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

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Manning & Napier Fund, Inc.

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(Exact name of registrant as specified in charter)

290 Woodcliff Drive, Fairport, NY 14450

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(Address of principal executive offices)(Zip Code)

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

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(Name and address of agent for service)

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

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Date of fiscal year end: December 31

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Date of reporting period: January 1, 2018 through June 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, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

ITEM 1: REPORTS TO STOCKHOLDERS.

Real Estate 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 (January 1, 2018 to June 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                 1/1/18	ENDING ACCOUNT VALUE                 6/30/18	EXPENSES PAID DURING PERIOD*                 1/1/18-6/30/18	ANNUALIZED  EXPENSE RATIO
Class S
Actual	$1,000.00	$1,001.34	$5.51	1.11%
Hypothetical (5% return before expenses)	$1,000.00	$1,019.29	$5.56	1.11%
Class I
Actual	$1,000.00	$1,002.94	$4.27	0.86%
Hypothetical (5% return before expenses)	$1,000.00	$1,020.53	$4.31	0.86%

*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). Expenses are based on the most recent fiscal half year.

1

Real Estate Series

Portfolio Composition as of June 30, 2018

(unaudited)

Top Ten Stock Holdings2
Equinix, Inc.	5.4	%	Public Storage	2.7	%
Simon Property Group, Inc.	5.1	%	CoreCivic, Inc.	2.5	%
Prologis, Inc.	4.4	%	InterXion Holding N.V. (Netherlands)	2.5	%
AvalonBay Communities, Inc.	3.7	%	Boston Properties, Inc.	2.4	%
Digital Realty Trust, Inc.	3.0	%	Mid-America Apartment Communities, Inc.	2.3	%
2As a percentage of total investments.

2

Real Estate Series

Investment Portfolio - June 30, 2018

(unaudited)

	SHARES		VALUE   (NOTE 2)
COMMON STOCKS - 100.2%
Consumer Discretionary - 0.9%
Household Durables - 0.9%
DR Horton, Inc.		17,065	$	699,665
Lennar Corp. - Class A		13,790		723,975
LGI Homes, Inc.*		12,040		695,069
NVR, Inc.*		245		727,736
Total Consumer Discretionary				2,846,445
Information Technology - 2.5%
IT Services - 2.5%
InterXion Holding N.V. (Netherlands)*		121,905		7,609,310
Real Estate - 96.8%
REITS - Apartments - 19.1%
American Campus Communities, Inc.		75,390		3,232,723
American Homes 4 Rent - Class A		291,170		6,458,151
Apartment Investment & Management Co. - Class A		108,430		4,586,589
AvalonBay Communities, Inc.		66,990		11,514,911
Bluerock Residential Growth REIT, Inc.		140,490		1,253,171
Equity Residential		108,215		6,892,213
Essex Property Trust, Inc.		15,135		3,618,324
Independence Realty Trust, Inc.		198,210		2,043,545
Invitation Homes, Inc.		253,630		5,848,708
Mid-America Apartment Communities, Inc.		71,790		7,227,099
UDR, Inc.		170,580		6,403,573
				59,079,007
REITS - Diversified - 24.5%
CatchMark Timber Trust, Inc. - Class A		407,425		5,186,520
Colony Capital, Inc.		335,236		2,091,873
CoreCivic, Inc.		323,535		7,729,251
Cousins Properties, Inc.		644,890		6,248,984
Crown Castle International Corp.		41,025		4,423,316
Digital Realty Trust, Inc.		83,025		9,263,930
Equinix, Inc.		39,175		16,840,941
Forest City Realty Trust, Inc. - Class A		133,125		3,036,581
Hibernia REIT plc (Ireland)1		1,606,740		2,814,530
Lamar Advertising Co. - Class A		31,140		2,127,173
Outfront Media, Inc.		98,480		1,915,436
Plymouth Industrial REIT, Inc.		44,320		709,120
STAG Industrial, Inc.		120,055		3,269,098
UMH Properties, Inc.		110,600		1,697,710
Vornado Realty Trust		81,695		6,038,894

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

3

Real Estate Series

Investment Portfolio - June 30, 2018

(unaudited)

	SHARES		VALUE   (NOTE 2)
COMMON STOCKS (continued)
Real Estate (continued)
REITS - Diversified (continued)
Weyerhaeuser Co.		59,750	$	2,178,485
				75,571,842
REITS - Health Care - 8.8%
Community Healthcare Trust, Inc.		114,430		3,418,024
HCP, Inc.		171,125		4,418,448
Healthcare Realty Trust, Inc.		109,090		3,172,337
Healthcare Trust of America, Inc. - Class A		123,150		3,320,124
Physicians Realty Trust		377,240		6,013,206
Ventas, Inc.		51,400		2,927,230
Welltower, Inc.		60,800		3,811,552
				27,080,921
REITS - Hotels - 4.9%
Apple Hospitality REIT, Inc.		145,275		2,597,517
Chesapeake Lodging Trust		74,740		2,364,774
Host Hotels & Resorts, Inc.		297,580		6,270,011
Sunstone Hotel Investors, Inc.		230,520		3,831,242
				15,063,544
REITS - Industrial - 8.7%
Americold Realty Trust		53,720		1,182,914
EastGroup Properties, Inc.		14,185		1,355,519
First Industrial Realty Trust, Inc.		111,815		3,727,912
Liberty Property Trust		121,685		5,394,296
Prologis, Inc.		207,255		13,614,581
Rexford Industrial Realty, Inc.		29,425		923,651
Terreno Realty Corp.		20,100		757,167
				26,956,040
REITS - Manufactured Homes - 3.1%
Equity LifeStyle Properties, Inc.		33,390		3,068,541
Sun Communities, Inc.		65,575		6,418,481
				9,487,022
REITS - Office Property - 7.3%
Alexandria Real Estate Equities, Inc.		11,970		1,510,255
Boston Properties, Inc.		59,035		7,404,170
Brandywine Realty Trust		370,515		6,254,293
Columbia Property Trust, Inc.		88,835		2,017,443
Tier REIT, Inc.		127,420		3,030,048
VEREIT, Inc.		337,030		2,507,503
				22,723,712

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

4

Real Estate Series

Investment Portfolio - June 30, 2018

(unaudited)

	SHARES		VALUE (NOTE 2)
COMMON STOCKS (continued)
Real Estate (continued)
REITS - Regional Malls - 6.7%
GGP, Inc.		143,045	$	2,922,409
The Macerich Co.		35,100		1,994,733
Simon Property Group, Inc.		93,425		15,900,001
				20,817,143
REITS - Shopping Centers - 4.9%
Acadia Realty Trust		71,230		1,949,565
Regency Centers Corp.		54,682		3,394,659
Unibail-Rodamco-Westfield (France)1		17,790		3,917,161
Urban Edge Properties		252,260		5,769,186
				15,030,571
REITS - Single Tenant - 2.1%
Agree Realty Corp.		32,365		1,707,901
Getty Realty Corp.		89,995		2,535,159
National Retail Properties, Inc.		54,865		2,411,865
				6,654,925
REITS - Storage - 6.7%
CubeSmart		140,355		4,522,238
Extra Space Storage, Inc.		46,410		4,632,182
Jernigan Capital, Inc.		80,040		1,525,562
Life Storage, Inc.		16,181		1,574,573
Public Storage		36,945		8,381,343
				20,635,898
Total Real Estate				299,100,625
TOTAL COMMON STOCKS
(Identified Cost $281,158,924)				309,556,380
SHORT-TERM INVESTMENT - 0.3%
Dreyfus Government Cash Management, Institutional Shares2, 1.81%
(Identified Cost $807,357)		807,357		807,357
TOTAL INVESTMENTS - 100.5%
(Identified Cost $281,966,281)				310,363,737
LIABILITIES, LESS OTHER ASSETS - (0.5%)				(1,570,814	)
NET ASSETS - 100%			$	308,792,923

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

5

Real Estate Series

Investment Portfolio - June 30, 2018

(unaudited)

REITS - Real Estate Investment Trusts

*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.

²Rate shown is the current yield as of June 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

Real Estate Series

Statement of Assets and Liabilities

June 30, 2018 (unaudited)

ASSETS:
Investments, at value (identified cost $281,966,281) (Note 2)	$	310,363,737
Dividends receivable		978,371
Receivable for fund shares sold		112,115
Foreign tax reclaims receivable		5,883
Prepaid expenses		27,277
TOTAL ASSETS		311,487,383
LIABILITIES:
Accrued management fees (Note 3)		187,495
Accrued shareholder services fees (Class S) (Note 3)		50,732
Accrued fund accounting and administration fees (Note 3)		17,616
Accrued Chief Compliance Officer service fees (Note 3)		262
Payable for fund shares repurchased		2,372,521
Other payables and accrued expenses		65,834
TOTAL LIABILITIES		2,694,460
TOTAL NET ASSETS	$	308,792,923
NET ASSETS CONSIST OF:
Capital stock	$	252,326
Additional paid-in-capital		265,302,348
Undistributed net investment income		3,587,170
Accumulated net realized gain on investments, foreign currency and translation of other assets and liabilities		11,253,621
Net unrealized appreciation on investments, foreign currency and translation of other assets and liabilities		28,397,458
TOTAL NET ASSETS	$	308,792,923
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class S ($251,231,319/16,807,288 shares)	$	14.95
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class I ($57,561,604/8,425,296 shares)	$	6.83

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

7

Real Estate Series

Statement of Operations

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

INVESTMENT INCOME:
Dividends (net of foreign taxes withheld, $39,137)	$	5,748,608
EXPENSES:
Management fees (Note 3)		1,099,585
Shareholder services fees (Class S) (Note 3)		304,129
Fund accounting and administration fees (Note 3)		34,642
Directors’ fees (Note 3)		10,716
Chief Compliance Officer service fees (Note 3)		2,150
Custodian fees		11,370
Miscellaneous		103,441
Total Expenses		1,566,033
NET INVESTMENT INCOME		4,182,575
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:
Net realized gain (loss) on-
Investments		8,900,167
Foreign currency and translation of other assets and liabilities		(1,200	)
		8,898,967
Net change in unrealized appreciation (depreciation) on-
Investments		(13,186,043	)
Foreign currency and translation of other assets and liabilities		(85	)
		(13,186,128	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY		(4,287,161	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(104,586	)

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

8

Real Estate Series

Statements of Changes in Net Assets

	FOR THE SIX MONTHS ENDED 6/30/18 (UNAUDITED)			FOR THE YEAR ENDED 12/31/17
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income	$	4,182,575		$	5,130,544
Net realized gain (loss) on investments and foreign currency		8,898,967			16,002,452
Net change in unrealized appreciation (depreciation) on investments and foreign currency		(13,186,128	)		5,112,488
Net decrease from operations		(104,586	)		26,245,484
DISTRIBUTIONS TO SHAREHOLDERS (Note 9):
From net investment income (Class S)		—			(4,348,614	)
From net investment income (Class I)		—			(1,792,970	)
From net realized gain on investments (Class S)		—			(9,828,514	)
From net realized gain on investments (Class I)		—			(3,457,648	)
Total distributions to shareholders		—			(19,427,746	)
CAPITAL STOCK ISSUED AND REPURCHASED:
Net increase (decrease) from capital share transactions (Note 5)		(9,671,857	)		7,130,309
Net increase (decrease) in net assets		(9,776,443	)		13,948,047
NET ASSETS:
Beginning of period		318,569,366			304,621,319
End of period (including undistributed net investment income of $3,587,170 and distributions in excess of net investment income of $595,405, respectively)	$	308,792,923		$	318,569,366

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

9

Real Estate Series

Financial Highlights - Class S

	FOR THE SIX  MONTHS ENDED			FOR THE YEAR ENDED
	6/30/18  (UNAUDITED)			12/31/17			12/31/16			12/31/15			12/31/14			12/31/13
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period		$14.93			$14.48			$14.15			$15.46			$13.32			$14.57
Income from investment operations:
Net investment income1		0.19			0.24			0.22			0.24			0.44	2		0.24
Net realized and unrealized gain (loss) on investments		(0.17	)		1.02			0.88			0.34			3.24			0.10
Total from investment operations		0.02			1.26			1.10			0.58			3.68			0.34
Less distributions to shareholders:
From net investment income		—			(0.25	)		(0.27	)		(0.24	)		(0.44	)		(0.21	)
From net realized gain on investments		—			(0.56	)		(0.50	)		(1.65	)		(1.10	)		(1.38	)
Total distributions to shareholders		—			(0.81	)		(0.77	)		(1.89	)		(1.54	)		(1.59	)
Net asset value - End of period		$14.95			$14.93			$14.48			$14.15			$15.46			$13.32
Net assets - End of period (000’s omitted)		$251,231			$271,496			$278,322			$217,216			$231,188			$168,167
Total return3		0.13%			8.66%			7.91%			4.14%			28.14%			2.67%
Ratios (to average net assets)/Supplemental Data:
Expenses*		1.11%	4		1.10%			1.09%			1.09%			1.11%			1.12%
Net investment income		2.79%	4		1.58%			1.47%			1.54%			2.89%	2		1.57%
Portfolio turnover		26%			42%			46%			57%			44%			40%
*The investment advisor did not impose all or a portion of its management and/or other fees, and in some periods may have paid a portion of the Series’ expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts:
		N/A			0.00%	5		N/A			N/A			N/A			N/A

¹Calculated based on average shares outstanding during the periods.

²Reflects a special dividend paid out during the period by two of the Series’ holdings. Had the Series not received the special dividends, the net investment income per share would have been $0.22 and the net investment income ratio would have been 1.49%.

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.

⁵Less than 0.01%.

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

10

Real Estate Series

Financial Highlights - Class I

	FOR THE SIX  MONTHS ENDED			FOR THE YEAR ENDED
	6/30/18  (UNAUDITED)			12/31/17			12/31/16			12/31/15			12/31/14			12/31/13
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period		$6.81			$7.03			$7.26			$8.86			$8.18			$9.55
Income from investment operations:
Net investment income1		0.10			0.14			0.11			0.16			0.29	2		0.19
Net realized and unrealized gain (loss) on investments		(0.08	)		0.49			0.47			0.17			1.97			0.04
Total from investment operations		0.02			0.63			0.58			0.33			2.26			0.23
Less distributions to shareholders:
From net investment income		—			(0.29	)		(0.31	)		(0.28	)		(0.48	)		(0.22	)
From net realized gain on investments		—			(0.56	)		(0.50	)		(1.65	)		(1.10	)		(1.38	)
Total distributions to shareholders		—			(0.85	)		(0.81	)		(1.93	)		(1.58	)		(1.60	)
Net asset value - End of period		$6.83			$6.81			$7.03			$7.26			$8.86			$8.18
Net assets - End of period (000’s omitted)		$57,562			$47,074			$26,300			$50,249			$50,513			$37,310
Total return3		0.29%			8.85%			8.17%			4.43%			28.44%			2.94%
Ratios (to average net assets)/Supplemental Data:
Expenses*		0.86%	4		0.85%			0.84%			0.84%			0.86%			0.87%
Net investment income		3.16%	4		1.95%			1.50%			1.81%			3.14%	2		1.88%
Portfolio turnover		26%			42%			46%			57%			44%			40%
*The investment advisor did not impose all or a portion of its management and/or other fees, and in some periods may have paid a portion of the Series’ expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts:
		N/A			0.00%	5		N/A			N/A			N/A			N/A

¹Calculated based on average shares outstanding during the periods.

²Reflects a special dividend paid out during the period by two of the Series’ holdings. Had the Series not received the special dividends, the net investment income per share would have been $0.16 and the net investment income ratio would have been 1.74%.

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.

⁵Less than 0.01%.

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

11

Real Estate Series

Notes to Financial Statements

(unaudited)

1. Organization

Real Estate 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 high current income and long-term capital appreciation by investing principally in companies in the real estate industry.

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 two classes of shares (Class S and Class I). Each class of shares is substantially the same, except that Class S shares bear shareholder services 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 June 30, 2018, 10.9 billion shares have been designated in total among 38 series, of which 100 million each have been designated as Real Estate Series Class S common stock and Real Estate Series Class I 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. 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

12

Real Estate Series

Notes to Financial Statements (continued)

(unaudited)

2. Significant Accounting Policies (continued)

Security Valuation (continued)

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 June 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	$	2,846,445	$	2,846,445	$	—	$	—
Information Technology		7,609,310		7,609,310		—		—
Real Estate		299,100,625		292,368,934		6,731,691		—
Mutual fund		807,357		807,357		—		—
Total assets	$	310,363,737	$	303,632,046	$	6,731,691	$	—

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 December 31, 2017 or June 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 June 30, 2018.

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 Fund records distributions received in excess of income from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Fund adjusts the estimated amounts of components of distributions (and consequently its net investment income) as necessary once the issuers provide information about the actual composition of the distributions.

13

Real Estate Series

Notes to Financial Statements (continued)

(unaudited)

2. Significant Accounting Policies (continued)

Security Transactions, Investment Income and Expenses (continued)

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 market 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 June 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 December 31, 2014 through December 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

14

Real Estate Series

Notes to Financial Statements (continued)

(unaudited)

2. Significant Accounting Policies (continued)

Other (continued)

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 each role.

The Class S shares of the Series are subject to a shareholder services fee in accordance with a shareholder services plan adopted by the Board. The shareholder services fee is intended to compensate financial intermediaries, including affiliates of the Fund, in connection with the provision of direct client service, personal services, maintenance of shareholder accounts and reporting services. For these services, Class S of the Series pays 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 April 30, 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 a Class’s Shareholder Services Fee, at no more than 0.95% of average daily net assets. The Advisor did not waive any fees for the six months ended June 30, 2018. 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, as amended, 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.

15

Real Estate Series

Notes to Financial Statements (continued)

(unaudited)

4. Purchases and Sales of Securities

For the six months ended June 30, 2018, purchases and sales of securities, other than U.S. Government securities and short-term securities, were $78,453,601 and $80,788,670, respectively. There were no purchases or sales of U.S. Government securities.

5. Capital Stock Transactions

Transactions in shares of Class S and I shares of Real Estate Series were:

CLASS S	FOR THE SIX MONTHS ENDED 6/30/18						FOR THE YEAR ENDED 12/31/2017
	SHARES			AMOUNT			SHARES			AMOUNT
Sold		1,184,120		$	16,537,785			2,903,019		$	43,684,165
Reinvested		—			—			917,117			13,838,828
Repurchased		(2,563,449	)		(35,809,555	)		(4,857,374	)		(73,411,141	)
Total		(1,379,329	)	$	(19,271,770	)		(1,037,238	)	$	(15,888,148	)
CLASS I	FOR THE SIX MONTHS ENDED 6/30/18						FOR THE YEAR ENDED 12/31/2017
	SHARES			AMOUNT			SHARES			AMOUNT
Sold		2,510,666		$	16,079,890			4,014,260		$	29,420,634
Reinvested		—			—			622,410			4,295,968
Repurchased		(992,921	)		(6,479,977	)		(1,469,901	)		(10,698,145	)
Total	��	1,517,745		$	9,599,913			3,166,769		$	23,018,457

Approximately 65% of the shares outstanding are fiduciary accounts where the Advisor has sole investment discretion.

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 June 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. Real Estate Securities

The Series may focus its investments in certain real estate related industries; hence, the Series may subject itself to a greater degree of risk than a series that is more diversified.

16

Real Estate Series

Notes to Financial Statements (continued)

(unaudited)

9. Federal Income Tax Information

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

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

Ordinary income	$	6,084,677
Long-term capital gains	$	13,343,069

At June 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	$	281,980,864
Unrealized appreciation		35,639,664
Unrealized depreciation		(7,256,791	)
Net unrealized appreciation	$	28,382,873

17

Real Estate 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 Series.

For	11,111,135
Against	154,589
Abstain	38,449

18

Real Estate 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 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 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.

MNRES-6/18-SAR

International 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 (January 1, 2018 to June 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  1/1/18	ENDING ACCOUNT               VALUE 6/30/18	EXPENSES PAID       DURING PERIOD* 1/1/18-6/30/18	ANNUALIZED EXPENSE RATIO
Class S
Actual	$1,000.00	$   962.72	$5.35	1.10%
Hypothetical     (5% return before expenses)	$1,000.00	$1,019.34	$5.51	1.10%
Class I
Actual	$1,000.00	$   963.11	$4.14	0.85%
Hypothetical     (5% return before expenses)	$1,000.00	$1,020.58	$4.26	0.85%

*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). 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.

1

International Series

Portfolio Composition as of June 30, 2018

(unaudited)

2

International Series

Investment Portfolio - June 30, 2018

(unaudited)

	SHARES		VALUE (NOTE 2)
COMMON STOCKS - 99.4%
Consumer Discretionary - 15.7%
Auto Components - 1.3%
Koito Manufacturing Co. Ltd. (Japan)1		17,100	$	1,129,508
Magna International, Inc. (Canada)		19,250		1,119,579
Nemak S.A.B. de C.V. (Mexico)2		3,266,800		2,245,280
NGK Spark Plug Co. Ltd. (Japan)1		44,000		1,250,866
				5,745,233
Automobiles - 1.9%
Hero MotoCorp Ltd. (India)1		48,710		2,469,838
Maruti Suzuki India Ltd. (India)1		20,210		2,604,713
Suzuki Motor Corp. (Japan)1		64,100		3,532,430
				8,606,981
Diversified Consumer Services - 3.1%
China Maple Leaf Educational Systems Ltd. (China)*1		1,334,000		2,395,492
China Yuhua Education Corp. Ltd. (China)1,2		1,546,000		1,093,770
Fu Shou Yuan International Group Ltd. (China)1		3,874,000		4,360,026
New Oriental Education & Technology Group, Inc. - ADR (China)		28,225		2,671,779
TAL Education Group - ADR (China)*		29,555		1,087,624
Wisdom Education International Holdings Co. Ltd. (China)1		2,578,000		2,240,023
				13,848,714
Hotels, Restaurants & Leisure - 0.3%
Compass Group plc (United Kingdom)1		57,110		1,217,335
Household Durables - 1.7%
Crompton Greaves Consumer Electricals Ltd. (India)1		719,300		2,371,349
Kaufman & Broad S.A. (France)1		82,773		3,897,924
Techtronic Industries Co. Ltd. (Hong Kong)1		199,000		1,105,225
				7,374,498
Leisure Products - 1.7%
Trigano S.A. (France)1		26,385		4,680,965
Yamaha Corp. (Japan)1		54,200		2,812,856
				7,493,821
Media - 0.3%
Toho Co. Ltd. -Tokyo (Japan)1		35,600		1,192,387
Multiline Retail - 0.5%
Next plc (United Kingdom)1		15,940		1,268,803
Ryohin Keikaku Co. Ltd. (Japan)1		3,400		1,194,500
				2,463,303
Specialty Retail - 2.5%
Fnac Darty S.A. (France)*1		36,970		3,504,441
Future Lifestyle Fashions Ltd. (India)1		382,480		2,392,926
Industria de Diseno Textil S.A. (Spain)1		79,340		2,701,857

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

3

International Series

Investment Portfolio - June 30, 2018

(unaudited)

	SHARES		VALUE (NOTE 2)
COMMON STOCKS (continued)
Consumer Discretionary (continued)
Specialty Retail (continued)
Maisons du Monde S.A. (France)1,2		66,650	$	2,450,982
				11,050,206
Textiles, Apparel & Luxury Goods - 2.4%
ANTA Sports Products Ltd. (China)1		683,000		3,601,669
Burberry Group plc (United Kingdom)1		47,180		1,340,880
lululemon athletica, Inc. (United States)*		28,140		3,513,279
Luxottica Group S.p.A. (Italy)1		19,360		1,246,509
LVMH Moet Hennessy Louis Vuitton SE (France)1		3,470		1,152,107
				10,854,444
Total Consumer Discretionary				69,846,922
Consumer Staples - 8.7%
Beverages - 2.9%
Becle S.A.B. de C.V. (Mexico)		778,710		1,122,175
Diageo plc (United Kingdom)1		184,040		6,611,796
Treasury Wine Estates Ltd. (Australia)1		397,250		5,103,881
				12,837,852
Food & Staples Retailing - 1.2%
Matsumotokiyoshi Holdings Co. Ltd. (Japan)1		58,700		2,634,093
Metro, Inc. (Canada)		36,920		1,255,053
Sun Art Retail Group Ltd. (Hong Kong)1		1,072,500		1,399,154
				5,288,300
Food Products - 1.8%
Grupo Bimbo S.A.B. de C.V. - Class A (Mexico)		596,480		1,162,611
Kerry Group plc - Class A (Ireland)1		52,995		5,535,849
Saputo, Inc. (Canada)		36,865		1,224,020
				7,922,480
Household Products - 0.5%
Lion Corp. (Japan)1		134,100		2,453,796
Personal Products - 2.0%
Beiersdorf AG (Germany)1		10,790		1,223,028
Hengan International Group Co. Ltd. (China)1		128,000		1,227,758
Kao Corp. (Japan)1		16,400		1,250,034
L’Oreal S.A. (France)1		5,150		1,269,614
Unilever plc - ADR (United Kingdom)		74,100		4,096,248
				9,066,682
Tobacco - 0.3%
Swedish Match AB (Sweden)1		25,700		1,270,138
Total Consumer Staples				38,839,248

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

4

International Series

Investment Portfolio - June 30, 2018

(unaudited)

	SHARES		VALUE (NOTE 2)
COMMON STOCKS (continued)
Energy - 8.7%
Energy Equipment & Services - 0.5%
Core Laboratories N.V. (United States)		17,545	$	2,214,354
Oil, Gas & Consumable Fuels - 8.2%
Canadian Natural Resources Ltd. (Canada)		92,620		3,342,957
China Petroleum & Chemical Corp. - Class H (China)1		2,788,000		2,495,587
Eni S.p.A. (Italy)1		136,205		2,525,431
Galp Energia SGPS S.A. (Portugal)1		293,595		5,585,256
Repsol S.A. (Spain)*1		225,550		4,402,535
Repsol S.A. (Spain)*1		207,525		117,805
Royal Dutch Shell plc - Class B - ADR (Netherlands)		75,805		5,507,233
SK Innovation Co. Ltd. (South Korea)1		15,045		2,725,076
Suncor Energy, Inc. (Canada)		71,640		2,915,407
TOTAL S.A. (France)1		65,570		3,981,793
Vermilion Energy, Inc. (Canada)		76,555		2,760,790
Total Energy				38,574,224
Financials - 12.9%
Banks - 6.4%
Banco Comercial Portugues S.A. (Portugal)*1		7,256,480		2,169,919
CaixaBank S.A. (Spain)1		538,030		2,315,837
Credit Agricole S.A. (France)1		166,000		2,203,243
Erste Group Bank AG (Austria)1		56,980		2,375,494
Eurobank Ergasias S.A. (Greece)*1		2,390,060		2,485,128
FinecoBank Banca Fineco S.p.A. (Italy)1		231,140		2,601,960
HDFC Bank Ltd. (India)1		85,600		2,636,879
ICICI Bank Ltd. (India)1		571,060		2,296,881
IndusInd Bank Ltd. (India)1		90,880		2,565,329
Jyske Bank A/S (Denmark)1		43,825		2,395,471
KBC Group N.V. (Belgium)1		30,440		2,337,798
Sydbank A/S (Denmark)1		65,680		2,251,528
				28,635,467
Capital Markets - 3.9%
Euronext N.V. (Netherlands)1,2		92,095		5,835,853
Japan Exchange Group, Inc. (Japan)1		117,800		2,184,972
Julius Baer Group Ltd. (Switzerland)1		88,400		5,177,718
Natixis S.A. (France)1		603,105		4,267,308
				17,465,851
Insurance - 0.3%
Admiral Group plc (United Kingdom)1		46,990		1,180,966
Thrifts & Mortgage Finance - 2.3%
Aareal Bank AG (Germany)1		54,790		2,403,704
Housing Development Finance Corp. Ltd. (India)1		141,190		3,934,200

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

5

International Series

Investment Portfolio - June 30, 2018

(unaudited)

	SHARES		VALUE (NOTE 2)
COMMON STOCKS (continued)
Financials (continued)
Thrifts & Mortgage Finance (continued)
Indiabulls Housing Finance Ltd. (India)1		229,370	$	3,835,081
				10,172,985
Total Financials				57,455,269
Health Care - 2.7%
Health Care Equipment & Supplies - 0.8%
Essilor International Cie Generale d’Optique S.A. (France)1		8,960		1,263,328
Smith & Nephew plc (United Kingdom)1		68,005		1,252,672
Sonova Holding AG (Switzerland)1		7,330		1,311,216
				3,827,216
Health Care Providers & Services - 1.0%
Orpea (France)1		32,820		4,371,567
Life Sciences Tools & Services - 0.6%
Tecan Group AG (Switzerland)1		10,960		2,659,820
Pharmaceuticals - 0.3%
Santen Pharmaceutical Co. Ltd. (Japan)1		73,200		1,273,418
Total Health Care				12,132,021
Industrials - 24.6%
Aerospace & Defense - 0.6%
CAE, Inc. (Canada)		63,450		1,318,084
MTU Aero Engines AG (Germany)1		6,610		1,266,091
				2,584,175
Building Products - 3.4%
Assa Abloy AB - Class B (Sweden)1		57,080		1,210,758
Cie de Saint-Gobain (France)1		123,840		5,516,453
Daikin Industries Ltd. (Japan)1		30,600		3,657,101
Geberit AG (Switzerland)1		9,250		3,960,516
TOTO Ltd. (Japan)1		23,300		1,078,457
				15,423,285
Commercial Services & Supplies - 2.9%
China Everbright International Ltd. (China)1		2,201,000		2,834,624
Elis S.A. (France)1		171,690		3,926,264
Secom Co. Ltd. (Japan)1		16,300		1,249,947
SPIE S.A. (France)1		243,665		4,932,072
				12,942,907
Construction & Engineering - 2.8%
Eiffage S.A. (France)1		47,925		5,206,744
Vinci S.A. (France)1		74,300		7,132,152
				12,338,896

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

6

International Series

Investment Portfolio - June 30, 2018

(unaudited)

	SHARES		VALUE (NOTE 2)
COMMON STOCKS (continued)
Industrials (continued)
Electrical Equipment - 1.8%
Havells India Ltd. (India)1		339,575	$	2,692,298
Legrand S.A. (France)1		57,960		4,245,407
Schneider Electric SE (France)1		13,840		1,151,029
				8,088,734
Industrial Conglomerates - 1.4%
Siemens AG (Germany)1		36,950		4,868,384
Smiths Group plc (United Kingdom)1		54,290		1,212,699
				6,081,083
Machinery - 5.7%
Atlas Copco AB - A Shares (Sweden)1		30,210		874,898
Epiroc AB - Class A (Sweden)*1		236,665		2,483,506
FANUC Corp. (Japan)1		11,840		2,346,828
Hyundai Heavy Industries Co. Ltd. (South Korea)*1		11,730		1,072,708
Hyundai Mipo Dockyard Co. Ltd. (South Korea)*1		15,190		1,167,886
Jungheinrich AG (Germany)1		64,790		2,395,112
KION Group AG (Germany)1		45,505		3,266,327
Kone OYJ - Class B (Finland)1		23,890		1,214,701
Makita Corp. (Japan)1		26,800		1,198,845
Metso OYJ (Finland)1		70,265		2,343,702
Samsung Heavy Industries Co. Ltd. (South Korea)*1		182,005		1,165,476
Schindler Holding AG (Switzerland)1		5,655		1,214,145
The Weir Group plc (United Kingdom)1		177,995		4,674,544
				25,418,678
Professional Services - 3.0%
Experian plc (United Kingdom)1		49,920		1,231,457
Intertek Group plc (United Kingdom)1		17,120		1,287,261
Randstad Holding N.V. (Netherlands)1		96,765		5,679,647
Recruit Holdings Co. Ltd. (Japan)1		44,800		1,237,316
SGS S.A. (Switzerland)1		480		1,275,454
Teleperformance (France)1		6,990		1,233,706
Wolters Kluwer N.V. (Netherlands)1		22,510		1,264,540
				13,209,381
Trading Companies & Distributors - 2.0%
Ashtead Group plc (United Kingdom)1		177,740		5,292,975
Ferguson plc (Switzerland)1		15,120		1,223,325
Kanamoto Co. Ltd. (Japan)1		77,300		2,440,668
				8,956,968
Transportation Infrastructure - 1.0%
Grupo Aeroportuario del Pacifico S.A.B. de C.V. - ADR (Mexico)		14,260		1,324,897

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

7

International Series

Investment Portfolio - June 30, 2018

(unaudited)

	SHARES		VALUE (NOTE 2)
COMMON STOCKS (continued)
Industrials (continued)
Transportation Infrastructure (continued)
Grupo Aeroportuario del Pacifico S.A.B. de C.V. - Class B (Mexico)		96,364	$	894,243
Grupo Aeroportuario del Sureste S.A.B. de C.V. - Class B (Mexico)		142,050		2,256,607
				4,475,747
Total Industrials				109,519,854
Information Technology - 13.6%
Electronic Equipment, Instruments & Components - 3.0%
Halma plc (United Kingdom)1		137,500		2,475,864
Hexagon A.B. - Class B (Sweden)1		66,590		3,700,218
Hitachi Ltd. (Japan)1		339,660		2,392,899
Keyence Corp. (Japan)1		8,218		4,635,072
				13,204,053
Internet Software & Services - 3.4%
Alibaba Group Holding Ltd. - ADR (China)*		40,910		7,590,032
Tencent Holdings Ltd. - Class H (China)1		129,700		6,512,938
United Internet AG (Germany)1		19,380		1,106,440
				15,209,410
IT Services - 4.0%
Amadeus IT Group S.A. (Spain)1		15,760		1,239,249
Atos SE (France)1		8,690		1,181,640
Capgemini SE (France)1		9,140		1,224,852
Computershare Ltd. (Australia)1		93,590		1,274,927
Infosys Ltd. (India)1		69,200		1,326,634
Nomura Research Institute Ltd. (Japan)1		24,900		1,204,694
Obic Co. Ltd. (Japan)1		14,600		1,206,202
Otsuka Corp. (Japan)1		30,100		1,178,335
Sopra Steria Group (France)1		31,955		6,501,860
Tata Consultancy Services Ltd. (India)1		47,420		1,278,926
				17,617,319
Software - 3.2%
Dassault Systemes S.E. (France)1		29,210		4,087,759
Oracle Corp. (Japan)1		15,000		1,222,576
SAP SE (Germany)1		10,950		1,263,826
Sophos Group plc (United Kingdom)1,2		485,820		4,085,054
Temenos Group AG (Switzerland)1		16,910		2,543,037
Trend Micro, Inc. (Japan)1		21,600		1,229,626
				14,431,878
Total Information Technology				60,462,660

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

8

International Series

Investment Portfolio - June 30, 2018

(unaudited)

	SHARES		VALUE (NOTE 2)
COMMON STOCKS (continued)
Materials - 8.3%
Chemicals - 4.3%
Asahi Kasei Corp. (Japan)1		92,000	$	1,166,693
Asian Paints Ltd. (India)1		221,460		4,087,775
Croda International plc (United Kingdom)1		79,602		5,029,020
Givaudan S.A. (Switzerland)1		550		1,245,650
Mexichem S.A.B. de C.V. (Mexico)		400,570		1,157,322
Nippon Paint Holdings Co. Ltd. (Japan)1		30,200		1,298,755
Nissan Chemical Corp. (Japan)1		26,300		1,225,108
Pidilite Industries Ltd. (India)1		167,005		2,592,746
Sika AG (Switzerland)1		9,600		1,326,428
				19,129,497
Construction Materials - 1.1%
Wienerberger AG (Austria)1		188,660		4,705,880
Metals & Mining - 2.6%
Antofagasta plc (Chile)1		363,510		4,722,792
Grupo Mexico S.A.B. de C.V. - Class B (Mexico)		430,110		1,219,063
Lundin Mining Corp. (Chile)		402,575		2,238,484
Southern Copper Corp. (Peru)		76,260		3,574,306
				11,754,645
Paper & Forest Products - 0.3%
Mondi plc (United Kingdom)1		45,925		1,238,968
Total Materials				36,828,990
Real Estate - 1.1%
Real Estate Management & Development - 1.1%
Nexity S.A. (France)1		81,220		5,127,501
Telecommunication Services - 0.8%
Diversified Telecommunication Services - 0.3%
Elisa OYJ (Finland)1		26,955		1,245,252
Wireless Telecommunication Services - 0.5%
KDDI Corp. (Japan)1		46,300		1,266,069
NTT DOCOMO, Inc. (Japan)1		48,100		1,225,702
				2,491,771
Total Telecommunication Services				3,737,023
Utilities - 2.3%
Independent Power and Renewable Electricity Producers - 2.0%
China Longyuan Power Group Corp. Ltd. - Class H (China)1		5,897,000		4,737,128
Huaneng Renewables Corp. Ltd. - Class H (China)1		12,434,000		4,121,416
				8,858,544

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

9

International Series

Investment Portfolio - June 30, 2018

(unaudited)

	SHARES		VALUE (NOTE 2)
COMMON STOCKS (continued)
Utilities (continued)
Water Utilities - 0.3%
Guangdong Investment Ltd. (China)1		754,000	$	1,193,307
Total Utilities				10,051,851
TOTAL COMMON STOCKS
(Identified Cost $416,393,103)				442,575,563
SHORT-TERM INVESTMENT - 2.7%
Dreyfus Government Cash Management, Institutional Shares3, 1.81%, (Identified Cost $12,118,864)		12,118,864		12,118,864
TOTAL INVESTMENTS - 102.1%
(Identified Cost $428,511,967)				454,694,427
LIABILITIES, LESS OTHER ASSETS - (2.1%)				(9,414,656	)
NET ASSETS - 100%			$	445,279,771

ADR - American Depositary 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 $15,710,939 or 3.5% of the Series’ net assets as of June 30, 2018 (see Note 2 to the financial statements).

³Rate shown is the current yield as of June 30, 2018.

The Series’ portfolio holds, as a percentage of net assets, greater than 10% in the following countries (based on country of risk): France 19.0%; Japan 12.0%; China 10.8%.

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.

10

International Series

Statement of Assets & Liabilities

June 30, 2018 (unaudited)

ASSETS:
Investments, at value (identified cost $428,511,967) (Note 2)	$	454,694,427
Foreign currency, at value (cost $2,716)		2,253
Receivable for securities sold		1,689,498
Foreign tax reclaims receivable		995,107
Receivable for fund shares sold		105,672
Dividends receivable		441,501
Prepaid and other expenses		26,058
TOTAL ASSETS		457,954,516
LIABILITIES:
Accrued management fees (Note 3)		272,010
Accrued shareholder services fees (Class S) (Note 3)		87,927
Accrued fund accounting and administration fees (Note 3)		27,577
Accrued Chief Compliance Officer service fees (Note 3)		266
Accrued foreign capital gains tax (Note 2)		359,628
Payable for securities purchased		11,024,441
Payable for fund shares repurchased		657,897
Other payables and accrued expenses		244,999
TOTAL LIABILITIES		12,674,745
TOTAL NET ASSETS	$	445,279,771
NET ASSETS CONSIST OF:
Capital stock	$	478,778
Additional paid-in-capital		373,345,829
Undistributed net investment income		4,596,037
Accumulated net realized gain on investments, foreign currency and translation of other assets and liabilities		41,041,640
Net unrealized appreciation on investments (net of foreign capital gains tax of $359,628), foreign currency and translation of other assets and liabilities		25,817,487
TOTAL NET ASSETS	$	445,279,771
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class S ($387,033,902/42,810,587 shares)	$	9.04
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class I ($58,245,869/5,067,252 shares)	$	11.49

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

11

International Series

Statement of Operations

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

INVESTMENT INCOME:
Dividends (net of foreign taxes withheld, $952,401)	$	7,371,670
EXPENSES:
Management fees (Note 3)		1,953,176
Shareholder services fees (Class S) (Note 3)		568,931
Fund accounting and administration fees (Note 3)		51,637
Directors’ fees (Note 3)		19,307
Chief Compliance Officer service fees (Note 3)		2,154
Custodian fees		166,952
Miscellaneous		177,140
Total Expenses		2,939,297
Less reduction of expenses (Note 3)		(156,767	)
Net Expenses		2,782,530
NET INVESTMENT INCOME		4,589,140
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:
Net realized gain (loss) on-
Investments (net of foreign capital gains tax of $173,554)		30,508,425
Foreign currency and translation of other assets and liabilities		(711,224	)
		29,797,201
Net change in unrealized appreciation (depreciation) on-
Investments (net of decrease in accrued foreign capital gains tax of $779,503)		(51,550,029	)
Foreign currency and translation of other assets and liabilities		(39,023	)
		(51,589,052	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY		(21,791,851	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(17,202,711	)

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

12

International Series

Statements of Changes in Net Assets

	FOR THE SIX MONTHS ENDED 6/30/18 (UNAUDITED)			FOR THE YEAR ENDED 12/31/17
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income	$	4,589,140		$	3,288,964
Net realized gain (loss) on investments and foreign currency		29,797,201			35,881,834
Net change in unrealized appreciation (depreciation) on investments and foreign currency		(51,589,052	)		76,809,993
Net increase (decrease) from operations		(17,202,711	)		115,980,791
DISTRIBUTIONS TO SHAREHOLDERS (Note 8):
From net investment income (Class S)		—			(2,304,209	)
From net investment income (Class I)		—			(390,614	)
From net realized gain on investments (Class S)		—			(10,175,252	)
From net realized gain on investments (Class I)		—			(1,154,860	)
Total distributions to shareholders		—			(14,024,935	)
CAPITAL STOCK ISSUED AND REPURCHASED:
Net decrease from capital share transactions (Note 5)		(84,564,235	)		(29,348,236	)
Net increase (decrease) in net assets		(101,766,946	)		72,607,620
NET ASSETS:
Beginning of period		547,046,717			474,439,097
End of period (including undistributed net investment income of $4,596,037 and $6,897, respectively)	$	445,279,771		$	547,046,717

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

13

International Series

Financial Highlights - Class S

	FOR THE SIX  MONTHS ENDED			FOR THE YEAR ENDED
	6/30/18  (UNAUDITED)			12/31/17			12/31/16			12/31/15			12/31/14			12/31/13
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period		$9.39			$7.71			$7.43			$8.10			$9.91			$8.70
Income (loss) from investment operations:
Net investment income1		0.08			0.05			0.05			0.08			0.12			0.11
Net realized and unrealized gain (loss) on investments		(0.43	)		1.88			0.29			(0.39	)		(0.84	)		1.59
Total from investment operations		(0.35	)		1.93			0.34			(0.31	)		(0.72	)		1.70
Less distributions to shareholders:
From net investment income		—			(0.05	)		(0.06	)		(0.07	)		(0.12	)		(0.12	)
From net realized gain on investments		—			(0.20	)		—			(0.29	)		(0.97	)		(0.37	)
Total distributions to shareholders		—			(0.25	)		(0.06	)		(0.36	)		(1.09	)		(0.49	)
Net asset value - End of period		$9.04			$9.39			$7.71			$7.43			$8.10			$9.91
Net assets - End of period (000’s omitted)		$387,034			$478,178			$411,927			$377,770			$490,833			$637,598
Total return2		(3.73%	)		25.13%			4.55%			(3.72%	)		(7.03%	)		19.69%
Ratios (to average net assets)/Supplemental Data:
Expenses*		1.10%3			1.10%			1.10%			1.10%			1.10%			1.10%
Net investment income		1.73%3			0.59%			0.65%			0.96%			1.20%			1.21%
Portfolio turnover		47%			125%			47%			33%			22%			22%
*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:
		0.06%3			0.05%			0.05%			0.03%			0.04%			0.03%

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

³Annualized.

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

14

International Series

Financial Highlights - Class I

	FOR THE SIX  MONTHS ENDED			FOR THE YEAR ENDED
	6/30/18  (UNAUDITED)			12/31/17			12/31/16			12/31/15			12/31/14			12/31/13
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period		$11.93			$9.73			$9.35			$10.10			$12.05			$10.47
Income (loss) from investment operations:
Net investment income1		0.12			0.09			0.11			0.12			0.17			0.17
Net realized and unrealized gain (loss) on investments		(0.56	)		2.38			0.35			(0.49	)		(1.00	)		1.91
Total from investment operations		(0.44	)		2.47			0.46			(0.37	)		(0.83	)		2.08
Less distributions to shareholders:
From net investment income		—			(0.07	)		(0.08	)		(0.09	)		(0.15	)		(0.13	)
From net realized gain on investments		—			(0.20	)		—			(0.29	)		(0.97	)		(0.37	)
Total distributions to shareholders		—			(0.27	)		(0.08	)		(0.38	)		(1.12	)		(0.50	)
Net asset value - End of period		$11.49			$11.93			$9.73			$9.35			$10.10			$12.05
Net assets - End of period (000’s omitted)		$58,246			$68,868			$62,513			$131,373			$126,321			$140,787
Total return2		(3.69%	)		25.50%			4.89%			(3.55%	)		(6.72%	)		19.97%
Ratios (to average net assets)/Supplemental Data:
Expenses*		0.85%	3		0.85%			0.85%			0.85%			0.85%			0.85%
Net investment income		1.96%	3		0.85%			1.16%			1.18%			1.42%			1.48%
Portfolio turnover		47%			125%			47%			33%			22%			22%
*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:
		0.06%3			0.05%			0.05%			0.03%			0.04%			0.03%

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

³Annualized.

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

15

International Series

Notes to Financial Statements

(unaudited)

1. Organization

International 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 by investing principally in the common stocks of companies located outside the United States.

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 two classes of shares (Class S and Class I). Each class of shares is substantially the same, except that Class S shares bear shareholder services 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 June 30, 2018, 10.9 billion shares have been designated in total among 38 series, of which 250 million have been designated as International Series Class S common stock and 100 million have been designated as International Series Class I 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. 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

16

International Series

Notes to Financial Statements (continued)

(unaudited)

2. Significant Accounting Policies (continued)

Security Valuation (continued)

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 June 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	$	69,846,922	$	10,637,541	$	59,209,381	$	—
Consumer Staples		38,839,248		8,860,107		29,979,141		—
Energy		38,574,224		16,740,741		21,833,483		—
Financials		57,455,269		—		57,455,269		—
Health Care		12,132,021		—		12,132,021		—
Industrials		109,519,854		5,793,831		103,726,023		—
Information Technology		60,462,660		7,590,032		52,872,628		—
Materials		36,828,990		8,189,175		28,639,815		—
Real Estate		5,127,501		—		5,127,501		—
Telecommunication Services		3,737,023		—		3,737,023		—
Utilities		10,051,851		—		10,051,851		—
Mutual fund		12,118,864		12,118,864		—		—
Total assets	$	454,694,427	$	69,930,291	$	384,764,136	$	—

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 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 December 31, 2017 or June 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 June 30, 2018.

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

17

International Series

Notes to Financial Statements (continued)

(unaudited)

2. Significant Accounting Policies (continued)

Security Transactions, Investment Income and Expenses (continued)

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

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

Foreign Currency Translation

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

Federal Taxes

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

Management evaluates its tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is required only when the position is “more likely than not” to be sustained assuming examination by taxing authorities. At June 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 December 31, 2014 through December 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 and long term capital gains on securities of issuers domiciled in India. The Series records an estimated deferred tax liability for securities that have been held during 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. To the extent permitted capital losses can be used to offset 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

18

International Series

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 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 each role.

