMON STOCKS (continued)
Industrials - 4.9%
Aerospace & Defense - 0.0%##
BAE Systems plc (United Kingdom)1		2,345	$	19,674
Air Freight & Logistics - 1.0%
FedEx Corp.		4,960		1,226,112
Airlines - 0.0%##
Azul S.A. - ADR (Brazil)*		775		24,025
Ryanair Holdings plc - ADR (Ireland)*		175		19,245
				43,270
Building Products - 0.1%
Cie de Saint-Gobain (France)1		1,145		59,908
Daikin Industries Ltd. (Japan)1		300		35,045
Geberit AG (Switzerland)1		80		34,139
				129,092
Commercial Services & Supplies - 0.8%
Advanced Disposal Services, Inc.*		35,025		771,951
China Everbright International Ltd. (China)1		33,000		46,288
Elis S.A. (France)1		1,585		37,907
SPIE S.A. (France)1		2,250		50,911
				907,057
Construction & Engineering - 1.0%
Eiffage S.A. (France)1		410		48,803
FLSmidth & Co. A/S (Denmark)1		320		19,766
Vinci S.A. (France)1		12,005		1,200,303
				1,268,872
Electrical Equipment - 0.0%##
Legrand S.A. (France)1		450		35,016
Industrial Conglomerates - 0.1%
Siemens AG (Germany)1		745		94,611
Machinery - 0.3%
FANUC Corp. (Japan)1		200		42,842
Hyundai Heavy Industries Co. Ltd. (South Korea)*1		110		12,177
Hyundai Mipo Dockyard Co. Ltd. (South Korea)*1		140		11,626
Jungheinrich AG (Germany)1		1,405		59,252
KION Group AG (Germany)1		660		55,014
Metso OYJ (Finland)1		1,715		60,952
Samsung Heavy Industries Co. Ltd. (South Korea)*1		1,705		11,655
The Weir Group plc (United Kingdom)1		3,075		89,981
				343,499
Professional Services - 0.7%
Equifax, Inc.		6,645		744,572
Randstad Holding N.V. (Netherlands)1		890		57,283
				801,855
Road & Rail - 0.7%
Genesee & Wyoming, Inc. - Class A*		11,345		807,764
Trading Companies & Distributors - 0.1%
Ashtead Group plc (United Kingdom)1		1,645		45,686
Brenntag AG (Germany)1		670		38,372
Howden Joinery Group plc (United Kingdom)1		2,870		18,783
Kanamoto Co. Ltd. (Japan)1		700		23,919
				126,760
Transportation Infrastructure - 0.1%
Aena SME S.A. (Spain)1,2		475		97,911
Grupo Aeroportuario del Centro Norte S.A.B. de C.V. (Mexico)		2,800		14,770
Grupo Aeroportuario del Pacifico S.A.B. de C.V. - ADR (Mexico)		145		15,105
				127,786
Total Industrials				5,931,368
Information Technology - 19.9%
Electronic Equipment, Instruments & Components - 0.2%
Halma plc (United Kingdom)1		2,115		35,488
Hexagon A.B. - Class B (Sweden)1		605		34,932
Hitachi Ltd. (Japan)1		8,000		58,388
Hollysys Automation Technologies Ltd. (China)		945		20,847
Keyence Corp. (Japan)1		200		121,956
				271,611
Internet Software & Services - 5.2%
Alibaba Group Holding Ltd. - ADR (China)*		9,825		1,754,155
Alphabet, Inc. - Class A*		595		606,055
Alphabet, Inc. - Class C*		615		625,658
Facebook, Inc. - Class A*		12,530		2,155,160
NetEase, Inc. - ADR (China)		115		29,563
Tencent Holdings Ltd. - Class H (China)1		23,880		1,174,011
				6,344,602
IT Services - 4.6%
Amdocs Ltd.		16,395		1,102,564

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

59

Investment Portfolio - April 30, 2018

(unaudited)

BLENDED ASSET MAXIMUM SERIES	SHARES		VALUE (NOTE 2)
COMMON STOCKS (continued)
Information Technology (continued)
IT Services (continued)
InterXion Holding N.V. (Netherlands)*		540	$	35,111
Luxoft Holding, Inc.*		245		9,886
Mastercard, Inc. - Class A		11,620		2,071,497
Pagseguro Digital Ltd. - Class A (Brazil)*		18,445		612,927
Sopra Steria Group (France)1		290		61,903
Visa, Inc. - Class A		13,575		1,722,396
				5,616,284
Semiconductors & Semiconductor Equipment - 3.6%
Qorvo, Inc.*		35,815		2,413,931
Skyworks Solutions, Inc.		13,535		1,174,297
Texas Instruments, Inc.		7,945		805,861
				4,394,089
Software - 6.3%
Adobe Systems, Inc.*		4,845		1,073,652
Atlassian Corp. plc - Class A*		14,895		833,822
Dassault Systemes S.E. (France)1		260		33,693
Electronic Arts, Inc.*		10,090		1,190,418
Microsoft Corp.		17,710		1,656,239
Nexon Co. Ltd. (Japan)*1		3,274		47,641
ServiceNow, Inc.*		16,690		2,772,877
Sophos Group plc (United Kingdom)1,2		5,485		37,453
Temenos Group AG (Switzerland)1		200		25,166
				7,670,961
Total Information Technology				24,297,547
Materials - 8.0%
Chemicals - 3.9%
Akzo Nobel N.V. (Netherlands)1		11,680		1,057,720
Axalta Coating Systems Ltd.*		26,940		832,446
CF Industries Holdings, Inc.		28,210		1,094,548
Croda International plc (United Kingdom)1	��	736		45,023
Mexichem S.A.B. de C.V. (Mexico)		6,400		20,002
Olin Corp.		26,715		806,526
RPM International, Inc.		16,685		805,886
Solvay S.A. (Belgium)1		370		51,456
				4,713,607
Construction Materials - 0.0%##
Loma Negra Cia Industrial Argentina S.A. - ADR (Argentina)*		1,130		23,436
Wienerberger AG (Austria)1		2,000		50,396
				73,832
Containers & Packaging - 2.0%
Ball Corp.		29,355		1,176,842
Sealed Air Corp.		27,845		1,221,003
				2,397,845
Metals & Mining - 2.1%
Antofagasta plc (Chile)1		23,235		310,443
First Quantum Minerals Ltd. (Zambia)		19,110		275,350
Freeport-McMoRan, Inc.		63,865		971,387
Grupo Mexico S.A.B. de C.V. - Series B (Mexico)		16,600		54,960
Lundin Mining Corp. (Canada)		45,035		298,140
Southern Copper Corp. (Peru)		11,425		603,354
				2,513,634
Total Materials				9,698,918
Real Estate - 3.2%
Equity Real Estate Investment Trusts (REITS) - 3.2%
Acadia Realty Trust		310		7,316
Agree Realty Corp.		140		6,843
Alexandria Real Estate Equities, Inc.		100		12,458
American Campus Communities, Inc.		400		15,644
American Homes 4 Rent - Class A		1,285		25,957
American Tower Corp.		9,845		1,342,464
Americold Realty Trust		345		7,110
Apartment Investment & Management Co. - Class A		480		19,488
Apple Hospitality REIT, Inc.		650		11,694
AvalonBay Communities, Inc.		305		49,715
Axiare Patrimonio SOCIMI S.A. (Spain)1		295		6,254
Bluerock Residential Growth REIT, Inc.		625		5,619
Boston Properties, Inc.		260		31,567
Brandywine Realty Trust		790		12,727
CatchMark Timber Trust, Inc. - Class A		1,780		23,211
Chesapeake Lodging Trust		335		9,896
Colony NorthStar, Inc. - Class A		1,500		9,165
Columbia Property Trust, Inc		390		8,330
Community Healthcare Trust, Inc.		750		19,125
CoreCivic, Inc.		1,055		21,269
Cousins Properties, Inc.		3,745		33,293
Crown Castle International Corp.		185		18,661
CubeSmart		505		14,867
Digital Realty Trust, Inc.		360		38,048

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

60

Investment Portfolio - April 30, 2018

(unaudited)

BLENDED ASSET MAXIMUM SERIES	SHARES/ PRINCIPAL AMOUNT3		VALUE (NOTE 2)
COMMON STOCKS (continued)
Real Estate (continued)
Equity Real Estate Investment Trusts (REITS) (continued)
EastGroup Properties, Inc.		65	$	5,836
Equinix, Inc.		175		73,638
Equity LifeStyle Properties, Inc.		190		16,940
Equity Residential		390		24,067
Essex Property Trust, Inc.		70		16,778
Extra Space Storage, Inc.		270		24,189
First Industrial Realty Trust, Inc.		770		23,955
Forest City Realty Trust, Inc. - Class A		565		11,334
Getty Realty Corp.		410		10,270
GGP, Inc.		635		12,694
Global Medical REIT, Inc.		870		6,777
HCP, Inc.		1,045		24,411
Healthcare Trust of America, Inc. - Class A		535		13,370
Hibernia REIT plc (Ireland)1		6,930		12,419
Host Hotels & Resorts, Inc.		1,330		26,015
Independence Realty Trust, Inc.		985		9,259
Invitation Homes, Inc.		1,119		25,894
Lamar Advertising Co. - Class A		160		10,194
Life Storage, Inc.		80		7,075
The Macerich Co.		150		8,643
Mid-America Apartment Communities, Inc.		315		28,810
National Retail Properties, Inc.		240		9,130
Outfront Media, Inc.		430		8,062
Physicians Realty Trust		1,430		21,364
Plymouth Industrial REIT, Inc.		195		3,354
Prologis, Inc.		910		59,068
Public Storage		165		33,294
Regency Centers Corp.		240		14,124
Rexford Industrial Realty, Inc.		230		7,026
SBA Communications Corp.*		7,705		1,234,572
Simon Property Group, Inc.		420		65,663
STAG Industrial, Inc.		760		18,673
STORE Capital Corp.		385		9,714
Sun Communities, Inc.		250		23,462
Sunstone Hotel Investors, Inc.		1,030		16,068
Terreno Realty Corp.		190		7,058
UDR, Inc.		805		29,101
UMH Properties, Inc.		680		9,200
Unibail-Rodamco S.E. (France)1		200		48,014
Urban Edge Properties		1,095		22,524
Ventas, Inc.		220		11,312
VEREIT, Inc.		1,470		9,996
Vornado Realty Trust		355		24,151
Welltower, Inc.		265		14,162
Weyerhaeuser Co.		405		14,896
				3,857,277
Real Estate Management & Development - 0.0%##
Nexity S.A. (France)1		730		45,647
Total Real Estate				3,902,924
Telecommunication Services - 1.4%
Diversified Telecommunication Services - 1.4%
Iliad S.A. (France)1		195		39,059
Zayo Group Holdings, Inc.*		46,570		1,690,491
Total Telecommunication Services				1,729,550
Utilities - 0.1%
Electric Utilities - 0.0%##
Pampa Energia S.A. - ADR (Argentina)*		385		21,960
Independent Power and Renewable Electricity Producers - 0.1%
China Longyuan Power Group Corp. Ltd. - Class H (China)1		57,000		55,987
Huaneng Renewables Corp. Ltd. - Class H (China)1		124,000		55,069
				111,056
Total Utilities				133,016
TOTAL COMMON STOCKS
(Identified Cost $104,887,228)				106,932,895
CORPORATE BONDS - 4.5%
Non-Convertible Corporate Bonds - 4.5%
Consumer Discretionary - 0.7%
Auto Components - 0.0%##
Techniplas LLC2, 10.00%, 5/1/2020		20,000		17,650
Household Durables - 0.2%
Century Communities, Inc., 5.875%, 7/15/2025		106,000		100,832
Meritage Homes Corp., 5.125%, 6/6/2027		20,000		18,975
TRI Pointe Group, Inc. - TRI Pointe Homes, Inc., 4.375%, 6/15/2019		20,000		20,025
TRI Pointe Group, Inc. - TRI Pointe Homes, Inc., 5.875%, 6/15/2024		16,000		16,220
Weekley Homes LLC - Weekley Finance Corp., 6.00%, 2/1/2023		15,000		14,812
Weekley Homes LLC - Weekley Finance Corp.2, 6.625%, 8/15/2025		26,000		25,220
				196,084

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

61

Investment Portfolio - April 30, 2018

(unaudited)

BLENDED ASSET MAXIMUM SERIES	PRINCIPAL AMOUNT3		VALUE (NOTE 2)
CORPORATE BONDS (continued)
Non-Convertible Corporate Bonds (continued)
Consumer Discretionary (continued)
Internet & Direct Marketing Retail - 0.2%
Booking Holdings, Inc., 3.60%, 6/1/2026		200,000	$	193,874
Media - 0.3%
CCO Holdings LLC - CCO Holdings Capital Corp.2, 5.50%, 5/1/2026		15,000		14,606
Cogeco Communications, Inc. (Canada)2, 4.875%, 5/1/2020		10,000		10,050
CSC Holdings, LLC, 5.25%, 6/1/2024		33,000		30,917
Discovery Communications LLC, 5.20%, 9/20/2047		130,000		127,150
Telenet Finance Luxembourg Notes S.A.R.L (Belgium) 2, 5.50%, 3/1/2028		200,000		191,000
				373,723
Textiles, Apparel & Luxury Goods - 0.0%##
Hanesbrands, Inc.2, 4.875%, 5/15/2026		20,000		19,200
Total Consumer Discretionary				800,531
Consumer Staples - 0.0%##
Food & Staples Retailing - 0.0%##
C&S Group Enterprises LLC2, 5.375%, 7/15/2022		38,000		35,720
Household Products - 0.0%##
First Quality Finance Co., Inc.2, 5.00%, 7/1/2025		10,000		9,575
Total Consumer Staples				45,295
Energy - 1.0%
Energy Equipment & Services - 0.0%##
Shelf Drilling Holdings Ltd. (United Arab Emirates)2, 8.25%, 2/15/2025		20,000		20,300
Trinidad Drilling Ltd. (Canada)2, 6.625%, 2/15/2025		28,000		26,845
				47,145
Oil, Gas & Consumable Fuels - 1.0%
Boardwalk Pipelines LP, 5.95%, 6/1/2026		180,000		192,013
Cheniere Energy Partners LP2, 5.25%, 10/1/2025		25,000		24,437
DCP Midstream Operating LP2, 9.75%, 3/15/2019		10,000		10,525
Dynagas LNG Partners LP - Dynagas Finance, Inc. (Monaco), 6.25%, 10/30/2019		28,000		28,350
GasLog Ltd. (Monaco), 8.875%, 3/22/2022		26,000		27,560
Hilcorp Energy I LP - Hilcorp Finance Co.2, 5.75%, 10/1/2025		29,000		28,710
Jonah Energy LLC - Jonah Energy Finance Corp.2, 7.25%, 10/15/2025		109,000		87,200
Kinder Morgan Energy Partners LP, 6.95%, 1/15/2038		160,000		189,887
Petroleos Mexicanos (Mexico)2, 6.35%, 2/12/2048		200,000		183,400
Rockies Express Pipeline, LLC2, 5.625%, 4/15/2020		10,000		10,353
Sabine Pass Liquefaction LLC, 5.875%, 6/30/2026		180,000		195,482
SemGroup Corp., 6.375%, 3/15/2025		35,000		33,338
Seven Generations Energy Ltd. (Canada)2, 5.375%, 9/30/2025		18,000		17,505
Southwestern Energy Co.4, 6.70%, 1/23/2025		21,000		20,580
Tallgrass Energy Partners LP - Tallgrass Energy Finance Corp.2, 5.50%, 9/15/2024		26,000		26,390
Williams Partners LP, 3.75%, 6/15/2027		80,000		75,261
				1,150,991
Total Energy				1,198,136
Financials - 1.3%
Banks - 0.8%
Bank of America Corp., 4.00%, 1/22/2025		200,000		197,679
Citigroup, Inc., 8.125%, 7/15/2039		130,000		188,282
Intesa Sanpaolo S.p.A. (Italy)2, 3.875%, 1/12/2028		210,000		196,154
JPMorgan Chase & Co., 6.30%, 4/23/2019		190,000		196,700
Popular, Inc., 7.00%, 7/1/2019		55,000		55,963
Santander Holdings USA, Inc., 3.40%, 1/18/2023		130,000		125,957
				960,735
Capital Markets - 0.2%
Morgan Stanley5, (3 mo. LIBOR US + 1.220%), 3.583%, 5/8/2024		190,000		193,742
Consumer Finance - 0.0%##
Ally Financial, Inc., 3.50%, 1/27/2019		15,000		14,993

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

62

Investment Portfolio - April 30, 2018

(unaudited)

BLENDED ASSET MAXIMUM SERIES	PRINCIPAL AMOUNT3		VALUE (NOTE 2)
CORPORATE BONDS (continued)
Non-Convertible Corporate Bonds (continued)
Financials (continued)
Consumer Finance (continued)
SLM Corp., 5.125%, 4/5/2022		20,000	$	20,200
				35,193
Diversified Financial Services - 0.1%
Aircastle Ltd., 6.25%, 12/1/2019		10,000		10,388
International Lease Finance Corp., 6.25%, 5/15/2019		20,000		20,656
LPL Holdings, Inc.2, 5.75%, 9/15/2025		19,000		18,430
Navient Corp., 7.25%, 9/25/2023		15,000		15,675
Oxford Finance, LLC - Oxford Finance Co.- Issuer II, Inc.2, 6.375%, 12/15/2022		20,000		20,400
Park Aerospace Holdings Ltd. (Ireland)2, 4.50%, 3/15/2023		24,000		22,980
				108,529
Insurance - 0.2%
Assured Guaranty US Holdings, Inc., 5.00%, 7/1/2024		120,000		124,518
Prudential Financial, Inc.6, (3 mo. LIBOR US + 4.175%), 5.875%, 9/15/2042		120,000		127,650
				252,168
Thrifts & Mortgage Finance - 0.0%##
Ladder Capital Finance Holdings LLLP - Ladder Capital Finance Corp.2, 5.875%, 8/1/2021		15,000		15,263
Total Financials				1,565,630
Health Care - 0.1%
Biotechnology - 0.0%##
AMAG Pharmaceuticals, Inc.2, 7.875%, 9/1/2023		19,000		18,905
Health Care Providers & Services - 0.1%
DaVita, Inc., 5.00%, 5/1/2025		26,000		24,640
Fresenius Medical Care US Finance II, Inc. (Germany)2, 6.50%, 9/15/2018		12,000		12,154
Ortho-Clinical Diagnostics, Inc. - Ortho-Clinical Diagnostics S.A.2, 6.625%, 5/15/2022		20,000		19,800
Tenet Healthcare Corp., 6.00%, 10/1/2020		10,000		10,321
				66,915
Total Health Care				85,820
Industrials - 0.2%
Airlines - 0.0%##
Allegiant Travel Co., 5.50%, 7/15/2019		18,000		18,180
Construction & Engineering - 0.0%##
Tutor Perini Corp.2, 6.875%, 5/1/2025		28,000		28,692
Containers & Packaging - 0.0%##
W/S Packaging Holdings, Inc.2, 9.00%, 4/15/2023		20,000		20,450
Industrial Conglomerates - 0.0%##
LSB Industries, Inc.2, 9.625%, 5/1/2023		25,000		25,094
Machinery - 0.2%
CNH Industrial Capital LLC, 3.375%, 7/15/2019		130,000		130,325
Xerium Technologies, Inc., 9.50%, 8/15/2021		21,000		21,892
				152,217
Marine - 0.0%##
Global Ship Lease, Inc. (United Kingdom)2, 9.875%, 11/15/2022		30,000		29,475
Total Industrials				274,108
Information Technology - 0.3%
Internet Software & Services - 0.3%
Alibaba Group Holding Ltd. (China), 3.40%, 12/6/2027		210,000		197,713
Tencent Holdings Ltd. (China)2, 3.595%, 1/19/2028		200,000		190,059
				387,772
Semiconductors & Semiconductor Equipment - 0.0%##
MagnaChip Semiconductor Corp. (South Korea), 6.625%, 7/15/2021		28,000		26,950
Total Information Technology				414,722
Materials - 0.3%
Chemicals - 0.0%##
Kissner Holdings LP - Kissner Milling Co. Ltd. - BSC Holding, Inc. - Kissner USA (Canada)2, 8.375%, 12/1/2022		24,000		24,600
Metals & Mining - 0.3%
Anglo American Capital plc (United Kingdom)2, 4.00%, 9/11/2027		200,000		188,415
Corp Nacional del Cobre de Chile (Chile)2, 5.625%, 9/21/2035		120,000		134,503

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

63

Investment Portfolio - April 30, 2018

(unaudited)

BLENDED ASSET MAXIMUM SERIES	SHARES/ PRINCIPAL AMOUNT3		VALUE (NOTE 2)
CORPORATE BONDS (continued)
Non-Convertible Corporate Bonds (continued)
Materials (continued)
Metals & Mining (continued)
Mountain Province Diamonds, Inc. (Canada)2, 8.00%, 12/15/2022		40,000	$	39,600
				362,518
Total Materials				387,118
Real Estate - 0.2%
Equity Real Estate Investment Trusts (REITS) - 0.0%##
iStar, Inc., 5.25%, 9/15/2022		20,000		19,400
Real Estate Management & Development - 0.2%
American Homes 4 Rent LP, 4.25%, 2/15/2028		130,000		124,983
Greystar Real Estate Partners, LLC2, 5.75%, 12/1/2025		30,000		29,700
				154,683
Total Real Estate				174,083
Telecommunication Services - 0.4%
Diversified Telecommunication Services - 0.2%
AT&T, Inc., 4.25%, 3/1/2027		120,000		119,128
Verizon Communications, Inc., 5.50%, 3/16/2047		180,000		191,887
				311,015
Wireless Telecommunication Services - 0.2%
Hughes Satellite Systems Corp., 5.25%, 8/1/2026		99,000		96,773
Inmarsat Finance plc (United Kingdom)2, 4.875%, 5/15/2022		102,000		98,430
Sprint Communications, Inc.2, 9.00%, 11/15/2018		8,000		8,225
				203,428
Total Telecommunication Services				514,443
TOTAL CORPORATE BONDS (Identified Cost $5,619,130)				5,459,886
MUTUAL FUNDS - 0.1%
Global X MSCI Greece ETF		4,625		49,349
iShares MSCI Eurozone ETF		1,645		72,923
TOTAL MUTUAL FUNDS (Identified Cost $116,784)				122,272
U.S. TREASURY SECURITIES - 6.6%
U.S. Treasury Bonds - 1.8%
U.S. Treasury Bond, 6.25%, 5/15/2030		457,000		609,060
U.S. Treasury Bond, 4.75%, 2/15/2037		729,000		914,098
U.S. Treasury Bond, 3.00%, 5/15/2047		300,000		294,480
U.S. Treasury Inflation Indexed Bond, 0.75%, 2/15/2042		399,115		388,052
Total U.S. Treasury Bonds (Identified Cost $2,296,580)				2,205,690
U.S. Treasury Notes - 4.8%
U.S. Treasury Inflation Indexed Note, 0.125%, 4/15/2020		381,703		378,501
U.S. Treasury Inflation Indexed Note, 0.125%, 1/15/2023		387,041		378,050
U.S. Treasury Note, 1.25%, 7/31/2023		4,255,000		3,931,221
U.S. Treasury Note, 2.375%, 5/15/2027		1,289,000		1,232,002
Total U.S. Treasury Notes (Identified Cost $6,045,048)				5,919,774
TOTAL U.S. TREASURY SECURITIES (Identified Cost $8,341,628)				8,125,464
SHORT-TERM INVESTMENT - 1.3%
Dreyfus Government Cash Management7, 1.60%, (Identified Cost $1,567,837)		1,567,837		1,567,837
TOTAL INVESTMENTS - 100.3% (Identified Cost $120,532,607)				122,208,354
LIABILITIES, LESS OTHER ASSETS - (0.3%)				(391,097	)
NET ASSETS - 100%			$	121,817,257

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

64

Investment Portfolio - April 30, 2018

(unaudited)

ADR - American Depositary Receipt

ETF - Exchange-traded fund

*Non-income producing security.

^##Less than 0.1%.

¹A factor from a third party vendor was applied to determine the security’s fair value following the close of local trading.

²Restricted securities - Investment in securities that are restricted as to public resale under the Securities Act of 1933, as amended. These securities have been sold under Rule 144A and have been determined to be liquid. These securities amount to $2,176,822 or 1.8%, of the Series’ net assets as of April 30, 2018 (see Note 2 to the financial statements).

³Amount is stated in USD unless otherwise noted.

⁴Step coupon rate security - Rate steps up/down by 25 basis points upon rating downgrade/upgrade by Moody’s and S&P rating agencies (Subject to a maximum of 100 basis points per agency, 200 basis points maximum).

⁵Floating rate security. Rate shown is the rate in effect as of April 30, 2018.

⁶Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of April 30, 2018.

⁷Rate shown is the current yield as of April 30, 2018.

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

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

65

Statement of Assets and Liabilities - Blended Asset Maximum Series

April 30, 2018 (unaudited)

ASSETS:
Investments, at value (identified cost $120,532,607) (Note 2)	$	122,208,354
Foreign currency, at value (identified cost $6,538)		6,506
Interest receivable		124,662
Dividends receivable		88,893
Receivable for fund shares sold		63,498
Receivable for securities sold		37,181
Foreign tax reclaims receivable		23,734
Prepaid expenses		2,367
TOTAL ASSETS		122,555,195
LIABILITIES:
Accrued management fees (Note 3)		86,385
Accrued fund accounting and administration fees (Note 3)		29,534
Accrued Chief Compliance Officer service fees (Note 3)		411
Payable for securities purchased		529,064
Accrued custodian fees		38,592
Payable for fund shares repurchased		34,272
Other payables and accrued expenses		19,680
TOTAL LIABILITIES		737,938
TOTAL NET ASSETS	$	121,817,257
NET ASSETS CONSIST OF:
Capital stock	$	101,721
Additional paid-in-capital		114,505,155
Undistributed net investment income		489,091
Accumulated net realized gain on investments, foreign currency and translation of other assets and liabilities		5,046,541
Net unrealized appreciation (depreciation) on investments, foreign currency and translation of other assets and liabilities		1,674,749
TOTAL NET ASSETS	$	121,817,257
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class R6 ($121,817,257/ 10,172,091 shares)	$	11.98

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

66

Statement of Operations - Blended Asset Maximum Series

For the Six Months Ended to April 30, 2018 (unaudited)

INVESTMENT INCOME:
Dividends (net of foreign taxes withheld, $80,189)	$	897,785
Interest		247,763
Total Investment Income		1,145,548
EXPENSES:
Management fees (Note 3)		348,426
Fund accounting and administration fees (Note 3)		36,104
Directors’ fees (Note 3)		5,070
Chief Compliance Officer service fees (Note 3)		2,129
Custodian fees		43,435
Miscellaneous		29,626
Total Expenses		464,790
Less reduction of expenses (Note 3)		(81,509	)
Net Expenses		383,281
NET INVESTMENT INCOME		762,267
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:
Net realized gain (loss) on-
Investments		5,066,765
Foreign currency and translation of other assets and liabilities		(3,029	)
		5,063,736
Net change in unrealized appreciation (depreciation) on-
Investments		1,624,453
Foreign currency and translation of other assets and liabilities		(788	)
		1,623,665
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY		6,687,401
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	7,449,668

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

67

Statement of Changes in Net Assets - Blended Asset Maximum Series

	FOR THE SIX MONTHS ENDED 4/30/17 (UNAUDITED)			FOR THE PERIOD 10/13/171 TO 10/31/17
INCREASE IN NET ASSETS:
OPERATIONS:
Net investment income	$	762,267		$	7,708
Net realized gain on investments and foreign currency		5,063,736			53,424
Net change in unrealized appreciation (depreciation) on investments and foreign currency		1,623,665			51,084
Net increase from operations		7,449,668			112,216
DISTRIBUTIONS TO SHAREHOLDERS (Note 8):
From net investment income		(281,202	)		—
From net realized gain on investments		(70,301	)		—
Total distributions to shareholders		(351,503	)		—
CAPITAL STOCK ISSUED AND REPURCHASED:
Net increase (decrease) from capital share transactions (Note 5)		(35,860,215	)		150,467,091
Net increase (decrease) in net assets		(28,762,050	)		150,579,307
NET ASSETS:
Beginning of period		150,579,307			—
End of period (including undistributed net investment income of $489,091 and $8,026, respectively)	$	121,817,257		$	150,579,307

¹Commencement of operations.

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

68

Financial Highlights - Blended Asset Maximum Series - Class R6

	FOR THE SIX MONTHS ENDED 4/30/18 (UNAUDITED)			FOR THE PERIOD 10/13/171 TO 10/31/17
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period	$	11.60		$	11.59
Income (loss) from investment operations:
Net investment loss2		(0.07	)		(0.00	)3
Net realized and unrealized gain on investments		0.34			0.01
Total from investment operations		0.41			0.01
Less distributions to shareholders:
From net investment income		(0.02	)		—
From net realized gain on investments		(0.01	)		—
Total distributions to shareholders		(0.03	)		—
Net asset value - End of period	$	11.98		$	11.60
Net assets - End of period (000’s omitted)	$	121,817		$	150,579
Total return4		3.50	%		0.09	%
Ratios (to average net assets)/Supplemental Data:
Expenses5		0.55	%		0.55	%
Net investment income (loss)5		1.09	%		0.11	%
Series portfolio turnover		42	%		4	%
*The investment advisor did not impose all or a portion of its management and/or other fees during the period, and may have paid a portion of the Series’ expenses. If these expenses had been incurred by the Series, the expense ratio (to average net assets) would have increased by the following amounts5:
		0.12	%		0.66	%

¹Commencement of operations.

²Calculated based on average shares outstanding during the periods.

³Less than $(0.01).

⁴Represents aggregate total return for the periods indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been reimbursed during the periods. Periods less than one year are not annualized.

⁵Annualized.

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

69

Notes to Financial Statements

(unaudited)

1. Organization

Blended Asset Conservative Series, Blended Asset Moderate Series, Blended Asset Extended Series and Blended Asset Maximum Series (each the “Series”) are no-load diversified series of Manning & Napier Fund, Inc. (the “Fund”). The Fund is organized in Maryland and is registered under the Investment Company Act of 1940 (the “1940 Act”), as amended, as an open-end management investment company.

The Series are asset allocation funds. Each invests in a combination of stocks, bonds and cash and is managed according to specific objectives. The objectives are as follows: Blended Asset Conservative Series - primary objective is to provide current income and its secondary objectives are to provide preservation of capital and long-term growth of capital; secondary objective is to provide income and long-term growth of capital. Blended Asset Moderate Series - equal emphasis on long-term growth of capital and preservation of capital. Blended Asset Extended Series - primary objective is long-term growth of capital; secondary objective is preservation of capital. Blended Asset Maximum Series - primary objective is long-term growth of capital.

The Fund’s Advisor is Manning & Napier Advisors, LLC (the “Advisor”). The Series are offered exclusively to other funds managed by the Advisor. The total authorized capital stock of the Fund consists of 15 billion shares of common stock each having a par value of $0.01. As of April 30, 2018, 10.9 billion shares have been designated in total among 38 series, of which 100 million have been designated in each of the Series for Class R6 common stock.

2. Significant Accounting Policies

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

Security Valuation

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

Debt securities, including government bonds, foreign bonds, asset-backed securities, structured notes, supranational obligations, sovereign bonds, corporate bonds and mortgage-backed securities will normally be valued on the basis of evaluated bid prices provided directly by an independent pricing service. The pricing services use multiple valuation techniques to determine fair value. In instances where sufficient market activity exists, the pricing services may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services also utilize proprietary valuation models which may consider market characteristics such as benchmark yield curves, option-adjusted spreads, credit spreads, estimated defaulted rates, coupon rates, anticipated timing of principal repayments, underlying collateral and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair value. Certain investments in securities held by the Series may be valued on a basis of a price provided directly by a principal market maker. These prices may differ from the value that would have been used had a broader market for securities existed.

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

Volume and level of activity in established markets for an asset or liability are evaluated to determine whether recent transactions and quoted prices are determinative of fair value. Where there have been significant decreases in volume and level of activity, further analysis and adjustment may be necessary to estimate fair value. The Series measure fair value in these instances by the use of inputs and valuation techniques which may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry and/or expectation of future cash flows. As a result of trading in relatively

70

Notes to Financial Statements (continued)

(unaudited)

2. Significant Accounting Policies (continued)

Security Valuation (continued)

thin markets and/or markets that experience significant volatility, the prices used by the Series to value these securities may differ from the value that would be realized if these securities were sold, and the differences could be material.

Securities for which representative valuations or prices are not available from the Series’ pricing service may be valued at fair value as determined in good faith by the Advisor under procedures approved by and under the general supervision and responsibility of the Fund’s Board of Directors (the “Board”). Due to the inherent uncertainty of valuations of such securities, the fair value may differ significantly from the values that would have been used had a ready market for such securities existed. If trading or events occurring after the close of the principal market in which securities are traded are expected to materially affect the value of those securities, then they may be valued at their fair value, taking this trading or these events into account. In accordance with the procedures approved by the Board, the values of certain securities trading outside the U.S. were adjusted following the close of local trading using a factor from a third party vendor. The third party vendor uses statistical analyses and quantitative models, which consider among other things subsequent movement and changes in the prices of indices, securities and exchange rates in other markets, to determine the factors which are used to adjust local market prices. The value of securities used for net asset value calculation under these procedures may differ from published prices for the same securities. It is the Fund’s policy to classify each foreign equity security where a factor from a third party vendor is provided as a Level 2 security.

Various inputs are used in determining the value of the Series’ assets or liabilities carried at fair value. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical assets and liabilities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Level 3 includes significant unobservable inputs (including the Series’ own assumptions in determining the fair value of investments). A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in aggregate that is significant to their fair value measure. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the valuation levels used for major security types as of April 30, 2018 in valuing the Series’ assets or liabilities carried at fair value:

	BLENDED ASSET CONSERVATIVE SERIES
DESCRIPTION	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Assets:
Equity securities:
Consumer Discretionary	$	2,960,298	$	2,679,610	$	280,688	$	—
Consumer Staples		3,026,374		1,900,311		1,126,063		—
Energy		1,963,213		1,908,846		54,367		—
Financials		3,083,567		3,083,567		—		—
Health Care		7,075,066		6,947,043		128,023		—
Industrials		2,477,414		2,477,414		—		—
Information Technology		7,229,873		7,010,115		219,758		—
Materials		1,798,774		1,682,734		116,040		—
Real Estate		3,267,149		3,202,495		64,654		—
Telecommunication Services		320,529		320,529		—		—
Utilities		226,004		226,004		—		—
Debt securities:
U.S. Treasury and other U.S. Government agencies		41,713,739		—		41,713,739		—
Corporate debt:
Consumer Discretionary		2,311,745		—		2,311,745		—
Consumer Staples		360,040		—		360,040		—
Energy		4,660,429		—		4,660,429		—
Financials		8,510,242		—		8,510,242		—

71

Notes to Financial Statements (continued)

(unaudited)

2. Significant Accounting Policies (continued)

Security Valuation (continued)

	BLENDED ASSET CONSERVATIVE SERIES
DESCRIPTION	TOTAL			LEVEL 1			LEVEL 2			LEVEL 3
Health Care	$	120,619		$	—		$	120,619		$	—
Industrials		226,691			—			226,691			—
Information Technology		1,804,641			—			1,804,641			—
Materials		1,510,327			—			1,510,327			—
Real Estate		868,042			—			868,042			—
Telecommunication Services		1,938,317			—			1,938,317			—
Asset-backed securities		4,587,881			—			4,587,881			—
Commercial mortgage-backed securities		10,941,418			—			10,941,418			—
Foreign government bonds		2,651,128			—			2,651,128			—
Mutual funds		2,608,113			2,608,113			—			—
Total assets		118,241,633			34,046,781			84,194,852			—
Liabilities:
Other financial instruments*:
Equity contracts		(13,617	)		(10,147	)		(3,470	)		—
Total liabilities		(13,617	)		(10,147	)		(3,470	)		—
Total	$	118,228,016		$	34,036,634		$	84,191,382		$	—
	BLENDED ASSET MODERATE SERIES
DESCRIPTION	TOTAL			LEVEL 1			LEVEL 2			LEVEL 3
Assets:
Equity securities:
Consumer Discretionary	$	3,913,247		$	3,118,771		$	794,476		$	—
Consumer Staples		3,911,236			1,664,303			2,246,933			—
Energy		2,171,114			2,025,418			145,696			—
Financials		2,781,841			2,243,221			538,620			—
Health Care		9,517,367			9,434,091			83,276			—
Industrials		2,412,700			1,554,163			858,537			—
Information Technology		10,877,874			10,088,453			789,421			—
Materials		2,069,320			1,665,289			404,031			—
Real Estate		2,846,835			2,736,345			110,490			—
Telecommunication Services		622,536			597,498			25,038			—
Utilities		100,649			15,686			84,963			—
Debt securities:
U.S. Treasury and other U.S. Government agencies		34,338,575			—			34,338,575			—
Corporate debt:
Consumer Discretionary		1,951,647			—			1,951,647			—
Consumer Staples		70,763			—			70,763			—
Energy		4,120,154			—			4,120,154			—
Financials		6,740,879			—			6,740,879			—
Health Care		129,209			—			129,209			—
Industrials		238,987			—			238,987			—
Information Technology		1,439,988			—			1,439,988			—
Materials		1,224,505			—			1,224,505			—
Real Estate		727,765			—			727,765			—
Telecommunication Services		1,546,792			—			1,546,792			—
Asset-backed securities		4,356,514			—			4,356,514			—
Commercial mortgage-backed securities		8,243,467			—			8,243,467			—
Foreign government bonds		2,235,769			—			2,235,769			—

72

Notes to Financial Statements (continued)

(unaudited)

2. Significant Accounting Policies (continued)

Security Valuation (continued)

	BLENDED ASSET MODERATE SERIES
DESCRIPTION	TOTAL			LEVEL 1			LEVEL 2			LEVEL 3
Mutual funds	$	1,745,175		$	1,745,175		$	—		$	—
Total assets		110,334,908			36,888,413			73,446,495			—
Liabilities:
Other financial instruments*:
Equity contracts		(20,737	)		(15,187	)		(5,550	)		—
Total liabilities		(20,737	)		(15,187	)		(5,550	)		—
Total	$	110,314,171		$	36,873,226		$	73,440,945		$	—
	BLENDED ASSET EXTENDED SERIES
DESCRIPTION	TOTAL			LEVEL 1			LEVEL 2			LEVEL 3
Assets:
Equity securities:
Consumer Discretionary	$	8,324,902		$	6,462,977		$	1,861,925		$	—
Consumer Staples		8,887,923			3,686,851			5,201,072			—
Energy		4,691,607			4,356,521			335,086			—
Financials		6,237,012			4,990,562			1,246,450			—
Health Care		21,447,818			21,257,254			190,564			—
Industrials		5,524,780			3,548,862			1,975,918			—
Information Technology		24,881,431			23,005,778			1,875,653			—
Materials		4,462,246			3,573,362			888,884			—
Real Estate		5,854,214			5,615,518			238,696			—
Telecommunication Services		1,466,690			1,414,611			52,079			—
Utilities		227,484			37,076			190,408			—
Debt securities:
U.S. Treasury and other U.S. Government agencies		44,034,792			—			44,034,792			—
Corporate debt:
Consumer Discretionary		2,883,999			—			2,883,999			—
Consumer Staples		121,697			—			121,697			—
Energy		5,330,957			—			5,330,957			—
Financials		8,889,442			—			8,889,442			—
Health Care		235,866			—			235,866			—
Industrials		1,174,896			—			1,174,896			—
Information Technology		1,908,346			—			1,908,346			—
Materials		1,845,257			—			1,845,257			—
Real Estate		981,443			—			981,443			—
Telecommunication Services		2,077,173			—			2,077,173			—
Utilities		413,670			—			413,670			—
Asset-backed securities		6,111,260			—			6,111,260			—
Commercial mortgage-backed securities		10,653,682			—			10,653,682			—
Foreign government bonds		3,005,602			—			3,005,602			—
Mutual funds		3,177,196			3,177,196			—			—
Total assets		184,851,385			81,126,568			103,724,817			—
Liabilities:
Other financial instruments*:
Equity contracts		(46,488	)		(33,788	)		(12,700	)		—
Total liabilities		(46,488	)		(33,788	)		(12,700	)		—
Total	$	184,804,897		$	81,092,780		$	103,712,117		$	—

73

Notes to Financial Statements (continued)

(unaudited)

2. Significant Accounting Policies (continued)

Security Valuation (continued)

	BLENDED ASSET MAXIMUM SERIES
DESCRIPTION	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Assets:
Equity securities:
Consumer Discretionary	$	14,101,145	$	12,991,435	$	1,109,710	$	—
Consumer Staples		15,264,551		9,080,548		6,184,003		—
Energy		3,510,936		3,315,408		195,528		—
Financials		7,718,762		4,055,503		3,663,259		—
Health Care		20,644,178		19,994,891		649,287		—
Industrials		5,931,368		3,623,544		2,307,824		—
Information Technology		24,297,547		22,666,916		1,630,631		—
Materials		9,698,918		8,183,880		1,515,038		—
Real Estate		3,902,924		3,790,590		112,334		—
Telecommunication Services		1,729,550		1,690,491		39,059		—
Utilities		133,016		21,960		111,056		—
Debt securities:
U.S. Treasury and other U.S. Government agencies		8,125,464		—		8,125,464		—
Corporate debt:
Consumer Discretionary		800,531		—		800,531		—
Consumer Staples		45,295		—		45,295		—
Energy		1,198,136		—		1,198,136		—
Financials		1,565,630		—		1,565,630		—
Health Care		85,820		—		85,820		—
Industrials		274,108		—		274,108		—
Information Technology		414,722		—		414,722		—
Materials		387,118		—		387,118		—
Real Estate		174,083		—		174,083		—
Telecommunication Services		514,443		—		514,443		—
Mutual funds		1,690,109		1,690,109		—		—
Total assets	$	122,208,354	$	91,105,275	$	31,103,079	$	—

Please see the Investment Portfolio for each of the Series for foreign securities where a factor from a third party vendor was applied to determine the securities’ fair value following the close of local trading. Such securities are included in Level 2 in the table above.

There were no Level 3 securities held by any of the Blended Asset Series as of April 30, 2018.

China literature ltd. - right was a Level 3 security held as of October 31, 2017. However, this security is no longer held by the Series.

*Other financial instruments are exchange traded options (Level 1 and Level 2).

The Fund’s policy is to recognize transfers in and transfers out of the valuation levels as of the beginning of the reporting period. There were no significant transfers between levels during the six months ended April 30, 2018.

New Accounting Guidance

In March 2017, the FASB issued amended guidance to shorten the amortization period for certain callable debt securities held at a premium. The guidance is effective for fiscal years and interim periods beginning after December 15, 2018. Management is currently evaluating the impact of this guidance to the Series.

74

Notes to Financial Statements (continued)

(unaudited)

2. Significant Accounting Policies (continued)

Security Transactions, Investment Income and Expenses

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

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

Income, expenses (other than class specific expenses), and realized and unrealized gains and losses are prorated among the classes based on the relative net assets of each class. Class specific expenses are directly charged to that Class.

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

Foreign Currency Translation

The books and records of the Series are maintained in U.S. dollars. Foreign currencies, investments and other assets and liabilities are translated into U.S. dollars at the current exchange rates. Purchases and sales of investment securities and income and expenses are translated on the respective dates of such transactions. The Series do not isolate realized and unrealized gains and losses attributable to changes in the exchange rates from gains and losses that arise from changes in the fair value of investments. Such fluctuations are included with net realized and unrealized gain or loss on investments. Net realized foreign currency gains and losses represent foreign currency gains and losses between trade date and settlement date on securities transactions, gains and losses on disposition of foreign currencies and the difference between the amount of income and foreign withholding taxes recorded on the books of the Series and the amounts actually received or paid.

Option Contracts

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

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

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

When a security is purchased or sold through an exercise of an option, the related premium paid (or received) is added to (or deducted from) the basis of the security acquired or deducted from (or added to) the proceeds of the security sold. When an

75

Notes to Financial Statements (continued)

(unaudited)

2. Significant Accounting Policies (continued)

Option Contracts (continued)

option expires (or a Series enters into a closing transaction), the Series realizes a gain or loss on the option to the extent of the premium received or paid (or gain or loss to the extent the cost of the closing transaction exceeds the premium paid or received).

The measurement of the risks associated with option contracts is meaningful only when all related and offsetting transactions are considered. The counterparty for the Series’ written options contracts outstanding during the six months ended April 30, 2018 is Pershing LLC, a BNY Mellon Company.

The following table presents the present value of derivatives held at April 30, 2018 as reflected on the Statement of Assets and Liabilities, and the effect of the derivative instruments on the Statement of Operations:

BLENDED ASSET CONSERVATIVE SERIES
STATEMENT OF ASSETS AND LIABILITIES
Derivative	Liabilities Location
Equity contracts	Options written, at value	$	13,617
STATEMENT OF OPERATIONS
Derivative	Location of Gain or (Loss) on Derivatives		Realized Gain (Loss) on Derivatives
Equity contracts	Net realized gain (loss) on options written	$	51,928
Derivative	Location of Appreciation (Depreciation) on Derivatives		Unrealized Appreciation (Depreciation) on Derivatives
Equity contracts	Net change in unrealized appreciation (depreciation) on options written	$	3,980
BLENDED ASSET MODERATE SERIES
STATEMENT OF ASSETS AND LIABILITIES
Derivative	Liabilities Location
Equity contracts	Options written, at value	$	20,737
STATEMENT OF OPERATIONS
Derivative	Location of Gain or (Loss) on Derivatives		Realized Gain (Loss) on Derivatives
Equity contracts	Net realized gain (loss) on options written	$	83,159
Derivative	Location of Appreciation (Depreciation) on Derivatives		Unrealized Appreciation (Depreciation) on Derivatives
Equity contracts	Net change in unrealized appreciation (depreciation) on options written	$	5,668

76

Notes to Financial Statements (continued)

(unaudited)

2. Significant Accounting Policies (continued)

BLENDED ASSET EXTENDED SERIES
STATEMENT OF ASSETS AND LIABILITIES
Derivative	Liabilities Location
Equity contracts	Options written, at value	$	46,488
STATEMENT OF OPERATIONS
Derivative	Location of Gain or (Loss) on Derivatives		Realized Gain (Loss) on Derivatives
Equity contracts	Net realized gain (loss) on options written	$	203,243
Derivative	Location of Appreciation (Depreciation) on Derivatives		Unrealized Appreciation (Depreciation) on Derivatives
Equity contracts	Net change in unrealized appreciation (depreciation) on options written	$	12,694

The average month-end balances for the six months ended April 30, 2018, the period in which such derivatives were outstanding, were as follows:

	BLENDED ASSET CONSERVATIVE SERIES		BLENDED ASSET MODERATE SERIES		BLENDED ASSET EXTENDED SERIES
Options:
Average number of option contracts written		90		152		361
Average notional value of option contracts written		$  891,121		$1,504,364		$3,629,230

Asset-Backed Securities

Each Series may invest in asset-backed securities. Asset-backed securities are generally issued as pass-through certificates or as debt instruments. Asset-backed securities issued as pass-through certificates represent undivided fractional ownership interests in an underlying pool of assets. Asset-backed securities issued as debt instruments, which are also known as collateralized obligations, are typically issued as the debt of a special purpose entity organized solely for the purpose of owning such assets and issuing such debt. Asset-backed securities are often backed by a pool of assets representing the obligations of a number of different parties. The yield characteristics of certain asset-backed securities may differ from traditional debt securities. One such major difference is that all or a principal part of the obligations may be prepaid at any time because the underlying assets (i.e. loans) may be prepaid at any time. As a result, a decrease in interest rates in the market may result in increases in the level of prepayments as borrowers, particularly mortgagors, refinance and repay their loans. An increased prepayment rate with respect to an asset-backed security will have the effect of shortening the maturity of the security. In addition, a fund may subsequently have to reinvest the proceeds at lower interest rates. If a fund has purchased such an asset-backed security at a premium, a faster than anticipated prepayment rate could result in a loss of principal to the extent of the premium paid.

Mortgage-Backed Securities

Each Series may invest in mortgage-backed securities (“MBS” or pass-through certificates) that represent an interest in a pool of specific underlying mortgage loans and entitle the fund to the periodic payments of principal and interest from those mortgages. MBS may be issued by government agencies or corporations, or private issuers. Most MBS issued by government agencies are guaranteed; however, the degree of protection differs based on the issuer. For MBS there are a number of important differences among the agencies and instrumentalities of the U.S. Government that issue mortgage-related securities and among the securities that they issue. For example, mortgage-related securities guaranteed by Ginnie Mae are guaranteed as to the timely payment of principal and interest by Ginnie Mae and such guarantee is backed by the full faith and credit of the United States. However, mortgage-related securities issued by Freddie Mac and Fannie Mae, including Freddie Mac and Fannie

77

Notes to Financial Statements (continued)

(unaudited)

2. Significant Accounting Policies (continued)

Mortgage-Backed Securities (continued)

Mae guaranteed mortgage pass-through certificates, which are solely the obligations of Freddie Mac and Fannie Mae, are not backed by or entitled to the full faith and credit of the United States, but are supported by the right of the issuer to borrow from the U.S. Treasury. Non-agency mortgage-backed securities are securities issued by non-governmental issuers and have no direct or indirect government guarantees of payment and are subject to various risks. Non-agency mortgage loans are obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or entity. The ability of a borrower to repay a loan is dependent upon the income or assets of the borrower. A number of factors, including a general economic downturn, acts of God, terrorism, social unrest and civil disturbances, may impair a borrower’s ability to repay its loans.

Inflation-Indexed Bonds

Each Series may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. If the index measuring inflation rises or falls, the principal value of inflation-indexed bonds will be adjusted upward or downward, and consequently the interest payable on these securities (calculated with respect to a larger or smaller principal amount) will be increased or reduced, respectively. Any upward or downward adjustment in the principal amount of an inflation-indexed bond will be included as interest income in the Statements of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

Securities Purchased on a When-Issued Basis or Forward Commitment

Each Series may purchase securities on a when-issued basis or forward commitment. These transactions involve a commitment by the Series to purchase securities for a predetermined price with payment and delivery taking place beyond the customary settlement period. When such purchases are outstanding, the Series will designate liquid assets in an amount sufficient to meet the purchase price. When purchasing a security on a delayed delivery basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining their net asset value. The Series may sell the when-issued securities before they are delivered, which may result in a capital gain or loss. No such investments were held by the Series on April 30, 2018.

In connection with their ability to purchase or sell securities on a forward commitment basis, the Series may enter into forward roll transactions principally using To Be Announced (TBA) securities. Forward roll transactions require the sale of securities for delivery in the current month, and a simultaneous agreement to repurchase substantially similar (same type, coupon and maturity) securities on a specified future date. Risks of entering into forward roll transactions include the potential inability of the counterparty to meet the terms of the agreement; the potential of the Series to receive inferior securities at redelivery as compared to the securities sold to the counterparty; counterparty credit risk; and the potential pay down speed variance between the mortgage-backed pools. During the roll period, the Series forgoes principal and interest paid on the securities. The Series accounts for such dollar rolls as purchases and sales. No such investments were held by the Series on April 30, 2018.

Interest Only Securities

The Series may invest in stripped mortgage-backed securities issued by the U.S. government, its agencies and instrumentalities. Stripped mortgage-backed securities are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. In certain cases, one class will receive all of the interest (the interest-only or “IO” class), while the other class will receive all of the principal (the principal-only or “PO” class). The yield to maturity on IOs is sensitive to the rate of principal repayments (including prepayments) on the related underlying mortgage assets, and principal payments may have a material effect on yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, a Series may not fully recoup its initial investment in IOs.

78

Notes to Financial Statements (continued)

(unaudited)

2. Significant Accounting Policies (continued)

Restricted Securities

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

Federal Taxes

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

Management evaluates its tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is required only when the position is “more likely than not” to be sustained assuming examination by taxing authorities. At April 30, 2018, the Series have recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken in future tax returns.

The Series file income tax returns in the U.S. federal jurisdiction, various states and foreign jurisdictions, as required. No income tax returns are currently under investigation. The statute of limitations on the Series’ tax returns remains open for the period ended October 31, 2017. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

Foreign Taxes

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

Distributions of Income and Gains

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

Indemnifications

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

Other

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

3. Transactions with Affiliates

The Fund has an Investment Advisory Agreement (the “Agreement”) with the Advisor, for which each Series pays a fee, computed daily and payable monthly, at an annual rate of 0.40% for Blended Asset Conservative Term Series, 0.45% for Blended Asset Moderate Series, and 0.50% for Blended Asset Extended Series and Blended Asset Maximum Series, of the Series’ average daily net assets.

79

Notes to Financial Statements (continued)

(unaudited)

3. Transactions with Affiliates (continued)

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

The Advisor has contractually agreed, until at least February 29, 2028, to waive its management fee and, if necessary, pay other operating expenses of the Series in order to maintain total direct annual fund operating expenses for the Series, at no more than the amounts presented in the following table, of average daily net assets each year.

SERIES/CLASS	EXPENSE LIMIT
Blended Asset Conservative Series		0.45	%
Blended Asset Moderate Series		0.50	%
Blended Asset Extended Series		0.55	%
Blended Asset Maximum Series		0.55	%

For the six months ended April 30, 2018, the Advisor waived the following amounts which are included as a reduction of expenses on the Statements of Operations:

SERIES/CLASS	WAIVER AMOUNT
Blended Asset Conservative Series Class R6	$	63,080
Blended Asset Moderate Series Class R6		73,644
Blended Asset Extended Series Class R6		85,152
Blended Asset Maximum Series Class R6		81,509

The Advisor is not eligible to recoup any expenses that have been waived or reimbursed.

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

Pursuant to a master services agreement dated March 1, 2017, the Fund pays the Advisor an annual fee related to fund accounting and administration of 0.0085% on the first $25 billion of average daily net assets (excluding Target Series and Strategic Income Series); 0.0075% on the next $15 billion of average daily net assets (excluding Target Series and Strategic Income Series); and 0.0065% of average daily net assets in excess of $40 billion (excluding Target Series and Strategic Income Series); 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. The Advisor has agreements with BNY Mellon Investment Servicing (U.S.) Inc. (“BNY”) under which BNY serves as sub-accountant services agent.

Expenses not directly attributable to a series are allocated based on each series’ relative net assets or number of accounts, depending on the expense.

80

Notes to Financial Statements (continued)

(unaudited)

4. Purchases and Sales of Securities

For the six months ended April 30, 2018, purchases and sales of securities, other than short-term securities, were as follows:

SERIES	PURCHASES OTHER ISSUERS		GOVERNMENT		SALES OTHER ISSUERS		GOVERNMENT
Blended Asset Conservative Series	$	40,270,286	$	22,398,614	$	29,847,513	$	15,622,004
Blended Asset Moderate Series		39,451,455		19,867,494		38,841,526		22,396,895
Blended Asset Extended Series		66,248,236		33,856,558		75,417,948		47,520,692
Blended Asset Maximum Series		44,688,741		11,267,858		74,826,302		12,452,985

5. Capital Stock Transactions

Transactions in Class R6 shares of each Series were:

BLENDED CONSERVATIVE	FOR THE SIX MONTHS ENDED  4/30/18						FOR THE PERIOD 10/13/171 TO 10/31/17
SERIES CLASS R6:	SHARES			AMOUNT			SHARES			AMOUNT
Sold		2,646,508		$	28,732,539			9,394,967		$	102,115,609
Repurchased		(882,256	)		(9,644,772	)		(108,692	)		(1,179,696	)
Total		1,764,252		$	19,087,767			9,286,275		$	100,935,913
BLENDED ASSET MODERATE	FOR THE SIX MONTHS ENDED  4/30/18						FOR THE PERIOD 10/13/171 TO 10/31/17
SERIES CLASS R6:	SHARES			AMOUNT			SHARES			AMOUNT
Sold		2,834,497		$	30,618,303			10,782,412		$	115,906,022
Repurchased		(3,187,877	)		(34,741,873	)		(26,599	)		(285,356	)
Total		(353,380	)	$	(4,123,570	)		10,755,813		$	115,620,666
BLENDED ASSET EXTENDED	FOR THE SIX MONTHS ENDED  4/30/18						FOR THE PERIOD 10/13/171 TO 10/31/17
SERIES CLASS R6:	SHARES			AMOUNT			SHARES			AMOUNT
Sold		5,328,422		$	55,607,541			20,139,692		$	208,028,941
Repurchased		(7,298,638	)		(77,069,209	)		(133,620	)		(1,377,323	)
Total		(1,970,216	)	$	(21,461,668	)		20,006,072		$	206,651,618
BLENDED ASSET MAXIMUM	FOR THE SIX MONTHS ENDED  4/30/18						FOR THE PERIOD 10/13/171 TO 10/31/17
SERIES CLASS R6:	SHARES			AMOUNT			SHARES			AMOUNT
Sold		2,657,836		$	31,913,634			13,013,587		$	150,821,798
Repurchased		(5,468,726	)		(67,773,849	)		(30,606	)		(354,707	)
Total		(2,810,890	)	$	(35,860,215	)		12,982,981		$	150,467,091

¹Commencement of operations.

At April 30, 2018, The Target Income Series, another series of the Fund, owned 98.4% of Blended Asset Conservative Term Series. The Target 2020 Series and Target 2025 Series, other series of the Fund, owned 75.9% and 22.9%, respectively, of Blended Asset Moderate Term Series. The Target 2025 Series, Target 2030 Series, Target 2035 Series, and Target 2040 Series, other series of the Fund, owned 13.7%, 54.9%, 10.5%, and 14.5%, respectively, of Blended Asset Extended Term Series. The Target 2040 Series, Target 2045 Series, and Target 2050 Series, other series of the Fund, owned 33.2%, 12.3%, and 23.3%, respectively, of Blended Asset Maximum Term Series. Investment activities of these shareholders may have a material effect on the respective Series.

81

Notes to Financial Statements (continued)

(unaudited)

6. Financial Instruments and Loan Assignments

The Series may trade in instruments including written and purchased options, forward foreign currency exchange contracts and futures contracts and other derivatives in the normal course of investing activities to assist in managing exposure to various market risks. The Series may be subject to various elements of risk which may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. These risks include: the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to over the counter derivative counterparties’ failure to perform under contract terms; liquidity risk related to the lack of a liquid market for these contracts allowing the fund to close out its position(s); and documentation risk relating to disagreement over contract terms. At April 30, 2018, Blended Asset Conservative Series, Blended Asset Moderate Series and Blended Asset Extended Series invested in options contracts (equity risk).

The Series may invest in a loan assignment of all or a portion of the loans. The Series has direct rights against the borrower on a loan when it purchases an assignment; however, the Series’ rights may be more limited than the lender from which it acquired the assignment and the Series may be able to enforce its rights only through an administrative agent. Loan assignments are vulnerable to market conditions and may become illiquid due to economic conditions or other events may reduce the demand for loan assignments and certain loan assignments which were liquid when purchased may become illiquid. At April 30, 2018, the Series did not hold any loan assignments.

7. Foreign Securities

Investing in securities of foreign companies and foreign governments involves special risks and considerations not typically associated with investing in securities of domestic companies and the U.S. Government. These risks include revaluation of currencies and future adverse political and economic developments. Moreover, securities of foreign companies and foreign governments and their markets may be less liquid and their prices more volatile than those of comparable domestic companies and the U.S. Government.

8. Federal Income Tax Information

The amount and characterization of certain income and capital gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Each Series may periodically make reclassifications among its capital accounts to reflect income and gains available for distribution (or available capital loss carryovers) under income tax regulations, without impacting the Series’ net asset value. Any such reclassifications are not reflected in the financial highlights.

At April 30, 2018, the identified cost of investments for federal income tax purposes, the resulting gross unrealized appreciation and depreciation, and the net unrealized appreciation (depreciation) were as follows:

	BLENDED ASSET CONSERVATIVE SERIES			BLENDED ASSET MODERATE SERIES			BLENDED ASSET EXTENDED SERIES			BLENDED ASSET MAXIMUM SERIES
Cost for federal income tax purposes	$	120,105,560		$	112,264,157		$	187,987,633		$	121,000,601
Unrealized appreciation		1,472,250			2,078,728			4,410,345			6,196,740
Unrealized depreciation		(3,349,794	)		(4,028,714	)		(7,593,081	)		(4,988,987	)
Net unrealized appreciation (depreciation)	$	(1,877,544	)	$	(1,949,986	)	$	(3,182,736	)	$	1,207,753

At October 31, 2017, Blended Asset Conservative Series, Blended Asset Moderate Series and Blended Asset Extended Series had net short-term capital loss carryforwards of $10,200, $10,845 and $9,007, respectively, which may be carried forward indefinitely.

82

Renewal of Investment Advisory Agreement

(unaudited)

At the Manning & Napier Fund, Inc. (the “Fund”) Board of Directors’ (the “Board”) meeting, held on November 16, 2017, the Investment Advisory Agreement (the “Agreement”) between the Fund and Manning & Napier Advisors, LLC (the “Advisor”) was considered by the Board for renewal. In connection with the decision whether to renew the Agreement, a variety of material was provided to the Board in advance of the meeting for their review and consideration.

Representatives of the Advisor attended the meeting and presented additional oral information to the Board to assist the Board in its considerations. The discussion below outlines the materials and information presented to the Board in connection with the Board’s 2017 Annual consideration of the Agreement and the conclusions made by the Directors when determining to continue the Agreement.

• The Board considered the nature and quality of services provided by the Advisor under the Agreement for over 30 years including, among others: deciding what securities to purchase and sell for each Series; arranging for the purchase and sale of such securities by placing orders with broker-dealers; administering the affairs of the Fund (including the books and records of the Fund not maintained by third party service providers such as the custodian or transfer agent); arranging for the insurance coverage for the Fund; and supervising the preparation of tax returns, SEC filings (including registration statements) and reports to shareholders for the Fund. The Board also considered the Advisor’s personnel who perform services to the Fund, the strength of its compliance infrastructure, policies and procedures relating to compliance with securities regulations, reputation, expertise and resources in domestic and foreign financial markets. The Board discussed the quality of these services with representatives from the Advisor and concluded that the Advisor was performing its services to the Fund required under the Agreement in a reasonable manner.

• The Board considered the Advisor’s investments teams, including changes to the teams during the past year, investment team compensation and investment process. The Board considered the performance of each Series since its inception, as well as over multiple time periods including: one year, three year, five year, ten year, and current market cycle. A market cycle includes periods of both rising and falling markets. Returns for established benchmark indices for each Series were provided. In addition, the Board considered (and considers on a quarterly basis) a number of other factors relevant to performance at the meeting including: a peer group performance analysis consisting of Morningstar universes of mutual funds with similar investment objectives; the breadth of the Fund’s product offerings; and performance over reasonable time periods. The Board discussed with Representatives of the Advisor, short-term performance challenges in the Fund’s non-U.S. portfolios which have resulted in a downward trend in assets under management. After discussion, the Board concluded that the nature and quality of the investment management services provided by the Advisor to the Fund, and the Series’ actual and comparative performance, especially over the current market cycle supported the renewal of the agreement.

• The Board considered the costs of the Advisor’s services and the profits of the Advisor as they relate to the Advisor’s services to the Fund under the Agreement. In reviewing the Advisor’s costs and profits, the Board discussed the Advisor’s revenues generated from the Fund and its expenses associated with providing the services under the Agreement. The Advisor presented the Board with information on firmwide investment management profitability to provide a comparison of the Advisor’s profitability from its Fund activities relative to its profitability from its other investment management business. In addition, the Board reviewed the Advisor’s expense allocation methodology used to calculate profitability since many of the Advisor’s resources and expenses are shared across the Advisor’s various investment management vehicles. The Board considered the Advisor’s expenses associated with Fund activities outside of the Agreement (such as expense reimbursements pursuant to expense caps and payments made by the Advisor to third party platforms on which shares of the Fund are available for purchase). After discussing the above costs and profits, the Board concluded that the Advisor’s profitability relating to its services provided under the Agreement was reasonable.

• The Board then considered whether economies of scale were being achieved by the Advisor with respect to its services to the Fund. The Board acknowledged the expense caps incorporated in the Fund’s current fee structure, which requires the Advisor to subsidize the expenses of the Series operating above their cap, noting that 26 Series of the Fund are currently receiving expense reimbursements from the Advisor. The Board concluded that based on the current fee structure and profitability, the Fund would need to grow in assets before the Advisor would be able to achieve meaningful economies of scale.

83

Renewal of Investment Advisory Agreement

(unaudited)

• The Board considered the fees and expenses of the various Series of the Fund. The Advisor provided the Board with information comparing each Series’ contractual management fees with the Advisor’s standard advisory fees for separate accounts and collective investment trusts. The Board considered that the range of services provided to the Series is more extensive than for the Advisor’s other clients due to additional infrastructure, administrative and regulatory requirements related to operating a mutual fund. The Advisor also presented the advisory fees and total expenses for each Series, including the advisory fee adjusted for any contractual expense waivers or reimbursements paid by the Advisor. The advisory fees, 12b-1 Distribution and Service Fees, other expenses (e.g. a combination of Shareholder Services Fees, routine operating expenses and Acquired Fund Fees and Expenses for fund-of-fund Series) and net expense ratios of each Series were compared and ranked (on both a mean and median basis) against funds of a similar size and with similar investment objectives and expense characteristics as disclosed on the Morningstar database. In addition, the Board considered fee reductions that went into effect for the Fund’s Target Series in October 2017, as well as projected fee and expense changes for certain Series approved by the Board in a prior Board meeting. These fee and expense changes would go into effect pursuant to a successful shareholder vote in 2018. Representatives of the Advisor discussed with the Board the comparisons and rankings of fees and net expense ratios for each Series of the Fund and the methodology behind the comparison. The Board considered the Advisor’s active portfolio management that results in portfolios that are more differentiated than the construction of their benchmarks. Based on their review of the information provided, the Board concluded that the fees and expenses of each Series of the Fund were reasonable on a comparative basis.

• The Board also considered the other benefits the Advisor derives from its relationship with the Fund. Such other benefits include participation in a joint insurance program, sharing of compensation expenses for certain shared personnel, relationships with large service providers and certain research services provided by soft dollars. The Board reviewed the broker-dealers who provided research to the Advisor and the products and services paid for, in whole or in part, using soft dollar commissions. Given the level of soft dollar transactions involving the Fund, the Board concluded that these additional benefits to the Advisor were reasonable.

Based on the Board’s deliberations and their evaluation of the information described above, the Board, including a majority of Directors that are not “interested persons” as defined in the Investment Company Act of 1940, concluded that the compensation under the Agreement was fair and reasonable in light of the services and expenses and such other matters as the Directors considered to be relevant in the exercise of their reasonable judgment. Accordingly, the Board approved the renewal of the Agreement. In the course of their deliberations, the Directors did not identify any particular information that was all important or controlling.

84

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85

Literature Requests

(unaudited)

Proxy Voting Policies and Procedures

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

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

Proxy Voting Record

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

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

Quarterly Portfolio Holdings

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

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

The Series’ Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Prospectus and Statement of Additional Information (SAI)

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

Additional information available at www.manning-napier.com

1. Fund Holdings - Month-End

2. Fund Holdings - Quarter-End

3. Shareholder Report - Annual

4. Shareholder Report - Semi-Annual

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

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

MNBLA-04/18-SAR

Disciplined Value Series

Shareholder Expense Example

(unaudited)

As a shareholder of the Series, you incur ongoing costs, including management fees, shareholder service fees and other Series expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Series and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested in each class at the beginning of the period and held for the entire period (November 1, 2017 to April 30, 2018).

Actual Expenses

The Actual lines of the table below provide information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the Actual line for the Class in which you have invested under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The Hypothetical lines of each Class in the table below provide information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid during the period. You may use this information to compare the ongoing costs of investing in a class of the Series and other funds. To do so, compare this 5% hypothetical example for the Class in which you have invested with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads), redemption fees, or exchange fees that you may incur in other mutual funds. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

	BEGINNING  ACCOUNT VALUE                  11/1/17	ENDING  ACCOUNT VALUE                  4/30/18	EXPENSES PAID  DURING PERIOD*                 11/1/17-4/30/18	ANNUALIZED EXPENSE RATIO
Class S
Actual	$1,000.00	$1,053.10	$4.33	0.85%
Hypothetical
(5% return before expenses)	$1,000.00	$1,020.58	$4.26	0.85%
Class I
Actual	$1,000.00	$1,053.80	$3.06	0.60%
Hypothetical
(5% return before expenses)	$1,000.00	$1,021.82	$3.01	0.60%

*Expenses are equal to each Class’ annualized expense ratio (for the six-month period), multiplied by the average account value over the period, multiplied by 181/365 to reflect the one-half year period. The Class’ total return would have been lower had certain expenses not been waived during the period.

1

Disciplined Value Series

Portfolio Composition as of April 30, 2018

(unaudited)

2

Disciplined Value Series

Investment Portfolio - April 30, 2018

(unaudited)

	SHARES		VALUE   (NOTE 2)
COMMON STOCKS - 98.6%
Consumer Discretionary - 12.1%
Distributors - 0.4%
Genuine Parts Co.		4,808	$	424,643
Hotels, Restaurants & Leisure - 2.1%
McDonald’s Corp.		12,188		2,040,759
Household Durables - 0.7%
Newell Brands, Inc.		11,766		325,095
Whirlpool Corp.		2,432		376,838
				701,933
Leisure Products - 0.4%
Hasbro, Inc.		4,238		373,325
Media - 1.9%
Comcast Corp. - Class A		47,845		1,501,854
Viacom, Inc. - Class B		9,949		300,062
				1,801,916
Multiline Retail - 1.6%
Kohl’s Corp.		5,984		371,726
Macy’s, Inc.		10,722		333,132
Target Corp.		12,274		891,092
				1,595,950
Specialty Retail - 3.8%
Best Buy Co., Inc.		7,041		538,848
The Gap, Inc.		12,965		379,097
The Home Depot, Inc.		15,032		2,777,914
				3,695,859
Textiles, Apparel & Luxury Goods - 1.2%
Tapestry, Inc.		6,540		351,656
VF Corp.		9,497		768,022
				1,119,678
Total Consumer Discretionary				11,754,063
Consumer Staples - 16.8%
Beverages - 2.6%
Molson Coors Brewing Co. - Class B		4,993		355,701
PepsiCo, Inc.		21,478		2,167,989
				2,523,690
Food & Staples Retailing - 6.3%
CVS Health Corp.		18,759		1,309,941
Sysco Corp.		12,419		776,684
Walgreens Boots Alliance, Inc.		13,966		928,041

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

3

Disciplined Value Series

Investment Portfolio - April 30, 2018

(unaudited)

	SHARES		VALUE   (NOTE 2)
COMMON STOCKS (continued)
Consumer Staples (continued)
Food & Staples Retailing (continued)
Walmart, Inc.		35,489	$	3,139,357
				6,154,023
Food Products - 5.3%
Campbell Soup Co.		9,572		390,346
Conagra Brand, Inc.		9,149		339,153
General Mills, Inc.		15,414		674,208
The Hershey Co.		6,008		552,376
Hormel Foods Corp.		10,992		398,460
The J.M. Smucker Co.		3,779		431,108
Kellogg Co.		7,320		431,148
The Kraft Heinz Co.		17,566		990,371
Mondelez International, Inc. - Class A		22,489		888,316
				5,095,486
Household Products - 2.6%
The Clorox Co.		4,252		498,335
Colgate-Palmolive Co.		18,108		1,181,185
Kimberly-Clark Corp.		8,339		863,420
				2,542,940
Total Consumer Staples				16,316,139
Energy - 2.4%
Oil, Gas & Consumable Fuels - 2.4%
Andeavor		4,034		557,983
Marathon Petroleum Corp.		10,036		751,797
Valero Energy Corp.		9,101		1,009,574
Total Energy				2,319,354
Financials - 10.0%
Banks - 10.0%
Fifth Third Bancorp		17,356		575,699
JPMorgan Chase & Co.		35,246		3,834,060
KeyCorp.		20,635		411,049
SunTrust Banks, Inc.		8,206		548,161
U.S. Bancorp		28,447		1,435,151
Wells Fargo & Co.		56,247		2,922,594
Total Financials				9,726,714
Health Care - 17.5%
Biotechnology - 5.9%
AbbVie, Inc.		23,324		2,251,932

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

4

Disciplined Value Series

Investment Portfolio - April 30, 2018

(unaudited)

	SHARES		VALUE   (NOTE 2)
COMMON STOCKS (continued)
Health Care (continued)
Biotechnology (continued)
Amgen, Inc.		10,427	$	1,819,303
Gilead Sciences, Inc.		22,247		1,606,901
				5,678,136
Health Care Providers & Services - 0.3%
Quest Diagnostics, Inc.		3,256		329,507
Pharmaceuticals - 11.3%
Bristol-Myers Squibb Co.		21,365		1,113,758
Eli Lilly & Co.		13,747		1,114,469
Johnson & Johnson		29,458		3,726,142
Merck & Co., Inc.		37,412		2,202,444
Pfizer, Inc.		75,098		2,749,338
				10,906,151
Total Health Care				16,913,794
Industrials - 21.2%
Aerospace & Defense - 5.9%
The Boeing Co.		7,610		2,538,392
Lockheed Martin Corp.		5,004		1,605,483
United Technologies Corp.		13,497		1,621,665
				5,765,540
Air Freight & Logistics - 2.1%
C.H. Robinson Worldwide, Inc.		4,612		424,442
United Parcel Service, Inc. - Class B		14,636		1,661,186
				2,085,628
Building Products - 0.6%
Johnson Controls International plc		16,945		573,927
Commercial Services & Supplies - 0.9%
Waste Management, Inc.		10,264		834,361
Electrical Equipment - 1.8%
Eaton Corp. plc		10,619		796,744
Emerson Electric Co.		13,977		928,213
				1,724,957
Industrial Conglomerates - 3.8%
3M Co.		9,852		1,915,130
Honeywell International, Inc.		11,999		1,736,015
				3,651,145
Machinery - 3.2%
Caterpillar, Inc.		8,012		1,156,612

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

5

Disciplined Value Series

Investment Portfolio - April 30, 2018

(unaudited)

	SHARES		VALUE   (NOTE 2)
COMMON STOCKS (continued)
Industrials (continued)
Machinery (continued)
Cummins, Inc.		4,364	$	697,629
Illinois Tool Works, Inc.		5,375		763,358
Ingersoll-Rand plc		5,239		439,500
				3,057,099
Road & Rail - 2.4%
Norfolk Southern Corp.		4,520		648,484
Union Pacific Corp.		12,688		1,695,497
				2,343,981
Trading Companies & Distributors - 0.5%
Fastenal Co.		9,194		459,608
Total Industrials				20,496,246
Information Technology - 15.9%
Communications Equipment - 3.4%
Cisco Systems, Inc.		62,560		2,770,782
Motorola Solutions, Inc.		4,611		506,426
				3,277,208
Electronic Equipment, Instruments & Components - 0.7%
Corning, Inc.		23,282		629,080
IT Services - 3.8%
Automatic Data Processing, Inc.		9,140		1,079,251
International Business Machines Corp.		13,889		2,013,350
Paychex, Inc.		9,855		596,917
				3,689,518
Semiconductors & Semiconductor Equipment - 6.9%
Broadcom, Inc.		5,419		1,243,227
Intel Corp.		57,563		2,971,402
KLA-Tencor Corp.		4,620		470,039
Maxim Integrated Products, Inc.		6,776		369,292
Texas Instruments, Inc.		16,286		1,651,889
				6,705,849
Software - 0.5%
CA, Inc.		13,210		459,708
Technology Hardware, Storage & Peripherals - 0.6%
Western Digital Corp.		7,678		604,950
Total Information Technology				15,366,313
Materials - 2.7%
Chemicals - 1.4%
Eastman Chemical Co.		4,516		460,993

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

6

Disciplined Value Series

Investment Portfolio - April 30, 2018

(unaudited)

	SHARES		VALUE   (NOTE 2)
COMMON STOCKS (continued)
Materials (continued)
Chemicals (continued)
LyondellBasell Industries N.V. - Class A		8,830	$	933,596
				1,394,589
Containers & Packaging - 0.7%
Packaging Corp. of America		2,964		342,905
WestRock Co.		5,809		343,661
				686,566
Metals & Mining - 0.6%
Nucor Corp.		9,062		558,400
Total Materials				2,639,555
TOTAL COMMON STOCKS (Identified Cost $91,794,132)				95,532,178
SHORT-TERM INVESTMENT - 1.0%
Dreyfus Government Cash Management1, 1.60% (Identified Cost $925,837)		925,837		925,837
TOTAL INVESTMENTS - 99.6% (Identified Cost $92,719,969)				96,458,015
OTHER ASSETS, LESS LIABILITIES - 0.4%				423,355
NET ASSETS - 100%			$	96,881,370

¹Rate shown is the current yield as of April 30, 2018.

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

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

7

Disciplined Value Series

Statement of Assets and Liabilities

April 30, 2018 (unaudited)

ASSETS:
Investments, at value (identified cost $92,719,969) (Note 2)	$	96,458,015
Receivable for fund shares sold		504,669
Dividends receivable		79,500
Foreign tax reclaims receivable		27,887
Prepaid and other expenses		23,077
TOTAL ASSETS		97,093,148
LIABILITIES:
Accrued management fees (Note 3)		31,343
Accrued fund accounting and administration fees (Note 3)		17,086
Accrued shareholder services fees (Class S) (Note 3)		8,815
Accrued Chief Compliance Officer service fees (Note 3)		328
Accrued Directors’ fees (Note 3)		121
Payable for fund shares repurchased		122,278
Audit fees payable		21,011
Other payables and accrued expenses		10,796
TOTAL LIABILITIES		211,778
TOTAL NET ASSETS	$	96,881,370
NET ASSETS CONSIST OF:
Capital stock	$	87,754
Additional paid-in-capital		67,651,527
Undistributed net investment income		177,916
Accumulated net realized gain on investments		25,226,127
Net unrealized appreciation on investments		3,738,046
TOTAL NET ASSETS	$	96,881,370
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class S ($43,226,176/5,009,969 shares)	$	8.63
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class I ($53,655,194/3,765,429 shares)	$	14.25

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

8

Disciplined Value Series

Statement of Operations

For the Six Months Ended April 30, 2018 (unaudited)

INVESTMENT INCOME:
Dividends	$	1,528,201
EXPENSES:
Management fees (Note 3)		268,276
Shareholder services fees (Class S)(Note 3)		63,183
Fund accounting and administration fees (Note 3)		25,233
Directors’ fees (Note 3)		5,118
Chief Compliance Officer service fees (Note 3)		2,036
Custodian fees		4,651
Miscellaneous		58,392
Total Expenses		426,889
Less reduction of expenses (Note 3)		(6,005	)
Net Expenses		420,884
NET INVESTMENT INCOME		1,107,317
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments		25,426,362
Net change in unrealized appreciation (depreciation) on investments		(19,673,341	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS		5,753,021
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	6,860,338

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

9

Disciplined Value Series

Statements of Changes in Net Assets

	FOR THE SIX MONTHS ENDED 4/30/18 (UNAUDITED)			FOR THE YEAR ENDED 10/31/17
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income	$	1,107,317		$	3,705,146
Net realized gain (loss) on investments		25,426,362			25,969,874
Net change in unrealized appreciation (depreciation) on investments		(19,673,341	)		3,802,331
Net increase from operations		6,860,338			33,477,351
DISTRIBUTIONS TO SHAREHOLDERS (Note 7):
From net investment income (Class S)		(626,386	)		(747,820	)
From net investment income (Class I)		(677,248	)		(3,303,961	)
From net realized gain on investments (Class S)		(9,497,371	)		(892,572	)
From net realized gain on investments (Class I)		(11,866,466	)		(4,593,947	)
Total distributions to shareholders		(22,667,471	)		(9,538,300	)
CAPITAL STOCK ISSUED AND REPURCHASED:
Net decrease from capital share transactions (Note 5)		(35,607,966	)		(43,416,296	)
Net decrease in net assets		(51,415,099	)		(19,477,245	)
NET ASSETS:
Beginning of period		148,296,469			167,773,714
End of period (including undistributed net investment income of $177,916 and $374,233, respectively)	$	96,881,370		$	148,296,469

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

10

Disciplined Value Series

Financial Highlights - Class S

	FOR THE SIX MONTHS ENDED 4/30/18 (UNAUDITED)			FOR THE YEAR ENDED
				10/31/17			10/31/16			10/31/15			10/31/14			10/31/13
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period	$	11.42		$	10.16		$	11.64		$	12.75		$	11.88		$	10.14
Income from investment operations:
Net investment income1		0.07			0.20			0.22			0.26			0.26			0.26
Net realized and unrealized gain (loss) on investments		0.57			1.89			0.53			(0.21	)		1.25			1.89
Total from investment operations		0.64			2.09			0.75			0.05			1.51			2.15
Less distributions to shareholders:
From net investment income		(0.17	)		(0.33	)		(0.32	)		(0.36	)		(0.34	)		(0.35	)
From net realized gain on investments		(3.26	)		(0.50	)		(1.91	)		(0.80	)		(0.30	)		(0.06	)
Total distributions to shareholders		(3.43	)		(0.83	)		(2.23	)		(1.16	)		(0.64	)		(0.41	)
Net asset value - End of period	$	8.63		$	11.42		$	10.16		$	11.64		$	12.75		$	11.88
Net assets - End of period (000’s omitted)	$	43,226		$	30,940		$	15,022		$	15,471		$	13,716		$	10,667
Total return2		5.31	%		21.52	%		7.99	%		0.63	%		13.12	%		21.70	%
Ratios (to average net assets)/Supplemental Data:
Expenses*		0.85	%3		0.82	%		0.82	%		0.79	%		0.79	%		0.81	%
Net investment income		1.59	%3		1.91	%		2.19	%		2.14	%		2.11	%		2.31	%
Portfolio turnover		48	%		34	%		39	%		49	%		23	%		19	%
*For certain periods presented, the investment advisor did not impose all or a portion of its management and/or other fees, and in some periods may have paid a portion of the Series’ expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts:
		0.01	%3		N/A			N/A			N/A			N/A			N/A

¹Calculated based on average shares outstanding during the periods.

²Represents aggregate total return for the periods indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been reimbursed during certain periods. Periods less than one year are not annualized.

³Annualized.

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

11

Disciplined Value Series

Financial Highlights - Class I

	FOR THE SIX MONTHS ENDED 4/30/18 (UNAUDITED)			FOR THE YEAR ENDED
				10/31/17			10/31/16			10/31/15			10/31/14			10/31/13
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period	$	16.76		$	14.54		$	15.69		$	16.76		$	15.41		$	13.03
Income from investment operations:
Net investment income1		0.16			0.35			0.35			0.39			0.38			0.37
Net realized and unrealized gain (loss) on investments		0.78			2.73			0.75			(0.27	)		1.64			2.45
Total from investment operations		0.94			3.08			1.10			0.12			2.02			2.82
Less distributions to shareholders:
From net investment income		(0.19	)		(0.36	)		(0.34	)		(0.39	)		(0.37	)		(0.38	)
From net realized gain on investments		(3.26	)		(0.50	)		(1.91	)		(0.80	)		(0.30	)		(0.06	)
Total distributions to shareholders		(3.45	)		(0.86	)		(2.25	)		(1.19	)		(0.67	)		(0.44	)
Net asset value - End of period	$	14.25		$	16.76		$	14.54		$	15.69		$	16.76		$	15.41
Net assets - End of period (000’s omitted)	$	53,655		$	117,357		$	152,751		$	160,999		$	191,337		$	158,989
Total return2		5.38	%		21.86	%		8.24	%		0.91	%		13.44	%		22.02	%
Ratios (to average net assets)/Supplemental Data:
Expenses*		0.60	%3		0.57	%		0.57	%		0.54	%		0.54	%		0.56	%
Net investment income		2.06	%3		2.24	%		2.46	%		2.44	%		2.38	%		2.63	%
Portfolio turnover		48	%		34	%		39	%		49	%		23	%		19	%
*For certain periods presented, the investment advisor did not impose all or a portion of its management and/or other fees, and in some periods may have paid a portion of the Series’ expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts:
		0.01	%3		N/A			N/A			N/A			N/A			N/A

¹Calculated based on average shares outstanding during the periods.

²Represents 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 during certain periods. Periods less than one year are not annualized.

³Annualized.

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

12

Disciplined Value Series

Notes to Financial Statements

(unaudited)

1. Organization

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

The Series’ investment objective is to provide competitive returns consistent with the broad equity market while providing a level of capital protection during market downturns.

The Fund’s Advisor is Manning & Napier Advisors, LLC (the “Advisor”). Shares of the Series are offered to investors, clients and employees of the Advisor and its affiliates. The total authorized capital stock of the Fund consists of 15 billion shares of common stock each having a par value of $0.01. As of April 30, 2018, 10.9 billion shares have been designated in total among 38 series, of which 100 million have been designated as Disciplined Value Series Class I common stock and 100 million have been designated as Disciplined Value Series Class S common stock.

2. Significant Accounting Policies

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

Security Valuation

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

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

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

Securities for which representative valuations or prices are not available from the Series’ pricing service may be valued at fair value as determined in good faith by the Advisor under procedures approved by and under the general supervision and responsibility of the Fund’s Board of Directors (the “Board”). Due to the inherent uncertainty of valuations of such securities, the fair value may differ significantly from the values that would have been used had a ready market for such securities existed. If trading or events occurring after the close of the principal market in which securities are traded are expected to materially affect the value of those securities, then they may be valued at their fair value, taking this trading or these events into account.

Various inputs are used in determining the value of the Series’ assets or liabilities carried at fair value. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical assets and liabilities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Level 3 includes significant unobservable inputs (including the Series’ own assumptions in determining the fair value of investments). A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both

13

Disciplined Value Series

Notes to Financial Statements (continued)

(unaudited)

2. Significant Accounting Policies (continued)

Security Valuation (continued)

individually and in aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the valuation levels used for major security types as of April 30, 2018 in valuing the Series’ assets or liabilities carried at fair value:

DESCRIPTION	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Assets:
Equity securities:
Consumer Discretionary	$	11,754,063	$	11,754,063	$	—	$	—
Consumer Staples		16,316,139		16,316,139		—		—
Energy		2,319,354		2,319,354		—		—
Financials		9,726,714		9,726,714		—		—
Health Care		16,913,794		16,913,794		—		—
Industrials		20,496,246		20,496,246		—		—
Information Technology		15,366,313		15,366,313		—		—
Materials		2,639,555		2,639,555		—		—
Mutual Fund		925,837		925,837		—		—
Total assets	$	96,458,015	$	96,458,015	$	—	$	—

There were no Level 2 or Level 3 securities held by the Series as of October 31, 2017 or April 30, 2018.

The Fund’s policy is to recognize transfers in and transfers out of the valuation levels as of the beginning of the reporting period. There were no transfers between Level 1 and Level 2 during the six months ended April 30, 2018.

New Accounting Guidance

In March 2017, the FASB issued amended guidance to shorten the amortization period for certain callable debt securities held at a premium. The guidance is effective for fiscal years and interim periods beginning after December 15, 2018. Management is currently evaluating the impact of this guidance to the Series.

Security Transactions, Investment Income and Expenses

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

Expenses are recorded on an accrual basis. Most expenses of the Fund can be attributed to a specific series. Expenses which cannot be directly attributed are apportioned among the series in the Fund in such a manner as deemed equitable by the Fund’s Board, taking into consideration, among other things, the nature and type of expense. Income, expenses (other than class specific expenses), and realized and unrealized gains and losses are prorated among the classes based on the relative net assets of each class. Class specific expenses are directly charged to that class.

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

Federal Taxes

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

14

Disciplined Value Series

Notes to Financial Statements (continued)

(unaudited)

2. Significant Accounting Policies (continued)

Federal Taxes (continued)

Management evaluates its tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is required only when the position is “more likely than not” to be sustained assuming examination by taxing authorities. At April 30, 2018, the Series has recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken in future tax returns.

The Series files income tax returns in the U.S. federal jurisdiction, various states and foreign jurisdictions, as required. No income tax returns are currently under investigation. The statute of limitations on the Series’ tax returns remains open for the years ended October 31, 2014 through October 31, 2017. The Series is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

Foreign Taxes

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

Distributions of Income and Gains

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

Indemnifications

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

Other

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

3. Transactions with Affiliates

The Fund has an Investment Advisory Agreement (the “Agreement”) with the Advisor, for which the Series pays a fee, computed daily and payable monthly, at an annual rate of 0.45% of the Series’ average daily net assets.

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

15

Disciplined Value Series

Notes to Financial Statements (continued)

(unaudited)

3. Transactions with Affiliates (continued)

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

The Advisor has contractually agreed, until at least February 28, 2019, to waive its management fee and, if necessary, pay other operating expenses of the Series in order to maintain total direct annual fund operating expenses for the Series, exclusive of shareholder service fees, at no more than 0.60% of average daily net assets each year. Accordingly, the Advisor waived fees of $6,005 for the six months ended April 30, 2018, which is included as a reduction of expenses on the Statement of Operations. The Advisor is not eligible to recoup any expenses that have been waived or reimbursed in prior years.

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

Pursuant to a master services agreement dated March 1, 2017, the Fund pays the Advisor an annual fee related to fund accounting and administration of 0.0085% on the first $25 billion of average daily net assets (excluding Target Series and Strategic Income Series); 0.0075% on the next $15 billion of average daily net assets (excluding Target Series and Strategic Income Series); and 0.0065% of average daily net assets in excess of $40 billion (excluding Target Series and Strategic Income Series); 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. The Advisor has agreements with BNY Mellon Investment Servicing (U.S.) Inc. (“BNY”) under which BNY serves as sub-accountant services agent.

Expenses not directly attributable to a series are allocated based on each series’ relative net assets or number of accounts, depending on the expense.

4. Purchases and Sales of Securities

For the six months ended April 30, 2018, purchases and sales of securities, other than U.S. Government securities and short-term securities, were $59,225,035 and $115,457,569, respectively. There were no purchases or sales of U.S. Government securities.

5. Capital Stock Transactions

Transactions in Class S and I shares of Disciplined Value Series were:

CLASS S	FOR THE SIX MONTHS ENDED 4/30/18						FOR THE YEAR ENDED 10/31/17
	SHARES			AMOUNT			SHARES			AMOUNT
Sold		5,767,203		$	52,603,877			1,545,061		$	16,323,508
Reinvested		1,145,401			10,037,870			156,422			1,637,234
Repurchased		(4,610,715	)		(40,970,386	)		(471,810	)		(5,038,973	)
Total		2,301,889		$	21,671,361			1,229,673		$	12,921,769

16

Disciplined Value Series

Notes to Financial Statements (continued)

(unaudited)

5. Capital Stock Transactions (continued)

CLASS I	FOR THE SIX MONTHS ENDED 4/30/18						FOR THE YEAR ENDED 10/31/17
	SHARES			AMOUNT			SHARES			AMOUNT
Sold		743,826		$	11,068,569			1,890,531		$	29,193,940
Reinvested		504,852			7,291,960			285,798			4,347,380
Repurchased		(4,484,806	)		(75,639,856	)		(5,679,847	)		(89,879,385	)
Total		(3,236,128	)	$	(57,279,327	)		(3,503,518	)	$	(56,338,065	)

6. Financial Instruments

The Series may trade in instruments including written and purchased options, forward foreign currency exchange contracts and futures contracts and other derivatives in the normal course of investing activities to assist in managing exposure to various market risks. The Series may be subject to various elements of risk which may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. These risks include: the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to over the counter derivative counterparties’ failure to perform under contract terms; liquidity risk related to the lack of a liquid market for these contracts allowing the fund to close out its position(s); and documentation risk relating to disagreement over contract terms. No such investments were held by the Series as of April 30, 2018.

7. Federal Income Tax Information

The amount and characterization of certain income and capital gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. The Series may periodically make reclassifications among its capital accounts to reflect income and gains available for distribution (or available capital loss carryovers) under income tax regulations, without impacting the Series’ net asset value. Any such reclassifications are not reflected in the financial highlights.

The final determination of the tax character of current year distributions will be made at the conclusion of the fiscal year. The tax character of distributions paid for the year ended October 31, 2017 were as follows:

Ordinary income	$	4,505,240
Long-term capital gains		5,033,060

At April 30, 2018, the identified cost of investments for federal income tax purposes, the resulting gross unrealized appreciation and depreciation, and the net unrealized appreciation were as follows:

Cost for federal income tax purposes	$	93,087,963
Unrealized appreciation		5,910,286
Unrealized depreciation		(2,540,234	)
Net unrealized appreciation	$	3,370,052

17

Disciplined Value Series

Renewal of Investment Advisory Agreement

(unaudited)

At the Manning & Napier Fund, Inc. (the “Fund”) Board of Directors’ (the “Board”) meeting, held on November 16, 2017, the Investment Advisory Agreement (the “Agreement”) between the Fund and Manning & Napier Advisors, LLC (the “Advisor”) was considered by the Board for renewal. In connection with the decision whether to renew the Agreement, a variety of material was provided to the Board in advance of the meeting for their review and consideration.

Representatives of the Advisor attended the meeting and presented additional oral information to the Board to assist the Board in its considerations. The discussion below outlines the materials and information presented to the Board in connection with the Board’s 2017 Annual consideration of the Agreement and the conclusions made by the Directors when determining to continue the Agreement.

• The Board considered the nature and quality of services provided by the Advisor under the Agreement for over 30 years including, among others: deciding what securities to purchase and sell for each Series; arranging for the purchase and sale of such securities by placing orders with broker-dealers; administering the affairs of the Fund (including the books and records of the Fund not maintained by third party service providers such as the custodian or transfer agent); arranging for the insurance coverage for the Fund; and supervising the preparation of tax returns, SEC filings (including registration statements) and reports to shareholders for the Fund. The Board also considered the Advisor’s personnel who perform services to the Fund, the strength of its compliance infrastructure, policies and procedures relating to compliance with securities regulations, reputation, expertise and resources in domestic and foreign financial markets. The Board discussed the quality of these services with representatives from the Advisor and concluded that the Advisor was performing its services to the Fund required under the Agreement in a reasonable manner.

• The Board considered the Advisor’s investments teams, including changes to the teams during the past year, investment team compensation and investment process. The Board considered the performance of each Series since its inception, as well as over multiple time periods including: one year, three year, five year, ten year, and current market cycle. A market cycle includes periods of both rising and falling markets. Returns for established benchmark indices for each Series were provided. In addition, the Board considered (and considers on a quarterly basis) a number of other factors relevant to performance at the meeting including: a peer group performance analysis consisting of Morningstar universes of mutual funds with similar investment objectives; the breadth of the Fund’s product offerings; and performance over reasonable time periods. The Board discussed with Representatives of the Advisor, short-term performance challenges in the Fund’s non-U.S. portfolios which have resulted in a downward trend in assets under management. After discussion, the Board concluded that the nature and quality of the investment management services provided by the Advisor to the Fund, and the Series’ actual and comparative performance, especially over the current market cycle supported the renewal of the agreement.

• The Board considered the costs of the Advisor’s services and the profits of the Advisor as they relate to the Advisor’s services to the Fund under the Agreement. In reviewing the Advisor’s costs and profits, the Board discussed the Advisor’s revenues generated from the Fund and its expenses associated with providing the services under the Agreement. The Advisor presented the Board with information on firmwide investment management profitability to provide a comparison of the Advisor’s profitability from its Fund activities relative to its profitability from its other investment management business. In addition, the Board reviewed the Advisor’s expense allocation methodology used to calculate profitability since many of the Advisor’s resources and expenses are shared across the Advisor’s various investment management vehicles. The Board considered the Advisor’s expenses associated with Fund activities outside of the Agreement (such as expense reimbursements pursuant to expense caps and payments made by the Advisor to third party platforms on which shares of the Fund are available for purchase). After discussing the above costs and profits, the Board concluded that the Advisor’s profitability relating to its services provided under the Agreement was reasonable.

• The Board then considered whether economies of scale were being achieved by the Advisor with respect to its services to the Fund. The Board acknowledged the expense caps incorporated in the Fund’s current fee structure, which requires the Advisor to subsidize the expenses of the Series operating above their cap, noting that 26 Series of the Fund are currently receiving expense reimbursements from the Advisor. The Board concluded that based on the current fee structure and profitability, the Fund would need to grow in assets before the Advisor would be able to achieve meaningful economies of scale.

18

Disciplined Value Series

Renewal of Investment Advisory Agreement

(unaudited)

• The Board considered the fees and expenses of the various Series of the Fund. The Advisor provided the Board with information comparing each Series’ contractual management fees with the Advisor’s standard advisory fees for separate accounts and collective investment trusts. The Board considered that the range of services provided to the Series is more extensive than for the Advisor’s other clients due to additional infrastructure, administrative and regulatory requirements related to operating a mutual fund. The Advisor also presented the advisory fees and total expenses for each Series, including the advisory fee adjusted for any contractual expense waivers or reimbursements paid by the Advisor. The advisory fees, 12b-1 Distribution and Service Fees, other expenses (e.g. a combination of Shareholder Services Fees, routine operating expenses and Acquired Fund Fees and Expenses for fund-of-fund Series) and net expense ratios of each Series were compared and ranked (on both a mean and median basis) against funds of a similar size and with similar investment objectives and expense characteristics as disclosed on the Morningstar database. In addition, the Board considered fee reductions that went into effect for the Fund’s Target Series in October 2017, as well as projected fee and expense changes for certain Series approved by the Board in a prior Board meeting. These fee and expense changes would go into effect pursuant to a successful shareholder vote in 2018. Representatives of the Advisor discussed with the Board the comparisons and rankings of fees and net expense ratios for each Series of the Fund and the methodology behind the comparison. The Board considered the Advisor’s active portfolio management that results in portfolios that are more differentiated than the construction of their benchmarks. Based on their review of the information provided, the Board concluded that the fees and expenses of each Series of the Fund were reasonable on a comparative basis.

• The Board also considered the other benefits the Advisor derives from its relationship with the Fund. Such other benefits include participation in a joint insurance program, sharing of compensation expenses for certain shared personnel, relationships with large service providers and certain research services provided by soft dollars. The Board reviewed the broker-dealers who provided research to the Advisor and the products and services paid for, in whole or in part, using soft dollar commissions. Given the level of soft dollar transactions involving the Fund, the Board concluded that these additional benefits to the Advisor were reasonable.

Based on the Board’s deliberations and their evaluation of the information described above, the Board, including a majority of Directors that are not “interested persons” as defined in the Investment Company Act of 1940, concluded that the compensation under the Agreement was fair and reasonable in light of the services and expenses and such other matters as the Directors considered to be relevant in the exercise of their reasonable judgment. Accordingly, the Board approved the renewal of the Agreement. In the course of their deliberations, the Directors did not identify any particular information that was all important or controlling.

19

Disciplined Value Series

Results of Special Meeting of Shareholders

(unaudited)

A Special Meeting of the Class S Shareholders of the Series was held on May 25, 2018. The number of votes necessary to conduct the meeting and approve the proposal was obtained, and the results of the vote of shareholders of Class S of the Series is listed below:

Proposal 1: To approve the adoption of a Rule 12b-1 Distribution and Shareholder Services Plan for the Class S Shares of the Fund.

For	2,382,536
Against	118,463
Abstain	159,092

20

{This page intentionally left blank}

21

Disciplined Value Series

Literature Requests

(unaudited)

Proxy Voting Policies and Procedures

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

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

Proxy Voting Record

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

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

Quarterly Portfolio Holdings

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

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

The Series’ Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Prospectus and Statement of Additional Information (SAI)

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

Additional information available at www.manning-napier.com

1. Fund Holdings - Month-End

2. Fund Holdings - Quarter-End

3. Shareholder Report - Annual

4. Shareholder Report - Semi-Annual

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

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

MNDIV-04/18-SAR

Overseas Series

Shareholder Expense Example

(unaudited)

As a shareholder of the Series, you incur ongoing costs, including management fees, shareholder service fees and other Series expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Series and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2017 to April 30, 2018).

Actual Expenses

The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Series’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Series’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid during the period. You may use this information to compare the ongoing costs of investing in the Series and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads), redemption fees, or exchange fees that you may incur in other mutual funds. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

	BEGINNING  ACCOUNT VALUE                               11/1/17	ENDING  ACCOUNT VALUE                           4/30/18	EXPENSES PAID  DURING  PERIOD*                               11/1/17-4/30/18
Actual	$1,000.00	$1,023.90	$3.76
Hypothetical
(5% return before expenses)	$1,000.00	$1,021.08	$3.76

*Expenses are equal to the Series’ annualized expense ratio (for the six-month period) of 0.75%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The Series’ total return would have been lower had certain expenses not been waived during the period.

1

Overseas Series

Portfolio Composition as of April 30, 2018

(unaudited)

2

Overseas Series

Investment Portfolio - April 30, 2018

(unaudited)

			VALUE
	SHARES		(NOTE 2)
COMMON STOCKS - 96.1%
Consumer Discretionary - 7.4%
Hotels, Restaurants & Leisure - 1.7%
Accor S.A. (France)1		132,260	$	7,475,575
Internet & Direct Marketing Retail - 0.5%
Despegar.com Corp. (Argentina)*		72,995		2,143,133
Media - 2.0%
Quebecor, Inc. - Class B (Canada)		236,758		4,414,492
Shaw Communications, Inc. - Class B (Canada)		206,445		4,243,221
				8,657,713
Specialty Retail - 1.0%
Industria de Diseno Textil S.A. (Spain)1		135,165		4,189,866
Textiles, Apparel & Luxury Goods - 2.2%
lululemon athletica, Inc. (United States)*		93,885		9,369,723
Total Consumer Discretionary				31,836,010
Consumer Staples - 22.6%
Beverages - 8.9%
Ambev S.A. - ADR (Brazil)		1,201,175		7,951,778
Anheuser-Busch InBev S.A./N.V. (Belgium)1		152,650		15,163,260
Diageo plc (United Kingdom)1		430,960		15,374,464
				38,489,502
Food Products - 5.3%
Danone S.A. (France)1		128,960		10,446,494
Nestle S.A. (Switzerland)1		162,765		12,609,420
				23,055,914
Personal Products - 6.5%
Beiersdorf AG (Germany)1		74,245		8,399,940
Unilever plc - ADR (United Kingdom)		352,825		19,747,615
				28,147,555
Tobacco - 1.9%
British American Tobacco plc - ADR (United Kingdom)		150,680		8,230,142
Total Consumer Staples				97,923,113
Energy - 5.3%
Energy Equipment & Services - 4.2%
Schlumberger Ltd. (United States)		262,910		18,025,110
Oil, Gas & Consumable Fuels - 1.1%
Cameco Corp. (Canada)		474,765		4,999,275
Total Energy				23,024,385
Financials - 6.3%
Banks - 4.4%
Bankia S.A. (Spain)1		1,633,885		7,168,844

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

3

Overseas Series

Investment Portfolio - April 30, 2018

(unaudited)

			VALUE
	SHARES		(NOTE 2)
COMMON STOCKS (continued)
Financials (continued)
Banks (continued)
CaixaBank S.A. (Spain)1		1,559,010	$	7,581,257
FinecoBank Banca Fineco S.p.A. (Italy)1		339,195		4,039,054
				18,789,155
Capital Markets - 1.9%
Julius Baer Group Ltd. (Switzerland)1		139,550		8,282,065
Total Financials				27,071,220
Health Care - 15.6%
Health Care Equipment & Supplies - 4.5%
Medtronic plc (United States)		242,055		19,395,867
Health Care Providers & Services - 1.3%
Fresenius Medical Care AG & Co. KGaA (Germany)1		53,275		5,405,853
Life Sciences Tools & Services - 3.1%
QIAGEN N.V. (United States)*		188,481		6,165,213
QIAGEN N.V. (United States)*1		227,834		7,452,767
				13,617,980
Pharmaceuticals - 6.7%
Novartis AG - ADR (Switzerland)		216,095		16,572,326
Perrigo Co. plc (United States)		158,030		12,348,464
				28,920,790
Total Health Care				67,340,490
Industrials - 14.9%
Aerospace & Defense - 1.0%
BAE Systems plc (United Kingdom)1		522,775		4,386,229
Airlines - 0.9%
Ryanair Holdings plc - ADR (Ireland)*		34,017		3,740,850
Construction & Engineering - 2.9%
FLSmidth & Co. A/S (Denmark)1		65,080		4,019,838
Vinci S.A. (France)1		86,330		8,631,580
				12,651,418
Machinery - 3.3%
Metso OYJ (Finland)1		134,905		4,794,565
The Weir Group plc (United Kingdom)1		317,586		9,293,208
				14,087,773
Trading Companies & Distributors - 2.8%
Brenntag AG (Germany)1		134,719		7,715,619
Howden Joinery Group plc (United Kingdom)1		660,455		4,322,682
				12,038,301

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

4

Overseas Series

Investment Portfolio - April 30, 2018

(unaudited)

			VALUE
	SHARES		(NOTE 2)
COMMON STOCKS (continued)
Industrials (continued)
Transportation Infrastructure - 4.0%
Aena SME S.A. (Spain)1,2		51,500	$	10,615,610
Grupo Aeroportuario del Centro Norte S.A.B. de C.V. (Mexico)		660,000		3,481,383
Grupo Aeroportuario del Pacifico S.A.B. de C.V. - ADR (Mexico)		32,620		3,398,026
				17,495,019
Total Industrials				64,399,590
Information Technology - 12.3%
Internet Software & Services - 4.9%
Alibaba Group Holding Ltd. - ADR (China)*		54,790		9,782,207
NetEase, Inc. - ADR (China)		20,235		5,201,811
Tencent Holdings Ltd. - Class H (China)1		124,160		6,104,069
				21,088,087
IT Services - 4.4%
Amdocs Ltd. (United States)		215,929		14,521,225
Luxoft Holding, Inc. (United States)*		50,070		2,020,324
Pagseguro Digital Ltd. - Class A (Brazil)*		79,730		2,649,428
				19,190,977
Software - 3.0%
Atlassian Corp. plc - Class A (United States)*		73,022		4,087,772
Nexon Co. Ltd. (Japan)*1		625,000		9,094,623
				13,182,395
Total Information Technology				53,461,459
Materials - 8.4%
Chemicals - 6.5%
Akzo Nobel N.V. (Netherlands)1		131,250		11,885,766
Mexichem S.A.B. de C.V. (Mexico)		1,442,800		4,509,220
Solvay S.A. (Belgium)1		83,425		11,601,933
				27,996,919
Metals & Mining - 1.9%
Antofagasta plc (Chile)1		162,055		2,165,219
First Quantum Minerals Ltd. (Zambia)		138,880		2,001,075
Grupo Mexico S.A.B. de C.V. - Series B (Mexico)		641,600		2,124,252
Lundin Mining Corp. (Canada)		326,533		2,161,712
				8,452,258
Total Materials				36,449,177
Real Estate - 1.5%
Equity Real Estate Investment Trusts (REITS) - 1.5%
Unibail-Rodamco S.E. (France)1		27,320		6,558,699

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

5

Overseas Series

Investment Portfolio - April 30, 2018

(unaudited)

			VALUE
	SHARES		(NOTE 2)
COMMON STOCKS (continued)
Telecommunication Services - 1.8%
Diversified Telecommunication Services - 1.8%
Iliad S.A. (France)1		39,575	$	7,926,995
TOTAL COMMON STOCKS
(Identified Cost $389,540,572)				415,991,138
SHORT-TERM INVESTMENT - 2.8%
Dreyfus Government Cash Management3, 1.60%
(Identified Cost $12,218,764)		12,218,764		12,218,764
TOTAL INVESTMENTS - 98.9%
(Identified Cost $401,759,336)				428,209,902
OTHER ASSETS, LESS LIABILITIES - 1.1%				4,818,379
NET ASSETS - 100%			$	433,028,281

ADR - American Depositary Receipt

*Non-income producing security.

¹ A factor from a third party vendor was applied to determine the security’s fair value following the close of local trading.

² Restricted securities - Investment in securities that are restricted as to public resale under the Securities Act of 1933, as amended. These securities have been sold under Rule 144A and have been determined to be liquid under guidelines established by the Board of Directors. These securities amount to $10,615,610 or 2.5% of the Series’ net assets as of April 30, 2018. (See Note 2 to the financial statements).

³ Rate shown is the current yield as of April 30, 2018.

The Series’ portfolio holds, as a percentage of net assets, greater than 10% in the following countries: United States - 21.6%; United Kingdom - 14.2%.

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

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

6

Overseas Series

Statement of Assets & Liabilities

April 30, 2018 (unaudited)

ASSETS:
Investments, at value (identified cost $401,759,336) (Note 2)	$	428,209,902
Foreign currency, at value (identified cost $25,896)		25,896
Foreign tax reclaims receivable		4,169,749
Dividends receivable		957,100
Receivable for fund shares sold		718
Prepaid expenses		44,532
TOTAL ASSETS		433,407,897
LIABILITIES:
Accrued management fees (Note 3)		239,973
Accrued sub-transfer agent fees (Note 3)		37,904
Accrued fund accounting and administration fees (Note 3)		28,026
Accrued Chief Compliance Officer service fees (Note 3)		365
Custodian fees payable		48,232
Audit fees payable		19,496
Payable for fund shares repurchased		23
Other payables and accrued expenses		5,597
TOTAL LIABILITIES		379,616
TOTAL NET ASSETS	$	433,028,281
NET ASSETS CONSIST OF:
Capital stock	$	174,095
Additional paid-in-capital		472,215,505
Undistributed net investment income		3,112,400
Accumulated net realized loss on investments, foreign currency and translation of other assets and liabilities		(68,846,757	)
Net unrealized appreciation (depreciation) on investments, foreign currency and translation of other assets and liabilities		26,373,038
TOTAL NET ASSETS	$	433,028,281
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class I ($433,028,281/17,409,510 shares)	$	24.87

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

7

Overseas Series

Statement of Operations

For the Six Months Ended April 30, 2018 (unaudited)

INVESTMENT INCOME:
Dividends (net of foreign taxes withheld, $972,468)	$	6,860,398
EXPENSES:
Management fees (Note 3)		1,769,231
Fund accounting and administration fees (Note 3)		44,433
Sub-transfer agent fees (Note 3)		37,904
Directors’ fees (Note 3)		20,705
Chief Compliance Officer service fees (Note 3)		2,074
Custodian fees		44,633
Miscellaneous		92,726
Total Expenses		2,011,706
Less reduction of expenses (Note 3)		(43,590	)
Net Expenses		1,968,116
NET INVESTMENT INCOME		4,892,282
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:
Net realized gain (loss) on-
Investments		58,976,079
Foreign currency and translation of other assets and liabilities		305,826
		59,281,905
Net change in unrealized appreciation (depreciation) on-
Investments		(47,163,004	)
Foreign currency and translation of other assets and liabilities		101,687
		(47,061,317	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY		12,220,588
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	17,112,870

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

8

Overseas Series

Statements of Changes in Net Assets

	FOR THE SIX MONTHS ENDED 4/30/18 (UNAUDITED)			FOR THE YEAR ENDED 10/31/17
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income	$	4,892,282		$	10,274,321
Net realized gain (loss) on investments and foreign currency		59,281,905			58,104,182
Net change in unrealized appreciation (depreciation) on investments and foreign currency		(47,061,317	)		101,467,459
Net increase from operations		17,112,870			169,845,962
DISTRIBUTIONS TO SHAREHOLDERS (Note 8):
From net investment income		(10,748,629	)		(15,662,741	)
CAPITAL STOCK ISSUED AND REPURCHASED:
Net decrease from capital share transactions (Note 5)		(328,817,709	)		(332,306,533	)
Net decrease in net assets		(322,453,468	)		(178,123,312	)
NET ASSETS:
Beginning of period		755,481,749			933,605,061
End of period (including undistributed net investment income of $3,112,400 and $8,968,747, respectively)	$	433,028,281		$	755,481,749

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

9

Overseas Series

Financial Highlights*

	FOR THE SIX MONTHS ENDED 4/30/18 (UNAUDITED)			FOR THE YEAR ENDED
				10/31/17			10/31/16			10/31/15			10/31/14			10/31/13
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period	$	24.73		$	20.88		$	21.34		$	24.31		$	27.39		$	22.47
Income (loss) from investment operations:
Net investment income1		0.23			0.26			0.32			0.32			0.36			0.41
Net realized and unrealized gain (loss) on investments		0.36			3.94			(0.41	)		(1.14	)		(1.98	)		4.88
Total from investment operations		0.59			4.20			(0.09	)		(0.82	)		(1.62	)		5.29
Less distributions to shareholders:
From net investment income		(0.45	)		(0.35	)		(0.37	)		(0.36	)		(0.37	)		(0.37	)
From net realized gain on investments		—			—			—			(1.79	)		(1.09	)		—
Total distributions to shareholders		(0.45	)		(0.35	)		(0.37	)		(2.15	)		(1.46	)		(0.37	)
Net asset value - End of period	$	24.87		$	24.73		$	20.88		$	21.34		$	24.31		$	27.39
Net assets - End of period (000’s omitted)	$	433,028		$	755,482		$	933,605		$	1,725,278		$	2,652,308		$	2,661,662
Total return2		2.39	%		20.49	%3		(0.35	%)		(3.02	%)		(6.13	%)		23.87	%
Ratios (to average net assets)/Supplemental Data:
Expenses**		0.75	%4		0.75	%		0.75	%		0.74	%		0.74	%		0.75	%
Net investment income		1.86	%4		1.16	%		1.54	%		1.41	%		1.37	%		1.65	%
Portfolio turnover		21	%		44	%		37	%		59	%		39	%		43	%
* Effective March 1, 2017, Class A shares of the Series have been redesignated as Class I shares. ** For certain periods 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 Series, the expense ratio (to average net assets) would have increased by the following amounts:
		0.02	%4		0.02	%		N/A			N/A			N/A			N/A

¹Calculated based on average shares outstanding during the periods.

²Represents 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.

³Includes litigation proceeds. Excluding this amount, the Series’ total return is 20.10%. 4Annualized.

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

10

Overseas Series

Notes to Financial Statements

(unaudited)

1. Organization

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

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

The Series is authorized to issue three classes of shares (Class I, S and Z). As of April 30, 2018, only Class I shares have been issued. Each class of shares is substantially the same, except that class-specific distribution and shareholder servicing expenses are borne by the specific class of shares to which they relate.

The Fund’s Advisor is Manning & Napier Advisors, LLC (the “Advisor”). Shares of the Series are offered to investors, clients and employees of the Advisor and its affiliates. The total authorized capital stock of the Fund consists of 15 billion shares of common stock each having a par value of $0.01. As of April 30, 2018, 10.9 billion shares have been designated in total among 38 series, of which 200 million have been designated as Overseas Series Class I common stock, 400 million have been designated as Overseas Series Class S common stock and 100 million have been designated as Overseas Series Class Z common stock. Class Z shares of the Series commenced operations on May 1, 2018.

2. Significant Accounting Policies

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

Security Valuation

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

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

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

Securities for which representative valuations or prices are not available from the Series’ pricing service may be valued at fair value as determined in good faith by the Advisor under procedures approved by and under the general supervision and responsibility of the Fund’s Board of Directors (the “Board”). Due to the inherent uncertainty of valuations of such securities, the fair value may differ significantly from the values that would have been used had a ready market for such securities existed. If trading or events occurring after the close of the principal market in which securities are traded are expected to materially affect the value of those securities, then they may be valued at their fair value, taking this trading or these events into account. In accordance with the procedures approved by the Board, the values of certain securities trading outside the U.S. were adjusted following the close of local trading using a factor from a third party vendor. The third party vendor uses statistical analyses and quantitative models, which consider among other things subsequent movement and changes in the prices of indices, securities

11

Overseas Series

Notes to Financial Statements (continued)

(unaudited)

2. Significant Accounting Policies (continued)

Security Valuation (continued)

and exchange rates in other markets, to determine the factors which are used to adjust local market prices. The value of securities used for net asset value calculation under these procedures may differ from published prices for the same securities. It is the Fund’s policy to classify each foreign equity security where a factor from a third party vendor is provided as a Level 2 security.

Various inputs are used in determining the value of the Series’ assets or liabilities carried at fair value. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical assets and liabilities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Level 3 includes significant unobservable inputs (including the Series’ own assumptions in determining the fair value of investments). A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the valuation levels used for major security types as of April 30, 2018 in valuing the Series’ assets or liabilities carried at fair value:

DESCRIPTION	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Assets:
Equity securities:
Consumer Discretionary	$	31,836,010	$	20,170,569	$	11,665,441	$	—
Consumer Staples		97,923,113		35,929,535		61,993,578		—
Energy		23,024,385		23,024,385		—		—
Financials		27,071,220		—		27,071,220		—
Health Care		67,340,490		54,481,870		12,858,620		—
Industrials		64,399,590		10,620,259		53,779,331		—
Information Technology		53,461,459		38,262,767		15,198,692		—
Materials		36,449,177		10,796,259		25,652,918		—
Real Estate		6,558,699		—		6,558,699		—
Telecommunication Services		7,926,995		—		7,926,995		—
Mutual Fund		12,218,764		12,218,764		—		—
Total assets	$	428,209,902	$	205,504,408	$	222,705,494	$	—

Please see the Investment Portfolio for foreign securities where a factor from a third party vendor was applied to determine the security’s fair value following the close of local trading. Such securities are included in Level 2 in the table above.

There were no Level 3 securities held by the Series as of October 31, 2017 or April 30, 2018.

The Fund’s policy is to recognize transfers in and transfers out of the valuation levels as of the beginning of the reporting period. There were no transfers between levels during the six months ended April 30, 2018.

New Accounting Guidance

In March 2017, the FASB issued amended guidance to shorten the amortization period for certain callable debt securities held at a premium. The guidance is effective for fiscal years and interim periods beginning after December 15, 2018. Management is currently evaluating the impact of this guidance to the Series.

Security Transactions, Investment Income and Expenses

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

12

Overseas Series

Notes to Financial Statements (continued)

(unaudited)

2. Significant Accounting Policies (continued)

Security Transactions, Investment Income and Expenses (continued)

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

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

Foreign Currency Translation

The books and records of the Series are maintained in U.S. dollars. Foreign currencies, investments and other assets and liabilities are translated into U.S. dollars at the current exchange rates. Purchases and sales of investment securities and income and expenses are translated on the respective dates of such transactions. The Series does not isolate realized and unrealized gains and losses attributable to changes in the exchange rates from gains and losses that arise from changes in the fair value of investments. Such fluctuations are included with net realized and unrealized gain or loss on investments. Net realized foreign currency gains and losses represent foreign currency gains and losses between trade date and settlement date on securities transactions, gains and losses on disposition of foreign currencies and the difference between the amount of income and foreign withholding taxes recorded on the books of the Series and the amounts actually received or paid.

Federal Taxes

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

Management evaluates its tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is required only when the position is “more likely than not” to be sustained assuming examination by taxing authorities. At April 30, 2018, the Series has recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken in future tax returns.

The Series files income tax returns in the U.S. federal jurisdiction, various states and foreign jurisdictions, as required. No income tax returns are currently under investigation. The statute of limitations on the Series’ tax returns remains open for the years ended October 31, 2014 through October 31, 2017. The Series is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

Foreign Taxes

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

Distributions of Income and Gains

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

Indemnifications

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

13

Overseas Series

Notes to Financial Statements (continued)

(unaudited)

2. Significant Accounting Policies (continued)

Other

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

3. Transactions with Affiliates and Other Agreements

The Fund has an Investment Advisory Agreement (the “Agreement”) with the Advisor, for which the Series pays a fee, computed daily and payable monthly, at an annual rate of 0.60% of the Series’ average daily net assets. Prior to March 1, 2018, the amount paid to the Advisor for advisory services was to 0.70%.

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

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

The Advisor has contractually agreed, until at least February 28, 2019, to waive its management fee and, if necessary, pay other operating expenses of the Series in order to maintain total direct annual fund operating expenses for the Series at no more than 0.75% of average daily net assets each year. Accordingly, the Advisor waived fees of $43,590 for the six months ended April 30, 2018, which is included as a reduction of expenses on the Statement of Operations. The Advisor is not eligible to recoup any expenses that have been waived or reimbursed in prior years.

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

Pursuant to a master services agreement dated March 1, 2017, the Fund pays the Advisor an annual fee related to fund accounting and administration of 0.0085% on the first $25 billion of average daily net assets (excluding Target Series and Strategic Income Series); 0.0075% on the next $15 billion of average daily net assets (excluding Target Series and Strategic Income Series); and 0.0065% of average daily net assets in excess of $40 billion (excluding Target Series and Strategic Income Series); 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. The Advisor has agreements with BNY Mellon Investment Servicing (U.S.) Inc. (“BNY”) under which BNY serves as sub-accountant services agent.

Expenses not directly attributable to a series are allocated based on each series’ relative net assets or number of accounts, depending on the expense.

14

Overseas Series

Notes to Financial Statements (continued)

(unaudited)

4. Purchases and Sales of Securities

For the six months ended April 30, 2018, purchases and sales of securities, other than U.S. Government securities and short-term securities, were $105,787,271 and $413,785,349 respectively. There were no purchases or sales of U.S. Government securities.