The Class S shares of the Series are subject to a shareholder services fee in accordance with a shareholder services plan adopted by the Board. The shareholder services fee is intended to compensate financial intermediaries, including affiliates of the Fund, in connection with the provision of direct client service, personal services, maintenance of shareholder accounts and reporting services. For these services, Class S of the Series pays 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 April 30, 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 a Class’s Shareholder Services Fee, at no more than 0.85% of average daily net assets. Accordingly, the Advisor waived fees of $156,767 for the six months ended June 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, as amended, 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.

19

International Series

Notes to Financial Statements (continued)

(unaudited)

3. Transactions with Affiliates (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 June 30, 2018, purchases and sales of securities, other than U.S. Government securities and short-term securities, were $234,405,998 and $309,299,343, respectively. There were no purchases or sales of U.S. Government securities.

5. Capital Stock Transactions

Transactions in shares of Class S and I shares of International Series were:

CLASS S	FOR THE SIX MONTHS   ENDED 6/30/18						FOR THE YEAR   ENDED 12/31/17
	SHARES			AMOUNT			SHARES			AMOUNT
Sold		1,016,634		$	9,683,284			6,585,533		$	57,042,523
Reinvested		—			—			1,343,430			12,251,895
Repurchased		(9,110,571	)		(85,547,561	)		(10,433,523	)		(90,569,947	)
Total		(8,093,937	)	$	(75,864,277	)		(2,504,560	)	$	(21,275,529	)
CLASS I	FOR THE SIX MONTHS   ENDED 6/30/18						FOR THE YEAR   ENDED 12/31/17
	SHARES			AMOUNT			SHARES			AMOUNT
Sold		610,552		$	7,317,856			665,536		$	7,239,569
Reinvested		—			—			133,168			1,542,082
Repurchased		(1,316,524	)		(16,017,814	)		(1,447,943	)		(16,854,358	)
Total		(705,972	)	$	(8,699,958	)		(649,239	)	$	(8,072,707	)

Approximately 62% of the shares outstanding are fiduciary accounts where the Advisor has sole investment discretion.

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 June 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.

20

International Series

Notes to Financial Statements (continued)

(unaudited)

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.

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 December 31, 2017 were as follows:

Ordinary income	$	3,483,488
Long-term capital gains	$	10,541,447

At June 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	$	428,606,191
Unrealized appreciation		39,464,140
Unrealized depreciation		(13,375,904	)
Net unrealized appreciation	$	26,088,236

21

International 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 Series.

For	31,019,040
Against	198,065
Abstain	212,165

22

International 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 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 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.

MNINT-6/18-SAR

World Opportunities 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 (January 1, 2018 to June 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                                  1/1/18		ENDING  ACCOUNT VALUE                                  6/30/18		EXPENSES PAID  DURING PERIOD*                                 1/1/18-6/30/18
Class S
Actual		$1,000.00		$   971.15		$5.38
Hypothetical (5% return before expenses)		$1,000.00		$1,019.34		$5.51

*Expenses are equal to the Series’ annualized expense ratio (for the six-month period) of 1.10%, 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 Series’ total return would have been lower had certain expenses not been waived during the period.

1

World Opportunities Series

Portfolio Composition as of June 30, 2018

(unaudited)

2

World Opportunities Series

Investment Portfolio - June 30, 2018

(unaudited)

	SHARES		VALUE         (NOTE 2)
COMMON STOCKS - 95.9%
Consumer Discretionary - 8.0%
Hotels, Restaurants & Leisure - 1.7%
Accor S.A. (France)1		217,023	$	10,628,917
Internet & Direct Marketing Retail - 0.4%
Despegar.com Corp. (Argentina)*		130,445		2,735,432
Media - 2.6%
Quebecor, Inc. - Class B (Canada)		406,855		8,331,143
Shaw Communications, Inc. - Class B (Canada)		384,005		7,822,351
				16,153,494
Specialty Retail - 1.1%
Industria de Diseno Textil S.A. (Spain)1		197,110		6,712,415
Textiles, Apparel & Luxury Goods - 2.2%
lululemon athletica, Inc. (United States)*		108,800		13,583,680
Total Consumer Discretionary				49,813,938
Consumer Staples - 23.0%
Beverages - 9.1%
Ambev S.A. - ADR (Brazil)		2,197,441		10,174,152
Anheuser-Busch InBev S.A./N.V. (Belgium)1		245,990		24,811,807
Diageo plc (United Kingdom)1		603,310		21,674,432
				56,660,391
Food Products - 5.8%
Danone S.A. (France)1		205,205		14,982,547
Nestle S.A. (Switzerland)1		268,580		20,815,178
				35,797,725
Personal Products - 6.2%
Beiersdorf AG (Germany)1		98,356		11,148,481
Unilever plc - ADR (United Kingdom)		496,880		27,467,526
				38,616,007
Tobacco - 1.9%
British American Tobacco plc - ADR (United Kingdom)		231,660		11,687,247
Total Consumer Staples				142,761,370
Energy - 4.8%
Energy Equipment & Services - 3.8%
Schlumberger Ltd. (United States)		356,425		23,891,168
Oil, Gas & Consumable Fuels - 1.0%
Cameco Corp. (Canada)		539,340		6,067,575
Total Energy				29,958,743
Financials - 8.3%
Banks - 6.3%
Bankia S.A. (Spain)1		2,683,476		10,006,884

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

3

World Opportunities Series

Investment Portfolio - June 30, 2018

(unaudited)

	SHARES		VALUE         (NOTE 2)
COMMON STOCKS (continued)
Financials (continued)
Banks (continued)
Bankinter S.A. (Spain)1		1,132,025	$	10,984,053
CaixaBank S.A. (Spain)1		2,271,150		9,775,689
FinecoBank Banca Fineco S.p.A. (Italy)1		762,330		8,581,604
				39,348,230
Capital Markets - 2.0%
Julius Baer Group Ltd. (Switzerland)1		213,825		12,524,045
Total Financials				51,872,275
Health Care - 13.8%
Health Care Equipment & Supplies - 3.0%
Medtronic plc (United States)		217,505		18,620,603
Health Care Providers & Services - 1.3%
Fresenius Medical Care AG & Co. KGaA (Germany)1		82,750		8,332,228
Life Sciences Tools & Services - 2.4%
QIAGEN N.V. (United States)*1		239,133		8,668,384
QIAGEN N.V. (United States)*		167,608		6,060,705
				14,729,089
Pharmaceuticals - 7.1%
Novartis AG - ADR (Switzerland)		336,215		25,397,681
Perrigo Co. plc (United States)		260,525		18,994,878
				44,392,559
Total Health Care				86,074,479
Industrials - 13.3%
Aerospace & Defense - 1.6%
BAE Systems plc (United Kingdom)1		1,132,540		9,634,859
Airlines - 1.0%
Ryanair Holdings plc - ADR (Ireland)*		56,553		6,460,049
Construction & Engineering - 3.1%
FLSmidth & Co. A/S (Denmark)1		95,915		5,722,891
Vinci S.A. (France)1		138,540		13,298,631
				19,021,522
Machinery - 3.9%
Epiroc AB - Class A (Sweden)*1		613,285		6,435,667
Metso OYJ (Finland)1		184,005		6,137,520
The Weir Group plc (United Kingdom)1		437,770		11,496,812
				24,069,999
Trading Companies & Distributors - 2.0%
Brenntag AG (Germany)1		228,403		12,690,465

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

4

World Opportunities Series

Investment Portfolio - June 30, 2018

(unaudited)

	SHARES		VALUE         (NOTE 2)
COMMON STOCKS (continued)
Industrials (continued)
Transportation Infrastructure - 1.7%
Grupo Aeroportuario del Centro Norte S.A.B. de C.V. (Mexico)		1,021,000	$	5,332,165
Grupo Aeroportuario del Pacifico S.A.B. de C.V. - ADR (Mexico)		57,095		5,304,696
				10,636,861
Total Industrials				82,513,755
Information Technology - 12.1%
Internet Software & Services - 5.3%
Alibaba Group Holding Ltd. - ADR (China)*		75,665		14,038,127
NetEase, Inc. - ADR (China)		37,000		9,348,790
Tencent Holdings Ltd. - Class H (China)1		193,100		9,696,594
				33,083,511
IT Services - 3.9%
Amdocs Ltd. (United States)		311,962		20,648,765
Pagseguro Digital Ltd. - Class A (Brazil)*		132,325		3,672,019
				24,320,784
Software - 2.9%
Atlassian Corp. plc - Class A (United States)*		51,709		3,232,847
Nexon Co. Ltd. (Japan)*1		990,800		14,375,880
				17,608,727
Total Information Technology				75,013,022
Materials - 10.1%
Chemicals - 8.1%
Akzo Nobel N.V. (Netherlands)1		213,445		18,205,231
Mexichem S.A.B. de C.V. (Mexico)		2,192,600		6,334,834
OCI NV (Netherlands)*1		349,350		9,381,286
Solvay S.A. (Belgium)1		129,895		16,358,807
				50,280,158
Metals & Mining - 2.0%
Antofagasta plc (Chile)1		230,960		3,000,677
First Quantum Minerals Ltd. (Zambia)		198,480		2,924,396
Grupo Mexico S.A.B. de C.V. - Class B (Mexico)		1,164,600		3,300,831
Lundin Mining Corp. (Chile)		531,880		2,957,474
				12,183,378
Total Materials				62,463,536
Real Estate - 1.5%
Equity Real Estate Investment Trusts (REITS) - 1.5%
Unibail-Rodamco-Westfield (France)1		42,935		9,453,813

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

5

World Opportunities Series

Investment Portfolio - June 30, 2018

(unaudited)

	SHARES		VALUE         (NOTE 2)
COMMON STOCKS (continued)
Telecommunication Services - 1.0%
Diversified Telecommunication Services - 1.0%
Iliad S.A. (France)1		38,845	$	6,129,170
TOTAL COMMON STOCKS
(Identified Cost $579,994,017)				596,054,101
SHORT-TERM INVESTMENT - 3.1%
Dreyfus Government Cash Management, Institutional Shares2, 1.81%,
(Identified Cost $18,855,426)		18,855,426		18,855,426
TOTAL INVESTMENTS - 99.0%
(Identified Cost $598,849,443)				614,909,527
OTHER ASSETS, LESS LIABILITIES - 1.0%				6,450,839
NET ASSETS - 100%			$	621,360,366

ADR - American Depositary 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.

²Rate shown is the current yield as of June 30, 2018.

The Series’ portfolio holds, as a percentage of net assets, greater than 10% in the following countries (based on country of risk): United States - 18.3%; United Kingdom -13.20%.

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

World Opportunities Series

Statement of Assets and Liabilities

June 30, 2018 (unaudited)

ASSETS:
Investments, at value (identified cost $598,849,443)	$	614,909,527
Foreign tax reclaims receivable		7,176,541
Dividends receivable		726,556
Receivable for fund shares sold		353,013
Prepaid expenses		20,804
TOTAL ASSETS		623,186,441
LIABILITIES:
Due to foreign custodian, at value (identified cost $5,619)		5,636
Accrued management fees (Note 3)		386,365
Accrued shareholder services fees (Class S) (Note 3)		131,429
Accrued fund accounting and administration fees (Note 3)		27,055
Accrued Chief Compliance Officer service fees (Note 3)		271
Accrued Directors’ fees (Note 3)		247
Payable for fund shares repurchased		1,096,464
Other payables and accrued expenses		178,608
TOTAL LIABILITIES		1,826,075
TOTAL NET ASSETS	$	621,360,366
NET ASSETS CONSIST OF:
Capital stock	$	768,920
Additional paid-in-capital		1,049,249,444
Undistributed net investment income		5,908,399
Accumulated net realized loss on investments, foreign currency and translation of other assets and liabilities		(450,296,353	)
Net unrealized appreciation on investments, foreign currency and translation of other assets and liabilities		15,729,956
TOTAL NET ASSETS	$	621,360,366
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class S ($621,360,366/76,892,036 shares)	$	8.08

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

7

World Opportunities Series

Statement of Operations

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

INVESTMENT INCOME:
Dividends (net of foreign taxes withheld, $1,472,786) (Note 2)	$	9,840,244
EXPENSES:
Management fees (Note 3)		2,648,915
Shareholder services fees (Class S) (Note 3)		882,972
Fund accounting and administration fees (Note 3)		53,931
Directors’ fees (Note 3)		27,304
Chief Compliance Officer service fees (Note 3)		2,159
Custodian fees		44,743
Miscellaneous		260,602
Total Expenses		3,920,626
Less reduction of expenses (Note 3)		(35,551	)
Net Expenses		3,885,075
NET INVESTMENT INCOME		5,955,169
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:
Net realized gain (loss) on- Investments		40,283,773
Foreign currency and translation of other assets and liabilities		81,192
		40,364,965
Net change in unrealized (depreciation) on-
Investments		(63,791,183	)
Foreign currency and translation of other assets and liabilities		(119,136	)
		(63,910,319	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY		(23,545,354	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(17,590,185	)

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

8

World Opportunities Series

Statements of Changes in Net Assets

	FOR THE SIX MONTHS ENDED 6/30/18 (UNAUDITED)			FOR THE YEAR ENDED 12/31/17
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income	$	5,955,169		$	6,973,934
Net realized gain (loss) on investments and foreign currency		40,364,965			36,351,045
Net change in unrealized appreciation (depreciation) on investments and foreign currency		(63,910,319	)		125,802,460
Net increase (decrease) from operations		(17,590,185	)		169,127,439
DISTRIBUTIONS TO SHAREHOLDERS (Note 8):
From net investment income		—			(7,052,368	)
CAPITAL STOCK ISSUED AND REPURCHASED:
Net decrease from capital share transactions (Note 5)		(116,151,412	)		(212,320,799	)
Net decrease in net assets		(133,741,597	)		(50,245,728	)
NET ASSETS:
Beginning of period		755,101,963			805,347,691
End of period (including undistributed net investment income of $5,908,399 and distributions in excess of net investment income $46,770, respectively)	$	621,360,366		$	755,101,963

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

9

World Opportunities Series

Financial Highlights*

	FOR THE SIX			FOR THE YEAR ENDED
	MONTHS ENDED
	6/30/18   (UNAUDITED)			12/31/17			12/31/16			12/31/15			12/31/14			12/31/13
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period		$8.32			$6.81			$6.77			$7.33			$9.05			$7.75
Income (loss) from investment operations:
Net investment income1		0.07			0.07			0.08	2		0.08			0.10			0.10
Net realized and unrealized gain (loss) on investments		(0.31	)		1.52			0.07			(0.51	)		(1.01	)		1.35
Total from investment operations		(0.24	)		1.59			0.15			(0.43	)		(0.91	)		1.45
Less distributions to shareholders:
From net investment income		—			(0.08	)		(0.11	)		(0.13	)		(0.10	)		(0.10	)
From net realized gain on investments		—			—			—			—			(0.71	)		(0.05	)
Total distributions to shareholders		—			(0.08	)		(0.11	)		(0.13	)		(0.81	)		(0.15	)
Net asset value - End of period		$8.08			$8.32			$6.81			$6.77			$7.33			$9.05
Net assets - End of period (000’s omitted)		$621,360			$755,102			$805,348			$1,591,925			$5,444,192			$7,924,877
Total return3		(2.89%	)		23.33%			2.26%	2,4		(5.91%	)		(9.77%	)		18.79%
Ratios (to average net assets)/Supplemental Data:
Expenses**		1.10%	5		1.10%			1.07%			1.08%			1.07%			1.07%
Net investment income		1.69%	5		0.88%			1.19%	2		1.09%			1.16%			1.17%
Portfolio turnover		19%			38%			27%			71%			43%			46%
*Effective May 1, 2017, Class A shares of the Series have been redesignated 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:
		0.01%	5		0.09%			N/A			N/A			N/A			N/A

¹Calculated based on average shares outstanding during the periods.

²Includes a special dividend paid by two of the Series’ securities during the year. Without the special dividends, the Series’ net investment income per share, total return and net investment income ratio would have been $0.05, 1.51% and 0.68%, respectively.

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.

⁴Includes a litigation settlement amount. Excluding this amount, the Series’ total return is 1.66%.

⁵Annualized.

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

10

World Opportunities Series

Notes to Financial Statements

(unaudited)

1. Organization

World Opportunities 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 (the “1940 Act”), as amended, as an open-end management investment company.

The Series’ investment objective is to provide long-term growth by investing principally in the common stocks of companies located around the world.

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 June 30, 2018, 10.9 billion shares have been designated in total among 38 series, of which 2.5 billion have been designated as World Opportunities 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. 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.

11

World Opportunities Series

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 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 June 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	$	49,813,938	$	32,472,606	$	17,341,332	$	—
Consumer Staples		142,761,370		49,328,925		93,432,445		—
Energy		29,958,743		29,958,743		—		—
Financials		51,872,275		—		51,872,275		—
Health Care		86,074,479		69,073,867		17,000,612		—
Industrials		82,513,755		17,096,910		65,416,845		—
Information Technology		75,013,022		50,940,548		24,072,474		—
Materials		62,463,536		15,517,535		46,946,001		—
Real Estate		9,453,813		—		9,453,813		—
Telecommunication Services		6,129,170		—		6,129,170		—
Mutual fund		18,855,426		18,855,426		—		—
Total assets	$	614,909,527	$	283,244,560	$	331,664,967	$	—

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 December 31, 2017 or June 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 June 30, 2018.

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.

12

World Opportunities Series

Notes to Financial Statements (continued)

(unaudited)

2. Significant Accounting Policies (continued)

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.

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 Series’ Investment Portfolio. No such investments were held by the Series on June 30, 2018.

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 June 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 December 31, 2014 through December 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

13

World Opportunities Series

Notes to Financial Statements (continued)

(unaudited)

2. Significant Accounting Policies (continued)

Other (continued)

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 each 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 services. For these services, Shares of the Series pays 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 April 30, 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 the Series’ Shareholder Services Fees, at no more than 0.85% of average daily net assets each year. Accordingly, the Advisor waived fees of $35,551 for the six months ended June 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, as amended, 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

World Opportunities Series

Notes to Financial Statements (continued)

(unaudited)

4. Purchases and Sales of Securities

For the six months ended June 30, 2018, purchases and sales of securities, other than U.S. Government securities and short-term securities, were $129,769,099 and $243,027,261, respectively. There were no purchases or sales of U.S. Government securities.

5. Capital Stock Transactions

Transactions in Class S shares of World Opportunities Series were:

	FOR THE SIX MONTHS ENDED 6/30/18						FOR THE YEAR ENDED 12/31/17
	SHARES			AMOUNT			SHARES			AMOUNT
Sold		2,046,876		$	17,227,982			5,833,991		$	44,391,002
Reinvested		—			—			826,841			6,804,360
Repurchased		(15,910,655	)		(133,379,394	)		(34,240,455	)		(263,516,161	)
Total		(13,863,779	)	$	(116,151,412	)		(27,579,623	)	$	(212,320,799	)

Approximately 18% of the shares outstanding are fiduciary accounts where the Advisor has sole investment discretion.

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 on June 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 December 31, 2017 were as follows:

  Ordinary income $ 7,052,368    

15

World Opportunities Series

Notes to Financial Statements (continued)

(unaudited)

8. Federal Income Tax Information (continued)

At June 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	$	607,189,938
Unrealized appreciation		43,778,443
Unrealized depreciation	$	(36,058,854	)
Net unrealized appreciation	$	7,719,589
Qualified late-year losses1	$	46,770

¹The Series has elected to defer certain qualified late-year losses and recognize such losses in the year ending December 31, 2018.

At December 31, 2017, the Series had net short-term capital loss carryforwards of $71,531,810 and net long-term capital loss carryforwards of $407,506,868, which may be carried forward indefinitely.

9. Subsequent Events

In preparing these financial statements, management of the Series has evaluated events and transactions for recognition or disclosure through August 17, 2018, the date the financial statements were issued, and the following item was noted:

The Board of Directors of the Series approved the reorganization of the World Opportunities Series into the Overseas Series, a separate series of the Fund subject to the approval of the shareholders of the World Opportunities Series. The purpose of the transaction will be to combine two portfolios with comparable investment objectives and strategies. If approved by the shareholders, the merger is scheduled to take place on or about September 24, 2018.

16

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17

World Opportunities 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.

MNWOP-6/18-SAR

Ohio Tax Exempt 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 (January 1, 2018 to June 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                                1/1/18	ENDING  ACCOUNT VALUE                                6/30/18	EXPENSES PAID  DURING PERIOD*                                1/1/18-6/30/18
Class A
Actual	$1,000.00	$   993.41	$3.90
Hypothetical (5% return before expenses)	$1,000.00	$1,020.88	$3.96

*Expenses are equal to the Series’ annualized expense ratio (for the six-month period) of 0.79%, 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.

1

Ohio Tax Exempt Series

Portfolio Composition as of June 30, 2018

(unaudited)

2

Ohio Tax Exempt Series

Investment Portfolio - June 30, 2018

(unaudited)

	COUPON RATE			MATURITY   DATE		CREDIT RATING1 (UNAUDITED)		PRINCIPAL AMOUNT		VALUE   (NOTE 2)
OHIO MUNICIPAL SECURITIES - 97.6%
Akron, Various Purposes Impt., Series A, G.O. Bond		5.000	%		12/1/2018		AA2	$	225,000	$	228,276
American Municipal Power, Inc., Fremont Energy Center Project, Series B, Revenue Bond		5.000	%		2/15/2019		A1		720,000		735,444
American Municipal Power, Inc., Fremont Energy Center Project, Series B, Revenue Bond		5.000	%		2/15/2022		A1		200,000		219,654
American Municipal Power, Inc., Prairie State Energy Campus Project, Prerefunded Balance, Series A, Revenue Bond, AGC		4.375	%		2/15/2020		A1		100,000		101,794
Barberton City School District, G.O. Bond		4.000	%		12/1/2019		AA2		625,000		645,037
Batavia Local School District, G.O. Bond, NATL		5.625	%		12/1/2022		A3		105,000		112,242
Beavercreek City School District, G.O. Bond		5.000	%		12/1/2023		Aa1		500,000		572,690
Beavercreek City School District, G.O. Bond		5.000	%		12/1/2024		Aa1		590,000		685,586
Beavercreek City School District, G.O. Bond		5.000	%		12/1/2034		Aa1		210,000		239,316
Cincinnati City School District, School Impt., G.O. Bond, AGM		5.000	%		12/1/2018		Aa2		400,000		405,860
Cincinnati Water System, Series B, Revenue Bond		5.000	%		12/1/2026		Aaa		500,000		596,370
Cincinnati Water System, Series C, Revenue Bond		5.000	%		12/1/2024		Aaa		600,000		699,930
Cincinnati Water System, Series C, Revenue Bond		5.000	%		12/1/2025		Aaa		250,000		295,000
Cincinnati Water System, Water Utility Impt., Prerefunded Balance, Series A, Revenue Bond		5.000	%		12/1/2018		WR3		190,000		192,736
Cincinnati Water System, Water Utility Impt., Prerefunded Balance, Series A, Revenue Bond		5.000	%		12/1/2018		Aaa		120,000		121,753
Cincinnati Water System, Water Utility Impt., Prerefunded Balance, Series A, Revenue Bond		4.250	%		12/1/2019		WR3		125,000		129,514
Cincinnati Water System, Water Utility Impt., Prerefunded Balance, Series A, Revenue Bond		5.000	%		12/1/2037		Aaa		335,000		369,488
Cincinnati Water System, Water Utility Impt., Unrefunded Balance, Series A, Revenue Bond		5.000	%		12/1/2018		Aaa		40,000		40,586
Cincinnati Water System, Water Utility Impt., Unrefunded Balance, Series A, Revenue Bond		4.250	%		12/1/2019		Aaa		75,000		77,804
Cincinnati, Public Impt., Series C, G.O. Bond		5.000	%		12/1/2020		Aa2		300,000		322,548
Clermont County Transportation Improvement District, Public Impt., Revenue Bond		4.000	%		12/1/2027		Aa2		500,000		549,090
Cleveland Department of Public Utilities Division of Water, Series T, Revenue Bond		5.000	%		1/1/2019		Aa1		370,000		376,505
Cleveland Department of Public Utilities Division of Water, Series Y, Revenue Bond		5.000	%		1/1/2022		Aa1		1,140,000		1,256,907
Cleveland Department of Public Utilities Division of Water, Water Utility Impt., 2nd Lien, Series A, Revenue Bond		5.000	%		1/1/2019		Aa2		235,000		239,120
Cleveland, Public Impt., Revenue Bond		4.000	%		11/15/2020		A1		220,000		230,952
Columbus City School District, School Impt., G.O. Bond		5.000	%		12/1/2029		Aa2		250,000		292,590
Columbus, Public Impt., Series A, G.O. Bond		4.000	%		8/15/2025		Aaa		375,000		415,065
Columbus, Public Impt., Series A, G.O. Bond		4.000	%		8/15/2026		Aaa		300,000		329,781
Columbus, Public Impt., Series B, G.O. Bond		4.000	%		8/15/2026		Aaa		100,000		109,585

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

3

Ohio Tax Exempt Series

Investment Portfolio - June 30, 2018

(unaudited)

	COUPON RATE			MATURITY   DATE		CREDIT RATING1 (UNAUDITED)		PRINCIPAL AMOUNT		VALUE   (NOTE 2)
OHIO MUNICIPAL SECURITIES (continued)
Columbus, Recreational Facilities Impt., Series A, G.O. Bond		4.000	%		2/15/2021		Aaa	$	500,000	$	527,985
Columbus, Sewer Impt., Revenue Bond		5.000	%		6/1/2026		Aa1		500,000		578,420
Columbus, Various Purposes Impt., Series A, G.O. Bond		5.000	%		8/15/2018		Aaa		100,000		100,428
Cuyahoga County, G.O. Bond		5.000	%		12/1/2018		Aa2		250,000		253,672
Cuyahoga County, Limited Tax, Various Purposes Impt., Series A, G.O. Bond		4.000	%		12/1/2018		Aa2		400,000		404,244
Cuyahoga County, Public Impt., Revenue Bond		2.000	%		12/1/2018		Aa2		185,000		185,451
Cuyahoga County, Public Impt., Revenue Bond		2.000	%		12/1/2019		Aa2		85,000		85,507
Cuyahoga County, Public Impt., Revenue Bond		5.000	%		12/1/2024		Aa2		500,000		582,625
Cuyahoga County, Public Impt., Series A, G.O. Bond		5.000	%		12/1/2020		Aa2		395,000		425,269
Cuyahoga County, Public Impt., Series A, Revenue Bond		2.000	%		12/1/2021		Aa2		155,000		155,203
Cuyahoga County, Public Impt., Series A, Revenue Bond		2.000	%		12/1/2022		Aa2		170,000		169,215
Dayton, Water Utility Impt., Revenue Bond		2.000	%		12/1/2021		Aa2		245,000		245,240
Dayton, Water Utility Impt., Revenue Bond		2.250	%		12/1/2022		Aa2		200,000		201,256
Dayton, Water Utility Impt., Revenue Bond		2.500	%		12/1/2023		Aa2		200,000		202,940
Delaware County, Public Impt., G.O. Bond		4.000	%		12/1/2040		Aaa		300,000		311,100
Delaware County, Public Impt., Revenue Bond		3.000	%		12/1/2024		Aa1		305,000		313,613
Dublin City School District, G.O. Bond		5.000	%		12/1/2026		Aa1		235,000		279,509
Dublin, Various Purposes Impt., G.O. Bond		3.500	%		12/1/2035		Aaa		450,000		455,571
Fairfield City School District, G.O. Bond		5.000	%		12/1/2020		Aa3		200,000		214,836
Fairfield County, Public Impt., G.O. Bond		2.000	%		12/1/2018		Aa2		300,000		300,732
Franklin County, G.O. Bond		5.000	%		12/1/2025		Aaa		275,000		323,683
Franklin County, G.O. Bond		5.000	%		12/1/2026		Aaa		880,000		1,037,749
Franklin County, Various Purposes Impt., G.O. Bond		5.000	%		12/1/2020		Aaa		100,000		101,456
Gahanna, Public Impt., G.O. Bond		4.000	%		12/1/2023		Aa1		300,000		328,365
Gahanna, Public Impt., G.O. Bond		4.000	%		12/1/2024		Aa1		375,000		413,497
Greater Cleveland Regional Transit Authority, Capital Impt., Revenue Bond		5.000	%		12/1/2025		Aa1		105,000		123,509
Greater Cleveland Regional Transit Authority, Capital Impt., Revenue Bond		5.000	%		12/1/2026		Aa1		500,000		584,445
Greater Cleveland Regional Transit Authority, Capital Impt., Revenue Bond		5.000	%		12/1/2027		Aa1		420,000		495,008
Greater Cleveland Regional Transit Authority, Transit Impt., Revenue Bond		5.000	%		12/1/2018		Aa1		350,000		355,155
Greene County Water System, Series A, Revenue Bond, NATL		5.250	%		12/1/2020		Aa2		100,000		107,464
Hamilton City School District, Various Purposes Impt., G.O. Bond		4.000	%		12/1/2018		AA2		200,000		202,006
Hamilton County Sewer System, Series A, Revenue Bond		5.000	%		12/1/2020		Aa2		500,000		537,825

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

4

Ohio Tax Exempt Series

Investment Portfolio - June 30, 2018

(unaudited)

	COUPON RATE			MATURITY   DATE		CREDIT RATING1 (UNAUDITED)		PRINCIPAL AMOUNT		VALUE   (NOTE 2)
OHIO MUNICIPAL SECURITIES (continued)
Hamilton County Sewer System, Series A, Revenue Bond		5.000	%		12/1/2024		Aa2	$	570,000	$	662,346
Hamilton County Sewer System, Sewer Impt., Series A, Revenue Bond		4.000	%		12/1/2018		Aa2		150,000		151,592
Hamilton County Sewer System, Sewer Impt., Series A, Revenue Bond		5.000	%		12/1/2020		Aa2		500,000		537,825
Hamilton County, Limited Tax, Riverfront Infrastructure, Parking Facility Impt., G.O. Bond		5.000	%		12/1/2021		Aa2		500,000		550,080
Hamilton County, Various Purposes Impt., G.O. Bond		4.000	%		12/1/2024		Aa2		320,000		351,050
Hilliard School District, School Impt., Series A, G.O. Bond		5.000	%		12/1/2018		Aa1		500,000		507,345
Hilliard, Limited Tax, Various Purposes Impt., G.O. Bond		3.000	%		12/1/2018		Aa1		100,000		100,603
Huber Heights City School District, School Impt., G.O. Bond		5.000	%		12/1/2019		A1		300,000		313,785
Hudson City School District, School Impt., G.O. Bond		4.000	%		12/1/2031		Aa1		300,000		319,242
Hudson City School District, School Impt., G.O. Bond		4.000	%		12/1/2040		Aa1		500,000		518,885
Lakota Local School District, Butler County, G.O. Bond		5.000	%		12/1/2019		Aa1		175,000		183,393
Marysville City Wastewater Treatment System, Revenue Bond, BAM		4.000	%		12/1/2018		AA2		335,000		338,276
Miami County, Various Purposes Impt., G.O. Bond		5.000	%		12/1/2018		Aa2		200,000		202,938
Miamisburg City School District, G.O. Bond		5.000	%		12/1/2022		Aa2		250,000		280,612
Miamisburg City School District, G.O. Bond		5.000	%		12/1/2024		Aa2		275,000		317,955
New Albany Plain Local School District, School Impt., G.O. Bond		4.000	%		12/1/2028		Aa1		500,000		545,460
New Albany, Limited Tax, Recreational Facility Impt., G.O. Bond		3.000	%		12/1/2020		Aaa		340,000		349,336
North Ridgeville City School District, G.O. Bond		3.375	%		12/1/2047		Aa2		500,000		472,730
North Ridgeville, Water Utility Impt., G.O. Bond, AGC		4.750	%		12/1/2018		Aa1		200,000		202,742
Northeast Ohio Regional Sewer District, Sewer Impt., Revenue Bond		5.000	%		11/15/2021		Aa1		750,000		826,238
Ohio State Turnpike Commission, Highway Impt., Series A, Revenue Bond		5.000	%		2/15/2019		Aa2		375,000		383,066
Ohio State Turnpike Commission, Highway Impt., Series A-1, Revenue Bond		5.000	%		2/15/2024		Aa3		400,000		447,036
Ohio State Turnpike Commission, Series A, Revenue Bond, NATL		5.500	%		2/15/2019		Aa2		260,000		266,388
Ohio State Water Development Authority, Drinking Water Assistance, Revenue Bond		5.000	%		6/1/2021		Aaa		500,000		544,875
Ohio State Water Development Authority, Fresh Water, Revenue Bond		5.500	%		12/1/2021		Aaa		125,000		140,012

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

5

Ohio Tax Exempt Series

Investment Portfolio - June 30, 2018

(unaudited)

	COUPON RATE			MATURITY   DATE		CREDIT RATING1 (UNAUDITED)		PRINCIPAL AMOUNT		VALUE   (NOTE 2)
OHIO MUNICIPAL SECURITIES (continued)
Ohio State Water Development Authority, Pollution Control, Series C, Revenue Bond		3.000	%		12/1/2021		Aaa	$	300,000	$	311,250
Ohio State Water Development Authority, Sewer Impt., Series A, Revenue Bond		5.000	%		6/1/2020		Aaa		450,000		478,152
Ohio State Water Development Authority, Water Utility Impt., Series B, Revenue Bond		5.000	%		12/1/2031		Aaa		455,000		533,638
Ohio State, Highway Impt., Series S, G.O. Bond		5.000	%		5/1/2026		Aa1		225,000		265,986
Ohio State, Infrastructure Impt., Series A, G.O. Bond		5.000	%		9/1/2025		Aa1		350,000		410,039
Ohio State, School Impt., Prerefunded Balance, Series B, G.O. Bond		5.000	%		6/15/2024		Aa1		1,150,000		1,280,858
Ohio State, Series A, G.O. Bond		5.000	%		9/15/2021		Aa1		500,000		547,890
Ohio State, Series A, G.O. Bond		5.000	%		9/1/2022		Aa1		125,000		139,845
Ohio State, Series A, G.O. Bond		5.000	%		9/1/2025		Aa1		600,000		702,924
Ohio State, Series B, Revenue Bond		5.000	%		12/15/2018		Aa2		650,000		660,335
Ohio State, Series B, Revenue Bond		5.000	%		12/15/2019		Aa2		350,000		366,832
Olentangy Local School District, School Impt., G.O. Bond		5.000	%		12/1/2019		Aa1		100,000		104,796
Olentangy Local School District, Series B, G.O. Bond		5.000	%		12/1/2018		Aa1		150,000		152,204
Olentangy Local School District, Series B, G.O. Bond		3.000	%		12/1/2020		Aa1		115,000		118,379
Sheffield, Limited Tax, Various Purposes Impt., G.O. Bond		2.000	%		12/1/2018		AA2		140,000		140,325
Springboro Community City School District, G.O. Bond, AGM		5.250	%		12/1/2018		Aa3		200,000		203,108
Springboro, Water Utility Impt., Prerefunded Balance, G.O. Bond		5.000	%		12/1/2019		WR3		95,000		96,348
Springboro, Water Utility Impt., Unrefunded Balance, G.O. Bond		5.000	%		12/1/2019		Aa1		5,000		5,074
Summit County, Various Purposes Impt., Series R, G.O. Bond, NATL		5.500	%		12/1/2019		Aa1		100,000		105,476
Toledo Water System, Water Utility Impt., Revenue Bond		5.000	%		11/15/2019		Aa3		500,000		522,950
Toledo, Limited Tax, Capital Impt., G.O. Bond		5.000	%		12/1/2019		A2		275,000		287,400
Troy, Limited Tax, Water & Sewer Impt., G.O. Bond		2.000	%		12/1/2020		Aa1		100,000		100,360
Upper Arlington, Various Purposes Impt., G.O. Bond		4.000	%		12/1/2024		Aaa		535,000		589,923
Vandalia Butler City School District, School Impt., Series B, G.O. Bond		4.000	%		12/1/2026		Aa3		315,000		345,621
Westerville, Various Purposes Impt., G.O. Bond		5.000	%		12/1/2020		Aaa		100,000		107,713
Worthington City School District, G.O. Bond		4.000	%		12/1/2018		Aa1		400,000		404,244
TOTAL MUNICIPAL BONDS (Identified Cost $39,941,598)											39,689,681

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

6

Ohio Tax Exempt Series

Investment Portfolio - June 30, 2018

(unaudited)

	COUPON RATE		SHARES		VALUE   (NOTE 2)
SHORT-TERM INVESTMENT - 1.9%
Dreyfus Government Cash Management, Institutional Shares (Identified Cost $762,169)		1.81%4		762,169	$	762,169
TOTAL INVESTMENTS - 99.5%
(Identified Cost $ 40,703,767)						40,451,850
OTHER ASSETS, LESS LIABILITIES - 0.5%						190,300
NET ASSETS - 100%					$	40,642,150

KEY:

G.O. Bond - General Obligation Bond

Impt. - Improvement

Scheduled principal and interest payments are guaranteed by:

AGC (Assured Guaranty Corp.)

AGM (Assurance Guaranty Municipal Corp.)

BAM (Build America Mutual Assurance Co.)

NATL (National Public Finance Guarantee Corp.)

The insurance does not guarantee the market value of the municipal bonds.

¹Credit ratings from Moody’s (unaudited).

²Credit ratings from S&P (unaudited).

³Credit rating has been withdrawn. As of June 30, 2018, there is no rating available (unaudited).

⁴Rate shown is the current yield as of June 30, 2018.

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

7

Ohio Tax Exempt Series

Statement of Assets and Liabilities

June 30, 2018 (unaudited)

ASSETS:
Investments, at value (identified cost $40,703,767) (Note 2)	$	40,451,850
Interest receivable		246,572
Prepaid expenses		1,599
TOTAL ASSETS		40,700,021
LIABILITIES:
Accrued fund accounting and administration fees (Note 3)		20,559
Accrued management fees (Note 3)		16,691
Accrued Chief Compliance Officer service fees (Note 3)		257
Audit fees payable		18,503
Other payables and accrued expenses		1,861
TOTAL LIABILITIES		57,871
TOTAL NET ASSETS	$	40,642,150
NET ASSETS CONSIST OF:
Capital stock	$	38,856
Additional paid-in-capital		40,864,352
Undistributed net investment income		53,168
Accumulated net realized loss on investments		(62,309	)
Net unrealized depreciation on investments		(251,917	)
TOTAL NET ASSETS	$	40,642,150
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class A ($40,642,150/3,885,601 shares)	$	10.46

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

8

Ohio Tax Exempt Series

Statement of Operations

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

INVESTMENT INCOME:
Interest	$	379,563
Dividends		5,243
Total Investment Income		384,806
EXPENSES:
Management fees (Note 3)		101,486
Fund accounting and administration fees (Note 3)		28,639
Chief Compliance Officer service fees (Note 3)		2,145
Directors’ fees (Note 3)		1,425
Audit fees		15,569
Custodian fees		1,213
Miscellaneous		10,491
Total Expenses		160,968
NET INVESTMENT INCOME		223,838
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments		747
Net change in unrealized appreciation (depreciation) on investments		(489,260	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS		(488,513	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(264,675	)

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

9

Ohio Tax Exempt Series

Statements of Changes in Net Assets

	FOR THE SIX MONTHS ENDED 6/30/18 (UNAUDITED)			FOR THE YEAR ENDED 12/31/17
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income	$	223,838		$	410,108
Net realized gain (loss) on investments		747			(4,186	)
Net change in unrealized appreciation (depreciation) on investments		(489,260	)		465,677
Net increase (decrease) from operations		(264,675	)		871,599
DISTRIBUTIONS TO SHAREHOLDERS (Note 8):
From net investment income		(232,845	)		(389,639	)
CAPITAL STOCK ISSUED AND REPURCHASED:
Net decrease from capital share transactions (Note 5)		(648,854	)		(3,114,586	)
Net decrease in net assets		(1,146,374	)		(2,632,626	)
NET ASSETS:
Beginning of period		41,788,524			44,421,150
End of period (including undistributed net investment income of $53,168 and $62,175, respectively)	$	40,642,150		$	41,788,524

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

10

Ohio Tax Exempt Series

Financial Highlights

	FOR THE SIX MONTHS ENDED			FOR THE YEAR ENDED
	6/30/18 (UNAUDITED)			12/31/17			12/31/16			12/31/15			12/31/14			12/31/13
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period		$10.59			$10.47			$10.64			$10.57			$10.54			$10.93
Income (loss) from investment operations:
Net investment income1		0.06			0.10			0.08			0.07			0.07			0.14
Net realized and unrealized gain (loss) on investments		(0.13	)		0.12			(0.16	)		0.07			0.06			(0.31	)
Total from investment operations		(0.07	)		0.22			(0.08	)		0.14			0.13			(0.17	)
Less distributions to shareholders:
From net investment income		(0.06	)		(0.10	)		(0.09	)		(0.07	)		(0.06	)		(0.14	)
From net realized gain on investments		—			—			—			—			(0.04	)		(0.08	)
Total distributions to shareholders		(0.06	)		(0.10	)		(0.09	)		(0.07	)		(0.10	)		(0.22	)
Net asset value - End of period		$10.46			$10.59			$10.47			$10.64			$10.57			$10.54
Net assets - End of period (000’s omitted)		$40,642			$41,789			$44,421			$44,452			$44,596			$40,193
Total return2		(0.66%	)		2.08%			(0.81%	)		1.31%			1.27%			(1.59%	)
Ratios (to average net assets)/Supplemental Data:
Expenses		0.79%	3		0.78%			0.77%			0.77%			0.72%			0.78%
Net investment income		1.10%	3		0.96%			0.77%			0.62%			0.65%			1.34%
Portfolio turnover		4%			8%			13%			32%			41%			27%

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.

11

Ohio Tax Exempt Series

Notes to Financial Statements

(unaudited)

1. Organization

Ohio Tax Exempt 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 as high a level of current income exempt from federal income tax and Ohio State personal income tax as the Advisor believes is consistent with the preservation 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 June 30, 2018, 10.9 billion shares have been designated in total among 38 series, of which 100 million have been designated as Ohio Tax Exempt Series Class A 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

Municipal securities will normally be valued on the basis of market valuations provided by an independent pricing service (the “Service”). The Service utilizes the latest price quotations and a matrix system (which considers such factors as security prices of similar securities, yields, maturities and ratings). The Service has been approved by the Fund’s Board of Directors (the “Board”).

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

Volume and level of activity in established markets for an asset or liability are evaluated to determine whether recent

transactions and quoted prices are determinative of fair value. Where there have been significant decreases in volume and level of activity, further analysis and adjustment may be necessary to estimate fair value. 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 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.

12

Ohio Tax Exempt 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 June 30, 2018 in valuing the Series’ assets or liabilities carried at fair value:

DESCRIPTION	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Assets:
Debt securities:
States and political subdivisions (municipals)	$	39,689,681	$	—	$	39,689,681	$	—
Mutual fund		762,169		762,169		—		—
Total assets	$	40,451,850	$	762,169	$	39,689,681	$	—

There were no Level 3 securities held by the Series as of December 31, 2017 or June 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 June 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 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 June 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 and various states, 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 December

13

Ohio Tax Exempt Series

Notes to Financial Statements (continued)

(unaudited)

2. Significant Accounting Policies (continued)

Federal Taxes (continued)

31, 2014 through December 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.

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 0.50% 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 each role.

The Advisor has contractually agreed, until at least April 30, 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 0.85% of average daily net assets each year. The Advisor did not waive any fees for the six months ended June 30, 2018. 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, as amended, 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.

14

Ohio Tax Exempt Series

Notes to Financial Statements (continued)

(unaudited)

3. Transactions with Affiliates (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 June 30, 2018, purchases and sales of securities, other than U.S. Government securities and short-term securities, were $1,912,805 and $1,672,069, respectively. There were no purchases or sales of U.S. Government securities.

5. Capital Stock Transactions

Transactions in Class A shares of Ohio Tax Exempt Series were:

	FOR THE SIX MONTHS   ENDED 6/30/18						FOR THE YEAR   ENDED 12/31/17
	SHARES			AMOUNT			SHARES			AMOUNT
Sold		58,880		$	620,588			198,050		$	2,101,083
Reinvested		21,677			226,522			35,660			378,749
Repurchased		(142,723	)		(1,495,964	)		(527,873	)		(5,594,418	)
Total		(62,166	)	$	(648,854	)		(294,163	)	$	(3,114,586	)

Over 90% of the shares outstanding are fiduciary accounts where the Advisor has sole investment discretion.

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 June 30, 2018.

7. Concentration of Credit

The Series primarily invests in debt obligations issued by the State of Ohio and its political subdivisions, agencies and public authorities to obtain funds for various public purposes. The Series is more susceptible to factors adversely affecting issues of Ohio municipal securities than is a municipal bond fund that is not concentrated in these issues to the same extent.

15

Ohio Tax Exempt Series

Notes to Financial Statements (continued)

(unaudited)

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. These differences are primarily due to differing book and tax treatments in the timing and/or treatment of the recognition of net investment income or gains and losses, including market discount on investments. 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.

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 December 31, 2017 were as follows:

Ordinary income	$	4,545
Tax exempt income	$	385,094

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

Cost for federal income tax purposes	$	40,703,767
Unrealized appreciation		95,779
Unrealized depreciation		(347,696	)
Net unrealized depreciation	$	(251,917	)

At December 31, 2017, the Series had net short-term capital loss carryforwards of $11,099 and net long-term capital loss carryforwards of $51,957, which may be carried forward indefinitely.

16

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17

Ohio Tax Exempt 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.

MNOTE-6/18-SAR

Diversified Tax Exempt 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 (January 1, 2018 to June 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                                1/1/18	ENDING  ACCOUNT VALUE                                6/30/18	EXPENSES PAID  DURING PERIOD*                                1/1/18-6/30/18
Class A
Actual	$1,000.00	$   996.85	$2.87
Hypothetical     (5% return before expenses)	$1,000.00	$1,021.92	$2.91

*Expenses are equal to the Series’ annualized expense ratio (for the six-month period) of 0.58%, 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.

1

Diversified Tax Exempt Series

Portfolio Composition as of June 30, 2018

(unaudited)

Top Ten States2
New York	12.6%	Georgia	4.4%
Texas	8.0%	Pennsylvania	4.0%
Florida	7.8%	Oregon	3.5%
Washington	7.8%	Colorado	3.3%
Ohio	6.7%	Arizona	3.2%
2As a percentage of total investments.

2

Diversified Tax Exempt Series

Investment Portfolio - June 30, 2018

(unaudited)

	COUPON RATE		MATURITY DATE		CREDIT RATING1 (UNAUDITED)		PRINCIPAL AMOUNT		VALUE (NOTE 2)
MUNICIPAL BONDS - 98.2%
ALASKA - 0.2%
Alaska Municipal Bond Bank Authority, Series 2, Revenue Bond		5.000%		9/1/2022		A1	$	500,000	$	548,420
ARIZONA - 3.2%
Mesa, Multiple Utility Impt., Revenue Bond		5.000%		7/1/2023		Aa2		1,050,000		1,193,126
Mesa, Multiple Utility Impt., Revenue Bond		5.000%		7/1/2024		Aa2		1,200,000		1,383,360
Mesa, Multiple Utility Impt., Revenue Bond		3.000%		7/1/2039		Aa2		1,525,000		1,423,084
Pima County Sewer System, Series A, Revenue Bond		5.000%		7/1/2019		AA2		1,000,000		1,033,910
Pima County Sewer System, Series B, Revenue Bond		5.000%		7/1/2020		AA2		1,400,000		1,489,936
Salt River Project Agricultural Impt. & Power District, Series A, Revenue Bond		5.000%		12/1/2018		Aa1		1,340,000		1,359,685
Salt River Project Agricultural Impt. & Power District, Series B, Revenue Bond		5.000%		12/1/2020		Aa1		400,000		430,852
Yavapai County Industrial Development Authority, Northern Arizona Healthcare System, Revenue Bond		5.000%		10/1/2020		AA2		460,000		491,593
										8,805,546
COLORADO - 3.3%
Aurora Water, Green Bond, Revenue Bond		4.000%		8/1/2046		AA2		2,000,000		2,088,420
Boulder County, Series A, Revenue Bond		5.000%		7/15/2026		AA2		1,000,000		1,184,920
Boulder Water & Sewer, Revenue Bond		5.000%		12/1/2019		Aa1		1,500,000		1,571,505
Colorado Springs Utilities System, Series C-1, Revenue Bond		5.000%		11/15/2019		Aa2		2,435,000		2,547,448
Denver Wastewater Management Division Department of Public Works, Revenue Bond		4.000%		11/1/2020		Aa1		1,500,000		1,578,735
										8,971,028
DELAWARE - 0.7%
Delaware River & Bay Authority, Series C, Revenue Bond		5.000%		1/1/2019		A1		2,000,000		2,033,460
DISTRICT OF COLUMBIA - 1.7%
District of Columbia Water & Sewer Authority, Series A, Revenue Bond		5.000%		10/1/2029		Aa2		1,380,000		1,606,706
District of Columbia Water & Sewer Authority, Series B, Revenue Bond		5.000%		10/1/2036		Aa2		900,000		1,024,551
District of Columbia Water & Sewer Authority, Series C, Revenue Bond		5.000%		10/1/2022		Aa2		1,000,000		1,121,470

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

3

Diversified Tax Exempt Series

Investment Portfolio - June 30, 2018

(unaudited)

	COUPON RATE		MATURITY DATE		CREDIT RATING1 (UNAUDITED)		PRINCIPAL AMOUNT		VALUE (NOTE 2)
MUNICIPAL BONDS (continued)
DISTRICT OF COLUMBIA (continued)
District of Columbia, Public Impt., Series D, G.O. Bond		5.000%		6/1/2026		Aa1	$	750,000	$	886,762
										4,639,489
FLORIDA - 7.7%
Daytona Beach Utility System, Water Utility Impt., Revenue Bond, AGM		5.000%		11/1/2019		A1		1,010,000		1,053,551
Florida State, G.O. Bond		3.500%		7/1/2046		Aaa		2,000,000		1,957,980
Florida’s Turnpike Enterprise, Series C, Revenue Bond		5.000%		7/1/2019		Aa2		920,000		951,390
Fort Lauderdale, Water & Sewer, Revenue Bond		5.000%		9/1/2020		Aa1		1,545,000		1,653,382
Fort Lauderdale, Water & Sewer, Revenue Bond		2.000%		9/1/2026		Aa1		960,000		889,891
Fort Lauderdale, Water & Sewer, Revenue Bond		2.000%		3/1/2027		Aa1		995,000		911,231
Fort Myers Utility System, Utility Impt., Revenue Bond		5.000%		10/1/2019		Aa3		785,000		817,837
JEA Electric System, Series B, Revenue Bond		5.000%		10/1/2019		Aa3		2,000,000		2,083,660
JEA Electric System, Swap Termination, Series B, Revenue Bond		5.000%		10/1/2019		Aa3		1,500,000		1,562,745
JEA Water & Sewer System, Series A, Revenue Bond		5.000%		10/1/2027		Aa2		1,000,000		1,202,430
Miami-Dade County, Water & Sewer System, Revenue Bond		5.000%		10/1/2023		Aa3		2,000,000		2,280,140
Miami-Dade County, Water & Sewer System, Series B, Revenue Bond, AGM		5.250%		10/1/2019		Aa3		500,000		522,260
Okaloosa County, Water & Sewer, Revenue Bond		5.000%		7/1/2023		Aa3		2,065,000		2,340,203
Orlando-Orange County Expressway Authority, Revenue Bond		5.000%		7/1/2019		A1		500,000		516,855
Orlando-Orange County Expressway Authority, Swap Termination, Series B, Revenue Bond		5.000%		7/1/2020		A1		1,165,000		1,239,129
Port St. Lucie Utility System, Water Utility Impt., Revenue Bond, NATL		5.250%		9/1/2023		A1		500,000		567,730
Tampa, BayCare Health System, Revenue Bond		5.000%		11/15/2018		Aa2		500,000		506,570
										21,056,984
GEORGIA - 4.4%
Atlanta, Water & Wastewater, Series B, Revenue Bond		5.000%		11/1/2019		Aa2		1,160,000		1,212,061
DeKalb County, Water & Sewerage, Revenue Bond		5.000%		10/1/2019		Aa3		500,000		520,915
Fulton County Water & Sewerage, Revenue Bond		5.000%		1/1/2019		Aa2		1,200,000		1,220,976
Georgia State, Series E, G.O. Bond		5.000%		12/1/2025		Aaa		4,000,000		4,737,960
Municipal Electric Authority of Georgia, Series A, Revenue Bond		5.250%		1/1/2019		A2		2,250,000		2,288,588

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

4

Diversified Tax Exempt Series

Investment Portfolio - June 30, 2018

(unaudited)

	COUPON RATE		MATURITY DATE		CREDIT RATING1 (UNAUDITED)		PRINCIPAL AMOUNT		VALUE (NOTE 2)
MUNICIPAL BONDS (continued)
GEORGIA (continued)
Municipal Electric Authority of Georgia, Series A, Revenue Bond		5.250%		1/1/2019		A2	$	500,000	$	508,575
Municipal Electric Authority of Georgia, Series A, Revenue Bond		5.000%		11/1/2019		A1		485,000		505,064
Municipal Electric Authority of Georgia, Series A, Revenue Bond		5.000%		11/1/2020		A1		1,000,000		1,068,350
										12,062,489
HAWAII - 1.1%
Honolulu County Wastewater System, Sewer Impt., Series A, Revenue Bond		5.000%		7/1/2020		Aa3		1,000,000		1,033,210
Honolulu County Wastewater System, Sewer Impt., Series A, Revenue Bond		5.000%		7/1/2023		Aa3		1,750,000		1,988,542
										3,021,752
ILLINOIS - 2.5%
Aurora, Waterworks & Sewerage, Series B, Revenue Bond		3.000%		12/1/2022		AA2		500,000		513,960
Aurora, Waterworks & Sewerage, Series B, Revenue Bond		3.000%		12/1/2023		AA2		625,000		643,912
Central Lake County Joint Action Water Agency, Prerefunded Balance, Revenue Bond		4.000%		5/1/2019		WR3		10,000		10,197
Central Lake County Joint Action Water Agency, Unrefunded Balance, Revenue Bond		4.000%		5/1/2019		Aa2		750,000		764,415
Du Page & Will Counties Community School District No. 204 Indian Prairie, Series A, G.O. Bond		5.000%		12/30/2018		Aa1		820,000		833,924
Illinois Municipal Electric Agency, Series A, Revenue Bond		5.000%		2/1/2025		A1		2,000,000		2,281,960
Illinois State Toll Highway Authority, Series A, Revenue Bond		5.000%		12/1/2019		Aa3		1,000,000		1,045,800
Sangamon & Morgan Counties Community Unit School District No. 16 New Berlin, School Impt., G.O. Bond, NATL		5.500%		2/1/2019		Baa2		725,000		741,059
										6,835,227
INDIANA - 1.5%
Fort Wayne Waterworks, Water Utility Impt., Revenue Bond		2.000%		12/1/2020		Aa3		745,000		748,673
Indiana Municipal Power Agency, Series A, Revenue Bond		5.000%		1/1/2019		A1		2,540,000		2,584,399

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

5

Diversified Tax Exempt Series

Investment Portfolio - June 30, 2018

(unaudited)

	COUPON RATE		MATURITY DATE		CREDIT RATING1 (UNAUDITED)		PRINCIPAL AMOUNT		VALUE (NOTE 2)
MUNICIPAL BONDS (continued)
INDIANA (continued)
Indiana Municipal Power Agency, Series A, Revenue Bond		4.000%		1/1/2020		A1	$	750,000	$	776,250
										4,109,322
IOWA - 0.8%
Cedar Falls, Electric Utility, Revenue Bond		5.000%		12/1/2023		Aa2		2,000,000		2,288,560
KANSAS - 3.0%
Kansas Development Finance Authority, Prerefunded Balance, Revenue Bond		5.000%		11/15/2020		WR3		20,000		20,851
Kansas Development Finance Authority, Unrefunded Balance, Revenue Bond		5.000%		11/15/2020		Aa2		480,000		501,034
Kansas Turnpike Authority, Series A, Revenue Bond		5.000%		9/1/2019		AA2		2,965,000		3,082,889
Topeka Combined Utility, Series A, Revenue Bond		4.000%		8/1/2019		Aa3		845,000		866,852
Wichita, Water & Sewer Utility, Series B, Revenue Bond		5.000%		10/1/2019		AA2		2,000,000		2,082,900
Wyandotte County-Kansas City Unified Government Utility System, Water Utility Impt., Series A, Revenue Bond		5.000%		9/1/2020		A2		1,495,000		1,593,625
										8,148,151
KENTUCKY - 0.6%
Kentucky Turnpike Authority, Series A, Revenue Bond		5.000%		7/1/2019		Aa3		500,000		516,405
Louisville & Jefferson County, Sewer Impt., Series A, Revenue Bond		5.000%		5/15/2024		Aa3		1,070,000		1,228,938
										1,745,343
LOUISIANA - 1.3%
Lafayette Utilities, Water & Sewer Impt., Revenue Bond		5.000%		11/1/2019		A1		990,000		1,031,758
New Orleans, Sewer Impt., Revenue Bond		5.000%		6/1/2021		A2		600,000		647,814
New Orleans, Water Utility Impt., Revenue Bond		5.000%		12/1/2020		A2		1,700,000		1,814,461
										3,494,033
MAINE - 0.2%
Maine Municipal Bond Bank, Various Purposes Impt., Series E, Revenue Bond		4.000%		11/1/2021		Aa2		570,000		608,794

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

6

Diversified Tax Exempt Series

Investment Portfolio - June 30, 2018

(unaudited)

	COUPON RATE		MATURITY DATE		CREDIT RATING1 (UNAUDITED)		PRINCIPAL AMOUNT		VALUE (NOTE 2)
MUNICIPAL BONDS (continued)
MARYLAND - 0.5%
Baltimore, Wastewater Projects, Series C, Revenue Bond		5.000%		7/1/2026		Aa2	$	815,000	$	959,231
Maryland Health & Higher Educational Facilities Authority, Revenue Bond		5.000%		7/1/2019		A2		500,000		516,300
										1,475,531
MASSACHUSETTS - 1.5%
Commonwealth of Massachusetts, Series C, G.O. Bond		3.625%		10/1/2040		Aa1		3,000,000		2,983,980
Massachusetts Water Resources Authority, Series B, Revenue Bond, AGM		5.250%		8/1/2032		Aa1		970,000		1,233,209
										4,217,189
MICHIGAN - 1.2%
Ann Arbor Sewage Disposal System, Revenue Bond		3.000%		7/1/2020		AA2		1,000,000		1,025,580
Ann Arbor Sewage Disposal System, Revenue Bond		2.000%		7/1/2027		AA2		820,000		748,373
Walled Lake Consolidated School District, G.O. Bond		5.000%		5/1/2019		Aa1		1,000,000		1,027,570
West Ottawa Public Schools, Series I, G.O. Bond		5.000%		5/1/2019		Aa2		400,000		411,468
										3,212,991
MINNESOTA - 0.9%
Minnesota State, Series D, G.O. Bond		5.000%		8/1/2024		Aa1		2,000,000		2,321,860
MISSOURI - 2.1%
Kansas City, Sanitary Sewer System, Sewer Impt., Series A, Revenue Bond		4.000%		1/1/2025		Aa2		750,000		826,507
Kansas City, Sanitary Sewer System, Sewer Impt., Series A, Revenue Bond		5.000%		1/1/2027		Aa2		1,590,000		1,831,044
Metropolitan St Louis Sewer District, Sewer Impt., Series C, Revenue Bond		4.000%		5/1/2041		Aa1		2,000,000		2,090,200
Missouri Housing Development Commission, Series A, Revenue Bond		1.600%		11/1/2019		AA2		250,000		249,965
Missouri State Health & Educational Facilities Authority, Revenue Bond		5.000%		1/1/2020		Aa2		725,000		760,924
										5,758,640
NEBRASKA - 2.6%
Lincoln Electric System, Revenue Bond		5.000%		9/1/2021		AA2		2,000,000		2,189,940
Nebraska Public Power District, Revenue Bond		5.000%		1/1/2019		A1		1,000,000		1,017,180

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

7

Diversified Tax Exempt Series

Investment Portfolio - June 30, 2018

(unaudited)

	COUPON RATE		MATURITY DATE		CREDIT RATING1 (UNAUDITED)		PRINCIPAL AMOUNT		VALUE (NOTE 2)
MUNICIPAL BONDS (continued)
NEBRASKA (continued)
Nebraska Public Power District, Series A, Revenue Bond		5.000%		1/1/2019		A1	$	500,000	$	508,590
Nebraska Public Power District, Series B, Revenue Bond		5.000%		1/1/2020		A1		1,000,000		1,048,340
Omaha Public Power District, Series A, Revenue Bond		5.000%		2/1/2030		Aa2		1,000,000		1,158,130
Omaha Public Power District, Series C, Revenue Bond		5.000%		2/1/2019		Aa2		1,265,000		1,290,806
										7,212,986
NEW HAMPSHIRE - 1.0%
New Hampshire State Turnpike System, Series B, Revenue Bond		5.000%		2/1/2020		A1		2,575,000		2,708,771
NEW JERSEY - 0.9%
New Jersey State Turnpike Authority, Prerefunded Balance, Series H, Revenue Bond		5.000%		1/1/2020		WR3		355,000		361,223
New Jersey State Turnpike Authority, Series B, Revenue Bond		5.000%		1/1/2019		A2		1,625,000		1,652,918
New Jersey State Turnpike Authority, Unrefunded Balance, Series H, Revenue Bond		5.000%		1/1/2020		A2		560,000		569,145
										2,583,286
NEW MEXICO - 1.3%
Albuquerque Bernalillo County Water Utility Authority, Water Utility Impt., Revenue Bond		5.000%		7/1/2022		Aa2		1,250,000		1,394,300
Albuquerque Bernalillo County Water Utility Authority, Water Utility Impt., Revenue Bond		5.000%		7/1/2023		Aa2		2,000,000		2,275,680
										3,669,980
NEW YORK - 12.5%
Metropolitan Transportation Authority, Green Bond, Series A-1, Revenue Bond		5.000%		11/15/2026		A1		1,500,000		1,749,930
Metropolitan Transportation Authority, Series D-1, Revenue Bond		5.000%		11/15/2024		A1		1,385,000		1,593,747
Metropolitan Transportation Authority, Series F, Revenue Bond		5.000%		11/15/2019		A1		1,315,000		1,375,543
Nassau County, Public Impt., Series A, G.O. Bond		5.000%		4/1/2019		A2		1,000,000		1,025,640
New York City Transitional Finance Authority Future Tax Secured Revenue, Public Impt., Revenue Bond		5.000%		11/1/2026		Aa1		1,000,000		1,188,520

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

8

Diversified Tax Exempt Series

Investment Portfolio - June 30, 2018

(unaudited)

	COUPON RATE		MATURITY DATE		CREDIT RATING1 (UNAUDITED)		PRINCIPAL AMOUNT		VALUE (NOTE 2)
MUNICIPAL BONDS (continued)
NEW YORK (continued)
New York City Transitional Finance Authority Future Tax Secured Revenue, Public Impt., Subseries F-3, Revenue Bond		3.000%		2/1/2037		Aa1	$	3,000,000	$	2,761,680
New York City Water & Sewer System, Series EE, Revenue Bond		5.000%		6/15/2040		Aa1		3,500,000		4,053,525
New York City, Public Impt., Series 1, G.O. Bond		5.000%		8/1/2025		Aa2		840,000		981,372
New York City, Public Impt., Series F-1, G.O. Bond		5.000%		6/1/2024		Aa2		2,880,000		3,322,915
New York City, Series 1, G.O. Bond		5.000%		8/1/2020		Aa2		1,000,000		1,067,500
New York City, Series 1, G.O. Bond		5.000%		8/1/2023		Aa2		2,000,000		2,277,940
New York City, Series A, G.O. Bond		5.000%		8/1/2023		Aa2		2,000,000		2,277,940
New York State Dormitory Authority, School Impt., Series E, Revenue Bond, AGM		5.000%		10/1/2025		A2		860,000		975,438
New York State Dormitory Authority, Series 1, Revenue Bond		4.000%		7/1/2020		Aa3		420,000		439,370
New York State Dormitory Authority, Series D, Revenue Bond		5.000%		2/15/2025		Aa1		2,000,000		2,328,300
New York State Thruway Authority, Highway Impt., Series I, Revenue Bond		4.000%		1/1/2019		A2		1,000,000		1,012,620
New York State Urban Development Corp., Highway Impt., Series C, Revenue Bond		5.000%		3/15/2024		Aa1		765,000		861,948
Triborough Bridge & Tunnel Authority, Series B, Revenue Bond		4.000%		11/15/2019		Aa3		725,000		749,817
Triborough Bridge & Tunnel Authority, Series B, Revenue Bond		5.000%		11/15/2020		Aa3		920,000		991,677
Triborough Bridge & Tunnel Authority, Subseries A, Revenue Bond		5.000%		11/15/2023		A1		2,805,000		3,191,922
										34,227,344
NORTH CAROLINA - 2.9%
Charlotte, Water & Sewer System, Revenue Bond		5.000%		12/1/2020		Aaa		1,400,000		1,509,354
Charlotte, Water & Sewer System, Revenue Bond		4.000%		7/1/2047		Aaa		2,000,000		2,111,380
North Carolina Medical Care Commission, Moses Cone Health System, Revenue Bond		5.000%		10/1/2020		AA2		580,000		619,040
North Carolina Municipal Power Agency No. 1, Series A, Revenue Bond		5.000%		1/1/2020		A2		400,000		419,276
North Carolina Municipal Power Agency No. 1, Series A, Revenue Bond		5.000%		1/1/2024		A2		3,000,000		3,424,140
										8,083,190

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

9

Diversified Tax Exempt Series

Investment Portfolio - June 30, 2018

(unaudited)

	COUPON RATE		MATURITY DATE			CREDIT RATING1 (UNAUDITED)		PRINCIPAL AMOUNT		VALUE (NOTE 2)
MUNICIPAL BONDS (continued)
OHIO - 6.6%
American Municipal Power, Inc., Fremont Energy Center Project, Prerefunded Balance, Series B, Revenue Bond		5.000%		2/15/2023			A1	$	1,895,000	$	2,086,092
Cincinnati Water System, Series B, Revenue Bond		5.000%		12/1/2026			Aaa		500,000		596,370
Cincinnati Water System, Series C, Revenue Bond		5.000%		12/1/2025			Aaa		1,000,000		1,180,000
Columbus, Sewer Impt., Revenue Bond		5.000%		6/1/2026			Aa1		520,000		601,557
Ohio State Turnpike Commission, Series A, Revenue Bond		5.250%		2/15/2027			Aa2		600,000		720,990
Ohio State Turnpike Commission, Series A, Revenue Bond, NATL		5.500%		2/15/2019			Aa2		3,735,000		3,826,769
Ohio State, Public Impt., Series B, G.O. Bond		3.000%		9/1/2021			Aa1		2,000,000		2,067,160
Ohio State, School Impt., Prerefunded Balance, Series B, G.O. Bond		5.000%		6/15/2024			Aa1		4,200,000		4,677,918
Toledo Water System, Water Utility Impt., Revenue Bond		5.000%		11/15/2019			Aa3		1,010,000		1,056,359
Toledo Water System, Water Utility Impt., Series A, Revenue Bond		5.000%		11/15/2022			Aa3		610,000		667,822
Toledo, Capital Impt., G.O. Bond		5.000%		12/1/2020			A2		610,000		649,589
											18,130,626
OKLAHOMA - 1.8%
Oklahoma Turnpike Authority, Series A, Revenue Bond		5.000%		1/1/2020			Aa3		2,750,000		2,884,172
Oklahoma Turnpike Authority, Series A, Revenue Bond		5.000%		1/1/2022			Aa3		2,000,000		2,152,380
											5,036,552
OREGON - 3.5%					��
Bend, Water Utility Impt., Revenue Bond		5.000%		12/1/2030			Aa2		1,435,000		1,670,885
Clackamas County Service District No. 1, Sewer Impt., Revenue Bond		2.000%		12/1/2029			AAA2		1,000,000		905,470
Medford Hospital Facilities Authority, Asante Health System, Revenue Bond, AGM		5.000%		8/15/2019			AA2		440,000		456,733
Oregon State Housing & Community Services Department, Series A, Revenue Bond		1.950%		7/1/2020			Aa2		230,000		230,628
Portland Sewer System, Series A, Revenue Bond		5.000%		8/1/2019			Aa2		1,285,000		1,332,185
Portland Sewer System, Series A, Revenue Bond		5.000%		6/15/2026			Aa1		2,480,000		2,926,425
Portland Sewer System, Series B, Revenue Bond		2.125%		6/15/2030			Aa2		1,000,000		892,480
Washington County Clean Water Services, Sewer Impt., Series B, Revenue Bond		5.000%		10/1/2021			Aa1		1,015,000		1,113,516
											9,528,322

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

10

Diversified Tax Exempt Series

Investment Portfolio - June 30, 2018

(unaudited)

	COUPON RATE		MATURITY   DATE		CREDIT RATING1 (UNAUDITED)		PRINCIPAL AMOUNT		VALUE   (NOTE 2)
MUNICIPAL BONDS (continued)
PENNSYLVANIA - 4.0%
Allegheny County Hospital Development Authority, University of Pittsburgh Medical Center, Revenue Bond		5.000%		8/15/2019		A1	$	640,000	$	663,757
Allegheny County Sanitary Authority, Revenue Bond, AGM		5.000%		12/1/2019		A1		1,500,000		1,568,490
Central Bradford Progress Authority, Guthrie Healthcare System, Revenue Bond		5.250%		12/1/2018		AA2		600,000		609,276
North Wales Water Authority, Series A, Revenue Bond		5.000%		11/1/2020		AA2		1,000,000		1,068,820
Pennsylvania Turnpike Commission, Highway Impt., Series A-1, Revenue Bond		5.000%		12/1/2023		A1		1,200,000		1,370,508
Pennsylvania Turnpike Commission, Series A, Revenue Bond, AGM		5.250%		7/15/2019		Aa3		1,050,000		1,090,330
Pennsylvania Turnpike Commission, Series B, Revenue Bond		5.000%		12/1/2020		A1		1,000,000		1,045,520
Philadelphia, Water & Wastewater, Prerefunded Balance, Revenue Bond, NATL		5.600%		8/1/2018		WR3		20,000		20,052
Philadelphia, Water & Wastewater, Swap Termination, Series A, Revenue Bond, AGM		5.000%		6/15/2019		A1		1,000,000		1,032,210
Pittsburgh Water & Sewer Authority, Prerefunded Balance, Series B, Revenue Bond, AGM		5.000%		9/1/2019		A2		1,000,000		1,038,940
University Area Joint Authority, Revenue Bond, AGM		2.250%		11/1/2027		AA2		1,500,000		1,410,705
										10,918,608
SOUTH CAROLINA - 0.5%
Charleston, Waterworks & Sewer System, Prerefunded Balance, Revenue Bond		5.000%		1/1/2022		Aaa		530,000		571,594
Greenwood Metropolitan District, Sewer Impt., Revenue Bond		5.000%		10/1/2026		Aa3		500,000		586,490
South Carolina State Public Service Authority, Prerefunded Balance, Series B, Revenue Bond, NATL		5.000%		1/1/2019		A1		85,000		86,490
										1,244,574
TENNESSEE - 2.6%
Knoxville Electric System Revenue, Electric Light & Power Impt., Series II, Revenue Bond		3.000%		7/1/2028		Aa2		1,090,000		1,100,300
Knoxville Electric System Revenue, Series FF, Revenue Bond		5.000%		7/1/2023		Aa2		800,000		891,048
Knoxville Electric System Revenue, Series FF, Revenue Bond		5.000%		7/1/2025		Aa2		705,000		782,374

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

11

Diversified Tax Exempt Series

Investment Portfolio - June 30, 2018

(unaudited)

	COUPON RATE		MATURITY   DATE		CREDIT RATING1 (UNAUDITED)		PRINCIPAL AMOUNT		VALUE   (NOTE 2)
MUNICIPAL BONDS (continued)
TENNESSEE (continued)
Knoxville Wastewater System, Series A, Revenue Bond		4.000%		4/1/2020		Aa2	$	685,000	$	712,558
Knoxville Wastewater System, Sewer Impt., Series B, Revenue Bond		4.000%		4/1/2024		Aa2		400,000		425,584
Madison Suburban Utility District, Revenue Bond, AGM		5.000%		2/1/2019		A1		655,000		667,825
Memphis Electric System, Revenue Bond		5.000%		12/1/2018		Aa2		1,000,000		1,014,560
Metropolitan Government of Nashville & Davidson County, Series A, Revenue Bond, AGM		5.250%		1/1/2019		Aa2		1,505,000		1,533,144
										7,127,393
TEXAS - 8.0%
Austin Electric Utility, Revenue Bond		5.000%		11/15/2020		Aa3		1,600,000		1,718,464
Austin Electric Utility, Series A, Revenue Bond		5.000%		11/15/2022		Aa3		500,000		561,295
Austin Water & Wastewater System, Revenue Bond		5.000%		11/15/2026		Aa2		1,500,000		1,782,735
Fort Worth Water & Sewer System, Revenue Bond		5.000%		2/15/2020		Aa1		550,000		578,633
Fort Worth Water & Sewer System, Water Utility Impt., Revenue Bond		4.000%		2/15/2043		Aa1		2,000,000		2,070,760
Harris County Cultural Education Facilities Finance Corp., Revenue Bond		4.000%		12/1/2019		A1		500,000		515,535
Harris County, Senior Lien, Toll Road Impt., Series B, Revenue Bond		5.000%		8/15/2023		Aa2		600,000		682,422
Houston Combined Utility System, Multi Utility Impt., Series D, Revenue Bond		5.000%		11/15/2025		Aa2		1,265,000		1,462,125
Houston Combined Utility System, Series S, Revenue Bond4		2.410%		5/15/2034		AA2		1,000,000		1,006,530
Metropolitan Transit Authority of Harris County, Transit Impt., Prerefunded Balance, Revenue Bond		5.000%		11/1/2019		Aa2		845,000		882,231
North Texas Municipal Water District, Sewer Impt., Revenue Bond		3.500%		6/1/2035		Aa2		1,000,000		1,001,200
North Texas Municipal Water District, Water Utility Impt., Revenue Bond		5.000%		9/1/2023		Aa2		2,535,000		2,884,754
North Texas Tollway Authority, Series A, Revenue Bond		5.000%		1/1/2026		A1		500,000		566,545
San Antonio Water System, Junior Lien, Series A, Revenue Bond		5.000%		5/15/2026		Aa2		500,000		587,580
San Antonio Water System, Junior Lien, Series A, Revenue Bond		5.000%		5/15/2032		Aa2		2,170,000		2,499,948
Trinity River Authority Central Regional Wastewater System Revenue, Revenue Bond		5.000%		8/1/2024		AAA2		2,200,000		2,509,144

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

12

Diversified Tax Exempt Series

Investment Portfolio - June 30, 2018

(unaudited)

	COUPON RATE			MATURITY   DATE		CREDIT RATING1 (UNAUDITED)		PRINCIPAL AMOUNT		VALUE   (NOTE 2)
MUNICIPAL BONDS (continued)
TEXAS (continued)
Trinity River Authority LLC, Tarrant County Water Project, Revenue Bond		5.000	%		2/1/2019		AA2	$	500,000	$	510,080
											21,819,981
UTAH - 0.6%
Central Utah Water Conservancy District, Series B, Revenue Bond		5.000	%		10/1/2025		AA2		500,000		587,410
Provo Energy System Revenue, Series A, Revenue Bond, BAM		5.000	%		2/1/2026		AA2		975,000		1,119,427
											1,706,837
VIRGINIA - 0.5%
Virginia Resources Authority, Sewer Impt., Series B, Revenue Bond		5.000	%		10/1/2019		Aaa		1,290,000		1,344,941
WASHINGTON - 7.7%
Everett Water & Sewer, Revenue Bond		5.000	%		12/1/2020		AA2		1,330,000		1,431,599
Everett, G.O. Bond4		1.910	%		12/1/2034		AA2		885,000		886,142
King County Sewer Revenue, Series B, Revenue Bond		5.000	%		1/1/2020		Aa1		750,000		787,282
Seattle Municipal Light & Power, Series A, Revenue Bond		5.000	%		6/1/2019		Aa2		1,675,000		1,727,528
Seattle Water System Revenue, Revenue Bond		5.000	%		5/1/2026		Aa1		4,000,000		4,656,720
Seattle, Drainage & Wastewater, Sewer Impt., Revenue Bond		5.000	%		9/1/2021		Aa1		2,000,000		2,190,580
Seattle, Drainage & Wastewater, Sewer Impt., Revenue Bond		4.000	%		4/1/2034		Aa1		2,435,000		2,569,315
Tacoma, Sewer Impt., Revenue Bond		4.000	%		12/1/2019		Aa2		1,095,000		1,131,825
Washington Health Care Facilities Authority, Providence Health & Services, Series A, Revenue Bond		5.000	%		10/1/2018		Aa3		475,000		479,052
Washington State, Series 2011-A, G.O. Bond		5.000	%		1/1/2020		Aa1		2,000,000		2,098,800
Washington State, Series B, G.O. Bond		5.000	%		2/1/2027		Aa1		2,675,000		3,087,030
											21,045,873
WISCONSIN - 2.8%
Milwaukee Sewerage System, Sewer Impt., Series S1, Revenue Bond		5.000	%		6/1/2021		Aa3		470,000		511,623
Milwaukee Sewerage System, Sewer Impt., Series S7, Revenue Bond		3.000	%		6/1/2031		AA2		1,000,000		948,180

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

13

Diversified Tax Exempt Series

Investment Portfolio - June 30, 2018

(unaudited)

	COUPON RATE		MATURITY   DATE		CREDIT RATING1 (UNAUDITED)		PRINCIPAL AMOUNT/   SHARES		VALUE   (NOTE 2)
MUNICIPAL BONDS (continued)
WISCONSIN (continued)
Wisconsin Health & Educational Facilities Authority, Ascension Health Credit, Series A, Revenue Bond		5.000%		11/15/2018		Aa2	$	600,000	$	607,704
Wisconsin Health & Educational Facilities Authority, ProHealth Care, Inc., Revenue Bond		3.000%		8/15/2019		A1		510,000		517,186
Wisconsin State, Series 2, G.O. Bond		5.000%		11/1/2026		Aa1		2,580,000		3,074,947
WPPI Energy, Series A, Revenue Bond		5.000%		7/1/2020		A1		2,000,000		2,127,660
										7,787,300
TOTAL MUNICIPAL BONDS
(Identified Cost $271,299,713)										269,531,373
SHORT-TERM INVESTMENT - 0.6%
Dreyfus Government Cash Management, Institutional Shares
(Identified Cost $1,605,839)		1.81%5						1,605,839		1,605,839
TOTAL INVESTMENTS - 98.8%
(Identified Cost $272,905,552)										271,137,212
OTHER ASSETS, LESS LIABILITIES - 1.2%										3,237,007
NET ASSETS - 100%									$	274,374,219

KEY:

G.O. Bond - General Obligation Bond

Impt. - Improvement

No. - Number

Scheduled principal and interest payments are guaranteed by:

AGM (Assurance Guaranty Municipal Corp.)

BAM (Build America Mutual Assurance Co.)

NATL (National Public Finance Guarantee Corp.)

The insurance does not guarantee the market value of the municipal bonds.

¹Credit ratings from Moody’s (unaudited).

²Credit ratings from S&P (unaudited).

³Credit rating has been withdrawn. As of June 30, 2018, there is no rating available (unaudited).

⁴Variable 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 June 30, 2018.

⁵Rate shown is the current yield as of June 30, 2018.

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

14

Diversified Tax Exempt Series

Statement of Assets and Liabilities

June 30, 2018 (unaudited)

ASSETS:
Investments, at value (identified cost $272,905,552) (Note 2)	$	271,137,212
Cash		20,500
Interest receivable		3,366,117
Receivable for fund shares sold		20,432
Prepaid expenses		15,382
TOTAL ASSETS		274,559,643
LIABILITIES:
Accrued management fees (Note 3)		113,116
Accrued fund accounting and administration fees (Note 3)		34,782
Accrued Chief Compliance Officer service fees (Note 3)		262
Audit fees payable		19,193
Payable for fund shares repurchased		10,880
Other payables and accrued expenses		7,191
TOTAL LIABILITIES		185,424
TOTAL NET ASSETS	$	274,374,219
NET ASSETS CONSIST OF:
Capital stock	$	252,204
Additional paid-in-capital		276,138,584
Undistributed net investment income		495,243
Accumulated net realized loss on investments		(743,472	)
Net unrealized depreciation on investments		(1,768,340	)
TOTAL NET ASSETS	$	274,374,219
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class A ($274,374,219/25,220,441 shares)	$	10.88

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

15

Diversified Tax Exempt Series

Statement of Operations

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

INVESTMENT INCOME:
Interest	$	2,670,406
Dividends		26,097
Total Investment Income		2,696,503
EXPENSES:
Management fees (Note 3)		686,338
Fund accounting and administration fees (Note 3)		46,762
Directors’ fees (Note 3)		9,955
Chief Compliance Officer service fees (Note 3)		2,150
Custodian fees		5,841
Miscellaneous		49,286
Total Expenses		800,332
NET INVESTMENT INCOME		1,896,171
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments		(16,263	)
Net change in unrealized appreciation (depreciation) on investments		(2,868,396	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS		(2,884,659	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(988,488	)

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

16

Diversified Tax Exempt Series

Statements of Changes in Net Assets

	FOR THE SIX MONTHS ENDED 6/30/18 (UNAUDITED)			FOR THE YEAR ENDED 12/31/17
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income	$	1,896,171		$	3,604,334
Net realized gain (loss) on investments		(16,263	)		3,887
Net change in unrealized appreciation (depreciation) on investments		(2,868,396	)		3,658,653
Net increase (decrease) from operations		(988,488	)		7,266,874
DISTRIBUTIONS TO SHAREHOLDERS (Note 7):
From net investment income		(1,648,823	)		(3,610,853	)
CAPITAL STOCK ISSUED AND REPURCHASED:
Net decrease from capital share transactions (Note 5)		(1,317,604	)		(41,712,775	)
Net decrease in net assets		(3,954,915	)		(38,056,754	)
NET ASSETS:
Beginning of period		278,329,134			316,385,888
End of period (including undistributed net investment income of $495,243 and $ 247,895, respectively)	$	274,374,219		$	278,329,134

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

17

Diversified Tax Exempt Series

Financial Highlights

	FOR THE SIX			FOR THE YEAR ENDED
	MONTHS ENDED
	6/30/18   (UNAUDITED)			12/31/17			12/31/16			12/31/15			12/31/14			12/31/13
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period		$10.98			$10.86			$11.07			$11.00			$10.91			$11.39
Income (loss) from investment operations:
Net investment income1		0.07			0.13			0.11			0.09			0.08			0.14
Net realized and unrealized gain (loss) on investments		(0.10	)		0.13			(0.20	)		0.08			0.09			(0.29	)
Total from investment operations		(0.03	)		0.26			(0.09	)		0.17			0.17			(0.15	)
Less distributions to shareholders:
From net investment income		(0.07	)		(0.14	)		(0.12	)		(0.10	)		(0.08	)		(0.13	)
From net realized gain on investments		—			—			—			—			—			(0.20	)
Total distributions to shareholders		(0.07	)		(0.14	)		(0.12	)		(0.10	)		(0.08	)		(0.33	)
Net asset value - End of period		$10.88			$10.98			$10.86			$11.07			$11.00			$10.91
Net assets - End of period (000’s omitted)		$274,374			$278,329			$316,386			$358,584			$376,271			$335,679
Total return2		(0.32%	)		2.37%			(0.83%	)		1.51%			1.51%			(1.28%	)
Ratios (to average net assets)/Supplemental Data:
Expenses		0.58%	3		0.58%			0.57%			0.57%			0.56%			0.57%
Net investment income		1.38%	3		1.22%			1.01%			0.80%			0.75%			1.21%
Portfolio turnover		6%			4%			16%			33%			25%			58%

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.

18

Diversified Tax Exempt Series

Notes to Financial Statements

(unaudited)

1. Organization

Diversified Tax Exempt 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 as high a level of current income exempt from federal income tax as the Advisor believes is consistent with the preservation 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 June 30, 2018, 10.9 billion shares have been designated in total among 38 series, of which 100 million have been designated as Diversified Tax Exempt Series Class A 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

Municipal securities will normally be valued on the basis of market valuations provided by an independent pricing service (the “Service”). The Service utilizes the latest price quotations and a matrix system (which considers such factors as security prices of similar securities, yields, maturities and ratings). The Service has been approved by the Fund’s Board of Directors (the “Board”).

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

Volume and level of activity in established markets for an asset or liability are evaluated to determine whether recent transactions and quoted prices are determinative of fair value. Where there have been significant decreases in volume and level of activity, further analysis and adjustment may be necessary to estimate fair value. 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 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.

19

Diversified Tax Exempt 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 June 30, 2018 in valuing the Series’ assets or liabilities carried at fair value:

DESCRIPTION	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Assets:
Debt securities:
States and political subdivisions (municipals)	$	269,531,373	$	—	$	269,531,373	$	—
Mutual fund		1,605,839		1,605,839		—		—
Total assets	$	271,137,212	$	1,605,839	$	269,531,373	$	—

There were no Level 3 securities held by the Series as of December 31, 2017 or June 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 June 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 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 June 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 and various states, 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 December

20

Diversified Tax Exempt Series

Notes to Financial Statements (continued)

(unaudited)

2. Significant Accounting Policies (continued)

Federal Taxes (continued)

31, 2014 through December 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.

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 0.50% 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 each role.

The Advisor has contractually agreed, until at least April 30, 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 0.85% of average daily net assets each year. The Advisor did not waive any fees for the six months ended June 30, 2018. 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, as amended, 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.

21

Diversified Tax Exempt Series

Notes to Financial Statements (continued)

(unaudited)

3. Transactions with Affiliates (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 June 30, 2018, purchases and sales of securities, other than U.S. Government securities and short-term securities, were $20,022,758 and $16,700,069, respectively. There were no purchases or sales of U.S. Government securities.

5. Capital Stock Transactions

Transactions in Class A shares of Diversified Tax Exempt Series were:

	FOR THE SIX MONTHS ENDED 6/30/18						FOR THE YEAR ENDED 12/31/17
	SHARES			AMOUNT			SHARES			AMOUNT
Sold		1,184,942		$	12,913,104			2,939,836		$	32,436,887
Reinvested		131,800			1,430,737			288,983			3,186,628
Repurchased		(1,439,620	)		(15,661,445	)		(7,018,912	)		(77,336,290	)
Total		(122,878	)	$	(1,317,604	)		(3,790,093	)	$	(41,712,775	)

Over 90% of the shares outstanding are fiduciary accounts where the Advisor has sole investment discretion.

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 June 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.

22

Diversified Tax Exempt Series

Notes to Financial Statements (continued)

(unaudited)

7. Federal Income Tax Information (continued)

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 December 31, 2017 were as follows:

Ordinary income          $       25,186

Tax exempt income     $  3,585,667

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

Cost for federal income tax purposes	$	272,905,552
Unrealized appreciation		920,791
Unrealized depreciation		(2,689,131	)
Net unrealized depreciation	$	(1,768,340	)

As of December 31, 2017, the Series had net short-term capital loss carryforwards of $270,182 and net long-term capital loss carryforwards of $457,027, which may be carried forward indefinitely.

23

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24

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25

Diversified Tax Exempt 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 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 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.

MNDTE-6/18-SAR

New York Tax Exempt 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 (January 1, 2018 to June 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                 1/1/18	ENDING ACCOUNT VALUE                 6/30/18	EXPENSES PAID DURING PERIOD*                 1/1/18-6/30/18
Actual	$1,000.00	$   995.71	$3.02
Hypothetical (5% return before expenses)	$1,000.00	$1,021.77	$3.06

*Expenses are equal to the Series’ annualized expense ratio (for the six-month period) of 0.61%, 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.