5. Capital Stock Transactions

Transactions in Class I shares of Overseas Series were:

	FOR THE SIX MONTHS ENDED  4/30/2018						FOR THE YEAR ENDED  10/31/2017
	SHARES			AMOUNT			SHARES			AMOUNT
Sold		1,065,695		$	27,107,733			4,379,024		$	98,607,521
Reinvested		418,319			10,324,113			686,873			13,936,654
Repurchased		(14,625,120	)		(366,249,555	)		(19,225,166	)		(444,850,708	)
Total		(13,141,106	)	$	(328,817,709	)		(14,159,269	)	$	(332,306,533	)

At April 30, 2018, two shareholder accounts owned a combined 31.6% of the Series. In addition, the Advisor and its affiliates owned 1.2% of the Series. Investment activities of these shareholders may have a material effect on the Series.

6. Financial Instruments

The Series may trade in instruments including written and purchased options, forward foreign currency exchange contracts and futures contracts and other derivatives in the normal course of investing activities to assist in managing exposure to various market risks. The Series may be subject to various elements of risk, which may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. These risks include: the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to over the counter derivative counterparties’ failure to perform under contract terms; liquidity risk related to the lack of a liquid market for these contracts allowing the fund to close out its position(s); and documentation risk relating to disagreement over contract terms. No such investments were held by the Series as of April 30, 2018.

7. Foreign Securities

Investing in securities of foreign companies and foreign governments involves special risks and considerations not typically associated with investing in securities of domestic companies and the U.S. Government. These risks include revaluation of currencies and future adverse political and economic developments. Moreover, securities of foreign companies and foreign governments and their markets may be less liquid and their prices more volatile than those of comparable domestic companies and the U.S. Government.

8. Federal Income Tax Information

The amount and characterization of certain income and capital gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. The Series may periodically make reclassifications among its capital accounts to reflect income and gains available for distribution (or available capital loss carryovers) under income tax regulations, without impacting the Series’ net asset value. Any such reclassifications are not reflected in the financial highlights.

The final determination of the tax character of current year distributions will be made at the conclusion of the fiscal year. The tax character of distributions paid for the year ended October 31, 2017 were as follows:

Ordinary income $ 15,662,741

15

Overseas Series

Notes to Financial Statements (continued)

(unaudited)

8. Federal Income Tax Information (continued)

At April 30, 2018, the identified cost of investments for federal income tax purposes, the resulting gross unrealized appreciation and depreciation, and the net unrealized appreciation were as follows:

Cost for federal income tax purposes	$	411,797,058
Unrealized appreciation		29,339,930
Unrealized depreciation		(12,927,086	)
Net unrealized appreciation	$	16,412,844

At October 31, 2017, the Series had net short-term capital loss carryforwards of $8,167,191 and net long-term capital loss carryforwards of $103,994,808, which may be carried forward indefinitely.

16

Overseas Series

Renewal of Investment Advisory Agreement

(unaudited)

At the Manning & Napier Fund, Inc. (the “Fund”) Board of Directors’ (the “Board”) meeting, held on November 16, 2017, the Investment Advisory Agreement (the “Agreement”) between the Fund and Manning & Napier Advisors, LLC (the “Advisor”) was considered by the Board for renewal. In connection with the decision whether to renew the Agreement, a variety of material was provided to the Board in advance of the meeting for their review and consideration.

Representatives of the Advisor attended the meeting and presented additional oral information to the Board to assist the Board in its considerations. The discussion below outlines the materials and information presented to the Board in connection with the Board’s 2017 Annual consideration of the Agreement and the conclusions made by the Directors when determining to continue the Agreement.

• The Board considered the nature and quality of services provided by the Advisor under the Agreement for over 30 years including, among others: deciding what securities to purchase and sell for each Series; arranging for the purchase and sale of such securities by placing orders with broker-dealers; administering the affairs of the Fund (including the books and records of the Fund not maintained by third party service providers such as the custodian or transfer agent); arranging for the insurance coverage for the Fund; and supervising the preparation of tax returns, SEC filings (including registration statements) and reports to shareholders for the Fund. The Board also considered the Advisor’s personnel who perform services to the Fund, the strength of its compliance infrastructure, policies and procedures relating to compliance with securities regulations, reputation, expertise and resources in domestic and foreign financial markets. The Board discussed the quality of these services with representatives from the Advisor and concluded that the Advisor was performing its services to the Fund required under the Agreement in a reasonable manner.

• The Board considered the Advisor’s investments teams, including changes to the teams during the past year, investment team compensation and investment process. The Board considered the performance of each Series since its inception, as well as over multiple time periods including: one year, three year, five year, ten year, and current market cycle. A market cycle includes periods of both rising and falling markets. Returns for established benchmark indices for each Series were provided. In addition, the Board considered (and considers on a quarterly basis) a number of other factors relevant to performance at the meeting including: a peer group performance analysis consisting of Morningstar universes of mutual funds with similar investment objectives; the breadth of the Fund’s product offerings; and performance over reasonable time periods. The Board discussed with Representatives of the Advisor, short-term performance challenges in the Fund’s non-U.S. portfolios which have resulted in a downward trend in assets under management. After discussion, the Board concluded that the nature and quality of the investment management services provided by the Advisor to the Fund, and the Series’ actual and comparative performance, especially over the current market cycle supported the renewal of the agreement.

• The Board considered the costs of the Advisor’s services and the profits of the Advisor as they relate to the Advisor’s services to the Fund under the Agreement. In reviewing the Advisor’s costs and profits, the Board discussed the Advisor’s revenues generated from the Fund and its expenses associated with providing the services under the Agreement. The Advisor presented the Board with information on firmwide investment management profitability to provide a comparison of the Advisor’s profitability from its Fund activities relative to its profitability from its other investment management business. In addition, the Board reviewed the Advisor’s expense allocation methodology used to calculate profitability since many of the Advisor’s resources and expenses are shared across the Advisor’s various investment management vehicles. The Board considered the Advisor’s expenses associated with Fund activities outside of the Agreement (such as expense reimbursements pursuant to expense caps and payments made by the Advisor to third party platforms on which shares of the Fund are available for purchase). After discussing the above costs and profits, the Board concluded that the Advisor’s profitability relating to its services provided under the Agreement was reasonable.

• The Board then considered whether economies of scale were being achieved by the Advisor with respect to its services to the Fund. The Board acknowledged the expense caps incorporated in the Fund’s current fee structure, which requires the Advisor to subsidize the expenses of the Series operating above their cap, noting that 26 Series of the Fund are currently receiving expense reimbursements from the Advisor. The Board concluded that based on the current fee structure and profitability, the Fund would need to grow in assets before the Advisor would be able to achieve meaningful economies of scale.

17

Overseas Series

Renewal of Investment Advisory Agreement

(unaudited)

• The Board considered the fees and expenses of the various Series of the Fund. The Advisor provided the Board with information comparing each Series’ contractual management fees with the Advisor’s standard advisory fees for separate accounts and collective investment trusts. The Board considered that the range of services provided to the Series is more extensive than for the Advisor’s other clients due to additional infrastructure, administrative and regulatory requirements related to operating a mutual fund. The Advisor also presented the advisory fees and total expenses for each Series, including the advisory fee adjusted for any contractual expense waivers or reimbursements paid by the Advisor. The advisory fees, 12b-1 Distribution and Service Fees, other expenses (e.g. a combination of Shareholder Services Fees, routine operating expenses and Acquired Fund Fees and Expenses for fund-of-fund Series) and net expense ratios of each Series were compared and ranked (on both a mean and median basis) against funds of a similar size and with similar investment objectives and expense characteristics as disclosed on the Morningstar database. In addition, the Board considered fee reductions that went into effect for the Fund’s Target Series in October 2017, as well as projected fee and expense changes for certain Series approved by the Board in a prior Board meeting. These fee and expense changes would go into effect pursuant to a successful shareholder vote in 2018. Representatives of the Advisor discussed with the Board the comparisons and rankings of fees and net expense ratios for each Series of the Fund and the methodology behind the comparison. The Board considered the Advisor’s active portfolio management that results in portfolios that are more differentiated than the construction of their benchmarks. Based on their review of the information provided, the Board concluded that the fees and expenses of each Series of the Fund were reasonable on a comparative basis.

• The Board also considered the other benefits the Advisor derives from its relationship with the Fund. Such other benefits include participation in a joint insurance program, sharing of compensation expenses for certain shared personnel, relationships with large service providers and certain research services provided by soft dollars. The Board reviewed the broker-dealers who provided research to the Advisor and the products and services paid for, in whole or in part, using soft dollar commissions. Given the level of soft dollar transactions involving the Fund, the Board concluded that these additional benefits to the Advisor were reasonable.

Based on the Board’s deliberations and their evaluation of the information described above, the Board, including a majority of Directors that are not “interested persons” as defined in the Investment Company Act of 1940, concluded that the compensation under the Agreement was fair and reasonable in light of the services and expenses and such other matters as the Directors considered to be relevant in the exercise of their reasonable judgment. Accordingly, the Board approved the renewal of the Agreement. In the course of their deliberations, the Directors did not identify any particular information that was all important or controlling.

18

Overseas Series

Literature Requests

(unaudited)

Proxy Voting Policies and Procedures

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

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

Proxy Voting Record

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

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

Quarterly Portfolio Holdings

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

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

The Series’ Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Prospectus and Statement of Additional Information (SAI)

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

Additional information available at www.manning-napier.com

1. Fund Holdings - Month-End

2. Fund Holdings - Quarter-End

3. Shareholder Report - Annual

4. Shareholder Report - Semi-Annual

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

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

MNOVS-04/18-SAR

Shareholder Expense Example - Pro-Blend^® Conservative Term Series

(unaudited)

As a shareholder of the Series, you incur ongoing costs, including management fees, shareholder service fees and other Series expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Series and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested in each class at the beginning of the period and held for the entire period (November 1, 2017 to April 30, 2018).

Actual Expenses

The Actual lines of the table below provide information about actual account values and actual expenses. You may use the information in these lines, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the Actual line for the Class in which you have invested under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The Hypothetical lines of each class in the table below provide information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid during the period. You may use this information to compare the ongoing costs of investing in a class of the Series and other funds. To do so, compare this 5% hypothetical example for the Class in which you have invested with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs such as sales charges (loads), redemption fees, or exchange fees that you may incur in other mutual funds. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

	BEGINNING  ACCOUNT VALUE                  11/1/17	ENDING  ACCOUNT VALUE                   4/30/18	EXPENSES PAID  DURING PERIOD                  11/1/17-4/30/18*	ANNUALIZED  EXPENSE RATIO
Class S
Actual	$1,000.00	$990.40	$4.34	0.88%
Hypothetical (5% return before expenses)	$1,000.00	$1,020.43	$4.41	0.88%
Class I
Actual	$1,000.00	$991.90	$3.36	0.68%
Hypothetical (5% return before expenses)	$1,000.00	$1,021.42	$3.41	0.68%
Class R
Actual	$1,000.00	$988.70	$5.82	1.18%
Hypothetical (5% return before expenses)	$1,000.00	$1,018.94	$5.91	1.18%
Class R2
Actual	$1,000.00	$986.60	$8.28	1.68%
Hypothetical (5% return before expenses)	$1,000.00	$1,016.46	$8.40	1.68%

*Expenses are equal to the Class’ annualized expense ratio (for the six-month period), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

1

Portfolio Composition - Pro-Blend^® Conservative Term Series

As of April 30, 2018 (unaudited)

Sector Allocation5
Financials	10.1%
Information Technology	7.9%
Health Care	7.0%
Energy	5.9%
Consumer Discretionary	4.5%
Real Estate	3.8%
Materials	3.5%
Industrials	3.2%
Consumer Staples	2.7%
Telecommunication Services	2.0%
Utilities	0.3%
5Including common stocks and corporate bonds, as a percentage of total investments.

Top Five Stock Holdings6
Qorvo, Inc.	0.7	%
Johnson & Johnson	0.7	%
Incyte Corp.	0.7	%
Booking Holdings, Inc.	0.7	%
Microsoft Corp.	0.6	%
6As a percentage of total investments.
Top Five Bond Holdings7
U.S. Treasury Note, 1.625%, 4/30/2019	6.0	%
U.S. Treasury Note, 1.125%, 7/31/2021	3.1	%
U.S. Treasury Note, 1.375%, 4/30/2020	3.0	%
U.S. Treasury Bill, 1.82%, 9/6/2018	2.4	%
U.S. Treasury Bond, 4.75%, 2/15/2037	1.4	%
7As a percentage of total investments.

2

Investment Portfolio - April 30, 2018

(unaudited)

PRO-BLEND® CONSERVATIVE TERM SERIES	SHARES		VALUE (NOTE 2)
COMMON STOCKS - 28.8%
Consumer Discretionary - 2.4%
Automobiles - 0.1%
Honda Motor Co., Ltd. - ADR (Japan)		19,437	$	667,855
Hotels, Restaurants & Leisure - 0.1%
McDonald’s Corp.		6,725		1,126,034
Household Durables - 0.1%
Newell Brands, Inc.		16,930		467,776
Internet & Direct Marketing Retail - 0.8%
Amazon.com, Inc.*		645		1,010,154
Booking Holdings, Inc.*		2,720		5,924,160
				6,934,314
Media - 0.3%
Comcast Corp. - Class A		27,863		874,620
Quebecor, Inc. - Class B (Canada)		44,730		834,017
Shaw Communications, Inc. - Class B (Canada)		40,835		839,313
				2,547,950
Multiline Retail - 0.2%
Dollar General Corp.		9,555		922,344
Target Corp.		6,932		503,263
				1,425,607
Specialty Retail - 0.5%
Dick’s Sporting Goods, Inc.		14,080		465,907
The Home Depot, Inc.		8,341		1,541,417
Industria de Diseno Textil S.A. (Spain)1		71,850		2,227,217
O’Reilly Automotive, Inc.*		2,495		638,895
				4,873,436
Textiles, Apparel & Luxury Goods - 0.3%
lululemon athletica, Inc.*		25,260		2,520,948
NIKE, Inc. - Class B		6,510		445,219
				2,966,167
Total Consumer Discretionary				21,009,139
Consumer Staples - 2.7%
Beverages - 1.6%
Ambev S.A. - ADR (Brazil)		545,750		3,612,865
Anheuser-Busch InBev S.A./N.V. (Belgium)1		43,430		4,314,054
Diageo plc (United Kingdom)1		124,996		4,459,222
PepsiCo, Inc.		14,913		1,505,318
				13,891,459
Food & Staples Retailing - 0.4%
CVS Health Corp.		10,127		707,168
Walgreens Boots Alliance, Inc.		8,158		542,099
Walmart, Inc.		19,634		1,736,824
				2,986,091
Food Products - 0.2%
J&J Snack Foods Corp.		3,812		523,807
The Kraft Heinz Co.		9,725		548,296
Mondelez International, Inc. - Class A		24,107		952,226
				2,024,329
Household Products - 0.1%
Colgate-Palmolive Co.		9,839		641,798
Personal Products - 0.4%
Unilever plc - ADR (United Kingdom)		68,577
				3,838,255
Total Consumer Staples				23,381,932
Energy - 1.6%
Energy Equipment & Services - 0.7%
Diamond Offshore Drilling, Inc.*		54,980		1,011,082
Ensco plc - Class A		116,230		656,700
Schlumberger Ltd.		47,110		3,229,862
Transocean Ltd.*		127,500		1,577,175
				6,474,819
Oil, Gas & Consumable Fuels - 0.9%
BP plc - ADR (United Kingdom)		25,259		1,126,299
Chevron Corp.		6,651		832,107
China Petroleum & Chemical Corp. - ADR (China)		10,549		1,028,949
Exxon Mobil Corp.		25,528		1,984,802
Hess Corp.		10,271		585,344
Marathon Petroleum Corp.		5,923		443,692
Royal Dutch Shell plc - Class B - ADR (Netherlands)		8,350		604,707
TOTAL S.A. (France)1		6,583		413,752
Valero Energy Corp.		4,988		553,319
				7,572,971
Total Energy				14,047,790
Financials - 2.7%
Banks - 1.4%
Bank of America Corp.		51,205		1,532,054
BankUnited, Inc.		6,895		273,111
Citigroup, Inc.		18,743		1,279,585
Fifth Third Bancorp		9,700		321,749
Huntington Bancshares, Inc.		17,805		265,473
JPMorgan Chase & Co.		31,534		3,430,269
KeyCorp.		25,778		513,498

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

3

Investment Portfolio - April 30, 2018

(unaudited)

PRO-BLEND® CONSERVATIVE TERM SERIES	SHARES		VALUE (NOTE 2)
COMMON STOCKS (continued)
Financials (continued)
Banks (continued)
The PNC Financial Services Group, Inc.		1,944	$	283,066
Regions Financial Corp.		16,505		308,644
SunTrust Banks, Inc.		4,115		274,882
U.S. Bancorp		15,814		797,816
Wells Fargo & Co.		49,368		2,565,161
				11,845,308
Capital Markets - 1.1%
Apollo Global Management, LLC - Class A		11,315		326,324
Ares Management LP		11,175		245,849
BlackRock, Inc.		6,375		3,324,563
The Blackstone Group LP		11,390		352,521
The Charles Schwab Corp.		62,660		3,488,909
E*TRADE Financial Corp.*		30,825		1,870,461
				9,608,627
Insurance - 0.2%
The Allstate Corp.		2,620		256,287
American International Group, Inc.		3,960		221,759
Arthur J Gallagher & Co.		4,135		289,409
Chubb Ltd.		2,655		360,204
Lincoln National Corp.		3,450		243,708
Old Republic International Corp.		12,565		256,326
Principal Financial Group, Inc.		3,821		226,280
Willis Towers Watson plc		1,710		253,952
				2,107,925
Total Financials				23,561,860
Health Care - 6.1%
Biotechnology - 2.7%
AbbVie, Inc.		12,811		1,236,903
Amgen, Inc.		5,881		1,026,117
Biogen, Inc.*		9,120		2,495,232
BioMarin Pharmaceutical, Inc.*		40,220		3,358,772
Gilead Sciences, Inc.		12,219		882,578
Incyte Corp.*		97,030		6,010,038
Regeneron Pharmaceuticals, Inc.*		14,550		4,418,544
Seattle Genetics, Inc.*		64,490		3,301,243
Vertex Pharmaceuticals, Inc.*		7,575		1,160,187
				23,889,614
Health Care Equipment & Supplies - 0.6%
Koninklijke Philips N.V. - NY Shares (Netherlands)		11,877		501,447
Medtronic plc		62,663		5,021,186
				5,522,633
Health Care Providers & Services - 0.3%
DaVita, Inc.*		41,935		2,633,099
Pharmaceuticals - 2.5%
AstraZeneca plc (United Kingdom)1		7,695		538,672
Bristol-Myers Squibb Co.		53,324		2,779,780
Eli Lilly & Co.		14,164		1,148,275
Johnson & Johnson		50,153		6,343,853
Merck & Co., Inc.		65,451		3,853,100
Novartis AG - ADR (Switzerland)		57,590		4,416,577
Perrigo Co. plc		4,136		323,187
Pfizer, Inc.		41,514		1,519,828
Sanofi (France)1		5,518		436,265
Sanofi - ADR (France)		23,035		905,736
				22,265,273
Total Health Care				54,310,619
Industrials - 2.1%
Aerospace & Defense - 0.3%
The Boeing Co.		4,258		1,420,298
Lockheed Martin Corp.		2,586		829,692
United Technologies Corp.		7,356		883,823
				3,133,813
Air Freight & Logistics - 0.4%
FedEx Corp.		9,940		2,457,168
United Parcel Service, Inc. - Class B		8,117		921,280
				3,378,448
Airlines - 0.1%
Delta Air Lines, Inc.		7,595		396,611
Southwest Airlines Co.		7,030		371,395
				768,006
Commercial Services & Supplies - 0.1%
Covanta Holding Corp.		37,865		564,188
Waste Management, Inc.		9,035		734,455
				1,298,643
Construction & Engineering - 0.1%
Comfort Systems USA, Inc.		11,395		480,869
Electrical Equipment - 0.1%
ABB Ltd. (Asea Brown Boveri) - ADR (Switzerland)		23,998		558,434
Emerson Electric Co.		7,574		502,989
				1,061,423
Industrial Conglomerates - 0.3%
3M Co.		7,054		1,371,227
General Electric Co.		7,471		105,117

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

4

Investment Portfolio - April 30, 2018

(unaudited)

PRO-BLEND® CONSERVATIVE TERM SERIES	SHARES		VALUE (NOTE 2)
COMMON STOCKS (continued)
Industrials (continued)
Industrial Conglomerates (continued)
Honeywell International, Inc.		6,504	$	940,999
				2,417,343
Machinery - 0.1%
Caterpillar, Inc.		4,303		621,181
Mueller Water Products, Inc. - Class A		43,635		427,187
				1,048,368
Professional Services - 0.2%
Equifax, Inc.		18,410		2,062,840
Road & Rail - 0.4%
Genesee & Wyoming, Inc. - Class A*		21,120		1,503,744
Kansas City Southern		7,154		762,831
Union Pacific Corp.		7,039		940,622
				3,207,197
Total Industrials				18,856,950
Information Technology - 6.2%
Communications Equipment - 0.2%
Cisco Systems, Inc.		34,270		1,517,818
Internet Software & Services - 1.4%
Alibaba Group Holding Ltd. - ADR (China)*		14,055		2,509,379
Alphabet, Inc. - Class A*		1,610		1,639,914
Alphabet, Inc. - Class C*		1,625		1,653,160
Facebook, Inc. - Class A*		30,195		5,193,540
Tencent Holdings Ltd. - Class H (China)1		35,510		1,745,776
				12,741,769
IT Services - 1.1%
Automatic Data Processing, Inc.		5,054		596,776
Broadridge Financial Solutions, Inc.		2,141		229,537
International Business Machines Corp.		7,744		1,122,570
InterXion Holding N.V. (Netherlands)*		7,545		490,576
Mastercard, Inc. - Class A2		22,720		4,050,294
Visa, Inc. - Class A2		26,180		3,321,718
				9,811,471
Semiconductors & Semiconductor Equipment - 2.1%
Broadcom, Inc.		2,968		680,919
Intel Corp.		60,242		3,109,692
Qorvo, Inc.*		97,680		6,583,632
Skyworks Solutions, Inc.		39,480		3,425,285
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR (Taiwan)		39,166		1,505,933
Texas Instruments, Inc.		34,771		3,526,823
				18,832,284
Software - 1.3%
Electronic Arts, Inc.*		20,666		2,438,175
Microsoft Corp.		57,617		5,388,342
ServiceNow, Inc.*		21,040		3,495,586
				11,322,103
Technology Hardware, Storage & Peripherals - 0.1%
Apple, Inc.		5,169		854,229
Total Information Technology				55,079,674
Materials - 1.6%
Chemicals - 0.3%
DowDuPont, Inc.		14,365		908,443
FMC Corp.		9,145		729,131
LyondellBasell Industries N.V. - Class A		4,798		507,293
RPM International, Inc.		6,586		318,104
				2,462,971
Containers & Packaging - 0.9%
Ball Corp.		86,820		3,480,613
Graphic Packaging Holding Co.		60,976		871,957
Sealed Air Corp.		71,075		3,116,639
Sonoco Products Co.		15,737		808,252
				8,277,461
Metals & Mining - 0.4%
Antofagasta plc (Chile)1		68,905		920,640
BHP Billiton Ltd. - ADR (Australia)		16,607		776,377
Lundin Mining Corp. (Canada)		133,435		883,366
Rio Tinto plc - ADR (United Kingdom)		12,347		678,468
				3,258,851
Total Materials				13,999,283
Real Estate - 2.9%
Equity Real Estate Investment Trusts (REITS) - 2.9%
Acadia Realty Trust		4,240		100,063
Agree Realty Corp.		2,150		105,091
Alexandria Real Estate Equities, Inc.		1,410		175,644
American Campus Communities, Inc.		5,570		217,843

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

5

Investment Portfolio - April 30, 2018

(unaudited)

PRO-BLEND® CONSERVATIVE TERM SERIES	SHARES		VALUE (NOTE 2)
COMMON STOCKS (continued)
Real Estate (continued)
Equity Real Estate Investment Trusts (REITS) (continued)
American Homes 4 Rent - Class A		18,310	$	369,862
American Tower Corp.		6,325		862,477
Americold Realty Trust		4,900		100,989
Apartment Investment & Management Co. - Class A		6,600		267,960
Apple Hospitality REIT, Inc.		8,980		161,550
AvalonBay Communities, Inc.		4,315		703,345
Axiare Patrimonio SOCIMI S.A. (Spain)1		4,110		87,128
Bluerock Residential Growth REIT, Inc.		9,325		83,832
Boston Properties, Inc.		3,540		429,791
Brandywine Realty Trust		11,930		192,192
CatchMark Timber Trust, Inc. - Class A		80,736		1,052,797
Chesapeake Lodging Trust		4,635		136,918
Colony NorthStar, Inc. - Class A		66,698		407,525
Columbia Property Trust, Inc.		5,085		108,616
Community Healthcare Trust, Inc.		25,772		657,186
CoreCivic, Inc.		27,855		561,557
Cousins Properties, Inc.		52,450		466,280
Crown Castle International Corp.		8,603		867,785
CubeSmart		14,875		437,920
Digital Realty Trust, Inc.		7,625		805,886
EastGroup Properties, Inc.		875		78,558
Equinix, Inc.		3,380		1,422,270
Equity LifeStyle Properties, Inc.		2,645		235,828
Equity Residential		5,375		331,691
Essex Property Trust, Inc.		920		220,515
Extra Space Storage, Inc.		3,655		327,451
First Industrial Realty Trust, Inc.		10,670		331,944
Forest City Realty Trust, Inc. - Class A		8,130		163,088
Getty Realty Corp.		5,565		139,403
GGP, Inc.		9,000		179,910
Global Medical REIT, Inc.		12,130		94,493
HCP, Inc.		13,710		320,266
Healthcare Trust of America, Inc. - Class A		7,450		186,176
Hibernia REIT plc (Ireland)1		96,180		172,362
Host Hotels & Resorts, Inc.		18,450		360,882
Independence Realty Trust, Inc.		15,120		142,128
Invitation Homes, Inc.		15,950		369,083
Lamar Advertising Co. - Class A		5,360		341,486
Life Storage, Inc.		1,115		98,611
The Macerich Co.		2,185		125,900
Mid-America Apartment Communities, Inc.		4,450		406,997
National Retail Properties, Inc.		3,350		127,434
Outfront Media, Inc.		14,945		280,219
Physicians Realty Trust		19,815		296,036
Plymouth Industrial REIT, Inc.		2,685		46,182
Prologis, Inc.		12,830		832,795
Public Storage		2,255		455,014
Regency Centers Corp.		3,213		189,085
Rexford Industrial Realty, Inc.		3,300		100,815
SBA Communications Corp.*		5,610		898,890
Simon Property Group, Inc		5,925		926,314
STAG Industrial, Inc.		19,645		482,678
STORE Capital Corp.		5,485		138,387
Sun Communities, Inc.		3,505		328,944
Sunstone Hotel Investors, Inc.		14,295		223,002
Terreno Realty Corp.		2,710		100,676
UDR, Inc.		11,290		408,134
UMH Properties, Inc.		9,370		126,776
Unibail-Rodamco S.E. (France)1		1,105		265,277
Urban Edge Properties		14,315		294,460
Ventas, Inc.		2,920		150,146
VEREIT, Inc.		20,575		139,910
Vornado Realty Trust		5,430		369,403
Welltower, Inc.		3,775		201,736
Weyerhaeuser Co.		82,806		3,045,605
Total Real Estate				25,837,197
Telecommunication Services - 0.3%
Diversified Telecommunication Services - 0.3%
Zayo Group Holdings, Inc.*		73,060		2,652,078
Utilities - 0.2%
Electric Utilities - 0.0%##
Exelon Corp.		7,080		280,934
Independent Power and Renewable Electricity Producers - 0.1%
Boralex, Inc. - Class A (Canada)		13,780		246,311
Innergex Renewable Energy, Inc. (Canada)		22,720		239,596
Northland Power, Inc. (Canada)		13,355		240,795
Pattern Energy Group, Inc. - Class A		12,880		234,158
				960,860

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

6

Investment Portfolio - April 30, 2018

(unaudited)

PRO-BLEND® CONSERVATIVE TERM SERIES	SHARES/ PRINCIPAL AMOUNT 3		VALUE (NOTE 2)
COMMON STOCKS (continued)
Utilities (continued)
Multi-Utilities - 0.1%
CMS Energy Corp.		10,056	$	474,543
Total Utilities				1,716,337
TOTAL COMMON STOCKS (Identified Cost $225,104,257)				254,452,859
CORPORATE BONDS - 21.8%
Non-Convertible Corporate Bonds - 21.8%
Consumer Discretionary - 2.1%
Auto Components - 0.0%##
Techniplas LLC4, 10.00%, 5/1/2020		300,000		264,750
Household Durables - 0.2%
Century Communities, Inc., 5.875%, 7/15/2025		498,000		473,722
Meritage Homes Corp., 5.125%, 6/6/2027		355,000		336,806
TRI Pointe Group, Inc. - TRI Pointe Homes, Inc., 4.375%, 6/15/2019		245,000		245,306
TRI Pointe Group, Inc. - TRI Pointe Homes, Inc., 5.875%, 6/15/2024		209,000		211,874
Weekley Homes LLC - Weekley Finance Corp., 6.00%, 2/1/2023		235,000		232,062
Weekley Homes LLC - Weekley Finance Corp.4, 6.625%, 8/15/2025		350,000		339,500
				1,839,270
Internet & Direct Marketing Retail - 1.0%
Booking Holdings, Inc., 3.60%, 6/1/2026		8,750,000		8,481,994
Media - 0.9%
CCO Holdings LLC - CCO Holdings Capital Corp.4, 5.50%, 5/1/2026		205,000		199,609
Cequel Communications Holdings I LLC - Cequel Capital Corp.4, 7.50%, 4/1/2028		200,000		202,750
Cogeco Communications, Inc. (Canada)4, 4.875%, 5/1/2020		140,000		140,700
CSC Holdings, LLC, 5.25%, 6/1/2024		472,000		442,205
Discovery Communications LLC, 5.20%, 9/20/2047		5,860,000		5,731,524
Telenet Finance Luxembourg Notes S.A.R.L (Belgium)4, 5.50%, 3/1/2028		400,000		382,000
UPCB Finance IV Ltd. (Netherlands)4, 5.375%, 1/15/2025		525,000		513,188
				7,611,976
Textiles, Apparel & Luxury Goods - 0.0%##
Hanesbrands, Inc.4, 4.875%, 5/15/2026		240,000		230,400
Total Consumer Discretionary				18,428,390
Consumer Staples - 0.1%
Food & Staples Retailing - 0.1%
C&S Group Enterprises LLC4, 5.375%, 7/15/2022		481,000		452,140
Household Products - 0.0%##
First Quality Finance Co., Inc.4, 5.00%, 7/1/2025		130,000		124,475
Total Consumer Staples				576,615
Energy - 4.3%
Energy Equipment & Services - 0.1%
Shelf Drilling Holdings Ltd. (United Arab Emirates)4 , 8.25%, 2/15/2025		250,000		253,750
Trinidad Drilling Ltd. (Canada)4, 6.625%, 2/15/2025		359,000		344,191
				597,941
Oil, Gas & Consumable Fuels - 4.2%
Boardwalk Pipelines LP, 5.95%, 6/1/2026		7,910,000		8,437,906
Cheniere Energy Partners LP4, 5.25%, 10/1/2025		355,000		347,013
DCP Midstream Operating LP4, 9.75%, 3/15/2019		140,000		147,350
Dynagas LNG Partners LP - Dynagas Finance, Inc. (Monaco), 6.25%, 10/30/2019		359,000		363,488
GasLog Ltd. (Monaco), 8.875%, 3/22/2022		345,000		365,700
Hilcorp Energy I LP - Hilcorp Finance Co.4, 5.75%, 10/1/2025		349,000		345,510
Jonah Energy LLC - Jonah Energy Finance Corp.4, 7.25%, 10/15/2025		495,000		396,000
Kinder Morgan Energy Partners LP, 6.95%, 1/15/2038		7,120,000		8,449,992
Petroleos Mexicanos (Mexico)4, 6.35%, 2/12/2048		8,840,000		8,106,280
Rockies Express Pipeline, LLC4, 5.625%, 4/15/2020		195,000		201,885
Sabine Pass Liquefaction LLC, 5.875%, 6/30/2026		7,880,000		8,557,753
SemGroup Corp., 6.375%, 3/15/2025		450,000		428,625

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

7

Investment Portfolio - April 30, 2018

(unaudited)

PRO-BLEND® CONSERVATIVE TERM SERIES	PRINCIPAL AMOUNT 3		VALUE (NOTE 2)
CORPORATE BONDS (continued)
Non-Convertible Corporate Bonds (continued)
Energy (continued)
Oil, Gas & Consumable Fuels (continued)
Seven Generations Energy Ltd. (Canada)4, 5.375%, 9/30/2025		241,000	$	234,372
Southwestern Energy Co.5, 6.70%, 1/23/2025		263,000		257,740
Tallgrass Energy Partners LP - Tallgrass Energy Finance Corp.4, 5.50%, 9/15/2024		361,000		366,415
				37,006,029
Total Energy				37,603,970
Financials - 7.4%
Banks - 4.5%
Bank of America Corp., 4.00%, 1/22/2025		8,600,000		8,500,214
Citigroup, Inc., 8.125%, 7/15/2039		5,895,000		8,537,883
Intesa Sanpaolo S.p.A. (Italy)4, 5.017%, 6/26/2024		200,000		195,765
Intesa Sanpaolo S.p.A. (Italy)4, 3.875%, 1/12/2028		9,020,000		8,425,278
JPMorgan Chase & Co., 6.30%, 4/23/2019		8,230,000		8,520,197
Popular, Inc., 7.00%, 7/1/2019		394,000		400,895
Santander Holdings USA, Inc., 3.40%, 1/18/2023		5,830,000		5,648,699
				40,228,931
Capital Markets - 1.0%
Morgan Stanley6, (3 mo. LIBOR US + 1.220%), 3.583%, 5/8/2024		8,380,000		8,545,061
Consumer Finance - 0.1%
Ally Financial, Inc., 3.50%, 1/27/2019		235,000		234,883
SLM Corp., 5.125%, 4/5/2022		330,000		333,300
				568,183
Diversified Financial Services - 0.8%
Aircastle Ltd., 6.25%, 12/1/2019		140,000		145,425
International Lease Finance Corp., 6.25%, 5/15/2019		5,764,000		5,953,107
LPL Holdings, Inc.4, 5.75%, 9/15/2025		236,000		228,920
Navient Corp., 7.25%, 9/25/2023		205,000		214,225
Oxford Finance, LLC - Oxford Finance Co.- Issuer II, Inc.4, 6.375%, 12/15/2022		350,000		357,000
Park Aerospace Holdings Ltd. (Ireland)4, 4.50%, 3/15/2023		371,000		355,232
				7,253,909
Insurance - 1.0%
Assured Guaranty US Holdings, Inc., 5.00%, 7/1/2024		3,025,000		3,138,903
Prudential Financial, Inc.7, (3 mo. LIBOR US + 4.175%), 5.875%, 9/15/2042		5,340,000		5,680,425
				8,819,328
Thrifts & Mortgage Finance - 0.0%##
Ladder Capital Finance Holdings LLLP - Ladder Capital Finance Corp.4, 5.875%, 8/1/2021		225,000		228,938
Total Financials				65,644,350
Health Care - 0.8%
Biotechnology - 0.0%##
AMAG Pharmaceuticals, Inc.4, 7.875%, 9/1/2023		268,000		266,661
Health Care Providers & Services - 0.7%
DaVita, Inc., 5.00%, 5/1/2025		345,000		326,956
Fresenius Medical Care US Finance II, Inc. (Germany)4, 6.50%, 9/15/2018		5,670,000		5,742,772
Ortho-Clinical Diagnostics, Inc. - Ortho-Clinical Diagnostics S.A.4, 6.625%, 5/15/2022		245,000		242,550
Tenet Healthcare Corp., 6.00%, 10/1/2020		140,000		144,487
				6,456,765
Pharmaceuticals - 0.1%
Horizon Pharma, Inc. - Horizon Pharma USA, Inc.4, 8.75%, 11/1/2024		400,000		426,000
Total Health Care				7,149,426
Industrials - 1.0%
Airlines - 0.0%##
Allegiant Travel Co., 5.50%, 7/15/2019		254,000		256,540
Construction & Engineering - 0.1%
Tutor Perini Corp.4, 6.875%, 5/1/2025		359,000		367,867
Containers & Packaging - 0.0%##
W/S Packaging Holdings, Inc.4, 9.00%, 4/15/2023		355,000		362,988
Industrial Conglomerates - 0.0%##
LSB Industries, Inc.4, 9.625%, 5/1/2023		355,000		356,331

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

8

Investment Portfolio - April 30, 2018

(unaudited)

PRO-BLEND® CONSERVATIVE TERM SERIES	PRINCIPAL AMOUNT 3		VALUE (NOTE 2)
CORPORATE BONDS (continued)
Non-Convertible Corporate Bonds (continued)
Industrials (continued)
Industrial Conglomerates (continued)
CNH Industrial Capital LLC, 3.375%, 7/15/2019		5,700,000	$	5,714,250
Xerium Technologies, Inc., 9.50%, 8/15/2021		268,000		279,390
				5,993,640
Marine - 0.1%
Borealis Finance, LLC8, 7.50%, 11/16/2022		440,000		438,900
Global Ship Lease, Inc. (United Kingdom)4, 9.875%, 11/15/2022		495,000		486,338
				925,238
Transportation Infrastructure - 0.1%
Eagle Bulk Shipco, LLC, 8.25%, 11/28/2022		200,000		204,500
MPC Container Ships Invest B.V. (Norway)6,9, (3 mo. LIBOR US + 4.750%), 6.998%, 9/22/2022		200,000		201,806
Songa Bulk ASA (Norway)4,6, (3 mo. LIBOR US + 4.500%), 6.589%, 6/13/2022		300,000		300,000
				706,306
Total Industrials				8,968,910
Information Technology - 1.6%
Internet Software & Services - 1.6%
Alibaba Group Holding Ltd. (China), 3.40%, 12/6/2027		9,030,000		8,501,646
Tencent Holdings Ltd. (China)4, 3.595%, 1/19/2028		5,940,000		5,644,768
				14,146,414
Semiconductors & Semiconductor Equipment - 0.0%##
MagnaChip Semiconductor Corp. (South Korea), 6.625%, 7/15/2021		386,000		371,525
Total Information Technology				14,517,939
Materials - 1.9%
Chemicals - 0.1%
Kissner Holdings LP - Kissner Milling Co. Ltd. - BSC Holding, Inc. - Kissner USA (Canada)4, 8.375%, 12/1/2022		318,000		325,950
OCI N.V. (Netherlands)4, 6.625%, 4/15/2023		370,000		375,180
				701,130
Metals & Mining - 1.8%
Anglo American Capital plc (United Kingdom)4, 4.00%, 9/11/2027		5,940,000		5,595,941
Corp Nacional del Cobre de Chile (Chile)4, 5.625%, 9/21/2035		5,030,000		5,637,913
Ferroglobe plc - Globe Specialty Metals, Inc.4, 9.375%, 3/1/2022		395,000		414,750
Mountain Province Diamonds, Inc. (Canada)4, 8.00%, 12/15/2022		595,000		589,050
Northwest Acquisitions ULC - Dominion Finco, Inc.4, 7.125%, 11/1/2022		660,000		672,078
Southern Copper Corp. (Peru), 5.375%, 4/16/2020		3,260,000		3,390,908
				16,300,640
Total Materials				17,001,770
Real Estate - 0.8%
Equity Real Estate Investment Trusts (REITS) - 0.1%
GTP Acquisition Partners I LLC4, 2.35%, 6/15/2020		945,000		931,445
iStar, Inc., 5.25%, 9/15/2022		336,000		325,920
				1,257,365
Real Estate Management & Development - 0.7%
American Homes 4 Rent LP, 4.25%, 2/15/2028		5,840,000		5,614,599
Greystar Real Estate Partners, LLC4, 5.75%, 12/1/2025		370,000		366,300
				5,980,899
Total Real Estate				7,238,264
Telecommunication Services - 1.7%
Diversified Telecommunication Services - 1.6%
AT&T, Inc., 4.25%, 3/1/2027		5,515,000		5,474,919
Verizon Communications, Inc., 5.50%, 3/16/2047		7,950,000		8,475,017
				13,949,936
Wireless Telecommunication Services - 0.1%
Altice US Finance I Corp.4, 5.50%, 5/15/2026		235,000		229,713
Hughes Satellite Systems Corp., 5.25%, 8/1/2026		564,000		551,310
Inmarsat Finance plc (United Kingdom)4, 4.875%, 5/15/2022		360,000		347,400

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

9

Investment Portfolio - April 30, 2018

(unaudited)

PRO-BLEND® CONSERVATIVE TERM SERIES		PRINCIPAL AMOUNT 3 / SHARES		VALUE (NOTE 2)
CORPORATE BONDS (continued)
Non-Convertible Corporate Bonds (continued)
Telecommunication Services (continued)
Wireless Telecommunication Services (continued)
Sprint Communications, Inc.4, 9.00%, 11/15/2018			104,000	$	106,925
					1,235,348
Total Telecommunication Services					15,185,284
Utilities - 0.1%
Independent Power and Renewable Electricity Producers - 0.1%
Atlantica Yield plc (Spain)4, 7.00%, 11/15/2019			440,000		458,700
Drax Finco plc (United Kingdom)4, 6.625%, 11/1/2025			350,000		351,750
Total Utilities					810,450
TOTAL CORPORATE BONDS (Identified Cost $197,325,072)					193,125,368
MUTUAL FUND - 0.0%## iShares Russell 1000 Value ETF (Identified Cost $373,678)			3,080		370,647
U.S. TREASURY SECURITIES - 20.3%
U.S. Treasury Bonds - 3.8%
U.S. Treasury Bond, 6.25%, 5/15/2030			6,958,000		9,273,165
U.S. Treasury Bond, 4.75%, 2/15/2037			10,174,000		12,757,242
U.S. Treasury Bond, 2.50%, 2/15/2045			7,548,000		6,733,642
U.S. Treasury Inflation Indexed Bond, 0.75%, 2/15/2042			4,710,267		4,579,706
Total U.S. Treasury Bonds (Identified Cost $35,376,334)					33,343,755
U.S. Treasury Notes - 16.5%
U.S. Treasury Inflation Indexed Note, 0.125%, 4/15/2020			8,313,899		8,244,143
U.S. Treasury Inflation Indexed Note, 0.125%, 1/15/2023			4,625,832		4,518,370
U.S. Treasury Note, 1.625%, 4/30/2019			53,319,000		52,969,095
U.S. Treasury Note, 1.375%, 4/30/2020			27,000,500		26,409,864
U.S. Treasury Note, 1.125%, 7/31/2021			28,989,000		27,596,169
U.S. Treasury Note, 1.625%, 4/30/2023			8,200,000		7,753,164
U.S. Treasury Note, 1.625%, 5/15/2026			10,150,000		9,206,367
U.S. Treasury Note, 2.375%, 5/15/2027			9,600,000		9,175,500
Total U.S. Treasury Notes (Identified Cost $147,788,953)					145,872,672
TOTAL U.S. TREASURY SECURITIES (Identified Cost $183,165,287)					179,216,427
ASSET-BACKED SECURITIES - 4.7%
Capital One Multi-Asset Execution Trust, Series 2016, Class A4, 1.33%, 6/15/2022			1,908,000		1,874,270
CarMax Auto Owner Trust, Series 2016-4, Class A2, 1.21%, 11/15/2019			735,975		734,629
CarMax Auto Owner Trust, Series 2017-3, Class A3, 1.97%, 4/15/2022			2,173,000		2,140,447
Cazenovia Creek Funding I LLC, Series 2015-1A, Class A4, 2.00%, 12/10/2023			259,631		258,009
Chesapeake Funding II LLC, Series 2017-2A, Class A14, 1.99%, 5/15/2029			5,929,107		5,887,780
Colony American Homes, Series 2015-1A, Class A4,6, (1 mo. LIBOR US + 1.200%), 3.097%, 7/17/2032	��		1,876,957		1,876,954
Credit Acceptance Auto Loan Trust, Series 2017-1A, Class A4, 2.56%, 10/15/2025			1,445,000		1,436,112
Enterprise Fleet Financing LLC, Series 2015-2, Class A24, 1.59%, 2/22/2021			137,843		137,766
Enterprise Fleet Financing LLC, Series 2016-2, Class A24, 1.74%, 2/22/2022			138,378		137,669
Enterprise Fleet Financing LLC, Series 2016-2, Class A34, 2.04%, 2/22/2022			980,000		966,008
Hyundai Auto Lease Securitization Trust, Series 2017-B, Class A34, 1.97%, 7/15/2020			3,900,000		3,865,567
Invitation Homes Trust, Series 2015-SFR3, Class A4,6, (1 mo. LIBOR US + 1.300%), 3.196%, 8/17/2032			2,094,465		2,099,120

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

10

Investment Portfolio - April 30, 2018

(unaudited)

PRO-BLEND® CONSERVATIVE TERM SERIES	PRINCIPAL AMOUNT 3		VALUE (NOTE 2)
ASSET-BACKED SECURITIES (continued)
Invitation Homes Trust, Series 2017-SFR2, Class A4,6, (1 mo. LIBOR US + 0.850%), 2.746%, 12/17/2036		766,482	$	767,679
Invitation Homes Trust, Series 2017-SFR2, Class B4,6, (1 mo. LIBOR US + 1.150%), 3.046%, 12/17/2036		570,000		571,684
Progress Residential Trust, Series 2017-SFR2, Class A4, 2.897%, 12/17/2034		1,500,000		1,450,559
SBA Small Business Investment Companies, Series 2015-10B, Class 1, 2.829%, 9/10/2025		4,299,099		4,264,830
SoFi Consumer Loan Program LLC, Series 2017-4, Class A4, 2.50%, 5/26/2026		747,383		736,953
SoFi Consumer Loan Program LLC, Series 2017-5, Class A14, 2.14%, 9/25/2026		1,908,225		1,895,189
SoFi Professional Loan Program LLC, Series 2017-A, Class A2A4, 1.55%, 3/26/2040		624,321		618,812
SoFi Professional Loan Program LLC, Series 2017-C, Class A2A4, 1.75%, 7/25/2040		195,859		194,078
SoFi Professional Loan Program LLC, Series 2017-D, Class A2FX4, 2.65%, 9/25/2040		1,400,000		1,358,544
SoFi Professional Loan Program LLC, Series 2017-F, Class A1FX4, 2.05%, 1/25/2041		589,253		584,000
SoFi Professional Loan Program LLC, Series 2017-F, Class A2FX4, 2.84%, 1/25/2041		500,000		487,065
SoFi Professional Loan Program LLC, Series 2018-A, Class A2A4, 2.39%, 2/25/2042		1,396,858		1,387,368
Tax Ease Funding LLC, Series 2016-1A, Class A4, 3.131%, 6/15/2028		531,718		531,308
Tesla Auto Lease Trust, Series 2018-A, Class A4, 2.32%, 12/20/2019		1,800,997		1,793,521
Tricon American Homes Trust, Series 2016-SFR1, Class A4, 2.589%, 11/17/2033		1,807,548		1,751,630
Tricon American Homes Trust, Series 2017-SFR2, Class A4, 2.928%, 1/17/2036		1,845,000		1,780,003
TOTAL ASSET-BACKED SECURITIES (Identified Cost $42,024,501)				41,587,554
COMMERCIAL MORTGAGE-BACKED SECURITIES - 8.8%
Americold LLC Trust, Series 2010-ARTA, Class A14, 3.847%, 1/14/2029		162,975		164,686
BWAY Mortgage Trust, Series 2015-1740, Class A4, 2.917%, 1/10/2035		4,633,000		4,415,504
Caesars Palace Las Vegas Trust, Series 2017-VICI, Class A4, 3.531%, 10/15/2034		2,520,000		2,529,671
Commercial Mortgage Pass-Through Certificates, Series 2015-3BP, Class A4, 3.178%, 2/10/2035		500,000		487,223
Commercial Mortgage Pass-Through Certificates, Series 2015-DC1, Class A5, 3.35%, 2/10/2048		4,455,000		4,378,030
Credit Suisse Mortgage Capital Trust, Series 2013-IVR3, Class A14,10, 2.50%, 5/25/2043		1,335,357		1,243,933
Credit Suisse Mortgage Capital Trust, Series 2013-TH1, Class A14,10, 2.13%, 2/25/2043		927,132		856,208
FDIC Trust, Series 2011-R1, Class A4, 2.672%, 7/25/2026		205,441		204,748
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K009, Class X1 (IO)10, 1.29%, 8/25/2020		20,616,270		502,000
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K014, Class X1 (IO)10, 1.175%, 4/25/2021		2,742,940		80,376
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K016, Class X1 (IO)10, 1.517%, 10/25/2021		6,731,752		288,976
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K017, Class X1 (IO)10, 1.341%, 12/25/2021		8,312,903		328,853
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K021, Class X1 (IO)10, 1.458%, 6/25/2022		15,209,982		752,590
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K029, Class A210, 3.32%, 2/25/2023		3,470,000		3,505,690
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K030, Class X1 (IO)10, 0.203%, 4/25/2023		76,370,762		676,500

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

11

Investment Portfolio - April 30, 2018

(unaudited)

PRO-BLEND® CONSERVATIVE TERM SERIES	PRINCIPAL AMOUNT 3		VALUE (NOTE 2)
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K032, Class X1 (IO)10, 0.107%, 5/25/2023		47,413,539	$	255,331
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K033, Class A210, 3.06%, 7/25/2023		5,431,000		5,416,589
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K035, Class A210, 3.458%, 8/25/2023		5,688,000		5,765,744
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K055, Class A1, 2.263%, 4/25/2025		335,859		324,237
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K706, Class X1 (IO)10, 1.547%, 10/25/2018		9,988,322		41,422
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KJ10, Class A2, 2.912%, 12/25/2023		4,232,000		4,176,463
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KJ13, Class A2, 2.864%, 8/25/2022		2,798,000		2,778,858
Freddie Mac REMICS, Series 4791, Class BA, 4.00%, 3/15/2044		3,390,000		3,457,681
FREMF Mortgage Trust, Series 2013-K28, Class X2A (IO)4, 0.10%, 6/25/2046		201,852,782		767,707
FREMF Mortgage Trust, Series 2013-K712, Class B4,10, 3.362%, 5/25/2045		1,025,000		1,028,247
FREMF Mortgage Trust, Series 2014-K41, Class B4,10, 3.832%, 11/25/2047		2,227,000		2,198,975
FREMF Mortgage Trust, Series 2014-K716, Class B4,10, 3.95%, 8/25/2047		2,624,000		2,665,537
FREMF Mortgage Trust, Series 2015-K42, Class B4,10, 3.852%, 12/25/2024		490,000		479,237
FREMF Mortgage Trust, Series 2015-K43, Class B4,10, 3.734%, 2/25/2048		500,000		485,527
FREMF Mortgage Trust, Series 2015-K720, Class B4,10, 3.388%, 7/25/2022		270,000		265,881
GAHR Commercial Mortgage Trust, Series 2015-NRF, Class BFX4,10, 3.382%, 12/15/2034		2,495,000		2,492,977
GS Mortgage Securities Trust, Series 2010-C2, Class A14, 3.849%, 12/10/2043		88,065		89,136
JP Morgan Mortgage Trust, Series 2013-1, Class 1A24,10, 3.00%, 3/25/2043		705,383		680,033
JP Morgan Mortgage Trust, Series 2013-2, Class A24,10, 3.50%, 5/25/2043		765,314		752,160
JP Morgan Mortgage Trust, Series 2014-2, Class 1A14,10, 3.00%, 6/25/2029		1,044,906		1,033,763
JP Morgan Mortgage Trust, Series 2017-6, Class A34,10, 3.50%, 12/25/2048		1,436,383		1,409,003
JP Morgan Mortgage Trust, Series 2017-6, Class A54,10, 3.50%, 12/25/2048		2,272,766		2,248,440
LSTAR Commercial Mortgage Trust, Series 2014-2, Class A24, 2.767%, 1/20/2041		26,457		26,340
New Residential Mortgage Loan Trust, Series 2014-3A, Class AFX34,10, 3.75%, 11/25/2054		953,432		952,305
New Residential Mortgage Loan Trust, Series 2015-2A, Class A14,10, 3.75%, 8/25/2055		1,016,287		1,020,185
New Residential Mortgage Loan Trust, Series 2016-4A, Class A14,10, 3.75%, 11/25/2056		1,327,834		1,330,059
SBA Small Business Investment Companies, Series 2015-10A, Class 1, 2.517%, 3/10/2025		980,347		959,609
SCG Trust, Series 2013-SRP1, Class AJ4,6, (1 mo. LIBOR US + 2.200%), 4.097%, 11/15/2026		3,608,000		3,600,428
Sequoia Mortgage Trust, Series 2013-2, Class A10, 1.874%, 2/25/2043		892,830		804,914
Sequoia Mortgage Trust, Series 2013-7, Class A210, 3.00%, 6/25/2043		870,070		835,399
Sequoia Mortgage Trust, Series 2013-8, Class A110, 3.00%, 6/25/2043		1,085,402		1,044,510
Starwood Retail Property Trust, Series 2014-STAR, Class A4,6, (1 mo. LIBOR US + 1.220%), 3.117%, 11/15/2027		2,153,044		2,155,078
Towd Point Mortgage Trust, Series 2016-5, Class A14,10, 2.50%, 10/25/2056		2,167,870		2,123,801

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

12

Investment Portfolio - April 30, 2018

(unaudited)

PRO-BLEND® CONSERVATIVE TERM SERIES	PRINCIPAL AMOUNT 3		VALUE (NOTE 2)
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Vornado DP LLC Trust, Series 2010-VNO, Class A2FX4, 4.004%, 9/13/2028		155,000	$	158,545
Wells Fargo Commercial Mortgage Trust, Series 2010-C1, Class A24, 4.393%, 11/15/2043		265,000		272,076
WF-RBS Commercial Mortgage Trust, Series 2011-C2, Class A44,10, 4.869%, 2/15/2044		849,260		882,534
WinWater Mortgage Loan Trust, Series 2015-1, Class A14,10, 3.50%, 1/20/2045		1,121,859		1,103,984
WinWater Mortgage Loan Trust, Series 2015-3, Class A54,10, 3.50%, 3/20/2045		1,009,380		1,010,695
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Identified Cost $78,778,280)				77,508,398
FOREIGN GOVERNMENT BONDS - 2.5%
Canada Housing Trust No. 1 (Canada)4, 4.10%, 12/15/2018	CAD	268,000		212,023
Canadian Government Bond (Canada), 2.75%, 6/1/2022	CAD	327,000		261,320
Export-Import Bank of Korea (South Korea), 2.625%, 12/30/2020		8,725,000		8,546,346
The Korea Development Bank (South Korea), 1.375%, 9/12/2019		200,000		194,961
The Korea Development Bank (South Korea)6, (3 mo. LIBOR US + 0.675%), 2.853%, 9/19/2020		3,000,000		3,003,477
Mexican Government Bond (Mexico), 8.00%, 6/11/2020	MXN	7,267,000		393,883
Mexican Government Bond (Mexico), 6.50%, 6/10/2021	MXN	2,725,000		142,170
Mexican Government Bond (Mexico), 6.50%, 6/9/2022	MXN	4,996,000		258,767
Mexican Government Bond (Mexico), 7.75%, 5/29/2031	MXN	908,000		49,224
Province of Ontario (Canada), 2.00%, 9/27/2018		2,089,000		2,085,993
Province of Ontario (Canada), 1.25%, 6/17/2019		2,044,000		2,014,264
Singapore Government Bond (Singapore), 2.50%, 6/1/2019	SGD	590,000		449,103
Svensk Exportkredit AB (Sweden), 1.125%, 8/28/2019		4,996,000		4,901,331
TOTAL FOREIGN GOVERNMENT BONDS (Identified Cost $23,348,332)				22,512,862
U.S. GOVERNMENT AGENCIES - 9.0%
Mortgage-Backed Securities - 9.0%
Fannie Mae, Pool #888468, 5.50%, 9/1/2021		203,057		208,501
Fannie Mae, Pool #995233, 5.50%, 10/1/2021		15,990		16,313
Fannie Mae, Pool #888017, 6.00%, 11/1/2021		31,907		33,049
Fannie Mae, Pool #995329, 5.50%, 12/1/2021		153,801		157,739
Fannie Mae, Pool #888136, 6.00%, 12/1/2021		38,877		40,220
Fannie Mae, Pool #888815, 4.50%, 11/1/2022		26,059		26,389
Fannie Mae, Pool #888810, 5.50%, 11/1/2022		242,039		248,386
Fannie Mae, Pool #AA1563, 4.50%, 2/1/2024		26,628		27,254
Fannie Mae, Pool #AC1557, 4.50%, 9/1/2024		67,386		69,935
Fannie Mae, Pool #AD0462, 5.50%, 10/1/2024		28,290		29,558
Fannie Mae, Pool #MA1834, 4.50%, 2/1/2034		819,069		857,236
Fannie Mae, Pool #MA1903, 4.50%, 5/1/2034		812,582		854,408
Fannie Mae, Pool #745418, 5.50%, 4/1/2036		511,498		559,953
Fannie Mae, Pool #886904, 6.50%, 9/1/2036		60,662		67,582
Fannie Mae, Pool #909786, 5.50%, 3/1/2037		165,080		180,032
Fannie Mae, Pool #918516, 5.50%, 6/1/2037		68,900		74,733
Fannie Mae, Pool #AB8161, 6.00%, 12/1/2037		731,785		815,730
Fannie Mae, Pool #933521, 5.00%, 1/1/2038		12,687		13,543
Fannie Mae, Pool #889260, 5.00%, 4/1/2038		21,031		22,395
Fannie Mae, Pool #933731, 5.50%, 4/1/2038		280,726		306,011
Fannie Mae, Pool #889576, 6.00%, 4/1/2038		464,395		517,605
Fannie Mae, Pool #912948, 5.00%, 5/1/2038		8,754		9,301
Fannie Mae, Pool #975840, 5.00%, 5/1/2038		55,052		58,490
Fannie Mae, Pool #889624, 5.50%, 5/1/2038		394,130		429,798
Fannie Mae, Pool #995196, 6.00%, 7/1/2038		628,136		700,454

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

13

Investment Portfolio - April 30, 2018

(unaudited)

PRO-BLEND® CONSERVATIVE TERM SERIES	PRINCIPAL AMOUNT 3		VALUE (NOTE 2)
U.S. GOVERNMENT AGENCIES (continued)
Mortgage-Backed Securities (continued)
Fannie Mae, Pool #986458, 6.00%, 8/1/2038		9,363	$	10,384
Fannie Mae, Pool #987831, 6.00%, 9/1/2038		10,111		11,187
Fannie Mae, Pool #990897, 6.00%, 9/1/2038		35,746		39,548
Fannie Mae, Pool #AD0220, 6.00%, 10/1/2038		81,239		90,594
Fannie Mae, Pool #993920, 6.00%, 11/1/2038		82,193		90,935
Fannie Mae, Pool #257497, 6.00%, 12/1/2038		19,517		21,695
Fannie Mae, Pool #AA0675, 6.00%, 12/1/2038		21,386		23,661
Fannie Mae, Pool #971022, 5.00%, 1/1/2039		38,853		41,428
Fannie Mae, Pool #AA1810, 5.00%, 1/1/2039		84,826		90,464
Fannie Mae, Pool #890294, 5.50%, 1/1/2039		795,988		869,934
Fannie Mae, Pool #AD0307, 5.50%, 1/1/2039		417,122		455,342
Fannie Mae, Pool #983686, 5.00%, 2/1/2039		66,567		70,779
Fannie Mae, Pool #AD0527, 5.50%, 6/1/2039		173,570		189,116
Fannie Mae, Pool #AE0604, 6.00%, 7/1/2039		470,230		522,515
Fannie Mae, Pool #AA6788, 6.00%, 8/1/2039		162,730		180,123
Fannie Mae, Pool #AC0463, 5.00%, 11/1/2039		68,119		72,964
Fannie Mae, Pool #AC5111, 5.00%, 11/1/2039		120,522		128,856
Fannie Mae, Pool #MA0258, 4.50%, 12/1/2039		983,947		1,035,434
Fannie Mae, Pool #MA0259, 5.00%, 12/1/2039		57,815		62,131
Fannie Mae, Pool #AC8573, 5.00%, 1/1/2040		95,068		102,214
Fannie Mae, Pool #890326, 5.50%, 1/1/2040		845,116		923,522
Fannie Mae, Pool #AL1595, 6.00%, 1/1/2040		612,588		679,973
Fannie Mae, Pool #AE0061, 6.00%, 2/1/2040		238,922		266,108
Fannie Mae, Pool #AL0152, 6.00%, 6/1/2040		827,249		921,530
Fannie Mae, Pool #AI5172, 4.00%, 8/1/2041		552,529		567,025
Fannie Mae, Pool #AL1410, 4.50%, 12/1/2041		1,322,301		1,390,191
Fannie Mae, Pool #AB4300, 3.50%, 1/1/2042		286,432		286,515
Fannie Mae, Pool #AL7729, 4.00%, 6/1/2043		696,366		714,595
Fannie Mae, Pool #AX5234, 4.50%, 11/1/2044		1,158,868		1,209,949
Fannie Mae, Pool #AS4103, 4.50%, 12/1/2044		1,104,921		1,165,204
Fannie Mae, Pool #AZ2001, 3.50%, 5/1/2045		2,527,622		2,515,509
Fannie Mae, Pool #AZ9215, 4.00%, 10/1/2045		1,024,197		1,045,442
Fannie Mae, Pool #BC3490, 3.50%, 2/1/2046		2,222,750		2,209,972
Fannie Mae, Pool #BC6764, 3.50%, 4/1/2046		1,738,936		1,728,669
Fannie Mae, Pool #BC8677, 4.00%, 5/1/2046		618,669		630,671
Fannie Mae, Pool #BC2098, 4.00%, 6/1/2046		1,083,430		1,104,430
Fannie Mae, Pool #MA2670, 3.00%, 7/1/2046		2,490,004		2,405,820
Fannie Mae, Pool #BD2179, 4.00%, 7/1/2046		242,994		247,702
Fannie Mae, Pool #MA2705, 3.00%, 8/1/2046		2,866,354		2,769,453
Fannie Mae, Pool #BD6987, 4.00%, 10/1/2046		1,178,010		1,201,017
Fannie Mae, Pool #BD6997, 4.00%, 10/1/2046		887,221		904,549
Fannie Mae, Pool #BE3812, 4.00%, 12/1/2046		869,554		886,627
Fannie Mae, Pool #BE3815, 4.00%, 12/1/2046		860,239		877,129
Fannie Mae, Pool #BE7845, 4.50%, 2/1/2047		1,179,783		1,237,802
Fannie Mae, Pool #BD3546, 4.00%, 9/1/2047		1,178,359		1,202,716
Fannie Mae, Pool #MA3184, 4.50%, 11/1/2047		3,465,038		3,617,690
Fannie Mae, Pool #AL8674, 5.651%, 1/1/2049		1,418,929		1,528,655
Freddie Mac, Pool #G11850, 5.50%, 7/1/2020		46,972		47,629
Freddie Mac, Pool #G12610, 6.00%, 3/1/2022		42,404		44,001
Freddie Mac, Pool #G12655, 6.00%, 5/1/2022		29,490		30,600

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

14

Investment Portfolio - April 30, 2018

(unaudited)

PRO-BLEND® CONSERVATIVE TERM SERIES	PRINCIPAL AMOUNT 3		VALUE (NOTE 2)
U.S. GOVERNMENT AGENCIES (continued)
Mortgage-Backed Securities (continued)
Freddie Mac, Pool #G13078, 6.00%, 3/1/2023		39,971	$	41,607
Freddie Mac, Pool #C91746, 4.50%, 12/1/2033		142,586		149,305
Freddie Mac, Pool #C91754, 4.50%, 3/1/2034		827,819		866,610
Freddie Mac, Pool #C91762, 4.50%, 5/1/2034		1,155,943		1,215,848
Freddie Mac, Pool #K92054, 4.00%, 10/1/2034		890,522		921,053
Freddie Mac, Pool #C91850, 4.00%, 9/1/2035		609,929		628,565
Freddie Mac, Pool #C91854, 4.00%, 10/1/2035		1,844,879		1,901,253
Freddie Mac, Pool #G07655, 5.50%, 12/1/2035		131,370		143,866
Freddie Mac, Pool #G08216, 5.50%, 8/1/2037		333,871		364,519
Freddie Mac, Pool #G03926, 6.00%, 2/1/2038		390,095		434,313
Freddie Mac, Pool #G04731, 5.50%, 4/1/2038		288,856		315,636
Freddie Mac, Pool #G04176, 5.50%, 5/1/2038		130,783		142,935
Freddie Mac, Pool #A78227, 5.50%, 6/1/2038		142,081		154,255
Freddie Mac, Pool #G08273, 5.50%, 6/1/2038		363,583		397,249
Freddie Mac, Pool #G04471, 5.50%, 7/1/2038		45,374		49,518
Freddie Mac, Pool #G04776, 5.50%, 7/1/2038		290,632		316,988
Freddie Mac, Pool #G05196, 5.50%, 10/1/2038		377,536		412,522
Freddie Mac, Pool #G05409, 5.50%, 3/1/2039		336,075		367,252
Freddie Mac, Pool #G05906, 6.00%, 4/1/2040		77,646		86,579
Freddie Mac, Pool #G07104, 5.50%, 5/1/2040		260,964		283,477
Freddie Mac, Pool #G06789, 6.00%, 5/1/2040		312,914		347,592
Freddie Mac, Pool #A92889, 4.50%, 7/1/2040		1,464,315		1,541,426
Freddie Mac, Pool #A93451, 4.50%, 8/1/2040		1,436,909		1,512,518
Freddie Mac, Pool #G60334, 4.50%, 10/1/2041		1,198,100		1,261,114
Freddie Mac, Pool #Q17513, 3.50%, 4/1/2043		1,990,546		1,992,934
Freddie Mac, Pool #Q24752, 3.50%, 2/1/2044		1,635,445		1,637,407
Freddie Mac, Pool #G60183, 4.00%, 12/1/2044		1,256,839		1,284,447
Freddie Mac, Pool #Q37592, 4.00%, 12/1/2045		2,202,551		2,250,930
Freddie Mac, Pool #G60636, 4.00%, 1/1/2046		1,543,863		1,579,706
Freddie Mac, Pool #Q38388, 4.00%, 1/1/2046		343,751		351,654
Freddie Mac, Pool #Q42596, 3.50%, 8/1/2046		2,466,045		2,454,753
Freddie Mac, Pool #Q49109, 4.00%, 7/1/2047		1,718,495		1,753,297
Freddie Mac, Pool #Q50343, 4.00%, 8/1/2047		1,871,434		1,908,828
Freddie Mac, Pool #Q51334, 4.00%, 10/1/2047		3,567,927		3,639,352
Freddie Mac, Pool #G08786, 4.50%, 10/1/2047		2,124,712		2,221,846
Ginnie Mae, Pool #671161, 5.50%, 11/15/2037		30,309		32,804
TOTAL U.S. GOVERNMENT AGENCIES (Identified Cost $81,222,964)				79,758,572
U.S. GOVERNMENT SECURITIES - 2.4%
U.S. Treasury Bills - 2.4%
U.S. Treasury Bill11, 1.82%, 9/6/2018 (Identified Cost $21,163,122)		21,300,000		21,157,014
SHORT-TERM INVESTMENT - 1.3%
Dreyfus Government Cash Management12, 1.60%, (Identified Cost $11,966,400)		11,966,400		11,966,400
TOTAL INVESTMENTS IN SECURITIES -99.6%
(Identified Cost $864,471,893)				881,656,101
TOTAL OPTIONS WRITTEN — 0.0%##
(Premiums Received $132,737)				(103,323	)
TOTAL INVESTMENTS - 99.6%				881,552,778
OTHER ASSETS, LESS LIABILITIES - 0.4%				3,269,319
NET ASSETS - 100%			$	884,822,097

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

15

Investment Portfolio - April 30, 2018

(unaudited)

ADR - American Depositary Receipt

CAD - Canadian Dollar

ETF - Exchange-traded fund

IO - Interest only

MXN - Mexican Peso

No. - Number

SGD - Singapore Dollar

EXCHANGE-TRADED OPTIONS WRITTEN
DESCRIPTION	NUMBER  OF  CONTRACTS		EXPIRATION                   DATE		EXERCISE                   PRICE		NOTIONAL                   AMOUNT3  (000)		VALUE
Call
Regeneron Pharmaceuticals, Inc.		28		5/18/18	$	360.00		850	$	(1,372	)
Seattle Genetics, Inc.		184		5/18/18		55.00		942		(21,344	)
Zayo Group Holdings, Inc.		253		5/18/18		40.00		918		(2,530	)
										(25,246	)
Put
Skyworks Solutions, Inc.		119		5/11/18		85.00		1,032		(24,990	)
Booking Holdings, Inc.		5		5/18/18		1,990.00		1,089		(8,075	)
Electronic Arts, Inc.		92		5/18/18		110.00		1,085		(14,536	)
Qorvo, Inc.		160		5/18/18		62.50		1,078		(20,000	)
Texas Instruments, Inc.		108		5/18/18		92.00		1,095		(3,780	)
Alibaba Group Holding Ltd.		62		5/25/18		160.00		1,107		(6,696	)
										(78,077	)
TOTAL EXCHANGE-TRADED OPTIONS WRITTEN									$	(103,323	)

*Non-income producing security.

## Less than 0.1%.

¹A factor from a third party vendor was applied to determine the security’s fair value following the close of local trading.

²A portion of this security is designated with the broker as collateral for options contracts written. As of April 30, 2018, the total value of such securities was $7,372,013.

³Amount is stated in USD unless otherwise noted.

⁴Restricted securities - Investment in securities that are restricted as to public resale under the Securities Act of 1933, as amended. These securities have been sold under Rule 144A and have been determined to be liquid. These securities amount to $127,902,808, or 14.5% of the Series’ net assets as of April 30, 2018 (see Note 2 to the financial statements).

⁵Step coupon rate security - Rate steps up/down by 25 basis points upon rating downgrade/upgrade by Moody’s and S&P rating agencies (Subject to a maximum of 100 basis points per agency, 200 basis points maximum).

⁶Floating rate security. Rate shown is the rate in effect as of April 30, 2018.

⁷Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of April 30, 2018.

⁸Restricted security - Investment in securities that are restricted as to public resale under the Securities Act of 1933, as amended. This security was acquired on November 3, 2017 and February 7, 2018 at a cost of $238,752 ($99.48 per share) and $199,500 ($99.75 per share). This security has been sold under Rule 144A and has been determined to be illiquid under guidelines established by the Board of Directors. This security amounts to $438,900, or less than 0.1% of the Series’ net assets as of April 30, 2018 (see Note 2 to the financial statements).

⁹Illiquid security - This security was acquired on November 3, 2017 at a cost of $198,500 ($99.25 per share). This security has been determined to be illiquid under guidelines established by the Board of Directors. This security amounts to $201,806, or less than 0.1% of the Series’ net assets as of April 30, 2018 (see Note 2 to the financial statements).

¹⁰Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of April 30, 2018.

¹¹Represents the annualized yield at time of purchase.

¹²Rate shown is the current yield as of April 30, 2018.

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

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

16

Statement of Assets and Liabilities - Pro-Blend^® Conservative Term Series

April 30, 2018 (unaudited)

ASSETS:
Investments in securities, at value (identified cost $864,471,893) (Note 2)	$	881,656,101
Foreign currency, at value (identified cost $239,971)		240,663
Interest receivable		3,855,296
Receivable for fund shares sold		1,077,336
Receivable for securities sold		506,477
Dividends receivable		217,684
Foreign tax reclaims receivable		145,513
Prepaid and other expenses		33,718
TOTAL ASSETS		887,732,788
LIABILITIES:
Accrued management fees (Note 3)		440,622
Accrued shareholder services fees (Class S) (Note 3)		100,044
Accrued distribution and service (Rule 12b-1) fees (Class R) (Class R2) (Note 3)		89,858
Accrued fund accounting and administration fees (Note 3)		74,030
Accrued Chief Compliance Officer service fees (Note 3)		369
Accrued Directors’ fees (Note 3)		356
Options written, at value (premiums received $132,737) (Note 2)		103,323
Payable for fund shares repurchased		1,475,678
Payable for securities purchased		500,928
Other payables and accrued expenses		125,483
TOTAL LIABILITIES		2,910,691
TOTAL NET ASSETS	$	884,822,097
NET ASSETS CONSIST OF:
Capital stock	$	730,054
Additional paid-in-capital		847,102,334
Undistributed net investment income		4,101,676
Accumulated net realized gain on investments, foreign currency and translation of other assets and liabilities		15,677,899
Net unrealized appreciation (depreciation) on investments, foreign currency and translation of other assets and liabilities		17,210,134
TOTAL NET ASSETS	$	884,822,097

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

17

Statement of Assets and Liabilities - Pro-Blend^® Conservative Term Series

April 30, 2018 (unaudited)

NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class S ($602,480,706/44,850,927 shares)	$	13.43
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class I ($168,346,871/16,492,071 shares)	$	10.21
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class R ($11,407,903/1,165,979 shares)	$	9.78
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class R2 ($102,586,617/10,496,431 shares)	$	9.77

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

18

Statement of Operations - Pro-Blend^® Conservative Term Series

For the Six Months Ended April 30, 2018 (unaudited)

INVESTMENT INCOME:
Interest	$	9,068,616
Dividends (net of foreign taxes withheld, $108,219)		2,069,103
Total Investment Income		11,137,719
EXPENSES:
Management fees (Note 3)		2,766,235
Shareholder services fees (Class S) (Note 3)		623,911
Distribution and service (Rule 12b-1) fees (Class R2) (Note 3)		534,697
Distribution and service (Rule 12b-1) fees (Class R) (Note 3)		34,389
Fund accounting and administration fees (Note 3)		97,600
Directors’ fees (Note 3)		33,853
Chief Compliance Officer service fees (Note 3)		2,077
Custodian fees		29,565
Miscellaneous		217,723
Total Expenses		4,340,050
NET INVESTMENT INCOME		6,797,669
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:
Net realized gain (loss) on- Investments in securities		16,498,007
Options written		515,769
Foreign currency and translation of other assets and liabilities		18,837
		17,032,613
Net change in unrealized appreciation (depreciation) on- Investments in securities		(32,410,753	)
Options written		(2,117	)
Foreign currency and translation of other assets and liabilities		3,945
		(32,408,925	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY		(15,376,312	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(8,578,643	)

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

19

Statements of Changes in Net Assets - Pro-Blend^® Conservative Term Series

	FOR THE SIX MONTHS ENDED 4/30/18 (UNAUDITED)			FOR THE YEAR ENDED 10/31/17
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income	$	6,797,669		$	14,964,134
Net realized gain (loss) on investments and foreign currency		17,032,613			37,307,982
Net realized gain (loss) from in-kind redemptions		—			3,897,625
Net change in unrealized appreciation (depreciation) on investments and foreign currency		(32,408,925	)		17,014,001
Net increase (decrease) from operations		(8,578,643	)		73,183,742
DISTRIBUTIONS TO SHAREHOLDERS (Note 8):
From net investment income (Class S)		(5,082,647	)		(8,240,473	)
From net investment income (Class I)		(2,173,920	)		(5,354,879	)
From net investment income (Class R)		(138,326	)		(219,383	)
From net investment income (Class R2)		(750,763	)		(1,063,946	)
From net realized gain on investments (Class S)		(19,065,474	)		(1,231,640	)
From net realized gain on investments (Class I)		(7,143,833	)		(661,927	)
From net realized gain on investments (Class R)		(582,462	)		(40,435	)
From net realized gain on investments (Class R2)		(4,567,317	)		(292,777	)
Total distributions to shareholders		(39,504,742	)		(17,105,460	)
CAPITAL STOCK ISSUED AND REPURCHASED:
Net decrease from capital share transactions (Note 5)		(34,779,368	)		(250,449,181	)
Net decrease in net assets		(82,862,753	)		(194,370,899	)
NET ASSETS:
Beginning of period		967,684,850			1,162,055,749
End of period (including undistributed net investment income of $4,101,676 and $5,449,663, respectively)	$	884,822,097		$	967,684,850

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

20

Financial Highlights - Pro-Blend^® Conservative Term Series - Class S

	FOR THE SIX MONTHS ENDED 4/30/18			FOR THE YEAR ENDED
	(UNAUDITED)			10/31/17			10/31/16			10/31/15			10/31/14			10/31/13
Per share data (for a share outstanding throughout each period
Net asset value - Beginning of period	$	14.10		$	13.36		$	13.15		$	14.13		$	14.18		$	13.62
Income (loss) from investment operations:
Net investment income1		0.10			0.19			0.19			0.22			0.22			0.22
Net realized and unrealized gain (loss) on investments		(0.23	)		0.73			0.21			(0.41	)		0.52			0.83
Total from investment operations		(0.13	)		0.92			0.40			(0.19	)		0.74			1.05
Less distributions to shareholders:
From net investment income		(0.11	)		(0.16	)		(0.19	)		(0.18	)		(0.20	)		(0.20	)
From net realized gain on investments		(0.43	)		(0.02	)		—			(0.61	)		(0.59	)		(0.29	)
Total distributions to shareholders		(0.54	)		(0.18	)		(0.19	)		(0.79	)		(0.79	)		(0.49	)
Net asset value - End of period	$	13.43		$	14.10		$	13.36		$	13.15		$	14.13		$	14.18
Net assets - End of period (000’s omitted)	$	602,481		$	627,523		$	724,270		$	911,956		$	1,124,851		$	1,027,160
Total return2		(0.96	%)		7.02	%		3.07	%		(1.33	%)		5.46	%		7.93	%
Ratios (to average net assets)/Supplemental Data:
Expenses		0.88	%3		0.87	%		0.87	%		0.88	%		0.87	%		0.87	%
Net investment income		1.53	%3		1.42	%		1.47	%		1.60	%		1.57	%		1.58	%
Series portfolio turnover		43	%		58	%		65	%		51	%		45	%		54	%

¹Calculated based on average shares outstanding during the periods.

²Represents aggregate total return for the periods indicated, and assumes reinvestment of all distributions. Periods less than one year are not annualized.

³Annualized.

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

21

Financial Highlights - Pro-Blend^® Conservative Term Series - Class I

	FOR THE SIX MONTHS ENDED 4/30/18			FOR THE YEAR ENDED
	(UNAUDITED)			10/31/17			10/31/16			10/31/15			10/31/14			10/31/13
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period	$	10.85		$	10.33		$	10.22		$	11.17		$	11.38		$	11.03
Income (loss) from investment operations:
Net investment income1		0.09			0.17			0.17			0.19			0.20			0.20
Net realized and unrealized gain (loss) on investments		(0.17	)		0.56			0.15			(0.32	)		0.40			0.66
Total from investment operations		(0.08	)		0.73			0.32			(0.13	)		0.60			0.86
Less distributions to shareholders:
From net investment income		(0.13	)		(0.19	)		(0.21	)		(0.21	)		(0.22	)		(0.22	)
From net realized gain on investments		(0.43	)		(0.02	)		—			(0.61	)		(0.59	)		(0.29	)
Total distributions to shareholders		(0.56	)		(0.21	)		(0.21	)		(0.82	)		(0.81	)		(0.51	)
Net asset value - End of period	$	10.21		$	10.85		$	10.33		$	10.22		$	11.17		$	11.38
Net assets - End of period(000’s omitted)	$	168,347		$	213,824		$	291,632		$	325,700		$	353,538		$	318,106
Total return2		(0.81	%)		7.25	%		3.26	%		(1.15	%)		5.66	%		8.15	%
Ratios (to average net assets)/Supplemental Data:
Expenses		0.68	%3		0.67	%		0.67	%		0.68	%		0.67	%		0.67	%
Net investment income		1.74	%3		1.62	%		1.66	%		1.81	%		1.77	%		1.77	%
Series portfolio turnover		43	%		58	%		65	%		51	%		45	%		54	%

¹Calculated based on average shares outstanding during the periods.

²Represents aggregate total return for the periods indicated, and assumes reinvestment of all distributions. Periods less than one year are not annualized.

³Annualized.

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

22

Financial Highlights - Pro-Blend^® Conservative Term Series - Class R

	FOR THE SIX MONTHS ENDED 4/30/18			FOR THE YEAR ENDED
	(UNAUDITED)			10/31/17			10/31/16			10/31/15			10/31/14			10/31/13
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period	$	10.42		$	9.92		$	9.81		$	10.75		$	10.99		$	10.67
Income (loss) from investment operations:
Net investment income1		0.06			0.11			0.12			0.13			0.14			0.14
Net realized and unrealized gain (loss) on investments		(0.17	)		0.54			0.15			(0.30	)		0.38			0.64
Total from investment operations		(0.11	)		0.65			0.27			(0.17	)		0.52			0.78
Less distributions to shareholders:
From net investment income		(0.10	)		(0.13	)		(0.16	)		(0.16	)		(0.17	)		(0.17	)
From net realized gain on investments		(0.43	)		(0.02	)		—			(0.61	)		(0.59	)		(0.29	)
Total distributions to shareholders		(0.53	)		(0.15	)		(0.16	)		(0.77	)		(0.76	)		(0.46	)
Net asset value - End of period	$	9.78		$	10.42		$	9.92		$	9.81		$	10.75		$	10.99
Net assets - End of period (000’s omitted)	$	11,408		$	13,672		$	19,054		$	55,315		$	59,101		$	48,272
Total return2		(1.13	%)		6.72	%		2.79	%		(1.60	%)		5.08	%		7.64	%
Ratios (to average net assets)/Supplemental Data:
Expenses		1.18	%3		1.17	%		1.17	%		1.18	%		1.17	%		1.17	%
Net investment income		1.24	%3		1.12	%		1.19	%		1.30	%		1.27	%		1.28	%
Series portfolio turnover		43	%		58	%		65	%		51	%		45	%		54	%

¹Calculated based on average shares outstanding during the periods.

²Represents aggregate total return for the periods indicated, and assumes reinvestment of all distributions. Periods less than one year are not annualized.

³Annualized.

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

23

Financial Highlights - Pro-Blend^® Conservative Term Series - Class R2*

	FOR THE SIX MONTHS ENDED 4/30/18			FOR THE YEAR ENDED
	(UNAUDITED)			10/31/17			10/31/16			10/31/15			10/31/14			10/31/13
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period	$	10.40		$	9.91		$	9.81		$	10.75		$	10.99		$	10.68
Income (loss) from investment operations:
Net investment income1		0.04			0.06			0.06			0.08			0.08			0.08
Net realized and unrealized gain (loss) on investments		(0.17	)		0.54			0.15			(0.31	)		0.39			0.65
Total from investment operations		(0.13	)		0.60			0.21			(0.23	)		0.47			0.73
Less distributions to shareholders:
From net investment income		(0.07	)		(0.09	)		(0.11	)		(0.10	)		(0.12	)		(0.13	)
From net realized gain on investments		(0.43	)		(0.02	)		—			(0.61	)		(0.59	)		(0.29	)
Total distributions to shareholders		(0.50	)		(0.11	)		(0.11	)		(0.71	)		(0.71	)		(0.42	)
Net asset value - End of period	$	9.77		$	10.40		$	9.91		$	9.81		$	10.75		$	10.99
Net assets - End of period (000’s omitted)	$	102,587		$	112,666		$	127,100		$	137,697		$	139,291		$	102,919
Total return2		(1.34	%)		6.13	%		2.24	%		(2.10	%)		4.58	%		7.06	%
Ratios (to average net assets)/Supplemental Data:
Expenses		1.68	%3		1.67	%		1.67	%		1.68	%		1.67	%		1.67	%
Net investment income		0.73	%3		0.62	%		0.66	%		0.81	%		0.77	%		0.78	%
Series portfolio turnover		43	%		58	%		65	%		51	%		45	%		54	%

*Effective March 1, 2017, Class C shares of the Series have been redesignated as Class R2 Shares.

¹Calculated based on average shares outstanding during the periods.

²Represents aggregate total return for the periods indicated, and assumes reinvestment of all distributions. Periods less than one year are not annualized.

³Annualized.

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

24

Shareholder Expense Example - Pro-Blend^® Moderate Term Series

(unaudited)

As a shareholder of the Series, you incur ongoing costs, including management fees, shareholder service fees and other Series expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Series and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested in each class at the beginning of the period and held for the entire period (November 1, 2017 to April 30, 2018).

Actual Expenses

The Actual lines of the table below provide information about actual account values and actual expenses. You may use the information in these lines, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the Actual line for the Class in which you have invested under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The Hypothetical lines of each class in the table below provide information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid during the period. You may use this information to compare the ongoing costs of investing in a class of the Series and other funds. To do so, compare this 5% hypothetical example for the Class in which you have invested with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs such as sales charges (loads), redemption fees, or exchange fees that you may incur in other mutual funds. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

	BEGINNING ACCOUNT VALUE                   11/1/17	ENDING ACCOUNT VALUE                   4/30/18	EXPENSES PAID DURING PERIOD  11/1/17-4/30/18*	ANNUALIZED EXPENSE RATIO
Class S
Actual	$1,000.00	$   993.60	$5.44	1.10%
Hypothetical (5% return before expenses)	$1,000.00	$1,019.34	$5.51	1.10%
Class I
Actual	$1,000.00	$   994.50	$4.20	0.85%
Hypothetical (5% return before expenses)	$1,000.00	$1,020.58	$4.26	0.85%
Class R
Actual	$1,000.00	$   992.40	$6.67	1.35%
Hypothetical (5% return before expenses)	$1,000.00	$1,018.10	$6.76	1.35%
Class R2
Actual	$1,000.00	$   989.50	$9.13	1.85%
Hypothetical (5% return before expenses)	$1,000.00	$1,015.62	$9.25	1.85%

*Expenses are equal to the Class’ annualized expense ratio (for the six-month period), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The Class’ total return would have been lower had certain expenses not been waived during the period.

25

Portfolio Composition - Pro-Blend^® Moderate Term Series

As of April 30, 2018 (unaudited)

Sector Allocation5
Information Technology	11.3	%
Financials	9.0	%
Health Care	9.0	%
Energy	5.7	%
Consumer Discretionary	5.1	%
Consumer Staples	3.7	%
Real Estate	3.4	%
Materials	3.2	%
Industrials	3.1	%
Telecommunication Services	2.0	%
Utilities	0.2	%
5Including common stocks and corporate bonds, as a percentage of total investments.

Top Ten Stock Holdings6
Qorvo, Inc.	1.5	%
Incyte Corp.	1.4	%
Booking Holdings, Inc.	1.4	%
Facebook, Inc. - Class A	1.2	%
Anheuser-Busch InBev S.A./N.V. (Belgium)	1.1	%
Regeneron Pharmaceuticals, Inc.	1.0	%
Microsoft Corp.	1.0	%
Novartis AG - ADR (Switzerland)	1.0	%
Medtronic plc	1.0	%
Diageo plc (United Kingdom)	0.9	%
6As a percentage of total investments.

26

Investment Portfolio - April 30, 2018

(unaudited)

PRO-BLEND®MODERATE TERM SERIES	SHARES		VALUE (NOTE 2)
COMMON STOCKS - 37.9%
Consumer Discretionary - 3.4%
Automobiles - 0.0%##
Suzuki Motor Corp. (Japan)1		2,700	$	145,119
Diversified Consumer Services - 0.0%##
Fu Shou Yuan International Group Ltd. (China)1		151,640		144,649
Hotels, Restaurants & Leisure - 0.0%##
Accor S.A. (France)1		2,315		130,848
CVC Brasil Operadora e Agencia de Viagens S.A. (Brazil)		6,300		104,053
				234,901
Household Durables - 0.0%##
Kaufman & Broad S.A. (France)1		3,200		168,582
Internet & Direct Marketing Retail - 1.6%
Amazon.com, Inc.*		760		1,190,259
Booking Holdings, Inc.*		3,800		8,276,400
				9,466,659
Leisure Products - 0.1%
Trigano S.A. (France)1		1,110		209,175
Yamaha Corp. (Japan)1		2,100		101,331
				310,506
Media - 0.4%
Quebecor, Inc. - Class B (Canada)		64,055		1,194,343
Shaw Communications, Inc. - Class B (Canada)		58,570		1,203,834
				2,398,177
Multiline Retail - 0.0%##
Lojas Renner S.A. (Brazil)		10,880		100,936
Specialty Retail - 0.6%
Fnac Darty S.A. (France)*1		1,445		155,043
Industria de Diseno Textil S.A. (Spain)1		105,265		3,263,021
Maisons du Monde S.A. (France)1,2		2,605		105,853
				3,523,917
Textiles, Apparel & Luxury Goods - 0.7%
ANTA Sports Products Ltd. (China)1		27,180		155,094
lululemon athletica, Inc.*		38,655		3,857,769
				4,012,863
Total Consumer Discretionary				20,506,309
Consumer Staples - 3.6%
Beverages - 2.9%
Ambev S.A. - ADR (Brazil)		747,346		4,947,431
Anheuser-Busch InBev S.A./N.V. (Belgium)1		65,770		6,533,165
Diageo plc (United Kingdom)1		159,398		5,686,511
Treasury Wine Estates Ltd. (Australia)1		11,211		160,137
				17,327,244
Food & Staples Retailing - 0.0%##
Matsumotokiyoshi Holdings Co. Ltd. (Japan)1		2,300		102,456
Raia Drogasil S.A. (Brazil)		6,265		122,896
				225,352
Food Products - 0.1%
Danone S.A. (France)1		2,286		185,179
Kerry Group plc - Class A (Ireland)1		2,110		214,544
Nestle S.A. (Switzerland)1		2,699		209,092
				608,815
Personal Products - 0.6%
Beiersdorf AG (Germany)1		1,185		134,069
Unilever plc - ADR (United Kingdom)		67,285		3,765,941
				3,900,010
Tobacco - 0.0%##
British American Tobacco plc - ADR (United Kingdom)		2,250		122,895
Total Consumer Staples				22,184,316
Energy - 1.8%
Energy Equipment & Services - 1.5%
Diamond Offshore Drilling, Inc.*		83,030		1,526,922
Ensco plc - Class A		115,390		651,953
Schlumberger Ltd		68,743		4,713,020
Transocean Ltd.*		207,620		2,568,259
				9,460,154
Oil, Gas & Consumable Fuels - 0.3%
Cameco Corp. (Canada)		7,509		79,070
China Petroleum & Chemical Corp. - Class H (China)1		110,000		107,124
Eni SpA (Italy)1		5,330		104,193
Galp Energia SGPS S.A. (Portugal)1		10,640		204,214
Repsol S.A. (Spain)1		8,125		155,048
Royal Dutch Shell plc - Class B - ADR (Netherlands)		2,930		212,191
SK Innovation Co. Ltd. (South Korea)1		605		110,864
Suncor Energy, Inc. (Canada)		2,735		104,590
TOTAL S.A. (France)1		2,570		161,529

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

27

Investment Portfolio - April 30, 2018

(unaudited)

PRO-BLEND®MODERATE TERM SERIES	SHARES		VALUE (NOTE 2)
COMMON STOCKS (continued)
Energy (continued)
Oil, Gas & Consumable Fuels (continued)
Transportadora de Gas del Sur S.A. - Class B - ADR (Argentina)*		5,405	$	103,019
Vermilion Energy, Inc. (Canada)		2,995		101,237
YPF S.A. - ADR (Argentina)		4,375		95,769
				1,538,848
Total Energy				10,999,002
Financials - 2.6%
Banks - 0.4%
Banco Comercial Portugues S.A. (Portugal)*1		280,845		94,014
Bankia S.A. (Spain)1		25,677		112,661
BPER Banca (Italy)1		21,050		121,511
CaixaBank S.A. (Spain)1		46,540		226,318
Credit Agricole S.A. (France)1		12,355		203,454
Erste Group Bank AG (Austria)1		3,120		152,573
Eurobank Ergasias S.A. (Greece)*1		132,125		166,769
FinecoBank Banca Fineco S.p.A. (Italy)1		28,940		344,611
Grupo Financiero Galicia S.A. - ADR (Argentina)		1,605		102,592
Grupo Supervielle S.A. - ADR (Argentina)		3,245		90,665
Itau Unibanco Holding S.A. (Brazil)		9,900		143,758
Jyske Bank A/S (Denmark)1		2,060		123,352
KBC Group N.V. (Belgium)1		2,265		196,919
Sydbank A/S (Denmark)1		2,985		110,350
				2,189,547
Capital Markets - 2.2%
Amundi S.A. (France)1,2		3,185		270,867
Banca Generali S.p.A. (Italy)1		5,260		170,630
BlackRock, Inc.		8,820		4,599,630
Bolsas y Mercados Argentinos S.A. (Argentina)		10,155		186,121
The Charles Schwab Corp.		86,680		4,826,342
E*TRADE Financial Corp.*		43,905		2,664,155
Euronext N.V. (Netherlands)1,2		3,905		279,926
Julius Baer Group Ltd. (Switzerland)1		5,810		344,814
Natixis S.A. (France)1		23,345		191,731
				13,534,216
Thrifts & Mortgage Finance - 0.0%##
Aareal Bank AG (Germany)1		4,310		215,582
Total Financials				15,939,345
Health Care - 8.8%
Biotechnology - 4.7%
Biogen, Inc.*		11,340		3,102,624
BioMarin Pharmaceutical, Inc.*		55,000		4,593,050
Incyte Corp.*		134,599		8,337,062
Regeneron Pharmaceuticals, Inc.*		20,570		6,246,698
Seattle Genetics, Inc.*		88,290		4,519,565
Vertex Pharmaceuticals, Inc.*		10,620		1,626,559
				28,425,558
Health Care Equipment & Supplies - 1.0%
Medtronic plc		73,660		5,902,376
Health Care Providers & Services - 0.6%
DaVita, Inc.*		57,635		3,618,902
Fleury S.A. (Brazil)		17,870		133,188
Fresenius Medical Care AG & Co. KGaA (Germany)1		865		87,772
Orpea (France)1		1,270		162,745
				4,002,607
Life Sciences Tools & Services - 0.1%
QIAGEN N.V.*		3,121		102,088
QIAGEN N.V.*1		3,962		129,603
Tecan Group AG (Switzerland)1		555		122,031
				353,722
Pharmaceuticals - 2.4%
Bristol-Myers Squibb Co.		40,260		2,098,754
Johnson & Johnson		33,770		4,271,567
Merck & Co., Inc.		40,540		2,386,590
Novartis AG - ADR (Switzerland)		78,370		6,010,195
Perrigo Co. plc		2,530		197,694
				14,964,800
Total Health Care				53,649,063
Industrials - 2.2%
Aerospace & Defense - 0.0%##
BAE Systems plc (United Kingdom)1		7,525		63,137
Air Freight & Logistics - 0.5%
FedEx Corp.		13,630		3,369,336
Airlines - 0.0%##
Azul S.A. - ADR (Brazil)*		4,555		141,205
Ryanair Holdings plc - ADR (Ireland)*		539		59,274
				200,479
Building Products - 0.1%
Cie de Saint-Gobain (France)1		4,850		253,757
Daikin Industries Ltd. (Japan)1		1,300		151,860

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

28

Investment Portfolio - April 30, 2018

(unaudited)

PRO - BLEND®MODERATE TERM SERIES	SHARES		VALUE (NOTE 2)
COMMON STOCKS (continued)
Industrials (continued)
Building Products (continued)
Geberit AG (Switzerland)1		390	$	166,425
				572,042
Commercial Services & Supplies - 0.1%
China Everbright International Ltd. (China)1		151,280		212,194
Elis S.A. (France)1		6,715		160,598
SPIE S.A. (France)1		9,535		215,748
				588,540
Construction & Engineering - 0.1%
Eiffage S.A. (France)1		1,855		220,804
FLSmidth & Co. A/S (Denmark)1		1,080		66,709
Vinci S.A. (France)1		4,600		459,924
				747,437
Electrical Equipment - 0.0%##
Legrand S.A. (France)1		2,465		191,809
Industrial Conglomerates - 0.1%
Siemens AG (Germany)1		3,165		401,938
Machinery - 0.2%
FANUC Corp. (Japan)1		499		106,891
Hyundai Heavy Industries Co. Ltd. (South Korea)*1		460		50,923
Hyundai Mipo Dockyard Co. Ltd. (South Korea)*1		595		49,412
Jungheinrich AG (Germany)1		5,445		229,627
KION Group AG (Germany)1		2,970		247,563
Metso OYJ (Finland)1		6,925		246,117
Samsung Heavy Industries Co. Ltd. (South Korea)*1		7,145		48,841
The Weir Group plc (United Kingdom)1		12,075		353,339
				1,332,713
Professional Services - 0.5%
Equifax, Inc.		25,290		2,833,745
Randstad Holding N.V. (Netherlands)1		3,785		243,615
				3,077,360
Road & Rail - 0.4%
Genesee & Wyoming, Inc. - Class A*		30,740		2,188,688
Trading Companies & Distributors - 0.1%
Ashtead Group plc (United Kingdom)1		6,960		193,300
Brenntag AG (Germany)1		2,193		125,597
Howden Joinery Group plc (United Kingdom)1		10,720		70,162
Kanamoto Co. Ltd. (Japan)1		3,000		102,510
				491,569
Transportation Infrastructure - 0.1%
Aena SME S.A. (Spain)1,2		1,840		379,276
Grupo Aeroportuario del Centro Norte S.A.B. de C.V. (Mexico)		10,500		55,386
Grupo Aeroportuario del Pacifico S.A.B. de C.V. - ADR (Mexico)		530		55,210
				489,872
Total Industrials				13,714,920
Information Technology - 10.0%
Electronic Equipment, Instruments & Components - 0.2%
Halma plc (United Kingdom)1		8,965		150,425
Hexagon A.B. - Class B (Sweden)1		2,580		148,966
Hitachi Ltd. (Japan)1		37,660		274,864
Hollysys Automation Technologies Ltd. (China)		5,115		112,837
Keyence Corp. (Japan)1		706		430,504
				1,117,596
Internet Software & Services - 3.0%
Alibaba Group Holding Ltd. - ADR (China)*		22,390		3,997,511
Alphabet, Inc. - Class A*3		2,180		2,220,504
Alphabet, Inc. - Class C*		2,190		2,227,953
Facebook, Inc. - Class A*		41,215		7,088,980
NetEase, Inc. - ADR (China)		350		89,974
Tencent Holdings Ltd. - Class H (China)1		60,118		2,955,577
				18,580,499
IT Services - 1.9%
Amdocs Ltd.		3,605		242,436
InterXion Holding N.V. (Netherlands)*		4,595		298,767
Luxoft Holding, Inc.*		880		35,508
Mastercard, Inc. - Class A		29,830		5,317,794
Pagseguro Digital Ltd. - Class A (Brazil)*		1,090		36,221
Sopra Steria Group (France)1		1,255		267,889
Visa, Inc. - Class A3		40,170		5,096,770
				11,295,385
Semiconductors & Semiconductor Equipment - 2.5%
Qorvo, Inc.*		135,890		9,158,986

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

29

Investment Portfolio - April 30, 2018

(unaudited)

PRO - BLEND®MODERATE TERM SERIES	SHARES		VALUE (NOTE 2)
COMMON STOCKS (continued)
Information Technology (continued)
Semiconductors & Semiconductor Equipment (continued)
Skyworks Solutions, Inc.		42,715	$	3,705,953
Texas Instruments, Inc.		21,160		2,146,259
				15,011,198
Software - 2.4%
Atlassian Corp. plc - Class A*		1,238		69,303
Dassault Systemes S.E. (France)1		1,145		148,380
Electronic Arts, Inc.*		26,507		3,127,296
Microsoft Corp.		65,930		6,165,774
Nexon Co. Ltd. (Japan)*1		11,200		162,976
ServiceNow, Inc.*		29,210		4,852,949
Sophos Group plc (United Kingdom)1,2		23,190		158,348
Temenos Group AG (Switzerland)1		860		108,212
				14,793,238
Total Information Technology				60,797,916
Materials - 2.0%
Chemicals - 0.1%
Akzo Nobel N.V. (Netherlands)1		2,210		200,134
Croda International plc (United Kingdom)1		3,116		190,615
Mexichem S.A.B. de C.V. (Mexico)		22,000		68,757
Solvay S.A. (Belgium)1		1,490		207,215
				666,721
Construction Materials - 0.1%
Loma Negra Cia Industrial Argentina S.A. - ADR (Argentina)*		4,715		97,789
Wienerberger AG (Austria)1		8,470		213,426
				311,215
Containers & Packaging - 1.3%
Ball Corp.		127,080		5,094,637
Sealed Air Corp.		66,900		2,933,565
				8,028,202
Metals & Mining - 0.5%
Antofagasta plc (Chile)1		111,900		1,495,097
First Quantum Minerals Ltd. (Zambia)		2,475		35,662
Grupo Mexico S.A.B. de C.V. - Series B (Mexico)		71,120		235,469
Lundin Mining Corp. (Canada)		211,245		1,398,483
				3,164,711
Total Materials				12,170,849
Real Estate - 2.8%
Equity Real Estate Investment Trusts (REITS) - 2.8%
Acadia Realty Trust		2,730		64,428
Agree Realty Corp.		1,435		70,143
Alexandria Real Estate Equities, Inc.		845		105,262
American Campus Communities, Inc.		3,370		131,801
American Homes 4 Rent - Class A		10,960		221,392
American Tower Corp.		8,595		1,172,014
Americold Realty Trust		2,915		60,078
Apartment Investment & Management Co. - Class A		3,925		159,355
Apple Hospitality REIT, Inc.		5,410		97,326
AvalonBay Communities, Inc.		2,590		422,170
Axiare Patrimonio SOCIMI S.A. (Spain)1		2,615		55,436
Bluerock Residential Growth REIT, Inc.		6,210		55,828
Boston Properties, Inc.		2,260		274,387
Brandywine Realty Trust		7,955		128,155
CatchMark Timber Trust, Inc. - Class A		15,375		200,490
Chesapeake Lodging Trust		2,790		82,417
Colony NorthStar, Inc. - Class A		12,638		77,218
Columbia Property Trust, Inc.		3,410		72,838
Community Healthcare Trust, Inc.		6,355		162,053
CoreCivic, Inc.		9,810		197,770
Cousins Properties, Inc.		31,880		283,413
Crown Castle International Corp.		1,525		153,827
CubeSmart		4,270		125,709
Digital Realty Trust, Inc.		3,125		330,281
EastGroup Properties, Inc.		530		47,583
Equinix, Inc.		1,455		612,249
Equity LifeStyle Properties, Inc.		1,610		143,548
Equity Residential		3,460		213,517
Essex Property Trust, Inc.		545		130,631
Extra Space Storage, Inc.		2,355		210,984
First Industrial Realty Trust, Inc.		6,470		201,282
Forest City Realty Trust, Inc. - Class A		5,235		105,014
Getty Realty Corp.		3,355		84,043
GGP, Inc.		5,390		107,746
Global Medical REIT, Inc.		7,360		57,334
HCP, Inc.		9,155		213,861
Healthcare Trust of America, Inc. - Class A		4,795		119,827
Hibernia REIT plc (Ireland)1		61,910		110,947
Host Hotels & Resorts, Inc.		11,090		216,920
Independence Realty Trust, Inc.		10,070		94,658

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

30

Investment Portfolio - April 30, 2018

(unaudited)

PRO - BLEND®MODERATE TERM SERIES	SHARES/ PRINCIPAL AMOUNT4		VALUE (NOTE 2)
COMMON STOCKS (continued)
Real Estate (continued)
Equity Real Estate Investment Trusts (REITS) (continued)
Invitation Homes, Inc.		9,549	$	220,964
Lamar Advertising Co. - Class A		1,335		85,053
Life Storage, Inc.		675		59,697
The Macerich Co.		1,330		76,635
Mid-America Apartment Communities, Inc.		2,670		244,198
National Retail Properties, Inc.		2,025		77,031
Outfront Media, Inc.		3,652		68,475
Physicians Realty Trust		12,755		190,560
Plymouth Industrial REIT, Inc.		1,720		29,584
Prologis, Inc.		7,810		506,947
Public Storage		1,365		275,430
Regency Centers Corp.		2,071		121,878
Rexford Industrial Realty, Inc.		1,990		60,794
SBA Communications Corp.*		7,630		1,222,555
Simon Property Group, Inc.		3,595		562,042
STAG Industrial, Inc.		6,815		167,445
STORE Capital Corp.		3,275		82,628
Sun Communities, Inc.		2,120		198,962
Sunstone Hotel Investors, Inc.		8,590		134,004
Terreno Realty Corp.		1,635		60,740
UDR, Inc.		6,780		245,097
UMH Properties, Inc.		5,940		80,368
Unibail-Rodamco S.E. (France)1		1,120		268,878
Urban Edge Properties		9,560		196,649
Ventas, Inc.		1,950		100,269
VEREIT, Inc.		12,465		84,762
Vornado Realty Trust		3,620		246,268
Welltower, Inc.		2,355		125,851
Weyerhaeuser Co.		95,467		3,511,276
				16,678,975
Real Estate Management & Development - 0.0%##
Nexity S.A. (France)1		3,130		195,719
Total Real Estate				16,874,694
Telecommunication Services - 0.6%
Diversified Telecommunication Services - 0.6%
Iliad S.A. (France)1		645		129,196
Zayo Group Holdings, Inc.*		102,650		3,726,195
Total Telecommunication Services				3,855,391
Utilities - 0.1%
Electric Utilities - 0.0%##
Pampa Energia S.A. - ADR (Argentina)*		1,625		92,690
Independent Power and Renewable Electricity Producers - 0.1%
China Longyuan Power Group Corp. Ltd. - Class H (China)1		242,000		237,697
Huaneng Renewables Corp. Ltd. - Class H (China)1		526,000		233,598
				471,295
Total Utilities				563,985
TOTAL COMMON STOCKS (Identified Cost $206,766,711)				231,255,790
CORPORATE BONDS - 18.0%
Non-Convertible Corporate Bonds - 18.0%
Consumer Discretionary - 1.8%
Auto Components - 0.1%
Techniplas LLC2 , 10.00%, 5/1/2020		205,000		180,912
Household Durables - 0.2%
Century Communities, Inc., 5.875%, 7/15/2025		347,000		330,084
Meritage Homes Corp., 5.125%, 6/6/2027		230,000		218,213
TRI Pointe Group, Inc. - TRI Pointe Homes, Inc., 4.375%, 6/15/2019		170,000		170,212
TRI Pointe Group, Inc. - TRI Pointe Homes, Inc., 5.875%, 6/15/2024		156,000		158,145
Weekley Homes LLC - Weekley Finance Corp., 6.00%, 2/1/2023		155,000		153,062
Weekley Homes LLC - Weekley Finance Corp.2, 6.625%, 8/15/2025		256,000		248,320
				1,278,036
Internet & Direct Marketing Retail - 0.8%
Booking Holdings, Inc., 3.60%, 6/1/2026		4,890,000		4,740,223
Media - 0.7%
CCO Holdings LLC - CCO Holdings Capital Corp.2, 5.50%, 5/1/2026		135,000		131,450
Cogeco Communications, Inc. (Canada)2, 4.875%, 5/1/2020		95,000		95,475
CSC Holdings, LLC, 5.25%, 6/1/2024		346,000		324,159
Discovery Communications LLC, 5.20%, 9/20/2047		3,280,000		3,208,088
Telenet Finance Luxembourg Notes S.A.R.L (Belgium)2 , 5.50%, 3/1/2028		400,000		382,000

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

31

Investment Portfolio - April 30, 2018

(unaudited)

PRO - BLEND®MODERATE TERM SERIES	PRINCIPAL AMOUNT 4		VALUE (NOTE 2)
CORPORATE BONDS (continued)
Non-Convertible Corporate Bonds (continued)
Consumer Discretionary (continued) Media (continued)
UPCB Finance IV Ltd. (Netherlands)2, 5.375%, 1/15/2025		285,000	$	278,588
				4,419,760
Textiles, Apparel & Luxury Goods - 0.0%##
Hanesbrands, Inc.2, 4.875%, 5/15/2026		175,000		168,000
Total Consumer Discretionary				10,786,931
Consumer Staples - 0.1%
Food & Staples Retailing - 0.1%
C&S Group Enterprises LLC2, 5.375%, 7/15/2022		385,000		361,900
Household Products - 0.0%##
First Quality Finance Co., Inc.2, 5.00%, 7/1/2025		85,000		81,388
Total Consumer Staples				443,288
Energy - 3.9%
Energy Equipment & Services - 0.1%
Shelf Drilling Holdings Ltd. (United Arab Emirates)2, 8.25%, 2/15/2025		165,000		167,475
Trinidad Drilling Ltd. (Canada)2, 6.625%, 2/15/2025		281,000		269,409
				436,884
Oil, Gas & Consumable Fuels - 3.8%
Boardwalk Pipelines LP, 5.95%, 6/1/2026		4,420,000		4,714,986
Cheniere Energy Partners LP2, 5.25%, 10/1/2025		240,000		234,600
DCP Midstream Operating LP2, 9.75%, 3/15/2019		95,000		99,987
Dynagas LNG Partners LP - Dynagas Finance, Inc. (Monaco), 6.25%, 10/30/2019		286,000		289,575
GasLog Ltd. (Monaco), 8.875%, 3/22/2022		272,000		288,320
Hilcorp Energy I LP - Hilcorp Finance Co.2, 5.75%, 10/1/2025		249,000		246,510
Jonah Energy LLC - Jonah Energy Finance Corp.2, 7.25%, 10/15/2025		346,000		276,800
Kinder Morgan Energy Partners LP, 6.95%, 1/15/2038		3,980,000		4,723,451
Petroleos Mexicanos (Mexico)2, 6.35%, 2/12/2048		4,940,000		4,529,980
Rockies Express Pipeline, LLC2, 5.625%, 4/15/2020		135,000		139,767
Sabine Pass Liquefaction LLC, 5.875%, 6/30/2026		4,400,000		4,778,441
SemGroup Corp., 6.375%, 3/15/2025		310,000		295,275
Seven Generations Energy Ltd. (Canada)2, 5.375%, 9/30/2025		173,000		168,242
Southwestern Energy Co.5, 6.70%, 1/23/2025		204,000		199,920
Tallgrass Energy Partners LP - Tallgrass Energy Finance Corp.2, 5.50%, 9/15/2024		239,000		242,585
Williams Partners LP, 3.75%, 6/15/2027		2,245,000		2,112,015
				23,340,454
Total Energy				23,777,338
Financials - 6.4%
Banks - 3.7%
Bank of America Corp., 4.00%, 1/22/2025		4,810,000		4,754,189
Citigroup, Inc., 8.125%, 7/15/2039		3,280,000		4,750,510
Intesa Sanpaolo S.p.A. (Italy)2, 5.017%, 6/26/2024		200,000		195,765
Intesa Sanpaolo S.p.A. (Italy)2, 3.875%, 1/12/2028		5,050,000		4,717,035
JPMorgan Chase & Co., 6.30%, 4/23/2019		4,600,000		4,762,200
Popular, Inc., 7.00%, 7/1/2019		283,000		287,953
Santander Holdings USA, Inc., 3.40%, 1/18/2023		3,260,000		3,158,621
				22,626,273
Capital Markets - 0.8%
Morgan Stanley6, (3 mo. LIBOR US + 1.220%), 3.583%, 5/8/2024		4,680,000		4,772,182
Consumer Finance - 0.1%
Ally Financial, Inc., 3.50%, 1/27/2019		160,000		159,920
SLM Corp., 5.125%, 4/5/2022		220,000		222,200
				382,120
Diversified Financial Services - 0.7%
Aircastle Ltd., 6.25%, 12/1/2019		100,000		103,875
International Lease Finance Corp., 6.25%, 5/15/2019		3,279,000		3,386,578
LPL Holdings, Inc.2, 5.75%, 9/15/2025		182,000		176,540

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

32

Investment Portfolio - April 30, 2018

(unaudited)

PRO-BLEND®MODERATE TERM SERIES	PRINCIPAL AMOUNT 4		VALUE (NOTE 2)
CORPORATE BONDS (continued)
Non-Convertible Corporate Bonds (continued)
Financials (continued)
Diversified Financial Services (continued)
Navient Corp., 7.25%, 9/25/2023		135,000	$	141,075
Oxford Finance, LLC - Oxford Finance Co.- Issuer II, Inc.2, 6.375%, 12/15/2022		235,000		239,700
Park Aerospace Holdings Ltd. (Ireland)2, 4.50%, 3/15/2023		248,000		237,460
				4,285,228
Insurance - 1.1%
Assured Guaranty US Holdings, Inc., 5.00%, 7/1/2024		3,540,000		3,673,295
Prudential Financial, Inc.7, (3 mo. LIBOR US + 4.175%), 5.875%, 9/15/2042		2,990,000		3,180,612
				6,853,907
Thrifts & Mortgage Finance - 0.0%##
Ladder Capital Finance Holdings LLLP - Ladder Capital Finance Corp.2, 5.875%, 8/1/2021		150,000		152,625
Total Financials				39,072,335
Health Care - 0.2%
Biotechnology - 0.0%##
AMAG Pharmaceuticals, Inc.2, 7.875%, 9/1/2023		195,000		194,025
Health Care Providers & Services - 0.1%
DaVita, Inc., 5.00%, 5/1/2025		251,000		237,873
Fresenius Medical Care US Finance II, Inc. (Germany)2, 6.50%, 9/15/2018		108,000		109,386
Ortho-Clinical Diagnostics, Inc. - Ortho-Clinical Diagnostics S.A.2, 6.625%, 5/15/2022		170,000		168,300
Tenet Healthcare Corp., 6.00%, 10/1/2020		95,000		98,045
				613,604
Pharmaceuticals - 0.1%
Horizon Pharma, Inc. - Horizon Pharma USA, Inc.2, 8.75%, 11/1/2024		330,000		351,450
Total Health Care				1,159,079
Industrials - 0.9%
Airlines - 0.0%##
Allegiant Travel Co., 5.50%, 7/15/2019		182,000		183,820
Construction & Engineering - 0.1%
Tutor Perini Corp.2, 6.875%, 5/1/2025		286,000		293,064
Containers & Packaging - 0.0%##
W/S Packaging Holdings, Inc.2, 9.00%, 4/15/2023		235,000		240,288
Industrial Conglomerates - 0.0%##
LSB Industries, Inc.2, 9.625%, 5/1/2023		235,000		235,881
Machinery - 0.6%
CNH Industrial Capital LLC, 3.375%, 7/15/2019		3,180,000		3,187,950
Xerium Technologies, Inc., 9.50%, 8/15/2021		211,000		219,967
				3,407,917
Marine - 0.1%
Borealis Finance, LLC8, 7.50%, 11/16/2022		200,000		199,500
Global Ship Lease, Inc. (United Kingdom)2, 9.875%, 11/15/2022		350,000		343,875
				543,375
Transportation Infrastructure - 0.1%
MPC Container Ships Invest B.V. (Norway)6,9, (3 mo. LIBOR US + 4.750%), 6.998%, 9/22/2022		200,000		201,806
Songa Bulk ASA (Norway)2,6, (3 mo. LIBOR US + 4.500%), 6.589%, 6/13/2022		200,000		200,000
				401,806
Total Industrials				5,306,151
Information Technology - 1.3%
Internet Software & Services - 1.3%
Alibaba Group Holding Ltd. (China), 3.40%, 12/6/2027		5,050,000		4,754,520
Tencent Holdings Ltd. (China)2, 3.595%, 1/19/2028		3,320,000		3,154,988
				7,909,508
Semiconductors & Semiconductor Equipment - 0.0%##
MagnaChip Semiconductor Corp. (South Korea), 6.625%, 7/15/2021		277,000		266,612
Total Information Technology				8,176,120

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

33

Investment Portfolio - April 30, 2018

(unaudited)

PRO-BLEND®MODERATE TERM SERIES	PRINCIPAL AMOUNT 4		VALUE (NOTE 2)
CORPORATE BONDS (continued)
Non-Convertible Corporate Bonds (continued)
Materials - 1.2%
Chemicals - 0.1%
Kissner Holdings LP - Kissner Milling Co. Ltd. - BSC Holding, Inc. - Kissner USA (Canada)2, 8.375%, 12/1/2022		247,000	$	253,175
OCI N.V. (Netherlands)2, 6.625%, 4/15/2023		250,000		253,500
				506,675
Metals & Mining - 1.1%
Anglo American Capital plc (United Kingdom)2, 4.00%, 9/11/2027		3,080,000		2,901,599
Corp Nacional del Cobre de Chile (Chile)2, 5.625%, 9/21/2035		2,810,000		3,149,609
Ferroglobe plc - Globe Specialty Metals, Inc.2, 9.375%, 3/1/2022		175,000		183,750
Mountain Province Diamonds, Inc. (Canada)2, 8.00%, 12/15/2022		400,000		396,000
Northwest Acquisitions ULC - Dominion Finco, Inc.2, 7.125%, 11/1/2022		495,000		504,059
				7,135,017
Total Materials				7,641,692
Real Estate - 0.7%
Equity Real Estate Investment Trusts (REITS) - 0.1%
GTP Acquisition Partners I LLC2, 2.35%, 6/15/2020		589,000		580,551
iStar, Inc., 5.25%, 9/15/2022		229,000		222,130
				802,681
Real Estate Management & Development - 0.6%
American Homes 4 Rent LP, 4.25%, 2/15/2028		3,270,000		3,143,791
Greystar Real Estate Partners, LLC2, 5.75%, 12/1/2025		190,000		188,100
				3,331,891
Total Real Estate				4,134,572
Telecommunication Services - 1.4%
Diversified Telecommunication Services - 1.3%
AT&T, Inc., 4.25%, 3/1/2027		3,030,000		3,007,979
Verizon Communications, Inc., 5.50%, 3/16/2047		4,440,000		4,733,217
				7,741,196
Wireless Telecommunication Services - 0.1%
Altice US Finance I Corp.2, 5.50%, 5/15/2026		200,000		195,500
Hughes Satellite Systems Corp., 5.25%, 8/1/2026		394,000		385,135
Inmarsat Finance plc (United Kingdom)2, 4.875%, 5/15/2022		240,000		231,600
Sprint Communications, Inc.2, 9.00%, 11/15/2018		73,000		75,053
				887,288
Total Telecommunication Services				8,628,484
Utilities - 0.1%
Independent Power and Renewable Electricity Producers - 0.1%
Atlantica Yield plc (Spain)2, 7.00%, 11/15/2019		445,000		463,913
Drax Finco plc (United Kingdom)2, 6.625%, 11/1/2025		250,000		251,250
Total Utilities				715,163
TOTAL CORPORATE BONDS (Identified Cost $112,462,150)				109,841,153
MUTUAL FUNDS - 0.1%
Global X MSCI Greece ETF		19,600		209,132
iShares MSCI Eurozone ETF		7,020		311,197
TOTAL MUTUAL FUNDS (Identified Cost $460,655)				520,329
U.S. TREASURY SECURITIES - 19.1%
U.S. Treasury Bonds - 5.8%
U.S. Treasury Bond, 6.25%, 5/15/2030		4,871,000		6,491,749
U.S. Treasury Bond, 4.75%, 2/15/2037		7,244,000		9,083,297
U.S. Treasury Bond, 2.50%, 2/15/2045		5,473,000		4,882,515
U.S. Treasury Bond, 3.00%, 5/15/2047		12,365,000		12,137,503
U.S. Treasury Inflation Indexed Bond, 0.75%, 2/15/2042		3,313,804		3,221,950
Total U.S. Treasury Bonds (Identified Cost $37,344,686)				35,817,014
U.S. Treasury Notes - 13.3%
U.S. Treasury Inflation Indexed Note, 0.125%, 4/15/2020		4,507,925		4,470,102
U.S. Treasury Inflation Indexed Note, 0.125%, 1/15/2023		3,182,195		3,108,270
U.S. Treasury Note, 1.625%, 4/30/2019		18,325,000		18,204,742

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

34

Investment Portfolio - April 30, 2018

(unaudited)