1

New York Tax Exempt Series

Portfolio Composition as of June 30, 2018

(unaudited)

2

New York Tax Exempt Series

Investment Portfolio - June 30, 2018

(unaudited)

	COUPON RATE		MATURITY   DATE		CREDIT RATING1 (UNAUDITED)		PRINCIPAL AMOUNT		VALUE   (NOTE 2)
NEW YORK MUNICIPAL BONDS - 95.8%
Albany Municipal Water Finance Authority, Series A, Revenue Bond		5.000%		12/1/2018		AA2	$	1,295,000	$	1,313,855
Albany Municipal Water Finance Authority, Series A, Revenue Bond		5.000%		12/1/2019		AA2		1,125,000		1,178,471
Amherst, Public Impt., G.O. Bond		5.000%		9/15/2018		Aa2		365,000		367,643
Amherst, Public Impt., G.O. Bond		2.125%		11/1/2025		Aa2		675,000		657,173
Arlington Central School District, G.O. Bond		4.000%		12/15/2020		Aa2		400,000		421,784
Arlington Central School District, G.O. Bond		4.000%		12/15/2021		Aa2		300,000		321,147
Babylon, Various Purposes, Public Impt., Series B, G.O. Bond		2.250%		12/1/2026		Aaa		705,000		697,513
Beacon, Public Impt., Series A, G.O. Bond		3.000%		10/1/2018		Aa2		675,000		677,727
Bedford Central School District, G.O. Bond		2.000%		10/15/2021		Aa2		500,000		502,445
Briarcliff Manor, Public Impt., Series A, G.O. Bond		3.000%		2/1/2020		Aa2		265,000		270,631
Brookhaven, Public Impt., Series A, G.O. Bond		3.000%		2/1/2019		Aa1		1,385,000		1,398,019
Buffalo Municipal Water Finance Authority, Series A, Revenue Bond		4.000%		7/1/2022		A2		300,000		322,446
Buffalo Municipal Water Finance Authority, Series A, Revenue Bond		5.000%		7/1/2023		A2		300,000		339,828
Canandaigua City School District, G.O. Bond		2.125%		6/15/2026		Aa3		540,000		522,061
Cattaraugus County, Highway Impt., G.O. Bond		2.000%		4/15/2019		Aa3		405,000		406,535
Chappaqua Central School District, School Impt., G.O. Bond		2.250%		6/15/2025		Aaa		675,000		674,993
Chenango Valley Central School District, G.O. Bond, AGM		2.125%		6/15/2021		A2		500,000		494,875
Clarence Central School District, G.O. Bond		4.000%		5/15/2021		Aa2		250,000		265,655
Clarkstown Central School District, G.O. Bond		4.000%		10/15/2021		Aa2		500,000		524,490
Clarkstown, G.O. Bond		4.000%		5/15/2019		AA2		375,000		383,070
Corning City School District, G.O. Bond		4.000%		6/15/2028		Aa3		995,000		1,101,236
Cortland County, Public Impt., G.O. Bond, BAM		2.750%		9/1/2019		AA2		305,000		309,191
Dutchess County, G.O. Bond		2.125%		12/15/2023		AA2		850,000		852,338
Erie County Fiscal Stability Authority, Public Impt., Series A, Revenue Bond		4.000%		3/15/2019		Aa1		600,000		610,776
Essex County, Public Impt., G.O. Bond		5.000%		5/1/2020		AA2		500,000		529,650
Gananda Central School District, G.O. Bond		3.000%		6/15/2019		AA2		250,000		253,310
Gates Chili Central School District, School Impt., G.O. Bond		2.000%		6/15/2019		Aa3		215,000		216,049
Greece Central School District, G.O. Bond, BAM		2.500%		6/15/2023		Aa3		620,000		631,892
Iroquois Central School District, School Impt., G.O. Bond		2.000%		6/15/2021		Aa2		500,000		502,095
Islip Union Free School District, School Impt., G.O. Bond		2.250%		3/1/2019		Aa3		475,000		477,551
Jamestown City School District, G.O. Bond		3.000%		4/1/2019		Aa3		200,000		201,986
Kings Park Central School District, G.O. Bond		2.000%		8/1/2020		Aa2		500,000		503,455
Kings Park Central School District, School Impt., Series B, G.O. Bond		2.000%		7/15/2025		Aa2		800,000		772,608

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

3

New York Tax Exempt Series

Investment Portfolio - June 30, 2018

(unaudited)

	COUPON RATE		MATURITY   DATE		CREDIT RATING1 (UNAUDITED)		PRINCIPAL AMOUNT		VALUE   (NOTE 2)
NEW YORK MUNICIPAL BONDS (continued)
Lockport City School District, G.O. Bond, AGM		2.000%		8/1/2019		Aa3	$	450,000	$	452,345
Mamaroneck, Various Purposes, Public Impt., G.O. Bond		2.000%		7/15/2020		Aaa		335,000		336,933
Metropolitan Transportation Authority, Climate Bond Certified Green Bond, Series B-2, Revenue Bond		5.000%		11/15/2025		AA2		1,350,000		1,590,665
Metropolitan Transportation Authority, Series A-1, Revenue Bond		2.500%		11/15/2025		A1		2,000,000		1,977,360
Metropolitan Transportation Authority, Series A-2, Revenue Bond		5.000%		11/15/2025		A1		750,000		872,130
Metropolitan Transportation Authority, Series F, Revenue Bond		5.000%		11/15/2019		A1		1,000,000		1,046,040
Metropolitan Transportation Authority, Series F, Revenue Bond		5.000%		11/15/2022		A1		250,000		279,982
Metropolitan Transportation Authority, Series F, Revenue Bond		5.000%		11/15/2025		A1		505,000		563,777
Metropolitan Transportation Authority, Subseries B-1, Revenue Bond		5.000%		11/15/2024		AA2		1,885,000		2,149,729
Metropolitan Transportation Authority, Transit Impt., Prerefunded Balance, Series C, Revenue Bond		6.500%		11/15/2028		WR3		700,000		713,363
Metropolitan Transportation Authority, Transit Impt., Prerefunded Balance, Series C, Revenue Bond		6.500%		11/15/2028		WR3		90,000		91,718
Metropolitan Transportation Authority, Transit Impt., Series A, Revenue Bond, NATL		5.250%		11/15/2018		Aa2		200,000		202,832
Metropolitan Transportation Authority, Transit Impt., Series C, Revenue Bond		5.000%		11/15/2018		A1		650,000		658,587
Metropolitan Transportation Authority, Transit Impt., Series C, Revenue Bond		5.000%		11/15/2019		A1		500,000		523,020
Metropolitan Transportation Authority, Transit Impt., Subseries B-2, Revenue Bond		5.000%		11/15/2021		A1		1,000,000		1,099,930
Metropolitan Transportation Authority, Transit Impt., Unrefunded Balance, Series B, Revenue Bond		6.500%		11/15/2028		A1		210,000		213,763
Middle Country Central School District At Centereach, School Impt., G.O. Bond		2.000%		8/15/2026		Aa2		1,005,000		954,157
Monroe County Water Authority, Water Utility Impt., Revenue Bond		5.000%		8/1/2019		Aa2		455,000		471,758
Naples Central School District, G.O. Bond, BAM		2.500%		6/15/2020		AA2		710,000		722,354
Nassau County Sewer & Storm Water Finance Authority, Multi Utility Impt., Prerefunded Balance, Series A, Revenue Bond, BHAC		5.000%		11/1/2018		WR3		350,000		354,144
Nassau County Sewer & Storm Water Finance Authority, Series A, Revenue Bond		5.000%		10/1/2018		Aa3		500,000		504,515
Nassau County Sewer & Storm Water Finance Authority, Series A, Revenue Bond		5.000%		10/1/2022		Aa3		500,000		563,120
Nassau County, Public Impt., Series A, G.O. Bond		5.000%		4/1/2019		A2		2,425,000		2,487,177

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

4

New York Tax Exempt Series

Investment Portfolio - June 30, 2018

(unaudited)

	COUPON RATE		MATURITY   DATE		CREDIT RATING1 (UNAUDITED)		PRINCIPAL AMOUNT		VALUE   (NOTE 2)
NEW YORK MUNICIPAL BONDS (continued)
New York City Transitional Finance Authority Building Aid Revenue, Public Impt., Series S-1, Revenue Bond		5.000%		7/15/2026		Aa2	$	1,250,000	$	1,467,100
New York City Transitional Finance Authority, Building Aid, Public Impt., Prerefunded Balance, Series S-1, Revenue Bond		5.000%		7/15/2019		Aa2		1,000,000		1,035,540
New York City Transitional Finance Authority, Building Aid, Public Impt., Series S-1, Revenue Bond		5.000%		7/15/2018		Aa2		1,000,000		1,001,240
New York City Transitional Finance Authority, Building Aid, Public Impt., Series S-2, Revenue Bond		5.000%		7/15/2023		Aa2		2,000,000		2,279,760
New York City Transitional Finance Authority, Future Tax Secured, Public Impt., Series A-1, Revenue Bond		3.250%		8/1/2035		Aa1		1,000,000		971,810
New York City Transitional Finance Authority, Future Tax Secured, Public Impt., Series E-1, Revenue Bond		5.000%		2/1/2026		Aa1		475,000		549,727
New York City Transitional Finance Authority, Future Tax Secured, Public Impt., Subseries B1, Revenue Bond		5.000%		11/1/2023		Aa1		2,000,000		2,293,020
New York City Transitional Finance Authority, Future Tax Secured, Series B, Revenue Bond		5.000%		11/1/2024		Aa1		3,000,000		3,363,330
New York City Transitional Finance Authority, Future Tax Secured, Series C, Revenue Bond		5.000%		11/1/2025		Aa1		750,000		874,672
New York City Water & Sewer System, Series A, Revenue Bond		3.000%		6/15/2036		Aa1		1,250,000		1,183,212
New York City Water & Sewer System, Series GG, Revenue Bond		4.000%		6/15/2020		Aa1		350,000		365,992
New York City Water & Sewer System, Series HH, Revenue Bond		5.000%		6/15/2025		Aa1		3,000,000		3,534,360
New York City Water & Sewer System, Water Utility Impt., Subseries BB-1, Revenue Bond		5.000%		6/15/2046		Aa1		2,000,000		2,291,620
New York City, Series 1, G.O. Bond		5.000%		8/1/2023		Aa2		2,700,000		3,075,219
New York City, Series C, G.O. Bond		5.000%		8/1/2024		Aa2		4,865,000		5,626,908
New York Local Government Assistance Corp., Subseries A-5/6, Revenue Bond		5.500%		4/1/2019		Aa1		445,000		458,657
The New York Power Authority, Series A, Revenue Bond		4.000%		11/15/2018		Aa1		220,000		222,196
New York State Dormitory Authority, Consolidated Service Contract, Revenue Bond		5.000%		7/1/2019		Aa2		750,000		775,665
New York State Dormitory Authority, Income Tax Revenue, Series A, Revenue Bond		5.000%		3/15/2025		Aa1		500,000		583,030
New York State Dormitory Authority, Income Tax Revenue, Series B, Revenue Bond, AMBAC		5.500%		3/15/2026		Aa1		1,200,000		1,457,244
New York State Dormitory Authority, Income Tax Revenue, Series E, Revenue Bond		3.500%		3/15/2037		Aa1		850,000		851,581

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

5

New York Tax Exempt Series

Investment Portfolio - June 30, 2018

(unaudited)

	COUPON RATE		MATURITY   DATE		CREDIT RATING1 (UNAUDITED)		PRINCIPAL AMOUNT		VALUE   (NOTE 2)
NEW YORK MUNICIPAL BONDS (continued)
New York State Dormitory Authority, Rochester Institute of Technology, University & College Impt., Prerefunded Balance, Series A, Revenue Bond		5.750%		7/1/2025		A1	$	500,000	$	500,000
New York State Dormitory Authority, School Impt., Series A, Revenue Bond		5.000%		3/15/2030		Aa1		1,500,000		1,765,860
New York State Dormitory Authority, School Impt., Series A, Revenue Bond		4.000%		3/15/2047		Aa1		1,050,000		1,086,645
New York State Dormitory Authority, School Impt., Series E, Revenue Bond, AGM		5.000%		10/1/2025		A2		1,000,000		1,134,230
New York State Dormitory Authority, Series A, Revenue Bond		5.000%		3/15/2025		Aa1		500,000		584,040
New York State Dormitory Authority, Series A, Revenue Bond		3.000%		10/1/2026		A2		1,000,000		1,027,990
New York State Dormitory Authority, Series B, Revenue Bond, AGM		4.000%		10/1/2018		AA2		250,000		251,600
New York State Dormitory Authority, Series B, Revenue Bond, AGM		5.000%		4/1/2019		AA2		1,265,000		1,297,536
New York State Dormitory Authority, Series D, Revenue Bond		5.000%		2/15/2024		Aa1		4,000,000		4,597,760
New York State Dormitory Authority, Series D, Revenue Bond		5.000%		2/15/2027		Aa1		300,000		354,780
New York State Dormitory Authority, Series F, Revenue Bond, AGM		5.000%		10/1/2018		A2		500,000		504,415
New York State Dormitory Authority, University & College Impt., Prerefunded Balance, Series A, Revenue Bond		5.000%		7/1/2020		Aa2		225,000		232,700
New York State Environmental Facilities Corp., Revenue Bond		5.000%		6/15/2025		Aaa		1,000,000		1,089,120
New York State Environmental Facilities Corp., Subseries A, Revenue Bond		5.000%		6/15/2020		Aaa		1,250,000		1,335,000
New York State Environmental Facilities Corp., Water Utility Impt., Revenue Bond		5.000%		6/15/2031		Aaa		1,000,000		1,166,670
New York State Environmental Facilities Corp., Water Utility Impt., Series A, Revenue Bond		5.000%		6/15/2035		Aaa		1,000,000		1,152,730
New York State Environmental Facilities Corp., Water Utility Impt., Series B, Revenue Bond		4.000%		8/15/2046		Aaa		2,000,000		2,084,440
New York State Thruway Authority, Highway & Bridge Trust Fund, Highway Impt., Prerefunded Balance, Series B, Revenue Bond		5.000%		4/1/2019		WR3		100,000		100,878
New York State Thruway Authority, Highway & Bridge Trust Fund, Highway Impt., Unrefunded Balance, Series B, Revenue Bond		5.000%		4/1/2019		AA2		250,000		252,208
New York State Thruway Authority, Highway Impt., Series A, Revenue Bond		5.000%		3/15/2020		Aa1		550,000		581,988
New York State Thruway Authority, Highway Impt., Series I, Revenue Bond		4.000%		1/1/2019		A2		525,000		531,626

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

6

New York Tax Exempt Series

Investment Portfolio - June 30, 2018

(unaudited)

	COUPON RATE		MATURITY   DATE		CREDIT RATING1 (UNAUDITED)		PRINCIPAL AMOUNT		VALUE   (NOTE 2)
NEW YORK MUNICIPAL BONDS (continued)
New York State Urban Development Corp., Public Impt., Series A-2, Revenue Bond, NATL		5.500%		3/15/2024		Aa1	$	1,250,000	$	1,472,000
New York State Urban Development Corp., Public Impt., Series C, Revenue Bond		4.000%		3/15/2043		Aa1		2,250,000		2,334,150
New York State Urban Development Corp., Series A, Revenue Bond		5.000%		3/15/2026		Aa1		1,050,000		1,238,422
New York State Urban Development Corp., Series A, Revenue Bond		5.000%		3/15/2027		Aa1		2,000,000		2,339,000
New York State, Water Utility Impt., Series A, G.O. Bond		5.000%		3/1/2021		Aa1		1,000,000		1,085,750
New York State, Water Utility Impt., Series E, G.O. Bond		5.000%		12/15/2019		Aa1		565,000		593,589
Niagara County, Water Utility Impt., G.O. Bond		2.000%		2/1/2020		Aa3		500,000		502,635
North Colonie Central School District, G.O. Bond		4.000%		7/15/2020		AA2		400,000		419,128
Oneida County, Public Impt., G.O. Bond, AGM		2.500%		5/15/2019		A1		500,000		504,330
Oneida County, Public Impt., G.O. Bond, AGM		3.000%		5/1/2020		A1		400,000		403,724
Onondaga County Water Authority, Water Utility Impt., Series A, Revenue Bond, BAM		3.000%		9/15/2018		Aa3		200,000		200,642
Onondaga County, Public Impt., G.O. Bond		5.000%		5/1/2020		Aa2		250,000		265,245
Onondaga County, Public Impt., G.O. Bond		5.000%		5/15/2022		Aa2		1,000,000		1,115,810
Onondaga County, Public Impt., G.O. Bond		5.000%		5/15/2023		Aa2		1,000,000		1,139,930
Onondaga County, Public Impt., G.O. Bond		2.125%		6/15/2030		Aa2		715,000		639,267
Orange County, Public Impt., Series A, G.O. Bond		2.000%		6/15/2026		Aa3		600,000		574,854
Orange County, Various Purposes Impt., Series A, G.O. Bond, AGM		5.000%		3/1/2023		Aa3		520,000		589,581
Pittsford Central School District, G.O. Bond		4.000%		10/1/2021		Aa1		350,000		373,695
Pittsford, Public Impt., G.O. Bond		2.000%		11/1/2025		Aaa		580,000		571,022
Pittsford, Public Impt., G.O. Bond		2.000%		11/1/2026		Aaa		595,000		570,902
Port Authority of New York & New Jersey, Airport & Marina Impt., Consolidated Series 189, Revenue Bond		5.000%		5/1/2024		Aa3		800,000		926,608
Port Authority of New York & New Jersey, Airport & Marina Impt., Series 179, Revenue Bond		5.000%		12/1/2018		Aa3		400,000		405,824
Port Authority of New York & New Jersey, Airport & Marina Impt., Series 179, Revenue Bond		5.000%		12/1/2024		Aa3		765,000		877,057
Port Authority of New York & New Jersey, Consolidated Series 184, Revenue Bond		5.000%		9/1/2025		Aa3		2,500,000		2,893,400
Port Authority of New York & New Jersey, Series 180, Revenue Bond		4.000%		6/1/2019		Aa3		200,000		204,524
Putnam County, Parking Facility Impt., G.O. Bond		2.000%		11/15/2018		Aa2		300,000		300,663
Rensselaer County, Nursing Homes, Public Impt., G.O. Bond		2.000%		7/15/2020		AA2		930,000		933,032
Rochester, School Impt., Series A, G.O. Bond, AMBAC		5.000%		8/15/2022		Aa3		95,000		106,447
Rochester, School Impt., Series II, G.O. Bond		5.000%		2/1/2019		Aa3		1,625,000		1,659,092
Roslyn Union Free School District, G.O. Bond		5.000%		10/15/2020		Aa1		215,000		231,069

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

7

New York Tax Exempt Series

Investment Portfolio - June 30, 2018

(unaudited)

	COUPON RATE		MATURITY   DATE		CREDIT RATING1 (UNAUDITED)		PRINCIPAL AMOUNT		VALUE   (NOTE 2)
NEW YORK MUNICIPAL BONDS (continued)
Shenendehowa Central School District, G.O. Bond		4.000%		7/15/2020		AA2	$	475,000	$	497,714
South Jefferson Central School District, G.O. Bond, BAM		2.000%		6/15/2019		AA2		710,000		713,806
Suffolk County Water Authority, Prerefunded Balance, Revenue Bond		5.000%		6/1/2021		AAA2		1,225,000		1,337,492
Suffolk County Water Authority, Prerefunded Balance, Revenue Bond		4.000%		6/1/2022		WR3		25,000		26,777
Suffolk County Water Authority, Unrefunded Balance, Revenue Bond		4.000%		6/1/2022		AAA2		175,000		187,140
Suffolk County Water Authority, Water Utility Impt., Prerefunded Balance, Revenue Bond		5.000%		6/1/2019		AAA2		775,000		799,660
Suffolk County, Series B, G.O. Bond, AGM		5.000%		10/1/2019		AA2		1,000,000		1,041,580
Sullivan County, Public Impt., G.O. Bond		2.000%		6/1/2019		AA2		1,015,000		1,020,126
Sullivan County, Public Impt., G.O. Bond		3.000%		11/15/2023		AA2		500,000		522,980
Tonawanda, Public Impt., G.O. Bond		2.000%		6/1/2019		AA2		355,000		356,470
Triborough Bridge & Tunnel Authority, Highway Impt., Series A, Revenue Bond		5.000%		11/15/2018		Aa3		890,000		902,184
Triborough Bridge & Tunnel Authority, Highway Impt., Series A, Revenue Bond		5.000%		11/15/2019		Aa3		1,075,000		1,126,288
Triborough Bridge & Tunnel Authority, Highway Impt., Series A, Revenue Bond		5.000%		11/15/2023		Aa3		350,000		402,402
Triborough Bridge & Tunnel Authority, Prerefunded Balance, Series C, Revenue Bond		5.000%		11/15/2021		WR3		305,000		309,154
Triborough Bridge & Tunnel Authority, Prerefunded Balance, Subseries D, Revenue Bond		5.000%		11/15/2022		WR3		310,000		314,222
Triborough Bridge & Tunnel Authority, Series A, Revenue Bond		5.000%		11/15/2024		Aa3		650,000		758,816
Triborough Bridge & Tunnel Authority, Series B, Revenue Bond		4.000%		11/15/2018		Aa3		250,000		252,512
Triborough Bridge & Tunnel Authority, Series B, Revenue Bond		5.000%		11/15/2019		Aa3		820,000		859,122
Triborough Bridge & Tunnel Authority, Series B, Revenue Bond		5.000%		11/15/2022		Aa3		1,000,000		1,127,950
Triborough Bridge & Tunnel Authority, Series B, Revenue Bond		5.000%		11/15/2024		Aa3		1,000,000		1,123,480
Triborough Bridge & Tunnel Authority, Series C, Revenue Bond		5.000%		11/15/2018		Aa3		500,000		506,845
Ulster County, Public Impt., G.O. Bond		4.000%		11/15/2019		AA2		510,000		526,682
Ulster County, Public Impt., G.O. Bond		2.000%		11/15/2025		AA2		745,000		719,156
Ulster County, Public Impt., Series B, G.O. Bond		2.000%		11/15/2020		AA2		685,000		689,583
Union Endicott Central School District, G.O. Bond, BAM		2.125%		6/15/2019		AA2		580,000		583,787
Vestal Central School District, G.O. Bond		2.000%		6/15/2025		Aa2		685,000		666,046
Voorheesville Central School District, G.O. Bond		5.000%		6/15/2021		AA2		500,000		544,105
Warren County, Public Impt., G.O. Bond, AGM		4.000%		7/15/2020		AA2		500,000		523,090
Wayne County, Public Impt., G.O. Bond		3.000%		6/1/2021		Aa2		295,000		304,570

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

8

New York Tax Exempt Series

Investment Portfolio - June 30, 2018

(unaudited)

	COUPON RATE		MATURITY   DATE		CREDIT RATING1 (UNAUDITED)		PRINCIPAL AMOUNT/ SHARES		VALUE   (NOTE 2)
NEW YORK MUNICIPAL BONDS (continued)
Webster Central School District, G.O. Bond		4.000%		10/1/2018		AA2	$	375,000	$	377,475
West Babylon Union Free School District, School Impt., G.O. Bond		4.000%		8/1/2028		Aa2		1,075,000		1,186,327
Yonkers, Public Impt., Series C, G.O. Bond, AGM		4.000%		8/15/2020		A2		350,000		366,289
TOTAL MUNICIPAL BONDS (Identified Cost $140,025,332)										139,571,218
SHORT-TERM INVESTMENT - 3.4%
Dreyfus Government Cash Management, Institutional Shares (Identified Cost $4,980,115)		1.81%4						4,980,115		4,980,115
TOTAL INVESTMENTS - 99.2%
(Identified Cost $145,005,447)										144,551,333
OTHER ASSETS, LESS LIABILITIES - 0.8%										1,184,758
NET ASSETS - 100%									$	145,736,091

KEY:

G.O. Bond - General Obligation Bond

Impt. - Improvement

Scheduled principal and interest payments are guaranteed by:

AGM (Assurance Guaranty Municipal Corp.)

AMBAC (AMBAC Assurance Corp.)

BAM (Build America Mutual Assurance Co.)

BHAC (Berkshire Hathaway Assurance Corp.)

NATL (National Public Finance Guarantee Corp.)

The insurance does not guarantee the market value of the municipal bonds.

¹Credit ratings from Moody’s (unaudited).

²Credit ratings from S&P (unaudited).

³Credit rating has been withdrawn. As of June 30, 2018, there is no rating available (unaudited).

⁴Rate shown is the current yield as of June 30, 2018.

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

9

New York Tax Exempt Series

Statement of Assets and Liabilities

June 30, 2018 (unaudited)

ASSETS:
Investments, at value (identified cost $145,005,447) (Note 2)	$	144,551,333
Interest receivable		1,323,743
Receivable for fund shares sold		11,269
Prepaid expenses		3,531
TOTAL ASSETS		145,889,876
LIABILITIES:
Accrued management fees (Note 3)		59,886
Accrued fund accounting and administration fees (Note 3)		28,546
Accrued Chief Compliance Officer service fees (Note 3)		259
Payable for fund shares repurchased		39,350
Audit fees payable		19,712
Other payables and accrued expenses		6,032
TOTAL LIABILITIES		153,785
TOTAL NET ASSETS	$	145,736,091
NET ASSETS CONSIST OF:
Capital stock	$	141,280
Additional paid-in-capital		145,815,910
Undistributed net investment income		249,258
Accumulated net realized loss on investments		(16,243	)
Net unrealized depreciation on investments		(454,114	)
TOTAL NET ASSETS	$	145,736,091
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class A ($145,736,091/14,128,012 shares)	$	10.32

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

10

New York Tax Exempt Series

Statement of Operations

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

INVESTMENT INCOME:
Interest	$	1,407,015
Dividends		16,905
Total Investment Income		1,423,920
EXPENSES:
Management fees (Note 3)		367,971
Fund accounting and administration fees (Note 3)		38,848
Directors’ fees (Note 3)		5,378
Chief Compliance Officer service fees (Note 3)		2,147
Custodian fees		4,951
Miscellaneous		32,987
Total Expenses		452,282
NET INVESTMENT INCOME		971,638
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments		(12,684	)
Net change in unrealized appreciation (depreciation) on investments		(1,740,760	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS		(1,753,444	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(781,806	)

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

11

New York Tax Exempt Series

Statements of Changes in Net Assets

	FOR THE SIX MONTHS ENDED 6/30/18 (UNAUDITED)			FOR THE YEAR ENDED 12/31/17
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income	$	971,638		$	1,793,264
Net realized gain (loss) on investments		(12,684	)		(1,393	)
Net change in unrealized appreciation (depreciation) on investments		(1,740,760	)		1,803,574
Net increase (decrease) from operations		(781,806	)		3,595,445
DISTRIBUTIONS TO SHAREHOLDERS (Note 8):
From net investment income		(923,097	)		(1,694,530	)
From net realized gain on investments		—			(28,818	)
Total distributions to shareholders		(923,097	)		(1,723,348	)
CAPITAL STOCK ISSUED AND REPURCHASED:
Net decrease from capital share transactions (Note 5)		(6,576,769	)		(9,145,845	)
Net decrease in net assets		(8,281,672	)		(7,273,748	)
NET ASSETS:
Beginning of period		154,017,763			161,291,511
End of period (including undistributed net investment income of $249,258 and $200,717, respectively)	$	145,736,091		$	154,017,763

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

12

New York Tax Exempt Series

Financial Highlights

	FOR THE SIX MONTHS ENDED			FOR THE YEAR ENDED
	6/30/18 (UNAUDITED)			12/31/17			12/31/16			12/31/15			12/31/14			12/31/13
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period		$10.43			$10.31			$10.50			$10.42			$10.40			$10.78
Income (loss) from investment operations:
Net investment income1		0.07			0.12			0.10			0.08			0.07			0.17
Net realized and unrealized gain (loss) on investments		(0.11	)		0.11			(0.18	)		0.08			0.07			(0.36	)
Total from investment operations		(0.04	)		0.23			(0.08	)		0.16			0.14			(0.19	)
Less distributions to shareholders:
From net investment income		(0.07	)		(0.11	)		(0.11	)		(0.08	)		(0.07	)		(0.16	)
From net realized gain on investments		—			—	2		—	2		—			(0.05	)		(0.03	)
Total distributions to shareholders		(0.07	)		(0.11	)		(0.11	)		(0.08	)		(0.12	)		(0.19	)
Net asset value - End of period		$10.32			$10.43			$10.31			$10.50			$10.42			$10.40
Net assets - End of period (000’s omitted)		$145,736			$154,018			$161,292			$174,603			$180,729			$163,836
Total return3		(0.43%	)		2.27%			(0.79%	)		1.54%			1.28%			(1.72%	)
Ratios (to average net assets)/Supplemental Data:
Expenses		0.61%	4		0.60%			0.60%			0.60%			0.58%			0.60%
Net investment income		1.32%	4		1.12%			0.93%			0.74%			0.68%			1.57%
Portfolio turnover		7%			9%			19%			35%			43%			33%

¹Calculated based on average shares outstanding during the periods.

²Less than $0.01 per share.

³Represents aggregate total return for the periods indicated, and assumes reinvestment of all distributions. Periods less than one year are not annualized.

⁴Annualized.

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

13

New York Tax Exempt Series

Notes to Financial Statements

(unaudited)

1. Organization

New York Tax Exempt 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 as high a level of current income exempt from federal income tax and New York State personal income tax as the Advisor believes is consistent with the preservation 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 June 30, 2018, 10.9 billion shares have been designated in total among 38 series, of which 100 million have been designated as New York Tax Exempt Series Class A 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

Municipal securities will normally be valued on the basis of market valuations provided by an independent pricing service (the “Service”). The Service utilizes the latest price quotations and a matrix system (which considers such factors as security prices of similar securities, yields, maturities and ratings). The Service has been approved by the Fund’s Board of Directors (the “Board”).

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

Volume and level of activity in established markets for an asset or liability are evaluated to determine whether recent transactions and quoted prices are determinative of fair value. Where there have been significant decreases in volume and level of activity, further analysis and adjustment may be necessary to estimate fair value. 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 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.

14

New York Tax Exempt 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 June 30, 2018 in valuing the Series’ assets or liabilities carried at fair value:

DESCRIPTION	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Assets:
Debt securities:
States and political subdivisions (municipals)	$	139,571,218	$	—	$	139,571,218	$	—
Mutual fund		4,980,115		4,980,115		—		—
Total assets	$	144,551,333	$	4,980,115	$	139,571,218	$	—

There were no Level 3 securities held by the Series as of December 31, 2017 or June 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 June 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 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 June 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 and various states, 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 December

15

New York Tax Exempt Series

Notes to Financial Statements (continued)

(unaudited)

2. Significant Accounting Policies (continued)

Federal Taxes (continued)

31, 2014 through December 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.

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 0.50% 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 each role.

The Advisor has contractually agreed, until at least April 30, 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 0.85% of average daily net assets each year. The Advisor did not waive any fees for the six months ended June 30, 2018. 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, as amended, 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.

16

New York Tax Exempt Series

Notes to Financial Statements (continued)

(unaudited)

3. Transactions with Affiliates (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 Securities

For the six months ended June 30, 2018, purchases and sales of securities, other than U.S. Government securities and short-term securities, were $10,710,723 and $17,987,187, respectively. There were no purchases or sales of U.S. Government securities.

5. Capital Stock Transactions

Transactions in Class A shares of New York Tax Exempt Series were:

	FOR THE SIX MONTHS   ENDED 6/30/18						FOR THE YEAR   ENDED 12/31/17
	SHARES			AMOUNT			SHARES			AMOUNT
Sold		380,983		$	3,939,955			919,957		$	9,622,095
Reinvested		83,475			859,403			153,519			1,608,482
Repurchased		(1,100,566	)		(11,376,127	)		(1,947,055	)		(20,376,422	)
Total		(636,108	)	$	(6,576,769	)		(873,579	)	$	(9,145,845	)

Over 90% of the shares outstanding are fiduciary accounts where the Advisor has sole investment discretion.

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 June 30, 2018.

7. Concentration of Credit

The Series primarily invests in debt obligations issued by the State of New York and its political subdivisions, agencies and public authorities to obtain funds for various public purposes. The Series is more susceptible to factors adversely affecting issues of New York municipal securities than is a municipal bond fund that is not concentrated in these issues to the same extent.

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.

17

New York Tax Exempt Series

Notes to Financial Statements (continued)

(unaudited)

8. Federal Income Tax Information (continued)

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 December 31, 2017, were as follows:

Ordinary income	$	15,464
Tax exempt income	$	1,679,081
Long-term capital gains	$	28,803

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

Cost for federal income tax purposes	$	145,005,447
Unrealized appreciation		594,995
Unrealized depreciation		(1,049,109	)
Net unrealized depreciation	$	(454,114	)
Qualified late-year losses1	$	3,559

¹The Series has elected to defer certain qualified late-year losses and recognize such losses in the year ending December 31, 2018.

18

New York Tax Exempt 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 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 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.

MNNYT-6/18-SAR

Core Bond 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 (January 1, 2018 to June 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               1/1/18	ENDING ACCOUNT VALUE               6/30/18	EXPENSES PAID DURING PERIOD*               1/1/18-6/30/18	ANNUALIZED EXPENSE RATIO
Class S
Actual	$1,000.00	$   981.47	$3.44	0.70%
Hypothetical (5% return before expenses)	$1,000.00	$1,021.32	$3.51	0.70%
Class I
Actual	$1,000.00	$   983.24	$2.21	0.45%
Hypothetical (5% return before expenses)	$1,000.00	$1,022.56	$2.26	0.45%

*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). 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.

1

Core Bond Series

Portfolio Composition as of June 30, 2018

(unaudited)

2

Core Bond Series

Investment Portfolio - June 30, 2018

(unaudited)

	CREDIT   RATING1 (UNAUDITED)		PRINCIPAL AMOUNT		VALUE (NOTE 2)
CORPORATE BONDS - 28.5%
Non-Convertible Corporate Bonds - 28.5%
Consumer Discretionary - 3.4%
Internet & Direct Marketing Retail - 1.4%
Booking Holdings, Inc., 3.60%, 6/1/2026		Baa1	$	2,790,000	$	2,714,970
Media - 1.0%
Discovery Communications LLC, 5.20%, 9/20/2047		Baa3		1,870,000		1,813,797
Multiline Retail - 1.0%
Macy’s Retail Holdings, Inc., 7.00%, 2/15/2028		Baa3		840,000		911,902
Macy’s Retail Holdings, Inc., 6.90%, 4/1/2029		Baa3		850,000		912,869
						1,824,771
Total Consumer Discretionary						6,353,538
Energy - 6.5%
Oil, Gas & Consumable Fuels - 6.5%
Boardwalk Pipelines LP, 5.95%, 6/1/2026		Baa3		2,530,000		2,713,056
Kinder Morgan Energy Partners LP, 6.95%, 1/15/2038		Baa3		2,270,000		2,587,177
Petroleos Mexicanos (Mexico)2, 6.35%, 2/12/2048		Baa3		2,820,000		2,545,050
Sabine Pass Liquefaction LLC, 5.875%, 6/30/2026		Baa3		2,520,000		2,702,686
Williams Partners LP, 3.75%, 6/15/2027		Baa3		1,495,000		1,411,619
Total Energy						11,959,588
Financials - 8.7%
Banks - 5.3%
Bank of America Corp., 4.00%, 1/22/2025		Baa2		2,750,000		2,714,669
Citigroup, Inc., 8.125%, 7/15/2039		Baa1		1,840,000		2,588,191
JPMorgan Chase & Co., 6.30%, 4/23/2019		A3		2,630,000		2,703,979
Santander Holdings USA, Inc., 3.40%, 1/18/2023		Baa3		1,860,000		1,795,857
						9,802,696
Capital Markets - 1.4%
Morgan Stanley3, (3 mo. LIBOR US + 1.220%), 3.583%, 5/8/2024		A3		2,670,000		2,696,700
Diversified Financial Services - 1.0%
International Lease Finance Corp., 6.25%, 5/15/2019		Baa3		1,760,000		1,804,478
Insurance - 1.0%
Prudential Financial, Inc.4, (3 mo. LIBOR US + 4.175%), 5.875%, 9/15/2042		Baa2		1,710,000		1,806,188
Total Financials						16,110,062
Health Care - 1.0%
Health Care Providers & Services - 1.0%
Fresenius Medical Care US Finance II, Inc. (Germany)2, 6.50%, 9/15/2018		Baa3		1,760,000		1,771,625
Industrials - 1.0%
Machinery - 1.0%
CNH Industrial Capital LLC, 3.375%, 7/15/2019		Ba1		1,820,000		1,821,456

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

3

Core Bond Series

Investment Portfolio - June 30, 2018

(unaudited)

	CREDIT   RATING1 (UNAUDITED)		PRINCIPAL AMOUNT		VALUE (NOTE 2)
CORPORATE BONDS (continued)
Non-Convertible Corporate Bonds (continued)
Information Technology - 2.4%
Internet Software & Services - 2.4%
Alibaba Group Holding Ltd. (China), 3.40%, 12/6/2027		A1	$	2,880,000	$	2,683,406
Tencent Holdings Ltd. (China)2, 3.595%, 1/19/2028		A1		1,900,000		1,797,438
Total Information Technology						4,480,844
Materials - 1.9%
Metals & Mining - 1.9%
Corp Nacional del Cobre de Chile (Chile)2, 5.625%, 9/21/2035		A3		1,610,000		1,799,492
Southern Copper Corp. (Peru), 5.375%, 4/16/2020		Baa2		1,740,000		1,804,570
Total Materials						3,604,062
Real Estate - 1.2%
Equity Real Estate Investment Trusts (REITS) - 0.2%
GTP Acquisition Partners I LLC2, 2.35%, 6/15/2020		Aaa		450,000		441,536
Real Estate Management & Development - 1.0%
American Homes 4 Rent LP, 4.25%, 2/15/2028		Baa3		1,870,000		1,790,839
Total Real Estate						2,232,375
Telecommunication Services - 2.4%
Diversified Telecommunication Services - 2.4%
AT&T, Inc., 4.25%, 3/1/2027		Baa2		1,820,000		1,781,261
Verizon Communications, Inc., 5.50%, 3/16/2047		Baa1		2,540,000		2,661,566
Total Telecommunication Services						4,442,827
TOTAL CORPORATE BONDS
(Identified Cost $54,355,242)						52,776,377
ASSET-BACKED SECURITIES - 6.2%
BMW Vehicle Owner Trust, Series 2016-A, Class A3, 1.16%, 11/25/2020		Aaa		801,480		794,446
Cazenovia Creek Funding I LLC, Series 2015-1A, Class A2, 2.00%, 12/10/2023		WR5		59,709		59,411
Chesapeake Funding II LLC, Series 2017-2A, Class A12, 1.99%, 5/15/2029		Aaa		610,386		604,145
Colony American Homes, Series 2015-1A, Class A2,3, (1 mo. LIBOR US + 1.200%), 3.246%, 7/17/2032		Aaa		537,517		537,271
Credit Acceptance Auto Loan Trust, Series 2017-1A, Class A2, 2.56%, 10/15/2025		AAA6		350,000		348,035
Enterprise Fleet Financing LLC, Series 2016-2, Class A22, 1.74%, 2/22/2022		AAA6		207,718		206,840
Ford Credit Auto Lease Trust, Series 2017-A, Class A3, 1.88%, 4/15/2020		AAA6		1,000,000		994,848
GM Financial Automobile Leasing Trust, Series 2016-2, Class A4, 1.76%, 3/20/2020		AAA6		1,000,000		994,478

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

4

Core Bond Series

Investment Portfolio - June 30, 2018

(unaudited)

	CREDIT   RATING1   (UNAUDITED)		PRINCIPAL AMOUNT		VALUE (NOTE 2)
ASSET-BACKED SECURITIES (continued)
Honda Auto Receivables Owner Trust, Series 2016-4, Class A2, 1.04%, 4/18/2019		AAA6	$	20,467	$	20,451
Invitation Homes Trust, Series 2015-SFR3, Class A2,3, (1 mo. LIBOR US + 1.300%), 3.373%, 8/17/2032		Aaa		561,086		561,783
Invitation Homes Trust, Series 2017-SFR2, Class A2,3, (1 mo. LIBOR US + 0.850%), 2.935%, 12/17/2036		Aaa		154,292		154,292
Invitation Homes Trust, Series 2017-SFR2, Class B2,3, (1 mo. LIBOR US + 1.150%), 3.235%, 12/17/2036		Aa2		115,000		115,666
Mercedes-Benz Auto Lease Trust, Series 2016-B, Class A3, 1.35%, 8/15/2019		Aaa		702,040		699,926
Navient Student Loan Trust, Series 2016-3A, Class A12,3, (1 mo. LIBOR US + 0.600%), 2.691%, 6/25/2065		AAA6		77,213		77,246
Progress Residential Trust, Series 2017-SFR2, Class A2, 2.897%, 12/17/2034		Aaa		400,000		387,773
SBA Small Business Investment Companies, Series 2015-10B, Class 1, 2.829%, 9/10/2025		Aaa		1,394,826		1,374,845
SoFi Consumer Loan Program LLC, Series 2017-5, Class A12, 2.14%, 9/25/2026		AA6		252,763		251,386
SoFi Professional Loan Program LLC, Series 2014-A, Class A22, 3.02%, 10/25/2027		AAA6		159,343		159,403
SoFi Professional Loan Program LLC, Series 2016-E, Class A2B2, 2.49%, 1/25/2036		Aaa		1,000,000		982,614
SoFi Professional Loan Program LLC, Series 2017-A, Class A2A2, 1.55%, 3/26/2040		Aaa		115,013		114,032
SoFi Professional Loan Program LLC, Series 2017-C, Class A2A2, 1.75%, 7/25/2040		AAA6		290,714		288,200
SoFi Professional Loan Program LLC, Series 2017-F, Class A1FX2, 2.05%, 1/25/2041		Aaa		139,840		138,605
SoFi Professional Loan Program LLC, Series 2017-F, Class A2FX2, 2.84%, 1/25/2041		Aaa		150,000		146,448
Tax Ease Funding LLC, Series 2016-1A, Class A2, 3.131%, 6/15/2028		WR5		133,163		132,996
Tesla Auto Lease Trust, Series 2018-A, Class A2, 2.32%, 12/20/2019		Aaa		319,344		318,299
Tricon American Homes Trust, Series 2016-SFR1, Class A2, 2.589%, 11/17/2033		Aaa		498,871		482,776
Tricon American Homes Trust, Series 2017-SFR2, Class A2, 2.928%, 1/17/2036		Aaa		500,000		481,604
TOTAL ASSET-BACKED SECURITIES
(Identified Cost $11,547,543)						11,427,819
COMMERCIAL MORTGAGE-BACKED SECURITIES - 13.0%
Americold LLC Trust, Series 2010-ARTA, Class A12, 3.847%, 1/14/2029		AAA6		30,743		31,021
BWAY Mortgage Trust, Series 2015-1740, Class A2, 2.917%, 1/10/2035		AAA6		400,000		379,981
Caesars Palace Las Vegas Trust, Series 2017-VICI, Class A2, 3.531%, 10/15/2034		Aaa		570,000		571,484

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

5

Core Bond Series

Investment Portfolio - June 30, 2018

(unaudited)

	CREDIT   RATING1   (UNAUDITED)		PRINCIPAL AMOUNT		VALUE (NOTE 2)
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Commercial Mortgage Pass-Through Certificates, Series 2015-3BP, Class A2, 3.178%, 2/10/2035		WR5	$	400,000	$	389,223
Credit Suisse Mortgage Capital Trust, Series 2013-6, Class 2A12,7, 3.50%, 8/25/2043		AAA6		868,766		857,093
Credit Suisse Mortgage Capital Trust, Series 2013-IVR3, Class A12,7, 2.50%, 5/25/2043		AAA6		263,347		245,663
Credit Suisse Mortgage Capital Trust, Series 2013-TH1, Class A12,7, 2.13%, 2/25/2043		AAA6		190,687		177,016
Fannie Mae REMICS, Series 2018-31, Class KP, 3.50%, 7/25/2047		Aaa		682,223		682,459
FDIC Trust, Series 2011-R1, Class A2, 2.672%, 7/25/2026		WR5		27,156		27,055
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K014, Class X1 (IO)7, 1.149%, 4/25/2021		Aaa		7,049,113		194,461
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K016, Class X1 (IO)7, 1.514%, 10/25/2021		Aaa		1,139,949		46,367
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K021, Class X1 (IO)7, 1.456%, 6/25/2022		Aaa		9,172,039		436,630
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K029, Class A27, 3.32%, 2/25/2023		Aaa		900,000		909,180
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K030, Class X1 (IO)7, 0.201%, 4/25/2023		Aaa		13,664,332		116,460
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K032, Class X1 (IO)7, 0.106%, 5/25/2023		Aaa		8,022,140		41,644
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K033, Class A27, 3.06%, 7/25/2023		Aaa		870,000		868,221
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K035, Class A27, 3.458%, 8/25/2023		Aaa		1,895,000		1,924,723
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K055, Class A1, 2.263%, 4/25/2025		Aaa		564,475		545,700
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K706, Class X1 (IO)7, 1.542%, 10/25/2018		Aaa		1,494,181		2,268
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KJ10, Class A2, 2.912%, 12/25/2023		Aaa		1,400,000		1,383,578
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KJ13, Class A2, 2.864%, 8/25/2022		Aaa		1,800,000		1,788,500
Freddie Mac REMICS, Series 4791, Class BA, 4.00%, 3/15/2044		Aaa		901,772		923,942
Freddie Mac REMICS, Series 4801, Class BA, 4.50%, 5/15/2044		Aaa		910,165		945,258
FREMF Mortgage Trust, Series 2011-K15, Class B2,7, 4.948%, 8/25/2044		WR5		170,000		177,275
FREMF Mortgage Trust, Series 2013-K712, Class B2,7, 3.36%, 5/25/2045		AA6		360,000		360,814
FREMF Mortgage Trust, Series 2015-K42, Class B2,7, 3.852%, 12/25/2024		A3		380,000		378,480
FREMF Mortgage Trust, Series 2015-K43, Class B2,7, 3.734%, 2/25/2048		WR5		400,000		394,582
FREMF Mortgage Trust, Series 2015-K720, Class B2,7, 3.391%, 7/25/2022		Baa1		340,000		332,879

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

6

Core Bond Series

Investment Portfolio - June 30, 2018

(unaudited)

	CREDIT   RATING1   (UNAUDITED)		PRINCIPAL AMOUNT		VALUE (NOTE 2)
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
GAHR Commercial Mortgage Trust, Series 2015-NRF, Class BFX2,7, 3.382%, 12/15/2034		AA6	$	400,000	$	399,872
GAHR Commercial Mortgage Trust, Series 2015-NRF, Class DFX2,7, 3.382%, 12/15/2034		BBB6		220,000		218,698
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2010-C2, Class A32, 4.07%, 11/15/2043		AAA6		193,983		196,864
JP Morgan Mortgage Trust, Series 2013-1, Class 1A22,7, 3.00%, 3/25/2043		WR5		132,671		128,400
JP Morgan Mortgage Trust, Series 2013-2, Class A22,7, 3.50%, 5/25/2043		AAA6		147,246		144,899
JP Morgan Mortgage Trust, Series 2014-2, Class 1A12,7, 3.00%, 6/25/2029		AAA6		184,423		182,860
JP Morgan Mortgage Trust, Series 2017-3, Class 1A52,7, 3.50%, 8/25/2047		Aaa		873,867		863,558
JP Morgan Mortgage Trust, Series 2017-6, Class A32,7, 3.50%, 12/25/2048		Aaa		331,091		324,573
JP Morgan Mortgage Trust, Series 2017-6, Class A52,7, 3.50%, 12/25/2048		Aaa		559,480		552,530
LSTAR Commercial Mortgage Trust, Series 2014-2, Class A22, 2.767%, 1/20/2041		Aaa		22,604		22,511
New Residential Mortgage Loan Trust, Series 2014-1A, Class A2,7, 3.75%, 1/25/2054		AAA6		326,037		327,006
New Residential Mortgage Loan Trust, Series 2014-3A, Class AFX32,7, 3.75%, 11/25/2054		AA6		150,466		150,247
New Residential Mortgage Loan Trust, Series 2015-2A, Class A12,7, 3.75%, 8/25/2055		Aaa		316,190		316,834
New Residential Mortgage Loan Trust, Series 2016-4A, Class A12,7, 3.75%, 11/25/2056		AAA6		260,445		260,692
OBP Depositor LLC Trust, Series 2010-OBP, Class A2, 4.646%, 7/15/2045		AAA6		100,000		102,475
SBA Small Business Investment Companies, Series 2015-10A, Class 1, 2.517%, 3/10/2025		Aaa		544,637		531,437
Sequoia Mortgage Trust, Series 2012-3, Class A17, 3.50%, 7/25/2042		Aaa		381,665		378,922
Sequoia Mortgage Trust, Series 2013-7, Class A27, 3.00%, 6/25/2043		AAA6		152,380		146,945
Sequoia Mortgage Trust, Series 2013-8, Class A17, 3.00%, 6/25/2043		Aaa		208,495		201,821
Starwood Retail Property Trust, Series 2014-STAR, Class A2,3, (1 mo. LIBOR US + 1.220%), 3.293%, 11/15/2027		AAA6		377,144		377,312
Towd Point Mortgage Trust, Series 2016-5, Class A12,7, 2.50%, 10/25/2056		Aaa		611,455		597,136
UBS-Barclays Commercial Mortgage Trust, Series 2013-C5, Class A4, 3.185%, 3/10/2046		Aaa		800,000		793,355
Vornado DP LLC Trust, Series 2010-VNO, Class A2FX2, 4.004%, 9/13/2028		AA6		245,000		249,713
Wells Fargo Commercial Mortgage Trust, Series 2010-C1, Class A22, 4.393%, 11/15/2043		Aaa		275,000		281,510

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

7

Core Bond Series

Investment Portfolio - June 30, 2018

(unaudited)

	CREDIT   RATING1   (UNAUDITED)		PRINCIPAL AMOUNT		VALUE (NOTE 2)
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
WF-RBS Commercial Mortgage Trust, Series 2011-C2, Class A42,7, 4.869%, 2/15/2044		Aaa	$	790,558	$	818,314
WinWater Mortgage Loan Trust, Series 2015-1, Class A12,7, 3.50%, 1/20/2045		WR5		160,905		158,105
WinWater Mortgage Loan Trust, Series 2015-3, Class A52,7, 3.50%, 3/20/2045		Aaa		141,793		141,958
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(Identified Cost $24,151,758)						24,000,504
FOREIGN GOVERNMENT BONDS - 3.1%
Export-Import Bank of Korea (South Korea), 2.625%, 12/30/2020		Aa2		2,000,000		1,963,414
The Korea Development Bank (South Korea), 1.375%, 9/12/2019		Aa2		1,000,000		980,034
Province of Ontario (Canada), 2.00%, 9/27/2018		Aa2		450,000		449,636
Province of Ontario (Canada), 1.25%, 6/17/2019		Aa2		400,000		394,894
Svensk Exportkredit AB (Sweden), 1.125%, 8/28/2019		Aa1		2,000,000		1,966,800
TOTAL FOREIGN GOVERNMENT BONDS
(Identified Cost $5,838,801)						5,754,778
U.S. TREASURY SECURITIES - 32.3%
U.S. Treasury Bonds - 10.9%
U.S. Treasury Bond, 6.25%, 5/15/2030				2,625,000		3,512,886
U.S. Treasury Bond, 4.75%, 2/15/2037				2,700,000		3,421,934
U.S. Treasury Bond, 2.50%, 2/15/2045				4,000,000		3,647,031
U.S. Treasury Bond, 3.00%, 5/15/2047				7,717,000		7,739,608
U.S. Treasury Inflation Indexed Bond, 0.75%, 2/15/2042				1,923,768		1,878,214
Total U.S. Treasury Bonds
(Identified Cost $20,620,830)						20,199,673
U.S. Treasury Notes - 21.4%
U.S. Treasury Inflation Indexed Note, 0.125%, 4/15/2020				1,799,217		1,780,032
U.S. Treasury Inflation Indexed Note, 0.125%, 1/15/2023				1,910,392		1,867,524
U.S. Treasury Note, 1.625%, 4/30/2019				5,470,000		5,438,590
U.S. Treasury Note, 1.375%, 4/30/2020				5,580,000		5,465,785
U.S. Treasury Note, 1.75%, 4/30/2022				2,825,000		2,728,443
U.S. Treasury Note, 1.625%, 4/30/2023				3,850,000		3,657,801
U.S. Treasury Note, 2.00%, 4/30/2024				3,825,000		3,663,932
U.S. Treasury Note, 1.625%, 5/15/2026				6,000,000		5,488,359
U.S. Treasury Note, 2.375%, 5/15/2027				5,800,000		5,585,445
U.S. Treasury Note, 2.75%, 2/15/2028				3,800,000		3,767,492
Total U.S. Treasury Notes
(Identified Cost $39,922,394)						39,443,403
TOTAL U.S. TREASURY SECURITIES
(Identified Cost $60,543,224)						59,643,076