PRO-BLEND®MODERATE TERM SERIES	PRINCIPAL AMOUNT 4		VALUE (NOTE 2)
U.S. TREASURY SECURITIES (continued)
U.S. Treasury Notes (continued)
U.S. Treasury Note, 1.375%, 4/30/2020		18,517,000	$	18,111,941
U.S. Treasury Note, 2.00%, 7/31/2022		12,800,000		12,419,000
U.S. Treasury Note, 1.625%, 5/15/2026		6,637,000		6,019,966
U.S. Treasury Note, 2.375%, 5/15/2027		12,808,000		12,241,646
U.S. Treasury Note, 2.75%, 2/15/2028		6,500,000		6,397,930
Total U.S. Treasury Notes
(Identified Cost $82,333,750)				80,973,597
TOTAL U.S. TREASURY SECURITIES
(Identified Cost $119,678,436)				116,790,611
ASSET-BACKED SECURITIES - 3.9%
BMW Vehicle Owner Trust, Series 2016-A, Class A3, 1.16%, 11/25/2020		2,166,728		2,147,595
Cazenovia Creek Funding I LLC, Series 2015-1A, Class A2, 2.00%, 12/10/2023		234,232		232,768
Chesapeake Funding II LLC, Series 2017-2A, Class A12, 1.99%, 5/15/2029		4,022,857		3,994,817
Colony American Homes, Series 2015-1A, Class A2,6, (1 mo. LIBOR US + 1.200%), 3.097%, 7/17/2032		1,027,050		1,027,048
Credit Acceptance Auto Loan Trust, Series 2017-1A, Class A2, 2.56%, 10/15/2025		1,320,000		1,311,881
Enterprise Fleet Financing LLC, Series 2015-2, Class A22, 1.59%, 2/22/2021		194,284		194,175
Enterprise Fleet Financing LLC, Series 2017-1, Class A22, 2.13%, 7/20/2022		660,498		656,974
Honda Auto Receivables Owner Trust, Series 2016-4, Class A2, 1.04%, 4/18/2019		591,894		590,950
Hyundai Auto Lease Securitization Trust, Series 2017-B, Class A32, 1.97%, 7/15/2020		3,400,000		3,369,982
Invitation Homes Trust, Series 2015-SFR3, Class A2,6, (1 mo. LIBOR US + 1.300%), 3.196%, 8/17/2032		1,970,376		1,974,756
Invitation Homes Trust, Series 2017-SFR2, Class A2,6, (1 mo. LIBOR US + 0.850%), 2.746%, 12/17/2036		537,533		538,372
Invitation Homes Trust, Series 2017-SFR2, Class B2,6, (1 mo. LIBOR US + 1.150%), 3.046%, 12/17/2036		400,000		401,182
SoFi Consumer Loan Program LLC, Series 2017-5, Class A12, 2.14%, 9/25/2026		1,177,917		1,169,870
SoFi Professional Loan Program LLC, Series 2017-A, Class A2A2, 1.55%, 3/26/2040		566,818		561,816
SoFi Professional Loan Program LLC, Series 2017-F, Class A1FX2, 2.05%, 1/25/2041		436,484		432,593
SoFi Professional Loan Program LLC, Series 2017-F, Class A2FX2, 2.84%, 1/25/2041		300,000		292,239
SoFi Professional Loan Program LLC, Series 2018-A, Class A2A2, 2.39%, 2/25/2042		931,239		924,912
Tax Ease Funding LLC, Series 2016-1A, Class A2, 3.131%, 6/15/2028		425,917		425,589
Tesla Auto Lease Trust, Series 2018-A, Class A2, 2.32%, 12/20/2019		1,194,808		1,189,848
Tricon American Homes Trust, Series 2016-SFR1, Class A2, 2.589%, 11/17/2033		1,189,045		1,152,261
Tricon American Homes Trust, Series 2017-SFR2, Class A2, 2.928%, 1/17/2036		1,250,000		1,205,964
TOTAL ASSET-BACKED SECURITIES
(Identified Cost $23,991,543)				23,795,592
COMMERCIAL MORTGAGE-BACKED SECURITIES - 8.0%
Americold LLC Trust, Series 2010-ARTA, Class A12, 3.847%, 1/14/2029		135,269		136,690
BWAY Mortgage Trust, Series 2015-1740, Class A2, 2.917%, 1/10/2035		2,809,000		2,677,132
Caesars Palace Las Vegas Trust, Series 2017-VICI, Class A2, 3.531%, 10/15/2034		1,850,000		1,857,099
Credit Suisse Mortgage Capital Trust, Series 2013-IVR3, Class A12,10, 2.50%, 5/25/2043		1,083,904		1,009,695

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

35

Investment Portfolio - April 30, 2018

(unaudited)

PRO-BLEND®MODERATE TERM SERIES	PRINCIPAL AMOUNT 4		VALUE (NOTE 2)
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Credit Suisse Mortgage Capital Trust, Series 2013-TH1, Class A12,10, 2.13%, 2/25/2043		784,479	$	724,468
FDIC Trust, Series 2011-R1, Class A2, 2.672%, 7/25/2026		217,335		216,602
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K009, Class X1 (IO)10, 1.29%, 8/25/2020		13,126,958		319,638
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K014, Class X1 (IO)10, 1.175%, 4/25/2021		8,251,419		241,791
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K016, Class X1 (IO)10, 1.517%, 10/25/2021		5,553,300		238,388
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K017, Class X1 (IO)10, 1.341%, 12/25/2021		8,282,381		327,646
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K021, Class X1 (IO)10, 1.458%, 6/25/2022		10,022,864		495,931
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K029, Class A210, 3.32%, 2/25/2023		2,431,000		2,456,004
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K030, Class X1 (IO)10, 0.203%, 4/25/2023		51,913,268		459,853
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K032, Class X1 (IO)10, 0.107%, 5/25/2023		39,113,384		210,633
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K033, Class A210, 3.06%, 7/25/2023		3,970,000		3,959,466
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K035, Class A210, 3.458%, 8/25/2023		3,613,000		3,662,383
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K706, Class X1 (IO)10, 1.547%, 10/25/2018		8,094,474		33,568
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KJ10, Class A2, 2.912%, 12/25/2023		3,060,000		3,019,843
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KJ13, Class A2, 2.864%, 8/25/2022		1,911,000		1,897,926
Freddie Mac REMICS, Series 4791, Class BA, 4.00%, 3/15/2044		1,777,000		1,812,478
FREMF Mortgage Trust, Series 2013-K28, Class X2A (IO)2, 0.10%, 6/25/2046		128,521,115		488,804
FREMF Mortgage Trust, Series 2013-K712, Class B2,10, 3.362%, 5/25/2045		742,000		744,351
FREMF Mortgage Trust, Series 2014-K37, Class B2,10, 4.558%, 1/25/2047		1,657,000		1,715,810
GAHR Commercial Mortgage Trust, Series 2015-NRF, Class BFX2,10, 3.382%, 12/15/2034		1,928,000		1,926,437
GAHR Commercial Mortgage Trust, Series 2015-NRF, Class DFX2,10, 3.382%, 12/15/2034		1,000,000		993,914
GS Mortgage Securities Trust, Series 2010-C2, Class A12, 3.849%, 12/10/2043		82,681		83,687
JP Morgan Mortgage Trust, Series 2013-1, Class 1A22,10, 3.00%, 3/25/2043		627,999		605,430
JP Morgan Mortgage Trust, Series 2013-2, Class A22,10, 3.50%, 5/25/2043		620,320		609,659
JP Morgan Mortgage Trust, Series 2014-2, Class 1A12,10, 3.00%, 6/25/2029		841,223		832,253
JP Morgan Mortgage Trust, Series 2017-6, Class A52,10, 3.50%, 12/25/2048		1,609,876		1,592,645
New Residential Mortgage Loan Trust, Series 2014-3A, Class AFX32,10, 3.75%, 11/25/2054		711,247		710,406
New Residential Mortgage Loan Trust, Series 2015-2A, Class A12,10, 3.75%, 8/25/2055		884,467		887,859
New Residential Mortgage Loan Trust, Series 2016-4A, Class A12,10, 3.75%, 11/25/2056		923,326		924,873
OBP Depositor LLC Trust, Series 2010-OBP, Class A2, 4.646%, 7/15/2045		115,000		118,209
SCG Trust, Series 2013-SRP1, Class AJ2,6, (1 mo. LIBOR US + 2.200%), 4.097%, 11/15/2026		2,976,000		2,969,755
Sequoia Mortgage Trust, Series 2013-2, Class A10, 1.874%, 2/25/2043		700,836		631,825

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

36

Investment Portfolio - April 30, 2018

(unaudited)

PRO-BLEND®MODERATE TERM SERIES		PRINCIPAL AMOUNT 4		VALUE (NOTE 2)
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Sequoia Mortgage Trust, Series 2013-7, Class A210, 3.00%, 6/25/2043			743,415	$	713,790
Sequoia Mortgage Trust, Series 2013-8, Class A110, 3.00%, 6/25/2043			877,143		844,098
Starwood Retail Property Trust, Series 2014-STAR, Class A2,6, (1 mo. LIBOR US + 1.220%), 3.117%, 11/15/2027			1,639,270		1,640,819
Towd Point Mortgage Trust, Series 2016-5, Class A12,10, 2.50%, 10/25/2056			1,628,929		1,595,815
Vornado DP LLC Trust, Series 2010-VNO, Class A2FX2, 4.004%, 9/13/2028			350,000		358,005
Wells Fargo Commercial Mortgage Trust, Series 2010-C1, Class A22, 4.393%, 11/15/2043			545,000		559,552
WinWater Mortgage Loan Trust, Series 2015-1, Class A12,10, 3.50%, 1/20/2045			924,088		909,365
WinWater Mortgage Loan Trust, Series 2015-3, Class A52,10, 3.50%, 3/20/2045			822,902		823,974
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(Identified Cost $49,557,843)					49,038,569
FOREIGN GOVERNMENT BONDS - 2.5%
Canada Housing Trust No. 1 (Canada)2, 4.10%, 12/15/2018	CAD		338,000		267,402
Canadian Government Bond (Canada), 2.75%, 6/1/2022	CAD		433,000		346,029
Export-Import Bank of Korea (South Korea), 2.625%, 12/30/2020			6,700,000		6,562,811
The Korea Development Bank (South Korea), 1.375%, 9/12/2019			400,000		389,922
Mexican Government Bond (Mexico), 8.00%, 6/11/2020	MXN		8,562,000		464,074
Mexican Government Bond (Mexico), 6.50%, 6/10/2021	MXN		3,460,000		180,516
Mexican Government Bond (Mexico), 6.50%, 6/9/2022	MXN		5,621,000		291,139
Mexican Government Bond (Mexico), 7.75%, 5/29/2031	MXN		1,081,000		58,602
Province of Ontario (Canada), 2.00%, 9/27/2018			1,470,000		1,467,884
Province of Ontario (Canada), 1.25%, 6/17/2019			1,297,000		1,278,131
Singapore Government Bond (Singapore), 2.50%, 6/1/2019	SGD		739,000		562,520
Svensk Exportkredit AB (Sweden), 1.125%, 8/28/2019			3,200,000		3,139,364
TOTAL FOREIGN GOVERNMENT BONDS
(Identified Cost $15,870,599)					15,008,394
U.S. GOVERNMENT AGENCIES - 7.1%
Mortgage-Backed Securities - 7.1%
Fannie Mae, Pool #888468, 5.50%, 9/1/2021			226,960		233,045
Fannie Mae, Pool #995233, 5.50%, 10/1/2021			15,035		15,340
Fannie Mae, Pool #888017, 6.00%, 11/1/2021			29,754		30,819
Fannie Mae, Pool #995329, 5.50%, 12/1/2021			182,046		186,708
Fannie Mae, Pool #888136, 6.00%, 12/1/2021			36,190		37,441
Fannie Mae, Pool #888810, 5.50%, 11/1/2022			272,132		279,269
Fannie Mae, Pool #AD0462, 5.50%, 10/1/2024			26,412		27,596
Fannie Mae, Pool #MA1834, 4.50%, 2/1/2034			726,225		760,065
Fannie Mae, Pool #MA1903, 4.50%, 5/1/2034			579,877		609,725
Fannie Mae, Pool #745418, 5.50%, 4/1/2036			553,770		606,229
Fannie Mae, Pool #AB8161, 6.00%, 12/1/2037			695,456		775,233
Fannie Mae, Pool #889576, 6.00%, 4/1/2038			464,816		518,075
Fannie Mae, Pool #995196, 6.00%, 7/1/2038			1,048,626		1,169,355
Fannie Mae, Pool #AD0207, 6.00%, 10/1/2038			155,652		173,354
Fannie Mae, Pool #AD0220, 6.00%, 10/1/2038			53,670		59,851
Fannie Mae, Pool #AD0527, 5.50%, 6/1/2039			136,732		148,978
Fannie Mae, Pool #MA0258, 4.50%, 12/1/2039			887,055		933,473
Fannie Mae, Pool #AL1595, 6.00%, 1/1/2040			687,871		763,538
Fannie Mae, Pool #AL0152, 6.00%, 6/1/2040			786,172		875,772
Fannie Mae, Pool #AL0241, 4.00%, 4/1/2041			1,008,464		1,034,844

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

37

Investment Portfolio - April 30, 2018

(unaudited)

PRO-BLEND®MODERATE TERM SERIES	PRINCIPAL AMOUNT 4		VALUE (NOTE 2)
U.S. GOVERNMENT AGENCIES (continued)
Mortgage-Backed Securities (continued)
Fannie Mae, Pool #AI5172, 4.00%, 8/1/2041		749,155	$	768,811
Fannie Mae, Pool #AL1410, 4.50%, 12/1/2041		1,702,443		1,789,850
Fannie Mae, Pool #AL7068, 4.50%, 9/1/2042		1,804,746		1,899,012
Fannie Mae, Pool #AL7729, 4.00%, 6/1/2043		894,849		918,274
Fannie Mae, Pool #AX5234, 4.50%, 11/1/2044		1,155,299		1,206,223
Fannie Mae, Pool #AZ9215, 4.00%, 10/1/2045		811,627		828,462
Fannie Mae, Pool #BC3490, 3.50%, 2/1/2046		2,321,498		2,308,153
Fannie Mae, Pool #BC6764, 3.50%, 4/1/2046		1,347,879		1,339,920
Fannie Mae, Pool #BD1381, 3.50%, 6/1/2046		818,895		814,063
Fannie Mae, Pool #MA2670, 3.00%, 7/1/2046		2,290,839		2,213,388
Fannie Mae, Pool #MA2705, 3.00%, 8/1/2046		1,779,116		1,718,971
Fannie Mae, Pool #BE7845, 4.50%, 2/1/2047		590,793		619,846
Fannie Mae, Pool #BD3546, 4.00%, 9/1/2047		409,500		417,964
Fannie Mae, Pool #AL8674, 5.651%, 1/1/2049		1,962,086		2,113,816
Freddie Mac, Pool #G11850, 5.50%, 7/1/2020		55,455		56,231
Freddie Mac, Pool #G12610, 6.00%, 3/1/2022		39,525		41,014
Freddie Mac, Pool #G12655, 6.00%, 5/1/2022		27,526		28,561
Freddie Mac, Pool #G12988, 6.00%, 1/1/2023		21,261		22,157
Freddie Mac, Pool #G13078, 6.00%, 3/1/2023		37,284		38,810
Freddie Mac, Pool #G13331, 5.50%, 10/1/2023		17,040		17,653
Freddie Mac, Pool #C91754, 4.50%, 3/1/2034		590,249		617,907
Freddie Mac, Pool #C91762, 4.50%, 5/1/2034		822,744		865,382
Freddie Mac, Pool #C91850, 4.00%, 9/1/2035		1,410,927		1,454,035
Freddie Mac, Pool #C91854, 4.00%, 10/1/2035		1,015,717		1,046,754
Freddie Mac, Pool #G03696, 5.50%, 1/1/2038		1,568		1,714
Freddie Mac, Pool #G03781, 6.00%, 1/1/2038		235,090		261,130
Freddie Mac, Pool #G03926, 6.00%, 2/1/2038		237,886		264,850
Freddie Mac, Pool #G04731, 5.50%, 4/1/2038		239,541		261,749
Freddie Mac, Pool #G08273, 5.50%, 6/1/2038		301,561		329,485
Freddie Mac, Pool #G05900, 6.00%, 3/1/2040		183,789		204,912
Freddie Mac, Pool #G05906, 6.00%, 4/1/2040		180,494		201,259
Freddie Mac, Pool #A92889, 4.50%, 7/1/2040		1,880,160		1,979,169
Freddie Mac, Pool #G60183, 4.00%, 12/1/2044		991,753		1,013,539
Freddie Mac, Pool #Q37592, 4.00%, 12/1/2045		1,905,439		1,947,293
Freddie Mac, Pool #Q42596, 3.50%, 8/1/2046		1,487,747		1,480,934
Freddie Mac, Pool #Q45199, 4.00%, 1/1/2047		808,082		826,848
Freddie Mac, Pool #Q45210, 4.00%, 1/1/2047		679,818		693,965
Freddie Mac, Pool #Q49109, 4.00%, 7/1/2047		591,926		603,913
Freddie Mac, Pool #Q50343, 4.00%, 8/1/2047		642,934		655,781
Ginnie Mae, Pool #263096, 9.50%, 3/15/2020		401		402
TOTAL U.S. GOVERNMENT AGENCIES
(Identified Cost $43,885,108)				43,110,910
U.S. GOVERNMENT SECURITIES - 1.5%
U.S. Treasury Bills - 1.5%
U.S. Treasury Bill11, 1.81%, 9/6/2018 (Identified Cost $9,165,960)		9,225,000		9,163,073

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

38

Investment Portfolio - April 30, 2018

(unaudited)

PRO-BLEND®MODERATE TERM SERIES	SHARES		VALUE   (NOTE 2)
SHORT-TERM INVESTMENT - 1.9%
Dreyfus Government Cash Management12, 1.60%, (Identified Cost $11,381,814)		11,381,814	$	11,381,814
TOTAL INVESTMENTS IN SECURITIES - 100.0%
(Identified Cost $593,220,819)				609,906,235
TOTAL OPTIONS
WRITTEN — 0.0%##
(Premiums Received $149,713)				(116,768	)
TOTAL INVESTMENTS - 100.0%				609,789,467
OTHER ASSETS, LESS LIABILITIES - 0.0%##				187,572
NET ASSETS - 100%			$	609,977,039

ADR - American Depositary Receipt

CAD - Canadian Dollar

ETF - Exchange-traded fund

IO - Interest only

MXN - Mexican Peso

No. - Number

SGD - Singapore Dollar

EXCHANGE-TRADED OPTIONS WRITTEN
DESCRIPTION	NUMBER   OF   CONTRACTS		EXPIRATION                    DATE		EXERCISE                PRICE		NOTIONAL                AMOUNT4   (000)		VALUE
Call
Regeneron Pharmaceuticals, Inc.		32		5/18/18	$	360.00		972	$	(1,568	)
Seattle Genetics, Inc.		210		5/18/18		55.00		1,075		(24,360	)
Zayo Group Holdings, Inc.		289		5/18/18		40.00		1,049		(2,890	)
										(28,818	)
Put
Skyworks Solutions, Inc.		136		5/11/18		85.00		1,180		(28,560	)
Booking Holdings, Inc.		5		5/18/18		1,990.00		1,089		(8,075	)
Electronic Arts, Inc.		104		5/18/18		110.00		1,227		(16,432	)
Qorvo, Inc.		183		5/18/18		62.50		1,233		(22,875	)
Texas Instruments, Inc.		124		5/18/18		92.00		1,258		(4,340	)
Alibaba Group Holding Ltd.		71		5/25/18		160.00		1,268		(7,668	)
										(87,950	)
TOTAL EXCHANGE-TRADED OPTIONS WRITTEN										$(116,768	)

*Non-income producing security.

## Less than 0.1%.

¹A factor from a third party vendor was applied to determine the security’s fair value following the close of local trading.

²Restricted securities - Investment in securities that are restricted as to public resale under the Securities Act of 1933, as amended. These securities have been sold under Rule 144A and have been determined to be liquid. These securities amount to $79,173,456, or 13.0% of the Series’ net assets as of April 30, 2018. (see Note 2 to the financial statements).

³A portion of this security is designated with the broker as collateral for options contracts written. As of April 30, 2018, the total value of such securities was $7,317,274.

⁴Amount is stated in USD unless otherwise noted.

⁵Step coupon rate security - Rate steps up/down by 25 basis points upon rating downgrade/upgrade by Moody’s and S&P rating agencies (Subject to a maximum of 100 basis points per agency, 200 basis points maximum).

⁶Floating rate security. Rate shown is the rate in effect as of April 30, 2018.

⁷Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of April 30, 2018.

⁸Restricted security - Investment in securities that are restricted as to public resale under the Securities Act of 1933, as amended. This security was acquired on November 3, 2017 at a cost of $198,960 ($99.48 per share). This security has been sold under Rule 144A and has been determined to be illiquid under guidelines established by the Board of Directors. This security amounts to $199,500, or less than 0.1% of the Series’ net assets as of April 30, 2018. (see Note 2 to the financial statements).

⁹Illiquid security - This security was acquired on November 3, 2017 at a cost of $198,500 ($99.25 per share). This security has been determined to be illiquid under guidelines established by the Board of Directors. This security amounts to $201,806, or less than 0.1% of the Series’ net assets as of April 30, 2018. (see Note 2 to the financial statements).

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

39

Investment Portfolio - April 30, 2018

(unaudited)

¹⁰Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of April 30, 2018.

¹¹Represents the annualized yield at time of purchase.

¹²Rate shown is the current yield as of April 30, 2018.

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

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

40

Statement of Assets and Liabilities - Pro-Blend^® Moderate Term Series

April 30, 2018 (unaudited)

ASSETS:
Investments in securities, at value (identified cost $593,220,819) (Note 2)	$	609,906,235
Foreign currency, at value (identified cost $304,176)		305,106
Interest receivable		2,672,301
Receivable for securities sold		476,521
Receivable for fund shares sold		342,356
Foreign tax reclaims receivable		317,798
Dividends receivable		246,744
Prepaid expenses		5,332
TOTAL ASSETS		614,272,393
LIABILITIES:
Accrued management fees (Note 3)		373,675
Accrued distribution and service (Rule 12b-1) fees (Class R) (Class R2) (Note 3)		96,785
Accrued shareholder services fees (Class S) (Note 3)		73,613
Accrued fund accounting and administration fees (Note 3)		61,171
Accrued Directors’ fees (Note 3)		2,034
Accrued Chief Compliance Officer service fees (Note 3)		361
Options written, at value (premiums received $149,713) (Note 2)		116,768
Payable for securities purchased		3,318,994
Payable for fund shares repurchased		135,855
Other payables and accrued expenses		116,098
TOTAL LIABILITIES		4,295,354
TOTAL NET ASSETS	$	609,977,039
NET ASSETS CONSIST OF:
Capital stock	$	522,480
Additional paid-in-capital		574,107,376
Undistributed net investment income		2,072,561
Accumulated net realized gain on investments, foreign currency and translation of other assets and liabilities		16,563,900
Net unrealized appreciation (depreciation) on investments, foreign currency and translation of other assets and liabilities		16,710,722
TOTAL NET ASSETS	$	609,977,039

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

41

Statement of Assets and Liabilities - Pro-Blend^® Moderate Term Series

April 30, 2018 (unaudited)

NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class S ($356,269,807/26,771,911 shares)	$	13.31
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class I ($127,026,713/12,873,260 shares)	$	9.87
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class R ($19,126,726/1,837,891 shares)	$	10.41
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class R2 ($107,553,793/10,764,970 shares)	$	9.99

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

42

Statement of Operations - Pro-Blend^® Moderate Term Series

For the Six Months Ended April 30, 2018 (unaudited)

INVESTMENT INCOME:
Interest	$	5,789,431
Dividends (net of foreign taxes withheld, $162,191)		1,444,549
Total Investment Income		7,233,980
EXPENSES:
Management fees (Note 3)		2,444,194
Distribution and service (Rule 12b-1) fees (Class R2) (Note 3)		556,097
Distribution and service (Rule 12b-1) fees (Class R) (Note 3)		52,188
Shareholder services fees (Class S) (Note 3)		485,457
Fund accounting and administration fees (Note 3)		80,455
Directors’ fees (Note 3)		25,826
Chief Compliance Officer service fees (Note 3)		2,069
Custodian fees		39,980
Miscellaneous		189,175
Total Expenses		3,875,441
Less reduction of expenses (Note 3)		(13,367	)
Net Expenses		3,862,074
NET INVESTMENT INCOME		3,371,906
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:
Net realized gain (loss) on- Investments in securities		16,513,986
Options written		612,008
Foreign currency and translation of other assets and liabilities		23,290
		17,149,284
Net change in unrealized appreciation (depreciation) on- Investments in securities		(24,102,754	)
Options written		(7,059	)
Foreign currency and translation of other assets and liabilities		11,576
		(24,098,237	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY		(6,948,953	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(3,577,047	)

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

43

Statements of Changes in Net Assets - Pro-Blend^® Moderate Term Series

	FOR THE SIX MONTHS ENDED 4/30/18 (UNAUDITED)			FOR THE YEAR ENDED 10/31/17
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income	$	3,371,906		$	8,370,337
Net realized gain (loss) on investments and foreign currency		17,149,284			51,009,452
Net realized gain (loss) from in-kind redemption transactions and foreign currency		—			7,226,146
Net change in unrealized appreciation (depreciation) on investments and foreign currency		(24,098,237	)		4,788,535
Net increase (decrease) from operations		(3,577,047	)		71,394,470
DISTRIBUTIONS TO SHAREHOLDERS (Note 8):
From net investment income (Class S)		(2,119,979	)		(3,749,931	)
From net investment income (Class I)		(1,161,107	)		(3,924,939	)
From net investment income (Class R)		(109,045	)		(214,584	)
From net investment income (Class R2)		(307,548	)		(398,551	)
From net realized gain on investments (Class S)		(20,866,149	)		(7,418,323	)
From net realized gain on investments (Class I)		(8,851,717	)		(5,643,924	)
From net realized gain on investments (Class R)		(1,359,118	)		(516,632	)
From net realized gain on investments (Class R2)		(7,417,898	)		(2,434,960	)
Total distributions to shareholders		(42,192,561	)		(24,301,844	)
CAPITAL STOCK ISSUED AND REPURCHASED:
Net decrease from capital share transactions (Note 5)		(50,770,978	)		(309,336,437	)
Net decrease in net assets		(96,540,586	)		(262,243,811	)
NET ASSETS:
Beginning of period		706,517,625			968,761,436
End of period (including undistributed net investment income of $2,072,561 and $2,398,334, respectively)	$	609,977,039		$	706,517,625

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

44

Financial Highlights - Pro-Blend^® Moderate Term Series - Class S

	FOR THE SIX MONTHS ENDED 4/30/18			FOR THE YEAR ENDED
	(UNAUDITED)			10/31/17			10/31/16			10/31/15			10/31/14			10/31/13
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period	$	14.17		$	13.37		$	13.15		$	14.53		$	14.52		$	13.28
Income (loss) from investment operations:
Net investment income1		0.08			0.13			0.13			0.15			0.16			0.14
Net realized and unrealized gain (loss) on investments		(0.16	)		0.97			0.23			(0.44	)		0.59			1.55
Total from investment operations		(0.08	)		1.10			0.36			(0.29	)		0.75			1.69
Less distributions to shareholders:
From net investment income		(0.07	)		(0.10	)		(0.10	)		(0.12	)		(0.12	)		(0.13	)
From net realized gain on investments		(0.71	)		(0.20	)		(0.04	)		(0.97	)		(0.62	)		(0.32	)
Total distributions to shareholders		(0.78	)		(0.30	)		(0.14	)		(1.09	)		(0.74	)		(0.45	)
Net asset value - End of period	$	13.31		$	14.17		$	13.37		$	13.15		$	14.53		$	14.52
Net assets - End of period (000’s omitted)	$	356,270		$	426,426		$	511,577		$	683,089		$	788,276		$	793,812
Total return2		(0.64	%)		8.46	%		2.77	%		(1.99	%)		5.47	%		13.07	%
Ratios (to average net assets)/Supplemental Data:
Expenses*		1.10	%3		1.08	%		1.07	%		1.06	%		1.06	%		1.06	%
Net investment income		1.12	%3		0.98	%		0.97	%		1.08	%		1.12	%		1.04	%
Series portfolio turnover		39	%		68	%		67	%		56	%		53	%		52	%
*For certain periods presented, the investment advisor did not impose all or a portion of its management and/or other fees, and in some periods may have paid a portion of the Series’ expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts:
		0.00	%3,4		N/A			N/A			N/A			N/A			N/A

¹Calculated based on average shares outstanding during the periods.

²Represents 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.

³Annualized.

⁴Less than 0.01%.

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

45

Financial Highlights - Pro-Blend^® Moderate Term Series - Class I

	FOR THE SIX MONTHS ENDED 4/30/18			FOR THE YEAR ENDED
	(UNAUDITED)			10/31/17			10/31/16			10/31/15			10/31/14			10/31/13
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period	$	10.72		$	10.20		$	10.07		$	11.40		$	11.56		$	10.67
Income (loss) from investment operations:
Net investment income1		0.07			0.13			0.12			0.14			0.16			0.14
Net realized and unrealized gain (loss) on investments		(0.12	)		0.73			0.18			(0.35	)		0.46			1.23
Total from investment operations		(0.05	)		0.86			0.30			(0.21	)		0.62			1.37
Less distributions to shareholders:
From net investment income		(0.09	)		(0.14	)		(0.13	)		(0.15	)		(0.16	)		(0.16	)
From net realized gain on investments		(0.71	)		(0.20	)		(0.04	)		(0.97	)		(0.62	)		(0.32	)
Total distributions to shareholders		(0.80	)		(0.34	)		(0.17	)		(1.12	)		(0.78	)		(0.48	)
Net asset value - End of period	$	9.87		$	10.72		$	10.20		$	10.07		$	11.40		$	11.56
Net assets - End of period (000’s omitted)	$	127,027		$	140,706		$	299,009		$	740,524		$	719,847		$	614,016
Total return2		(0.55	%)		8.72	%		3.08	%		(1.76	%)		5.73	%		13.34	%
Ratios (to average net assets)/Supplemental Data:
Expenses*		0.85	%3		0.83	%		0.82	%		0.81	%		0.81	%		0.81	%
Net investment income		1.37	%3		1.24	%		1.24	%		1.33	%		1.37	%		1.28	%
Series portfolio turnover		39	%		68	%		67	%		56	%		53	%		52	%
*For certain periods presented, the investment advisor did not impose all or a portion of its management and/or other fees, and in some periods may have paid a portion of the Series’ expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts:
		0.00	%3,4		N/A			N/A			N/A			N/A			N/A

¹Calculated based on average shares outstanding during the periods.

²Represents 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.

³Annualized.

⁴Less than 0.01%.

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

46

Financial Highlights - Pro-Blend^® Moderate Term Series - Class R

	FOR THE SIX MONTHS ENDED 4/30/18			FOR THE YEAR ENDED
	(UNAUDITED)			10/31/17			10/31/16			10/31/15			10/31/14			10/31/13
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period	$	11.25		$	10.68		$	10.53		$	11.87		$	12.00		$	11.06
Income (loss) from investment operations:
Net investment income1		0.05			0.08			0.07			0.09			0.10			0.09
Net realized and unrealized gain (loss) on investments		(0.12	)		0.77			0.20			(0.36	)		0.49			1.28
Total from investment operations		(0.07	)		0.85			0.27			(0.27	)		0.59			1.37
Less distributions to shareholders:
From net investment income		(0.06	)		(0.08	)		(0.08	)		(0.10	)		(0.10	)		(0.11	)
From net realized gain on investments		(0.71	)		(0.20	)		(0.04	)		(0.97	)		(0.62	)		(0.32	)
Total distributions to shareholders		(0.77	)		(0.28	)		(0.12	)		(1.07	)		(0.72	)		(0.43	)
Net asset value - End of period	$	10.41		$	11.25		$	10.68		$	10.53		$	11.87		$	12.00
Net assets - End of period (000’s omitted)	$	19,127		$	22,662		$	29,499		$	39,917		$	47,180		$	50,280
Total return2		(0.76	%)		8.21	%		2.55	%		(2.30	%)		5.24	%		12.77	%
Ratios (to average net assets)/Supplemental Data:
Expenses*		1.35	%3		1.33	%		1.32	%		1.31	%		1.31	%		1.31	%
Net investment income		0.87	%3		0.73	%		0.72	%		0.83	%		0.87	%		0.80	%
Series portfolio turnover		39	%		68	%		67	%		56	%		53	%		52	%
*For certain periods presented, the investment advisor did not impose all or a portion of its management and/or other fees, and in some periods may have paid a portion of the Series’ expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts:
		0.00	%3,4		N/A			N/A			N/A			N/A			N/A

¹Calculated based on average shares outstanding during the periods.

²Represents 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.

³Annualized.

⁴Less than 0.01%.

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

47

Financial Highlights - Pro-Blend^® Moderate Term Series - Class R2*

	FOR THE SIX MONTHS ENDED 4/30/18			FOR THE YEAR ENDED
	(UNAUDITED)			10/31/17			10/31/16			10/31/15			10/31/14			10/31/13
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period	$	10.83		$	10.29		$	10.16		$	11.49		$	11.65		$	10.75
Income (loss) from investment operations:
Net investment income1		0.02			0.02			0.02			0.03			0.04			0.03
Net realized and unrealized gain (loss) on investments		(0.12	)		0.75			0.18			(0.35	)		0.47			1.25
Total from investment operations		(0.10	)		0.77			0.20			(0.32	)		0.51			1.28
Less distributions to shareholders:
From net investment income		(0.03	)		(0.03	)		(0.03	)		(0.04	)		(0.05	)		(0.06	)
From net realized gain on investments		(0.71	)		(0.20	)		(0.04	)		(0.97	)		(0.62	)		(0.32	)
Total distributions to shareholders		(0.74	)		(0.23	)		(0.07	)		(1.01	)		(0.67	)		(0.38	)
Net asset value - End of period	$	9.99		$	10.83		$	10.29		$	10.16		$	11.49		$	11.65
Net assets - End of period (000’s omitted)	$	107,554		$	116,724		$	128,677		$	148,143		$	150,654		$	112,601
Total return2		(1.05	%)		7.71	%		1.98	%		(2.77	%)		4.69	%		12.27	%
Ratios (to average net assets)/Supplemental Data:
Expenses**		1.85	%3		1.83	%		1.82	%		1.81	%		1.81	%		1.81	%
Net investment income		0.37	%3		0.23	%		0.22	%		0.33	%		0.37	%		0.29	%
Series portfolio turnover		39	%		68	%		67	%		56	%		53	%		52	%
*Effective March 1, 2017, Class C shares of the Series have been redesignated as Class R2 Shares.
**For certain periods presented, the investment advisor did not impose all or a portion of its management and/or other fees, and in some periods may have paid a portion of the Series’ expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts:
		0.00	%3,4		N/A			N/A			N/A			N/A			N/A

¹Calculated based on average shares outstanding during the periods.

²Represents 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.

³Annualized.

⁴Less than 0.01%.

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

48

Shareholder Expense Example - Pro-Blend^® Extended Term Series

(unaudited)

As a shareholder of the Series, you incur ongoing costs, including management fees, shareholder service fees and other Series expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Series and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested in each class at the beginning of the period and held for the entire period (November 1, 2017 to April 30, 2018).

Actual Expenses

The Actual lines of the table below provide information about actual account values and actual expenses. You may use the information in these lines, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the Actual line for the Class in which you have invested under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The Hypothetical lines of each class in the table below provide information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid during the period. You may use this information to compare the ongoing costs of investing in a class of the Series and other funds. To do so, compare this 5% hypothetical example for the Class in which you have invested with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs such as sales charges (loads), redemption fees, or exchange fees that you may incur in other mutual funds. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

	BEGINNING  ACCOUNT VALUE                 11/1/17	ENDING  ACCOUNT VALUE                 4/30/18	EXPENSES PAID  DURING PERIOD                 11/1/17-4/30/18*	ANNUALIZED  EXPENSE RATIO
Class S
Actual	$1,000.00	$   998.40	$5.45	1.10%
Hypothetical
(5% return before expenses)	$1,000.00	$1,019.34	$5.51	1.10%
Class I
Actual	$1,000.00	$   999.80	$4.21	0.85%
Hypothetical
(5% return before expenses)	$1,000.00	$1,020.58	$4.26	0.85%
Class R
Actual	$1,000.00	$   997.30	$6.69	1.35%
Hypothetical
(5% return before expenses)	$1,000.00	$1,018.10	$6.76	1.35%
Class R2
Actual	$1,000.00	$   994.60	$9.15	1.85%
Hypothetical
(5% return before expenses)	$1,000.00	$1,015.62	$9.25	1.85%

*Expenses are equal to the Class’ annualized expense ratio (for the six-month period), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The Class’ total return would have been lower had certain expenses not been waived during the period.

49

Portfolio Composition - Pro-Blend^® Extended Term Series

As of April 30, 2018 (unaudited)

Sector Allocation4
Information Technology	14.5%
Health Care	12.3%
Financials	8.4%
Consumer Discretionary	6.0%
Energy	5.5%
Consumer Staples	4.9%
Real Estate	3.9%
Industrials	3.7%
Materials	3.6%
Telecommunication Services	1.9%
Utilities	0.2%
4Including common stocks and corporate bonds, as a percentage of total investments.

Top Ten Stock Holdings5
Qorvo, Inc.	1.9	%
Incyte Corp.	1.8	%
Booking Holdings, Inc.	1.8	%
Facebook, Inc. - Class A	1.6	%
Anheuser-Busch InBev S.A./N.V. (Belgium)	1.4	%
Microsoft Corp.	1.3	%
Medtronic plc	1.3	%
Regeneron Pharmaceuticals, Inc.	1.3	%
Novartis AG - ADR (Switzerland)	1.3	%
Diageo plc (United Kingdom)	1.3	%
5As a percentage of total investments.

50

Investment Portfolio - April 30, 2018

(unaudited)

PRO-BLEND® EXTENDED TERM SERIES	SHARES		VALUE (NOTE 2)
COMMON STOCKS - 50.3%
Consumer Discretionary - 4.5%
Automobiles - 0.0%##
Suzuki Motor Corp. (Japan)1		3,700	$	198,867
Diversified Consumer Services - 0.0%##
Fu Shou Yuan International Group Ltd. (China)1		203,000		193,641
Hotels, Restaurants & Leisure - 0.1%
Accor S.A. (France)1		3,115		176,066
CVC Brasil Operadora e Agencia de Viagens S.A. (Brazil)		8,400		138,737
				314,803
Household Durables - 0.0%##
Kaufman & Broad S.A. (France)1		4,298		226,427
Internet & Direct Marketing Retail - 2.1%
Amazon.com, Inc.*		1,020		1,597,452
Booking Holdings, Inc.*		5,070		11,042,460
				12,639,912
Leisure Products - 0.1%
Trigano S.A. (France)1		1,455		274,189
Yamaha Corp. (Japan)1		2,800		135,108
				409,297
Media - 0.5%
Quebecor, Inc. - Class B (Canada)		85,955		1,602,681
Shaw Communications, Inc. - Class B (Canada)		78,095		1,605,146
				3,207,827
Multiline Retail - 0.0%##
Lojas Renner S.A. (Brazil)		14,285		132,525
Specialty Retail - 0.8%
Fnac Darty S.A. (France)*1		1,925		206,546
Industria de Diseno Textil S.A. (Spain)1		141,655		4,391,044
Maisons du Monde S.A. (France)1,2		3,475		141,204
				4,738,794
Textiles, Apparel & Luxury Goods - 0.9%
ANTA Sports Products Ltd. (China)1		36,000		205,423
lululemon athletica, Inc.*		51,689		5,158,562
				5,363,985
Total Consumer Discretionary				27,426,078
Consumer Staples - 4.9%
Beverages - 3.9%
Ambev S.A. - ADR (Brazil)		1,078,266		7,138,121
Anheuser-Busch InBev S.A./N.V. (Belgium)1		85,416		8,484,671
Diageo plc (United Kingdom)1		214,315		7,645,670
Treasury Wine Estates Ltd. (Australia)1		14,969		213,812
				23,482,274
Food & Staples Retailing - 0.1%
Matsumotokiyoshi Holdings Co. Ltd. (Japan)1		3,000		133,639
Raia Drogasil S.A. (Brazil)		8,355		163,895
				297,534
Food Products - 0.1%
Danone S.A. (France)1		2,988		242,045
Kerry Group plc - Class A (Ireland)1		2,760		280,636
Nestle S.A. (Switzerland)1		3,531		273,547
				796,228
Personal Products - 0.8%
Beiersdorf AG (Germany)1		1,550		175,364
Unilever plc - ADR (United Kingdom)		86,225		4,826,013
				5,001,377
Tobacco - 0.0%##
British American Tobacco plc - ADR (United Kingdom)		3,015		164,679
Total Consumer Staples				29,742,092
Energy - 2.4%
Energy Equipment & Services - 2.1%
Diamond Offshore Drilling, Inc.*		108,330		1,992,189
Ensco plc - Class A		150,630		851,060
Schlumberger Ltd.		96,563		6,620,359
Transocean Ltd.*		271,290		3,355,857
				12,819,465
Oil, Gas & Consumable Fuels - 0.3%
Cameco Corp. (Canada)		9,821		103,415
China Petroleum & Chemical Corp. - Class H (China)1		146,000		142,184
Eni SpA (Italy)1		7,105		138,891
Galp Energia SGPS S.A. (Portugal)1		14,185		272,253
Repsol S.A. (Spain)1		10,830		206,666
Royal Dutch Shell plc - Class B - ADR (Netherlands)		3,910		283,162
SK Innovation Co. Ltd. (South Korea)1		790		144,765
Suncor Energy, Inc. (Canada)		3,645		139,390
TOTAL S.A. (France)1		3,425		215,267

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

51

Investment Portfolio - April 30, 2018

(unaudited)

PRO-BLEND® EXTENDED TERM SERIES	SHARES		VALUE (NOTE 2)
COMMON STOCKS (continued)
Energy (continued)
Oil, Gas & Consumable Fuels (continued)
Transportadora de Gas del Sur S.A. - Class B - ADR (Argentina)*		7,035	$	134,087
Vermilion Energy, Inc. (Canada)		3,990		134,870
YPF S.A. - ADR (Argentina)		5,895		129,041
				2,043,991
Total Energy				14,863,456
Financials - 3.5%
Banks - 0.5%
Banco Comercial Portugues S.A. (Portugal)*1		374,975		125,524
Bankia S.A. (Spain)1		33,663		147,700
BPER Banca (Italy)1		27,415		158,253
CaixaBank S.A. (Spain)1		61,520		299,164
Credit Agricole S.A. (France)1		16,160		266,112
Erste Group Bank AG (Austria)1		4,160		203,431
Eurobank Ergasias S.A. (Greece)*1		176,155		222,344
FinecoBank Banca Fineco S.p.A. (Italy)1		37,850		450,709
Grupo Financiero Galicia S.A. - ADR (Argentina)		2,165		138,386
Grupo Supervielle S.A. - ADR (Argentina)		4,370		122,097
Itau Unibanco Holding S.A. (Brazil)		13,300		193,130
Jyske Bank A/S (Denmark)1		2,685		160,777
KBC Group N.V. (Belgium)1		3,045		264,732
Sydbank A/S (Denmark)1		3,890		143,806
				2,896,165
Capital Markets - 3.0%
Amundi S.A. (France)1,2		4,165		354,211
Banca Generali S.p.A. (Italy)1		6,850		222,208
BlackRock, Inc.		11,755		6,130,232
Bolsas y Mercados Argentinos S.A. (Argentina)		13,625		249,720
The Charles Schwab Corp.		115,545		6,433,546
E*TRADE Financial Corp.*		58,480		3,548,567
Euronext N.V. (Netherlands)1,2		5,210		373,474
Julius Baer Group Ltd. (Switzerland)1		7,760		460,543
Natixis S.A. (France)1		31,170		255,997
				18,028,498
Thrifts & Mortgage Finance - 0.0%##
Aareal Bank AG (Germany)1		5,820		291,110
Total Financials				21,215,773
Health Care - 11.7%
Biotechnology - 6.1%
Biogen, Inc.*		14,890		4,073,904
BioMarin Pharmaceutical, Inc.*		73,850		6,167,214
Incyte Corp.*		179,866		11,140,900
Regeneron Pharmaceuticals, Inc.*		25,865		7,854,683
Seattle Genetics, Inc.*		113,960		5,833,612
Vertex Pharmaceuticals, Inc.*		14,320		2,193,251
				37,263,564
Health Care Equipment & Supplies - 1.3%
Medtronic plc		99,045		7,936,476
Health Care Providers & Services - 0.9%
DaVita, Inc.*		76,650		4,812,854
Fleury S.A. (Brazil)		23,760		177,088
Fresenius Medical Care AG & Co. KGaA (Germany)1		1,160		117,706
Orpea (France)1		1,705		218,489
				5,326,137
Life Sciences Tools & Services - 0.1%
QIAGEN N.V.*		4,457		145,788
QIAGEN N.V.*1		5,709		186,749
Tecan Group AG (Switzerland)1		725		159,410
				491,947
Pharmaceuticals - 3.3%
Bristol-Myers Squibb Co.		56,122		2,925,640
Johnson & Johnson3		46,620		5,896,964
Merck & Co., Inc.		58,645		3,452,431
Novartis AG - ADR (Switzerland)		102,290		7,844,620
Perrigo Co. plc		3,320		259,425
				20,379,080
Total Health Care				71,397,204
Industrials - 3.0%
Aerospace & Defense - 0.0%##
BAE Systems plc (United Kingdom)1		11,225		94,181
Air Freight & Logistics - 0.8%
FedEx Corp.		18,860		4,662,192
Airlines - 0.0%##
Azul S.A. - ADR (Brazil)*		5,955		184,605
Ryanair Holdings plc - ADR (Ireland)*		731		80,388
				264,993
Building Products - 0.1%
Cie de Saint-Gobain (France)1		6,465		338,255
Daikin Industries Ltd. (Japan)1		1,700		198,587

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

52

Investment Portfolio - April 30, 2018

(unaudited)

PRO-BLEND® EXTENDED TERM SERIES	SHARES		VALUE (NOTE 2)
COMMON STOCKS (continued)
Industrials (continued)
Building Products (continued)
Geberit AG (Switzerland)1		505	$	215,500
				752,342
Commercial Services & Supplies - 0.1%
China Everbright International Ltd. (China)1		202,000		283,336
Elis S.A. (France)1		8,955		214,170
SPIE S.A. (France)1		12,710		287,589
				785,095
Construction & Engineering - 0.2%
Eiffage S.A. (France)1		2,480		295,198
FLSmidth & Co. A/S (Denmark)1		1,450		89,563
Vinci S.A. (France)1		6,105		610,400
				995,161
Electrical Equipment - 0.0%##
Legrand S.A. (France)1		3,235		251,725
Industrial Conglomerates - 0.1%
Siemens AG (Germany)1		4,225		536,553
Machinery - 0.3%
FANUC Corp. (Japan)1		570		122,100
Hyundai Heavy Industries Co. Ltd. (South Korea)*1		610		67,528
Hyundai Mipo Dockyard Co. Ltd. (South Korea)*1		790		65,606
Jungheinrich AG (Germany)1		7,270		306,590
KION Group AG (Germany)1		3,970		330,918
Metso OYJ (Finland)1		9,260		329,103
Samsung Heavy Industries Co. Ltd. (South Korea)*1		9,520		65,076
The Weir Group plc (United Kingdom)1		15,930		466,144
				1,753,065
Professional Services - 0.7%
Equifax, Inc.		34,890		3,909,424
Randstad Holding N.V. (Netherlands)1		5,045		324,713
				4,234,137
Road & Rail - 0.5%
Genesee & Wyoming, Inc. - Class A*		39,980		2,846,576
Trading Companies & Distributors - 0.1%
Ashtead Group plc (United Kingdom)1		9,275		257,594
Brenntag AG (Germany)1		2,952		169,067
Howden Joinery Group plc (United Kingdom)1		14,390		94,183
Kanamoto Co. Ltd. (Japan)1		4,000		136,681
				657,525
Transportation Infrastructure - 0.1%
Aena SME S.A. (Spain)1,2		2,465		508,106
Grupo Aeroportuario del Centro Norte S.A.B. de C.V. (Mexico)		14,100		74,375
Grupo Aeroportuario del Pacifico S.A.B. de C.V. - ADR (Mexico)		715		74,481
				656,962
Total Industrials				18,490,507
Information Technology - 13.4%
Electronic Equipment, Instruments & Components - 0.3%
Halma plc (United Kingdom)1		11,950		200,510
Hexagon A.B. - Class B (Sweden)1		3,445		198,911
Hitachi Ltd. (Japan)1		49,000		357,629
Hollysys Automation Technologies Ltd. (China)		6,695		147,692
Keyence Corp. (Japan)1		1,018		620,756
				1,525,498
Internet Software & Services - 4.1%
Alibaba Group Holding Ltd. - ADR (China)*		29,870		5,332,990
Alphabet, Inc. - Class A*3		3,110		3,167,784
Alphabet, Inc. - Class C*		3,140		3,194,416
Facebook, Inc. - Class A*		56,090		9,647,480
NetEase, Inc. - ADR (China)		460		118,252
Tencent Holdings Ltd. - Class H (China)1		78,455		3,857,078
				25,318,000
IT Services - 2.6%
Amdocs Ltd.		4,835		325,154
InterXion Holding N.V. (Netherlands)*		5,265		342,330
Luxoft Holding, Inc.*		1,095		44,183
Mastercard, Inc. - Class A		42,150		7,514,080
Pagseguro Digital Ltd. - Class A (Brazil)*		1,830		60,811
Sopra Steria Group (France)1		1,670		356,474
Visa, Inc. - Class A3		56,690		7,192,827
				15,835,859
Semiconductors & Semiconductor Equipment - 3.2%
Qorvo, Inc.*		174,490		11,760,626

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

53

Investment Portfolio - April 30, 2018

(unaudited)

PRO-BLEND® EXTENDED TERM SERIES	SHARES		VALUE (NOTE 2)
COMMON STOCKS (continued)
Information Technology (continued)
Semiconductors & Semiconductor Equipment (continued)
Skyworks Solutions, Inc.		57,645	$	5,001,280
Texas Instruments, Inc.		28,520		2,892,784
				19,654,690
Software - 3.2%
Atlassian Corp. plc - Class A*		1,662		93,039
Dassault Systemes S.E. (France)1		1,525		197,624
Electronic Arts, Inc.*		33,833		3,991,618
Microsoft Corp.		87,840		8,214,797
Nexon Co. Ltd. (Japan)*1		16,200		235,733
ServiceNow, Inc.*		39,120		6,499,397
Sophos Group plc (United Kingdom)1,2		31,525		215,261
Temenos Group AG (Switzerland)1		1,145		144,073
				19,591,542
Total Information Technology				81,925,589
Materials - 2.6%
Chemicals - 0.1%
Akzo Nobel N.V. (Netherlands)1		2,965		268,505
Croda International plc (United Kingdom)1		4,154		254,113
Mexichem S.A.B. de C.V. (Mexico)		29,600		92,509
Solvay S.A. (Belgium)1		1,925		267,710
				882,837
Construction Materials - 0.1%
Loma Negra Cia Industrial Argentina S.A. - ADR (Argentina)*		6,350		131,699
Wienerberger AG (Austria)1		11,295		284,610
				416,309
Containers & Packaging - 1.7%
Ball Corp.		165,745		6,644,717
Sealed Air Corp.		87,650		3,843,452
				10,488,169
Metals & Mining - 0.7%
Antofagasta plc (Chile)1		149,505		1,997,538
First Quantum Minerals Ltd. (Zambia)		3,250		46,828
Grupo Mexico S.A.B. de C.V. - Series B (Mexico)		94,770		313,771
Lundin Mining Corp. (Canada)		282,255		1,868,584
				4,226,721
Total Materials				16,014,036
Real Estate - 3.4%
Equity Real Estate Investment Trusts (REITS) - 3.3%
Acadia Realty Trust		3,050		71,980
Agree Realty Corp.		1,815		88,717
Alexandria Real Estate Equities, Inc.		970		120,833
American Campus Communities, Inc.		3,900		152,529
American Homes 4 Rent - Class A		12,595		254,419
American Tower Corp.		11,450		1,561,322
Americold Realty Trust		3,395		69,971
Apartment Investment & Management Co. - Class A		4,570		185,542
Apple Hospitality REIT, Inc.		6,185		111,268
AvalonBay Communities, Inc.		2,960		482,480
Axiare Patrimonio SOCIMI S.A. (Spain)1		2,930		62,113
Bluerock Residential Growth REIT, Inc.		7,865		70,706
Boston Properties, Inc.		2,530		307,167
Brandywine Realty Trust		10,065		162,147
CatchMark Timber Trust, Inc. - Class A		19,425		253,302
Chesapeake Lodging Trust		3,190		94,233
Colony NorthStar, Inc. - Class A		14,480		88,473
Columbia Property Trust, Inc.		3,805		81,275
Community Healthcare Trust, Inc.		7,305		186,278
CoreCivic, Inc.		10,950		220,752
Cousins Properties, Inc.		36,465		324,174
Crown Castle International Corp.		1,745		176,018
CubeSmart		4,910		144,551
Digital Realty Trust, Inc.		3,585		378,899
EastGroup Properties, Inc.		610		54,766
Equinix, Inc.		1,665		700,615
Equity LifeStyle Properties, Inc.		1,840		164,054
Equity Residential		3,865		238,509
Essex Property Trust, Inc.		635		152,203
Extra Space Storage, Inc.		2,625		235,174
First Industrial Realty Trust, Inc.		7,475		232,547
Forest City Realty Trust, Inc. - Class A		5,840		117,150
Getty Realty Corp.		3,835		96,067
GGP, Inc.		6,190		123,738
Global Medical REIT, Inc.		8,500		66,215
HCP, Inc.		10,220		238,739
Healthcare Trust of America, Inc. - Class A		5,355		133,821
Hibernia REIT plc (Ireland)1		69,120		123,868
Host Hotels & Resorts, Inc.		12,685		248,119
Independence Realty Trust, Inc.		12,755		119,897

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

54

Investment Portfolio - April 30, 2018

(unaudited)

PRO-BLEND® EXTENDED TERM SERIES	SHARES/ PRINCIPAL AMOUNT 4		VALUE (NOTE 2)
COMMON STOCKS (continued)
Real Estate (continued)
Equity Real Estate Investment Trusts (REITS) (continued)
Invitation Homes, Inc.		10,973	$	253,915
Lamar Advertising Co. - Class A		1,530		97,476
Life Storage, Inc.		780		68,983
The Macerich Co.		1,530		88,159
Mid-America Apartment Communities, Inc.		3,055		279,410
National Retail Properties, Inc.		2,330		88,633
Outfront Media, Inc.		4,185		78,469
Physicians Realty Trust		14,240		212,746
Plymouth Industrial REIT, Inc.		1,930		33,196
Prologis, Inc.		8,950		580,944
Public Storage		1,570		316,795
Regency Centers Corp.		2,313		136,120
Rexford Industrial Realty, Inc.		2,295		70,112
SBA Communications Corp.*		10,160		1,627,937
Simon Property Group, Inc.		4,140		647,248
STAG Industrial, Inc.		7,610		186,978
STORE Capital Corp.		3,775		95,243
Sun Communities, Inc.		2,440		228,994
Sunstone Hotel Investors, Inc.		9,825		153,270
Terreno Realty Corp.		1,885		70,028
UDR, Inc.		7,755		280,343
UMH Properties, Inc.		6,645		89,907
Unibail-Rodamco S.E. (France)1		1,370		328,895
Urban Edge Properties		10,675		219,585
Ventas, Inc.		2,180		112,096
VEREIT, Inc.		14,330		97,444
Vornado Realty Trust		4,585		311,918
Welltower, Inc.		2,635		140,814
Weyerhaeuser Co.		125,465		4,614,603
				20,204,892
Real Estate Management & Development - 0.1%
Nexity S.A. (France)1		4,215		263,565
Total Real Estate				20,468,457
Telecommunication Services - 0.8%
Diversified Telecommunication Services - 0.8%
Iliad S.A. (France)1		860		172,260
Zayo Group Holdings, Inc.*		124,740		4,528,063
Total Telecommunication Services				4,700,323
Utilities - 0.1%
Electric Utilities - 0.0%##
Pampa Energia S.A. - ADR (Argentina)*		2,190		124,917
Independent Power and Renewable Electricity Producers - 0.1%
China Longyuan Power Group Corp. Ltd. - Class H (China)1		322,000		316,275
Huaneng Renewables Corp. Ltd. - Class H (China)1		700,000		310,872
				627,147
Total Utilities				752,064
TOTAL COMMON STOCKS (Identified Cost $274,019,868)				306,995,579
CORPORATE BONDS - 14.5%
Non-Convertible Corporate Bonds - 14.5%
Consumer Discretionary - 1.5%
Auto Components - 0.0%##
Techniplas LLC2, 10.00%, 5/1/2020		205,000		180,912
Household Durables - 0.2%
Century Communities, Inc., 5.875%, 7/15/2025		340,000		323,425
Meritage Homes Corp., 5.125%, 6/6/2027		230,000		218,212
TRI Pointe Group, Inc. - TRI Pointe Homes, Inc., 4.375%, 6/15/2019		170,000		170,212
TRI Pointe Group, Inc. - TRI Pointe Homes, Inc., 5.875%, 6/15/2024		147,000		149,021
Weekley Homes LLC - Weekley Finance Corp., 6.00%, 2/1/2023		155,000		153,062
Weekley Homes LLC - Weekley Finance Corp.2, 6.625%, 8/15/2025		250,000		242,500
				1,256,432
Internet & Direct Marketing Retail - 0.6%
Booking Holdings, Inc., 3.60%, 6/1/2026		3,700,000		3,586,672
Media - 0.7%
CCO Holdings LLC - CCO Holdings Capital Corp.2, 5.50%, 5/1/2026		135,000		131,451
Cequel Communications Holdings I LLC - Cequel Capital Corp.2, 7.50%, 4/1/2028		200,000		202,750
Cogeco Communications, Inc. (Canada)2, 4.875%, 5/1/2020		95,000		95,475
CSC Holdings, LLC, 5.25%, 6/1/2024		339,000		317,601
Discovery Communications LLC, 5.20%, 9/20/2047		2,480,000		2,425,628

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

55

Investment Portfolio - April 30, 2018

(unaudited)

PRO-BLEND® EXTENDED TERM SERIES	PRINCIPAL AMOUNT 4		VALUE (NOTE 2)
CORPORATE BONDS (continued)
Non-Convertible Corporate Bonds (continued)
Consumer Discretionary (continued)
Media (continued)
Telenet Finance Luxembourg Notes S.A.R.L (Belgium)2, 5.50%, 3/1/2028		400,000	$	382,000
UPCB Finance IV Ltd. (Netherlands)2, 5.375%, 1/15/2025		320,000		312,800
				3,867,705
Textiles, Apparel & Luxury Goods - 0.0%##
Hanesbrands, Inc.2, 4.875%, 5/15/2026		170,000		163,200
Total Consumer Discretionary				9,054,921
Consumer Staples - 0.1%
Food & Staples Retailing - 0.1%
C&S Group Enterprises LLC2, 5.375%, 7/15/2022		366,000		344,041
Household Products - 0.0%##
First Quality Finance Co., Inc.2, 5.00%, 7/1/2025		85,000		81,387
Total Consumer Staples				425,428
Energy - 3.1%
Energy Equipment & Services - 0.1%
Shelf Drilling Holdings Ltd. (United Arab Emirates)2, 8.25%, 2/15/2025		170,000		172,550
Trinidad Drilling Ltd. (Canada)2, 6.625%, 2/15/2025		264,000		253,110
				425,660
Oil, Gas & Consumable Fuels - 3.0%
Boardwalk Pipelines LP, 5.95%, 6/1/2026		3,350,000		3,573,575
Cheniere Energy Partners LP2, 5.25%, 10/1/2025		240,000		234,600
DCP Midstream Operating LP2, 9.75%, 3/15/2019		95,000		99,988
Dynagas LNG Partners LP - Dynagas Finance, Inc. (Monaco), 6.25%, 10/30/2019		272,000		275,400
GasLog Ltd. (Monaco), 8.875%, 3/22/2022		257,000		272,420
Hilcorp Energy I LP - Hilcorp Finance Co.2, 5.75%, 10/1/2025		245,000		242,550
Jonah Energy LLC - Jonah Energy Finance Corp.2, 7.25%, 10/15/2025		340,000		272,000
Kinder Morgan Energy Partners LP, 6.95%, 1/15/2038		3,010,000		3,572,258
Petroleos Mexicanos (Mexico)2, 6.35%, 2/12/2048		3,740,000		3,429,580
Rockies Express Pipeline, LLC2, 5.625%, 4/15/2020		135,000		139,767
Sabine Pass Liquefaction LLC, 5.875%, 6/30/2026		3,330,000		3,616,411
SemGroup Corp., 6.375%, 3/15/2025		300,000		285,750
Seven Generations Energy Ltd. (Canada)2, 5.375%, 9/30/2025		166,000		161,435
Southwestern Energy Co.5, 6.70%, 1/23/2025		194,000		190,120
Tallgrass Energy Partners LP - Tallgrass Energy Finance Corp.2, 5.50%, 9/15/2024		246,000		249,690
Williams Partners LP, 3.75%, 6/15/2027		1,650,000		1,552,260
				18,167,804
Total Energy				18,593,464
Financials - 4.9%
Banks - 2.8%
Bank of America Corp., 4.00%, 1/22/2025		3,630,000		3,587,881
Citigroup, Inc., 8.125%, 7/15/2039		2,490,000		3,606,332
Intesa Sanpaolo S.p.A. (Italy)2, 5.017%, 6/26/2024		200,000		195,765
Intesa Sanpaolo S.p.A. (Italy)2, 3.875%, 1/12/2028		3,820,000		3,568,133
JPMorgan Chase & Co., 6.30%, 4/23/2019		3,480,000		3,602,708
Popular, Inc., 7.00%, 7/1/2019		279,000		283,882
Santander Holdings USA, Inc., 3.40%, 1/18/2023		2,470,000		2,393,188
				17,237,889
Capital Markets - 0.6%
Morgan Stanley6, (3 mo. LIBOR US + 1.220%), 3.583%, 5/8/2024		3,540,000		3,609,727
Consumer Finance - 0.1%
Ally Financial, Inc., 3.50%, 1/27/2019		160,000		159,921
SLM Corp., 5.125%, 4/5/2022		220,000		222,200
				382,121
Diversified Financial Services - 0.6%
Aircastle Ltd., 6.25%, 12/1/2019		95,000		98,682
International Lease Finance Corp., 6.25%, 5/15/2019		2,528,000		2,610,939