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

8

Core Bond Series

Investment Portfolio - June 30, 2018

(unaudited)

	PRINCIPAL AMOUNT		VALUE (NOTE 2)
U.S. GOVERNMENT AGENCIES - 10.6%
Mortgage-Backed Securities - 10.6%
Fannie Mae, Pool #888468, 5.50%, 9/1/2021	$	102,231	$	104,609
Fannie Mae, Pool #995233, 5.50%, 10/1/2021		5,839		5,943
Fannie Mae, Pool #888017, 6.00%, 11/1/2021		11,690		12,074
Fannie Mae, Pool #995329, 5.50%, 12/1/2021		70,356		72,033
Fannie Mae, Pool #888136, 6.00%, 12/1/2021		14,434		14,904
Fannie Mae, Pool #888810, 5.50%, 11/1/2022		124,658		127,627
Fannie Mae, Pool #AD0462, 5.50%, 10/1/2024		10,606		11,069
Fannie Mae, Pool #MA1834, 4.50%, 2/1/2034		102,262		107,006
Fannie Mae, Pool #828377, 5.50%, 6/1/2035		359,981		389,933
Fannie Mae, Pool #MA2587, 3.50%, 4/1/2036		716,674		725,204
Fannie Mae, Pool #889494, 5.50%, 1/1/2037		337,351		365,991
Fannie Mae, Pool #889624, 5.50%, 5/1/2038		48,844		52,803
Fannie Mae, Pool #995876, 6.00%, 11/1/2038		143,582		158,068
Fannie Mae, Pool #AD0307, 5.50%, 1/1/2039		50,710		54,898
Fannie Mae, Pool #AI5172, 4.00%, 8/1/2041		125,523		128,923
Fannie Mae, Pool #AH3858, 4.50%, 8/1/2041		557,627		586,590
Fannie Mae, Pool #AL7729, 4.00%, 6/1/2043		173,013		177,681
Fannie Mae, Pool #AS4103, 4.50%, 12/1/2044		369,980		389,978
Fannie Mae, Pool #AY8604, 3.50%, 4/1/2045		309,723		309,194
Fannie Mae, Pool #AZ9215, 4.00%, 10/1/2045		999,945		1,023,286
Fannie Mae, Pool #BC6764, 3.50%, 4/1/2046		154,960		154,695
Fannie Mae, Pool #BC8677, 4.00%, 5/1/2046		144,557		147,488
Fannie Mae, Pool #MA2670, 3.00%, 7/1/2046		391,537		379,864
Fannie Mae, Pool #BD2179, 4.00%, 7/1/2046		339,092		345,968
Fannie Mae, Pool #MA2705, 3.00%, 8/1/2046		1,115,804		1,082,537
Fannie Mae, Pool #BD1191, 3.50%, 1/1/2047		535,764		534,640
Fannie Mae, Pool #BE7845, 4.50%, 2/1/2047		304,627		319,522
Fannie Mae, Pool #BD3546, 4.00%, 9/1/2047		279,355		285,367
Fannie Mae, Pool #AL8674, 5.651%, 1/1/2049		671,232		722,896
Freddie Mac, Pool #G11850, 5.50%, 7/1/2020		19,228		19,465
Freddie Mac, Pool #G12610, 6.00%, 3/1/2022		15,504		16,048
Freddie Mac, Pool #G12655, 6.00%, 5/1/2022		10,889		11,275
Freddie Mac, Pool #G12988, 6.00%, 1/1/2023		8,442		8,784
Freddie Mac, Pool #G13078, 6.00%, 3/1/2023		14,777		15,348
Freddie Mac, Pool #D98711, 4.50%, 7/1/2031		133,011		138,924
Freddie Mac, Pool #C91746, 4.50%, 12/1/2033		128,290		134,228
Freddie Mac, Pool #C91771, 4.50%, 6/1/2034		166,601		175,739
Freddie Mac, Pool #C91780, 4.50%, 7/1/2034		146,410		153,189
Freddie Mac, Pool #C91832, 3.50%, 6/1/2035		733,108		741,436
Freddie Mac, Pool #G07655, 5.50%, 12/1/2035		103,761		112,526
Freddie Mac, Pool #G08268, 5.00%, 5/1/2038		793,319		846,319
Freddie Mac, Pool #G05275, 5.50%, 2/1/2039		275,125		296,754
Freddie Mac, Pool #G05900, 6.00%, 3/1/2040		63,521		69,769

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

9

Core Bond Series

Investment Portfolio - June 30, 2018

(unaudited)

	PRINCIPAL AMOUNT/   SHARES		VALUE (NOTE 2)
U.S. GOVERNMENT AGENCIES (continued)
Mortgage-Backed Securities (continued)
Freddie Mac, Pool #A92889, 4.50%, 7/1/2040	$	358,623	$	377,174
Freddie Mac, Pool #A93451, 4.50%, 8/1/2040		940,433		989,033
Freddie Mac, Pool #G60513, 5.00%, 7/1/2041		845,259		901,591
Freddie Mac, Pool #G60071, 4.50%, 7/1/2042		360,975		379,619
Freddie Mac, Pool #Q17513, 3.50%, 4/1/2043		219,653		220,317
Freddie Mac, Pool #G60183, 4.00%, 12/1/2044		492,830		504,224
Freddie Mac, Pool #Q37592, 4.00%, 12/1/2045		855,703		874,894
Freddie Mac, Pool #Q37857, 4.00%, 12/1/2045		749,341		766,918
Freddie Mac, Pool #G60855, 4.50%, 12/1/2045		356,468		371,448
Freddie Mac, Pool #Q38388, 4.00%, 1/1/2046		890,507		910,744
Freddie Mac, Pool #Q47130, 4.50%, 4/1/2047		413,945		431,013
Freddie Mac, Pool #Q49109, 4.00%, 7/1/2047		385,986		393,894
Freddie Mac, Pool #Q50343, 4.00%, 8/1/2047		443,882		452,856
Freddie Mac, Pool #G08786, 4.50%, 10/1/2047		415,075		433,669
TOTAL U.S. GOVERNMENT AGENCIES
(Identified Cost $20,065,511)				19,537,989
U.S. GOVERNMENT SECURITIES - 4.0%
U.S. Treasury Bill - 4.0%
U.S. Treasury Bill8, 1.88%, 9/6/2018
(Identified Cost $7,374,384)		7,400,000		7,374,529
SHORT-TERM INVESTMENT - 1.7%
Dreyfus Government Cash Management, Institutional Shares9, 1.81%,
(Identified Cost $3,127,820)		3,127,820		3,127,820
TOTAL INVESTMENTS - 99.4%
(Identified Cost $187,004,283)				183,642,892
OTHER ASSETS, LESS LIABILITIES - 0.6%				1,171,147
NET ASSETS - 100%			$	184,814,039

IO - Interest only

¹  Credit ratings from Moody’s (unaudited).

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 $26,042,599 or 14.1% of the Series’ net assets as of June 30, 2018 (see Note 2 to the financial statements).

³  Floating rate security. Rate shown is the rate in effect as of June 30, 2018.

⁴  Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of June 30, 2018.

⁵  Credit rating has been withdrawn. As of June 30, 2018, there is no rating available (unaudited).

⁶  Credit ratings from S&P (unaudited).

⁷  Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of June 30, 2018.

⁸  Represents the annualized yield at time of purchase.

⁹  Rate shown is the current yield as of June 30, 2018.

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

10

Core Bond Series

Investment Portfolio - June 30, 2018

(unaudited)

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.

11

Core Bond Series

Statement of Assets and Liabilities

June 30, 2018 (unaudited)

ASSETS:
Investments, at value (identified cost $187,004,283) (Note 2)	$	183,642,892
Cash		74,025
Interest receivable		1,212,342
Receivable for fund shares sold		70
Prepaid and other expenses		24,808
TOTAL ASSETS		184,954,137
LIABILITIES:
Accrued management fees (Note 3)		48,728
Accrued fund accounting and administration fees (Note 3)		35,409
Accrued shareholder services fees (Class S) (Note 3)		22,245
Accrued Chief Compliance Officer service fees (Note 3)		260
Audit fees payable		21,683
Payable for fund shares repurchased		6,492
Other payables and accrued expenses		5,281
TOTAL LIABILITIES		140,098
TOTAL NET ASSETS	$	184,814,039
NET ASSETS CONSIST OF:
Capital stock	$	184,582
Additional paid-in-capital		189,337,741
Undistributed net investment income		552,973
Accumulated net realized loss on investments		(1,899,866	)
Net unrealized depreciation on investments		(3,361,391	)
TOTAL NET ASSETS	$	184,814,039
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class S ($108,619,303/10,501,855 shares)	$	10.34
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class I ($76,194,736/7,956,324 shares)	$	9.58

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

12

Core Bond Series

Statement of Operations

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

INVESTMENT INCOME:
Interest	$	2,694,297
Dividends		20,079
Total Investment Income		2,714,376
EXPENSES:
Management fees (Note 3)		368,806
Shareholder services fees (Class S) (Note 3)		137,636
Fund accounting and administration fees (Note 3)		47,705
Directors’ fees (Note 3)		6,704
Chief Compliance Officer service fees (Note 3)		2,148
Custodian fees		6,009
Miscellaneous		54,237
Total Expenses		623,245
Less reduction of expenses (Note 3)		(70,703	)
Net Expenses		552,542
NET INVESTMENT INCOME		2,161,834
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments		(1,779,724	)
Net change in unrealized appreciation (depreciation) on investments		(3,865,348	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS		(5,645,072	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(3,483,238	)

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

13

Core Bond Series

Statements of Changes in Net Assets

	FOR THE SIX MONTHS ENDED 6/30/18 (UNAUDITED)			FOR THE YEAR ENDED 12/31/17
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income	$	2,161,834		$	3,824,796
Net realized gain (loss) on investments		(1,779,724	)		159,678
Net change in unrealized appreciation (depreciation) on investments		(3,865,348	)		1,661,145
Net increase (decrease) from operations		(3,483,238	)		5,645,619
DISTRIBUTIONS TO SHAREHOLDERS (Note 8):
From net investment income (Class S)		(870,822	)		(2,098,656	)
From net investment income (Class I)		(738,039	)		(1,773,042	)
From net realized gain on investments (Class S)		—			(146,821	)
From net realized gain on investments (Class I)		—			(111,581	)
Total distributions to shareholders		(1,608,861	)		(4,130,100	)
CAPITAL STOCK ISSUED AND REPURCHASED:
Net increase (decrease) from capital share transactions (Note 5)		(5,637,885	)		11,706,840
Net increase (decrease) in net assets		(10,729,984	)		13,222,359
NET ASSETS:
Beginning of period		195,544,023			182,321,664
End of period (including undistributed net investment income of $552,973 and $0, respectively)	$	184,814,039		$	195,544,023

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

14

Core Bond Series

Financial Highlights - Class S*

	FOR THE SIX  MONTHS ENDED			FOR THE YEAR ENDED
	6/30/18  (UNAUDITED)			12/31/17			12/31/16			12/31/15			12/31/14			12/31/13
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period		$10.62			$10.52			$10.48			$10.69			$10.74			$11.56
Income (loss) from investment operations:
Net investment income1		0.12			0.20			0.17			0.22			0.31			0.35
Net realized and unrealized gain (loss) on investments		(0.32	)		0.10			0.10			(0.17	)		0.08			(0.44	)
Total from investment operations		(0.20	)		0.30			0.27			0.05			0.39			(0.09	)
Less distributions to shareholders:
From net investment income		(0.08	)		(0.19	)		(0.17	)		(0.20	)		(0.32	)		(0.36	)
From net realized gain on investments		—			(0.01	)		(0.06	)		(0.06	)		(0.12	)		(0.37	)
Total distributions to shareholders		(0.08	)		(0.20	)		(0.23	)		(0.26	)		(0.44	)		(0.73	)
Net asset value - End of period		$10.34			$10.62			$10.52			$10.48			$10.69			$10.74
Net assets - End of period (000’s omitted)		$108,619			$119,137			$117,559			$147,074			$153,018			$153,109
Total return2		(1.85%	)		2.91%			2.53%			0.44%			3.62%			(0.79%	)
Ratios (to average net assets)/Supplemental Data:
Expenses**		0.70%	3		0.70%			0.70%			0.69%			0.70%			0.70%
Net investment income		2.24%	3		1.86%			1.61%			2.09%			2.86%			3.09%
Portfolio turnover		46%			48%			75%			88%			57%			56%
*Effective August 3, 2015, the shares of the Series have been designated as Class S. **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:
		0.08%	3		0.07%			0.06%			0.03%			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.

15

Core Bond Series

Financial Highlights - Class I

	FOR THE SIX MONTHS ENDED 6/30/18 (UNAUDITED)			FOR THE YEAR ENDED				FOR THE PERIOD 8/3/151 TO 12/31/15
				12/31/17		12/31/16
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period		$9.84			$9.77		$9.75		$10.00
Income (loss) from investment operations:
Net investment income2		0.12			0.21		0.18		0.08
Net realized and unrealized gain (loss) on investments		(0.29)			0.09		0.10		(0.13)
Total from investment operations		(0.17)			0.30		0.28		(0.05)
Less distributions to shareholders:
From net investment income		(0.09)			(0.22)		(0.20)		(0.14)
From net realized gain on investments		—			(0.01)		(0.06)		(0.06)
Total distributions to shareholders		(0.09)			(0.23)		(0.26)		(0.20)
Net asset value - End of period		$9.58			$9.84		$9.77		$9.75
Net assets - End of period (000’s omitted)		$76,195			$76,407		$64,763		$79,303
Total return3		(1.68%)			3.10%		2.80%		(0.51%)
Ratios (to average net assets)/Supplemental Data:
Expenses*		0.45%	4		0.45%		0.45%		0.46%	4
Net investment income		2.50%	4		2.12%		1.86%		2.03%	4
Portfolio turnover		46%			48%		75%		88%
*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 amount:
		0.08%	4		0.07%		0.06%		0.06%	4

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.

16

Core Bond Series

Notes to Financial Statements

(unaudited)

1. Organization

Core Bond 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 total return by investing primarily in fixed income securities.

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. Each class of shares is substantially the same except the Class S shares bear shareholder services 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 June 30, 2018, 10.9 billion shares have been designated in total among 38 series, of which 125 million have been designated as Core Bond Series Class S common stock and 100 million have been designated as Core Bond Series Class I 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.

Debt securities, including government bonds, foreign bonds, asset-backed securities, structured notes, supranational obligations, sovereign bonds, corporate bonds and mortgage-backed securities will normally be valued on the basis of evaluated bid prices provided directly by an independent pricing service (the “Service”). The pricing services use multiple valuation techniques to determine fair value. In instances where sufficient market activity exists, the pricing services may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services also utilize proprietary valuation models which may consider market characteristics such as benchmark yield curves, option-adjusted spreads, credit spreads, estimated default 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.

Municipal securities will normally be valued on the basis of market valuations provided by the Service. The Service utilizes the latest price quotations and a matrix system (which considers such factors as security prices of similar securities, yields, maturities and ratings). The Service has been approved by the Fund’s Board of Directors (the “Board”).

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

Volume and level of activity in established markets for an asset or liability are evaluated to determine whether recent transactions and quoted prices are determinative of fair value. Where there have been significant decreases in volume and level of activity, further analysis and adjustment may be necessary to estimate fair value. 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

17

Core Bond Series

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. 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.

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

DESCRIPTION	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Assets:
Debt securities:
U.S. Treasury and other U.S. Government agencies	$	86,555,594	$	—	$	86,555,594	$	—
Corporate debt:
Consumer Discretionary		6,353,538		—		6,353,538		—
Energy		11,959,588		—		11,959,588		—
Financials		16,110,062		—		16,110,062		—
Health Care		1,771,625		—		1,771,625		—
Industrials		1,821,456		—		1,821,456		—
Information Technology		4,480,844		—		4,480,844		—
Materials		3,604,062		—		3,604,062		—
Real Estate		2,232,375		—		2,232,375		—
Telecommunication Services		4,442,827		—		4,442,827		—
Asset-backed securities		11,427,819		—		11,427,819		—
Commercial mortgage-backed securities		24,000,504		—		24,000,504		—
Foreign government bonds		5,754,778		—		5,754,778		—
Mutual fund		3,127,820		3,127,820		—		—
Total assets	$	183,642,892	$	3,127,820	$	180,515,072	$	—

There were no Level 3 securities held by the Series as of December 31, 2017 or June 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 June 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.

18

Core Bond Series

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 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.

Asset-Backed Securities

The 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, the Series may subsequently have to reinvest the proceeds at lower interest rates. If the Series has purchased such an asset-backed security at a premium, a faster than anticipated prepayment rate could result in a loss of principal to the extent of the premium paid.

Mortgage-Backed Securities

The 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 Series to the periodic payments of principal and interest from those mortgages. MBS may be issued by government agencies or corporations, or private issuers. Most MBS issued by government agencies are guaranteed; however, the degree of protection differs based on the issuer. For MBS there are a number of important differences among the agencies and instrumentalities of the U.S. Government that issue mortgage-related securities and among the securities that they issue. For example, mortgage-related securities guaranteed by Ginnie Mae are guaranteed as to the timely payment of principal and interest by Ginnie Mae and such guarantee is backed by the full faith and credit of the United States. However, mortgage-related securities issued by Freddie Mac and Fannie Mae, including Freddie Mac and Fannie Mae guaranteed mortgage pass-through certificates, which are solely the obligations of Freddie Mac and Fannie Mae, are not

19

Core Bond Series

Notes to Financial Statements (continued)

(unaudited)

2. Significant Accounting Policies (continued)

Mortgage-Backed Securities (continued)

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

The 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 Statement 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

The 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 takes such fluctuations into account when determining its 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 June 30, 2018.

In connection with its 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. Information regarding securities purchased on a when-issued basis is included in the Series’ Investment Portfolio. No such investments were held by the Series on June 30, 2018.

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 Series’ Investment Portfolio.

Illiquid Securities

A security may be considered illiquid if so deemed in good faith by the Advisor under procedures approved by and under the general supervision and responsibility of the Fund’s Board. Securities that are illiquid are marked with the applicable footnote on the Investment Portfolio. No such investments were held by the Series on June 30, 2018.

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

20

Core Bond Series

Notes to Financial Statements (continued)

(unaudited)

2. Significant Accounting Policies (continued)

Federal Taxes (continued)

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 June 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 December 31, 2014 through December 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 0.40% 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

21

Core Bond Series

Notes to Financial Statements (continued)

(unaudited)

3. Transactions with Affiliates (continued)

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 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, Class S of the Series pays 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 April 30, 2019, to waive its 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 a Class’s Shareholder Services Fee, at no more than 0.45% of average daily net assets. Accordingly, the Advisor waived fees of $70,703 for the six months ended June 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, as amended, 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 June 30, 2018, purchases and sales of securities, other than U.S. Government securities and short-term securities, were $46,322,712 and $63,579,013, respectively. Purchases and sales of U.S. Government securities, other than short-term securities, were $34,471,761 and $30,005,875, respectively.

5. Capital Stock Transactions

Transactions in shares of Class S and I of Core Bond Series were:

CLASS S:	FOR THE SIX MONTHS  ENDED 6/30/18						FOR THE YEAR  ENDED 12/31/17
	SHARES			AMOUNT			SHARES			AMOUNT
Sold		301,016		$	3,133,399			1,026,314		$	10,943,765
Reinvested		83,513			863,689			209,180			2,229,490
Repurchased		(1,098,374	)		(11,466,228	)		(1,189,385	)		(12,671,590	)
Total		(713,845	)	$	(7,469,140	)		46,109		$	501,665

22

Core Bond Series

Notes to Financial Statements (continued)

(unaudited)

5. Capital Stock Transactions (continued)

CLASS I:	FOR THE SIX MONTHS  ENDED 6/30/18						FOR THE YEAR  ENDED 12/31/17
	SHARES			AMOUNT			SHARES			AMOUNT
Sold		705,639		$	6,789,774			3,683,528		$	36,406,100
Reinvested		49,384			472,689			129,474			1,279,736
Repurchased		(562,759	)		(5,431,208	)		(2,679,046	)		(26,480,661	)
Total		192,264		$	1,831,255			1,133,956		$	11,205,175

Approximately 82% of the shares outstanding are fiduciary accounts where the Advisor has sole investment discretion.

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 June 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 December 31, 2017 were as follows:

Ordinary income	$	3,824,796
Long-term capital gains	$	305,304

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

Cost for federal income tax purposes	$	187,030,078
Unrealized appreciation		566,103
Unrealized depreciation		(3,953,289	)
Net unrealized depreciation	$	(3,387,186	)

23

Core Bond 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 Series.

For	8,886,809
Against	—
Abstain	3,097

24

{This page intentionally left blank}

25

Core Bond 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.

MNCOB-6/18-SAR

Unconstrained Bond 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 (January 1, 2018 to June 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  1/1/18	ENDING  ACCOUNT                   VALUE  6/30/18	EXPENSES PAID      DURING  PERIOD*  1/1/18-6/30/18	ANNUALIZED  EXPENSE RATIO
Class S
Actual	$1,000.00	$   995.29	$3.71	0.75%
Hypothetical (5% return before expenses)	$1,000.00	$1,021.08	$3.76	0.75%
Class I
Actual	$1,000.00	$   995.96	$2.47	0.50%
Hypothetical (5% return before expenses)	$1,000.00	$1,022.32	$2.51	0.50%

*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). Expenses are based on the most recent fiscal half year. The Class’ total returns would have been lower had certain expenses not been waived during the period.

1

Unconstrained Bond Series

Portfolio Composition as of June 30, 2018

(unaudited)

2

Unconstrained Bond Series

Investment Portfolio - June 30, 2018

(unaudited)

	CREDIT RATING1		PRINCIPAL AMOUNT2		VALUE (NOTE 2)
CORPORATE BONDS - 58.4%
Non-Convertible Corporate Bonds - 58.4%
Consumer Discretionary - 6.3%
Auto Components - 0.1%
Techniplas LLC3, 10.00%, 5/1/2020		Caa2		1,065,000	$	947,850
Automobiles - 1.2%
Ford Motor Credit Co. LLC4, (3 mo. LIBOR US + 0.930%), 3.293%, 11/4/2019		Baa2		9,000,000		9,062,069
Hotels, Restaurants & Leisure - 0.1%
Stars Group Holdings B.V. - Stars Group U.S. Co-Borrower LLC (Canada)3, 7.00%, 7/15/2026		Caa1		1,010,000		1,020,100
Household Durables - 1.9%
Century Communities, Inc., 5.875%, 7/15/2025		B3		2,095,000		1,979,775
LGI Homes, Inc.3, 6.875%, 7/15/2026		B1		1,635,000		1,630,912
Meritage Homes Corp., 5.125%, 6/6/2027		Ba2		1,570,000		1,460,100
TRI Pointe Group, Inc. - TRI Pointe Homes, Inc., 4.375%, 6/15/2019		Ba3		6,175,000		6,207,110
TRI Pointe Group, Inc. - TRI Pointe Homes, Inc., 5.875%, 6/15/2024		Ba3		875,000		868,438
Weekley Homes LLC - Weekley Finance Corp., 6.00%, 2/1/2023		B3		1,010,000		983,488
Weekley Homes LLC - Weekley Finance Corp.3, 6.625%, 8/15/2025		B3		1,470,000		1,392,825
						14,522,648
Internet & Direct Marketing Retail - 1.5%
Booking Holdings, Inc., 3.60%, 6/1/2026		Baa1		12,000,000		11,677,290
Media - 1.4%
CCO Holdings LLC - CCO Holdings Capital Corp.3, 5.50%, 5/1/2026		B1		880,000		853,336
Cequel Communications Holdings I LLC - Cequel Capital Corp.3, 7.50%, 4/1/2028		Caa1		1,000,000		1,012,200
CSC Holdings LLC, 7.625%, 7/15/2018		B2		285,000		285,143
CSC Holdings LLC, 8.625%, 2/15/2019		B2		2,478,000		2,549,242
CSC Holdings LLC, 5.25%, 6/1/2024		B2		2,000,000		1,890,000
Telenet Finance Luxembourg Notes S.A.R.L (Belgium)3, 5.50%, 3/1/2028		Ba3		2,000,000		1,820,000
UPCB Finance IV Ltd. (Netherlands)3, 5.375%, 1/15/2025		Ba3		2,100,000		1,995,210
						10,405,131
Textiles, Apparel & Luxury Goods - 0.1%
Hanesbrands, Inc.3, 4.875%, 5/15/2026		Ba2		1,060,000		1,022,900
Total Consumer Discretionary						48,657,988
Consumer Staples - 1.8%
Food & Staples Retailing - 1.7%
C&S Group Enterprises LLC3, 5.375%, 7/15/2022		Ba3		1,505,000		1,474,900
The J.M. Smucker Co., 2.20%, 12/6/2019		Baa2		4,800,000		4,748,751
Kraft Heinz Foods Co., 2.80%, 7/2/2020		Baa3		7,040,000		6,989,600
						13,213,251

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

3

Unconstrained Bond Series

Investment Portfolio - June 30, 2018

(unaudited)

	CREDIT RATING1			PRINCIPAL AMOUNT2		VALUE (NOTE 2)
CORPORATE BONDS (continued)
Non-Convertible Corporate Bonds (continued)
Consumer Staples (continued)
Household Products - 0.1%
First Quality Finance Co., Inc.3, 5.00%, 7/1/2025		B1			1,050,000	$	960,750
Total Consumer Staples							14,174,001
Energy - 9.6%
Energy Equipment & Services - 0.4%
Shelf Drilling Holdings Ltd. (United Arab Emirates)3, 8.25%, 2/15/2025		B2			1,050,000		1,057,875
Trinidad Drilling Ltd. (Canada)3, 6.625%, 2/15/2025		B3			1,580,000		1,520,750
						2,578,625
Oil, Gas & Consumable Fuels - 9.2%
Boardwalk Pipelines LP, 5.95%, 6/1/2026		Baa3			12,000,000		12,868,249
BP Capital Markets plc (United Kingdom), 2.241%, 9/26/2018		A1			1,500,000		1,499,479
Cheniere Energy Partners LP3, 5.25%, 10/1/2025		Ba2			1,515,000		1,477,807
DCP Midstream Operating, LP3, 9.75%, 3/15/2019		Ba2			3,110,000		3,238,288
Dynagas LNG Partners LP - Dynagas Finance, Inc. (Monaco), 6.25%, 10/30/2019		WR	5		1,565,000		1,565,000
Energy Transfer Partners LP, 9.00%, 4/15/2019		Baa3			397,000		415,111
GasLog Ltd. (Monaco), 8.875%, 3/22/2022		WR	5		1,889,000		1,959,838
Hilcorp Energy I LP - Hilcorp Finance Co.3, 5.75%, 10/1/2025		Ba2			985,000		982,537
Jonah Energy LLC - Jonah Energy Finance Corp.3, 7.25%, 10/15/2025		B3			2,095,000		1,691,712
Kinder Morgan Energy Partners LP, 6.85%, 2/15/2020		Baa3			3,115,000		3,280,002
Kinder Morgan Energy Partners LP, 6.50%, 4/1/2020		Baa3			900,000		945,900
OKEA AS (Norway)4,6, (3 mo. LIBOR US + 6.500%), 8.836%, 6/28/2023		WR	5		1,000,000		1,002,500
Petroleos Mexicanos (Mexico), 8.00%, 5/3/2019		Baa3			8,000,000		8,293,040
Petroleos Mexicanos (Mexico), 6.875%, 8/4/2026		Baa3			3,930,000		4,130,430
Rockies Express Pipeline, LLC3, 6.00%, 1/15/2019		Ba1			3,000,000		3,033,750
Rockies Express Pipeline, LLC3, 5.625%, 4/15/2020		Ba1			5,000,000		5,118,750
Sabine Pass Liquefaction, LLC, 5.75%, 5/15/2024		Baa3			10,000,000		10,666,549
SemGroup Corp., 6.375%, 3/15/2025		B3			1,875,000		1,781,250
Seven Generations Energy Ltd. (Canada)3, 5.375%, 9/30/2025		Ba3			1,060,000		1,018,925
Southwestern Energy Co.7, 6.70%, 1/23/2025		Ba3			1,125,000		1,101,094
Tallgrass Energy Partners LP - Tallgrass Energy Finance Corp.3, 5.50%, 9/15/2024		Ba3			1,520,000		1,550,400
Williams Partners LP, 3.75%, 6/15/2027		Baa3			4,000,000		3,776,906
						71,397,517
Total Energy							73,976,142
Financials - 20.7%
Banks - 8.2%
Bank of America Corp.4, (3 mo. LIBOR US + 0.760%), 3.101%, 9/15/2026		Baa2			4,811,000		4,628,397
The Bank of Nova Scotia (Canada), 1.85%, 4/14/2020		Aaa			8,000,000		7,856,113
Dexia Credit Local S.A. (France), 1.875%, 9/15/2021		Aa3			5,000,000		4,817,970

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

4

Unconstrained Bond Series

Investment Portfolio - June 30, 2018

(unaudited)

	CREDIT RATING1		PRINCIPAL AMOUNT2		VALUE (NOTE 2)
CORPORATE BONDS (continued)
Non-Convertible Corporate Bonds (continued)
Financials (continued)
Banks (continued)
Intesa Sanpaolo S.p.A. (Italy), 3.875%, 1/15/2019		Baa1		8,800,000	$	8,816,186
JPMorgan Chase & Co., 6.30%, 4/23/2019		A3		12,000,000		12,337,547
JPMorgan Chase & Co., 4.95%, 3/25/2020		A3		150,000		154,475
Popular, Inc., 7.00%, 7/1/2019		B2		1,655,000		1,679,825
Royal Bank of Scotland Group plc (United Kingdom), 4.70%, 7/3/2018		Ba2		2,000,000		2,000,000
Santander Holdings USA, Inc., 2.70%, 5/24/2019		Baa3		9,446,000		9,417,542
Santander Holdings USA, Inc., 2.65%, 4/17/2020		Baa3		3,750,000		3,716,965
The Toronto-Dominion Bank (Canada)3, 2.25%, 9/25/2019		Aaa		4,000,000		3,972,931
Westpac Banking Corp. (Australia)3, 2.00%, 3/3/2020		Aaa		4,000,000		3,935,320
						63,333,271
Capital Markets - 4.3%
The Goldman Sachs Group, Inc., 5.375%, 3/15/2020		A3		7,800,000		8,078,753
Morgan Stanley, 2.50%, 1/24/2019		A3		8,500,000		8,486,595
Morgan Stanley4, (3 mo. LIBOR US + 1.140%), 3.506%, 1/27/2020		A3		8,750,000		8,872,246
UBS AG (Switzerland)4, (3 mo. LIBOR US + 0.850%), 3.15%, 6/1/2020		Aa3		8,000,000		8,069,215
						33,506,809
Consumer Finance - 2.3%
Ally Financial, Inc., 3.25%, 11/5/2018		BB8		2,500,000		2,500,000
Ally Financial, Inc., 3.50%, 1/27/2019		Ba3		4,940,000		4,933,825
American Express Credit Corp.4, (3 mo. LIBOR US + 0.730%), 3.049%, 5/26/2020		A2		7,500,000		7,563,894
Navient Corp., 5.50%, 1/15/2019		Ba3		1,335,000		1,345,680
SLM Corp., 5.125%, 4/5/2022		Ba2		1,420,000		1,412,900
						17,756,299
Diversified Financial Services - 3.8%
Aircastle Ltd., 6.25%, 12/1/2019		Ba1		610,000		630,941
Aircastle Ltd., 7.625%, 4/15/2020		Ba1		3,375,000		3,569,062
International Lease Finance Corp., 6.25%, 5/15/2019		Baa3		8,000,000		8,202,174
LPL Holdings, Inc.3, 5.75%, 9/15/2025		B2		1,490,000		1,449,025
Navient Corp., 4.875%, 6/17/2019		Ba3		2,189,000		2,199,945
Navient Corp., 8.00%, 3/25/2020		Ba3		1,000,000		1,055,000
Navient Corp., 7.25%, 9/25/2023		Ba3		880,000		921,800
Oxford Finance, LLC - Oxford Finance Co.- Issuer II, Inc.3, 6.375%, 12/15/2022		Ba3		1,570,000		1,593,550
Park Aerospace Holdings Ltd. (Ireland)3, 4.50%, 3/15/2023		Ba3		1,640,000		1,557,672
Wells Fargo & Co., 2.15%, 1/15/2019		A2		8,500,000		8,471,756
						29,650,925
Insurance - 2.0%
Assured Guaranty US Holdings, Inc., 5.00%, 7/1/2024		Baa2		9,950,000		10,397,601

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

5

Unconstrained Bond Series

Investment Portfolio - June 30, 2018

(unaudited)

	CREDIT RATING1		PRINCIPAL AMOUNT2		VALUE (NOTE 2)
CORPORATE BONDS (continued)
Non-Convertible Corporate Bonds (continued)
Financials (continued)
Insurance (continued)
Pricoa Global Funding I3, 1.45%, 9/13/2019		A1		2,000,000	$	1,966,522
Prudential Financial, Inc.9, (3 mo. LIBOR US + 4.175%), 5.875%, 9/15/2042		Baa2		2,460,000		2,598,375
						14,962,498
Thrifts & Mortgage Finance - 0.1%
Ladder Capital Finance Holdings LLLP - Ladder Capital Finance Corp.3, 5.875%, 8/1/2021		Ba3		970,000		991,291
Total Financials						160,201,093
Health Care - 4.5%
Biotechnology - 0.2%
AMAG Pharmaceuticals, Inc.3, 7.875%, 9/1/2023		Ba3		1,100,000		1,166,687
Health Care Providers & Services - 4.1%
DaVita, Inc., 5.00%, 5/1/2025		Ba3		1,850,000		1,741,313
Express Scripts Holding Co., 3.50%, 6/15/2024		Baa2		6,500,000		6,238,736
Fresenius Medical Care US Finance II, Inc. (Germany)3, 6.50%, 9/15/2018		Baa3		10,097,000		10,163,694
HCA, Inc., 3.75%, 3/15/2019		Ba1		6,500,000		6,524,375
HCA, Inc., 4.25%, 10/15/2019		Ba1		1,500,000		1,511,250
HCA, Inc., 6.50%, 2/15/2020		Ba1		4,000,000		4,152,500
Ortho-Clinical Diagnostics, Inc. - Ortho-Clinical Diagnostics S.A.3, 6.625%, 5/15/2022		Caa2		1,065,000		1,041,038
Tenet Healthcare Corp., 6.00%, 10/1/2020		Ba3		610,000		626,775
						31,999,681
Pharmaceuticals - 0.2%
Horizon Pharma, Inc. - Horizon Pharma USA, Inc.3, 8.75%, 11/1/2024		B3		1,535,000		1,648,206
Total Health Care						34,814,574
Industrials - 2.0%
Airlines - 0.1%
Allegiant Travel Co., 5.50%, 7/15/2019		B1		1,030,000		1,035,150
Construction & Engineering - 0.2%
Tutor Perini Corp.3, 6.875%, 5/1/2025		B1		1,550,000		1,551,938
Containers & Packaging - 0.4%
W/S Packaging Holdings, Inc.3, 9.00%, 4/15/2023		B3		2,555,000		2,586,938
Industrial Conglomerates - 0.3%
LSB Industries, Inc.3, 9.625%, 5/1/2023		Caa1		1,950,000		1,964,625
Marine - 0.5%
Borealis Finance, LLC10, 7.50%, 11/16/2022		WR5		2,010,000		1,982,362

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

6

Unconstrained Bond Series

Investment Portfolio - June 30, 2018

(unaudited)

	CREDIT RATING1		PRINCIPAL AMOUNT2		VALUE (NOTE 2)
CORPORATE BONDS (continued)
Non-Convertible Corporate Bonds (continued)
Industrials (continued)
Marine (continued)
Global Ship Lease, Inc. (United Kingdom)3, 9.875%, 11/15/2022		B3		2,095,000	$	2,068,812
						4,051,174
Professional Services - 0.1%
Nielsen Finance LLC - Nielsen Finance Co.3, 5.00%, 4/15/2022		B1		1,030,000		1,012,078
Transportation Infrastructure - 0.4%
Eagle Bulk Shipco, LLC, 8.25%, 11/28/2022		WR5		800,000		812,000
MPC Container Ships Invest B.V. (Norway)4,11, (3 mo. LIBOR US + 4.750%), 7.082%, 9/22/2022		WR5		1,000,000		1,025,510
Songa Bulk ASA (Norway)3,4, (3 mo. LIBOR US + 4.500%), 6.833%, 6/13/2022		WR5		1,200,000		1,246,368
						3,083,878
Total Industrials						15,285,781
Information Technology - 2.3%
Internet Software & Services - 2.1%
Alibaba Group Holding Ltd. (China), 3.40%, 12/6/2027		A1		12,000,000		11,180,860
MSCI, Inc.3, 5.375%, 5/15/2027		Ba2		990,000		990,000
Tencent Holdings Ltd. (China)3, 3.375%, 5/2/2019		A1		3,700,000		3,714,599
Tencent Holdings Ltd. (China)3, 2.875%, 2/11/2020		A1		200,000		199,074
						16,084,533
Semiconductors & Semiconductor Equipment - 0.2%
MagnaChip Semiconductor Corp. (South Korea), 6.625%, 7/15/2021		B3		1,635,000		1,581,535
Total Information Technology						17,666,068
Materials - 2.8%
Chemicals - 0.4%
Kissner Holdings LP - Kissner Milling Co. Ltd. - BSC Holding, Inc. -
Kissner USA (Canada)3, 8.375%, 12/1/2022		B3		1,110,000		1,134,975
OCI N.V. (Netherlands)3, 6.625%, 4/15/2023		B1		1,625,000		1,650,512
						2,785,487
Containers & Packaging - 0.1%
Ardagh Packaging Finance plc - Ardagh Holdings USA, Inc. (Ireland)3, 6.00%, 2/15/2025		B3		970,000		944,538
Metals & Mining - 2.3%
Corp Nacional del Cobre de Chile (Chile)3, 4.50%, 9/16/2025		A3		8,000,000		8,169,440
Ferroglobe plc - Globe Specialty Metals, Inc.3, 9.375%, 3/1/2022		B3		1,545,000		1,599,075
Mountain Province Diamonds, Inc. (Canada)3, 8.00%, 12/15/2022		B3		2,690,000		2,679,913
Northwest Acquisitions ULC - Dominion Finco, Inc.3, 7.125%, 11/1/2022		Ba3		2,520,000		2,513,700

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

7

Unconstrained Bond Series

Investment Portfolio - June 30, 2018

(unaudited)

	CREDIT RATING1		PRINCIPAL AMOUNT2		VALUE (NOTE 2)
CORPORATE BONDS (continued)
Non-Convertible Corporate Bonds (continued)
Materials (continued)
Metals & Mining (continued)
Southern Copper Corp. (Peru), 5.375%, 4/16/2020		Baa2		3,000,000	$	3,111,327
						18,073,455
Total Materials						21,803,480
Real Estate - 2.3%
Equity Real Estate Investment Trusts (REITS) - 2.1%
American Tower Corp., 3.40%, 2/15/2019		Baa3		1,400,000		1,403,768
American Tower Corp., 2.80%, 6/1/2020		Baa3		4,500,000		4,461,377
iStar, Inc., 5.25%, 9/15/2022		B1		1,530,000		1,481,231
Starwood Property Trust, Inc.3, 3.625%, 2/1/2021		Ba3		2,000,000		1,955,000
Welltower, Inc., 4.125%, 4/1/2019		Baa1		7,300,000		7,342,754
						16,644,130
Real Estate Management & Development - 0.2%
Greystar Real Estate Partners, LLC3, 5.75%, 12/1/2025		B1		1,560,000		1,513,200
Total Real Estate						18,157,330
Telecommunication Services - 4.9%
Diversified Telecommunication Services - 3.2%
AT&T, Inc.4, (3 mo. LIBOR US + 0.930%), 3.264%, 6/30/2020		Baa2		8,000,000		8,089,379
AT&T, Inc., 4.45%, 4/1/2024		Baa2		3,620,000		3,654,605
Verizon Communications, Inc.4, (3 mo. LIBOR US + 0.770%), 3.105%, 6/17/2019		Baa1		8,668,000		8,716,004
Verizon Communications, Inc., 4.125%, 3/16/2027		Baa1		4,400,000		4,354,422
						24,814,410
Wireless Telecommunication Services - 1.7%
Altice US Finance I Corp.3, 5.50%, 5/15/2026		Ba3		1,015,000		979,475
Hughes Satellite Systems Corp., 6.50%, 6/15/2019		Ba2		7,325,000		7,496,771
Hughes Satellite Systems Corp., 5.25%, 8/1/2026		Ba2		2,630,000		2,465,625
Inmarsat Finance plc (United Kingdom)3, 4.875%, 5/15/2022		Ba3		1,555,000		1,527,787
Sprint Communications, Inc.3, 9.00%, 11/15/2018		B1		945,000		963,900
						13,433,558
Total Telecommunication Services						38,247,968
Utilities - 1.2%
Independent Power and Renewable Electricity Producers - 1.2%
Atlantica Yield plc (Spain)3, 7.00%, 11/15/2019		B1		7,640,000		7,907,400
Drax Finco plc (United Kingdom)3, 6.625%, 11/1/2025		BB8		1,490,000		1,482,550
Total Utilities						9,389,950
TOTAL CORPORATE BONDS
(Identified Cost $457,050,790)						452,374,375

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

8

Unconstrained Bond Series

Investment Portfolio - June 30, 2018

(unaudited)

	CREDIT RATING1		PRINCIPAL   AMOUNT2		VALUE (NOTE 2)
ASSET-BACKED SECURITIES - 16.3%
Ally Auto Receivables Trust, Series 2016-1, Class A4, 1.73%, 11/16/2020		Aaa		750,000	$	744,172
Ally Auto Receivables Trust, Series 2018-1, Class A1, 1.75%, 2/15/2019		AAA8		1,131,793		1,131,799
Ally Auto Receivables Trust, Series 2018-2, Class A2, 2.64%, 2/16/2021		Aaa		1,835,000		1,834,007
BMW Vehicle Owner Trust, Series 2016-A, Class A3, 1.16%, 11/25/2020		Aaa		3,712,120		3,679,539
Capital One Multi-Asset Execution Trust, Series 2016, Class A4, 1.33%, 6/15/2022		AAA8		3,337,000		3,284,679
CarMax Auto Owner Trust, Series 2016-2, Class A3, 1.52%, 2/16/2021		AAA8		2,813,863		2,793,065
CarMax Auto Owner Trust, Series 2016-4, Class A2, 1.21%, 11/15/2019		Aaa		438,584		438,183
CarMax Auto Owner Trust, Series 2017-1, Class A2, 1.54%, 2/18/2020		Aaa		1,345,338		1,343,330
CarMax Auto Owner Trust, Series 2017-3, Class A3, 1.97%, 4/15/2022		AAA8		3,800,000		3,743,973
Cazenovia Creek Funding I LLC, Series 2015-1A, Class A3, 2.00%, 12/10/2023		WR5		174,351		173,479
Chesapeake Funding II LLC, Series 2017-2A, Class A13, 1.99%, 5/15/2029		Aaa		2,948,767		2,918,614
Citibank Credit Card Issuance Trust, Series 2014, Class A6, 2.15%, 7/15/2021		Aaa		3,760,000		3,737,973
Colony American Homes, Series 2015-1A, Class A3,4, (1 mo. LIBOR US + 1.200%), 3.246%, 7/17/2032		Aaa		1,729,401		1,728,612
Credit Acceptance Auto Loan Trust, Series 2017-1A, Class A3, 2.56%, 10/15/2025		AAA8		1,700,000		1,690,455
Daimler Trucks Retail Trust, Series 2018-1, Class A23, 2.60%, 5/15/2020		Aaa		4,500,000		4,500,362
Enterprise Fleet Financing LLC, Series 2016-2, Class A23, 1.74%, 2/22/2022		AAA8		894,409		890,628
Enterprise Fleet Financing LLC, Series 2016-2, Class A33, 2.04%, 2/22/2022		AAA8		3,900,000		3,842,775
Enterprise Fleet Financing LLC, Series 2017-1, Class A23, 2.13%, 7/20/2022		AAA8		1,868,484		1,857,490
Enterprise Fleet Financing LLC, Series 2018-1, Class A13, 2.15%, 3/20/2019		AAA8		5,147,846		5,142,719
Ford Credit Auto Lease Trust, Series 2016-A, Class A4, 1.85%, 7/15/2019		AAA8		117,917		117,894
Ford Credit Auto Owner Trust, Series 2015-A, Class A3, 1.28%, 9/15/2019		Aaa		11,271		11,264
Ford Credit Auto Owner Trust, Series 2017-B, Class A3, 1.69%, 11/15/2021		Aaa		300,000		295,114
GM Financial Automobile Leasing Trust, Series 2016-1, Class A3, 1.64%, 7/20/2019		Aaa		1,154,903		1,153,637
GM Financial Automobile Leasing Trust, Series 2016-3, Class A4, 1.78%, 5/20/2020		Aaa		4,000,000		3,969,791
Hertz Fleet Lease Funding LP, Series 2018-1, Class A23, 3.23%, 5/10/2032		Aaa		7,000,000		7,006,550
Hertz Vehicle Financing II LP, Series 2015-2A, Class A3, 2.02%, 9/25/2019		Aaa		4,000,000		3,993,440

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

9

Unconstrained Bond Series

Investment Portfolio - June 30, 2018

(unaudited)