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

56

Investment Portfolio - April 30, 2018

(unaudited)

PRO-BLEND® EXTENDED TERM SERIES	PRINCIPAL AMOUNT 4		VALUE (NOTE 2)
CORPORATE BONDS (continued)
Non-Convertible Corporate Bonds (continued)
Financials (continued)
Diversified Financial Services (continued)
LPL Holdings, Inc.2, 5.75%, 9/15/2025		178,000	$	172,660
Navient Corp., 7.25%, 9/25/2023		140,000		146,300
Oxford Finance, LLC - Oxford Finance Co. - Issuer II, Inc.2, 6.375%, 12/15/2022		235,000		239,700
Park Aerospace Holdings Ltd. (Ireland)2, 4.50%, 3/15/2023		251,000		240,332
				3,508,613
Insurance - 0.8%
Assured Guaranty US Holdings, Inc., 5.00%, 7/1/2024		2,620,000		2,718,654
Prudential Financial, Inc.7, (3 mo. LIBOR US + 4.175%), 5.875%, 9/15/2042		2,260,000		2,404,075
				5,122,729
Thrifts & Mortgage Finance - 0.0%##
Ladder Capital Finance Holdings LLLP - Ladder Capital Finance Corp.2, 5.875%, 8/1/2021		150,000		152,625
Total Financials				30,013,704
Health Care - 0.6%
Biotechnology - 0.0%##
AMAG Pharmaceuticals, Inc.2, 7.875%, 9/1/2023		191,000		190,045
Health Care Providers & Services - 0.5%
DaVita, Inc., 5.00%, 5/1/2025		250,000		236,925
Fresenius Medical Care US Finance II, Inc. (Germany)2, 6.50%, 9/15/2018		2,435,000		2,466,252
Ortho-Clinical Diagnostics, Inc. - Ortho-Clinical Diagnostics S.A.2, 6.625%, 5/15/2022		170,000		168,300
Tenet Healthcare Corp., 6.00%, 10/1/2020		95,000		98,045
				2,969,522
Pharmaceuticals - 0.1%
Horizon Pharma, Inc. - Horizon Pharma USA, Inc.2, 8.75%, 11/1/2024		350,000		372,750
Total Health Care				3,532,317
Industrials - 0.6%
Airlines - 0.0%##
Allegiant Travel Co., 5.50%, 7/15/2019		175,000		176,750
Construction & Engineering - 0.1%
Tutor Perini Corp.2, 6.875%, 5/1/2025		276,000		282,817
Containers & Packaging - 0.0%##
W/S Packaging Holdings, Inc.2, 9.00%, 4/15/2023		235,000		240,288
Industrial Conglomerates - 0.0%##
LSB Industries, Inc.2, 9.625%, 5/1/2023		235,000		235,881
Machinery - 0.3%
CNH Industrial Capital LLC, 3.375%, 7/15/2019		1,677,000		1,681,192
Xerium Technologies, Inc., 9.50%, 8/15/2021		211,000		219,968
				1,901,160
Marine - 0.1%
Borealis Finance, LLC8, 7.50%, 11/16/2022		200,000		199,500
Global Ship Lease, Inc. (United Kingdom)2, 9.875%, 11/15/2022		345,000		338,962
				538,462
Transportation Infrastructure - 0.1%
MPC Container Ships Invest B.V. (Norway)6,9, (3 mo. LIBOR US + 4.750%), 6.998%, 9/22/2022		200,000		201,806
Songa Bulk ASA (Norway)2,6, (3 mo. LIBOR US + 4.500%), 6.589%, 6/13/2022		200,000		200,000
				401,806
Total Industrials				3,777,164
Information Technology - 1.0%
Internet Software & Services - 1.0%
Alibaba Group Holding Ltd. (China), 3.40%, 12/6/2027		3,825,000		3,601,195
Tencent Holdings Ltd. (China)2, 3.595%, 1/19/2028		2,510,000		2,385,247
				5,986,442
Semiconductors & Semiconductor Equipment - 0.0%##
MagnaChip Semiconductor Corp. (South Korea), 6.625%, 7/15/2021		267,000		256,988
Total Information Technology				6,243,430

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

57

Investment Portfolio - April 30, 2018

(unaudited)

PRO-BLEND® EXTENDED TERM SERIES	PRINCIPAL AMOUNT 4		VALUE (NOTE 2)
CORPORATE BONDS (continued)
Non-Convertible Corporate Bonds (continued)
Materials - 1.0%
Chemicals - 0.1%
Kissner Holdings LP - Kissner Milling Co. Ltd. - BSC Holding, Inc. - Kissner USA (Canada)2, 8.375%, 12/1/2022		242,000	$	248,050
OCI N.V. (Netherlands)2, 6.625%, 4/15/2023		250,000		253,500
				501,550
Metals & Mining - 0.9%
Anglo American Capital plc (United Kingdom)2, 4.00%, 9/11/2027		2,270,000		2,138,517
Corp Nacional del Cobre de Chile (Chile)2, 5.625%, 9/21/2035		2,130,000		2,387,426
Ferroglobe plc - Globe Specialty Metals, Inc.2, 9.375%, 3/1/2022		205,000		215,250
Mountain Province Diamonds, Inc. (Canada)2, 8.00%, 12/15/2022		400,000		396,000
Northwest Acquisitions ULC - Dominion Finco, Inc.2, 7.125%, 11/1/2022		540,000		549,882
					��
				5,687,075
Total Materials				6,188,625
Real Estate - 0.5%
Equity Real Estate Investment Trusts (REITS) - 0.1%
GTP Acquisition Partners I LLC2, 2.35%, 6/15/2020		427,000		420,875
iStar, Inc., 5.25%, 9/15/2022		198,000		192,060
				612,935
Real Estate Management & Development - 0.4%
American Homes 4 Rent LP, 4.25%, 2/15/2028		2,470,000		2,374,668
Greystar Real Estate Partners, LLC2, 5.75%, 12/1/2025		185,000		183,150
				2,557,818
Total Real Estate				3,170,753
Telecommunication Services - 1.1%
Diversified Telecommunication Services - 1.0%
AT&T, Inc., 4.25%, 3/1/2027		2,280,000		2,263,430
Verizon Communications, Inc., 5.50%, 3/16/2047		3,360,000		3,581,894
				5,845,324
Wireless Telecommunication Services - 0.1%
Altice US Finance I Corp.2, 5.50%, 5/15/2026		200,000		195,500
Hughes Satellite Systems Corp., 5.25%, 8/1/2026		385,000		376,337
Inmarsat Finance plc (United Kingdom)2, 4.875%, 5/15/2022		245,000		236,425
Sprint Communications, Inc.2, 9.00%, 11/15/2018		73,000		75,053
				883,315
Total Telecommunication Services				6,728,639
Utilities - 0.1%
Independent Power and Renewable Electricity Producers - 0.1%
Atlantica Yield plc (Spain)2, 7.00%, 11/15/2019		506,000		527,505
Drax Finco plc (United Kingdom)2, 6.625%, 11/1/2025		245,000		246,225
Total Utilities				773,730
TOTAL CORPORATE BONDS (Identified Cost $90,466,005)				88,502,175
MUTUAL FUNDS - 0.1%
Global X MSCI Greece ETF		26,135		278,861
iShares MSCI Eurozone ETF		9,370		415,372
TOTAL MUTUAL FUNDS (Identified Cost $614,202)				694,233
U.S. TREASURY SECURITIES - 18.0%
U.S. Treasury Bonds - 5.9%
U.S. Treasury Bond, 6.25%, 5/15/2030		4,599,000		6,129,246
U.S. Treasury Bond, 4.75%, 2/15/2037		7,419,000		9,302,730
U.S. Treasury Bond, 2.50%, 2/15/2045		5,213,000		4,650,566
U.S. Treasury Bond, 3.00%, 5/15/2047		12,990,000		12,751,004
U.S. Treasury Inflation Indexed Bond, 0.75%, 2/15/2042		3,116,450		3,030,067
Total U.S. Treasury Bonds (Identified Cost $37,425,424)				35,863,613
U.S. Treasury Notes - 12.1%
U.S. Treasury Inflation Indexed Note, 0.125%, 4/15/2020		3,013,116		2,987,835
U.S. Treasury Inflation Indexed Note, 0.125%, 1/15/2023		2,990,508		2,921,036

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

58

Investment Portfolio - April 30, 2018

(unaudited)

PRO-BLEND® EXTENDED TERM SERIES	PRINCIPAL AMOUNT 4		VALUE (NOTE 2)
U.S. TREASURY SECURITIES (continued)
U.S. Treasury Notes (continued)
U.S. Treasury Note, 1.625%, 4/30/2019		12,200,000	$	12,119,937
U.S. Treasury Note, 1.375%, 4/30/2020		12,375,000		12,104,297
U.S. Treasury Note, 1.625%, 4/30/2023		13,000,000		12,291,601
U.S. Treasury Note, 1.25%, 7/31/2023		7,546,000		6,971,797
U.S. Treasury Note, 1.625%, 5/15/2026		6,599,000		5,985,499
U.S. Treasury Note, 2.375%, 5/15/2027		12,865,000		12,296,126
U.S. Treasury Note, 2.75%, 2/15/2028		6,450,000		6,348,715
Total U.S. Treasury Notes
(Identified Cost $75,167,011)				74,026,843
TOTAL U.S. TREASURY SECURITIES
(Identified Cost $112,592,435)				109,890,456
ASSET-BACKED SECURITIES - 3.2%
Cazenovia Creek Funding I LLC, Series 2015-1A, Class A2, 2.00%, 12/10/2023		174,969		173,875
Chesapeake Funding II LLC, Series 2017-2A, Class A12, 1.99%, 5/15/2029		6,459,655		6,414,630
Credit Acceptance Auto Loan Trust, Series 2017-1A, Class A2, 2.56%, 10/15/2025		1,224,000		1,216,472
Enterprise Fleet Financing LLC, Series 2015-2, Class A22, 1.59%, 2/22/2021		133,672		133,597
Honda Auto Receivables Owner Trust, Series 2016-4, Class A2, 1.04%, 4/18/2019		376,401		375,801
Hyundai Auto Lease Securitization Trust, Series 2017-B, Class A32, 1.97%, 7/15/2020		1,650,000		1,635,432
Invitation Homes Trust, Series 2015-SFR3, Class A2,6, (1 mo. LIBOR US + 1.300%), 3.196%, 8/17/2032		1,099,876		1,102,320
Invitation Homes Trust, Series 2017-SFR2, Class A2,6, (1 mo. LIBOR US + 0.850%), 2.746%, 12/17/2036		522,602		523,418
Invitation Homes Trust, Series 2017-SFR2, Class B2,6, (1 mo. LIBOR US + 1.150%), 3.046%, 12/17/2036		390,000		391,152
SoFi Consumer Loan Program LLC, Series 2017-5, Class A12, 2.14%, 9/25/2026		1,295,708		1,286,857
SoFi Professional Loan Program LLC, Series 2017-A, Class A2A2, 1.55%, 3/26/2040		541,717		536,937
SoFi Professional Loan Program LLC, Series 2017-F, Class A1FX2, 2.05%, 1/25/2041		436,484		432,593
SoFi Professional Loan Program LLC, Series 2017-F, Class A2FX2, 2.84%, 1/25/2041		300,000		292,239
SoFi Professional Loan Program LLC, Series 2018-A, Class A2A2, 2.39%, 2/25/2042		931,239		924,912
South Carolina Student Loan Corp., Series 2005, Class A36, (3 mo. LIBOR US + 0.140%), 2.146%, 12/1/2023		670,727		670,358
Tax Ease Funding LLC, Series 2016-1A, Class A2, 3.131%, 6/15/2028		273,455		273,244
Tesla Auto Lease Trust, Series 2018-A, Class A2, 2.32%, 12/20/2019		1,203,593		1,198,597
Tricon American Homes Trust, Series 2016-SFR1, Class A2, 2.589%, 11/17/2033		876,296		849,187
Tricon American Homes Trust, Series 2017-SFR2, Class A2, 2.928%, 1/17/2036		1,000,000		964,772
TOTAL ASSET-BACKED SECURITIES
(Identified Cost $19,549,190)				19,396,393
COMMERCIAL MORTGAGE-BACKED SECURITIES - 5.6%
Americold LLC Trust, Series 2010-ARTA, Class A12, 3.847%, 1/14/2029		102,674		103,754
BWAY Mortgage Trust, Series 2015-1740, Class A2, 2.917%, 1/10/2035		2,411,000		2,297,816
Credit Suisse Mortgage Capital Trust, Series 2013-IVR3, Class A12,10, 2.50%, 5/25/2043		629,644		586,536
Credit Suisse Mortgage Capital Trust, Series 2013-TH1, Class A12,10, 2.13%, 2/25/2043		617,562		570,320

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

59

Investment Portfolio - April 30, 2018

(unaudited)

PRO-BLEND® EXTENDED TERM SERIES	PRINCIPAL AMOUNT 4		VALUE (NOTE 2)
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
FDIC Trust, Series 2011-R1, Class A2, 2.672%, 7/25/2026		228,364	$	227,594
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K009, Class X1 (IO)10, 1.29%, 8/25/2020		8,026,935		195,453
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K014, Class X1 (IO)10, 1.175%, 4/25/2021		9,456,410		277,100
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K016, Class X1 (IO)10, 1.517%, 10/25/2021		4,061,386		174,344
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K017, Class X1 (IO)10, 1.341%, 12/25/2021		16,693,425		660,382
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K021, Class X1 (IO)10, 1.458%, 6/25/2022		11,091,481		548,806
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K029, Class A210, 3.32%, 2/25/2023		2,156,000		2,178,175
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K030, Class X1 (IO)10, 0.203%, 4/25/2023		44,525,774		394,414
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K032, Class X1 (IO)10, 0.107%, 5/25/2023		28,605,443		154,046
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K035, Class A210, 3.458%, 8/25/2023		2,631,000		2,666,961
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K706, Class X1 (IO)10, 1.547%, 10/25/2018		5,511,241		22,855
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KJ10, Class A2, 2.912%, 12/25/2023		2,558,000		2,524,431
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KJ13, Class A2, 2.864%, 8/25/2022		1,827,000		1,814,501
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KP01, Class A2, 1.72%, 1/25/2019		82,417		82,033
Freddie Mac REMICS, Series 4791, Class BA, 4.00%, 3/15/2044		1,323,000		1,349,414
FREMF Mortgage Trust, Series 2013-K28, Class X2A (IO)2, 0.10%, 6/25/2046		78,591,288		298,906
FREMF Mortgage Trust, Series 2013-K712, Class B2,10, 3.362%, 5/25/2045		767,000		769,430
FREMF Mortgage Trust, Series 2014-K41, Class B2,10, 3.832%, 11/25/2047		1,315,000		1,298,452
FREMF Mortgage Trust, Series 2014-K715, Class B2,10, 3.979%, 2/25/2046		1,279,000		1,300,293
GAHR Commercial Mortgage Trust, Series 2015-NRF, Class BFX2,10, 3.382%, 12/15/2034		1,535,000		1,533,755
GS Mortgage Securities Trust, Series 2010-C2, Class A12, 3.849%, 12/10/2043		57,685		58,386
JP Morgan Mortgage Trust, Series 2013-1, Class 1A22,10, 3.00%, 3/25/2043		419,658		404,577
JP Morgan Mortgage Trust, Series 2013-2, Class A22,10, 3.50%, 5/25/2043		361,393		355,182
JP Morgan Mortgage Trust, Series 2014-2, Class 1A12,10, 3.00%, 6/25/2029		615,153		608,593
JP Morgan Mortgage Trust, Series 2017-6, Class A52,10, 3.50%, 12/25/2048		1,538,852		1,522,382
LSTAR Commercial Mortgage Trust, Series 2014-2, Class A22, 2.767%, 1/20/2041		99,215		98,775
New Residential Mortgage Loan Trust, Series 2014-3A, Class AFX32,10, 3.75%, 11/25/2054		469,062		468,508
New Residential Mortgage Loan Trust, Series 2015-2A, Class A12,10, 3.75%, 8/25/2055		685,914		688,545
New Residential Mortgage Loan Trust, Series 2016-4A, Class A12,10, 3.75%, 11/25/2056		693,328		694,490
OBP Depositor LLC Trust, Series 2010-OBP, Class A2, 4.646%, 7/15/2045		115,000		118,209
SCG Trust, Series 2013-SRP1, Class AJ2,6, (1 mo. LIBOR US + 2.200%), 4.097%, 11/15/2026		1,900,000		1,896,013
Sequoia Mortgage Trust, Series 2013-2, Class A10, 1.874%, 2/25/2043		456,510		411,558

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

60

Investment Portfolio - April 30, 2018

(unaudited)

PRO-BLEND® EXTENDED TERM SERIES	PRINCIPAL AMOUNT 4		VALUE (NOTE 2)
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Sequoia Mortgage Trust, Series 2013-7, Class A210, 3.00%, 6/25/2043		498,363	$	478,504
Sequoia Mortgage Trust, Series 2013-8, Class A110, 3.00%, 6/25/2043		517,911		498,399
Starwood Retail Property Trust, Series 2014-STAR, Class A2,6, (1 mo. LIBOR US + 1.220%), 3.117%, 11/15/2027		1,012,762		1,013,719
Towd Point Mortgage Trust, Series 2016-5, Class A12,10, 2.50%, 10/25/2056		1,207,593		1,183,045
Vornado DP LLC Trust, Series 2010-VNO, Class A2FX2, 4.004%, 9/13/2028		350,000		358,005
Wells Fargo Commercial Mortgage Trust, Series 2010-C1, Class A22, 4.393%, 11/15/2043		600,000		616,021
WinWater Mortgage Loan Trust, Series 2015-1, Class A12,10, 3.50%, 1/20/2045		523,690		515,346
WinWater Mortgage Loan Trust, Series 2015-3, Class A52,10, 3.50%, 3/20/2045		476,544		477,165
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(Identified Cost $34,479,401)				34,495,193
FOREIGN GOVERNMENT BONDS - 1.7%
Canada Housing Trust No. 1 (Canada)2, 4.10%, 12/15/2018	CAD	299,000		236,548
Canadian Government Bond (Canada), 2.75%, 6/1/2022	CAD	358,000		286,093
Export-Import Bank of Korea (South Korea), 2.625%, 12/30/2020		4,625,000		4,530,298
Mexican Government Bond
(Mexico), 8.00%, 6/11/2020	MXN	7,313,000		396,376
Mexican Government Bond
(Mexico), 6.50%, 6/10/2021	MXN	3,112,000		162,360
Mexican Government Bond
(Mexico), 6.50%, 6/9/2022	MXN	5,057,000		261,927
Mexican Government Bond (Mexico), 7.75%, 5/29/2031	MXN	972,000		52,693
Province of Ontario (Canada), 2.00%, 9/27/2018		932,000		930,658
Province of Ontario (Canada), 1.25%, 6/17/2019		777,000		765,696
Singapore Government Bond (Singapore), 2.50%, 6/1/2019	SGD	657,000		500,103
Svensk Exportkredit AB (Sweden), 1.125%, 8/28/2019		2,179,000		2,137,711
TOTAL FOREIGN GOVERNMENT BONDS
(Identified Cost $10,970,436)				10,260,463
U.S. GOVERNMENT AGENCIES - 5.3%
Mortgage-Backed Securities - 5.3%
Fannie Mae, Pool #888468, 5.50%, 9/1/2021		143,020		146,855
Fannie Mae, Pool #995233, 5.50%, 10/1/2021		10,901		11,121
Fannie Mae, Pool #888017, 6.00%, 11/1/2021		21,694		22,471
Fannie Mae, Pool #995329, 5.50%, 12/1/2021		132,776		136,176
Fannie Mae, Pool #888136, 6.00%, 12/1/2021		26,444		27,358
Fannie Mae, Pool #888810, 5.50%, 11/1/2022		171,542		176,041
Fannie Mae, Pool #990895, 5.50%, 10/1/2023		25,315		26,422
Fannie Mae, Pool #AD0462, 5.50%, 10/1/2024		19,251		20,114
Fannie Mae, Pool #MA1834, 4.50%, 2/1/2034		802,611		840,011
Fannie Mae, Pool #MA1903, 4.50%, 5/1/2034		487,447		512,537
Fannie Mae, Pool #AY8263, 3.00%, 5/1/2035		1,293,704		1,259,710
Fannie Mae, Pool #909786, 5.50%, 3/1/2037		120,878		131,826
Fannie Mae, Pool #AB8161, 6.00%, 12/1/2037		400,465		446,403
Fannie Mae, Pool #889576, 6.00%, 4/1/2038		309,789		345,285
Fannie Mae, Pool #889579, 6.00%, 5/1/2038		265,938		294,312
Fannie Mae, Pool #995196, 6.00%, 7/1/2038		15,852		17,677
Fannie Mae, Pool #AD0207, 6.00%, 10/1/2038		649,488		723,353
Fannie Mae, Pool #AD0220, 6.00%, 10/1/2038		26,009		29,005
Fannie Mae, Pool #AD0307, 5.50%, 1/1/2039		408,762		446,215
Fannie Mae, Pool #AD0527, 5.50%, 6/1/2039		87,928		95,803
Fannie Mae, Pool #MA0258, 4.50%, 12/1/2039		517,334		544,405

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

61

Investment Portfolio - April 30, 2018

(unaudited)

PRO-BLEND® EXTENDED TERM SERIES	PRINCIPAL AMOUNT 4		VALUE (NOTE 2)
U.S. GOVERNMENT AGENCIES (continued)
Mortgage-Backed Securities (continued)
Fannie Mae, Pool #AL1595, 6.00%, 1/1/2040		335,237	$	372,114
Fannie Mae, Pool #AL0152, 6.00%, 6/1/2040		619,101		689,659
Fannie Mae, Pool #AL0241, 4.00%, 4/1/2041		835,024		856,868
Fannie Mae, Pool #AI5172, 4.00%, 8/1/2041		711,590		730,260
Fannie Mae, Pool #AL1410, 4.50%, 12/1/2041		1,397,158		1,468,892
Fannie Mae, Pool #AL7729, 4.00%, 6/1/2043		730,200		749,315
Fannie Mae, Pool #AX5234, 4.50%, 11/1/2044		677,086		706,931
Fannie Mae, Pool #AS4103, 4.50%, 12/1/2044		814,246		858,671
Fannie Mae, Pool #AZ9215, 4.00%, 10/1/2045		618,413		631,241
Fannie Mae, Pool #BC3490, 3.50%, 2/1/2046		1,823,435		1,812,953
Fannie Mae, Pool #BC6764, 3.50%, 4/1/2046		796,289		791,588
Fannie Mae, Pool #MA2670, 3.00%, 7/1/2046		547,923		529,398
Fannie Mae, Pool #MA2705, 3.00%, 8/1/2046		1,087,238		1,050,482
Fannie Mae, Pool #BD6997, 4.00%, 10/1/2046		842,350		858,801
Fannie Mae, Pool #BE3812, 4.00%, 12/1/2046		953,814		972,541
Fannie Mae, Pool #BE3815, 4.00%, 12/1/2046		920,318		938,388
Fannie Mae, Pool #BE7845, 4.50%, 2/1/2047		992,655		1,041,471
Fannie Mae, Pool #AL8674, 5.651%, 1/1/2049		1,541,620		1,660,834
Freddie Mac, Pool #G11850, 5.50%, 7/1/2020		40,441		41,007
Freddie Mac, Pool #G12610, 6.00%, 3/1/2022		28,823		29,908
Freddie Mac, Pool #G12655, 6.00%, 5/1/2022		20,077		20,832
Freddie Mac, Pool #G12988, 6.00%, 1/1/2023		15,504		16,158
Freddie Mac, Pool #G13078, 6.00%, 3/1/2023		27,182		28,294
Freddie Mac, Pool #G13331, 5.50%, 10/1/2023		11,548		11,963
Freddie Mac, Pool #C91754, 4.50%, 3/1/2034		378,687		396,431
Freddie Mac, Pool #C91762, 4.50%, 5/1/2034		505,734		531,943
Freddie Mac, Pool #C91771, 4.50%, 6/1/2034		491,098		518,519
Freddie Mac, Pool #C91780, 4.50%, 7/1/2034		545,120		573,575
Freddie Mac, Pool #K92054, 4.00%, 10/1/2034		589,624		609,839
Freddie Mac, Pool #C91850, 4.00%, 9/1/2035		1,598,605		1,647,447
Freddie Mac, Pool #G03926, 6.00%, 2/1/2038		140,540		156,470
Freddie Mac, Pool #G04731, 5.50%, 4/1/2038		213,746		233,562
Freddie Mac, Pool #G08273, 5.50%, 6/1/2038		269,086		294,002
Freddie Mac, Pool #G04601, 5.50%, 7/1/2038		613,403		668,769
Freddie Mac, Pool #G04587, 5.50%, 8/1/2038		554,882		605,798
Freddie Mac, Pool #G05906, 6.00%, 4/1/2040		166,610		185,778
Freddie Mac, Pool #A92889, 4.50%, 7/1/2040		1,542,641		1,623,876
Freddie Mac, Pool #G60183, 4.00%, 12/1/2044		755,937		772,542
Freddie Mac, Pool #Q33778, 4.00%, 6/1/2045		809,943		828,724
TOTAL U.S. GOVERNMENT AGENCIES
(Identified Cost $33,331,068)				32,768,944
SHORT-TERM INVESTMENT - 1.2%
Dreyfus Government Cash Management11, 1.60%, (Identified Cost $7,167,882)		7,167,882		7,167,882
TOTAL INVESTMENTS IN SECURITIES - 99.9%
(Identified Cost $583,190,487)				610,171,318
TOTAL OPTIONS WRITTEN — 0.0%##
(Premiums Received $200,064)				(156,074	)
TOTAL INVESTMENTS - 99.9%				610,015,244
OTHER ASSETS, LESS LIABILITIES - 0.1%				423,604
NET ASSETS - 100%			$	610,438,848

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

62

Investment Portfolio - April 30, 2018

(unaudited)

ADR - American Depositary Receipt

CAD - Canadian Dollar

ETF - Exchange-traded fund

IO - Interest only

MXN - Mexican Peso

No. - Number

SGD - Singapore Dollar

EXCHANGE-TRADED OPTION WRITTEN
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION                  DATE		EXERCISE                  PRICE		NOTIONAL                  AMOUNT (000)4		VALUE
Call
Regeneron Pharmaceuticals, Inc.		42		5/18/18	$	360.00		1,275	$	(2,058	)
Seattle Genetics, Inc.		279		5/18/18		55.00		1,428		(32,364	)
Zayo Group Holdings, Inc.		384		5/18/18		40.00		1,394		(3,840	)
										(38,262	)
Put
Skyworks Solutions, Inc.		181		5/11/18		85.00		1,570		(38,010	)
Booking Holdings, Inc.		7		5/18/18		1,990.00		1,525		(11,305	)
Electronic Arts, Inc.		139		5/18/18		110.00		1,640		(21,962	)
Texas Instruments, Inc.		165		5/18/18		92.00		1,674		(5,775	)
Qorvo, Inc.		244		5/18/18		62.50		1,645		(30,500	)
Alibaba Group Holding, Ltd.		95		5/25/18		160.00		1,696		(10,260	)
										(117,812	)
TOTAL EXCHANGE-TRADED OPTIONS WRITTEN										$(156,074	)

*Non-income producing security.

## Less than 0.1%.

¹A factor from a third party vendor was applied to determine the security’s fair value following the close of local trading.

²Restricted securities - Investment in securities that are restricted as to public resale under the Securities Act of 1933, as amended. These securities have been sold under Rule 144A and have been determined to be liquid. These securities amount to $67,157,756, or 11.0% of the Series’ net assets as of April 30, 2018 (see Note 2 to the financial statements).

³A portion of this security is designated with the broker as collateral for options contracts written. As of April 30, 2018, the total value of such securities was $12,257,961.

⁴Amount is stated in USD unless otherwise noted.

⁵Step coupon rate security - Rate steps up/down by 25 basis points upon rating downgrade/upgrade by Moody’s and S&P rating agencies (Subject to a maximum of 100 basis points per agency, 200 basis points maximum).

⁶Floating rate security. Rate shown is the rate in effect as of April 30, 2018.

⁷Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of April 30, 2018.

⁸Restricted security - Investment in securities that are restricted as to public resale under the Securities Act of 1933, as amended. This security was acquired November 3, 2017 at a cost of $198,960 ($99.48 per share). This security has been sold under Rule 144A and has been determined to be illiquid under guidelines established by the Board of Directors. This security amounts to $199,500, or less than 0.1% of the Series’ net assets as of April 30, 2018 (see Note 2 to the financial statements).

⁹Illiquid security - This security was acquired November 3, 2017 at a cost of $198,500 ($99.25 per share). This security has been determined to be illiquid under guidelines established by the Board of Directors. This security amounts to $201,806, or less than 0.1% of the Series’ net assets as of April 30, 2018 (see Note 2 to the financial statements).

¹⁰Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of April 30, 2018.

¹¹Rate shown is the current yield as of April 30, 2018.

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

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

63

Statement of Assets and Liabilities - Pro-Blend^® Extended Term Series

April 30, 2018 (unaudited)

ASSETS:
Investments in securities, at value (identified cost $583,190,487) (Note 2)	$	610,171,318
Foreign currency, at value (identified cost $270,489)		271,266
Interest receivable		2,253,691
Receivable for securities sold		507,554
Foreign tax reclaims receivable		455,510
Dividends receivable		326,750
Receivable for fund shares sold		159,932
Prepaid and other expenses		25,902
TOTAL ASSETS		614,171,923
LIABILITIES:
Accrued management fees (Note 3)		370,365
Accrued distribution and service (Rule 12b-1) fees (Class R) (Class R2) (Note 3)		101,895
Accrued shareholder services fees (Class S) (Note 3)		72,969
Accrued fund accounting and administration fees (Note 3)		61,346
Accrued Directors’ fees (Note 3)		3,204
Accrued Chief Compliance Officer service fees (Note 3)		363
Options written, at value (premiums received $200,064) (Note 2)		156,074
Payable for securities purchased		2,570,029
Payable for fund shares repurchased		263,120
Other payables and accrued expenses		133,710
TOTAL LIABILITIES		3,733,075
TOTAL NET ASSETS	$	610,438,848
NET ASSETS CONSIST OF:
Capital stock	$	474,984
Additional paid-in-capital		558,004,959
Undistributed net investment income		1,654,832
Accumulated net realized gain on investments, foreign currency and translation of other assets and liabilities		23,287,416
Net unrealized appreciation (depreciation) on investments, foreign currency and translation of other assets and liabilities		27,016,657
TOTAL NET ASSETS	$	610,438,848

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

64

Statement of Assets and Liabilities - Pro-Blend^® Extended Term Series

April 30, 2018 (unaudited)

NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class S ($352,298,518/20,589,435 shares)	$	17.11
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class I ($129,199,194/14,044,929 shares)	$	9.20
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class R ($12,331,579/1,150,267 shares)	$	10.72
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class R2 ($116,609,557/11,713,804 shares)	$	9.95

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

65

Statement of Operations - Pro-Blend^® Extended Term Series

For the Six Months Ended April 30, 2018 (unaudited)

INVESTMENT INCOME:
Interest	$	4,684,448
Dividends (net of foreign taxes withheld, $212,227)		1,878,504
Total Investment Income		6,562,952
EXPENSES:
Management fees (Note 3)		2,423,871
Distribution and service (Rule 12b-1) fees (Class R2) (Note 3)		617,792
Distribution and service (Rule 12b-1) fees (Class R) (Note 3)		32,948
Shareholder services fees (Class S) (Note 3)		469,267
Fund accounting and administration fees (Note 3)		80,242
Directors’ fees (Note 3)		26,916
Chief Compliance Officer service fees (Note 3)		2,072
Custodian fees		41,295
Miscellaneous		208,174
Total Expenses		3,902,577
Less reduction of expenses (Note 3)		(39,115	)
Net Expenses		3,863,462
NET INVESTMENT INCOME		2,699,490
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:
Net realized gain (loss) on-
Investments in securities		23,179,721
Options written		816,459
Foreign currency and translation of other assets and liabilities		18,543
		24,014,723
Net change in unrealized appreciation (depreciation) on-
Investments in securities		(27,218,442	)
Options written		(12,422	)
Foreign currency and translation of other assets and liabilities		14,738
		(27,216,126	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY		(3,201,403	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(501,913	)

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

66

Statements of Changes in Net Assets - Pro-Blend^® Extended Term Series

	FOR THE SIX MONTHS ENDED 4/30/18 (UNAUDITED)			FOR THE YEAR ENDED 10/31/17
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income	$	2,699,490		$	8,264,146
Net realized gain (loss) on investments and foreign currency		24,014,723			71,758,599
Net realized gain (loss) from in-kind redemptions		—			17,004,207
Net change in unrealized appreciation (depreciation) on investments and foreign currency		(27,216,126	)		3,708,567
Net increase (decrease) from operations		(501,913	)		100,735,519
DISTRIBUTIONS TO SHAREHOLDERS (Note 8):
From net investment income (Class S)		(1,395,275	)		(2,292,566	)
From net investment income (Class I)		(1,210,380	)		(5,110,490	)
From net investment income (Class R)		(61,762	)		(145,224	)
From net investment income (Class R2)		(322,230	)		(329,287	)
From net realized gain on investments (Class S)		(21,909,239	)		(4,529,115	)
From net realized gain on investments (Class I)		(13,484,080	)		(6,215,832	)
From net realized gain on investments (Class R)		(1,199,857	)		(338,171	)
From net realized gain on investments (Class R2)		(11,866,877	)		(2,211,856	)
Total distributions to shareholders		(51,449,700	)		(21,172,541	)
CAPITAL STOCK ISSUED AND REPURCHASED:
Net decrease from capital share transactions (Note 5)		(30,470,550	)		(443,218,271	)
Net decrease in net assets		(82,422,163	)		(363,655,293	)
NET ASSETS:
Beginning of period		692,861,011			1,056,516,304
End of period (including undistributed net investment income of $1,654,832 and $1,944,989, respectively)	$	610,438,848		$	692,861,011

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

67

Financial Highlights - Pro-Blend^® Extended Term Series - Class S

	FOR THE SIX MONTHS ENDED 4/30/18			FOR THE YEAR ENDED
	(UNAUDITED)			10/31/17			10/31/16			10/31/15			10/31/14			10/31/13
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period	$	18.22		$	16.62		$	16.42		$	18.28		$	18.10		$	16.01
Income (loss) from investment operations:
Net investment income1		0.08			0.15			0.14			0.16			0.19			0.17
Net realized and unrealized gain (loss) on investments		(0.10	)		1.70			0.37			(0.56	)		1.02			2.56
Total from investment operations		(0.02	)		1.85			0.51			(0.40	)		1.21			2.73
Less distributions to shareholders:
From net investment income		(0.07	)		(0.09	)		(0.09	)		(0.11	)		(0.13	)		(0.14	)
From net realized gain on investments		(1.02	)		(0.16	)		(0.22	)		(1.35	)		(0.90	)		(0.50	)
Total distributions to shareholders		(1.09	)		(0.25	)		(0.31	)		(1.46	)		(1.03	)		(0.64	)
Net asset value - End of period	$	17.11		$	18.22		$	16.62		$	16.42		$	18.28		$	18.10
Net assets - End of period
(000’s omitted)	$	352,299		$	400,117		$	498,344		$	718,811		$	872,014		$	820,370
Total return2		(0.16	%)		11.26	%		3.23	%		(2.16	%)		7.08	%		17.56	%
Ratios (to average net assets)/Supplemental Data:
Expenses*		1.10	%3		1.08	%		1.07	%		1.07	%		1.06	%		1.06	%
Net investment income		0.93	%3		0.89	%		0.86	%		0.96	%		1.04	%		1.03	%
Series portfolio turnover		39	%		79	%		63	%		66	%		65	%		64	%
*For certain periods presented, the investment advisor did not impose all or a portion of its management and/or other fees, and in some periods may have paid a portion of the Series’ expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts:
		0.01	%3		N/A			N/A			N/A			N/A			N/A

¹Calculated based on average shares outstanding during the periods.

²Represents 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.

³Annualized.

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

68

Financial Highlights - Pro-Blend^® Extended Term Series - Class I

	FOR THE SIX MONTHS ENDED 4/30/18			FOR THE YEAR ENDED
	(UNAUDITED)			10/31/17			10/31/16			10/31/15			10/31/14			10/31/13
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period	$	10.31		$	9.53		$	9.57		$	11.30		$	11.60		$	10.50
Income (loss) from investment operations:
Net investment income1		0.06			0.11			0.10			0.12			0.15			0.14
Net realized and unrealized gain (loss) on investments		(0.06	)		0.96			0.21			(0.34	)		0.62			1.64
Total from investment operations		—			1.07			0.31			(0.22	)		0.77			1.78
Less distributions to shareholders:
From net investment income		(0.09	)		(0.13	)		(0.13	)		(0.16	)		(0.17	)		(0.18	)
From net realized gain on investments		(1.02	)		(0.16	)		(0.22	)		(1.35	)		(0.90	)		(0.50	)
Total distributions to shareholders		(1.11	)		(0.29	)		(0.35	)		(1.51	)		(1.07	)		(0.68	)
Net asset value - End of period	$	9.20		$	10.31		$	9.53		$	9.57		$	11.30		$	11.60
Net assets - End of period (000’s omitted)	$	129,199		$	147,257		$	386,926		$	545,570		$	659,331		$	547,522
Total return2		(0.02	%)		11.56	%		3.52	%		(1.91	%)		7.32	%		17.80	%
Ratios (to average net assets)/Supplemental Data:
Expenses*		0.85	%3		0.83	%		0.82	%		0.82	%		0.81	%		0.81	%
Net investment income		1.19	%3		1.15	%		1.12	%		1.22	%		1.29	%		1.27	%
Series portfolio turnover		39	%		79	%		63	%		66	%		65	%		64	%
*For certain periods presented, the investment advisor did not impose all or a portion of its management and/or other fees, and in some periods may have paid a portion of the Series’ expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts:
		0.01	%3		N/A			N/A			N/A			N/A			N/A

¹Calculated based on average shares outstanding during the periods.

²Represents 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.

³Annualized.

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

69

Financial Highlights - Pro-Blend^® Extended Term Series - Class R

	FOR THE SIX MONTHS ENDED 4/30/18			FOR THE YEAR ENDED
	(UNAUDITED)			10/31/17			10/31/16			10/31/15			10/31/14			10/31/13
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period	$	11.82		$	10.88		$	10.87		$	12.62		$	12.83		$	11.54
Income (loss) from investment operations:
Net investment income1		0.04			0.07			0.06			0.08			0.10			0.09
Net realized and unrealized gain (loss) on investments		(0.07	)		1.10			0.24			(0.38	)		0.70			1.82
Total from investment operations		(0.03	)		1.17			0.30			(0.30	)		0.80			1.91
Less distributions to shareholders:
From net investment income		(0.05	)		(0.07	)		(0.07	)		(0.10	)		(0.11	)		(0.12	)
From net realized gain on investments		(1.02	)		(0.16	)		(0.22	)		(1.35	)		(0.90	)		(0.50	)
Total distributions to shareholders		(1.07	)		(0.23	)		(0.29	)		(1.45	)		(1.01	)		(0.62	)
Net asset value - End of period	$	10.72		$	11.82		$	10.88		$	10.87		$	12.62		$	12.83
Net assets - End of period (000’s omitted)	$	12,332		$	15,358		$	24,692		$	40,379		$	65,563		$	58,700
Total return2		(0.27	%)		10.97	%		2.93	%		(2.39	%)		6.81	%		17.28	%
Ratios (to average net assets)/Supplemental Data:
Expenses*		1.35	%3		1.33	%		1.32	%		1.32	%		1.31	%		1.31	%
Net investment income		0.68	%3		0.65	%		0.61	%		0.71	%		0.79	%		0.77	%
Series portfolio turnover		39	%		79	%		63	%		66	%		65	%		64	%
*For certain periods presented, the investment advisor did not impose all or a portion of its management and/or other fees, and in some periods may have paid a portion of the Series’ expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts:
		0.01	%3		N/A			N/A			N/A			N/A			N/A

¹Calculated based on average shares outstanding during the periods.

²Represents 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.

³Annualized.

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

70

Financial Highlights - Pro-Blend^® Extended Term Series - Class R2*

	FOR THE SIX MONTHS ENDED 4/30/18			FOR THE YEAR ENDED
	(UNAUDITED)			10/31/17			10/31/16			10/31/15			10/31/14			10/31/13
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period	$	11.05		$	10.19		$	10.21		$	11.95		$	12.21		$	11.02
Income (loss) from investment operations:
Net investment income1		0.01			0.01			0.01			0.02			0.03			0.03
Net realized and unrealized gain (loss) on investments		(0.06	)		1.03			0.22			(0.36	)		0.67			1.73
Total from investment operations		(0.05	)		1.04			0.23			(0.34	)		0.70			1.76
Less distributions to shareholders:
From net investment income		(0.03	)		(0.02	)		(0.03	)		(0.05	)		(0.06	)		(0.07	)
From net realized gain on investments		(1.02	)		(0.16	)		(0.22	)		(1.35	)		(0.90	)		(0.50	)
Total distributions to shareholders		(1.05	)		(0.18	)		(0.25	)		(1.40	)		(0.96	)		(0.57	)
Net asset value - End of period	$	9.95		$	11.05		$	10.19		$	10.21		$	11.95		$	12.21
Net assets - End of period (000’s omitted)	$	116,610		$	130,130		$	146,554		$	165,898		$	164,191		$	124,854
Total return2		(0.54	%)		10.42	%		2.43	%		(2.91	%)		6.28	%		16.65	%
Ratios (to average net assets)/Supplemental Data:
Expenses**		1.85	%3		1.83	%		1.82	%		1.82	%		1.81	%		1.81	%
Net investment income		0.18	%3		0.14	%		0.11	%		0.21	%		0.29	%		0.27	%
Series portfolio turnover		39	%		79	%		63	%		66	%		65	%		64	%
*Effective March 1, 2017, Class C shares of the Series have been redesignated as Class R2 shares.
**For certain periods presented, the investment advisor did not impose all or a portion of its management and/or other fees, and in some periods may have paid a portion of the Series’ expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts:
		0.01	%3		N/A			N/A			N/A			N/A			N/A

¹Calculated based on average shares outstanding during the periods.

²Represents 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.

³Annualized.

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

71

Shareholder Expense Example - Pro-Blend^® Maximum Term Series

(unaudited)

As a shareholder of the Series, you incur ongoing costs, including management fees, shareholder service fees and other Series expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Series and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested in each class at the beginning of the period and held for the entire period (November 1, 2017 to April 30, 2018).

Actual Expenses

The Actual lines of the table below provide information about actual account values and actual expenses. You may use the information in these lines, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the Actual line for the Class in which you have invested under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The Hypothetical lines of each class in the table below provide information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid during the period. You may use this information to compare the ongoing costs of investing in a class of the Series and other funds. To do so, compare this 5% hypothetical example for the Class in which you have invested with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs such as sales charges (loads), redemption fees, or exchange fees that you may incur in other mutual funds. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

	BEGINNING  ACCOUNT VALUE                   11/1/17	ENDING  ACCOUNT VALUE                   4/30/18	EXPENSES PAID  DURING PERIOD  11/1/17-4/30/18*	ANNUALIZED  EXPENSE RATIO
Class S
Actual	$1,000.00	$1,036.10	$5.55	1.10%
Hypothetical (5% return before expenses)	$1,000.00	$1,019.34	$5.51	1.10%
Class I
Actual	$1,000.00	$1,036.90	$4.29	0.85%
Hypothetical (5% return before expenses)	$1,000.00	$1,020.58	$4.26	0.85%
Class R
Actual	$1,000.00	$1,035.00	$6.81	1.35%
Hypothetical (5% return before expenses)	$1,000.00	$1,018.10	$6.76	1.35%
Class R2
Actual	$1,000.00	$1,031.90	$9.32	1.85%
Hypothetical (5% return before expenses)	$1,000.00	$1,015.62	$9.25	1.85%

*Expenses are equal to the Class’ annualized expense ratio (for the six-month period), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The Class’ total return would have been lower had certain expenses not been waived during the period.

72

Portfolio Composition - Pro-Blend^® Maximum Term Series

As of April 30, 2018 (unaudited)

Sector Allocation4
Information Technology	19.7	%
Health Care	17.4	%
Consumer Staples	12.5	%
Consumer Discretionary	12.4	%
Materials	8.5	%
Financials	7.9	%
Industrials	5.3	%
Real Estate	3.6	%
Energy	3.6	%
Telecommunication Services	1.7	%
Utilities	0.2	%
4Including common stocks and corporate bonds, as a percentage of total investments.

Top Ten Stock Holdings5
Medtronic plc	2.1	%
ServiceNow, Inc.	2.0	%
Booking Holdings, Inc.	1.9	%
O’Reilly Automotive, Inc.	1.9	%
Incyte Corp.	1.9	%
Qorvo, Inc.	1.8	%
Facebook, Inc. - Class A	1.8	%
Anheuser-Busch InBev S.A./N.V. (Belgium)	1.6	%
Diageo plc (United Kingdom)	1.6	%
Alibaba Group Holding Ltd. - ADR (China)	1.5	%
5As a percentage of total investments.

73

Investment Portfolio - April 30, 2018

(unaudited)

PRO-BLEND® MAXIMUM TERM SERIES	SHARES		VALUE (NOTE 2)
COMMON STOCKS - 88.7%
Consumer Discretionary - 11.9%
Automobiles - 0.0%##
Suzuki Motor Corp. (Japan)1		2,400	$	128,995
Diversified Consumer Services - 0.0%##
Fu Shou Yuan International Group Ltd. (China)1		133,000		126,868
Hotels, Restaurants & Leisure - 0.1%
Accor S.A. (France)1		2,450		138,478
CVC Brasil Operadora e Agencia de Viagens S.A. (Brazil)		5,700		94,143
				232,621
Household Durables - 0.0%##
Kaufman & Broad S.A. (France)1		2,860		150,670
Internet & Direct Marketing Retail - 2.8%
Amazon.com, Inc.*		2,615		4,095,430
Booking Holdings, Inc.*		3,875		8,439,750
				12,535,180
Leisure Products - 0.1%
Trigano S.A. (France)1		940		177,139
Yamaha Corp. (Japan)1		1,800		86,855
				263,994
Media - 1.1%
Quebecor, Inc. - Class B (Canada)		90,630		1,689,849
Shaw Communications, Inc. - Class B (Canada)		146,575		3,012,667
				4,702,516
Multiline Retail - 0.0%##
Lojas Renner S.A. (Brazil)		9,225		85,582
Specialty Retail - 5.7%
AutoZone, Inc.*		7,380		4,608,958
Dick’s Sporting Goods, Inc.		128,055		4,237,340
Fnac Darty S.A. (France)*1		1,260		135,194
Industria de Diseno Textil S.A. (Spain)1		111,015		3,441,260
Maisons du Monde S.A. (France)1,2		2,275		92,443
O’Reilly Automotive, Inc.*		32,735		8,382,451
Ulta Beauty, Inc.*		17,815		4,469,962
				25,367,608
Textiles, Apparel & Luxury Goods - 2.1%
ANTA Sports Products Ltd. (China)1		24,000		136,949
lululemon athletica, Inc.*		43,796		4,370,841
NIKE, Inc. - Class B		67,960		4,647,784
				9,155,574
Total Consumer Discretionary				52,749,608
Consumer Staples - 12.5%
Beverages - 5.6%
Ambev S.A. - ADR (Brazil)		855,777		5,665,244
Anheuser-Busch InBev S.A./N.V. (Belgium)1		71,147		7,067,281
The Coca-Cola Co.		109,177		4,717,538
Diageo plc (United Kingdom)1		196,315		7,003,522
Treasury Wine Estates Ltd. (Australia)1		10,069		143,825
				24,597,410
Food & Staples Retailing - 0.8%
Matsumotokiyoshi Holdings Co. Ltd. (Japan)1		2,000		89,092
Raia Drogasil S.A. (Brazil)		5,570		109,263
Sprouts Farmers Market, Inc.*		125,775		3,148,148
				3,346,503
Food Products - 2.8%
Campbell Soup Co.		124,461		5,075,520
Danone S.A. (France)1		2,261		183,154
Kerry Group plc - Class A (Ireland)1		1,835		186,582
Mondelez International, Inc. - Class A		73,230		2,892,585
Nestle S.A. (Switzerland)1		53,020		4,107,464
				12,445,305
Personal Products - 2.1%
Beiersdorf AG (Germany)1		39,010		4,413,518
Unilever plc - ADR (United Kingdom)		90,194		5,048,158
				9,461,676
Tobacco - 1.2%
Altria Group, Inc.		47,315		2,654,845
British American Tobacco plc - ADR (United Kingdom)		2,385		130,269
Philip Morris International, Inc.		30,230		2,478,860
				5,263,974
Total Consumer Staples				55,114,868
Energy - 2.7%
Energy Equipment & Services - 2.4%
Diamond Offshore Drilling, Inc.*		84,040		1,545,496
Ensco plc - Class A		116,955		660,796
Schlumberger Ltd.		82,103		5,628,982
Transocean Ltd.*		224,127		2,772,451
				10,607,725
Oil, Gas & Consumable Fuels - 0.3%
Cameco Corp. (Canada)		7,425		78,185
China Petroleum & Chemical Corp. - Class H (China)1		96,000		93,491
Eni SpA (Italy)1		4,655		90,998

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

74

Investment Portfolio - April 30, 2018

(unaudited)

PRO-BLEND® MAXIMUM TERM SERIES	SHARES		VALUE (NOTE 2)
COMMON STOCKS (continued)
Energy (continued)
Oil, Gas & Consumable Fuels (continued)
Galp Energia SGPS S.A. (Portugal)1		9,295	$	178,399
Repsol S.A. (Spain)1		7,100		135,488
Royal Dutch Shell plc - Class B - ADR (Netherlands)		2,560		185,395
SK Innovation Co. Ltd. (South Korea)1		520		95,288
Suncor Energy, Inc. (Canada)		2,390		91,397
TOTAL S.A. (France)1		2,245		141,102
Transportadora de Gas del Sur S.A. - Class B - ADR (Argentina)*		4,490		85,579
Vermilion Energy, Inc. (Canada)		2,615		88,392
YPF S.A. - ADR (Argentina)		3,930		86,028
				1,349,742
Total Energy				11,957,467
Financials - 6.7%
Banks - 2.3%
Banco Comercial Portugues S.A. (Portugal)*1		252,150		84,408
Bankia S.A. (Spain)1		490,723		2,153,099
BPER Banca (Italy)1		17,655		101,913
CaixaBank S.A. (Spain)1		688,875		3,349,907
Credit Agricole S.A. (France)1		10,755		177,106
Erste Group Bank AG (Austria)1		2,725		133,257
Eurobank Ergasias S.A. (Greece)*1		115,445		145,716
FinecoBank Banca Fineco S.p.A. (Italy)1		291,450		3,470,517
Grupo Financiero Galicia S.A. - ADR (Argentina)		1,440		92,045
Grupo Supervielle S.A. - ADR (Argentina)		2,915		81,445
Itau Unibanco Holding S.A. (Brazil)		8,900		129,237
Jyske Bank A/S (Denmark)1		1,730		103,592
KBC Group N.V. (Belgium)1		2,030		176,488
Sydbank A/S (Denmark)1		2,505		92,605
				10,291,335
Capital Markets - 4.4%
Amundi S.A. (France)1,2		2,770		235,574
Banca Generali S.p.A. (Italy)1		4,410		143,057
BlackRock, Inc.		7,485		3,903,427
Bolsas y Mercados Argentinos S.A. (Argentina)		8,875		162,661
The Charles Schwab Corp.		117,850		6,561,888
E*TRADE Financial Corp.*		75,520		4,582,554
Euronext N.V. (Netherlands)1,2		3,505		251,253
Julius Baer Group Ltd. (Switzerland)1		55,825		3,313,123
Natixis S.A. (France)1		20,960		172,143
				19,325,680
Thrifts & Mortgage Finance - 0.0%##
Aareal Bank AG (Germany)1		3,880		194,073
Total Financials				29,811,088
Health Care - 17.2%
Biotechnology - 6.2%
Biogen, Inc.*		12,405		3,394,008
BioMarin Pharmaceutical, Inc.*		71,748		5,991,675
Incyte Corp.*		133,785		8,286,643
Regeneron Pharmaceuticals, Inc.*		14,925		4,532,424
Seattle Genetics, Inc.*		67,620		3,461,468
Vertex Pharmaceuticals, Inc.*		11,472		1,757,052
				27,423,270
Health Care Equipment & Supplies - 2.9%
Intuitive Surgical, Inc.*		8,170		3,601,173
Medtronic plc		117,280		9,397,646
				12,998,819
Health Care Providers & Services - 1.3%
DaVita, Inc.*		50,220		3,153,314
Fleury S.A. (Brazil)		15,980		119,102
Fresenius Medical Care AG & Co. KGaA (Germany)1		20,613		2,091,616
Orpea (France)1		1,140		146,086
				5,510,118
Life Sciences Tools & Services - 1.9%
QIAGEN N.V.*		164,339		5,375,529
QIAGEN N.V.*1		4,108		134,378
Tecan Group AG (Switzerland)1		470		103,342
Thermo Fisher Scientific, Inc.		12,285		2,584,150
				8,197,399
Pharmaceuticals - 4.9%
Bristol-Myers Squibb Co.		29,675		1,546,958
Johnson & Johnson		43,405		5,490,298
Merck & Co., Inc.		36,185		2,130,211
Novartis AG - ADR (Switzerland)		79,500		6,096,855
Perrigo Co. plc		83,350		6,512,969
				21,777,291
Total Health Care				75,906,897
Industrials - 5.1%
Aerospace & Defense - 0.0%##
BAE Systems plc (United Kingdom)1		8,670		72,744
Air Freight & Logistics - 1.1%
FedEx Corp.		18,645		4,609,044
Airlines - 0.1%
Azul S.A. - ADR (Brazil)*		3,845		119,195

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

75

Investment Portfolio - April 30, 2018

(unaudited)

PRO-BLEND® MAXIMUM TERM SERIES	SHARES		VALUE (NOTE 2)
COMMON STOCKS (continued)
Industrials (continued)
Airlines (continued)
Ryanair Holdings plc - ADR (Ireland)*		570	$	62,683
				181,878
Building Products - 0.1%
Cie de Saint-Gobain (France)1		4,235		221,579
Daikin Industries Ltd. (Japan)1		1,100		128,497
Geberit AG (Switzerland)1		320		136,554
				486,630
Commercial Services & Supplies - 0.8%
Advanced Disposal Services, Inc.*		139,945		3,084,388
China Everbright International Ltd. (China)1		132,000		185,151
Elis S.A. (France)1		5,870		140,389
SPIE S.A. (France)1		8,330		188,483
				3,598,411
Construction & Engineering - 1.1%
Eiffage S.A. (France)1		1,670		198,783
FLSmidth & Co. A/S (Denmark)1		1,120		69,180
Vinci S.A. (France)1		46,630		4,662,233
				4,930,196
Electrical Equipment - 0.0%##
Legrand S.A. (France)1		2,090		162,629
Industrial Conglomerates - 0.1%
Siemens AG (Germany)1		2,765		351,140
Machinery - 0.3%
FANUC Corp. (Japan)1		391		83,756
Hyundai Heavy Industries Co. Ltd. (South Korea)*1		400		44,281
Hyundai Mipo Dockyard Co. Ltd. (South Korea)*1		515		42,769
Jungheinrich AG (Germany)1		4,890		206,221
KION Group AG (Germany)1		2,670		222,557
Metso OYJ (Finland)1		6,460		229,590
Samsung Heavy Industries Co. Ltd. (South Korea)*1		6,215		42,484
The Weir Group plc (United Kingdom)1		11,120		325,394
				1,197,052
Professional Services - 0.7%
Equifax, Inc.		27,170		3,044,398
Randstad Holding N.V. (Netherlands)1		3,305		212,721
				3,257,119
Road & Rail - 0.6%
Genesee & Wyoming, Inc. - Class A*		39,290		2,797,448
Trading Companies & Distributors - 0.1%
Ashtead Group plc (United Kingdom)1		6,080		168,859
Brenntag AG (Germany)1		2,327		133,272
Howden Joinery Group plc (United Kingdom)1		11,115		72,748
Kanamoto Co. Ltd. (Japan)1		2,600		88,842
				463,721
Transportation Infrastructure - 0.1%
Aena SME S.A. (Spain)1,2		1,785		367,939
Grupo Aeroportuario del Centro Norte S.A.B. de C.V. (Mexico)		10,200		53,803
Grupo Aeroportuario del Pacifico S.A.B. de C.V. - ADR (Mexico)		530		55,210
				476,952
Total Industrials				22,584,964
Information Technology - 19.5%
Electronic Equipment, Instruments & Components - 0.2%
Halma plc (United Kingdom)1		7,830		131,381
Hexagon A.B. - Class B (Sweden)1		2,315		133,666
Hitachi Ltd. (Japan)1		32,000		233,554
Hollysys Automation Technologies Ltd. (China)		4,335		95,630
Keyence Corp. (Japan)1		692		421,967
				1,016,198
Internet Software & Services - 5.3%
Alibaba Group Holding Ltd. - ADR (China)*		37,365		6,671,147
Alphabet, Inc. - Class A*		2,410		2,454,778
Alphabet, Inc. - Class C*		2,425		2,467,025
Facebook, Inc. - Class A*		45,004		7,740,688
NetEase, Inc. - ADR (China)		360		92,545
Tencent Holdings Ltd. - Class H
(China)1		81,709		4,017,054
				23,443,237
IT Services - 4.3%
Amdocs Ltd.		67,105		4,512,811
InterXion Holding N.V. (Netherlands)*		2,100		136,542
Luxoft Holding, Inc.*		865		34,903
Mastercard, Inc. - Class A		34,400		6,132,488
Pagseguro Digital Ltd. - Class A (Brazil)*		60,760		2,019,055
Sopra Steria Group (France)1		1,095		233,736
Visa, Inc. - Class A		47,455		6,021,090
				19,090,625
Semiconductors & Semiconductor Equipment - 3.4%
Qorvo, Inc.*		121,130		8,164,162
Skyworks Solutions, Inc.		41,105		3,566,270

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

76

Investment Portfolio - April 30, 2018

(unaudited)