	CREDIT RATING1		PRINCIPAL   AMOUNT2		VALUE (NOTE 2)
ASSET-BACKED SECURITIES (continued)
Hertz Vehicle Financing LLC, Series 2013-1A, Class A23, 1.83%, 8/25/2019		Aaa		1,333,333	$	1,332,046
Honda Auto Receivables Owner Trust, Series 2016-4, Class A2, 1.04%, 4/18/2019		AAA8		235,365		235,192
Hyundai Auto Lease Securitization Trust, Series 2016-C, Class A33, 1.49%, 2/18/2020		AAA8		1,283,923		1,280,499
Hyundai Auto Lease Securitization Trust, Series 2018-A, Class A13, 1.95%, 3/15/2019		Aaa		818,907		818,915
Hyundai Auto Receivables Trust, Series 2015-A, Class A4, 1.37%, 7/15/2020		AAA8		1,525,920		1,521,608
Hyundai Auto Receivables Trust, Series 2017-A, Class A3, 1.76%, 8/16/2021		AAA8		165,000		162,869
Illinois Student Assistance Commission, Series 2010-1, Class A24, (3 mo. LIBOR US + 1.050%), 3.41%, 4/25/2022		AAA8		232,416		232,684
Invitation Homes Trust, Series 2015-SFR3, Class A3,4, (1 mo. LIBOR US + 1.300%), 3.373%, 8/17/2032		Aaa		1,706,635		1,708,758
Invitation Homes Trust, Series 2017-SFR2, Class A3,4, (1 mo. LIBOR US + 0.850%), 2.935%, 12/17/2036		Aaa		497,716		497,715
Invitation Homes Trust, Series 2017-SFR2, Class B3,4, (1 mo. LIBOR US + 1.150%), 3.235%, 12/17/2036		Aa2		400,000		402,318
Kubota Credit Owner Trust, Series 2018-1A, Class A13, 2.37%, 5/15/2019		Aaa		5,305,249		5,305,443
Mercedes-Benz Auto Lease Trust, Series 2016-B, Class A3, 1.35%, 8/15/2019		Aaa		3,432,195		3,421,863
Navient Student Loan Trust, Series 2016-2, Class A13,4, (1 mo. LIBOR US + 0.750%), 2.841%, 6/25/2065		Aaa		187,623		187,771
Navient Student Loan Trust, Series 2016-3A, Class A13,4, (1 mo. LIBOR US + 0.600%), 2.691%, 6/25/2065		AAA8		372,884		373,043
Navient Student Loan Trust, Series 2018-2A, Class A13,4, (1 mo. LIBOR US + 0.240%), 2.331%, 3/25/2067		Aaa		4,056,754		4,059,178
Nissan Auto Receivables Owner Trust, Series 2016-C, Class A3, 1.18%, 1/15/2021		Aaa		3,785,416		3,743,221
Progress Residential Trust, Series 2017-SFR2, Class A3, 2.897%, 12/17/2034		Aaa		1,650,000		1,599,565
SLC Student Loan Trust, Series 2004-1, Class A64, (3 mo. LIBOR US + 0.160%), 2.503%, 5/15/2023		Aaa		2,860,610		2,858,658
SLM Student Loan Trust, Series 2004-10, Class A6A3,4, (3 mo. LIBOR US + 0.550%), 2.91%, 4/27/2026		Aaa		2,672,857		2,679,645
SMB Private Education Loan Trust, Series 2018-A, Class A13,4, (1 mo. LIBOR US + 0.350%), 2.423%, 3/16/2026		Aaa		3,415,121		3,416,914
SoFi Consumer Loan Program LLC, Series 2017-4, Class A3, 2.50%, 5/26/2026		AA8		1,383,652		1,366,140
SoFi Consumer Loan Program LLC, Series 2017-5, Class A13, 2.14%, 9/25/2026		AA8		1,440,748		1,432,898
SoFi Professional Loan Program LLC, Series 2015-A, Class A23, 2.42%, 3/25/2030		Aaa		637,530		628,916

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

10

Unconstrained Bond Series

Investment Portfolio - June 30, 2018

(unaudited)

	CREDIT RATING1		PRINCIPAL   AMOUNT2		VALUE (NOTE 2)
ASSET-BACKED SECURITIES (continued)
SoFi Professional Loan Program LLC, Series 2016-C, Class A2A3, 1.48%, 5/26/2031		Aaa		422,943	$	421,525
SoFi Professional Loan Program LLC, Series 2016-C, Class A2B3, 2.36%, 12/27/2032		Aaa		600,000		581,943
SoFi Professional Loan Program LLC, Series 2016-E, Class A2A3, 1.63%, 1/25/2036		Aaa		635,553		632,830
SoFi Professional Loan Program LLC, Series 2017-A, Class A2A3, 1.55%, 3/26/2040		Aaa		592,049		586,998
SoFi Professional Loan Program LLC, Series 2017-B, Class A1FX3, 1.83%, 5/25/2040		Aaa		210,450		209,118
SoFi Professional Loan Program LLC, Series 2017-C, Class A2A3, 1.75%, 7/25/2040		AAA8		1,319,788		1,308,375
SoFi Professional Loan Program LLC, Series 2017-D, Class A1FX3, 1.72%, 9/25/2040		Aaa		2,131,075		2,115,960
SoFi Professional Loan Program LLC, Series 2017-F, Class A1FX3, 2.05%, 1/25/2041		Aaa		599,313		594,022
SoFi Professional Loan Program LLC, Series 2017-F, Class A2FX3, 2.84%, 1/25/2041		Aaa		750,000		732,239
SoFi Professional Loan Program LLC, Series 2018-B, Class A1FX3, 2.64%, 8/25/2047		Aaa		8,422,455		8,390,313
South Carolina Student Loan Corp., Series 2005, Class A34, (3 mo. LIBOR US + 0.140%), 2.44%, 12/1/2023		Aaa		302,445		302,324
Tax Ease Funding LLC, Series 2016-1A, Class A3, 3.131%, 6/15/2028		WR5		553,137		552,445
Toyota Auto Receivables Owner Trust, Series 2016-D, Class A2A, 1.06%, 5/15/2019		Aaa		145,778		145,683
Tricon American Homes Trust, Series 2016-SFR1, Class A3, 2.589%, 11/17/2033		Aaa		2,394,582		2,317,326
Westlake Automobile Receivables Trust, Series 2018-1A, Class A13, 1.75%, 2/15/2019		AAA8		238,827		238,815
Wheels SPV 2 LLC, Series 2016-1A, Class A23, 1.59%, 5/20/2025		AAA8		193,844		193,023
World Omni Auto Receivables Trust, Series 2017-A, Class A3, 1.93%, 9/15/2022		AAA8		4,000,000		3,953,598
World Omni Automobile Lease Securitization Trust, Series 2016-A, Class A2A, 1.20%, 2/15/2019		Aaa		3,130		3,128
World Omni Automobile Lease Securitization Trust, Series 2017-A, Class A4, 2.32%, 8/15/2022		Aaa		750,000		743,453
World Omni Automobile Lease Securitization Trust, Series 2018-A, Class A1, 1.95%, 3/15/2019		Aaa		1,110,071		1,109,756
TOTAL ASSET-BACKED SECURITIES
(Identified Cost $127,066,177)						126,422,277
COMMERCIAL MORTGAGE-BACKED SECURITIES - 6.1%
Americold LLC Trust, Series 2010-ARTA, Class A13, 3.847%, 1/14/2029 .		AAA8		133,733		134,941
Credit Suisse Mortgage Capital Trust, Series 2013-TH1, Class A13,12, 2.13%, 2/25/2043		AAA8		664,260		616,636

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

11

Unconstrained Bond Series

Investment Portfolio - June 30, 2018

(unaudited)

	CREDIT RATING1		PRINCIPAL   AMOUNT2		VALUE (NOTE 2)
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Fannie Mae REMICS, Series 2018-31, Class KP, 3.50%, 7/25/2047		Aaa		3,187,029	$	3,188,131
FDIC Trust, Series 2011-R1, Class A3, 2.672%, 7/25/2026		WR5		136,279		135,774
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K005, Class AX (IO)12, 1.348%, 11/25/2019		Aaa		6,934,710		115,925
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K009, Class X1 (IO)12, 1.286%, 8/25/2020		Aaa		9,033,102		202,282
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K014, Class X1 (IO)12, 1.149%, 4/25/2021		Aaa		7,131,527		196,734
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K016, Class X1 (IO)12, 1.514%, 10/25/2021		Aaa		4,805,033		195,444
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K017, Class X1 (IO)12, 1.338%, 12/25/2021		Aaa		34,333,633		1,290,450
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K021, Class X1 (IO)12, 1.456%, 6/25/2022		Aaa		17,133,962		815,654
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K030, Class X1 (IO)12, 0.201%, 4/25/2023		Aaa		57,596,906		490,893
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K032, Class X1 (IO)12, 0.106%, 5/25/2023		Aaa		33,814,345		175,534
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K706, Class X1 (IO)12, 1.542%, 10/25/2018		Aaa		7,337,805		11,138
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KP01, Class A2, 1.72%, 1/25/2019		Aaa		75,169		74,907
Freddie Mac REMICS, Series 4791, Class BA, 4.00%, 3/15/2044		Aaa		4,067,776		4,167,782
Freddie Mac REMICS, Series 4801, Class BA, 4.50%, 5/15/2044		Aaa		4,254,030		4,418,056
FREMF Mortgage Trust, Series 2013-K28, Class X2A (IO)3, 0.10%, 6/25/2046		WR5		88,468,644		325,653
FREMF Mortgage Trust, Series 2013-K712, Class B3,12, 3.36%, 5/25/2045		AA8		1,300,000		1,302,941
FREMF Mortgage Trust, Series 2014-K716, Class B3,12, 3.95%, 8/25/2047		A1		2,550,000		2,587,617
FREMF Mortgage Trust, Series 2015-K42, Class B3,12, 3.852%, 12/25/2024		A3		1,900,000		1,892,400
FREMF Mortgage Trust, Series 2015-K43, Class B3,12, 3.734%, 2/25/2048		WR5		1,500,000		1,479,683
GAHR Commercial Mortgage Trust, Series 2015-NRF, Class BFX3,12, 3.382%, 12/15/2034		AA8		2,000,000		1,999,361
GAHR Commercial Mortgage Trust, Series 2015-NRF, Class DFX3,12, 3.382%, 12/15/2034		BBB8		1,150,000		1,143,195
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2010-C2, Class A33, 4.07%, 11/15/2043		AAA8		727,435		738,239
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2011-C4, Class A33, 4.106%, 7/15/2046		AAA8		265,780		265,511
JP Morgan Mortgage Trust, Series 2013-1, Class 1A23,12, 3.00%, 3/25/2043		WR5		462,160		447,284
JP Morgan Mortgage Trust, Series 2013-2, Class A23,12, 3.50%, 5/25/2043		AAA8		541,946		533,309

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

12

Unconstrained Bond Series

Investment Portfolio - June 30, 2018

(unaudited)

	CREDIT RATING1			PRINCIPAL   AMOUNT2		VALUE (NOTE 2)
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
JP Morgan Mortgage Trust, Series 2014-2, Class 1A13,12, 3.00%, 6/25/2029		AAA8			829,905	$	822,871
JP Morgan Mortgage Trust, Series 2017-3, Class 1A53,12, 3.50%, 8/25/2047		Aaa			3,574,911		3,532,738
LSTAR Commercial Mortgage Trust, Series 2014-2, Class A23, 2.767%, 1/20/2041		Aaa			97,606		97,205
New Residential Mortgage Loan Trust, Series 2014-3A, Class AFX33,12, 3.75%, 11/25/2054		AA8			748,158		747,069
New Residential Mortgage Loan Trust, Series 2015-2A, Class A13,12, 3.75%, 8/25/2055		Aaa			1,159,363		1,161,724
OBP Depositor LLC Trust, Series 2010-OBP, Class A3, 4.646%, 7/15/2045		AAA8			420,000		430,394
Sequoia Mortgage Trust, Series 2013-2, Class A12, 1.874%, 2/25/2043		AAA8			678,846		609,799
Sequoia Mortgage Trust, Series 2013-7, Class A212, 3.00%, 6/25/2043		AAA8			560,540		540,546
Sequoia Mortgage Trust, Series 2013-8, Class A112, 3.00%, 6/25/2043		Aaa			771,161		746,476
Starwood Retail Property Trust, Series 2014-STAR, Class A3,4, (1 mo. LIBOR US + 1.220%), 3.293%, 11/15/2027		AAA8			1,844,325		1,845,149
Towd Point Mortgage Trust, Series 2016-5, Class A13,12, 2.50%, 10/25/2056		Aaa			1,726,461		1,686,031
Vornado DP LLC Trust, Series 2010-VNO, Class A2FX3, 4.004%, 9/13/2028		AA8			1,195,000		1,217,986
Wells Fargo Commercial Mortgage Trust, Series 2010-C1, Class A23, 4.393%, 11/15/2043		Aaa			1,350,000		1,381,960
WF-RBS Commercial Mortgage Trust, Series 2011-C2, Class A43,12, 4.869%, 2/15/2044		Aaa			1,512,796		1,565,910
WinWater Mortgage Loan Trust, Series 2015-1, Class A13,12, 3.50%, 1/20/2045		WR5			804,526		790,524
WinWater Mortgage Loan Trust, Series 2015-3, Class A53,12, 3.50%, 3/20/2045		Aaa			708,964		709,789
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(Identified Cost $46,026,185)							46,831,645
FOREIGN GOVERNMENT BONDS - 5.1%
Argentine Republic Government International Bond (Argentina), 6.25%, 4/22/2019		B2			2,000,000		2,008,020
Brazilian Government International Bond (Brazil), 4.25%, 1/7/2025		Ba2			1,300,000		1,228,500
Chile Government Bond (Chile), 5.50%, 8/5/2020		Aa3	CLP		1,800,000,000		2,856,523
The Export-Import Bank of China (China)3, 2.50%, 7/31/2019		A1			7,500,000		7,448,895
The Export-Import Bank of China (China), 2.50%, 7/31/2019		A1			630,000		625,707
Export-Import Bank of India (India), 3.375%, 8/5/2026		Baa2			3,000,000		2,753,889
Export-Import Bank of Korea (South Korea), 1.75%, 5/26/2019		Aa2			7,716,000		7,628,693
The Korea Development Bank (South Korea), 2.875%, 8/22/2018		Aa2			5,839,000		5,839,409
The Korea Development Bank (South Korea), 1.375%, 9/12/2019		Aa2			1,500,000		1,470,051
Mexican Government Bond (Mexico), 8.00%, 6/11/2020		A3	MXN		35,000,000		1,771,443

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

13

Unconstrained Bond Series

Investment Portfolio - June 30, 2018    

(unaudited)    

	CREDIT RATING1			PRINCIPAL     AMOUNT2		VALUE (NOTE 2)
FOREIGN GOVERNMENT BONDS (continued)
Mexican Government Bond (Mexico), 6.50%, 6/9/2022		A3	MXN		126,000,000	$	6,085,609
TOTAL FOREIGN GOVERNMENT BONDS
(Identified Cost $45,081,266)							39,716,739
U.S. TREASURY SECURITIES - 4.9%
U.S. Treasury Bonds - 3.2%
U.S. Treasury Bond, 6.25%, 5/15/2030					6,100,000		8,163,277
U.S. Treasury Bond, 4.75%, 2/15/2037					6,300,000		7,984,512
U.S. Treasury Bond, 2.50%, 2/15/2045					9,300,000		8,479,347
Total U.S. Treasury Bonds
(Identified Cost $25,979,875)							24,627,136
U.S. Treasury Notes - 1.7%
U.S. Treasury Note, 1.50%, 2/28/2023
(Identified Cost $13,710,467)					14,450,000		13,679,522
TOTAL U.S. TREASURY SECURITIES
(Identified Cost $39,690,342)							38,306,658
U.S. GOVERNMENT AGENCIES - 6.2%
Mortgage-Backed Securities - 6.2%
Fannie Mae, Pool #888468, 5.50%, 9/1/2021					247,956		253,722
Fannie Mae, Pool #995233, 5.50%, 10/1/2021					15,280		15,554
Fannie Mae, Pool #888017, 6.00%, 11/1/2021					28,413		29,345
Fannie Mae, Pool #995329, 5.50%, 12/1/2021					171,052		175,131
Fannie Mae, Pool #888136, 6.00%, 12/1/2021					34,956		36,094
Fannie Mae, Pool #888810, 5.50%, 11/1/2022					302,432		309,635
Fannie Mae, Pool #AD0462, 5.50%, 10/1/2024					25,760		26,885
Fannie Mae, Pool #MA0115, 4.50%, 7/1/2029					91,528		96,108
Fannie Mae, Pool #MA1834, 4.50%, 2/1/2034					396,052		414,427
Fannie Mae, Pool #918516, 5.50%, 6/1/2037					127,744		137,280
Fannie Mae, Pool #889624, 5.50%, 5/1/2038					189,167		204,499
Fannie Mae, Pool #995876, 6.00%, 11/1/2038					505,677		556,695
Fannie Mae, Pool #AD0307, 5.50%, 1/1/2039					196,396		212,614
Fannie Mae, Pool #AA7236, 4.00%, 6/1/2039					979,699		1,006,041
Fannie Mae, Pool #AJ1989, 4.50%, 10/1/2041					2,019,853		2,124,364
Fannie Mae, Pool #AW5338, 4.50%, 6/1/2044					1,047,292		1,098,533
Fannie Mae, Pool #AS3878, 4.50%, 11/1/2044					1,033,523		1,080,936
Fannie Mae, Pool #BC5442, 4.00%, 4/1/2046					3,070,419		3,132,524
Fannie Mae, Pool #BC9568, 4.00%, 5/1/2046					3,932,067		4,011,783
Fannie Mae, Pool #BE7845, 4.50%, 2/1/2047					846,186		887,561
Freddie Mac, Pool #G11850, 5.50%, 7/1/2020					46,742		47,318
Freddie Mac, Pool #G12610, 6.00%, 3/1/2022					37,624		38,943
Freddie Mac, Pool #G12655, 6.00%, 5/1/2022					26,449		27,388

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

14

Unconstrained Bond Series

Investment Portfolio - June 30, 2018    

(unaudited)    

	PRINCIPAL AMOUNT2/ SHARES		VALUE (NOTE 2)
U.S. GOVERNMENT AGENCIES (continued)
Mortgage-Backed Securities (continued)
Freddie Mac, Pool #G12988, 6.00%, 1/1/2023		20,525	$	21,354
Freddie Mac, Pool #G13078, 6.00%, 3/1/2023		35,819		37,204
Freddie Mac, Pool #G13331, 5.50%, 10/1/2023		16,247		16,790
Freddie Mac, Pool #C91359, 4.50%, 2/1/2031		223,349		233,285
Freddie Mac, Pool #D98711, 4.50%, 7/1/2031		605,938		632,877
Freddie Mac, Pool #C91746, 4.50%, 12/1/2033		567,834		594,119
Freddie Mac, Pool #C91760, 3.50%, 5/1/2034		2,948,971		2,991,477
Freddie Mac, Pool #C91811, 4.00%, 1/1/2035		1,311,834		1,357,060
Freddie Mac, Pool #G07655, 5.50%, 12/1/2035		525,251		569,621
Freddie Mac, Pool #C91872, 3.50%, 4/1/2036		3,423,865		3,462,732
Freddie Mac, Pool #G04176, 5.50%, 5/1/2038		226,218		244,814
Freddie Mac, Pool #A78227, 5.50%, 6/1/2038		247,883		267,078
Freddie Mac, Pool #G05900, 6.00%, 3/1/2040		122,140		134,153
Freddie Mac, Pool #A96363, 4.50%, 1/1/2041		3,295,459		3,463,741
Freddie Mac, Pool #G60342, 4.50%, 5/1/2042		3,191,305		3,356,183
Freddie Mac, Pool #G07998, 4.50%, 7/1/2044		3,681,739		3,848,860
Freddie Mac, Pool #Q38473, 4.00%, 1/1/2046		5,150,237		5,270,911
Freddie Mac, Pool #Q40375, 3.50%, 5/1/2046		5,505,055		5,493,844
TOTAL U.S. GOVERNMENT AGENCIES
(Identified Cost $49,603,562)				47,919,483
SHORT-TERM INVESTMENT -3.9%
Dreyfus Government Cash Management, Institutional Shares13, 1.81%,
(Identified Cost $30,080,752)		30,080,752		30,080,752
TOTAL INVESTMENTS - 100.9%
(Identified Cost $794,599,074)				781,651,929
LIABILITIES, LESS OTHER ASSETS - (0.9%)				(6,910,480	)
NET ASSETS - 100%			$	774,741,449

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS OPEN AT JUNE 30, 201814:
SETTLEMENT DATE	CONTRACTS TO DELIVER/(RECEIVE)	IN EXCHANGE FOR	CONTRACTS AT VALUE	UNREALIZED APPRECIATION/ (DEPRECIATION)
10/15/2018	JPY 1,750,000,000	$16,072,741	$15,929,713	$(143,027)
10/15/2018	JPY (1,750,000,000)	15,981,735	15,929,713	52,022
NET UNREALIZED DEPRECIATION				(91,005)

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

15

Unconstrained Bond Series

Investment Portfolio - June 30, 2018

(unaudited)

FUTURES CONTRACTS: LONG POSITIONS OPEN AT JUNE 30, 2018:
CONTRACTS  PURCHASED	ISSUE	EXCHANGE	EXPIRATION	NOTIONAL  VALUE2		VALUE/ UNREALIZED APPRECIATION/ (DEPRECIATION)
225	Euro-SCHATZ U.S. Ultra Treasury	Eurex	September 2018		29,450,929	$	29,630
107	Bonds (10 year)	CBOT	September 2018		13,721,078		166,910
75	90 Day Euro Dollar	Eurex	March 2019		18,232,500		(108,001)
TOTAL LONG POSITIONS							88,539

FUTURES CONTRACTS: SHORT POSITIONS OPEN AT JUNE 30, 2018:
CONTRACTS  SOLD	ISSUE	EXCHANGE	EXPIRATION	NOTIONAL  VALUE2		VALUE/ UNREALIZED APPRECIATION/ (DEPRECIATION)
104	Euro-BUND	Eurex	September 2018		(19,741,916)		$(171,712)
75	90 Day Euro Dollar	Eurex	March 2020		(18,191,250)		122,624
TOTAL SHORT POSITIONS							(49,088)

CBOT - Chicago Board of Trade

CLP - Chilean Peso

IO - Interest only

JPY - Japanese Yen

MXN - Mexican Peso

¹Credit ratings from Moody’s (unaudited).

²Amount is stated in USD unless otherwise noted.

³Restricted 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 $231,414,219, or 29.9% of the Series’ net assets as of June 30, 2018 (see Note 2 to the financial statements).

⁴Floating rate security. Rate shown is the rate in effect as of June 30, 2018.

⁵Credit rating has been withdrawn. As of June 30, 2018, there is no rating available (unaudited).

⁶Illiquid security - This security was acquired on June 25, 2018 at a cost of $1,000,000 ($100.00 per share). This security has been determined to be illiquid under guidelines established by the Board of Directors. This security amounts to $1,002,500, or 0.1% of the Series’ net assets as of June 30, 2018. (see Note 2 to the financial statements).

⁷Step 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).

⁸Credit ratings from S&P (unaudited).

⁹Variable 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 June 30, 2018.

¹⁰Restricted 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, February 7, 2018 and June 15, 2018 at a cost of $1,004,748 ($99.48 per share), cost of $598,500 ($99.75 per share) and cost of $399,000 ($99.75 per share), respectively. 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 $1,982,362, or 0.3% of the Series’ net assets as of June 30, 2018 (see Note 2 to the financial statements).

¹¹Illiquid security - This security was acquired on November 3, 2017 at a cost of $992,500 ($99.25 per share). This security has been determined to be illiquid under guidelines established by the Board of Directors. This security amounts to $1,025,510, or 0.1% of the Series’ net assets as of June 30, 2018 (see Note 2 to the financial statements).

¹²Variable 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 June 30, 2018.

¹³Rate shown is the current yield as of June 30, 2018.

¹⁴The counterparty for all forward foreign currency exchange contracts is the Bank of New York Mellon Corp.

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

Unconstrained Bond Series

Statement of Assets and Liabilities    

June 30, 2018 (unaudited)    

ASSETS:
Investments in securities, at value (identified cost $794,599,074) (Note 2)	$	781,651,929
Cash		58,233
Foreign currency, at value (identified cost $6,928)		6,849
Interest receivable		6,050,173
Deposits at broker for futures contracts		5,695,463
Receivable for fund shares sold		222,856
Unrealized appreciation on forward foreign currency exchange contracts (Note 2)		52,022
Futures variation margin receivable		2,813
Prepaid and other expenses		32,253
TOTAL ASSETS		793,772,591
LIABILITIES:
Accrued management fees (Note 3)		281,798
Accrued shareholder services fees (Class S) (Note 3)		151,362
Accrued fund accounting and administration fees (Note 3)		56,968
Accrued Chief Compliance Officer service fees (Note 3)		272
Accrued Directors’ fees (Note 3)		126
Unrealized depreciation on forward foreign currency contracts (Note 2)		143,027
Payable for securities purchased		16,140,170
Payable for fund shares repurchased		2,190,312
Futures variation margin payable		16,186
Other payables and accrued expenses		50,921
TOTAL LIABILITIES		19,031,142
TOTAL NET ASSETS	$	774,741,449
NET ASSETS CONSIST OF:
Capital stock	$	758,777
Additional paid-in-capital		785,716,187
Undistributed net investment income		2,348,386
Accumulated net realized loss on investments, foreign currency and translation of other assets and liabilities		(1,079,547	)
Net unrealized depreciation on investments, foreign currency and translation of other assets and liabilities		(13,002,354	)
TOTAL NET ASSETS	$	774,741,449
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class S
($730,753,141/71,096,235 shares)	$	10.28
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class I
($43,988,308/4,781,493 shares)	$	9.20

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

17

Unconstrained Bond Series

Statement of Operations    

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

INVESTMENT INCOME:
Interest	$	12,313,377
Dividends		149,002
Total Investment Income		12,462,379
EXPENSES:
Management fees (Note 3)		1,803,838
Shareholder services fees (Class S) (Note 3)		936,635
Fund accounting and administration fees (Note 3)		82,494
Directors’ fees (Note 3)		29,587
Chief Compliance Officer service fees (Note 3)		2,160
Custodian fees		23,080
Miscellaneous		90,898
Total Expenses		2,968,692
Less reduction of expenses (Note 3)		(27,793	)
Net Expenses		2,940,899
NET INVESTMENT INCOME		9,521,480
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:
Net realized gain (loss) on-
Investments		(1,380,057	)
Futures contracts		313,649
Foreign currency and translation of other assets and liabilities		(172,627	)
		(1,239,035	)
Net change in unrealized appreciation (depreciation) on-
Investments		(11,770,781	)
Forward foreign currency exchange contracts		(261,181	)
Futures contracts		(208,408	)
Foreign currency and translation of other assets and liabilities		(5,039	)
		(12,245,409	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY		(13,484,444	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(3,962,964	)

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

18

Unconstrained Bond Series

Statements of Changes in Net Assets    

	FOR THE SIX MONTHS ENDED 6/30/18 (UNAUDITED)			FOR THE YEAR ENDED 12/31/17
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income	$	9,521,480		$	18,226,512
Net realized gain (loss) on investments and foreign currency		(1,239,035	)		3,853,547
Net change in unrealized appreciation (depreciation) on investments and foreign currency		(12,245,409	)		5,508,769
Net increase (decrease) from operations		(3,962,964	)		27,588,828
DISTRIBUTIONS TO SHAREHOLDERS (Note 8):
From net investment income (Class S)		(6,575,060	)		(17,569,213	)
From net investment income (Class I)		(491,565	)		(1,612,127	)
From net realized gain on investments (Class S)		—			(470,126	)
From net realized gain on investments (Class I)		—			(45,195	)
Total distributions to shareholders		(7,066,625	)		(19,696,661	)
CAPITAL STOCK ISSUED AND REPURCHASED:
Net decrease from capital share transactions (Note 5)		(51,595,712	)		(64,800,948	)
Net decrease in net assets		(62,625,301	)		(56,908,781	)
NET ASSETS:
Beginning of period		837,366,750			894,275,531
End of period (including undistributed net investment income of $2,348,386 and distributions in excess of net investment income of $106,469, respectively)	$	774,741,449		$	837,366,750

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

19

Unconstrained Bond Series

Financial Highlights - Class S*    

	FOR THE SIX MONTHS ENDED			FOR THE YEAR ENDED
	6/30/18 (UNAUDITED)			12/31/17			12/31/16			12/31/15			12/31/14			12/31/13
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period		$10.42			$10.33			$10.12			$10.53			$10.65			$11.27
Income (loss) from investment operations:
Net investment income1		0.12			0.22			0.22			0.27			0.34			0.37
Net realized and unrealized gain (loss) on investments		(0.17	)		0.11			0.19			(0.36	)		(0.00	)2		(0.38	)
Total from investment operations		(0.05	)		0.33			0.41			(0.09	)		0.34			(0.01	)
Less distributions to shareholders:
From net investment income		(0.09	)		(0.23	)		(0.20	)		(0.26	)		(0.34	)		(0.37	)
From net realized gain on investments		—			(0.01	)		—			(0.05	)		(0.12	)		(0.24	)
From return of capital		—			—			—			(0.01	)		—			—
Total distributions to shareholders		(0.09	)		(0.24	)		(0.20	)		(0.32	)		(0.46	)		(0.61	)
Net asset value - End of period		$10.28			$10.42			$10.33			$10.12			$10.53			$10.65
Net assets - End of period (000’s omitted)		$730,753			$770,824			$845,043			$835,610			$680,719			$653,668
Total return3		(0.47%	)		3.19%			4.08%			(0.88%	)		3.18%			(0.02%	)
Ratios (to average net assets)/Supplemental Data:
Expenses**		0.75%	4		0.75%			0.75%			0.75%			0.75%			0.75%
Net investment income		2.36%	4		2.08%			2.18%			2.58%			3.16%			3.35%
Portfolio turnover		36%			62%			56%			81%			53%			49%
*Effective August 1, 2013, the shares of the Series have been designated as Class S.
**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 Series, the expense ratio (to average net assets) would have increased by the following amounts:
		0.01%	4		0.00%	5		N/A			N/A			N/A			0.00%	5

¹ Calculated based on average shares outstanding during the periods.

² Less than $(0.01).

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

⁴ Annualized.

⁵ Less than 0.01%.

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

20

Unconstrained Bond Series

Financial Highlights - Class I    

	FOR THE SIX MONTHS ENDED				FOR THE YEAR ENDED																FOR THE PERIOD  8/1/131 TO 12/31/13
	6/30/18 (UNAUDITED)				12/31/17				12/31/16				12/31/15				12/31/14
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period			$9.34				$9.28				$9.12				$9.52				$9.68				$10.00
Income (loss) from investment operations:
Net investment income2			0.12				0.22				0.23				0.29				0.34				0.15
Net realized and unrealized gain (loss) on
investments			(0.16	)			0.11				0.16				(0.34	)			(0.02	)			0.00	3
Total from investment operations			(0.04	)			0.33				0.39				(0.05	)			0.32				0.15
Less distributions to shareholders:
From net investment income			(0.10	)			(0.26	)			(0.23	)			(0.29	)			(0.36	)			(0.23	)
From net realized gain on investments			—				(0.01	)			—				(0.05	)			(0.12	)			(0.24	)
From return of capital			—				—				—				(0.01	)			—				—
Total distributions to shareholders			(0.10	)			(0.27	)			(0.23	)			(0.35	)			(0.48	)			(0.47	)
Net asset value - End of period			$9.20				$9.34				$9.28				$9.12				$9.52				$9.68
Net assets - End of period (000’s omitted)		$	43,988			$	66,543			$	49,233			$	37,749			$	78,789			$	19,209
Total return4			(0.40%	)			3.52%				4.27%				(0.59%	)			3.36%				1.60%
Ratios (to average net assets)/Supplemental Data:
Expenses*			0.50%	5			0.50%				0.50%				0.50%				0.50%				0.50%	5
Net investment income			2.59%	5			2.33%				2.50%				3.00%				3.42%				3.55%	5
Portfolio turnover			36%				62%				56%				81%				53%				49%
*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 Series, the expense ratio (to average net assets) would have increased by the following amounts:
			0.01%	5			0.00%	6			N/A				N/A				N/A				0.00%	5,6

¹ Commencement of operations.

² Calculated based on average shares outstanding during the periods.

³ Less than $0.01 per share.

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

⁵ Annualized.

⁶ Less than 0.01%.

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

21

Unconstrained Bond Series

Notes to Financial Statements

(unaudited)

1. Organization

Unconstrained Bond 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’ primary investment objective is to provide long-term total return, and its secondary objective is to provide preservation 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 Series is authorized to issue two classes of shares (Class S and Class I). Each class of shares is substantially the same except the Class S shares bear shareholder services 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 June 30, 2018, 10.9 billion shares have been designated in total among 38 series, of which 125 million have been designated as Unconstrained Bond Series Class S common stock and 100 million have been designated as Unconstrained Bond Series Class I 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.

Debt securities, including government bonds, foreign bonds, asset-backed securities, structured notes, supranational obligations, sovereign bonds, corporate bonds, loan assignments, and mortgage-backed securities will normally be valued on the basis of evaluated bid prices provided directly by an independent pricing service (the “Service”). The pricing services use multiple valuation techniques to determine fair value. In instances where sufficient market activity exists, the pricing services may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services also utilize proprietary valuation models which may consider market characteristics such as benchmark yield curves, option-adjusted spreads, credit spreads, estimated default 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.

The fair value of loan assignments is estimated using recently executed transactions, market price quotations, credit/market events, and cross-asset pricing. Inputs are generally observable market inputs obtained from independent sources. Loan assignments are generally categorized in Level 2 of the fair value hierarchy, unless key inputs are unobservable, in which case they would be categorized in Level 3.

Municipal securities will normally be valued on the basis of market valuations provided by the Service. The Service utilizes the latest price quotations and a matrix system (which considers such factors as security prices of similar securities, yields, maturities and ratings). The Service has been approved by the Fund’s Board of Directors (the “Board”).

22

Unconstrained Bond Series

Notes to Financial Statements (continued)

(unaudited)

2. Significant Accounting Policies (continued)

Security Valuation (continued)

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. 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.

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

DESCRIPTION	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Assets:
Debt securities:
U.S. Treasury and other U.S. Government agencies	$	86,226,141	$	—	$	86,226,141	$	—
Corporate debt:
Consumer Discretionary		48,657,988		—		48,657,988		—
Consumer Staples		14,174,001		—		14,174,001		—
Energy		73,976,142		—		73,976,142		—
Financials		160,201,093		—		160,201,093		—
Health Care		34,814,574		—		34,814,574		—
Industrials		15,285,781		—		15,285,781		—
Information Technology		17,666,068		—		17,666,068		—
Materials		21,803,480		—		21,803,480		—
Real Estate		18,157,330		—		18,157,330		—
Telecommunication Services		38,247,968		—		38,247,968		—
Utilities		9,389,950		—		9,389,950		—
Asset-backed securities		126,422,277		—		126,422,277		—
Commercial mortgage-backed securities		46,831,645		—		46,831,645		—

23

Unconstrained Bond Series

Notes to Financial Statements (continued)

(unaudited)

2. Significant Accounting Policies (continued)

Security Valuation (continued)

DESCRIPTION	TOTAL			LEVEL 1			LEVEL 2			LEVEL 3
Foreign government bonds	$	39,716,739		$	—		$	39,716,739		$	—
Mutual fund		30,080,752			30,080,752			—			—
Other financial instruments*:
Foreign currency exchange contracts		52,022			—			52,022			—
Interest rate contracts		319,164			319,164			—			—
Total assets		782,023,115			30,399,916			751,623,199			—
Liabilities:
Other financial instruments:*
Foreign currency exchange contracts		(143,027	)		—			(143,027	)		—
Interest rate contracts		(279,713	)		(279,713	)		—			—
Total liabilities		(422,740	)		(279,713	)		(143,027	)		—
Total	$	781,600,375		$	��  30,120,203		$	751,480,172		$	—

There were no Level 3 securities held by the Series as of December 31, 2017 or June 30, 2018.

*Other financial instruments are futures (Level 1) and forwards (Level 2). Futures and forwards are valued at the unrealized appreciation (depreciation) on the instrument.

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 June 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 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 examples 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

24

Unconstrained Bond Series

Notes to Financial Statements (continued)

(unaudited)

2. Significant Accounting Policies (continued)

Foreign Currency Translation (continued)

unrealized gains and losses attributable to changes in the exchange rates from gains and losses that arise from changes in the fair value of investments. Such fluctuations are included with net realized and unrealized gain or loss on investments. Net realized foreign currency gains and losses represent foreign currency gains and losses between trade date and settlement date on securities transactions, gains and losses on disposition of foreign currencies and the difference between the amount of income and foreign withholding taxes recorded on the books of the Series and the amounts actually received or paid.

Asset-Backed Securities

The 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, the Series may subsequently have to reinvest the proceeds at lower interest rates. If the Series has purchased such an asset-backed security at a premium, a faster than anticipated prepayment rate could result in a loss of principal to the extent of the premium paid.

Mortgage-Backed Securities

The 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 Series to the periodic payments of principal and interest from those mortgages. MBS may be issued by government agencies or corporations, or private issuers. Most MBS issued by government agencies are guaranteed; however, the degree of protection differs based on the issuer. For MBS there are a number of important differences among the agencies and instrumentalities of the U.S. Government that issue mortgage-related securities and among the securities that they issue. For example, mortgage-related securities guaranteed by Ginnie Mae are guaranteed as to the timely payment of principal and interest by Ginnie Mae and such guarantee is backed by the full faith and credit of the United States. However, mortgage-related securities issued by Freddie Mac and Fannie Mae, including Freddie Mac and Fannie Mae guaranteed 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

The 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 Statement 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.

25

Unconstrained Bond Series

Notes to Financial Statements (continued)

(unaudited)

2. Significant Accounting Policies (continued)

Forward Foreign Currency Exchange Contracts

The Series may purchase or sell forward foreign currency exchange contracts in order to hedge a portfolio position or specific transaction. Risks may arise if the counterparties to a contract are unable to meet the terms of the contract or if the value of the foreign currency moves unfavorably.

All forward foreign currency exchange contracts are adjusted daily by the exchange rate of the underlying currency and, for financial statement purposes, any gain or loss is recorded as unrealized gain or loss until a contract has been closed.

The Series may regularly trade forward foreign currency exchange contracts with off-balance sheet risk in the normal course of its investing activities to assist in managing exposure to changes in foreign currency exchange rates.

The notional or contractual amount of these instruments represents the investment the Series has in forward foreign currency exchange contracts and does not necessarily represent the amounts potentially at risk. The measurement of the risks associated with forward foreign currency exchange contracts is meaningful only when all related and offsetting transactions are considered. The Series’ forward foreign currency exchange contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty, and net amounts owed or due across transactions). The average month-end balances for the six months ended June 30, 2018, the period in which forward foreign currency exchange contracts were outstanding, as measured in terms of the notional amount, was approximately $13,623,424.

Futures

The Series may purchase or sell exchange-traded futures contracts, which are contracts that obligate the Series to make or take delivery of a financial instrument or the cash value of a security index at a specified future date at a specified price. The Series may use futures contracts to manage exposure to the bond market or changes in interest rates and currency values, or for gaining exposure to markets. Risks of entering into futures contracts include the possibility that there may be an illiquid market at the time the Advisor to the Series may be attempting to sell some or all the Series’ holdings or that a change in the value of the contract may not correlate with changes in the value of the underlying securities. Upon entering into a futures contract, a Series is required to deposit either cash or securities (initial margin). Subsequent payments (variation margin) are made or received by the Series, generally on a daily basis. The variation margin payments are equal to the daily changes in the contract value and are recorded as unrealized gains or losses. The Series recognize a realized gain or loss when the contract is closed or expires.

Futures transactions involve minimal counterparty risk since futures contracts are guaranteed against default by the exchange on which they trade. The Series’ futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty, and net amounts owed or due across transactions).

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

STATEMENT OF ASSETS AND LIABILITIES
Derivative	Assets Location
Forward foreign currency exchange contracts	Net unrealized appreciation on forward foreign currency exchange contracts	$	52,022
Interest rate contracts	Net unrealized appreciation1	$	319,164
Derivative	Liabilities Location
Forward foreign currency exchange contracts	Net unrealized depreciation on forward foreign currency exchange contracts	$	(143,027)
Interest rate contracts	Net unrealized depreciation1	$	(279,213)

26

Unconstrained Bond Series

Notes to Financial Statements (continued)

(unaudited)

2. Significant Accounting Policies (continued)

STATEMENT OF OPERATIONS
Derivative	Location of Gain or (Loss) on Derivatives	Realized Gain (Loss) on Derivatives
Interest rate contracts	Net realized gain (loss) on futures contracts	$	313,649
Derivative	Location of Appreciation (Depreciation) on Derivatives	Unrealized Appreciation (Depreciation) on Derivatives
Forward foreign currency exchange contracts	Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts	$	(261,181	)
Interest rate contracts	Net change in unrealized appreciation (depreciation) on futures contracts	$	(208,408	)

¹ Includes cumulative appreciation/depreciation on futures contracts as reported in the Investment Portfolio, and is included within Net Assets as the components of capital are not required to be presented separately on the Statement of Assets and Liabilities. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities.

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

Futures Contracts:
Average number of contracts purchased	410
Average number of contracts sold	231
Average notional value of contracts purchased	$63,686,045
Average notional value of contracts sold	$48,492,701
Options:
Average number of option contracts written	798
Average notional value of option contracts written	$95,494,922

Securities Purchased on a When-Issued Basis or Forward Commitment

The 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 takes such fluctuations into account when determining its 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 June 30, 2018.

In connection with its 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. Information regarding securities purchased on a when-issued basis is included in the Series’ Investment Portfolio. No such investments were held by the Series on June 30, 2018.

27

Unconstrained Bond 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 Series’ Investment Portfolio.

Illiquid Securities

A security may be considered illiquid if so deemed in good faith by the Advisor under procedures approved by and under the general supervision and responsibility of the Fund’s Board. Securities that are illiquid are marked with the applicable footnote on 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 June 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 December 31, 2014 through December 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.

28

Unconstrained Bond Series

Notes to Financial Statements (continued)

(unaudited)

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 each role.

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, Class S of the Series pays 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 April 30, 2019, to waive its 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 a Class’s Shareholder Services Fee, at no more than 0.50% of average daily net assets each year. Accordingly, the Advisor waived fees of $27,793 for the six months ended June 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, as amended, 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 June 30, 2018, purchases and sales of securities, other than U.S. Government securities and short-term securities, were $224,665,425 and $313,565,661, respectively. Purchases and sales of U.S. Government securities, other than short-term securities, were $48,850,152 and $32,092,689, respectively.

29

Unconstrained Bond Series

Notes to Financial Statements (continued)

(unaudited)

5. Capital Stock Transactions

Transactions in shares of Class S and Class I of Unconstrained Bond Series were:

CLASS S:	FOR THE SIX MONTHS ENDED 6/30/18						FOR THE YEAR ENDED 12/31/17
	SHARES			AMOUNT			SHARES			AMOUNT
Sold		3,227,913		$	33,426,862			4,408,089		$	46,106,663
Reinvested		626,785			6,442,801			1,698,360			17,702,224
Repurchased		(6,752,664	)		(69,721,241	)		(13,932,605	)		(145,765,976	)
Total		(2,897,966	)	$	(29,851,578	)		(7,826,156	)	$	(81,957,089	)
CLASS I:	FOR THE SIX MONTHS ENDED 6/30/18						FOR THE YEAR ENDED 12/31/17
	SHARES			AMOUNT			SHARES			AMOUNT
Sold		1,249,206		$	11,587,798			2,630,911		$	24,743,093
Reinvested		27,564			253,887			138,462			1,294,253
Repurchased		(3,623,159	)		(33,585,819	)		(944,890	)		(8,881,205	)
Total		(2,346,389	)	$	(21,744,134	)		1,824,483		$	17,156,141

Over 90% of the shares outstanding are fiduciary accounts where the Advisor has sole investment discretion.

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 June 30, 2018, the Series invested in forward foreign currency exchange contracts (foreign currency exchange risk) and futures contracts (interest rate 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. No such investments were held by the Series as of June 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

30

Unconstrained Bond Series

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 December 31, 2017 were as follows:

Ordinary income $19,696,661

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

Cost for federal income tax purposes	$	794,600,280
Unrealized appreciation		3,437,271
Unrealized depreciation		(16,437,176	)
Net unrealized depreciation	$	(12,999,905	)

31

Unconstrained Bond 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 Series.

For	57,837,537
Against	40,548
Abstain	10,904

32

{This page intentionally left blank}

33

Unconstrained Bond 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.

MNCPB-6/18-SAR

High Yield Bond 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 (January 1, 2018 to June 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  1/1/18	ENDING ACCOUNT               VALUE 6/30/18	EXPENSES PAID       DURING PERIOD* 1/1/18-6/30/18	ANNUALIZED EXPENSE RATIO
Class S
Actual	$1,000.00	$   999.29	$4.46	0.90%
Hypothetical     (5% return before expenses)	$1,000.00	$1,020.33	$4.51	0.90%
Class I
Actual	$1,000.00	$1,001.63	$3.23	0.65%
Hypothetical     (5% return before expenses)	$1,000.00	$1,021.57	$3.26	0.65%

*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). 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.