PRO-BLEND® MAXIMUM TERM SERIES	SHARES		VALUE (NOTE 2)
COMMON STOCKS (continued)
Information Technology (continued)
Semiconductors & Semiconductor Equipment (continued)
Texas Instruments, Inc.		30,365	$	3,079,922
				14,810,354
Software - 6.3%
Adobe Systems, Inc.*		18,530		4,106,248
Atlassian Corp. plc - Class A*		54,785		3,066,864
Dassault Systemes S.E. (France)1		1,000		129,590
Electronic Arts, Inc.*		38,415		4,532,202
Microsoft Corp.		69,385		6,488,885
Nexon Co. Ltd. (Japan)*1		12,800		186,258
ServiceNow, Inc.*		53,135		8,827,849
Sophos Group plc (United Kingdom)1,2		20,860		142,438
Temenos Group AG (Switzerland)1		750		94,371
				27,574,705
Total Information Technology				85,935,119
Materials - 8.2%
Chemicals - 3.9%
Akzo Nobel N.V. (Netherlands)1		44,955		4,071,045
Axalta Coating Systems Ltd.*		99,650		3,079,185
CF Industries Holdings, Inc.		107,080		4,154,704
Croda International plc (United Kingdom)1		2,722		166,513
Mexichem S.A.B. de C.V. (Mexico)		22,900		71,570
Olin Corp.		89,205		2,693,099
RPM International, Inc.		61,465		2,968,760
Solvay S.A. (Belgium)1		1,470		204,433
				17,409,309
Construction Materials - 0.1%
Loma Negra Cia Industrial Argentina S.A. - ADR (Argentina)*		4,230		87,730
Wienerberger AG (Austria)1		7,400		186,464
				274,194
Containers & Packaging - 2.2%
Ball Corp.		129,312		5,184,118
Sealed Air Corp.		101,355		4,444,417
				9,628,535
Metals & Mining - 2.0%
Antofagasta plc (Chile)1		96,175		1,284,995
First Quantum Minerals Ltd. (Zambia)		65,840		948,666
Freeport-McMoRan, Inc.		201,595		3,066,260
Grupo Mexico S.A.B. de C.V. - Series B (Mexico)		65,410		216,564
Lundin Mining Corp. (Canada)		165,375		1,094,815
Southern Copper Corp. (Peru)		44,055		2,326,545
				8,937,845
Total Materials				36,249,883
Real Estate - 3.4%
Equity Real Estate Investment Trusts (REITS) - 3.4%
Acadia Realty Trust		1,170		27,612
Agree Realty Corp.		695		33,972
Alexandria Real Estate Equities, Inc.		380		47,337
American Campus Communities, Inc.		1,550		60,620
American Homes 4 Rent - Class A		4,885		98,677
American Tower Corp.		36,675		5,001,003
Americold Realty Trust		1,340		27,617
Apartment Investment & Management Co. - Class A		1,800		73,080
Apple Hospitality REIT, Inc.		2,410		43,356
AvalonBay Communities, Inc.		1,150		187,450
Axiare Patrimonio SOCIMI S.A. (Spain)1		1,130		23,955
Bluerock Residential Growth REIT, Inc.		3,005		27,015
Boston Properties, Inc.		970		117,768
Brandywine Realty Trust		3,860		62,185
CatchMark Timber Trust, Inc. - Class A		7,440		97,018
Chesapeake Lodging Trust		1,245		36,777
Colony NorthStar, Inc. - Class A		5,787		35,359
Columbia Property Trust, Inc.		1,450		30,972
Community Healthcare Trust, Inc.		2,835		72,292
CoreCivic, Inc.		4,195		84,571
Cousins Properties, Inc.		14,620		129,972
Crown Castle International Corp.		675		68,087
CubeSmart		1,940		57,114
Digital Realty Trust, Inc.		1,430		151,137
EastGroup Properties, Inc.		240		21,547
Equinix, Inc.		650		273,514
Equity LifeStyle Properties, Inc.		735		65,533
Equity Residential		1,480		91,331
Essex Property Trust, Inc.		250		59,922
Extra Space Storage, Inc.		1,010		90,486
First Industrial Realty Trust, Inc.		2,965		92,241
Forest City Realty Trust, Inc. - Class A		2,240		44,934
Getty Realty Corp.		1,495		37,450
GGP, Inc.		2,400		47,976
Global Medical REIT, Inc.		3,375		26,291
HCP, Inc.		3,885		90,754
Healthcare Trust of America, Inc. - Class A		2,055		51,354

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

77

Investment Portfolio - April 30, 2018

(unaudited)

PRO-BLEND® MAXIMUM TERM SERIES		SHARES/ PRINCIPAL AMOUNT 3		VALUE (NOTE 2)
COMMON STOCKS (continued)
Real Estate (continued)
Equity Real Estate Investment Trusts (REITS) (continued)
Hibernia REIT plc (Ireland)1			26,485	$	47,463
Host Hotels & Resorts, Inc.			4,945		96,724
Independence Realty Trust, Inc.			4,875		45,825
Invitation Homes, Inc.			4,251		98,368
Lamar Advertising Co. - Class A			595		37,907
Life Storage, Inc.			310		27,416
The Macerich Co.			610		35,148
Mid-America Apartment Communities, Inc.			1,190		108,837
National Retail Properties, Inc.			925		35,187
Outfront Media, Inc.			1,630		30,562
Physicians Realty Trust			5,460		81,572
Plymouth Industrial REIT, Inc.			730		12,556
Prologis, Inc.			3,570		231,729
Public Storage			620		125,104
Regency Centers Corp.			889		52,318
Rexford Industrial Realty, Inc.			910		27,800
SBA Communications Corp.*			31,860		5,104,928
Simon Property Group, Inc.			1,640		256,398
STAG Industrial, Inc.			2,915		71,622
STORE Capital Corp.			1,460		36,836
Sun Communities, Inc.			965		90,565
Sunstone Hotel Investors, Inc.			3,830		59,748
Terreno Realty Corp.			750		27,862
UDR, Inc.			3,015		108,992
UMH Properties, Inc.			2,530		34,231
Unibail-Rodamco S.E. (France)1			775		186,054
Urban Edge Properties			4,055		83,411
Ventas, Inc.			830		42,679
VEREIT, Inc.			5,665		38,522
Vornado Realty Trust			1,755		119,393
Welltower, Inc.			1,045		55,845
Weyerhaeuser Co.			1,502		55,244
					15,055,125
Real Estate Management & Development - 0.0%##
Nexity S.A. (France)1			2,810		175,710
Total Real Estate					15,230,835
Telecommunication Services - 1.4%
Diversified Telecommunication Services - 1.4%
Iliad S.A. (France)1			665		133,202
Zayo Group Holdings, Inc.*			162,240		5,889,312
Total Telecommunication Services					6,022,514
Utilities - 0.1%
Electric Utilities - 0.0%##
Pampa Energia S.A. - ADR (Argentina)*			1,460		83,278
Independent Power and Renewable Electricity Producers - 0.1%
China Longyuan Power Group Corp. Ltd. - Class H (China)1			211,000		207,248
Huaneng Renewables Corp. Ltd. - Class H (China)1			460,000		204,287
					411,535
	��
Total Utilities					494,813
TOTAL COMMON STOCKS (Identified Cost $342,290,702)					392,058,056
CORPORATE BONDS - 4.0%
Non-Convertible Corporate Bonds - 4.0%
Consumer Discretionary - 0.5%
Auto Components - 0.0%##
Techniplas LLC2, 10.00%, 5/1/2020			75,000		66,188
Household Durables - 0.1%
Century Communities, Inc., 5.875%, 7/15/2025			124,000		117,955
Meritage Homes Corp., 5.125%, 6/6/2027			80,000		75,900
TRI Pointe Group, Inc. - TRI Pointe Homes, Inc., 4.375%, 6/15/2019			60,000		60,075
TRI Pointe Group, Inc. - TRI Pointe Homes, Inc., 5.875%, 6/15/2024			54,000		54,742
Weekley Homes LLC - Weekley Finance Corp., 6.00%, 2/1/2023			55,000		54,312
Weekley Homes LLC - Weekley Finance Corp.2, 6.625%, 8/15/2025			89,000		86,330
					449,314
Internet & Direct Marketing Retail - 0.2%
Booking Holdings, Inc., 3.60%, 6/1/2026			720,000		697,947
Media - 0.2%
CCO Holdings LLC - CCO Holdings Capital Corp.2, 5.50%, 5/1/2026			50,000		48,685
Cogeco Communications, Inc. (Canada)2, 4.875%, 5/1/2020			35,000		35,175
CSC Holdings, LLC, 5.25%, 6/1/2024			117,000		109,614
Discovery Communications LLC, 5.20%, 9/20/2047			480,000		469,476
Telenet Finance Luxembourg Notes S.A.R.L (Belgium)2, 5.50%, 3/1/2028			200,000		191,000
					853,950
Textiles, Apparel & Luxury Goods - 0.0%##
Hanesbrands, Inc.2, 4.875%, 5/15/2026			60,000		57,600
Total Consumer Discretionary					2,124,999

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

78

Investment Portfolio - April 30, 2018

(unaudited)

PRO-BLEND® MAXIMUM TERM SERIES	PRINCIPAL AMOUNT 3		VALUE (NOTE 2)
CORPORATE BONDS (continued)
Non-Convertible Corporate Bonds (continued)
Consumer Staples - 0.0%##
Food & Staples Retailing - 0.0%##
C&S Group Enterprises LLC2, 5.375%, 7/15/2022		132,000	$	124,080
First Quality Finance Co., Inc.2, 5.00%, 7/1/2025		30,000		28,725
Total Consumer Staples				152,805
Energy - 0.9%
Energy Equipment & Services - 0.1%
Shelf Drilling Holdings Ltd. (United Arab Emirates)2, 8.25%, 2/15/2025		60,000		60,900
Trinidad Drilling Ltd. (Canada)2, 6.625%, 2/15/2025		97,000		92,999
				153,899
Oil, Gas & Consumable Fuels - 0.8%
Boardwalk Pipelines LP, 5.95%, 6/1/2026		650,000		693,380
Cheniere Energy Partners LP2,5.25%, 10/1/2025		85,000		83,088
DCP Midstream Operating LP2, 9.75%, 3/15/2019		35,000		36,838
Dynagas LNG Partners LP - Dynagas Finance, Inc. (Monaco), 6.25%, 10/30/2019		102,000		103,275
GasLog Ltd. (Monaco), 8.875%, 3/22/2022		94,000		99,640
Hilcorp Energy I LP - Hilcorp Finance Co.2, 5.75%, 10/1/2025		86,000		85,140
Jonah Energy LLC - Jonah Energy Finance Corp.2, 7.25%, 10/15/2025		120,000		96,000
Kinder Morgan Energy Partners LP, 6.95%, 1/15/2038		590,000		700,210
Petroleos Mexicanos (Mexico)2, 6.35%, 2/12/2048		730,000		669,410
Rockies Express Pipeline, LLC2, 5.625%, 4/15/2020		50,000		51,766
Sabine Pass Liquefaction LLC, 5.875%, 6/30/2026		650,000		705,906
SemGroup Corp., 6.375%, 3/15/2025		110,000		104,775
Seven Generations Energy Ltd. (Canada)2, 5.375%, 9/30/2025		62,000		60,295
Southwestern Energy Co.4, 6.70%, 1/23/2025		74,000		72,520
Tallgrass Energy Partners LP - Tallgrass Energy Finance Corp.2, 5.50%, 9/15/2024		89,000		90,335
				3,652,578
Total Energy				3,806,477
Financials - 1.2%
Banks - 0.8%
Bank of America Corp., 4.00%, 1/22/2025		710,000		701,762
Citigroup, Inc., 8.125%, 7/15/2039		480,000		695,197
Intesa Sanpaolo S.p.A. (Italy)2, 3.875%, 1/12/2028		750,000		700,550
JPMorgan Chase & Co., 6.30%, 4/23/2019		680,000		703,977
Popular, Inc., 7.00%, 7/1/2019		95,000		96,662
Santander Holdings USA, Inc., 3.40%, 1/18/2023		480,000		465,073
				3,363,221
Capital Markets - 0.2%
Morgan Stanley5, (3 mo. LIBOR US + 1.220%), 3.583%, 5/8/2024		690,000		703,591
Consumer Finance - 0.0%##
Ally Financial, Inc., 3.50%, 1/27/2019		60,000		59,970
SLM Corp., 5.125%, 4/5/2022		75,000		75,750
				135,720
Diversified Financial Services - 0.1%
Aircastle Ltd., 6.25%, 12/1/2019		35,000		36,356
International Lease Finance Corp., 6.25%, 5/15/2019		130,000		134,265
LPL Holdings, Inc.2, 5.75%, 9/15/2025		66,000		64,020
Navient Corp., 7.25%, 9/25/2023		50,000		52,250
Oxford Finance, LLC - Oxford Finance Co.- Issuer II, Inc.2, 6.375%, 12/15/2022		90,000		91,800
Park Aerospace Holdings Ltd. (Ireland)2, 4.50%, 3/15/2023		91,000		87,132
				465,823
Insurance - 0.1%
Prudential Financial, Inc.6, (3 mo. LIBOR US + 4.175%), 5.875%, 9/15/2042		440,000		468,050
Thrifts & Mortgage Finance - 0.0%##
Ladder Capital Finance Holdings LLLP - Ladder Capital Finance Corp.2, 5.875%, 8/1/2021		55,000		55,962
Total Financials				5,192,367
Health Care - 0.2%
Biotechnology - 0.0%##
AMAG Pharmaceuticals, Inc.2, 7.875%, 9/1/2023		66,000		65,670
Health Care Providers & Services - 0.2%
DaVita, Inc., 5.00%, 5/1/2025		94,000		89,084
Fresenius Medical Care US Finance II, Inc. (Germany)2, 6.50%, 9/15/2018		38,000		38,488
Fresenius Medical Care US Finance II, Inc. (Germany)2, 5.625%, 7/31/2019		450,000		462,915

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

79

Investment Portfolio - April 30, 2018

(unaudited)

PRO-BLEND® MAXIMUM TERM SERIES	PRINCIPAL AMOUNT 3		VALUE (NOTE 2)
CORPORATE BONDS (continued)
Non-Convertible Corporate Bonds (continued)
Health Care (continued)
Health Care Providers & Services (continued)
Ortho-Clinical Diagnostics, Inc. - Ortho-Clinical Diagnostics S.A.2, 6.625%, 5/15/2022		60,000	$	59,400
Tenet Healthcare Corp., 6.00%, 10/1/2020		35,000		36,122
				686,009
Total Health Care				751,679
Industrials - 0.1%
Airlines - 0.0%##
Allegiant Travel Co., 5.50%, 7/15/2019		62,000		62,620
Construction & Engineering - 0.0%##
Tutor Perini Corp.2, 6.875%, 5/1/2025		97,000		99,396
Containers & Packaging - 0.0%##
W/S Packaging Holdings, Inc.2, 9.00%, 4/15/2023		85,000		86,912
Industrial Conglomerates - 0.0%##
LSB Industries, Inc.2, 9.625%, 5/1/2023		85,000		85,319
Machinery - 0.1%
CNH Industrial Capital LLC, 3.375%, 7/15/2019		91,000		91,228
Xerium Technologies, Inc., 9.50%, 8/15/2021		74,000		77,145
				168,373
Marine - 0.0%##
Global Ship Lease, Inc. (United Kingdom)2, 9.875%, 11/15/2022		120,000		117,900
Total Industrials				620,520
Information Technology - 0.3%
Internet Software & Services - 0.3%
Alibaba Group Holding Ltd. (China), 3.40%, 12/6/2027		750,000		706,117
Tencent Holdings Ltd. (China)2, 3.595%, 1/19/2028		490,000		465,646
				1,171,763
Semiconductors & Semiconductor Equipment - 0.0%##
MagnaChip Semiconductor Corp. (South Korea), 6.625%, 7/15/2021		97,000		93,362
Total Information Technology				1,265,125
Materials - `0.3%
Chemicals - 0.0%##
Kissner Holdings LP - Kissner Milling Co. Ltd. - BSC Holding, Inc. - Kissner USA (Canada)2, 8.375%, 12/1/2022		86,000		88,150
Metals & Mining - 0.3%
Anglo American Capital plc (United Kingdom)2, 4.00%, 9/11/2027		490,000		461,618
Corp Nacional del Cobre de Chile (Chile)2, 5.625%, 9/21/2035		420,000		470,760
Mountain Province Diamonds, Inc. (Canada)2, 8.00%, 12/15/2022		145,000		143,550
Northwest Acquisitions ULC - Dominion Finco, Inc.2, 7.125%, 11/1/2022		190,000		193,477
				1,269,405
Total Materials				1,357,555
Real Estate - 0.1%
Equity Real Estate Investment Trusts (REITS) - 0.0%## iStar, Inc., 5.25%, 9/15/2022		70,000		67,900
Real Estate Management & Development - 0.1%
American Homes 4 Rent LP, 4.25%, 2/15/2028		480,000		461,474
Greystar Real Estate Partners, LLC2, 5.75%, 12/1/2025		90,000		89,100
				550,574
Total Real Estate				618,474
Telecommunication Services - 0.3%
Diversified Telecommunication Services - 0.2%
AT&T, Inc., 4.25%, 3/1/2027		440,000		436,801
Verizon Communications, Inc., 5.50%, 3/16/2047		660,000		703,586
				1,140,387
Wireless Telecommunication Services - 0.1%
Hughes Satellite Systems Corp., 5.25%, 8/1/2026		136,000		132,940
Inmarsat Finance plc (United Kingdom)2, 4.875%, 5/15/2022		153,000		147,645
Sprint Communications, Inc.2, 9.00%, 11/15/2018		27,000		27,759
				308,344
Total Telecommunication Services				1,448,731
Utilities - 0.1%
Independent Power and Renewable Electricity Producers - 0.1%
Atlantica Yield plc (Spain)2, 7.00%, 11/15/2019		215,000		224,137
Drax Finco plc (United Kingdom)2, 6.625%, 11/1/2025		200,000		201,000
Total Utilities				425,137
TOTAL CORPORATE BONDS
(Identified Cost $18,156,291)				17,763,869

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

80

Investment Portfolio - April 30, 2018

(unaudited)

PRO-BLEND® MAXIMUM TERM SERIES	SHARES/ PRINCIPAL AMOUNT3		VALUE (NOTE 2)
MUTUAL FUNDS - 0.1%
Global X MSCI Greece ETF		17,125	$	182,724
iShares MSCI Eurozone ETF		6,305		279,501
TOTAL MUTUAL FUNDS
(Identified Cost $408,490)				462,225
U.S. TREASURY SECURITIES - 5.9%
U.S. Treasury Bonds - 1.8%
U.S. Treasury Bond, 6.25%, 5/15/2030		1,748,000		2,329,620
U.S. Treasury Bond, 4.75%, 2/15/2037		2,748,000		3,445,734
U.S. Treasury Bond, 3.00%, 5/15/2047		1,150,000		1,128,842
U.S. Treasury Inflation Indexed Bond, 0.75%, 2/15/2042		1,164,509		1,132,231
Total U.S. Treasury Bonds
(Identified Cost $8,468,778)				8,036,427
U.S. Treasury Notes - 4.1%
U.S. Treasury Inflation Indexed Note, 0.125%, 4/15/2020		1,119,592		1,110,198
U.S. Treasury Inflation Indexed Note, 0.125%, 1/15/2023		1,132,861		1,106,544
U.S. Treasury Note, 1.25%, 7/31/2023		11,811,000		10,912,257
U.S. Treasury Note, 2.375%, 5/15/2027		4,877,000		4,661,345
Total U.S. Treasury Notes (Identified Cost $18,136,742)				17,790,344
TOTAL U.S. TREASURY SECURITIES (Identified Cost $26,605,520)				25,826,771
SHORT-TERM INVESTMENT - 1.3%
Dreyfus Government Cash Management7, 1.60%, (Identified Cost $5,549,988)		5,549,988		5,549,988
TOTAL INVESTMENTS - 100.0% (Identified Cost $393,010,991)				441,660,909
OTHER ASSETS, LESS LIABILITIES - 0.0%##				217,435
NET ASSETS - 100%			$	441,878,344

ADR - American Depositary Receipt

ETF - Exchange-traded fund

*Non-income producing security.

## Less than 0.1%.

¹A factor from a third party vendor was applied to determine the security’s fair value following the close of local trading.

²Restricted securities - Investment in securities that are restricted as to public resale under the Securities Act of 1933, as amended. These securities have been sold under Rule 144A and have been determined to be liquid. These securities amount to $7,582,507, or 1.7% of the Series’ net assets as of April 30, 2018 (See Note 2 to the financial statements).

³Amount is stated in USD unless otherwise noted.

⁴Step coupon rate security - Rate steps up/down by 25 basis points upon rating downgrade/upgrade by Moody’s and S&P rating agencies (Subject to a maximum of 100 basis points per agency, 200 basis points maximum).

⁵Floating rate security. Rate shown is the rate in effect as of April 30, 2018.

⁶Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of April 30, 2018.

⁷Rate shown is the current yield as of April 30, 2018.

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

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

81

Statement of Assets and Liabilities - Pro-Blend^® Maximum Term Series

April 30, 2018 (unaudited)

ASSETS:
Investments, at value (identified cost $393,010,991) (Note 2)	$	441,660,909
Foreign currency, at value (identified cost $1,158)		1,148
Foreign tax reclaims receivable		688,333
Interest receivable		427,913
Dividends receivable		340,804
Receivable for securities sold		231,337
Receivable for fund shares sold		187,516
Prepaid expenses		19,628
TOTAL ASSETS		443,557,588
LIABILITIES:
Accrued management fees (Note 3)		260,102
Accrued shareholder services fees (Class S) (Note 3)		55,998
Accrued distribution and service (Rule 12b-1) fees (Class R) (Class R2)(Note 3)		51,918
Accrued fund accounting and administration fees (Note 3)		40,300
Accrued Directors’ fees (Note 3)		2,369
Accrued Chief Compliance Officer service fees (Note 3)		351
Payable for securities purchased		957,968
Payable for fund shares repurchased		190,494
Other payables and accrued expenses		119,744
TOTAL LIABILITIES		1,679,244
TOTAL NET ASSETS	$	441,878,344
NET ASSETS CONSIST OF:
Capital stock	$	289,081
Additional paid-in-capital		364,516,765
Undistributed net investment income		561,586
Accumulated net realized gain on investments, foreign currency and translation of other assets and liabilities		27,872,494
Net unrealized appreciation (depreciation) on investments, foreign currency and translation of other assets and liabilities		48,638,418
TOTAL NET ASSETS	$	441,878,344

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

82

Statement of Assets and Liabilities - Pro-Blend^® Maximum Term Series

April 30, 2018 (unaudited)

NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class S ($269,259,554/12,891,255 shares)	$	20.89
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class I ($101,923,858/9,807,740 shares)	$	10.39
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class R ($15,940,969/1,208,489 shares)	$	13.19
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class R2 ($54,753,963/5,000,646 shares)	$	10.95

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

83

Statement of Operations - Pro-Blend^® Maximum Term Series

For the Six Months Ended April 30, 2018 (unaudited)

INVESTMENT INCOME:
Dividends (net of foreign taxes withheld, $314,135)	$	2,874,376
Interest		750,820
Total Investment Income		3,625,196
EXPENSES:
Management fees (Note 3)		1,755,015
Shareholder services fees (Class S) (Note 3)		360,849
Distribution and service (Rule 12b-1) fees (Class R2) (Note 3)		279,928
Distribution and service (Rule 12b-1) fees (Class R) (Note 3)		40,457
Fund accounting and administration fees (Note 3)		55,770
Directors’ fees (Note 3)		19,591
Chief Compliance Officer service fees (Note 3)		2,060
Custodian fees		34,442
Miscellaneous		192,295
Total Expenses		2,740,407
Less reduction of expenses (Note 3)		(73,671	)
Total Expenses		2,666,736
NET INVESTMENT INCOME		958,460
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:
Net realized gain (loss) on-
Investments		28,721,580
Foreign currency and translation of other assets and liabilities		(7,054	)
		28,714,526
Net change in unrealized appreciation (depreciation) on-
Investments		(11,942,359	)
Foreign currency and translation of other assets and liabilities		8,445
		(11,933,914	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY		16,780,612
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	17,739,072

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

84

Statements of Changes in Net Assets - Pro-Blend^® Maximum Term Series

	FOR THE SIX MONTHS ENDED 4/30/18 (UNAUDITED)			FOR THE YEAR ENDED 10/31/17
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income	$	958,460		$	3,344,535
Net realized gain (loss) on investments and foreign currency		28,714,526			69,826,631
Net realized gain (loss) from In-kind redemption transactions		—			19,818,286
Net change in unrealized appreciation (depreciation) on investments and foreign currency		(11,933,914	)		23,288,158
Net increase from operations		17,739,072			116,277,610
DISTRIBUTIONS TO SHAREHOLDERS (Note 8):
From net investment income (Class S)		(440,845	)		(600,809	)
From net investment income (Class I)		(602,573	)		(2,056,295	)
From net investment income (Class R)		(22,417	)		(53,919	)
From net investment income (Class R2)		—			(55,249	)
From net realized gain on investments (Class S)		(21,137,420	)		(6,955,479	)
From net realized gain on investments (Class I)		(14,499,932	)		(10,738,795	)
From net realized gain on investments (Class R)		(1,762,691	)		(651,177	)
From net realized gain on investments (Class R2)		(7,051,009	)		(1,850,870	)
Total distributions to shareholders		(45,516,887	)		(22,962,593	)
CAPITAL STOCK ISSUED AND REPURCHASED:
Net decrease from capital share transactions (Note 5)		(24,234,729	)		(345,403,390	)
Net decrease in net assets		(52,012,544	)		(252,088,373	)
NET ASSETS:
Beginning of period		493,890,888			745,979,261
End of period (including undistributed net investment income of $561,586 and $668,961, respectively)	$	441,878,344		$	493,890,888

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

85

Financial Highlights - Pro-Blend^® Maximum Term Series - Class S

	FOR THE SIX MONTHS ENDED 4/30/18			FOR THE YEAR ENDED
	(UNAUDITED)			10/31/17			10/31/16			10/31/15			10/31/14			10/31/13
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period	$	21.71		$	18.71		$	18.30		$	20.86		$	21.01		$	17.00
Income (loss) from investment operations:
Net investment income1		0.05			0.09			0.03			0.09			0.09			0.08
Net realized and unrealized gain (loss) on investments		0.72			3.32			0.59			(0.54	)		1.60			4.29
Total from investment operations		0.77			3.41			0.62			(0.45	)		1.69			4.37
Less distributions to shareholders:
From net investment income		(0.03	)		(0.04	)		(0.02	)		(0.05	)		(0.04	)		(0.04	)
From net realized gain on investments		(1.56	)		(0.37	)		(0.19	)		(2.06	)		(1.80	)		(0.32	)
Total distributions to shareholders		(1.59	)		(0.41	)		(0.21	)		(2.11	)		(1.84	)		(0.36	)
Net asset value - End of period	$	20.89		$	21.71		$	18.71		$	18.30		$	20.86		$	21.01
Net assets - End of period (000’s omitted)	$	269,260		$	306,055		$	367,227		$	503,378		$	597,578		$	530,510
Total return2		3.61	%		18.60	%		3.45	%		(2.03	%)		8.80	%		26.13	%
Ratios (to average net assets)/Supplemental Data:
Expenses*		1.10	%3		1.10	%		1.08	%		1.08	%		1.07	%		1.07	%
Net investment income		0.45	%3		0.45	%		0.15	%		0.45	%		0.45	%		0.43	%
Series portfolio turnover		34	%		85	%		49	%		59	%		74	%		67	%
*For certain periods presented, the investment advisor did not impose all or a portion of its management and/or other fees, and in some periods may have paid a portion of the Series’ expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts:
		0.03	%3		N/A			N/A			N/A			N/A			N/A

¹Calculated based on average shares outstanding during the periods.

²Represents 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.

³Annualized.

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

86

Financial Highlights - Pro-Blend^® Maximum Term Series - Class I    

	FOR THE SIX MONTHS ENDED 4/30/18			FOR THE YEAR ENDED
	(UNAUDITED)			10/31/17			10/31/16			10/31/15			10/31/14			10/31/13
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period	$	11.60		$	10.19		$	10.09		$	12.51		$	13.35		$	10.95
Income (loss) from investment operations:
Net investment income1		0.04			0.08			0.04			0.08			0.09			0.08
Net realized and unrealized gain (loss) on investments		0.37			1.78			0.32			(0.33	)		0.96			2.72
Total from investment operations		0.41			1.86			0.36			(0.25	)		1.05			2.80
Less distributions to shareholders:
From net investment income		(0.06	)		(0.08	)		(0.07	)		(0.11	)		(0.09	)		(0.08	)
From net realized gain on investments		(1.56	)		(0.37	)		(0.19	)		(2.06	)		(1.80	)		(0.32	)
Total distributions to shareholders		(1.62	)		(0.45	)		(0.26	)		(2.17	)		(1.89	)		(0.40	)
Net asset value - End of period	$	10.39		$	11.60		$	10.19		$	10.09		$	12.51		$	13.35
Net assets - End of period (000’s omitted)	$	101,924		$	114,391		$	301,846		$	390,931		$	504,866		$	418,785
Total return2		3.69	%		18.97	%		3.69	%		(1.82	%)		9.10	%		26.35	%
Ratios (to average net assets)/Supplemental Data:
Expenses*		0.85	%3		0.85	%		0.83	%		0.83	%		0.82	%		0.82	%
Net investment income		0.70	%3		0.72	%		0.40	%		0.71	%		0.70	%		0.66	%
Series portfolio turnover		34	%		85	%		49	%		59	%		74	%		67	%
*For certain periods presented, the investment advisor did not impose all or a portion of its management and/or other fees, and in some periods may have paid a portion of the Series’ expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts:
		0.03	%3		N/A			N/A			N/A			N/A			N/A

¹Calculated based on average shares outstanding during the periods.

²Represents 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.

³Annualized.

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

87

Financial Highlights - Pro-Blend^® Maximum Term Series - Class R

	FOR THE SIX MONTHS ENDED 4/30/18			FOR THE YEAR ENDED
	(UNAUDITED)			10/31/17			10/31/16			10/31/15			10/31/14			10/31/13
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period	$	14.28		$	12.48		$	12.28		$	14.73		$	15.39		$	12.56
Income (loss) from investment operations:
Net investment income (loss)1		0.01			0.03			(0.01	)		0.03			0.03			0.02
Net realized and unrealized gain (loss) on investments		0.48			2.17			0.40			(0.38	)		1.13			3.15
Total from investment operations		0.49			2.20			0.39			(0.35	)		1.16			3.17
Less distributions to shareholders:
From net investment income		(0.02	)		(0.03	)		(0.00	)2		(0.04	)		(0.02	)		(0.02	)
From net realized gain on investments		(1.56	)		(0.37	)		(0.19	)		(2.06	)		(1.80	)		(0.32	)
Total distributions to shareholders		(1.58	)		(0.40	)		(0.19	)		(2.10	)		(1.82	)		(0.34	)
Net asset value - End of period	$	13.19		$	14.28		$	12.48		$	12.28		$	14.73		$	15.39
Net assets - End of period (000’s omitted)	$	15,941		$	17,404		$	22,153		$	31,517		$	38,166		$	33,162
Total return3		3.50	%		18.21	%		3.26	%		(2.28	%)		8.53	%		25.81	%
Ratios (to average net assets)/Supplemental Data:
Expenses*		1.35	%4		1.35	%		1.33	%		1.33	%		1.32	%		1.32	%
Net investment income (loss)		0.21	%4		0.22	%		(0.10	%)		0.20	%		0.20	%		0.14	%
Series portfolio turnover		34	%		85	%		49	%		59	%		74	%		67	%
*For certain periods presented, the investment advisor did not impose all or a portion of its management and/or other fees, and in some periods may have paid a portion of the Series’ expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts:
		0.03	%4		N/A			N/A			N/A			N/A			N/A

¹Calculated based on average shares outstanding during the periods.

²Less than $0.01.

³Represents 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.

⁴Annualized.

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

88

Financial Highlights - Pro-Blend^® Maximum Term Series - Class R2*

	FOR THE SIX MONTHS ENDED 4/30/18			FOR THE YEAR ENDED
	(UNAUDITED)			10/31/17			10/31/16			10/31/15			10/31/14			10/31/13
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period	$	12.13		$	10.68		$	10.60		$	13.03		$	13.86		$	11.38
Income (loss) from investment operations:
Net investment loss1		(0.02	)		(0.03	)		(0.06	)		(0.03	)		(0.04	)		(0.04	)
Net realized and unrealized gain (loss) on investments		0.40			1.86			0.33			(0.34	)		1.01			2.84
Total from investment operations		0.38			1.83			0.27			(0.37	)		0.97			2.80
Less distributions to shareholders:
From net investment income		—			(0.01	)		—			(0.00	)2		(0.00	)2		—
From net realized gain on investments		(1.56	)		(0.37	)		(0.19	)		(2.06	)		(1.80	)		(0.32	)
Total distributions to shareholders		(1.56	)		(0.38	)		(0.19	)		(2.06	)		(1.80	)		(0.32	)
Net asset value - End of period	$	10.95		$	12.13		$	10.68		$	10.60		$	13.03		$	13.86
Net assets - End of period (000’s omitted)	$	54,754		$	56,040		$	54,753		$	57,507		$	55,781		$	36,989
Total return3		3.19	%		17.78	%		2.62	%		(2.76	%)		8.06	%		25.17	%
Ratios (to average net assets)/Supplemental Data:
Expenses**		1.85	%4		1.85	%		1.83	%		1.83	%		1.82	%		1.82	%
Net investment loss		(0.30	%)4		(0.31	%)		(0.61	%)		(0.30	%)		(0.30	%)		(0.35	%)
Series portfolio turnover		34	%		85	%		49	%		59	%		74	%		67	%
*Effective March 1, 2017, Class C shares of the Series have been redesignated as Class R2 shares.
**For certain periods presented, the investment advisor did not impose all or a portion of its management and/or other fees, and in some periods may have paid a portion of the Series’ expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts:
		0.03	%4		N/A			N/A			N/A			N/A			N/A

¹Calculated based on average shares outstanding during the periods.

²Less than $0.01.

³Represents 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.

⁴Annualized.

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

89

Notes to Financial Statements

(unaudited)

1. Organization

Pro-Blend^® Conservative Term Series, Pro-Blend^® Moderate Term Series, Pro-Blend^® Extended Term Series and Pro-Blend^® Maximum Term Series (each the “Series”) are no-load diversified series of Manning & Napier Fund, Inc. (the “Fund”). The Fund is organized in Maryland and is registered under the Investment Company Act of 1940 (the “1940 Act”), as amended, as an open-end management investment company.

The Series are asset allocation funds. Each invests in a combination of stocks, bonds and cash and is managed according to specific objectives. The objectives are as follows: Pro-Blend^® Conservative Term Series - primary objective is preservation of capital; secondary objective is to provide income and long-term growth of capital. Pro-Blend^® Moderate Term Series - equal emphasis on long-term growth of capital and preservation of capital. Pro-Blend^® Extended Term Series - primary objective is long-term growth of capital; secondary objective is preservation of capital. Pro-Blend^® Maximum Term Series - primary objective is long-term growth of capital.

Each Series is authorized to issue four classes of shares (Class S, I, R and R2). Each class of shares is substantially the same, except that class-specific distribution and shareholder servicing expenses are borne by the specific class of shares to which they relate.

The Fund’s Advisor is Manning & Napier Advisors, LLC (the “Advisor”). Shares of each Series are offered to investors and employees of the Advisor and its affiliates. The total authorized capital stock of the Fund consists of 15 billion shares of common stock each having a par value of $0.01. As of April 30, 2018, 10.9 billion shares have been designated in total among 38 series, of which 162.5 million have been designated as Pro-Blend^® Conservative Term Series Class S common stock, 75 million have been designated as Pro-Blend^® Conservative Term Series Class I common stock, 125 million each have been designated as Class S common stock and Class I common stock for Pro-Blend^® Moderate Term Series, 125 million each have been designated as Class S common stock for Pro-Blend^® Extended Term Series and Pro-Blend^® Maximum Term Series, 200 million each have been designated as Class I common stock for Pro-Blend^® Extended Term Series and Pro-Blend^® Maximum Term Series, 52.5 million have been designated in each of the Series as Class R common stock, and 25 million have been designated in each of the Series as Class R2 common stock.

2. Significant Accounting Policies

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

Security Valuation

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

Debt securities, including government bonds, foreign bonds, asset-backed securities, structured notes, supranational obligations, sovereign bonds, corporate bonds and mortgage-backed securities will normally be valued on the basis of evaluated bid prices provided directly by an independent pricing service. The pricing services use multiple valuation techniques to determine fair value. In instances where sufficient market activity exists, the pricing services may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services also utilize proprietary valuation models which may consider market characteristics such as benchmark yield curves, option-adjusted spreads, credit spreads, estimated defaulted rates, coupon rates, anticipated timing of principal repayments, underlying collateral and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair value. Certain investments in securities held by the Series may be valued on a

90

Notes to Financial Statements (continued)

(unaudited)

2. Significant Accounting Policies (continued)

Security Valuation (continued)

basis of a price provided directly by a principal market maker. These prices may differ from the value that would have been used had a broader market for securities existed.

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

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

Securities for which representative valuations or prices are not available from the Series’ pricing service may be valued at fair value as determined in good faith by the Advisor under procedures approved by and under the general supervision and responsibility of the Fund’s Board of Directors (the “Board”). Due to the inherent uncertainty of valuations of such securities, the fair value may differ significantly from the values that would have been used had a ready market for such securities existed. If trading or events occurring after the close of the principal market in which securities are traded are expected to materially affect the value of those securities, then they may be valued at their fair value, taking this trading or these events into account. In accordance with the procedures approved by the Board, the values of certain securities trading outside the U.S. were adjusted following the close of local trading using a factor from a third party vendor. The third party vendor uses statistical analyses and quantitative models, which consider among other things subsequent movement and changes in the prices of indices, securities and exchange rates in other markets, to determine the factors which are used to adjust local market prices. The value of securities used for net asset value calculation under these procedures may differ from published prices for the same securities. It is the Fund’s policy to classify each foreign equity security where a factor from a third party vendor is provided as a Level 2 security.

Various inputs are used in determining the value of the Series’ assets or liabilities carried at fair value. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical assets and liabilities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Level 3 includes significant unobservable inputs (including the Series’ own assumptions in determining the fair value of investments). A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in aggregate that is significant to their fair value measure. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the valuation levels used for major security types as of April 30, 2018 in valuing the Series’ assets or liabilities carried at fair value:

	PRO-BLEND® CONSERVATIVE TERM SERIES
DESCRIPTION	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Assets:
Equity securities:
Consumer Discretionary	$	21,009,139	$	18,781,922	$	2,227,217	$	—
Consumer Staples		23,381,932		14,608,656		8,773,276		—
Energy		14,047,790		13,634,038		413,752		—
Financials		23,561,860		23,561,860		—		—
Health Care		54,310,619		53,335,682		974,937		—
Industrials		18,856,950		18,856,950		—		—
Information Technology		55,079,674		53,333,898		1,745,776		—

91

Notes to Financial Statements (continued)

(unaudited)

2. Significant Accounting Policies (continued)

Security Valuation (continued)

	PRO-BLEND® CONSERVATIVE TERM SERIES
DESCRIPTION	TOTAL			LEVEL 1			LEVEL 2			LEVEL 3
Materials	$	13,999,283		$	13,078,643		$	920,640		$	—
Real Estate		25,837,197			25,312,430			524,767			—
Telecommunication Services		2,652,078			2,652,078			—			—
Utilities		1,716,337			1,716,337			—			—
Debt securities:
U.S. Treasury and other U.S. Government agencies		280,132,013			—			280,132,013			—
Corporate debt:
Consumer Discretionary		18,428,390			—			18,428,390			—
Consumer Staples		576,615			—			576,615			—
Energy		37,603,970			—			37,603,970			—
Financials		65,644,350			—			65,644,350			—
Health Care		7,149,426			—			7,149,426			—
Industrials		8,968,910			—			8,968,910			—
Information Technology		14,517,939			—			14,517,939			—
Materials		17,001,770			—			17,001,770			—
Real Estate		7,238,264			—			7,238,264			—
Telecommunication Services		15,185,284			—			15,185,284			—
Utilities		810,450			—			810,450			—
Asset-backed securities		41,587,554			—			41,587,554			—
Commercial mortgage-backed securities		77,508,398			—			77,508,398			—
Foreign government bonds		22,512,862			—			22,512,862			—
Mutual funds		12,337,047			12,337,047			—			—
Total assets		881,656,101			251,209,541			630,446,560			—
Liabilities:
Other financial instruments*:
Equity contracts		(103,323	)		(75,803	)		(27,520	)		—
Total liabilities		(103,323	)		(75,803	)		(27,520	)		—
Total	$	881,552,778		$	251,133,738		$	630,419,040		$	—
	PRO-BLEND® MODERATE TERM SERIES
DESCRIPTION	TOTAL			LEVEL 1			LEVEL 2			LEVEL 3
Assets:
Equity securities:
Consumer Discretionary	$	20,506,309		$	15,927,594		$	4,578,715		$	—
Consumer Staples		22,184,316			8,959,163			13,225,153			—
Energy		10,999,002			10,156,030			842,972			—
Financials		15,939,345			12,613,263			3,326,082			—
Health Care		53,649,063			53,146,912			502,151			—
Industrials		13,714,920			8,702,844			5,012,076			—
Information Technology		60,797,916			55,991,775			4,806,141			—
Materials		12,170,849			9,864,362			2,306,487			—
Real Estate		16,874,694			16,243,714			630,980			—
Telecommunication Services		3,855,391			3,726,195			129,196			—
Utilities		563,985			92,690			471,295			—
Debt securities:
U.S. Treasury and other U.S. Government agencies		169,064,594			—			169,064,594			—

92

Notes to Financial Statements (continued)

(unaudited)

2. Significant Accounting Policies (continued)

Security Valuation (continued)

	PRO-BLEND® MODERATE TERM SERIES
DESCRIPTION	TOTAL			LEVEL 1			LEVEL 2			LEVEL 3
Corporate debt:
Consumer Discretionary	$	10,786,931		$	—		$	10,786,931		$	—
Consumer Staples		443,288			—			443,288			—
Energy		23,777,338			—			23,777,338			—
Financials		39,072,335			—			39,072,335			—
Health Care		1,159,079			—			1,159,079			—
Industrials		5,306,151			—			5,306,151			—
Information Technology		8,176,120			—			8,176,120			—
Materials		7,641,692			—			7,641,692			—
Real Estate		4,134,572			—			4,134,572			—
Telecommunication Services		8,628,484			—			8,628,484			—
Utilities		715,163			—			715,163			—
Asset-backed securities		23,795,592			—			23,795,592			—
Commercial mortgage-backed securities		49,038,569			—			49,038,569			—
Foreign government bonds		15,008,394			—			15,008,394			—
Mutual funds		11,902,143			11,902,143			—			—
Total assets		609,906,235			207,326,685			402,579,550			—
Liabilities:
Other financial instruments*:
Equity contracts		(116,768	)		(85,318	)		(31,450	)		—
Total liabilities		(116,768	)		(85,318	)		(31,450	)		—
Total	$	609,789,467		$	207,241,367		$	402,548,100		$	—
	PRO-BLEND® EXTENDED TERM SERIES
DESCRIPTION	TOTAL			LEVEL 1			LEVEL 2			LEVEL 3
Assets:
Equity securities:
Consumer Discretionary	$	27,426,078		$	21,277,563		$	6,148,515		$	—
Consumer Staples		29,742,092			12,292,708			17,449,384			—
Energy		14,863,456			13,743,430			1,120,026			—
Financials		21,215,773			16,815,678			4,400,095			—
Health Care		71,397,204			70,714,850			682,354			—
Industrials		18,490,507			11,832,041			6,658,466			—
Information Technology		81,925,589			75,541,540			6,384,049			—
Materials		16,014,036			12,941,560			3,072,476			—
Real Estate		20,468,457			19,690,016			778,441			—
Telecommunication Services		4,700,323			4,528,063			172,260			—
Utilities		752,064			124,917			627,147			—
Debt securities:
U.S. Treasury and other U.S. Government agencies		142,659,400			—			142,659,400			—
Corporate debt:
Consumer Discretionary		9,054,921			—			9,054,921			—
Consumer Staples		425,428			—			425,428			—
Energy		18,593,464			—			18,593,464			—
Financials		30,013,704			—			30,013,704			—
Health Care		3,532,317			—			3,532,317			—
Industrials		3,777,164			—			3,777,164			—
Information Technology		6,243,430			—			6,243,430			—

93

Notes to Financial Statements (continued)

(unaudited)

2. Significant Accounting Policies (continued)

Security Valuation (continued)

	PRO-BLEND® EXTENDED TERM SERIES
DESCRIPTION	TOTAL			LEVEL 1			LEVEL 2			LEVEL 3
Materials	$	6,188,625		$	—		$	6,188,625		$	—
Real Estate		3,170,753			—			3,170,753			—
Telecommunication Services		6,728,639			—			6,728,639			—
Utilities		773,730			—			773,730			—
Asset-backed securities		19,396,393			—			19,396,393			—
Commercial mortgage-backed securities		34,495,193			—			34,495,193			—
Foreign government bonds		10,260,463			—			10,260,463			—
Mutual funds		7,862,115			7,862,115			—			—
Total assets		610,171,318			267,364,481			342,806,837			—
Liabilities:
Other financial instruments*:
Equity contracts		(156,074	)		(114,224	)		(41,850	)		—
Total liabilities		(156,074	)		(114,224	)		(41,850	)		—
Total	$	610,015,244		$	267,250,257		$	342,764,987		$	—
	PRO-BLEND® MAXIMUM TERM SERIES
DESCRIPTION	TOTAL			LEVEL 1			LEVEL 2			LEVEL 3
Assets:
Equity securities:
Consumer Discretionary	$	52,749,608		$	48,134,757		$	4,614,851		$	—
Consumer Staples		55,114,868			31,920,430			23,194,438			—
Energy		11,957,467			11,222,701			734,766			—
Financials		29,811,088			15,513,257			14,297,831			—
Health Care		75,906,897			73,431,475			2,475,422			—
Industrials		22,584,964			13,826,169			8,758,795			—
Information Technology		85,935,119			80,211,104			5,724,015			—
Materials		36,249,883			30,336,433			5,913,450			—
Real Estate		15,230,835			14,797,653			433,182			—
Telecommunication Services		6,022,514			5,889,312			133,202			—
Utilities		494,813			83,278			411,535			—
Debt securities:
U.S. Treasury and other U.S. Government agencies		25,826,771			—			25,826,771			—
Corporate debt:
Consumer Discretionary		2,124,999			—			2,124,999			—
Consumer Staples		152,805			—			152,805			—
Energy		3,806,477			—			3,806,477			—
Financials		5,192,367			—			5,192,367			—
Health Care		751,679			—			751,679			—
Industrials		620,520			—			620,520			—
Information Technology		1,265,125			—			1,265,125			—
Materials		1,357,555			—			1,357,555			—
Real Estate		618,474			—			618,474			—
Telecommunication Services		1,448,731			—			1,448,731			—
Utilities		425,137			—			425,137			—
Mutual funds		6,012,213			6,012,213			—			—
Total assets	$	441,660,909		$	331,378,782		$	110,282,127		$	—

94

Notes to Financial Statements (continued)

(unaudited)

2. Significant Accounting Policies (continued)

Security Valuation (continued)

Please see the Investment Portfolio for each of the Series for foreign securities where a factor from a third party vendor was applied to determine the securities’ fair value following the close of local trading. Such securities are included in Level 2 in the table above.

There were no Level 3 securities held by any of the Pro-Blend^® Series as of April 30,2018.

China literature ltd. - right was a Level 3 security held as of October 31, 2017. However, this security is no longer held by the Series.

*Other financial instruments are exchange traded options (Level 1 and Level 2).

The Fund’s policy is to recognize transfers in and transfers out of the valuation levels as of the beginning of the reporting period. There were no significant transfers between levels during the six months ended April 30, 2018.

New Accounting Guidance

In March 2017, the FASB issued amended guidance to shorten the amortization period for certain callable debt securities held at a premium. The guidance is effective for fiscal years and interim periods beginning after December 15, 2018. Management is currently evaluating the impact of this guidance to the Series.

Security Transactions, Investment Income and Expenses

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

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

Income, expenses (other than class specific expenses), and realized and unrealized gains and losses are prorated among the classes based on the relative net assets of each class. Class specific expenses are directly charged to that Class.

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

Foreign Currency Translation

The books and records of the Series are maintained in U.S. dollars. Foreign currencies, investments and other assets and liabilities are translated into U.S. dollars at the current exchange rates. Purchases and sales of investment securities and income and expenses are translated on the respective dates of such transactions. The Series do not isolate realized and unrealized gains and losses attributable to changes in the exchange rates from gains and losses that arise from changes in the fair value of investments. Such fluctuations are included with net realized and unrealized gain or loss on investments. Net realized foreign currency gains and losses represent foreign currency gains and losses between trade date and settlement date on securities transactions, gains and losses on disposition of foreign currencies and the difference between the amount of income and foreign withholding taxes recorded on the books of the Series and the amounts actually received or paid.

Option Contracts

The Series may write (sell) or buy call or put options on securities and other financial instruments. When a Series writes a call, the Series gives the purchaser the right to buy the underlying security from the Series at the price specified in the option contract (the “exercise price”) at any time during the option period. When a Series writes a put option, the Series gives the

95

Notes to Financial Statements (continued)

(unaudited)

2. Significant Accounting Policies (continued)

Option Contracts (continued)

purchaser the right to sell to the Series the underlying security at the exercise price at any time during the option period. The Series will only write options on a “covered basis.” This means that the Series will own the underlying security when the Series writes a call or the Series will put aside cash, U.S. Government securities, or other liquid assets in an amount not less than the exercise price at all times the put option is outstanding.

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

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

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

The measurement of the risks associated with option contracts is meaningful only when all related and offsetting transactions are considered. The counterparty for the Series’ written options contracts outstanding during the six months ended April 30, 2018 is Pershing LLC, a BNY Mellon Company.

The following table presents the present value of derivatives held at April 30, 2018 as reflected on the Statement of Assets and Liabilities, and the effect of the derivative instruments on the Statement of Operations:

PRO-BLEND® CONSERVATIVE TERM SERIES
STATEMENT OF ASSETS AND LIABILITIES
Derivative	Liabilities Location
Equity contracts	Options written, at value	$	(103,323	)
STATEMENT OF OPERATIONS
Derivative	Location of Gain or (Loss) on Derivatives		Realized Gain (Loss) on Derivatives
Equity contracts	Net realized gain (loss) on options written	$	515,769
Derivative	Location of Appreciation (Depreciation) on Derivatives		Unrealized Appreciation (Depreciation) on Derivatives
Equity contracts	Net change in unrealized appreciation (depreciation) on options written	$	(2,117	)

96

Notes to Financial Statements (continued)

(unaudited)

2. Significant Accounting Policies (continued)

PRO-BLEND® MODERATE TERM SERIES
STATEMENT OF ASSETS AND LIABILITIES
Derivative	Liabilities Location
Equity contracts	Options written, at value	$	(116,768	)
STATEMENT OF OPERATIONS
Derivative	Location of Gain or (Loss) on Derivatives		Realized Gain (Loss) on Derivatives
Equity contracts	Net realized gain (loss) on options written	$	612,008
Derivative	Location of Appreciation (Depreciation) on Derivatives		Unrealized Appreciation (Depreciation) on Derivatives
Equity contracts	Net change in unrealized appreciation (depreciation) on options written	$	(7,059	)
PRO-BLEND® EXTENDED TERM SERIES
STATEMENT OF ASSETS AND LIABILITIES
Derivative	Liabilities Location
Equity contracts	Options written, at value	$	(156,074	)
STATEMENT OF OPERATIONS
Derivative	Location of Gain or (Loss) on Derivatives		Realized Gain (Loss) on Derivatives
Equity contracts	Net realized gain (loss) on options written	$	816,459
Derivative	Location of Appreciation (Depreciation) on Derivatives		Unrealized Appreciation (Depreciation) on Derivatives
Equity contracts	Net change in unrealized appreciation (depreciation) on options written	$	(12,422	)

The average month-end balances for the six months ended April 30, 2018, the period in which such derivatives were outstanding, were as follows:

	PRO-BLEND® CONSERVATIVE TERM SERIES		PRO-BLEND® MODERATE TERM SERIES		PRO-BLEND® EXTENDED TERM SERIES
Options:
Average number of option contracts written		840		983		1,303
Average notional value of option contracts written	$	8,359,432	$	9,811,887	$	13,016,509

Asset-Backed Securities

Each Series may invest in asset-backed securities. Asset-backed securities are generally issued as pass-through certificates or as debt instruments. Asset-backed securities issued as pass-through certificates represent undivided fractional ownership interests in an underlying pool of assets. Asset-backed securities issued as debt instruments, which are also known as collateralized obligations, are typically issued as the debt of a special purpose entity organized solely for the purpose of owning such assets and issuing such debt. Asset-backed securities are often backed by a pool of assets representing the obligations of a number of different parties. The yield characteristics of certain asset-backed securities may differ from traditional debt

97

Notes to Financial Statements (continued)

(unaudited)

2. Significant Accounting Policies (continued)

Asset-Backed Securities (continued)

securities. One such major difference is that all or a principal part of the obligations may be prepaid at any time because the underlying assets (i.e. loans) may be prepaid at any time. As a result, a decrease in interest rates in the market may result in increases in the level of prepayments as borrowers, particularly mortgagors, refinance and repay their loans. An increased prepayment rate with respect to an asset-backed security will have the effect of shortening the maturity of the security. In addition, a fund may subsequently have to reinvest the proceeds at lower interest rates. If a fund has purchased such an asset-backed security at a premium, a faster than anticipated prepayment rate could result in a loss of principal to the extent of the premium paid.

Mortgage-Backed Securities

Each Series may invest in mortgage-backed securities (“MBS” or pass-through certificates) that represent an interest in a pool of specific underlying mortgage loans and entitle the fund to the periodic payments of principal and interest from those mortgages. MBS may be issued by government agencies or corporations, or private issuers. Most MBS issued by government agencies are guaranteed; however, the degree of protection differs based on the issuer. For MBS there are a number of important differences among the agencies and instrumentalities of the U.S. Government that issue mortgage-related securities and among the securities that they issue. For example, mortgage-related securities guaranteed by Ginnie Mae are guaranteed as to the timely payment of principal and interest by Ginnie Mae and such guarantee is backed by the full faith and credit of the United States. However, mortgage-related securities issued by Freddie Mac and Fannie Mae, including Freddie Mac and Fannie Mae guaranteed mortgage pass-through certificates, which are solely the obligations of Freddie Mac and Fannie Mae, are not backed by or entitled to the full faith and credit of the United States, but are supported by the right of the issuer to borrow from the U.S. Treasury. Non-agency mortgage-backed securities are securities issued by non-governmental issuers and have no direct or indirect government guarantees of payment and are subject to various risks. Non-agency mortgage loans are obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or entity. The ability of a borrower to repay a loan is dependent upon the income or assets of the borrower. A number of factors, including a general economic downturn, acts of God, terrorism, social unrest and civil disturbances, may impair a borrower’s ability to repay its loans.

Inflation-Indexed Bonds

Each Series may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. If the index measuring inflation rises or falls, the principal value of inflation-indexed bonds will be adjusted upward or downward, and consequently the interest payable on these securities (calculated with respect to a larger or smaller principal amount) will be increased or reduced, respectively. Any upward or downward adjustment in the principal amount of an inflation-indexed bond will be included as interest income in the Statements of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

Securities Purchased on a When-Issued Basis or Forward Commitment

Each Series may purchase securities on a when-issued basis or forward commitment. These transactions involve a commitment by the Series to purchase securities for a predetermined price with payment and delivery taking place beyond the customary settlement period. When such purchases are outstanding, the Series will designate liquid assets in an amount sufficient to meet the purchase price. When purchasing a security on a delayed delivery basis, the Series assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and take such fluctuations into account when determining their net asset value. The Series may sell the when-issued securities before they are delivered, which may result in a capital gain or loss.

In connection with their ability to purchase or sell securities on a forward commitment basis, the Series may enter into forward roll transactions principally using To Be Announced (TBA) securities. Forward roll transactions require the sale of securities for delivery in the current month, and a simultaneous agreement to repurchase substantially similar (same type, coupon and maturity) securities on a specified future date. Risks of entering into forward roll transactions include the potential inability of the counterparty to meet the terms of the agreement; the potential of the Series to receive inferior securities at redelivery as

98

Notes to Financial Statements (continued)

(unaudited)

2. Significant Accounting Policies (continued)

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

compared to the securities sold to the counterparty; counterparty credit risk; and the potential pay down speed variance between the mortgage-backed pools. During the roll period, the Series forgoes principal and interest paid on the securities. The Series accounts for such dollar rolls as purchases and sales. No such investments were held by the Series on April 30, 2018.

Interest Only Securities

The Series may invest in stripped mortgage-backed securities issued by the U.S. government, its agencies and instrumentalities. Stripped mortgage-backed securities are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. In certain cases, one class will receive all of the interest (the interest-only or “IO” class), while the other class will receive all of the principal (the principal-only or “PO” class). The yield to maturity on IOs is sensitive to the rate of principal repayments (including prepayments) on the related underlying mortgage assets, and principal payments may have a material effect on yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, a Series may not fully recoup its initial investment in IOs.

Restricted Securities

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

Federal Taxes

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

Management evaluates its tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is required only when the position is “more likely than not” to be sustained assuming examination by taxing authorities. At April 30, 2018, the Series have recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken in future tax returns.

The Series file income tax returns in the U.S. federal jurisdiction, various states and foreign jurisdictions, as required. No income tax returns are currently under investigation. The statute of limitations on the Series’ tax returns remains open for the years ended October 31, 2014 through October 31, 2017. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

Foreign Taxes

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

Distributions of Income and Gains

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

Indemnifications

The Fund’s organizational documents provide former and current directors and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is

99

Notes to Financial Statements (continued)

(unaudited)

2. Significant Accounting Policies (continued)

Indemnifications (continued)

unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Other

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

3. Transactions with Affiliates

The Fund has an Investment Advisory Agreement (the “Agreement”) with the Advisor, for which each Series pays a fee, computed daily and payable monthly, at an annual rate of 0.60% for Pro-Blend^® Conservative Term Series and 0.75% for Pro-Blend^® Moderate Term Series, Pro-Blend^® Extended Term Series and Pro-Blend^® Maximum Term Series, of the Series’ average daily net assets.

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

Class S shares of each Series are subject to a shareholder services fee in accordance with a shareholder services plan adopted by the Fund’s Board. The shareholder services fee is intended to compensate financial intermediaries, including affiliates of the Fund, in connection with the provision of direct client service, personal services, maintenance of shareholder accounts and reporting services. For these services, Class S of each Series pays a fee, computed daily and payable monthly, at an annual rate of 0.20% for Pro-Blend^® Conservative Term Series Class S and 0.25% for Pro-Blend^® Moderate Term Series Class S, Pro-Blend^® Extended Term Series Class S and Pro-Blend^® Maximum Term Series Class S, of the Class’ average daily net assets. The Fund has a Shareholder Services Agreement with the Advisor, for which the Advisor receives the shareholder services fee as stated above.

The Advisor has contractually agreed, until at least February 28, 2019, to waive its management fee and, if necessary, pay other operating expenses of the Series in order to maintain total direct annual fund operating expenses for the Series, exclusive of shareholder services fees and distribution and service (12b-1) fees, at no more than the amounts presented in the following table, of average daily net assets each year.

SERIES/CLASS	EXPENSE LIMIT
Pro-Blend® Conservative Term Series		0.70	%
Pro-Blend® Moderate Term Series		0.85	%
Pro-Blend® Extended Term Series		0.85	%
Pro-Blend® Maximum Term Series		0.85	%

100

Notes to Financial Statements (continued)

(unaudited)

3. Transactions with Affiliates (continued)

For the six months ended April 30, 2018, the Advisor waived the following amounts which are included as a reduction of expenses on the Statements of Operations:

SERIES/CLASS	WAIVER AMOUNT
Pro-Blend Moderate Term Series	$	13,367
Pro-Blend Extended Term Series		39,115
Pro-Blend Maximum Term Series		73,671

The Advisor is not eligible to recoup any expenses that have been waived or reimbursed in prior years.

Manning & Napier Investor Services, Inc., a registered broker-dealer affiliate of the Advisor, acts as distributor for the Fund’s shares. Each Series compensates the distributor for distributing and servicing the Series’ Class R2 and Class R shares pursuant to a distribution plan adopted under Rule 12b-1 of the 1940 Act, regardless of expenses actually incurred. Under the agreement, each Series pays distribution and service fees to the distributor at an annual rate of 1.00% of average daily net assets attributable to Class R2 shares and an annual rate of 0.50% of daily net assets attributable to Class R shares. There are no distribution and service fees on the Class S or Class I shares of each Series. The fees are accrued daily and paid monthly.

Pursuant to a master services agreement dated March 1, 2017, the Fund pays the Advisor an annual fee related to fund accounting and administration of 0.0085% on the first $25 billion of average daily net assets (excluding Target Series and Strategic Income Series); 0.0075% on the next $15 billion of average daily net assets (excluding Target Series and Strategic Income Series); and 0.0065% of average daily net assets in excess of $40 billion (excluding Target Series and Strategic Income Series); 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. The Advisor has agreements with BNY Mellon Investment Servicing (U.S.) Inc. (“BNY”) under which BNY serves as sub-accountant services agent.

Expenses not directly attributable to a series are allocated based on each series’ relative net assets or number of accounts, depending on the expense.