1

High Yield Bond Series

Portfolio Composition as of June 30, 2018

(unaudited)

2

High Yield Bond Series

Investment Portfolio - June 30, 2018

(unaudited)

	CREDIT RATING1		PRINCIPAL AMOUNT		VALUE (NOTE 2)
CORPORATE BONDS - 99.0%
Non-Convertible Corporate Bonds - 99.0%
Consumer Discretionary - 20.7%
Auto Components - 1.1%
Techniplas LLC2, 10.00%, 5/1/2020		Caa2	$	1,395,000	$	1,241,550
Hotels, Restaurants & Leisure - 1.0%
Stars Group Holdings B.V. - Stars Group U.S. Co-Borrower LLC (Canada)2, 7.00%, 7/15/2026		Caa1		1,100,000		1,111,000
Household Durables - 9.6%
Century Communities, Inc., 5.875%, 7/15/2025		B3		2,305,000		2,178,226
LGI Homes, Inc.2, 6.875%, 7/15/2026		B1		1,660,000		1,655,850
Meritage Homes Corp., 5.125%, 6/6/2027		Ba2		1,725,000		1,604,250
TRI Pointe Group, Inc. - TRI Pointe Homes, Inc., 4.375%, 6/15/2019		Ba3		1,105,000		1,110,746
TRI Pointe Group, Inc. - TRI Pointe Homes, Inc., 5.875%, 6/15/2024		Ba3		1,500,000		1,488,750
Weekley Homes LLC - Weekley Finance Corp., 6.00%, 2/1/2023		B3		1,045,000		1,017,569
Weekley Homes LLC - Weekley Finance Corp.2, 6.625%, 8/15/2025		B3		1,620,000		1,534,950
						10,590,341
Media - 7.9%
CCO Holdings LLC - CCO Holdings Capital Corp.2, 5.50%, 5/1/2026		B1		1,085,000		1,052,124
Cequel Communications Holdings I LLC - Cequel Capital Corp.2, 7.50%, 4/1/2028		Caa1		1,100,000		1,113,420
CSC Holdings LLC, 5.25%, 6/1/2024		B2		2,430,000		2,296,350
Telenet Finance Luxembourg Notes S.A.R.L (Belgium)2, 5.50%, 3/1/2028		Ba3		2,400,000		2,184,000
UPCB Finance IV Ltd. (Netherlands)2, 5.375%, 1/15/2025		Ba3		2,194,000		2,084,519
						8,730,413
Textiles, Apparel & Luxury Goods - 1.1%
Hanesbrands, Inc.2, 4.875%, 5/15/2026		Ba2		1,200,000		1,158,000
Total Consumer Discretionary						22,831,304
Consumer Staples - 2.5%
Food & Staples Retailing - 1.5%
C&S Group Enterprises LLC2, 5.375%, 7/15/2022		Ba3		1,685,000		1,651,300
Household Products - 1.0%
First Quality Finance Co., Inc.2, 5.00%, 7/1/2025		B1		1,150,000		1,052,250
Total Consumer Staples						2,703,550
Energy - 18.1%
Energy Equipment & Services - 2.6%
Shelf Drilling Holdings Ltd. (United Arab Emirates)2, 8.25%, 2/15/2025		B2		1,180,000		1,188,850
Trinidad Drilling Ltd. (Canada)2, 6.625%, 2/15/2025		B3		1,770,000		1,703,625
						2,892,475
Oil, Gas & Consumable Fuels - 15.5%
Cheniere Energy Partners LP2, 5.25%, 10/1/2025		Ba2		1,655,000		1,614,370

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

3

High Yield Bond Series

Investment Portfolio - June 30, 2018    

(unaudited)    

	CREDIT RATING1		PRINCIPAL AMOUNT		VALUE (NOTE 2)
CORPORATE BONDS (continued)
Non-Convertible Corporate Bonds (continued)
Energy (continued)
Oil, Gas & Consumable Fuels (continued)
DCP Midstream Operating, LP2, 9.75%, 3/15/2019		Ba2	$	660,000	$	687,225
Dynagas LNG Partners LP - Dynagas Finance, Inc. (Monaco), 6.25%, 10/30/2019		WR3		1,370,000		1,370,000
GasLog Ltd. (Monaco), 8.875%, 3/22/2022		WR3		2,115,000		2,194,312
Hilcorp Energy I LP - Hilcorp Finance Co.2, 5.75%, 10/1/2025		Ba2		1,090,000		1,087,275
Jonah Energy LLC - Jonah Energy Finance Corp.2, 7.25%, 10/15/2025		B3		2,335,000		1,885,512
OKEA AS (Norway)4,5, (3 mo. LIBOR US + 6.500%), 8.836%, 6/28/2023.		WR3		1,100,000		1,102,750
Rockies Express Pipeline, LLC2, 5.625%, 4/15/2020		Ba1		1,050,000		1,074,938
SemGroup Corp., 6.375%, 3/15/2025		B3		2,200,000		2,090,000
Seven Generations Energy Ltd. (Canada)2, 5.375%, 9/30/2025		Ba3		1,140,000		1,095,825
Southwestern Energy Co.6, 6.70%, 1/23/2025		Ba3		1,285,000		1,257,694
Tallgrass Energy Partners LP - Tallgrass Energy Finance Corp.2, 5.50%, 9/15/2024		Ba3		1,630,000		1,662,600
						17,122,501
Total Energy						20,014,976
Financials - 11.8%
Banks - 1.5%
Popular, Inc., 7.00%, 7/1/2019		B2		1,665,000		1,689,975
Consumer Finance - 2.0%
Ally Financial, Inc., 3.50%, 1/27/2019		Ba3		1,095,000		1,093,631
SLM Corp., 5.125%, 4/5/2022		Ba2		1,155,000		1,149,225
						2,242,856
Diversified Financial Services - 7.2%
Aircastle Ltd., 6.25%, 12/1/2019		Ba1		680,000		703,344
International Lease Finance Corp., 6.25%, 5/15/2019		Baa3		1,170,000		1,199,568
LPL Holdings, Inc.2, 5.75%, 9/15/2025		B2		1,700,000		1,653,250
Navient Corp., 7.25%, 9/25/2023		Ba3		1,060,000		1,110,350
Oxford Finance, LLC - Oxford Finance Co.- Issuer II, Inc.2, 6.375%, 12/15/2022		Ba3		1,635,000		1,659,525
Park Aerospace Holdings Ltd. (Ireland)2, 4.50%, 3/15/2023		Ba3		1,730,000		1,643,154
						7,969,191
Thrifts & Mortgage Finance - 1.1%
Ladder Capital Finance Holdings LLLP - Ladder Capital Finance Corp.2, 5.875%, 8/1/2021		Ba3		1,130,000		1,154,804
Total Financials						13,056,826
Health Care - 7.0%
Biotechnology - 1.2%
AMAG Pharmaceuticals, Inc.2, 7.875%, 9/1/2023		Ba3		1,205,000		1,278,053

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

4

High Yield Bond Series

Investment Portfolio - June 30, 2018    

(unaudited)    

	CREDIT RATING1		PRINCIPAL          AMOUNT		VALUE   (NOTE 2)
CORPORATE BONDS (continued)
Non-Convertible Corporate Bonds (continued)
Health Care (continued)
Health Care Providers & Services - 4.2%
DaVita, Inc., 5.00%, 5/1/2025		Ba3	$	2,285,000	$	2,150,756
Fresenius Medical Care US Finance II, Inc. (Germany)2, 6.50%, 9/15/2018		Baa3		680,000		684,492
Ortho-Clinical Diagnostics, Inc. - Ortho-Clinical Diagnostics S.A.2, 6.625%, 5/15/2022		Caa2		1,170,000		1,143,674
Tenet Healthcare Corp., 6.00%, 10/1/2020		Ba3		660,000		678,150
						4,657,072
Pharmaceuticals - 1.6%
Horizon Pharma, Inc. - Horizon Pharma USA, Inc.2, 8.75%, 11/1/2024		B3		1,650,000		1,771,688
Total Health Care						7,706,813
Industrials - 14.8%
Airlines - 1.0%
Allegiant Travel Co., 5.50%, 7/15/2019		B1		1,115,000		1,120,575
Construction & Engineering - 1.6%
Tutor Perini Corp.2, 6.875%, 5/1/2025		B1		1,715,000		1,717,144
Containers & Packaging - 1.5%
W/S Packaging Holdings, Inc.2, 9.00%, 4/15/2023		B3		1,660,000		1,680,750
Industrial Conglomerates - 2.0%
LSB Industries, Inc.2, 9.625%, 5/1/2023		Caa1		2,180,000		2,196,350
Marine - 4.0%
Borealis Finance, LLC7, 7.50%, 11/16/2022		WR3		2,150,000		2,120,438
Global Ship Lease, Inc. (United Kingdom)2, 9.875%, 11/15/2022		B3		2,270,000		2,241,625
						4,362,063
Professional Services - 1.0%
Nielsen Finance LLC - Nielsen Finance Co.2, 5.00%, 4/15/2022		B1		1,125,000		1,105,425
Transportation Infrastructure - 3.7%
Eagle Bulk Shipco, LLC, 8.25%, 11/28/2022		WR3		1,000,000		1,015,000
MPC Container Ships Invest B.V. (Norway)5,8, (3 mo. LIBOR US + 4.750%), 7.082%, 9/22/2022		WR3		1,800,000		1,845,918
Songa Bulk ASA (Norway)2,5, (3 mo. LIBOR US + 4.500%), 6.833%, 6/13/2022		WR3		1,200,000		1,246,367
						4,107,285
Total Industrials						16,289,592
Information Technology - 2.5%
Internet Software & Services - 1.0%
MSCI, Inc.2, 5.375%, 5/15/2027		Ba2		1,060,000		1,060,000

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

5

High Yield Bond Series

Investment Portfolio - June 30, 2018    

(unaudited)    

	CREDIT RATING1		PRINCIPAL           AMOUNT		VALUE (NOTE 2)
CORPORATE BONDS (continued)
Non-Convertible Corporate Bonds (continued)
Information Technology (continued)
Semiconductors & Semiconductor Equipment - 1.5%
MagnaChip Semiconductor Corp. (South Korea), 6.625%, 7/15/2021		B3	$	1,780,000	$	1,721,794
Total Information Technology						2,781,794
Materials - 10.4%
Chemicals - 2.9%
Kissner Holdings LP - Kissner Milling Co. Ltd. - BSC Holding, Inc. -
Kissner USA (Canada)2, 8.375%, 12/1/2022		B3		1,375,000		1,405,938
OCI N.V. (Netherlands)2, 6.625%, 4/15/2023		B1		1,750,000		1,777,475
						3,183,413
Containers & Packaging - 1.0%
Ardagh Packaging Finance plc - Ardagh Holdings USA, Inc. (Ireland)2, 6.00%, 2/15/2025		B3		1,100,000		1,071,125
Metals & Mining - 6.5%
Ferroglobe plc - Globe Specialty Metals, Inc.2, 9.375%, 3/1/2022		B3		1,680,000		1,738,800
Mountain Province Diamonds, Inc. (Canada)2, 8.00%, 12/15/2022		B3		2,775,000		2,764,594
Northwest Acquisitions ULC - Dominion Finco, Inc.2, 7.125%, 11/1/2022 .		Ba3		2,715,000		2,708,212
						7,211,606
Total Materials						11,466,144
Real Estate - 3.0%
Equity Real Estate Investment Trusts (REITS) - 1.5%
iStar, Inc., 5.25%, 9/15/2022		B1		1,675,000		1,621,609
Real Estate Management & Development - 1.5%
Greystar Real Estate Partners, LLC2, 5.75%, 12/1/2025		B1		1,720,000		1,668,400
Total Real Estate						3,290,009
Telecommunication Services - 5.3%
Wireless Telecommunication Services - 5.3%
Altice US Finance I Corp.2, 5.50%, 5/15/2026		Ba3		1,085,000		1,047,026
Hughes Satellite Systems Corp., 5.25%, 8/1/2026		Ba2		2,895,000		2,714,062
Inmarsat Finance plc (United Kingdom)2, 4.875%, 5/15/2022		Ba3		1,670,000		1,640,775
Sprint Communications, Inc.2, 9.00%, 11/15/2018		B1		480,000		489,600
Total Telecommunication Services						5,891,463
Utilities - 2.9%
Independent Power and Renewable Electricity Producers - 2.9%
Atlantica Yield plc (Spain)2, 7.00%, 11/15/2019		B1		1,540,000		1,593,900
Drax Finco plc (United Kingdom)2, 6.625%, 11/1/2025		BB9		1,635,000		1,626,825
Total Utilities						3,220,725
Total Non-Convertible Corporate Bonds
(Identified Cost $111,420,935)						109,253,196

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

6

High Yield Bond Series

Investment Portfolio - June 30, 2018    

(unaudited)    

	SHARES		VALUE (NOTE 2)
SHORT-TERM INVESTMENT - 2.4%
Dreyfus Government Cash Management, Institutional Shares10, 1.81%,
(Identified Cost $ 2,594,416)		2,594,416	$	2,594,416
TOTAL INVESTMENTS - 101.4%
(Identified Cost $ 114,015,351)				111,847,612
LIABILITIES, LESS OTHER ASSETS - (1.4%)				(1,503,420	)
NET ASSETS - 100%			$	110,344,192

¹   Credit ratings from Moody’s (unaudited).

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 $69,608,154, or 63.1% of the Series’ net assets as of June 30, 2018 (see Note 2 to the financial statements).

³  Credit rating has been withdrawn. As of June 30, 2018, there is no rating available (unaudited).

⁴  Illiquid security - This security was acquired on June 25, 2018 at a cost of $1,000,000 ($100.00 per share). This security has been determined to be illiquid under guidelines established by the Board of Directors. This security amounts to $1,102,750, or 1.0% of the Series’ net assets as of June 30, 2018. (see Note 2 to the financial statements).

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

⁶  Step 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).

⁷  Restricted 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, February 7, 2018 and June 15, 2018 at a cost of $945,060 ($98.48 per share), cost of $798,000 ($99.75 per share) and cost of $399,000 ($99.75 per share), respectively. 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 $2,120,438, or 1.9% of the Series’ net assets as of June 30, 2018 (see Note 2 to the financial statements).

⁸  Illiquid security - This security was acquired on November 3, 2017 at a cost of $992,500 ($99.25 per share). This security has been determined to be illiquid under guidelines established by the Board of Directors. This security amounts to $1,845,918, or 1.7% of the Series’ net assets as of June 30, 2018. (see Note 2 to the financial statements).

⁹  Credit ratings from S&P (unaudited).

¹⁰ Rate shown is the current yield as of June 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

High Yield Bond Series

Statement of Assets and Liabilities    

June 30, 2018 (unaudited)    

ASSETS:
Investments, at value (identified cost $114,015,351) (Note 2)	$	111,847,612
Interest receivable		1,641,629
Receivable for fund shares sold		24,867
Prepaid expenses		30,109
TOTAL ASSETS		113,544,217
LIABILITIES:
Accrued management fees (Note 3)		42,495
Accrued fund accounting and administration fees (Note 3)		18,013
Accrued shareholder services fees (Class S) (Note 3)		17,689
Accrued Chief Compliance Officer service fees (Note 3)		258
Payable for securities purchased		2,757,993
Payable for fund shares repurchased		331,389
Other payables and accrued expenses		32,188
TOTAL LIABILITIES		3,200,025
TOTAL NET ASSETS	$	110,344,192
NET ASSETS CONSIST OF:
Capital stock	$	115,283
Additional paid-in-capital		117,834,649
Undistributed net investment income		693,452
Accumulated net realized loss on investments		(6,131,453	)
Net unrealized depreciation on investments		(2,167,739	)
TOTAL NET ASSETS	$	110,344,192
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class S ($85,666,172/ 8,660,788 shares)	$	9.89
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class I ($24,678,020/ 2,867,555 shares)	$	8.61

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

8

High Yield Bond Series

Statement of Operations

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

INVESTMENT INCOME:
Interest	$	3,389,313
Dividends		15,384
Total Investment Income		3,404,697
EXPENSES:
Management fees (Note 3)		308,411
Shareholder services fees (Class S) (Note 3)		109,622
Fund accounting and administration fees (Note 3)		29,709
Directors’ fees (Note 3)		4,080
Chief Compliance Officer service fees (Note 3)		2,147
Custodian fees		3,255
Miscellaneous		59,854
Total Expenses		517,078
Less reduction of expenses (Note 3)		(42,970	)
Net Expenses		474,108
NET INVESTMENT INCOME		2,930,589
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments		718,274
Net change in unrealized appreciation (depreciation) on investments		(3,710,991	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS		(2,992,717	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(62,128	)

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

9

High Yield Bond Series

Statements of Changes in Net Assets

	FOR THE SIX MONTHS ENDED 6/30/18 (UNAUDITED)				FOR THE YEAR ENDED 12/31/17
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income		$	2,930,589			$	6,236,355
Net realized gain (loss) on investments			718,274				361,429
Net change in unrealized appreciation (depreciation) on investments			(3,710,991	)			2,744,269
Net increase (decrease) from operations			(62,128	)			9,342,053
DISTRIBUTIONS TO SHAREHOLDERS (Note 8):
From net investment income (Class S)			(1,666,981	)			(4,678,725	)
From net investment income (Class I)			(570,156	)			(1,573,358	)
From return of capital (Class S)			—				(48,416	)
From return of capital (Class I)			—				(16,281	)
Total distributions to shareholders			(2,237,137	)			(6,316,780	)
CAPITAL STOCK ISSUED AND REPURCHASED:
Net increase (decrease) from capital share transactions (Note 5)			(8,349,031	)			5,388,383
Net increase (decrease) in net assets			(10,648,296	)			8,413,656
NET ASSETS:
Beginning of period			120,992,488				112,578,832
End of period (including undistributed net investment income of $693,452 and $ 0, respectively)		$	110,344,192			$	120,992,488

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

10

High Yield Bond Series

Financial Highlights - Class S

	FOR THE SIX MONTHS ENDED			FOR THE YEAR ENDED
	6/30/18 (UNAUDITED)			12/31/17			12/31/16			12/31/15			12/31/14			12/31/13
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period		$10.09			$9.79			$9.21			$10.04			$10.64			$10.75
Income (loss) from investment operations:
Net investment income1		0.26			0.54			0.56			0.51			0.52			0.54
Net realized and unrealized gain (loss) on investments		(0.27	)		0.28			0.66			(0.82	)		(0.30	)		0.21
Total from investment operations		(0.01	)		0.82			1.22			(0.31	)		0.22			0.75
Less distributions to shareholders:
From net investment income		(0.19	)		(0.51	)		(0.64	)		(0.52	)		(0.50	)		(0.53	)
From net realized gain on investments		—			—			—			—			(0.32	)		(0.33	)
From return of capital		—			(0.01	)		—			—			—			—
Total distributions to shareholders		(0.19	)		(0.52	)		(0.64	)		(0.52	)		(0.82	)		(0.86	)
Net asset value - End of period		$9.89			$10.09			$9.79			$9.21			$10.04			$10.64
Net assets - End of period (000’s omitted)		$85,666			$94,533			$89,921			$108,202			$202,772			$191,922
Total return2		(0.07%	)		8.49%			13.41%			(3.28%	)		2.04%			7.17%
Ratios (to average net assets)/Supplemental Data:
Expenses*		0.90%	3		0.90%			0.94%			1.11%			1.11%			1.12%
Net investment income		5.17%	3		5.31%			5.82%			5.04%			4.78%			4.99%
Portfolio turnover		41%			106%			77%			109%			104%			93%
*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:
		0.08%	3		0.07%			0.02%			N/A			N/A			N/A

¹ Calculated based on average shares outstanding during the periods.

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

³ Annualized.

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

11

High Yield Bond Series

Financial Highlights - Class I

	FOR THE SIX MONTHS ENDED			FOR THE YEAR ENDED
	6/30/18 (UNAUDITED)			12/31/17			12/31/16			12/31/15			12/31/14			12/31/13
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period		$8.80			$8.61			$8.18			$8.97			$9.59			$9.78
Income (loss) from investment operations:
Net investment income1		0.24			0.49			0.52			0.47			0.49			0.52
Net realized and unrealized gain (loss) on investments		(0.23	)		0.25			0.57			(0.72	)		(0.26	)		0.18
Total from investment operations		0.01			0.74			1.09			(0.25	)		0.23			0.70
Less distributions to shareholders:
From net investment income		(0.20	)		(0.54	)		(0.66	)		(0.54	)		(0.53	)		(0.56	)
From net realized gain on investments		—			—			—			—			(0.32	)		(0.33	)
From return of capital		—			(0.01	)		—			—			—			—
Total distributions to shareholders		(0.20	)		(0.55	)		(0.66	)		(0.54	)		(0.85	)		(0.89	)
Net asset value - End of period		$8.61			$8.80			$8.61			$8.18			$8.97			$9.59
Net assets - End of period (000’s omitted)		$24,678			$26,459			$22,658			$52,383			$41,586			$24,299
Total return2		0.16%			8.68%			13.60%			(2.93%	)		2.33%			7.35%
Ratios (to average net assets)/Supplemental Data:
Expenses*		0.65%	3		0.65%			0.68%			0.87%			0.86%			0.87%
Net investment income		5.43%	3		5.57%			6.04%			5.34%			5.05%			5.24%
Portfolio turnover		41%			106%			77%			109%			104%			93%
*For the 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:
		0.08%	3		0.07%			0.02%			N/A			N/A			N/A

¹ Calculated based on average shares outstanding during the periods.

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

³ Annualized.

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

12

High Yield Bond Series

Notes to Financial Statements

(unaudited)

1. Organization

High Yield Bond 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 a high level of long-term total return by investing principally in non-investment grade fixed income securities that are issued by government and corporate entities.

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 two classes of shares (Class S & Class I). Each class of shares is substantially the same, except that Class S shares bear shareholder services 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 June 30, 2018, 10.9 billion shares have been designated in total among 38 series, of which 125 million have been designated as High Yield Bond Series Class S common stock and 100 million have been designated as High Yield Bond Series Class I 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.

Debt securities, including government bonds, foreign bonds, asset-backed securities, structured notes, supranational obligations, sovereign bonds, corporate bonds, loan assignments, 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 default 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.

The fair value of loan assignments is estimated using recently executed transactions, market price quotations, credit/market events, and cross-asset pricing. Inputs are generally observable market inputs obtained from independent sources. Loan assignments are generally categorized in Level 2 of the fair value hierarchy, unless key inputs are unobservable, in which case they would be categorized in Level 3.

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

13

High Yield Bond Series

Notes to Financial Statements (continued)

(unaudited)

2. Significant Accounting Policies (continued)

Security Valuation (continued)

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.

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

DESCRIPTION	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Assets:
Debt securities:
Corporate debt:
Consumer Discretionary	$	22,831,304	$	—	$	22,831,304	$	—
Consumer Staples		2,703,550		—		2,703,550		—
Energy		20,014,976		—		20,014,976		—
Financials		13,056,826		—		13,056,826		—
Health Care		7,706,813		—		7,706,813		—
Industrials		16,289,592		—		16,289,592		—
Information Technology		2,781,794		—		2,781,794		—
Materials		11,466,144		—		11,466,144		—
Real Estate		3,290,009		—		3,290,009		—
Telecommunication Services		5,891,463		—		5,891,463		—
Utilities		3,220,725		—		3,220,725		—
Mutual fund		2,594,416		2,594,416		—		—
Total assets	$	111,847,612	$	2,594,416	$	109,253,196	$	—

There were no Level 3 securities held by the Series as of December 31, 2017 or June 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 June 30, 2018.

14

High Yield Bond Series

Notes to Financial Statements (continued)

(unaudited)

2. Significant Accounting Policies (continued)

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.

Securities Purchased on a When-Issued Basis or Forward Commitment

The 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 takes such fluctuations into account when determining its 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 June 30, 2018.

In connection with its 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. Information regarding securities purchased on a when-issued basis is included in the Series’ Investment Portfolio. No such investments were held by the Series on June 30, 2018.

15

High Yield Bond Series

Notes to Financial Statements (continued)

(unaudited)

2. Significant Accounting Policies (continued)

Asset-Backed Securities

The 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, the Series may subsequently have to reinvest the proceeds at lower interest rates. If the Series has purchased such an asset-backed security at a premium, a faster than anticipated prepayment rate could result in a loss of principal to the extent of the premium paid.

Mortgage-Backed Securities

The 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 Series to the periodic payments of principal and interest from those mortgages. MBS may be issued by government agencies or corporations, or private issuers. Most MBS issued by government agencies are guaranteed; however, the degree of protection differs based on the issuer. For MBS there are a number of important differences among the agencies and instrumentalities of the U.S. Government that issue mortgage-related securities and among the securities that they issue. For example, mortgage-related securities guaranteed by Ginnie Mae are guaranteed as to the timely payment of principal and interest by Ginnie Mae and such guarantee is backed by the full faith and credit of the United States. However, mortgage-related securities issued by Freddie Mac and Fannie Mae, including Freddie Mac and Fannie Mae guaranteed 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.

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 Series’ Investment Portfolio.

Illiquid Securities

A security may be considered illiquid if so deemed in good faith by the Advisor under procedures approved by and under the general supervision and responsibility of the Fund’s Board. Securities that are illiquid are marked with the applicable footnote on 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

16

High Yield Bond 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 June 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 December 31, 2014 through December 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 0.55% 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 each role.

The Class S shares of the Series are subject to a shareholder services fee in accordance with a shareholder services plan adopted by the Board. The shareholder services fee is intended to compensate financial intermediaries, including affiliates of the

17

High Yield Bond Series

Notes to Financial Statements (continued)

(unaudited)

3. Transactions with Affiliates (continued)

Fund, in connection with the provision of direct client service, personal services, maintenance of shareholder accounts and reporting services. For these services, Class S of the Series pays 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 April 30, 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 a Class’s Shareholder Services Fee, at no more than 0.65% of average daily net assets. Accordingly, the Advisor waived fees of $42,970 for the six months ended June 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, as amended, 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 June 30, 2018, purchases and sales of securities, other than U.S. Government securities and short-term securities, were $44,134,233 and $51,327,653, respectively. There were no purchases or sales of U.S. Government securities.

5. Capital Stock Transactions

Transactions in shares of Class S and Class I shares of High Yield Bond Series were:

CLASS S	FOR THE SIX MONTHS ENDED 6/30/18						FOR THE YEAR ENDED 12/31/17
	SHARES			AMOUNT			SHARES			AMOUNT
Sold		520,142		$	5,227,740			2,254,918		$	22,952,561
Reinvested		158,106			1,571,871			444,442			4,480,038
Repurchased		(1,387,945	)		(13,911,669	)		(2,513,638	)		(25,384,999	)
Total		(709,697	)	$	(7,112,058	)		185,722		$	2,047,600
CLASS I	FOR THE SIX MONTHS ENDED 6/30/18						FOR THE YEAR ENDED 12/31/17
	SHARES			AMOUNT			SHARES			AMOUNT
Sold		332,989		$	2,909,940			1,499,992		$	13,370,960
Reinvested		53,737			465,117			145,852			1,286,685
Repurchased		(524,977	)		(4,612,030	)		(1,272,342	)		(11,316,862	)
Total		(138,251	)	$	(1,236,973	)		373,502		$	3,340,783

Approximately 81% of the shares outstanding are fiduciary accounts where the Advisor has sole investment discretion.

18

High Yield Bond Series

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. No such investments were held by the Series as of June 30, 2018.

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. No such investments were held by the Series as of June 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 December 31, 2017 were as follows:

Ordinary income                     $6,252,083

Return of capital                     $      64,697

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

Cost for federal income tax purposes	$	114,024,223
Unrealized appreciation		663,234
Unrealized depreciation		(2,839,845	)
Net unrealized depreciation	$	(2,176,611	)

As of December 31, 2017, the Series had net long-term capital loss carryforwards of $6,840,855 which may be carried forward indefinitely.    

19

High Yield Bond 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 Series.

For	6,797,654
Against	13,228
Abstain	1,466

20

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21

High Yield Bond 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 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 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.

MNHYB-6/18-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 (January 1, 2018 to June 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   1/1/18		ENDING   ACCOUNT VALUE           6/30/18		EXPENSES PAID     DURING PERIOD1 1/1/18-6/30/18		ANNUALIZED EXPENSE RATIO2
Strategic Income Conservative Series
Actual (Class S)		$1,000.00		$   988.21		$1.48		0.30%
Hypothetical (5% return before expenses)		$1,000.00		$1,023.31		$1.51		0.30%
Actual (Class I)		$1,000.00		$   990.30		$0.25		0.05%
Hypothetical (5% return before expenses)		$1,000.00		$1,024.55		$0.25		0.05%
	BEGINNING              ACCOUNT VALUE  1/1/18		ENDING  ACCOUNT VALUE  6/30/18		EXPENSES PAID      DURING PERIOD1  1/1/18-6/30/18		ANNUALIZED EXPENSE RATIO2
Strategic Income Moderate Series
Actual (Class S)		$1,000.00		$   991.06		$1.48		0.30%
Hypothetical (5% return before expenses)		$1,000.00		$1,023.31		$1.51		0.30%
Actual (Class I)		$1,000.00		$   992.22		$0.25		0.05%
Hypothetical (5% return before expenses)		$1,000.00		$1,024.55		$0.25		0.05%

¹ 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). Expenses are based on the most recent fiscal half year. The Class’ total returns would have been lower had certain expenses not been reimbursed during the period.

²Expense ratios of each 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.

1

Portfolio Composition as of June 30, 2018 - Asset Allocation¹

(unaudited)

2

Investment Portfolios - June 30, 2018    

(unaudited)    

STRATEGIC INCOME CONSERVATIVE SERIES	SHARES		VALUE (NOTE 2)
AFFILIATED INVESTMENT COMPANIES - 100.0%
Manning & Napier Fund, Inc. - Core Bond Series, Class I		1,462,685	$	14,012,526
Manning & Napier Fund, Inc. - Disciplined Value Series, Class I		222,436		3,191,959
Manning & Napier Fund, Inc. - Equity Income Series, Class I		252,125		3,007,846
Manning & Napier Fund, Inc. - High Yield Bond Series, Class I		93,655		806,372
Manning & Napier Fund, Inc. - Real Estate Series, Class I		345,076		2,356,867
Manning & Napier Fund, Inc. - Unconstrained Bond Series, Class I		410,487		3,776,480
TOTAL AFFILIATED INVESTMENT COMPANIES
(Identified Cost $27,777,638)				27,152,050
OTHER ASSETS, LESS LIABILITIES - 0.0%#				349
NET ASSETS - 100%			$	27,152,399
#Less than 0.1%.
STRATEGIC INCOME MODERATE SERIES	SHARES		VALUE   (NOTE 2)
AFFILIATED INVESTMENT COMPANIES - 100.0%
Manning & Napier Fund, Inc. - Core Bond Series, Class I		1,119,506	$	10,724,869
Manning & Napier Fund, Inc. - Disciplined Value Series, Class I		477,403		6,850,732
Manning & Napier Fund, Inc. - Equity Income Series, Class I		563,281		6,719,946
Manning & Napier Fund, Inc. - High Yield Bond Series, Class I		182,694		1,572,994
Manning & Napier Fund, Inc. - Real Estate Series, Class I		403,911		2,758,713
Manning & Napier Fund, Inc. - Unconstrained Bond Series, Class I		343,197		3,157,412
TOTAL AFFILIATED INVESTMENT COMPANIES
(Identified Cost $32,027,013)				31,784,666
OTHER ASSETS, LESS LIABILITIES - 0.0%#				1,852
NET ASSETS - 100%			$	31,786,518
#Less than 0.1%.

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

3

Statements of Assets and Liabilities    

June 30, 2018 (unaudited)    

	STRATEGIC INCOME   CONSERVATIVE  SERIES				STRATEGIC INCOME  MODERATE SERIES
ASSETS:
Total investments in Underlying Series:
At value* (Note 2)		$	27,152,050			$	31,784,666
Receivable from Advisor (Note 3)			9,394				9,225
Receivable for shares of Underlying Series sold			12,485				—
Receivable for fund shares sold			97				1,116
Prepaid expenses			29,107				28,597
TOTAL ASSETS			27,203,133				31,823,604
LIABILITIES:
Accrued fund accounting and administration fees (Note 3)			12,288				12,314
Accrued shareholder services fees (Class S) (Note 3)			3,837				4,469
Accrued Chief Compliance Officer service fees (Note 3)			257				257
Audit fees payable			13,087				13,069
Payable for fund shares repurchased			12,582				—
Custodian fees payable			5,883				4,773
Other payables and accrued expenses			2,800				2,204
TOTAL LIABILITIES			50,734				37,086
TOTAL NET ASSETS		$	27,152,399			$	31,786,518
NET ASSETS CONSIST OF:
Capital stock			26,432				28,642
Additional paid-in-capital			27,480,376				30,966,754
Undistributed net investment income			27,577				30,353
Accumulated net realized gain on Underlying Series			243,602				1,003,116
Net unrealized depreciation on Underlying Series			(625,588	)			(242,347	)
TOTAL NET ASSETS		$	27,152,399			$	31,786,518
Class S
Net Assets		$	18,563,699			$	21,569,063
Shares Outstanding			1,807,386				1,943,427
Net Asset Value, Offering Price, and Redemption Price per share		$	10.27			$	11.10
Class I
Net Assets		$	8,588,700			$	10,217,455
Shares Outstanding			835,781				920,734
Net Asset Value, Offering Price, and Redemption Price per share		$	10.28			$	11.10
*At identified cost		$	27,777,638			$	32,027,013

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

4

Statements of Operations    

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

	STRATEGIC INCOME CONSERVATIVE SERIES				STRATEGIC INCOME MODERATE SERIES
INVESTMENT INCOME:
Income distributions from Underlying Series		$	243,387			$	275,117
EXPENSES:
Fund accounting and administration fees (Note 3)			22,844				22,896
Shareholder services fees (Class S) (Note 3)			23,035				27,837
Chief Compliance Officer service fees (Note 3)			2,145				2,145
Directors’ fees (Note 3)			885				1,035
Registration and filing fees			13,904				13,315
Audit fees			9,773				9,778
Printing fees			5,393				5,710
Custodian fees			5,328				4,448
Miscellaneous			6,085				5,362
Total Expenses			89,392				92,526
Less reduction of expenses (Note 3)			(59,546	)			(56,724	)
Net Expenses			29,846				35,802
NET INVESTMENT INCOME			213,541				239,315
REALIZED AND UNREALIZED GAIN (LOSS) ON UNDERLYING SERIES:
Net realized gain (loss) on Underlying Series			(70,678	)			(189,221	)
Net change in unrealized appreciation (depreciation) on Underlying Series			(447,189	)			(335,240	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON UNDERLYING SERIES			(517,867	)			(524,461	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS		$	(304,326	)		$	(285,146	)

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

5

Statements of Changes in Net Assets    

	STRATEGIC INCOME						STRATEGIC INCOME
	CONSERVATIVE SERIES						MODERATE SERIES
	FOR THE SIX MONTHS ENDED 6/30/18 (UNAUDITED)			FOR THE YEAR ENDED 12/31/17			FOR THE SIX MONTHS ENDED 6/30/18 (UNAUDITED)			FOR THE YEAR ENDED 12/31/17
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income	$	213,541		$	633,449		$	239,315		$	732,002
Net realized gain (loss) on Underlying Series		(70,678	)		(58,905	)		(189,221	)		(85,582	)
Distributions of realized gains from Underlying Series		—			959,289			—			1,824,428
Net change in unrealized appreciation (depreciation) on underlying series		(447,189	)		334,008			(335,240	)		582,980
Net increase (decrease) from operations		(304,326	)		1,867,841			(285,146	)		3,053,828
DISTRIBUTIONS TO SHAREHOLDERS (Note 8):
From net investment income (Class S)		(119,854	)		(455,527	)		(136,645	)		(620,933	)
From net investment income (Class I)		(66,110	)		(245,052	)		(72,317	)		(249,695	)
From net realized gain on investments (Class S)		—			(91,450	)		—			(267,579	)
From net realized gain on investments (Class I)		—			(45,431	)		—			(78,730	)
Total distributions to shareholders		(185,964	)		(837,460	)		(208,962	)		(1,216,937	)
CAPITAL STOCK ISSUED AND REPURCHASED:
Net increase (decrease) from capital share transactions (Note 6)		(507,252	)		5,068,456			(870,017	)		8,500,418
Net increase (decrease) in net assets		(997,542	)		6,098,837			(1,364,125	)		10,337,309
NET ASSETS:
Beginning of period		28,149,941			22,051,104			33,150,643			22,813,334
End of period (including undistributed net investment income of $27,577, $0, $30,353 and $0, respectively)	$	27,152,399		$	28,149,941		$	31,786,518		$	33,150,643

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

6

Financial Highlights

STRATEGIC INCOME CONSERVATIVE SERIES CLASS S	FOR THE SIX   MONTHS ENDED   6/30/18				FOR THE YEAR ENDED
	(UNAUDITED)				12/31/17				12/31/16				12/31/15				12/31/14				12/31/13
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period		$	10.46			$	10.05			$	9.87			$	10.33			$	10.24			$	10.07
Income from investment operations:
Net investment income1,2			0.08				0.23				0.23				0.23				0.37				0.39
Net realized and unrealized gain (loss) on investments			(0.20	)			0.49				0.37				(0.23	)			0.28				0.10
Total from investment operations			(0.12	)			0.72				0.60				—				0.65				0.49
Less distributions to shareholders:
From net investment income			(0.07	)			(0.26	)			(0.31	)			(0.19	)			(0.35	)			(0.30	)
From net realized gain on investments			—				(0.05	)			(0.11	)			(0.27	)			(0.21	)			(0.02	)
Total distributions to shareholders			(0.07	)			(0.31	)			(0.42	)			(0.46	)			(0.56	)			(0.32	)
Net asset value - End of period		$	10.27			$	10.46			$	10.05			$	9.87			$	10.33			$	10.24
Net assets - End of period (000’s omitted)		$	18,564			$	18,868			$	14,588			$	13,420			$	15,394			$	8,927
Total return3			(1.18%	)			7.17%				6.13%				0.08%				6.30%				4.96%
Ratios (to average net assets)/Supplemental Data:
Expenses*			0.30%	4,5			0.30%	6			0.30%	6			0.30%	7			0.30%	8			0.30%	9
Net investment income2			1.50%	4			2.27%				2.26%				2.28%				3.50%				3.84%
Series portfolio turnover10			9%				21%				41%				90%				39%				116%
* 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:
			0.44%	4,5			0.46%	6			0.59%	6			0.46%	7			0.43%	8			1.23%	9
STRATEGIC INCOME CONSERVATIVE SERIES CLASS I	FOR THE SIX   MONTHS ENDED   6/30/18				FOR THE YEAR ENDED
	(UNAUDITED)				12/31/17				12/31/16				12/31/15				12/31/14				12/31/13
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period			$10.46				$10.06				$9.87				$10.33				$10.24				$10.06
Income from investment operations:
Net investment income1,2			0.09				0.26				0.25				0.21				0.41				0.43
Net realized and unrealized gain (loss) on investments			(0.19	)			0.47				0.38				(0.18	)			0.26				0.09
Total from investment operations			(0.10	)			0.73				0.63				0.03				0.67				0.52
Less distributions to shareholders:
From net investment income			(0.08	)			(0.28	)			(0.33	)			(0.22	)			(0.37	)			(0.32	)
From net realized gain on investments			—				(0.05	)			(0.11	)			(0.27	)			(0.21	)			(0.02	)
Total distributions to shareholders			(0.08	)			(0.33	)			(0.44	)			(0.49	)			(0.58	)			(0.34	)
Net asset value - End of period		$	10.28			$	10.46			$	10.06			$	9.87			$	10.33			$	10.24
Net assets - End of period (000’s omitted)		$	8,589			$	9,281			$	7,463			$	6,632			$	12,267			$	4,013
Total return3			(0.97%	)			7.33%				6.49%				0.34%				6.55%				5.28%
Ratios (to average net assets)/Supplemental Data:
Expenses*			0.05%	4,5			0.05%	6			0.05%	6			0.05%	7			0.05%	8			0.05%	9
Net investment income2			1.72%	4			2.54%				2.42%				2.08%				3.92%				4.19%
Series portfolio turnover10			9%				21%				41%				90%				39%				116%
* 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:
			0.44%	4,5			0.46%	6			0.59%	6			0.46%	7			0.41%	8			1.23%	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 average 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 average expense ratio of the Underlying Series was 0.54%.

⁷Expense ratios do not include expenses of the Underlying Series in which the Series invests. The average expense ratio of the Underlying Series was 0.50%.

⁸Expense ratios do not include expenses of the Underlying Series in which the Series invests. The average expense ratio of the Underlying Series was 0.48%.

⁹Expense ratios do not include expenses of the Underlying Series in which the Series invests. The average expense ratio of the Underlying Series was 0.64%.

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.

7

Financial Highlights    

STRATEGIC INCOME MODERATE SERIES CLASS S	FOR THE SIX   MONTHS ENDED   6/30/18				FOR THE YEAR ENDED
	(UNAUDITED)				12/31/17				12/31/16				12/31/15				12/31/14				12/31/13
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period		$	11.27			$	10.60			$	10.31			$	10.84			$	10.80			$	10.07
Income (loss) from investment operations:
Net investment income1,2			0.08				0.25				0.27				0.25				0.38				0.32
Net realized and unrealized gain (loss) on investments			(0.18	)			0.84				0.66				(0.36	)			0.34				0.82
Total from investment operations			(0.10	)			1.09				0.93				(0.11	)			0.72				1.14
Less distributions to shareholders:
From net investment income			(0.07	)			(0.30	)			(0.36	)			(0.20	)			(0.37	)			(0.30	)
From net realized gain on investments			—				(0.12	)			(0.28	)			(0.22	)			(0.31	)			(0.11	)
Total distributions to shareholders			(0.07	)			(0.42	)			(0.64	)			(0.42	)			(0.68	)			(0.41	)
Net asset value - End of period		$	11.10			$	11.27			$	10.60			$	10.31			$	10.84			$	10.80
Net assets - End of period (000’s omitted)		$	21,569			$	23,581			$	19,062			$	16,040			$	15,751			$	6,722
Total return3			(0.89%	)			10.39%				9.10%				(1.01%	)			6.66%				11.49%
Ratios (to average net assets)/Supplemental Data:
Expenses*			0.30%	4,5			0.30%	5			0.30%	5			0.30%	6			0.30%	7			0.30%	8
Net investment income2			1.40%	4			2.30%				2.55%				2.29%				3.37%				2.99%
Series portfolio turnover9			12%				12%				28%				74%				35%				78%
* 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			0.38%	5			0.56%	5			0.57%	6			0.73%	7			1.82%	8
STRATEGIC INCOME MODERATE SERIES CLASS I	FOR THE SIX   MONTHS ENDED   6/30/18				FOR THE YEAR ENDED
	(UNAUDITED)				12/31/17				12/31/16				12/31/15				12/31/14				12/31/13
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period		$	11.27			$	10.60			$	10.31			$	10.84			$	10.80			$	10.07
Income (loss) from investment operations:
Net investment income1,2			0.10				0.29				0.28				0.30				0.41				0.55
Net realized and unrealized gain (loss) on investments			(0.19	)			0.82				0.67				(0.39	)			0.34				0.62
Total from investment operations			(0.09	)			1.11				0.95				(0.09	)			0.75				1.17
Less distributions to shareholders:
From net investment income			(0.08	)			(0.32	)			(0.38	)			(0.22	)			(0.40	)			(0.33	)
From net realized gain on investments			—				(0.12	)			(0.28	)			(0.22	)			(0.31	)			(0.11	)
Total distributions to shareholders			(0.08	)			(0.44	)			(0.66	)			(0.44	)			(0.71	)			(0.44	)
Net asset value - End of period		$	11.10			$	11.27			$	10.60			$	10.31			$	10.84			$	10.80
Net assets - End of period (000’s omitted)		$	10,217			$	9,570			$	3,752			$	3,948			$	2,136			$	1,373
Total return3			(0.78%	)			10.67%				9.36%				(0.76%	)			6.90%				11.73%
Ratios (to average net assets)/Supplemental Data:
Expenses*			0.05%	4,5			0.05%	5			0.05%	5			0.05%	6			0.05%	7			0.05%	8
Net investment income2			1.74%	4			2.66%				2.63%				2.76%				3.65%				5.17%
Series portfolio turnover9			12%				12%				28%				74%				35%				78%
* 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			0.38%	5			0.56%	5			0.67%	6			0.73%	7			1.82%	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 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 average expense ratio of the Underlying Series was 0.59%.

⁶Expense ratios do not include expenses of the Underlying Series in which the Series invests. The average expense ratio of the Underlying Series was 0.57%.

⁷Expense ratios do not include expenses of the Underlying Series in which the Series invests. The average expense ratio of the Underlying Series was 0.49%.

⁸Expense ratios do not include expenses of the Underlying Series in which the Series invests. The average expense ratio of the Underlying Series was 0.65%.

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.

8

Notes to Financial Statements

(unaudited)

1. Organization

Strategic Income Conservative Series and Strategic Income Moderate 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.

Strategic Income Conservative Series’ investment objective is to manage against capital risk and generate income with a secondary goal of pursuing long-term capital growth. Strategic Income Moderate Series’ investment objective is to manage against capital risk while generating income and pursuing long-term capital growth.

Each Series seeks to achieve its investment objective by investing in a combination of other Manning & Napier mutual funds (the “Underlying Series”). As of June 30, 2018, the Underlying Series include the Core Bond Series, Unconstrained Bond Series, Disciplined Value Series, High Yield Bond Series, Real Estate Series and Equity Income Series of the Fund for Strategic Income Conservative Series and Strategic Income Moderate Series. The financial statements of the Underlying Series, which are available at www.manning-napier.com, should be read in conjunction with the Series’ financial statements.

Each Series is authorized to issue two classes of shares (Class S and I). Each class of shares is substantially the same, except that Class S shares bear a shareholder services fee.

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 June 30, 2018, 10.9 billion shares have been designated in total among 38 series, of which 100 million each have been designated in each of the Series for Class S common stock and 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.

9

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 June 30, 2018 in valuing the Series’ assets or liabilities carried at fair value:

	STRATEGIC INCOME CONSERVATIVE SERIES
DESCRIPTION	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Assets:
Mutual funds	$	27,152,050	$	27,152,050	$	—	$	—
Total assets:	$	27,152,050	$	27,152,050	$	—	$	—
	STRATEGIC INCOME MODERATE SERIES
DESCRIPTION	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Assets:
Mutual funds	$	31,784,666	$	31,784,666	$	—	$	—
Total assets:	$	31,784,666	$	31,784,666	$	—	$	—

There were no Level 2 or Level 3 securities held by either of the Series as of December 31, 2017 or June 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 June 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. 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. Expenses included in the accompanying Statements of Operations do not include any expense of the Underlying Series.

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.

10

Notes to Financial Statements (continued)

(unaudited)

2. Significant Accounting Policies (continued)

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 June 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 December 31, 2014 through December 31, 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 quarterly. 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 the Advisor does not receive an advisory fee for the services it performs for the Series. However, the Advisor is entitled to receive an advisory 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,

11

Notes to Financial Statements (continued)

(unaudited)

3. Transactions with Affiliates (continued)

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.

Class S shares of each Series are subject to a shareholder services fee in accordance with a shareholder service 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 services, 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 0.25% 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.

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.

The Advisor has contractually agreed, until at least April 30, 2019, to limit each class’ total direct annual fund operating expenses for the Series at no more than 0.05% for each Class, exclusive of the Shareholder Services Fee, of average daily net assets each year. 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 June 30, 2018, the Advisor reimbursed expenses of $59,546 for Strategic Income Conservative Series and $56,724 for Strategic Income Moderate 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 waived or reimbursed in prior years.