4. Purchases and Sales of Securities

For the six months ended April 30, 2018, purchases and sales of securities, including paydowns and other than short-term securities, were as follows:

	PURCHASES				SALES
SERIES	OTHER		GOVERNMENT		OTHER		GOVERNMENT
	ISSUERS				ISSUERS
Pro-Blend® Conservative Term Series	$	262,397,275	$	126,664,137	$	307,846,062	$	172,428,168
Pro-Blend® Moderate Term Series		170,918,739		80,107,522		212,702,285		127,335,489
Pro-Blend® Extended Term Series		166,727,434		83,327,591		205,612,796		116,600,768
Pro-Blend® Maximum Term Series		103,858,404		52,918,273		163,555,098		51,330,919

101

Notes to Financial Statements (continued)

(unaudited)

5. Capital Stock Transactions

Transactions in Class S, Class I, Class R and Class R2 shares:

PRO-BLEND® CONSERVATIVE	FOR THE SIX MONTHS ENDED  4/30/18						FOR THE YEAR ENDED  10/31/17
TERM SERIES CLASS S:	SHARES			AMOUNT			SHARES			AMOUNT
Sold		5,958,778		$	82,009,422			9,432,882		$	126,733,906
Reinvested		1,723,355			23,523,796			690,857			9,178,179
Repurchased		(7,335,614	)		(100,532,164	)		(19,846,186	)		(267,809,092	)
Total		346,519		$	5,001,054			(9,722,447	)	$	(131,897,007	)
PRO-BLEND® CONSERVATIVE	FOR THE SIX MONTHS ENDED  4/30/18						FOR THE YEAR ENDED  10/31/17
TERM SERIES CLASS I:	SHARES			AMOUNT			SHARES			AMOUNT
Sold		2,141,883		$	22,375,906			8,379,550		$	88,182,073
Reinvested		859,600			8,914,045			409,762			4,197,197
Repurchased		(6,215,413	)		(66,293,367	)		(17,312,832	)		(184,806,157	)
Total		(3,213,930	)	$	(35,003,416	)		(8,523,520	)	$	(92,426,887	)
PRO-BLEND® CONSERVATIVE	FOR THE SIX MONTHS ENDED  4/30/18						FOR THE YEAR ENDED  10/31/17
TERM SERIES CLASS R:	SHARES			AMOUNT			SHARES			AMOUNT
Sold		230,620		$	2,345,478			327,790		$	3,312,044
Reinvested		71,734			714,466			25,987			255,488
Repurchased		(448,541	)		(4,453,667	)		(962,879	)		(9,662,205	)
Total		(146,187	)	$	(1,393,723	)		(609,102	)	$	(6,094,673	)
PRO-BLEND® CONSERVATIVE	FOR THE SIX MONTHS ENDED  4/30/18						FOR THE YEAR ENDED  10/31/17
TERM SERIES CLASS R2:	SHARES			AMOUNT			SHARES			AMOUNT
Sold		683,903		$	6,862,230			1,461,640		$	14,777,472
Reinvested		522,153			5,200,641			135,249			1,328,023
Repurchased		(1,540,510	)		(15,446,154	)		(3,596,927	)		(36,136,109	)
Total		(334,454	)	$	(3,383,283	)		(2,000,038	)	$	(20,030,614	)
PRO-BLEND® MODERATE	FOR THE SIX MONTHS ENDED  4/30/18						FOR THE YEAR ENDED  10/31/17
TERM SERIES CLASS S:	SHARES			AMOUNT			SHARES			AMOUNT
Sold		1,538,172		$	21,107,695			3,606,565		$	48,643,819
Reinvested		1,683,954			22,666,016			850,374			11,009,876
Repurchased		(6,535,321	)		(89,290,788	)		(12,633,045	)		(170,384,253	)
Total		(3,313,195	)	$	(45,517,077	)		(8,176,106	)	$	(110,730,558	)
PRO-BLEND® MODERATE	FOR THE SIX MONTHS ENDED  4/30/18						FOR THE YEAR ENDED  10/31/17
TERM SERIES CLASS I:	SHARES			AMOUNT			SHARES			AMOUNT
Sold		1,135,757		$	11,524,406			8,503,985		$	87,481,428
Reinvested		1,000,391			9,973,899			572,660			5,623,868
Repurchased		(2,390,183	)		(24,478,227	)		(25,268,653	)		(265,560,412	)
Total		(254,035	)	$	(2,979,922	)		(16,192,008	)	$	(172,455,116	)

102

Notes to Financial Statements (continued)

(unaudited)

5. Capital Stock Transactions (continued)

PRO-BLEND® MODERATE	FOR THE SIX MONTHS ENDED  4/30/18						FOR THE YEAR ENDED  10/31/17
TERM SERIES CLASS R:	SHARES			AMOUNT			SHARES			AMOUNT
Sold		89,138		$	949,937			344,032		$	3,699,735
Reinvested		138,456			1,457,940			70,612			727,384
Repurchased		(403,800	)		(4,348,160	)		(1,162,387	)		(12,606,863	)
Total		(176,206	)	$	(1,940,283	)		(747,743	)	$	(8,179,744	)
PRO-BLEND® MODERATE	FOR THE SIX MONTHS ENDED  4/30/18						FOR THE YEAR ENDED  10/31/17
TERM SERIES CLASS R2:	SHARES			AMOUNT			SHARES			AMOUNT
Sold		373,932		$	3,820,571			1,039,576		$	10,760,838
Reinvested		755,732			7,655,566			283,529			2,803,766
Repurchased		(1,141,917	)		(11,809,833	)		(3,046,835	)		(31,535,623	)
Total		(12,253	)	$	(333,696	)		(1,723,730	)	$	(17,971,019	)
PRO-BLEND® EXTENDED	FOR THE SIX MONTHS ENDED  4/30/18						FOR THE YEAR ENDED  10/31/17
TERM SERIES CLASS S:	SHARES			AMOUNT			SHARES			AMOUNT
Sold		1,223,869		$	21,500,586			2,255,438		$	38,747,349
Reinvested		1,328,852			22,909,411			412,975			6,726,540
Repurchased		(3,925,751	)		(68,893,977	)		(10,683,421	)		(181,791,515	)
Total		(1,373,030	)	$	(24,483,980	)		(8,015,008	)	$	(136,317,626	)
PRO-BLEND® EXTENDED	FOR THE SIX MONTHS ENDED  4/30/18						FOR THE YEAR ENDED 10/31/17
TERM SERIES CLASS I:	SHARES			AMOUNT			SHARES			AMOUNT
Sold		1,463,415		$	14,021,858			12,201,332		$	118,655,981
Reinvested		1,582,186			14,651,042			558,278			5,174,249
Repurchased		(3,284,313	)		(32,050,301	)		(39,058,958	)		(392,590,574	)
Total		(238,712	)	$	(3,377,401	)		(26,299,348	)	$	(268,760,344	)
PRO-BLEND® EXTENDED	FOR THE SIX MONTHS ENDED  4/30/18						FOR THE YEAR ENDED 10/31/17
TERM SERIES CLASS R:	SHARES			AMOUNT			SHARES			AMOUNT
Sold		96,513		$	1,055,027			294,649		$	3,282,693
Reinvested		112,711			1,218,408			45,566			483,306
Repurchased		(358,356	)		(4,028,405	)		(1,310,115	)		(14,697,871	)
Total		(149,132	)	$	(1,754,970	)		(969,900	)	$	(10,931,872	)
PRO-BLEND® EXTENDED	FOR THE SIX MONTHS ENDED  4/30/18						FOR THE YEAR ENDED 10/31/17
TERM SERIES CLASS R2:	SHARES			AMOUNT			SHARES			AMOUNT
Sold		377,651		$	3,911,453			1,175,907		$	12,218,413
Reinvested		1,204,342			12,115,682			255,457			2,523,716
Repurchased		(1,641,899	)		(16,881,334	)		(4,032,929	)		(41,950,558	)
Total		(59,906	)	$	(854,199	)		(2,601,565	)	$	(27,208,429	)

103

Notes to Financial Statements (continued)

(unaudited)

5. Capital Stock Transactions (continued)

PRO-BLEND® MAXIMUM	FOR THE SIX MONTHS ENDED  4/30/18						FOR THE YEAR ENDED  10/31/17
TERM SERIES CLASS S:	SHARES			AMOUNT			SHARES			AMOUNT
Sold		674,276		$	14,320,064			1,435,686		$	28,284,671
Reinvested		1,023,378			21,173,690			404,158			7,421,754
Repurchased		(2,904,452	)		(61,865,329	)		(7,367,075	)		(144,168,928	)
Total		(1,206,798	)	$	(26,371,575	)		(5,527,231	)	$	(108,462,503	)
PRO-BLEND® MAXIMUM	FOR THE SIX MONTHS ENDED  4/30/18						FOR THE YEAR ENDED 10/31/17
TERM SERIES CLASS I:	SHARES			AMOUNT			SHARES			AMOUNT
Sold		854,031		$	9,247,174			7,931,943		$	83,927,061
Reinvested		1,465,499			15,079,986			626,789			6,190,476
Repurchased		(2,375,677	)		(25,869,445	)		(28,303,596	)		(314,016,017	)
Total		(56,147	)	$	(1,542,285	)		(19,744,864	)	$	(223,898,480	)
PRO-BLEND® MAXIMUM	FOR THE SIX MONTHS ENDED  4/30/18						FOR THE YEAR ENDED 10/31/17
TERM SERIES CLASS R:	SHARES			AMOUNT			SHARES			AMOUNT
Sold		174,197		$	2,349,226			334,618		$	4,472,264
Reinvested		133,073			1,740,593			58,144			704,274
Repurchased		(317,236	)		(4,357,472	)		(950,033	)		(12,610,442	)
Total		(9,966	)	$	(267,653	)		(557,271	)	$	(7,433,904	)
PRO-BLEND® MAXIMUM	FOR THE SIX MONTHS ENDED  4/30/18						FOR THE YEAR ENDED 10/31/17
TERM SERIES CLASS R2:	SHARES			AMOUNT			SHARES			AMOUNT
Sold		283,171		$	3,210,280			664,356		$	7,380,136
Reinvested		645,934			7,027,766			185,278			1,900,023
Repurchased		(550,132	)		(6,291,262	)		(1,352,932	)		(14,888,662	)
Total		378,973		$	3,946,784			(503,298	)	$	(5,608,503	)

At April 30, 2018, one shareholder owned 10.2% of Pro-Blend^® Conservative Term Series and one shareholder owned 19.0% of Pro-Blend^® Moderate Term Series. Investment activities of these shareholders may have a material effect on the respective Series.

6. Financial Instruments and Loan Assignments

The Series may trade in instruments including written and purchased options, forward foreign currency exchange contracts and futures contracts and other derivatives in the normal course of investing activities to assist in managing exposure to various market risks. The Series may be subject to various elements of risk which may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. These risks include: the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to over the counter derivative counterparties’ failure to perform under contract terms; liquidity risk related to the lack of a liquid market for these contracts allowing the fund to close out its position(s); and documentation risk relating to disagreement over contract terms. At April 30, 2018, Pro-Blend^® Conservative Term Series, Pro-Blend^® Moderate Term Series and Pro-Blend^® Extended Term Series invested in options contracts (equity risk).

The Series may invest in a loan assignment of all or a portion of the loans. The Series has direct rights against the borrower on a loan when it purchases an assignment; however, the Series’ rights may be more limited than the lender from which it acquired the assignment and the Series may be able to enforce its rights only through an administrative agent. Loan assignments are

104

Notes to Financial Statements (continued)

(unaudited)

6. Financial Instruments and Loan Assignments (continued)

vulnerable to market conditions and may become illiquid due to economic conditions or other events may reduce the demand for loan assignments and certain loan assignments which were liquid when purchased may become illiquid. At April 30, 2018, the Series did not hold any loan assignments.

7. Foreign Securities

Investing in securities of foreign companies and foreign governments involves special risks and considerations not typically associated with investing in securities of domestic companies and the U.S. Government. These risks include revaluation of currencies and future adverse political and economic developments. Moreover, securities of foreign companies and foreign governments and their markets may be less liquid and their prices more volatile than those of comparable domestic companies and the U.S. Government.

8. Federal Income Tax Information

The amount and characterization of certain income and capital gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Each Series may periodically make reclassifications among its capital accounts to reflect income and gains available for distribution (or available capital loss carryovers) under income tax regulations, without impacting the Series’ net asset value. Any such reclassifications are not reflected in the financial highlights.

The final determination of the tax character of current year distributions will be made at the conclusion of the fiscal year. The tax character of distributions paid for the year ended October 31, 2017 were as follows:

	PRO-BLEND® CONSERVATIVE TERM SERIES			PRO-BLEND® MODERATE TERM SERIES			PRO-BLEND® EXTENDED TERM SERIES			PRO-BLEND® MAXIMUM TERM SERIES
Ordinary income	$	14,878,681		$	10,444,582		$	11,918,950		$	6,939,426
Long-term capital gains		2,226,779			13,857,262			9,253,591			16,023,167
At April 30, 2018, the identified cost of investments for federal income tax purposes, the resulting gross unrealized appreciation and depreciation, and the net unrealized appreciation were as follows:
	PRO-BLEND® CONSERVATIVE TERM SERIES			PRO-BLEND® MODERATE TERM SERIES			PRO-BLEND® EXTENDED TERM SERIES			PRO-BLEND® MAXIMUM TERM SERIES
Cost for federal income tax purposes	$	865,061,627		$	593,632,268		$	583,613,042		$	394,145,189
Unrealized appreciation		39,410,904			34,084,771			45,351,341			62,419,835
Unrealized depreciation		(22,919,753	)		(17,927,572	)		(18,949,139	)		(14,904,115	)
Net unrealized appreciation	$	16,491,151		$	16,157,199		$	26,402,202		$	47,515,720

105

Renewal of Investment Advisory Agreement

(unaudited)

At the Manning & Napier Fund, Inc. (the “Fund”) Board of Directors’ (the “Board”) meeting, held on November 16, 2017, the Investment Advisory Agreement (the “Agreement”) between the Fund and Manning & Napier Advisors, LLC (the “Advisor”) was considered by the Board for renewal. In connection with the decision whether to renew the Agreement, a variety of material was provided to the Board in advance of the meeting for their review and consideration.

Representatives of the Advisor attended the meeting and presented additional oral information to the Board to assist the Board in its considerations. The discussion below outlines the materials and information presented to the Board in connection with the Board’s 2017 Annual consideration of the Agreement and the conclusions made by the Directors when determining to continue the Agreement.

• The Board considered the nature and quality of services provided by the Advisor under the Agreement for over 30 years including, among others: deciding what securities to purchase and sell for each Series; arranging for the purchase and sale of such securities by placing orders with broker-dealers; administering the affairs of the Fund (including the books and records of the Fund not maintained by third party service providers such as the custodian or transfer agent); arranging for the insurance coverage for the Fund; and supervising the preparation of tax returns, SEC filings (including registration statements) and reports to shareholders for the Fund. The Board also considered the Advisor’s personnel who perform services to the Fund, the strength of its compliance infrastructure, policies and procedures relating to compliance with securities regulations, reputation, expertise and resources in domestic and foreign financial markets. The Board discussed the quality of these services with representatives from the Advisor and concluded that the Advisor was performing its services to the Fund required under the Agreement in a reasonable manner.

• The Board considered the Advisor’s investments teams, including changes to the teams during the past year, investment team compensation and investment process. The Board considered the performance of each Series since its inception, as well as over multiple time periods including: one year, three year, five year, ten year, and current market cycle. A market cycle includes periods of both rising and falling markets. Returns for established benchmark indices for each Series were provided. In addition, the Board considered (and considers on a quarterly basis) a number of other factors relevant to performance at the meeting including: a peer group performance analysis consisting of Morningstar universes of mutual funds with similar investment objectives; the breadth of the Fund’s product offerings; and performance over reasonable time periods. The Board discussed with Representatives of the Advisor, short-term performance challenges in the Fund’s non-U.S. portfolios which have resulted in a downward trend in assets under management. After discussion, the Board concluded that the nature and quality of the investment management services provided by the Advisor to the Fund, and the Series’ actual and comparative performance, especially over the current market cycle supported the renewal of the agreement.

• The Board considered the costs of the Advisor’s services and the profits of the Advisor as they relate to the Advisor’s services to the Fund under the Agreement. In reviewing the Advisor’s costs and profits, the Board discussed the Advisor’s revenues generated from the Fund and its expenses associated with providing the services under the Agreement. The Advisor presented the Board with information on firmwide investment management profitability to provide a comparison of the Advisor’s profitability from its Fund activities relative to its profitability from its other investment management business. In addition, the Board reviewed the Advisor’s expense allocation methodology used to calculate profitability since many of the Advisor’s resources and expenses are shared across the Advisor’s various investment management vehicles. The Board considered the Advisor’s expenses associated with Fund activities outside of the Agreement (such as expense reimbursements pursuant to expense caps and payments made by the Advisor to third party platforms on which shares of the Fund are available for purchase). After discussing the above costs and profits, the Board concluded that the Advisor’s profitability relating to its services provided under the Agreement was reasonable.

• The Board then considered whether economies of scale were being achieved by the Advisor with respect to its services to the Fund. The Board acknowledged the expense caps incorporated in the Fund’s current fee structure, which requires the Advisor to subsidize the expenses of the Series operating above their cap, noting that 26 Series of the Fund are currently receiving expense reimbursements from the Advisor. The Board concluded that based on the current fee structure and profitability, the Fund would need to grow in assets before the Advisor would be able to achieve meaningful economies of scale.

106

Renewal of Investment Advisory Agreement

(unaudited)

• The Board considered the fees and expenses of the various Series of the Fund. The Advisor provided the Board with information comparing each Series’ contractual management fees with the Advisor’s standard advisory fees for separate accounts and collective investment trusts. The Board considered that the range of services provided to the Series is more extensive than for the Advisor’s other clients due to additional infrastructure, administrative and regulatory requirements related to operating a mutual fund. The Advisor also presented the advisory fees and total expenses for each Series, including the advisory fee adjusted for any contractual expense waivers or reimbursements paid by the Advisor. The advisory fees, 12b-1 Distribution and Service Fees, other expenses (e.g. a combination of Shareholder Services Fees, routine operating expenses and Acquired Fund Fees and Expenses for fund-of-fund Series) and net expense ratios of each Series were compared and ranked (on both a mean and median basis) against funds of a similar size and with similar investment objectives and expense characteristics as disclosed on the Morningstar database. In addition, the Board considered fee reductions that went into effect for the Fund’s Target Series in October 2017, as well as projected fee and expense changes for certain Series approved by the Board in a prior Board meeting. These fee and expense changes would go into effect pursuant to a successful shareholder vote in 2018. Representatives of the Advisor discussed with the Board the comparisons and rankings of fees and net expense ratios for each Series of the Fund and the methodology behind the comparison. The Board considered the Advisor’s active portfolio management that results in portfolios that are more differentiated than the construction of their benchmarks. Based on their review of the information provided, the Board concluded that the fees and expenses of each Series of the Fund were reasonable on a comparative basis.

• The Board also considered the other benefits the Advisor derives from its relationship with the Fund. Such other benefits include participation in a joint insurance program, sharing of compensation expenses for certain shared personnel, relationships with large service providers and certain research services provided by soft dollars. The Board reviewed the broker-dealers who provided research to the Advisor and the products and services paid for, in whole or in part, using soft dollar commissions. Given the level of soft dollar transactions involving the Fund, the Board concluded that these additional benefits to the Advisor were reasonable.

Based on the Board’s deliberations and their evaluation of the information described above, the Board, including a majority of Directors that are not “interested persons” as defined in the Investment Company Act of 1940, concluded that the compensation under the Agreement was fair and reasonable in light of the services and expenses and such other matters as the Directors considered to be relevant in the exercise of their reasonable judgment. Accordingly, the Board approved the renewal of the Agreement. In the course of their deliberations, the Directors did not identify any particular information that was all important or controlling.

107

Results of Special Meeting of Shareholders

(unaudited)

A Special Meeting of the Class S Shareholders of the Series was held on May 25, 2018. The number of votes necessary to conduct the meeting and approve the proposal was obtained, and the results of the vote of shareholders of Class S of the Series is listed below:

Proposal 1: To approve the adoption of a Rule 12b-1 Distribution and Shareholder Services Plan for the Class S Shares of the Fund.

	FOR		AGAINST		ABSTAIN
Pro-Blend Conservative Term		24,466,793		423,375		574,319
Pro-Blend Moderate Term		15,598,387		176,906		361,046
Pro-Blend Extended Term		10,379,957		331,985		680,494
Pro-Blend Maximum Term		5,081,375		223,869		1,272,514

108

{This page intentionally left blank}

109

Literature Requests

(unaudited)

Proxy Voting Policies and Procedures

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

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

Proxy Voting Record

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

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

Quarterly Portfolio Holdings

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

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

The Series’ Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Prospectus and Statement of Additional Information (SAI)

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

Additional information available at www.manning-napier.com

1. Fund Holdings - Month-End

2. Fund Holdings - Quarter-End

3. Shareholder Report - Annual

4. Shareholder Report - Semi-Annual

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

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

MNPRO-04/18-SAR

Rainier International Discovery Series

Shareholder Expense Example

(unaudited)

As a shareholder of the Series, you incur ongoing costs, including management fees, shareholder service fees and other Series expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Series and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested in each class at the beginning of the period and held for the entire period (November 1, 2017 to April 30, 2018).

Actual Expenses

The Actual lines of the table below provide information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the Actual line for the Class in which you have invested under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The Hypothetical lines of each Class in the table below provide information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid during the period. You may use this information to compare the ongoing costs of investing in a class of the Series and other funds. To do so, compare this 5% hypothetical example for the class in which you have invested with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads), redemption fees, or exchange fees that you may incur in other mutual funds. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

	BEGINNING  ACCOUNT                               VALUE  11/1/17		ENDING  ACCOUNT                               VALUE  4/30/18		EXPENSES PAID  DURING PERIOD*                   11/1/17-4/30/18		ANNUALIZED  EXPENSE RATIO
Class K
Actual		$1,000.00		$1,060.70		$7.15		1.40%
Hypothetical (5% return before expenses)		$1,000.00		$1,017.85		$7.00		1.40%
Class I
Actual		$1,000.00		$1,061.50		$5.78		1.13%
Hypothetical (5% return before expenses)		$1,000.00		$1,019.19		$5.66		1.13%
Class R6
Actual		$1,000.00		$1,062.40		$5.11		1.00%
Hypothetical (5% return before expenses)		$1,000.00		$1,019.84		$5.01		1.00%

*Expenses are equal to each Class’ annualized expense ratio (for the six-month period), multiplied by the average account value over the period, multiplied by 181/365 to reflect the one-half year period. The Series’ total return would have been lower had certain expenses not been waived during the period.

1

Rainier International Discovery Series

Portfolio Composition as of April 30, 2018

(unaudited)

2

Rainier International Discovery Series

Investment Portfolio - April 30, 2018

(unaudited)

	SHARES		VALUE   (NOTE 2)
COMMON STOCKS - 91.2%
Consumer Discretionary - 9.0%
Hotels, Restaurants & Leisure - 1.0%
Corporate Travel Management Ltd. (Australia)1		230,185	$	4,285,718
Household Durables - 2.5%
Techtronic Industries Co. Ltd. (Hong Kong)1		1,775,000		10,398,290
Multiline Retail - 2.0%
Seria Co. Ltd. (Japan)1		169,300		8,296,452
Specialty Retail - 1.5%
Ace Hardware Indonesia Tbk PT (Indonesia)		50,692,568		4,736,772
Wilcon Depot, Inc. (Philippines)*1		8,004,132		1,660,856
				6,397,628
Textiles, Apparel & Luxury Goods - 2.0%
Moncler S.p.A (Italy)1		179,570		8,093,550
Total Consumer Discretionary				37,471,638
Consumer Staples - 10.1%
Beverages - 2.7%
Royal Unibrew A/S (Denmark)1		168,820		11,177,596
Food & Staples Retailing - 1.7%
Dino Polska S.A. (Poland)*1,2		173,454		4,665,400
Raia Drogasil S.A. (Brazil)		123,800		2,428,504
				7,093,904
Food Products - 3.1%
Ariake Japan Co. Ltd. (Japan)1		74,600		6,399,043
Wessanen (Netherlands)1		324,340		6,543,811
				12,942,854
Household Products - 2.6%
Pigeon Corp. (Japan)1		233,000		10,921,658
Total Consumer Staples				42,136,012
Energy - 3.1%
Energy Equipment & Services - 1.2%
Core Laboratories N.V. (United States)		40,435		4,951,266
Oil, Gas & Consumable Fuels - 1.9%
Petronet LNG Ltd. (India)1		1,164,665		3,946,912
Vermilion Energy, Inc. (Canada)		115,626		3,908,383
				7,855,295
Total Energy				12,806,561
Financials - 9.6%
Banks - 6.5%
Bank Tabungan Negara Persero Tbk PT (Indonesia)1		19,385,200		4,320,139
Canadian Western Bank (Canada)		168,465		4,470,269

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

3

Rainier International Discovery Series

Investment Portfolio - April 30, 2018

(unaudited)

	SHARES		VALUE   (NOTE 2)
COMMON STOCKS (continued)
Financials (continued)
Banks (continued)
Federal Bank Ltd. (India)1		1,841,970	$	2,700,115
FinecoBank Banca Fineco S.p.A. (Italy)1		720,825		8,583,412
Tisco Financial Group PCL (Thailand)1		1,282,900		3,598,689
Tisco Financial Group PCL-NVDR (Thailand)1		1,214,800		3,407,660
				27,080,284
Capital Markets - 2.4%
Edelweiss Financial Services Ltd. (India)1		980,130		4,176,292
St James’s Place plc (United Kingdom)1		175,035		2,726,587
Vontobel Holding AG (Switzerland)1		46,675		3,078,100
				9,980,979
Thrifts & Mortgage Finance - 0.7%
Indiabulls Housing Finance Ltd. (India)1		134,385		2,618,872
Total Financials				39,680,135
Health Care - 15.9%
Biotechnology - 1.6%
Abcam plc (United Kingdom)1		404,955		6,788,903
Health Care Equipment & Supplies - 7.1%
Ambu A/S - Class B (Denmark)1		358,265		8,308,597
BioMerieux (France)1		65,205		5,154,655
Carl Zeiss Meditec AG (Germany)1		102,655		6,981,783
DiaSorin S.p.A (Italy)1		58,540		5,515,968
Sartorius AG (Germany)1		22,920		3,520,527
				29,481,530
Health Care Providers & Services - 3.4%
Bumrungrad Hospital PCL (Thailand)1		370,300		2,223,226
Bumrungrad Hospital PCL-NVDR (Thailand)1		110,400		662,829
Fleury S.A. (Brazil)		244,294		1,820,769
Orpea (France)1		72,030		9,230,351
				13,937,175
Life Sciences Tools & Services - 1.7%
Bachem Holding AG (Switzerland)1		30,625		3,927,183
Siegfried Holding AG (Switzerland)1		8,960		3,113,428
				7,040,611
Pharmaceuticals - 2.1%
Dechra Pharmaceuticals plc (United Kingdom)1		234,965		8,825,451
Total Health Care				66,073,670

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

4

Rainier International Discovery Series

Investment Portfolio - April 30, 2018

(unaudited)

	SHARES		VALUE   (NOTE 2)
COMMON STOCKS (continued)
Industrials - 26.4%
Aerospace & Defense - 0.4%
Elbit Systems Ltd. (Israel)		16,155	$	1,867,841
Building Products - 2.3%
Kingspan Group plc (Ireland)		75,985		3,440,976
Rockwool International A/S - Class B (Denmark)1		20,660		6,228,717
				9,669,693
Machinery - 11.8%
Daifuku Co. Ltd. (Japan)1		91,400		4,886,041
Harmonic Drive Systems, Inc. (Japan)1		108,200		5,152,343
Nissei ASB Machine Co. Ltd. (Japan)1		87,900		5,437,778
OC Oerlikon Corp. AG (Switzerland)1		596,315		9,627,054
Rotork plc (United Kingdom)1		816,425		3,681,956
Stabilus S.A. (Germany)1		60,715		5,457,965
Takeuchi Manufacturing Co. Ltd. (Japan)1		223,300		5,099,978
VAT Group AG (Switzerland)1,2		40,380		5,955,302
The Weir Group plc (United Kingdom)1		125,715		3,678,675
				48,977,092
Professional Services - 8.2%
51job, Inc. - ADR (China)*		44,710		3,690,363
en-japan, Inc. (Japan)1		107,100		5,006,719
Nihon M&A Center, Inc. (Japan)1		195,200		5,697,227
Persol Holdings Co. Ltd. (Japan)1		331,200		7,872,681
Teleperformance (France)1		72,520		11,654,120
				33,921,110
Road & Rail - 1.3%
Localiza Rent a Car S.A. (Brazil)		680,370		5,399,145
Trading Companies & Distributors - 1.0%
MISUMI Group, Inc. (Japan)1		147,300		4,064,951
Transportation Infrastructure - 1.4%
Malaysia Airports Holdings Berhad (Malaysia)1		2,462,500		5,641,555
Total Industrials				109,541,387
Information Technology - 11.8%
Electronic Equipment, Instruments & Components - 0.9%
Halma plc (United Kingdom)1		211,705		3,552,224
Internet Software & Services - 1.3%
XING SE (Germany)1		17,577		5,448,333
IT Services - 3.8%
Keywords Studios plc (Ireland)		199,775		5,000,082
My EG Services Berhad (Malaysia)1		7,424,400		4,923,046
TravelSky Technology Ltd. - Class H (China)1		1,886,000		5,509,060

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

5

Rainier International Discovery Series

Investment Portfolio - April 30, 2018

(unaudited)

	SHARES		VALUE   (NOTE 2)
COMMON STOCKS (continued)
Information Technology (continued)
IT Services (continued)
Vakrangee Ltd. (India)1		316,102	$	471,619
				15,903,807
Semiconductors & Semiconductor Equipment - 1.3%
Melexis N.V. (Belgium)1		57,400		5,462,105
Software - 3.1%
Nemetschek SE (Germany)1		47,935		5,744,376
SimCorp A/S (Denmark)1		81,360		5,898,551
Temenos Group AG (Switzerland)1		9,785		1,231,227
				12,874,154
Technology Hardware, Storage & Peripherals - 1.4%
Logitech International S.A. (Switzerland)1		154,870		5,721,389
Total Information Technology				48,962,012
Materials - 5.3%
Chemicals - 5.3%
Chr. Hansen Holding A/S (Denmark)1		112,530		10,200,733
Elementis plc (United Kingdom)1		1,175,435		4,578,455
Frutarom Industries Ltd. (Israel)1		73,615		7,037,045
Total Materials				21,816,233
TOTAL COMMON STOCKS
(Identified Cost $308,393,270)				378,487,648
SHORT-TERM INVESTMENT - 7.8%
Dreyfus Government Cash Management3, 1.60%,
(Identified Cost $32,413,918)		32,413,918		32,413,918
TOTAL INVESTMENTS - 99.0%
(Identified Cost $340,807,188)				410,901,566
OTHER ASSETS, LESS LIABILITIES - 1.0%				4,293,096
NET ASSETS - 100%			$	415,194,662

ADR - American Depositary Receipt

NVDR - Non-Voting Depository Receipt

*Non-income producing security.

¹A factor from a third party vendor was applied to determine the security’s fair value following the close of local trading.

²Restricted securities - Investment in securities that are restricted as to public resale under the Securities Act of 1933, as amended. These securities have been sold under Rule 144A and have been determined to be liquid under guidelines established by the Board of Directors. These securities amount to $10,620,702 or 2.6% of the Series’ net assets as of April 30, 2018.

³Rate shown is the current yield as of April 30, 2018.

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

6

Rainier International Discovery Series

Investment Portfolio - April 30, 2018

(unaudited)

The Series’ portfolio holds, as a percentage of net assets, greater than 10% in the following countries: Japan - 16.6%; Denmark - 10.1%.

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

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

7

Rainier International Discovery Series

Statement of Assets & Liabilities

April 30, 2018 (unaudited)

ASSETS:
Investments, at value (identified cost $340,807,188) (Note 2)	$	410,901,566
Foreign currency, at value (cost $391,579)		390,284
Receivable for securities sold		6,934,747
Receivable for fund shares sold		1,406,722
Dividends receivable		1,123,415
Foreign tax reclaims receivable		315,657
Prepaid and other expenses		40,753
TOTAL ASSETS		421,113,144
LIABILITIES:
Accrued management fees (Note 3)		364,640
Accrued sub-transfer agent fees (Note 3)		180,555
Accrued distribution and service (Rule 12b-1) fees (Class K) (Note 3)		29,346
Accrued fund accounting and administration fees (Note 3)		22,927
Accrued Directors’ fees (Note 3)		1,583
Accrued Chief Compliance Officer service fees (Note 3)		589
Accrued foreign capital gains tax (Note 2)		41,851
Payable for securities purchased		4,746,221
Payable for fund shares repurchased		389,897
Other payables and accrued expenses		140,873
TOTAL LIABILITIES		5,918,482
TOTAL NET ASSETS	$	415,194,662
NET ASSETS CONSIST OF:
Capital stock	$	188,735
Additional paid-in-capital		327,518,844
Undistributed net investment income		847,360
Accumulated net realized gain on investments, foreign currency and translation of other assets and liabilities		16,602,841
Net unrealized appreciation on investments (net of foreign capital gains tax of $41,851), foreign currency and translation of other assets and liabilities		70,036,882
TOTAL NET ASSETS	$	415,194,662
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class K ($143,459,899/6,563,109 shares)	$	21.86
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class I ($271,711,957/12,309,395 shares)	$	22.07
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class R6 ($22,806/1,033 shares)	$	22.08

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

8

Rainier International Discovery Series

Statements of Operations

For the Six Months Ended April 30, 2018 (unaudited)

INVESTMENT INCOME:
Dividends (net of foreign taxes withheld, $372,679)	$	3,028,149
EXPENSES:
Management fees (Note 3)		1,599,053
Sub-transfer agent fees (Note 3)		189,983
Distribution and service (Rule 12b-1) fees (Class K) (Note 3)		165,131
Fund accounting and administration fees (Note 3)		41,383
Directors’ fees (Note 3)		13,635
Chief Compliance Officer service fees (Note 3)		2,273
Custodian fees		87,150
Miscellaneous		109,322
Total Expenses		2,207,930
Less reduction of expenses (Note 3)		(25,883	)
Net Expenses		2,182,047
NET INVESTMENT INCOME (LOSS)		846,102
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:
Net realized gain (loss) on-
Net realized gain (loss) on investments		20,500,326
Foreign currency and translation of other assets and liabilities		12,083
		20,512,409
Net change in unrealized appreciation (depreciation) on-
Investments (net of decrease in accrued foreign capital gains tax of $370,351)		(2,970,560	)
Foreign currency and translation of other assets and liabilities		(21,632	)
		(2,992,192	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY		17,520,217
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	18,366,319

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

9

Rainier International Discovery Series

Statements of Changes in Net Assets

	FOR THE SIX MONTHS ENDED 4/30/18			FOR THE PERIOD 4/1/17 TO 10/31/17		FOR THE YEAR ENDED 3/31/17
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income	$	846,102		$	490,149	$	(116,105	)
Net realized gain (loss) on investments and foreign currency		20,512,409			11,905,891		(11,682,251	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency		(2,992,192	)		44,086,385		14,933,038
Net increase from operations		18,366,319			56,482,425		3,134,682
DISTRIBUTIONS TO SHAREHOLDERS (Note 9):
From net investment income (Class I)		(268,365	)		—		—
From net investment income (Class R6)		(39	)		—		—
Total distributions to shareholders		(268,404	)		—		—
CAPITAL STOCK ISSUED AND REPURCHASED:
Net increase from capital share transactions (Note 5)		86,721,770			61,145,797		13,043,608
Net increase in net assets		104,819,685			117,628,222		16,178,290
NET ASSETS:
Beginning of period		310,374,977			192,746,755		176,568,465
End of period (including undistributed net investment income of $847,360, $269,662 and $25,773, respectively)	$	415,194,662		$	310,374,977	$	192,746,755

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

10

Rainier International Discovery Series

Financial Highlights - Class K¹

	FOR THE SIX MONTHS ENDED			FOR THE PERIOD			FOR THE YEARS ENDED												FOR THE PERIOD
	04/30/18 (UNAUDITED)			4/1/17 TO 10/31/17			3/31/17			3/31/16			3/31/15			3/31/14			11/30/122 TO 3/31/13
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period	$	20.61		$	16.44		$	15.93		$	15.45		$	15.56		$	12.89		$	11.21
Income (loss) from investment operations:
Net investment income (loss)3		0.02			0.02			(0.02	)		(0.09	)		0.01			(0.10	)		0.04
Net realized and unrealized gain on investments		1.23			4.15			0.53			0.58			0.61			3.03			1.67
Total from investment operations		1.25			4.17			0.51			0.49			0.62			2.93			1.71
Less distributions to shareholders:
From net investment income		—			—			—			—			—			(0.00	)4		(0.03	)
From net realized gain on investments		—			—			—			(0.01	)		(0.73	)		(0.26	)		—
Total distributions to shareholders		—			—			—			(0.01	)		(0.73	)		(0.26	)		(0.03	)
Net asset value - End of period	$	21.86		$	20.61		$	16.44		$	15.93		$	15.45		$	15.56		$	12.89
Net assets - End of period (000’s omitted)	$	143,460		$	120,399		$	78,260		$	99,944		$	4,058		$	2,939		$	65
Total return5		6.07	%		25.36	%		3.14	%		3.22	%		4.55	%		22.91	%		15.28	%
Ratios (to average net assets)/Supplemental Data:
Expenses*		1.40	%6		1.49	%6,7		1.51	%7		1.50	%		1.50	%		1.50	%		1.50	%6
Net investment income (loss)		0.23	%6		0.20	%6		(0.12	%)		(0.56	%)		0.06	%		(0.66	%)		0.89	%6
Portfolio turnover		42	%		46	%		123	%		93	%		111	%		80	%		78	%
*The investment advisor did not impose all or a portion of its management and/or other fees during the period, and may have paid a portion of the Series’ expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts:
		0.04	%6		0.21	%6		0.14	%		0.14	%		0.32	%		0.33	%		1.28	%6

¹Rainier International Discovery Fund (“the Predecessor Fund”) transferred its assets and liabilities to the Series at the close of business on August 21, 2017. Because the Series had no investment operations prior to the Reorganization, and based on the similarity of the Series to the Predecessor Fund, the Predecessor Fund is treated as the survivor for accounting and performance reporting purposes. Class K shares of the Series were formerly Class A shares of the Predecessor Fund.

²Commencement of operations.

³Calculated based on average shares outstanding during the periods.

⁴Less than $0.01.

⁵Represents aggregate total return for the periods indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been reimbursed during the periods. Periods less than one year are not annualized.

⁶Annualized.

⁷Expense ratio exceeds expense limitation due to recognition of expenses related to the Reorganization of the Fund. See Note 1 to the financial statements.

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

11

Rainier International Discovery Series

Financial Highlights - Class I¹

	FOR THE SIX MONTHS ENDED			FOR THE PERIOD			FOR THE YEARS ENDED
	04/30/18 (UNAUDITED)			04/1/17 TO 10/31/17			3/31/17			3/31/16			3/31/15			3/31/14			3/31/13
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period	$	20.81		$	16.58		$	16.02		$	15.50		$	15.58		$	12.89		$	10.02
Income (loss) from investment operations:
Net investment income (loss)		0.07	2		0.05	2		0.00	2,3		(0.03	)2		0.04	2		0.01	2		0.02
Net realized and unrealized gain on investments		1.22			4.18			0.56			0.56			0.62			2.95			2.88
Total from investment operations		1.29			4.23			0.56			0.53			0.66			2.96			2.90
Less distributions to shareholders:
From net investment income		(0.03	)		—			—			—			(0.01	)		(0.01	)		(0.03	)
From net realized gain on investments		—			—			—			(0.01	)		(0.73	)		(0.26	)		—
Total distributions to shareholders		(0.03	)		—			—			(0.01	)		(0.74	)		(0.27	)		(0.03	)
Net asset value - End of period	$	22.07		$	20.81		$	16.58		$	16.02		$	15.50		$	15.58		$	12.89
Net assets - End of period (000’s omitted)	$	271,712		$	189,955		$	114,487		$	76,624		$	40,356		$	30,323		$	20,376
Total return4		6.20	%		25.51	%		3.43	%		3.47	%		4.81	%		23.15	%		29.00	%
Ratios (to average net assets)/Supplemental Data:
Expenses*		1.13	%5		1.24	%5,6		1.26	%6		1.25	%		1.25	%		1.25	%		1.25	%
Net investment income (loss)		0.62	%5		0.41	%5		0.01	%		(0.19	%)		0.40	%		0.08	%		0.18	%
Portfolio turnover		42	%		46	%		123	%		93	%		111	%		80	%		78	%
*For certain periods presented, the investment advisor did not impose all or a portion of its management and/or other fees during the period, and may have paid a portion of the Series’ expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts:
		N/A			0.11	%5		0.07	%		0.06	%		0.27	%		0.36	%		1.17	%

¹Rainier International Discovery Fund (“the Predecessor Fund”) transferred its assets and liabilities to the Series at the close of business on August 21, 2017. Because the Series had no investment operations prior to the Reorganization, and based on the similarity of the Series to the Predecessor Fund, the Predecessor Fund is treated as the survivor for accounting and performance reporting purposes. Class I shares of the Series were formerly Institutional shares of the Predecessor Fund.

²Calculated based on average shares outstanding during the periods.

³Less than $0.01.

⁴Represents aggregate total return for the periods indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been reimbursed during the periods. Periods less than one year are not annualized.

⁵Annualized.

⁶Expense ratio exceeds expense limitation due to recognition of expenses related to the Reorganization of the Fund. See Note 1 to the financial statements.

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

12

Rainier International Discovery Series

Financial Highlights - Class R6

	FOR THE SIX MONTHS ENDED 04/30/18 (UNAUDITED)			FOR THE PERIOD 8/21/171 TO 10/31/17
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period	$	20.82		$	19.40
Income (loss) from investment operations:
Net investment income (loss)2		0.05			0.01
Net realized and unrealized gain (loss) on investments		1.25			1.41
Total from investment operations		1.30			1.42
Less distributions to shareholders:
From net investment income		(0.04	)		—
Total distributions to shareholders		(0.04	)		—
Net asset value - End of period	$	22.08		$	20.82
Net assets - End of period (000’s omitted)	$	23		$	21
Total return3		6.24	%		7.32	%
Ratios (to average net assets)/Supplemental Data:
Expenses*4		1.00	%		1.00	%
Net investment income4		0.50	%		0.14	%
Portfolio turnover		42	%		46	%
* The investment advisor did not impose all or a portion of its management and/or other fees during the period, and may have paid a portion of the Series’ expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts4 :
		0.04	%		0.17	%

¹Commencement of operations.

²Calculated based on average shares outstanding during the periods.

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

⁴Annualized.

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

13

Rainier International Discovery Series

Notes to Financial Statements

(unaudited)

1. Organization

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

The Series’ investment objective is to seek long-term capital appreciation.

The Fund’s advisor is Manning & Napier Advisors, LLC (the “Advisor”). Shares of the Series are offered to investors, clients and employees of the Advisor and its affiliates. The Series is authorized to issue three classes of shares (Class K, Class I and Class R6). Class R6 shares of the Series were issued on August 21, 2017. Each class of shares is substantially the same, except that Class K shares bear Distribution and Service (12b-1) Fees. The total authorized capital stock of the Fund consists of 15 billion shares of common stock each having a par value of $0.01. As of April 30, 2018, 10.9 billion shares have been designated in total among 38 series, of which 100 million have been designated as Rainier International Discovery Series Class K common stock, 100 million have been designated as Rainier International Discovery Series Class I common stock and 100 million have been designated as Rainier International Discovery Series Class R6 common stock.

Reorganization

The Series is the successor in interest to the Rainier International Discovery Fund (the “Predecessor Fund”), which had the same investment objective and was included as a series of another investment company, Rainier Investment Management Mutual Funds (“Predecessor Trust”), that was advised by Rainier Investment Management, LLC (an affiliated advisor of the Fund). The shareholders of the Predecessor Fund approved the reorganization of the Institutional shares and Class A shares of the Predecessor Fund with and into the Class I and Class K shares of the Series, respectively. Effective as of the close of business on August 21, 2017 (the “merger date”), the assets and liabilities of the Predecessor Fund were transferred to the Series.

The investment portfolio of the Predecessor Fund, with fair value of $271,784,669 and identified cost of $213,126,044 on August 21, 2017 was the principal asset acquired. Net assets and shares outstanding on August 21, 2017 were $163,001,355 and 8,409,569 for Institutional shares and $111,408,266 and 5,801,583 for Class A shares, respectively, all of which were transferred by a tax-free exchange into the Fund at Net Asset Value at the close of business on August 21, 2017. For financial reporting purposes, assets received and shares issued by the Series were recorded at fair value; however, the cost basis of the investments received from the Predecessor Fund was carried forward to align ongoing reporting of the Series’ realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

As the Series was a shell fund prior to the merger date, the results of operations for the year ended October 31, 2017 represents the pro-forma results. Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition date, it is not practicable to separate the amounts of revenue and earnings of the Predecessor Fund that have been included in the Series’ Statement of Operations since the merger date, August 21, 2017.

The majority of the expenses incurred by the Series in connection with the reorganization were paid by the Advisor. The Series paid certain expenses, including half of the cost of the proxy, such as printing and solicitation, and all of the legal fees incurred in connection to the reorganization. The fiscal year end of the Predecessor Fund was March 31, 2017. Operations prior to August 21, 2017 were for the Predecessor Fund. The Series changed its fiscal year end to October 31, 2017 to reflect the fiscal year end of the Fund.

2. Significant Accounting Policies

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

14

Rainier International Discovery Series

Notes to Financial Statements (continued)

(unaudited)

2. Significant Accounting Policies (continued)

Security Valuation

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

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

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

Securities for which representative valuations or prices are not available from the Series’ pricing service may be valued at fair value as determined in good faith by the Advisor under procedures approved by and under the general supervision and responsibility of the Fund’s Board of Directors (the “Board”). Due to the inherent uncertainty of valuations of such securities, the fair value may differ significantly from the values that would have been used had a ready market for such securities existed. If trading or events occurring after the close of the principal market in which securities are traded are expected to materially affect the value of those securities, then they may be valued at their fair value, taking this trading or these events into account. In accordance with the procedures approved by the Board, the values of certain securities trading outside the U.S. were adjusted following the close of local trading using a factor from a third party vendor. The third party vendor uses statistical analyses and quantitative models, which consider among other things subsequent movement and changes in the prices of indices, securities and exchange rates in other markets, to determine the factors which are used to adjust local market prices. The value of securities used for net asset value calculation under these procedures may differ from published prices for the same securities. It is the Fund’s policy to classify each foreign equity security where a factor from a third party vendor is applied as a Level 2 security.

Various inputs are used in determining the value of the Series’ assets or liabilities carried at fair value. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical assets and liabilities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Level 3 includes significant unobservable inputs (including the Series’ own assumptions in determining the fair value of investments). A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the valuation levels used for major security types as of April 30, 2018 in valuing the Series’ assets or liabilities carried at fair value:

DESCRIPTION	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Assets:
Equity securities:
Consumer Discretionary	$	37,471,638	$	8,093,550	$	29,378,088	$	—
Consumer Staples		42,136,012		13,606,100		28,529,912		—
Energy		12,806,561		8,859,649		3,946,912		—
Financials		39,680,135		7,877,929		31,802,206		—
Health Care		66,073,670		1,820,769		64,252,901		—

15

Rainier International Discovery Series

Notes to Financial Statements (continued)

(unaudited)

2. Significant Accounting Policies (continued)

Security Valuation (continued)

DESCRIPTION	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Industrials	$	109,541,387	$	33,464,187	$	76,077,200	$	—
Information Technology		48,962,012		5,000,082		43,961,930		—
Materials		21,816,233		—		21,816,233		—
Mutual fund		32,413,918		32,413,918		—		—
Total assets	$	410,901,566	$	111,136,184	$	299,765,382	$	—

Please see the Investment Portfolio for foreign securities where a factor from a third party vendor was applied to determine the securities’ fair value following the close of local trading. Such securities are included in Level 2 in the table above.

There were no Level 3 securities held by the Series as of October 31, 2017 and April 30, 2018.

During the six months ended April 30, 2018, the Series had transfers of $194,386,332 or 62.63% of net assets as of October 31, 2017 from Level 1 to Level 2. Transfers from Level 1 to Level 2 are due to a decline or an increase in market activity, e.g., frequency of trades, which resulted in a decrease or increase in available market inputs to determine price. The Fund’s policy is to recognize transfers in and transfers out of the valuation levels as of the beginning of the reporting period.

New Accounting Guidance

In March 2017, the FASB issued amended guidance to shorten the amortization period for certain callable debt securities held at a premium. The guidance is effective for fiscal years and interim periods beginning after December 15, 2018. Management is currently evaluating the impact of this guidance to the Series.

Security Transactions, Investment Income and Expenses

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

Expenses are recorded on an accrual basis. Most expenses of the Fund can be attributed to a specific series. Expenses which cannot be directly attributed are apportioned among the series in the Fund in such a manner as deemed equitable by the Fund’s Board, taking into consideration, among other things, the nature and type of expense. Income, expenses (other than shareholder services fees), and realized and unrealized gains and losses are prorated among the classes based on the relative net assets of each class. Class specific expenses are directly charged to that class.

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

Foreign Currency Translation

The books and records of the Series are maintained in U.S. dollars. Foreign currencies, investments and other assets and liabilities are translated into U.S. dollars at the current exchange rates. Purchases and sales of investment securities and income and expenses are translated on the respective dates of such transactions. The Series does not isolate realized and unrealized gains and losses attributable to changes in the exchange rates from gains and losses that arise from changes in the fair value of investments. Such fluctuations are included with net realized and unrealized gain or loss on investments. Net realized foreign currency gains and losses represent foreign currency gains and losses between trade date and settlement date on securities transactions, gains and losses on disposition of foreign currencies and the difference between the amount of income and foreign withholding taxes recorded on the books of the Series and the amounts actually received or paid.

16

Rainier International Discovery Series

Notes to Financial Statements (continued)

(unaudited)

2. Significant Accounting Policies (continued)

Restricted Securities

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

Federal Taxes

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

Management evaluates its tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is required only when the position is “more likely than not” to be sustained assuming examination by taxing authorities. At April 30, 2018, the Series has recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken in future tax returns.

The Series files income tax returns in the U.S. federal jurisdiction, various states and foreign jurisdictions, as required. No income tax returns are currently under investigation. The statute of limitations on the Series’ tax returns remains open for the three years ended March 31, 2014 through March 31, 2017 and the period ended October 31, 2017. The Series is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

Foreign Taxes

Based on the Series’ understanding of the tax rules and rates related to income, gains and currency purchase/repatriation transactions for foreign jurisdictions in which it invests, the Series will provide for foreign taxes, and where appropriate, deferred foreign tax. The Series is subject to a tax imposed on short term capital gains on securities of issuers domiciled in India. The Series records an estimated deferred tax liability for securities that have been held for less than a year at the end of the reporting period, assuming those positions were disposed of at the end of the period. This amount is reported in Accrued foreign capital gains tax in the accompanying Statement of Assets and Liabilities. Realized losses on the sale of securities of issuers domiciled in India can be carried forward for eight years to offset potential future short term realized capital gains.

Distributions of Income and Gains

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

Indemnifications

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

Other

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

17

Rainier International Discovery Series

Notes to Financial Statements (continued)

(unaudited)

3. Transactions with Affiliates and Other Agreements

The Fund has an Investment Advisory Agreement (the “Agreement”) with the Advisor, for which the Series pays a fee, computed daily and payable monthly, at an annual rate of 0.90% of the Series’ average daily net assets. The investment sub-advisor of the Series is Rainier Investment Management, LLC (“Rainier” or the “Sub-Advisor”). The Advisor pays the Sub-Advisor out of the fee received from the Series at an annual rate of 0.70% of the Series’ average daily net assets.

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

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

The Advisor has contractually agreed, until at least February 28, 2019, to waive its management fee and, if necessary, pay other operating expenses of the Series in order to maintain total direct annual fund operating expenses for the Series, exclusive of Distribution and Service (12b-1) Fees, at no more than 1.15% of the average daily net assets of the Class K and Class I shares, and 1.00% of the average daily net assets of the Class R6 shares. Accordingly, the Advisor waived fees of $25,883 for the six months ended April 30, 2018, which is included as a reduction of expenses on the Statement of Operations. The Advisor is not eligible to recoup any expenses that have been waived or reimbursed in prior years.

During the six months ended April 30, 2018, a trade processing error was discovered for which it was determined that the Advisor would reimburse the Series $10,472. The impact of the Advisor’s contribution on the Series’ total return was immaterial. As of April 30, 2018, the respective amount is included in net realized gain (loss) on investments on the Statement of Operations.

Manning & Napier Investor Services, Inc., a registered broker-dealer affiliate of the Advisor, acts as distributor for the Fund’s shares. The Series compensates the distributor for distributing and servicing the Series’ Class K shares pursuant to a distribution plan adopted under Rule 12b-1 of the 1940 Act, regardless of expenses actually incurred. Under the agreement, the Series pays distribution and service fees to the distributor at an annual rate of 0.25% of average daily net assets attributable to Class K shares. There are no distribution and service fees on the Class I or Class R6 shares. The fees are accrued daily and paid monthly.

Pursuant to a master services agreement dated March 1, 2017, the Fund pays the Advisor an annual fee related to fund accounting and administration of 0.0085% on the first $25 billion of average daily net assets (excluding Target Series and Strategic Income Series); 0.0075% on the next $15 billion of average daily net assets (excluding Target Series and Strategic Income Series); and 0.0065% of average daily net assets in excess of $40 billion (excluding Target Series and Strategic Income Series); 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. The Advisor has agreements with BNY Mellon Investment Servicing (U.S.) Inc. (“BNY”) under which BNY serves as sub-accountant services agent.

18

Rainier International Discovery Series

Notes to Financial Statements (continued)

(unaudited)

3. Transactions with Affiliates and Other Agreements (continued)

Expenses not directly attributable to a series are allocated based on each series’ relative net assets or number of accounts, depending on the expense.

4. Purchases and Sales of Securities

For the six months ended April 30, 2018, purchases and sales of securities, other than U.S. Government securities and short-term securities, were $203,529,521 and $143,087,812 respectively. There were no purchases or sales of U.S. Government securities.

5. Capital Stock Transactions

Transactions in shares of Class K, Class I and Class R6 shares of Rainier International Discovery Series were:

CLASS K	FOR THE SIX MONTHS ENDED  4/30/18						FOR THE PERIOD 4/1/17 TO  10/31/171						FOR THE YEAR ENDED  3/31/17
	SHARES			AMOUNT			SHARES			AMOUNT			SHARES			AMOUNT
Sold		1,700,482		$	37,323,385			2,331,969		$	42,030,540			3,301,733		$	52,333,976
Repurchased		(978,773	)		(21,409,376	)		(1,251,334	)		(23,258,210	)		(4,816,056	)		(74,302,136	)
Total		721,709		$	15,914,009			1,080,635		$	18,772,330			(1,514,323	)	$	(21,968,160	)
CLASS I	FOR THE SIX MONTHS ENDED  4/30/18						FOR THE PERIOD 4/1/17 TO  10/31/171						FOR THE YEAR ENDED  3/31/17
	SHARES			AMOUNT			SHARES			AMOUNT			SHARES			AMOUNT
Sold		3,947,576		$	87,698,568			3,005,098		$	56,814,033			4,535,287		$	73,098,443
Reinvested		6,335			132,393			—			—			—			—
Repurchased		(770,533	)		(17,022,390	)		(786,025	)		(14,460,565	)		(2,411,693	)		(38,086,675	)
Total		3,183,378		$	70,808,571			2,219,073		$	42,353,468			2,123,594		$	35,011,768
CLASS R6	FOR THE SIX MONTHS ENDED 4/30/18						FOR THE PERIOD 8/21/17 (COMMENCEMENT OF OPERATIONS) TO 10/31/17
	SHARES			AMOUNT			SHARES			AMOUNT
Sold		929		$	20,547			1,045		$	20,286
Reinvested		2			39			—			—
Repurchased		(929	)		(21,396	)		(14	)		(287	)
Total		2		$	(810	)		1,031		$	19,999

¹Includes capital stock transactions for the predecessor fund, Rainier International Discovery Fund.

At April 30, 2018, one shareholder account owned 13.9% of the Series. In addition, the Advisor and its affiliates owned less than 0.1% of the Series. Investment activities of these shareholders may have a material effect on the Series.

6. Financial Instruments

The Series may trade in instruments including futures contracts and other derivatives in the normal course of investing activities to assist in managing exposure to various market risks. The Series may be subject to various elements of risk, which may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. These risks include: the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to over the counter derivative counterparties’ failure to perform under contract terms; liquidity risk

19

Rainier International Discovery Series

Notes to Financial Statements (continued)

(unaudited)

6. Financial Instruments (continued)

related to the lack of a liquid market for these contracts allowing the fund to close out its position(s); and documentation risk relating to disagreement over contract terms. No such investments were held by the Series as of April 30, 2018.

7. Foreign Securities

Investing in securities of foreign companies and foreign governments involves special risks and considerations not typically associated with investing in securities of domestic companies and the U.S. Government. These risks include revaluation of currencies and future adverse political and economic developments. Moreover, securities of foreign companies and foreign governments and their markets may be less liquid and their prices more volatile than those of comparable domestic companies and the U.S. Government.

8. Federal Income Tax Information

The amount and characterization of certain income and capital gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. The Series may periodically make reclassifications among its capital accounts to reflect income and gains available for distribution (or available capital loss carryovers) under income tax regulations, without impacting the Series’ net asset value. Any such reclassifications are not reflected in the financial highlights.

The final determination of the tax character of current year distributions will be made at the conclusion of the fiscal year.

At April 30, 2018, the identified cost for federal income tax purposes, the resulting gross unrealized appreciation and depreciation, and the net unrealized appreciation were as follows:

Cost for federal income tax purposes	$	342,419,969
Unrealized appreciation		72,078,878
Unrealized depreciation		(3,597,281	)
Net unrealized appreciation	$	68,481,597

At October 31, 2017 the Series had net short-term capital loss carryforwards of $2,856,345 carryforwards, which may be carried forward indefinitely.

20

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21

Rainier International Discovery Series

Literature Requests

(unaudited)

Proxy Voting Policies and Procedures

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

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

Proxy Voting Record

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

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

Quarterly Portfolio Holdings

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

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

The Series’ Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Prospectus and Statement of Additional Information (SAI)

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

Additional information available at www.manning-napier.com

1. Fund Holdings - Month-End

2. Fund Holdings - Quarter-End

3. Shareholder Report - Annual

4. Shareholder Report - Semi-Annual

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

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

MNIDS-04/18-SAR

ITEM 2: CODE OF ETHICS

Not applicable for Semi-Annual Reports.

ITEM 3: AUDIT COMMITTEE FINANCIAL EXPERT

Not applicable for Semi-Annual Reports.

ITEM 4: PRINCIPAL ACCOUNTANT FEES AND SERVICES

Not applicable for Semi-Annual Reports.

ITEM 5: AUDIT COMMITTEE OF LISTED REGISTRANTS

Not applicable.

ITEM 6: INVESTMENTS

(a) See Investment Portfolios under Item 1 on this Form N-CSR.

(b) Not applicable.

ITEM 7: DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED- END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 8: PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 9: PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS

Not applicable.

ITEM 10: SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

There have been no material changes to the procedure by which shareholders may recommend nominees to the registrant’s board of directors.

ITEM 11: CONTROLS AND PROCEDURES

(a) Based on their evaluation of the Funds’ disclosure controls and procedures, as of a date within 90 days of the filing date, the Funds’ Principal Executive Officer and Principal Financial Officer have concluded that the Funds’ disclosure controls and procedures are: (i) reasonably designed to ensure that information required to be disclosed in this report is appropriately communicated to the Funds’ officers to allow timely decisions regarding disclosures required in this report; (ii) reasonably designed to ensure that information required to be disclosed in this report is recorded, processed, summarized and reported in a timely manner; and (iii) are effective in achieving the goals described in (i) and (ii) above.

(b) During the last fiscal quarter of the period covered by this report, there have been no changes in the Funds’ internal control over financial reporting that the above officers believe to have materially affected, or to be reasonably likely to materially affect, the Funds’ internal control over financial reporting.

ITEM 12: DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13: EXHIBITS

(a)(1) Not applicable for Semi-Annual Reports.

(a)(2) Separate certifications for the Registrant’s principal executive officer and principal financial officer, as required by Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940, are attached as EX-99.CERT.

(a)(3) Not applicable.

(a)(4) Not applicable.

(b) A certification of the Registrant’s principal executive officer and principal financial officer, as required by 18 U.S.C Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and Rule 30a-2(b) under the Investment Company Act of 1940, is attached as EX- 99.906CERT. The certification furnished pursuant to this paragraph is not deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section. Such certification is not deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that the Registrant specifically incorporates them by reference.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Manning & Napier Fund, Inc.

/s/ Michele T. Mosca

Michele T. Mosca

President & Principal Executive Officer of Manning & Napier Fund, Inc.

Date: 6/21/2018

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

/s/ Michele T. Mosca

Michele T. Mosca

President & Principal Executive Officer of Manning & Napier Fund, Inc.

Date: 6/21/2018

/s/ Christine Glavin

Christine Glavin

Chief Financial Officer & Principal Financial Officer of Manning & Napier Fund, Inc.

Date: 6/21/2018