Pursuant to a master services agreement dated March 1, 2017, as amended, the Fund pays the Advisor an annual fee related to fund accounting and administration of 0.00225% of average daily net assets with an annual base fee of $39,400 per Strategic Income 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 June 30, 2018, purchases and sales of Underlying Series were as follows:

SERIES	PURCHASES		SALES
Strategic Income Conservative Series	$	2,450,713	$	2,937,406
Strategic Income Moderate Series	$	4,000,042	$	4,848,772

12

Notes to Financial Statements (continued)    

(unaudited)    

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 June 30, 2018 is set forth below:    

STRATEGIC INCOME CONSERVATIVE SERIES	VALUE AT 12/31/17		PURCHASE COST		SALES PROCEEDS		VALUE AT 6/30/18		SHARES HELD AT 6/30/18		DIVIDEND INCOME 1/1/18 THROUGH 6/30/18		DISTRIBUTIONS AND NET REALIZED GAIN/(LOSS) 1/1/18 THROUGH 6/30/18			CHANGE IN UNREALIZED APPRECIATION (DEPRECIATON)
Core Bond Series
- Class I	$	14,664,942	$	1,112,180	$	1,379,846	$	14,012,526		1,462,685	$	138,780	$	(51,398	)	$	(333,352	)
Disciplined Value Series
- Class I		3,238,532		306,391		315,060		3,191,959		222,436		19,323		(19,544	)		(18,361	)
Equity Income Series
- Class I		3,338,142		235,269		516,493		3,007,846		252,125		23,796		75,679			(124,751	)
High Yield Bond Series
- Class I		851,190		64,164		91,149		806,372		93,655		19,272		3,975			(21,808	)
Real Estate Series
- Class I		2,103,527		433,276		210,037		2,356,867		345,076		—		(69,499	)		99,601
Unconstrained Bond
Series
- Class I		3,960,277		299,433		424,821		3,776,480		410,487		42,216		(9,891	)		(48,518	)
	$	28,156,610	$	2,450,713	$	2,937,406	$	27,152,050			$	243,387	$	(70,678	)	$	(447,189	)

STRATEGIC  INCOME MODERATE SERIES	VALUE AT 12/31/17		PURCHASE COST		SALES PROCEEDS		VALUE AT 6/30/18		SHARES HELD AT 6/30/18		DIVIDEND INCOME 1/1/18 THROUGH 6/30/18		DISTRIBUTIONS AND NET REALIZED GAIN/(LOSS) 1/1/18 THROUGH 6/30/18			CHANGE IN UNREALIZED APPRECIATION (DEPRECIATON)
Core Bond Series
- Class I		$11,253,671		$1,242,036		$1,477,712		$10,724,869		1,119,506		$106,800		$ (53,289	)		$(239,838	)
Disciplined Value Series
- Class I		6,975,296		909,829		956,167		6,850,732		477,403		41,685		(94,797	)		16,571
Equity Income Series
- Class I		7,465,036		734,471		1,374,167		6,719,946		563,281		53,375		127,560			(232,954	)
High Yield Bond Series
- Class I		1,664,746		174,874		231,753		1,572,994		182,694		37,782		(3,812	)		(31,061	)
Real Estate Series
- Class I		2,480,962		589,084		347,355		2,758,713		403,911		—		(148,252	)		184,275
Unconstrained Bond
Series
- Class I		3,318,146		349,748		461,618		3,157,412		343,197		35,475		(16,631	)		(32,233	)
		$33,157,857		$4,000,042		$4,848,772		$31,784,666				$275,117		$(189,221	)		$(335,240	)

13

Notes to Financial Statements (continued)

(unaudited)

6. Capital Stock Transactions

Transactions in shares of Class S and Class I shares were:

STRATEGIC INCOME CONSERVATIVE	FOR THE SIX MONTHS   ENDED 6/30/18   CLASS S						FOR THE YEAR   ENDED 12/31/17   CLASS S						FOR THE SIX MONTHS   ENDED 6/30/18   CLASS I						FOR THE YEAR   ENDED 12/31/17   CLASS I
SERIES:	SHARES			AMOUNTS			SHARES			AMOUNTS			SHARES			AMOUNTS			SHARES			AMOUNTS
Sold		182,723		$	1,868,160			770,586		$	7,910,028			179		$	1,859			283,406		$	2,930,656
Reinvested		10,905			111,735			49,615			515,766			6,446			66,110			27,949			290,483
Repurchased		(190,274	)		(1,958,335	)		(467,299	)		(4,842,097	)		(57,870	)		(596,781	)		(166,435	)		(1,736,380	)
Total		3,354		$	21,560			352,902		$	3,583,697			(51,245	)	$	(528,812	)		144,920		$	1,484,759
STRATEGIC INCOME MODERATE	FOR THE SIX MONTHS   ENDED 6/30/18   CLASS S						FOR THE YEAR   ENDED 12/31/17   CLASS S						FOR THE SIX MONTHS   ENDED 6/30/18   CLASS I						FOR THE YEAR   ENDED 12/31/17   CLASS I
SERIES:	SHARES			AMOUNTS			SHARES			AMOUNTS			SHARES			AMOUNTS			SHARES			AMOUNTS
Sold		214,026		$	2,380,607			549,029		$	5,973,649			258,701		$	2,859,868			616,594		$	6,687,602
Reinvested		11,197			125,421			73,935			821,554			6,533			71,383			29,346			326,297
Repurchased		(373,510	)		(4,138,539	)		(329,757	)		(3,653,492	)		(193,578	)		(2,168,757	)		(150,859	)		(1,655,192	)
Total		(148,287	)	$	(1,632,511	)		293,207		$	3,141,711			71,656		$	762,494			495,081		$	5,358,707

At June 30, 2018, approximately 6% of the shares outstanding of the Strategic Income Moderate Series are fiduciary accounts where the Advisor has sole investment discretion.

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 Underlying Series to close out their position(s); and documentation risk relating to disagreement over contract terms. Unconstrained Bond Series held futures contracts and forward foreign currency exchange contracts at June 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 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.

14

Notes to Financial Statements (continued)

(unaudited)

8. Federal Income Tax Information (continued)

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 December 31, 2017 were as follows:

	STRATEGIC INCOME CONSERVATIVE SERIES			STRATEGIC INCOME MODERATE SERIES
Ordinary income		$	700,033		$	869,698
Long-term capital gain		$	137,427		$	347,239

At June 30, 2018, the identified cost for federal income tax purposes, the resulting gross unrealized appreciation and

depreciation, and the net unrealized depreciation were as follows:

	STRATEGIC INCOME CONSERVATIVE SERIES			STRATEGIC INCOME MODERATE SERIES
Cost for federal income tax purposes		$	28,489,243		$	32,816,399
Unrealized appreciation			202,599			526,192
Unrealized depreciation			(1,539,792)			(1,557,925)
Net unrealized depreciation		$	(1,337,193)		$	(1,031,733)

9. Subsequent Events

In preparing these financial statements, management of the Series has evaluated events and transactions for recognition or disclosure through August 17, 2018, the date the financial statements were issued, and the following item was noted:

The Board approved the liquidation of the Strategic Income Conservative Series, which is expected to occur on or about September 27, 2018. Effective July 30, 2018, the Series was closed to any new investors. Effective September 20, 2018, the Series will stop selling shares to existing shareholders and no longer will accept automatic investments from existing shareholders.

In addition, as of August 20, 2018, the name of the Strategic Income Moderate Series will be changed to Income Series and there will be changes to the asset allocation ranges within the Series.

15

Results of Special Meeting of Shareholders    

(unaudited)    

A Special Meeting of the Class S Shareholders of the Strategic Income Moderate 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 Series.    

	FOR	AGAINST		ABSTAIN
Strategic Income Moderate	1,340,764		—	56,106

16

{This page intentionally left blank}

17

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 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.

MNSTI-6/18-SAR

Global Fixed Income 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 (January 1, 2018 to June 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          1/1/18		ENDING  ACCOUNT  VALUE          6/30/18		EXPENSES PAID  DURING  PERIOD*         1/1/18-6/30/18		ANNUALIZED  EXPENSE RATIO
Class S
Actual		$1,000.00		$   986.57		$4.19		0.85%
Hypothetical (5% return before expenses)		$1,000.00		$1,020.58		$4.26		0.85%
Class I
Actual		$1,000.00		$   993.37		$3.46		0.70%
Hypothetical (5% return before expenses)		$1,000.00		$1,021.32		$3.51		0.70%

*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). 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.

1

Global Fixed Income Series     

Portfolio Composition as of June 30, 2018

(unaudited)

2

Global Fixed Income Series

Investment Portfolio - June 30, 2018

(unaudited)

	CREDIT       RATING1		PRINCIPAL       AMOUNT2		VALUE       (NOTE 2)
CORPORATE BONDS - 15.9%
Non-Convertible Corporate Bonds - 15.9%
Consumer Discretionary - 2.0%
Auto Components - 0.1%
Techniplas LLC (United States)3, 10.00%, 5/1/2020		Caa2		110,000	$	97,900
Household Durables - 0.4%
Century Communities, Inc. (United States), 5.875%, 7/15/2025		B3		180,000		170,100
Meritage Homes Corp. (United States), 5.125%, 6/6/2027		Ba2		90,000		83,700
TRI Pointe Group, Inc. - TRI Pointe Homes, Inc. (United States), 4.375%, 6/15/2019		Ba3		90,000		90,468
TRI Pointe Group, Inc. - TRI Pointe Homes, Inc. (United States), 5.875%, 6/15/2024		Ba3		70,000		69,475
Weekley Homes LLC - Weekley Finance Corp. (United States), 6.00%, 2/1/2023		B3		90,000		87,638
Weekley Homes LLC - Weekley Finance Corp. (United States)3, 6.625%, 8/15/2025		B3		130,000		123,175
						624,556
Internet & Direct Marketing Retail - 0.6%
Booking Holdings, Inc. (United States), 3.60%, 6/1/2026		Baa1		1,010,000		982,839
Media - 0.6%
CCO Holdings LLC - CCO Holdings Capital Corp. (United States)3, 5.50%, 5/1/2026		B1		80,000		77,576
CSC Holdings LLC (United States), 5.25%, 6/1/2024		B2		180,000		170,100
Discovery Communications LLC (United States), 5.20%, 9/20/2047		Baa3		675,000		654,713
UPCB Finance IV Ltd. (Netherlands)3, 5.375%, 1/15/2025		Ba3		200,000		190,020
						1,092,409
Multiline Retail - 0.3%
Macy’s Retail Holdings, Inc. (United States), 7.00%, 2/15/2028		Baa3		280,000		303,967
Macy’s Retail Holdings, Inc. (United States), 6.90%, 4/1/2029		Baa3		285,000		306,080
						610,047
Textiles, Apparel & Luxury Goods - 0.0%##
Hanesbrands, Inc. (United States)3, 4.875%, 5/15/2026		Ba2		90,000		86,850
Total Consumer Discretionary						3,494,601
Consumer Staples - 0.1%
Food & Staples Retailing - 0.1%
C&S Group Enterprises LLC (United States)3, 5.375%, 7/15/2022		Ba3		130,000		127,400
Household Products - 0.0%##
First Quality Finance Co., Inc. (United States)3, 5.00%, 7/1/2025		B1		95,000		86,925
Total Consumer Staples						214,325
Energy - 2.9%
Energy Equipment & Services - 0.1%
Shelf Drilling Holdings Ltd. (United Arab Emirates)3, 8.25%, 2/15/2025		B2		90,000		90,675

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

3

Global Fixed Income Series

Investment Portfolio - June 30, 2018

(unaudited)

	CREDIT RATING1			PRINCIPAL     AMOUNT2		VALUE           (NOTE 2)
CORPORATE BONDS (continued)
Non-Convertible Corporate Bonds (continued)
Energy (continued)
Energy Equipment & Services (continued)
Trinidad Drilling Ltd. (Canada)3, 6.625%, 2/15/2025		B3			135,000	$	129,938
							220,613
Oil, Gas & Consumable Fuels - 2.8%
Boardwalk Pipelines LP (United States), 5.95%, 6/1/2026		Baa3			905,000		970,480
Cheniere Energy Partners LP (United States)3, 5.25%, 10/1/2025		Ba2			135,000		131,686
DCP Midstream Operating, LP (United States)3, 9.75%, 3/15/2019		Ba2			55,000		57,269
GasLog Ltd. (Monaco), 8.875%, 3/22/2022		WR4			130,000		134,875
Hilcorp Energy I LP - Hilcorp Finance Co. (United States)3, 5.75%, 10/1/2025		Ba2			85,000		84,788
Jonah Energy LLC - Jonah Energy Finance Corp. (United States)3, 7.25%, 10/15/2025		B3			180,000		145,350
Kinder Morgan Energy Partners LP (United States), 6.95%, 1/15/2038		Baa3			825,000		940,273
Petroleos Mexicanos (Mexico)3, 6.35%, 2/12/2048		Baa3			1,025,000		925,062
Sabine Pass Liquefaction LLC (United States), 5.875%, 6/30/2026		Baa3			900,000		965,245
SemGroup Corp. (United States), 6.375%, 3/15/2025		B3			165,000		156,750
Seven Generations Energy Ltd. (Canada)3, 5.375%, 9/30/2025		Ba3			90,000		86,512
Southwestern Energy Co. (United States)5, 6.70%, 1/23/2025		Ba3			100,000		97,875
Tallgrass Energy Partners LP - Tallgrass Energy Finance Corp. (United States)3, 5.50%, 9/15/2024		Ba3			130,000		132,600
							4,828,765
Total Energy							5,049,378
Financials - 5.0%
Banks - 2.8%
Asian Development Bank (Supranational), 1.00%, 8/16/2019		Aaa			1,000,000		983,046
Banco Santander S.A. (Spain)6, 4.00%, 4/7/2020		Aa1	EUR		100,000		125,506
Bank of America Corp. (United States), 4.00%, 1/22/2025		Baa2			1,000,000		987,152
BNP Paribas Home Loan Covered Bonds S.A. (France)6, 3.75%, 4/20/2020		AAA7	EUR		50,000		62,689
Citigroup, Inc. (United States), 8.125%, 7/15/2039		Baa1			660,000		928,373
JPMorgan Chase & Co. (United States), 6.30%, 4/23/2019		A3			935,000		961,301
Popular, Inc. (United States), 7.00%, 7/1/2019		B2			135,000		137,025
Santander Holdings USA, Inc. (United States), 3.40%, 1/18/2023		Baa3			685,000		661,378
							4,846,470
Capital Markets - 0.6%
Morgan Stanley (United States)8, (3 mo. LIBOR US + 1.220%), 3.583%, 5/8/2024		A3			975,000		984,750
Consumer Finance - 0.0%##
Ally Financial, Inc. (United States), 3.50%, 1/27/2019		Ba3			90,000		89,888

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

4

Global Fixed Income Series

Investment Portfolio - June 30, 2018    

(unaudited)

	CREDIT RATING1			PRINCIPAL     AMOUNT2		VALUE           (NOTE 2)
CORPORATE BONDS (continued)
Non-Convertible Corporate Bonds (continued)
Financials (continued)
Diversified Financial Services - 0.7%
Aircastle Ltd. (United States), 6.25%, 12/1/2019		Ba1			55,000	$	56,888
International Lease Finance Corp. (United States), 6.25%, 5/15/2019		Baa3			640,000		656,174
LPL Holdings, Inc. (United States)3, 5.75%, 9/15/2025		B2			85,000		82,663
Navient Corp. (United States), 7.25%, 9/25/2023		Ba3			80,000		83,800
Oxford Finance, LLC - Oxford Finance Co. - Issuer II, Inc. (United States)3, 6.375%, 12/15/2022		Ba3			130,000		131,950
Park Aerospace Holdings Ltd. (Ireland)3, 4.50%, 3/15/2023		Ba3			140,000		132,972
							1,144,447
Insurance - 0.9%
Assured Guaranty US Holdings, Inc. (United States), 5.00%, 7/1/2024		Baa2			925,000		966,611
Prudential Financial, Inc. (United States)9, (3 mo. LIBOR US + 4.175%), 5.875%, 9/15/2042		Baa2			620,000		654,875
							1,621,486
Thrifts & Mortgage Finance - 0.0%##
Ladder Capital Finance Holdings LLLP - Ladder Capital Finance Corp. (United States)3, 5.875%, 8/1/2021		Ba3			85,000		86,866
Total Financials							8,773,907
Health Care - 1.6%
Biotechnology - 0.0%##
AMAG Pharmaceuticals, Inc. (United States)3, 7.875%, 9/1/2023		Ba3			100,000		106,063
Health Care Providers & Services - 1.6%
DaVita, Inc. (United States), 5.00%, 5/1/2025		Ba3			130,000		122,363
FMC Finance VIII S.A. (Germany)3,6, 6.50%, 9/15/2018		Baa3	EUR		1,540,000		1,821,434
Fresenius Medical Care US Finance II, Inc. (Germany)3, 6.50%, 9/15/2018		Baa3			655,000		659,326
Ortho-Clinical Diagnostics, Inc. - Ortho-Clinical Diagnostics S.A. (United States)3, 6.625%, 5/15/2022		Caa2			90,000		87,975
Tenet Healthcare Corp. (United States), 6.00%, 10/1/2020		Ba3			55,000		56,512
							2,747,610
Total Health Care							2,853,673
Industrials - 0.8%
Airlines - 0.1%
Allegiant Travel Co. (United States), 5.50%, 7/15/2019		B1			95,000		95,475
Construction & Engineering - 0.1%
Tutor Perini Corp. (United States)3, 6.875%, 5/1/2025		B1			135,000		135,169
Containers & Packaging - 0.1%
W/S Packaging Holdings, Inc. (United States)3, 9.00%, 4/15/2023		B3			135,000		136,688
Industrial Conglomerates - 0.1%
LSB Industries, Inc. (United States)3, 9.625%, 5/1/2023		Caa1			175,000		176,312

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

5

Global Fixed Income Series

Investment Portfolio - June 30, 2018

(unaudited)

	CREDIT     RATING1		PRINCIPAL       AMOUNT2		VALUE       (NOTE 2)
CORPORATE BONDS (continued)
Non-Convertible Corporate Bonds (continued)
Industrials (continued)
Industrial Conglomerates (continued)
CNH Industrial Capital LLC (United States), 3.375%, 7/15/2019		Ba1		600,000	$	600,480
Marine - 0.1%
Global Ship Lease, Inc. (United Kingdom)3, 9.875%, 11/15/2022		B3		175,000		172,813
Total Industrials						1,316,937
Information Technology - 1.1%
Internet Software & Services - 1.0%
Alibaba Group Holding Ltd. (China), 3.40%, 12/6/2027		A1		1,040,000		969,008
MSCI, Inc. (United States)3, 5.375%, 5/15/2027		Ba2		90,000		90,000
Tencent Holdings Ltd. (China)3, 3.595%, 1/19/2028		A1		700,000		662,214
						1,721,222
Semiconductors & Semiconductor Equipment - 0.1%
MagnaChip Semiconductor Corp. (South Korea), 6.625%, 7/15/2021		B3		145,000		140,258
Total Information Technology						1,861,480
Materials - 0.8%
Chemicals - 0.2%
Kissner Holdings LP - Kissner Milling Co. Ltd. - BSC Holding, Inc. - Kissner USA (Canada)3, 8.375%, 12/1/2022		B3		115,000		117,588
OCI N.V. (Netherlands)3, 6.625%, 4/15/2023		B1		200,000		203,140
						320,728
Metals & Mining - 0.6%
Corp Nacional del Cobre de Chile (Chile)3, 5.625%, 9/21/2035		A3		575,000		642,676
Mountain Province Diamonds, Inc. (Canada)3, 8.00%, 12/15/2022		B3		225,000		224,156
Northwest Acquisitions ULC - Dominion Finco, Inc. (United States)3, 7.125%, 11/1/2022		Ba3		220,000		219,450
						1,086,282
Total Materials						1,407,010
Real Estate - 0.5%
Equity Real Estate Investment Trusts (REITS) - 0.1%
iStar, Inc. (United States), 5.25%, 9/15/2022		B1		135,000		130,697
Real Estate Management & Development - 0.4%
American Homes 4 Rent LP (United States), 4.25%, 2/15/2028		Baa3		690,000		660,791
Greystar Real Estate Partners, LLC (United States)3, 5.75%, 12/1/2025		B1		135,000		130,950
						791,741
Total Real Estate						922,438
Telecommunication Services - 1.1%
Diversified Telecommunication Services - 0.9%
AT&T, Inc. (United States), 4.25%, 3/1/2027		Baa2		690,000		675,313

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

6

Global Fixed Income Series

Investment Portfolio - June 30, 2018    

(unaudited)

	CREDIT       RATING1			PRINCIPAL       AMOUNT2		VALUE       (NOTE 2)
CORPORATE BONDS (continued)
Non-Convertible Corporate Bonds (continued)
Telecommunication Services (continued)
Diversified Telecommunication Services (continued)
Verizon Communications, Inc. (United States), 5.50%, 3/16/2047		Baa1			905,000	$	948,314
							1,623,627
Wireless Telecommunication Services - 0.2%
Hughes Satellite Systems Corp. (United States), 5.25%, 8/1/2026		Ba2			230,000		215,625
Inmarsat Finance plc (United Kingdom)3, 4.875%, 5/15/2022		Ba3			135,000		132,638
Sprint Communications, Inc. (United States)3, 9.00%, 11/15/2018		B1			40,000		40,800
							389,063
Total Telecommunication Services							2,012,690
TOTAL CORPORATE BONDS
(Identified Cost $28,777,419)							27,906,439
ASSET-BACKED SECURITIES - 1.8%
BMW Vehicle Owner Trust, Series 2016-A, Class A3 (United States), 1.16%, 11/25/2020		Aaa			421,832		418,129
CarMax Auto Owner Trust, Series 2016-4, Class A2 (United States), 1.21%, 11/15/2019		Aaa			45,898		45,856
Chesapeake Funding II LLC, Series 2017-2A, Class A1 (United States) 3, 1.99%, 5/15/2029		Aaa			214,925		212,727
Honda Auto Receivables Owner Trust, Series 2016-4, Class A2 (United States), 1.04%, 4/18/2019		AAA	7		25,583		25,564
Mercedes-Benz Auto Lease Trust, Series 2016-B, Class A3 (United States), 1.35%, 8/15/2019		Aaa			351,020		349,963
Navient Student Loan Trust, Series 2016-3A, Class A1 (United States)3,8, (1 mo. LIBOR US + 0.600%), 2.691%, 6/25/2065		AAA	7		39,548		39,565
SoFi Professional Loan Program LLC, Series 2017-C, Class A2A (United States)3, 1.75%, 7/25/2040		AAA	7		241,833		239,741
SoFi Professional Loan Program LLC, Series 2017-F, Class A1FX (United States)3, 2.05%, 1/25/2041		Aaa			119,863		118,804
SoFi Professional Loan Program LLC, Series 2017-F, Class A2FX (United States)3, 2.84%, 1/25/2041		Aaa			150,000		146,448
SoFi Professional Loan Program LLC, Series 2018-A, Class A2A (United States)3, 2.39%, 2/25/2042		Aaa			434,849		432,198
South Carolina Student Loan Corp., Series 2005, Class A3 (United States)8, (3 mo. LIBOR US + 0.140%), 2.44%, 12/1/2023		Aaa			88,568		88,533
Tesla Auto Lease Trust, Series 2018-A (United States) 3, 2.32%, 12/20/2019		Aaa			239,508		238,724
Tricon American Homes Trust, Series 2016-SFR1, Class A (United States)3, 2.589%, 11/17/2033		Aaa			399,097		386,221

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

7

Global Fixed Income Series

Investment Portfolio - June 30, 2018

(unaudited)

	CREDIT RATING1				PRINCIPAL     AMOUNT2		VALUE           (NOTE 2)
ASSET-BACKED SECURITIES (continued)
Tricon American Homes Trust, Series 2017-SFR2, Class A (United States)3, 2.928%, 1/17/2036		Aaa				500,000	$	481,604
TOTAL ASSET-BACKED SECURITIES
(Identified Cost $3,269,528)								3,224,077
COMMERCIAL MORTGAGE-BACKED SECURITIES - 2.2%
Fannie Mae REMICS, Series 2018-31, Class KP, 3.50%, 7/25/2047		Aaa				74,696		74,722
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K016, Class X1 (IO)10, 1.514%, 10/25/2021		Aaa				3,887,249		158,113
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K029, Class A210, 3.32%, 2/25/2023		Aaa				860,000		868,772
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K030, Class X1 (IO)10, 0.201%, 4/25/2023		Aaa				22,173,680		188,984
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K706, Class X1 (IO)10, 1.542%, 10/25/2018		Aaa				5,440,023		8,257
Freddie Mac REMICS, Series 4791, Class BA, 4.00%, 3/15/2044		Aaa				490,094		502,142
Freddie Mac REMICS, Series 4801, Class BA, 4.50%, 5/15/2044		Aaa				98,931		102,745
JP Morgan Mortgage Trust, Series 2017-3, Class 1A5 (United States)3,10, 3.50%, 8/25/2047		Aaa				198,606		196,263
JP Morgan Mortgage Trust, Series 2017-6, Class A3 (United States) 3,10, 3.50%, 12/25/2048		Aaa				472,987		463,675
JP Morgan Mortgage Trust, Series 2017-6, Class A5 (United States) 3,10, 3.50%, 12/25/2048		Aaa				466,233		460,442
New Residential Mortgage Loan Trust, Series 2015-2A, Class A1 (United States)3,10, 3.75%, 8/25/2055		Aaa				131,746		132,014
New Residential Mortgage Loan Trust, Series 2016-4A, Class A1 (United States)3,10, 3.75%, 11/25/2056		AAA	7			173,630		173,794
SBA Small Business Investment Companies, Series 2015-10A, Class 1 (United States), 2.517%, 3/10/2025		Aaa				216,126		210,888
Towd Point Mortgage Trust, Series 2016-5, Class A1 (United States)3,10, 2.50%, 10/25/2056		Aaa				323,711		316,131
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(Identified Cost $3,789,760)								3,856,942
FOREIGN GOVERNMENT BONDS - 40.3%
Australia Government Bond (Australia), 4.50%, 4/15/2020		Aaa		AUD		600,000		463,399
Australia Government Bond (Australia), 3.25%, 4/21/2025		Aaa		AUD		1,700,000		1,318,391
Brazil Notas do Tesouro Nacional (Brazil), 10.00%, 1/1/2025		Ba2		BRL		1,500,000		364,097
Brazilian Government International Bond (Brazil), 4.25%, 1/7/2025		Ba2				600,000		567,000
Bundesrepublik Deutschland (Germany)6, 1.50%, 9/4/2022		Aaa		EUR		3,000,000		3,786,794
Bundesrepublik Deutschland (Germany)6, 1.00%, 8/15/2024		Aaa		EUR		4,775,000		5,961,247
Bundesrepublik Deutschland (Germany), 0.50%, 8/15/2027		Aaa		EUR		1,500,000		1,791,735
Canada Housing Trust No. 1 (Canada)3, 4.10%, 12/15/2018		Aaa		CAD		2,485,000		1,911,162
Canadian Government Bond (Canada), 2.75%, 6/1/2022		Aaa		CAD		2,500,000		1,952,725

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

8

Global Fixed Income Series

Investment Portfolio - June 30, 2018

(unaudited)

	CREDIT RATING1					PRINCIPAL     AMOUNT2		VALUE           (NOTE 2)
FOREIGN GOVERNMENT BONDS (continued)
Chile Government Bond (Chile), 5.50%, 8/5/2020		Aa3		CLP	��		700,000,000	$	1,110,870
Export-Import Bank of Korea (South Korea), 2.625%, 12/30/2020		Aa2					1,500,000		1,472,561
French Republic Government Bond OAT (France)6, 0.00%, 5/25/2022		Aa2		EUR			5,300,000		6,265,749
French Republic Government Bond OAT (France)6, 0.25%, 11/25/2026		Aa2		EUR			6,050,000		6,981,730
Ireland Government Bond (Ireland)6, 0.80%, 3/15/2022		A2		EUR			2,000,000		2,424,589
Ireland Government Bond (Ireland)6, 3.90%, 3/20/2023		A2		EUR			750,000		1,040,485
Italy Buoni Poliennali Del Tesoro (Italy), 0.35%, 6/15/2020		Baa2		EUR			800,000		927,576
Italy Buoni Poliennali Del Tesoro (Italy)6, 1.45%, 9/15/2022		Baa2		EUR			500,000		580,617
Italy Buoni Poliennali Del Tesoro (Italy), 1.50%, 6/1/2025		Baa2		EUR			975,000		1,082,443
Japan Government Two Year Bond (Japan)6, 0.10%, 10/15/2018		A1		JPY			150,000,000		1,355,724
The Korea Development Bank (South Korea), 1.375%, 9/12/2019		Aa2					2,200,000		2,156,075
Mexican Government Bond (Mexico), 8.00%, 6/11/2020		A3		MXN			57,500,000		2,910,228
Mexican Government Bond (Mexico), 6.50%, 6/10/2021		A3		MXN			71,000,000		3,460,938
Mexican Government Bond (Mexico), 6.50%, 6/9/2022		A3		MXN			64,000,000		3,091,103
Mexican Government Bond (Mexico), 7.75%, 5/29/2031		A3		MXN			6,500,000		330,494
Singapore Government Bond (Singapore), 2.50%, 6/1/2019		Aaa		SGD			4,515,000		3,334,651
Spain Government Bond (Spain)3, 5.40%, 1/31/2023		Baa1		EUR			2,005,000		2,887,560
Spain Government Bond (Spain)3,6, 1.60%, 4/30/2025		Baa1		EUR			2,200,000		2,709,342
Svensk Exportkredit AB (Sweden), 1.125%, 8/28/2019		Aa1					2,000,000		1,966,800
United Kingdom Gilt (United Kingdom), 1.75%, 9/7/2022		Aa2		GBP			2,800,000		3,822,784
United Kingdom Gilt (United Kingdom), 1.25%, 7/22/2027		WR	4	GBP			2,200,000		2,883,500
TOTAL FOREIGN GOVERNMENT BONDS
(Identified Cost $74,729,752)									70,912,369
U.S. TREASURY SECURITIES - 23.4%
U.S. Treasury Bonds - 9.3%
U.S. Treasury Bond, 6.25%, 5/15/2030							2,600,000		3,479,430
U.S. Treasury Bond, 4.75%, 2/15/2037							1,400,000		1,774,336
U.S. Treasury Bond, 2.50%, 2/15/2045							4,075,000		3,715,413
U.S. Treasury Bond, 3.00%, 5/15/2047							5,992,000		6,009,555
U.S. Treasury Inflation Indexed Bond, 0.75%, 2/15/2042							1,446,984		1,412,720
Total U.S. Treasury Bonds
(Identified Cost $16,708,163)									16,391,454
U.S. Treasury Notes - 14.1%
U.S. Treasury Inflation Indexed Note, 0.125%, 4/15/2020							984,290		973,794
U.S. Treasury Inflation Indexed Note, 0.125%, 1/15/2023							1,351,385		1,321,061
U.S. Treasury Note, 1.375%, 4/30/2020							7,910,000		7,748,092
U.S. Treasury Note, 1.125%, 7/31/2021							3,750,000		3,583,301
U.S. Treasury Note, 1.75%, 4/30/2022							4,220,000		4,075,762
U.S. Treasury Note, 1.625%, 4/30/2023							1,870,000		1,776,646
U.S. Treasury Note, 1.625%, 5/15/2026							1,925,000		1,760,849

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

9

Global Fixed Income Series

Investment Portfolio - June 30, 2018

(unaudited)

	PRINCIPAL AMOUNT2 / SHARES		VALUE           (NOTE 2)
U.S. TREASURY SECURITIES (continued)
U.S. Treasury Notes (continued)
U.S. Treasury Note, 2.375%, 5/15/2027		3,612,000	$	3,478,384
Total U.S. Treasury Notes
(Identified Cost $25,462,638)				24,717,889
TOTAL U.S. TREASURY SECURITIES
(Identified Cost $42,170,801)				41,109,343
U.S. GOVERNMENT AGENCIES - 6.6%
Mortgage-Backed Securities - 2.0%
Fannie Mae, Pool #MA1890, 4.00%, 5/1/2034		515,192		532,986
Fannie Mae, Pool #735500, 5.50%, 5/1/2035		572,759		621,843
Freddie Mac, Pool #Z50018, 3.50%, 7/1/2026		763,798		772,907
Freddie Mac, Pool #C91832, 3.50%, 6/1/2035		799,754		808,840
Freddie Mac, Pool #G08273, 5.50%, 6/1/2038		786,743		850,766
Total Mortgage-Backed Securities
(Identified Cost $3,604,163)				3,587,342
Other Agencies - 4.6%
Fannie Mae, 2.625%, 9/6/2024		6,979,000		6,862,765
Freddie Mac, 2.375%, 1/13/2022		1,218,000		1,202,013
Total Other Agencies
(Identified Cost $8,595,241)				8,064,778
TOTAL U.S. GOVERNMENT AGENCIES
(Identified Cost $12,199,404)				11,652,120
SHORT-TERM INVESTMENT - 6.5%
Dreyfus Government Cash Management, Institutional Shares11, 1.81%,
(Identified Cost $11,380,721)		11,380,721		11,380,721
TOTAL INVESTMENTS - 96.7%
(Identified Cost $176,317,385)				170,042,011
OTHER ASSETS, LESS LIABILITIES - 3.3%				5,715,721
NET ASSETS - 100%			$	175,757,732

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

10

Global Fixed Income Series

Investment Portfolio - June 30, 2018

(unaudited)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS OPEN AT JUNE 30, 201812:
SETTLEMENT DATE	CONTRACTS TO DELIVER	IN EXCHANGE FOR	CONTRACTS AT VALUE	UNREALIZED APPRECIATION/ (DEPRECIATION)
07/25/2018	EUR 18,000,000	$20,914,200	$21,061,352	$(147,152)
10/15/2018	JPY150,000,000	1,369,863	1,365,404	4,459
NET UNREALIZED DEPRECIATION				$(142,693)

AUD - Australian Dollar

BRL - Brazilian Real

CAD - Canadian Dollar

CLP - Chilean Peso

EUR - Euro

GBP - British Pound

JPY - Japanese Yen

MXN - Mexican Peso

SGD - Singapore Dollar

## Less than 0.1%.

¹Credit ratings from Moody’s (unaudited).

²Amount is stated in USD unless otherwise noted.

³Restricted 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 $20,313,984 or 11.6% of the Series’ net assets as of June 30, 2018 (see Note 2 to the financial statements).

⁴Credit rating has been withdrawn. As of June 30, 2018, there is no rating available (unaudited).

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).

⁶All or a portion of the security has been segregated on the Series’ books and records for open forward foreign currency exchange contracts.

⁷Credit ratings from S&P (unaudited).

⁸Floating rate security. Rate shown is the rate in effect as of June 30, 2018.

⁹Variable 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 June 30, 2018.

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 June 30, 2018.

¹¹Rate shown is the current yield as of June 30, 2018.

¹²The counterparty for all forward foreign currency exchange contracts is the Bank of New York Mellon Corp.

The Series’ portfolio holds, as a percentage of net assets, greater than 10% in the following country (based on country of risk): United States 45.0%.

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.

11

Global Fixed Income Series

Statement of Assets and Liabilities

June 30, 2018 (unaudited)

ASSETS:
Investments in securities, at value (identified cost $176,317,385) (Note 2)	$	170,042,011
Cash		26,438
Foreign currency, at value (cost $5,173,542)		4,962,736
Interest receivable		1,028,885
Receivable for fund shares sold		50,901
Unrealized appreciation on forward foreign currency exchange contracts (Note 2)		4,459
Prepaid expenses		20,387
TOTAL ASSETS		176,135,817
LIABILITIES:
Accrued management fees (Note 3)		80,918
Accrued fund accounting and administration fees (Note 3)		32,428
Accrued shareholder services fees (Class S) (Note 3)		20,887
Accrued Chief Compliance Officer service fees (Note 3)		260
Accrued Directors’ fees (Note 3)		196
Unrealized depreciation on forward foreign currency exchange contracts (Note 2)		147,152
Payable for fund shares repurchased		52,668
Audit fees payable		24,181
Other payables and accrued expenses		19,395
TOTAL LIABILITIES		378,085
TOTAL NET ASSETS	$	175,757,732
NET ASSETS CONSIST OF:
Capital stock	$	184,000
Additional paid-in-capital		185,490,994
Undistributed net investment income		486,127
Accumulated net realized loss on investments, foreign currency and translation of other assets and liabilities		(3,765,737	)
Net unrealized depreciation on investments, foreign currency and translation of other assets and liabilities		(6,637,652	)
TOTAL NET ASSETS	$	175,757,732
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class S ($169,840,199/ 17,783,767 shares)	$	9.55
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class I ($5,917,533/616,253 shares)	$	9.60

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

12

Global Fixed Income Series

Statement of Operations

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

INVESTMENT INCOME:
Interest	$	2,053,625
Dividends		56,000
Total Investment Income		2,109,625
EXPENSES:
Management fees (Note 3)		532,531
Shareholder services fees (Class S) (Note 3)		128,697
Fund accounting and administration fees (Note 3)		44,495
Directors’ fees (Note 3)		6,757
Chief Compliance Officer service fees (Note 3)		2,147
Custodian fees		2,386
Miscellaneous		61,490
Total Expenses		778,503
Less reduction of expenses (Note 3)		(28,520	)
Net Expenses		749,983
NET INVESTMENT INCOME		1,359,642
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:
Net realized gain (loss) on-
Investments		(981,416	)
Forward foreign currency exchange contracts		554,576
Foreign currency and translation of other assets and liabilities		181,771
		(245,069	)
Net change in unrealized appreciation (depreciation) on-
Investments		(3,339,569	)
Forward foreign currency exchange contracts		49,775
Foreign currency and translation of other assets and liabilities		(237,328	)
		(3,527,122	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY		(3,772,191	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(2,412,549	)

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

13

Global Fixed Income Series

Statements of Changes in Net Assets

	FOR THE SIX MONTHS ENDED 6/30/18 (UNAUDITED)			FOR THE YEAR ENDED 12/31/17
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income	$	1,359,642		$	2,970,294
Net realized gain (loss) on investments and foreign currency		(245,069	)		(4,951,203	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency		(3,527,122	)		13,094,941
Net increase (decrease) from operations		(2,412,549	)		11,114,032
CAPITAL STOCK ISSUED AND REPURCHASED:
Net decrease from capital share transactions (Note 5)		(3,997,961	)		(14,918,285	)
Net decrease in net assets		(6,410,510	)		(3,804,253	)
NET ASSETS:
Beginning of period		182,168,242			185,972,495
End of period (including undistributed net investment income of $486,127 and accumulated net investment loss of $873,515, respectively)	$	175,757,732		$	182,168,242

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

14

Global Fixed Income Series

Financial Highlights - Class S

	FOR THE SIX MONTHS ENDED			FOR THE YEAR ENDED											FOR THE PERIOD 4/1/131 TO 12/31/13
	6/30/18 (UNAUDITED)			12/31/17		12/31/16			12/31/15			12/31/14
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period		$9.68			$9.11		$9.11			$9.68			$9.92			$10.00
Income (loss) from investment operations:
Net investment income2		0.07			0.15		0.19			0.23			0.22			0.16
Net realized and unrealized gain (loss) on investments		(0.20	)		0.42		(0.19	)		(0.77	)		(0.18	)		(0.16	)
Total from investment operations		(0.13	)		0.57		—			(0.54	)		0.04			0.00
Less distributions to shareholders:
From net investment income		—			—		—			—	3		(0.24	)		(0.08	)
From net realized gain on investments		—			—		—			—			(0.04	)		—	3
From return of capital		—			—		—			(0.03	)		—			—
Total distributions to shareholders		—			—		—			(0.03	)		(0.28	)		(0.08	)
Net asset value - End of period		$9.55			$9.68		$9.11			$9.11			$9.68			$9.92
Net assets - End of period (000’s omitted)		$169,840			$176,175		$179,435			$144,233			$208,842			$196,860
Total return4		(1.34%	)		6.26%		0.00%			(5.68%	)		0.42%			0.07%
Ratios (to average net assets)/Supplemental
Data:
Expenses*		0.85%	5		0.85%		0.85%			0.85%			0.85%			0.85%	5
Net investment income		1.53%	5		1.61%		2.04%			2.43%			2.16%			2.16%	5
Portfolio turnover		18%			34%		46%			54%			40%			51%
*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%	5		0.04%		0.03%			0.02%			0.01%			0.00%	5,6

¹ Commencement of operations.    

² Calculated based on average shares outstanding during the periods.    

³ Less than $0.01.    

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

⁵ Annualized.    

⁶ Less than 0.01%.    

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

15

Global Fixed Income Series

Financial Highlights - Class I

	FOR THE SIX MONTHS ENDED			FOR THE YEAR ENDED
	6/30/18 (UNAUDITED)			12/31/17		12/31/16			12/31/15			12/31/14			12/31/13
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period		$9.73			$9.14		$9.13			$9.69			$9.93			$10.09
Income (loss) from investment operations:
Net investment income1		0.08			0.17		0.23			0.24			0.23			0.23
Net realized and unrealized loss on investments		(0.21	)		0.42		(0.22	)		(0.77	)		(0.17	)		(0.26	)
Total from investment operations		(0.13	)		0.59		0.01			(0.53	)		0.06			(0.03	)
Less distributions to shareholders:
From net investment income		—			—		—			—	2		(0.26	)		(0.13	)
From net realized gain on investments		—			—		—			—			(0.04	)		—	2
From return of capital		—			—		—			(0.03	)		—			—
Total distributions to shareholders		—			—		—			(0.03	)		(0.30	)		(0.13	)
Net asset value - End of period		$9.60			$9.73		$9.14			$9.13			$9.69			$9.93
Net assets - End of period (000’s omitted)		$5,918			$5,994		$6,537			$72,372			$46,875			$35,190
Total return3		(1.34%	)		6.46%		0.11%			(5.45%	)		0.57%			(0.32%	)
Ratios (to average net assets)/Supplemental Data:
Expenses*		0.70%	4		0.70%		0.70%			0.70%			0.70%			0.70%
Net investment income		1.68%	4		1.76%		2.43%			2.56%			2.31%			2.32%
Portfolio turnover		18%			34%		46%			54%			40%			51%
*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		0.04%		0.03%			0.02%			0.02%			0.11%

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

⁴Annualized.

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

16

Global Fixed Income Series

Notes to Financial Statements

(unaudited)

1. Organization

Global Fixed Income Series (the “Series”) is a no-load non-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 total return by investing principally in fixed income securities of issuers located anywhere in the world.

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 two classes of shares (Class S and Class I). Each class of shares is substantially the same except the Class S shares bear shareholder services 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 June 30, 2018, 10.9 billion shares have been designated in total among 38 series, of which 100 million each have been designated as Global Fixed Income Series Class S common stock and Global Fixed Income Series Class I 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.

Debt securities, including government bonds, foreign bonds, asset-backed securities, structured notes, supranational obligations, sovereign bonds, corporate bonds and mortgage-backed securities will normally be valued on the basis of evaluated bid prices provided directly by an independent pricing service (the “Service”). The pricing services use multiple valuation techniques to determine fair value. In instances where sufficient market activity exists, the pricing services may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services also utilize proprietary valuation models which may consider market characteristics such as benchmark yield curves, option-adjusted spreads, credit spreads, estimated default 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.

Municipal securities will normally be valued on the basis of market valuations provided by the Service. The Service utilizes the latest price quotations and a matrix system (which considers such factors as security prices of similar securities, yields, maturities and ratings). The Service has been approved by the Fund’s Board of Directors (the “Board”).

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

Volume and level of activity in established markets for an asset or liability are evaluated to determine whether recent transactions and quoted prices are determinative of fair value. Where there have been significant decreases in volume and level of activity, further analysis and adjustment may be necessary to estimate fair value. 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

17

Global Fixed Income Series

Notes to Financial Statements (continued)

(unaudited)

2. Significant Accounting Policies (continued)

Security Valuation (continued)

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. 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.

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

DESCRIPTION	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Assets:
Debt securities:
U.S. Treasury and other U.S. Government agencies	$	52,761,463	$	—	$	52,761,463	$	—
Corporate debt:
Consumer Discretionary		3,494,601		—		3,494,601		—
Consumer Staples		214,325		—		214,325		—
Energy		5,049,378		—		5,049,378		—
Financials		8,773,907		—		8,773,907		—
Health Care		2,853,673		—		2,853,673		—
Industrials		1,316,937		—		1,316,937		—
Information Technology		1,861,480		—		1,861,480		—
Materials		1,407,010		—		1,407,010		—
Real Estate		922,438		—		922,438		—
Telecommunication Services		2,012,690		—		2,012,690		—
Asset-backed securities		3,224,077		—		3,224,077		—
Commercial mortgage-backed securities		3,856,942		—		3,856,942		—
Foreign government bonds		70,912,369		—		70,912,369		—
Mutual fund		11,380,721		11,380,721		—		—
Other financial instruments*:
Foreign currency exchange contracts		4,459		—		4,459		—
Total assets	$	170,046,470	$	11,380,721	$	158,665,749	$	—

18

Global Fixed Income Series

Notes to Financial Statements (continued)

(unaudited)

2. Significant Accounting Policies (continued)

Security Valuation (continued)

DESCRIPTION	TOTAL			LEVEL 1		LEVEL 2			LEVEL 3
Liabilities:
Other financial instruments*:
Foreign currency exchange contracts	$	(147,152	)	$	—	$	(147,152	)	$	—
Total liabilities		(147,152	)		—		(147,152	)		—
Total	$	169,899,318		$	11,380,721	$	158,518,597		$	—

There were no Level 3 securities held by the Series as of December 31, 2017 or June 30, 2018.

*Other financial instruments are forwards (Level 2). Forwards are valued at the unrealized appreciation (depreciation) on the instrument.

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 June 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 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.

Forward Foreign Currency Exchange Contracts

The Series may purchase or sell forward foreign currency exchange contracts in order to hedge a portfolio position or specific transaction. Risks may arise if the counterparties to a contract are unable to meet the terms of the contract or if the value of the foreign currency moves unfavorably.

19

Global Fixed Income Series

Notes to Financial Statements (continued)

(unaudited)

2. Significant Accounting Policies (continued)

Forward Foreign Currency Exchange Contracts (continued)

All forward foreign currency exchange contracts are adjusted daily by the exchange rate of the underlying currency and, for financial statement purposes, any gain or loss is recorded as unrealized gain or loss until a contract has been closed.

The Series may regularly trade forward foreign currency exchange contracts with off-balance sheet risk in the normal course of its investing activities to assist in managing exposure to changes in foreign currency exchange rates.

The notional or contractual amount of these instruments represents the investment the Series has in forward foreign currency exchange contracts and does not necessarily represent the amounts potentially at risk. The measurement of the risks associated with forward foreign currency exchange contracts is meaningful only when all related and offsetting transactions are considered. The Series’ forward foreign currency exchange contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty, and net amounts owed or due across transactions). The average month-end balances for the six months ended June 30, 2018, the period in which forward foreign currency exchange contracts were outstanding, as measured in terms of the notional amount, was approximately $22,802,466.

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

STATEMENT OF ASSETS AND LIABILITIES
Derivative	Assets Location
Forward foreign currency exchange contracts	Unrealized appreciation on forward foreign currency exchange contracts	$4,459
Derivative	Liabilities Location
Forward foreign currency exchange contracts	Unrealized depreciation on forward foreign currency exchange contracts	$(147,152)
STATEMENT OF OPERATIONS
Derivative	Location of Gain (Loss) on Derivatives	Realized Gain (Loss) on Derivatives
Forward foreign currency exchange contracts	Net realized gain (loss) on forward foreign currency exchange contracts	$554,576
Derivative	Location of Appreciation (Depreciation) on Derivatives	Unrealized Appreciation (Depreciation) on Derivatives
Forward foreign currency exchange contracts	Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts	$49,775

Asset-Backed Securities

The 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, the Series may subsequently have to reinvest the proceeds at lower interest rates. If the Series has purchased such

20

Global Fixed Income Series

Notes to Financial Statements (continued)

(unaudited)

2. Significant Accounting Policies (continued)

Asset-Backed Securities (continued)

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

The 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 Series to the periodic payments of principal and interest from those mortgages. MBS may be issued by government agencies or corporations, or private issuers. Most MBS issued by government agencies are guaranteed; however, the degree of protection differs based on the issuer. For MBS there are a number of important differences among the agencies and instrumentalities of the U.S. Government that issue mortgage-related securities and among the securities that they issue. For example, mortgage-related securities guaranteed by Ginnie Mae are guaranteed as to the timely payment of principal and interest by Ginnie Mae and such guarantee is backed by the full faith and credit of the United States. However, mortgage-related securities issued by Freddie Mac and Fannie Mae, including Freddie Mac and Fannie Mae guaranteed 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

The 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 Statement 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

The 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 takes such fluctuations into account when determining its 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 June 30, 2018.

In connection with its 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. Information regarding securities purchased on a when-issued basis is included in the Series’ Investment Portfolio. No such investments were held by the Series on June 30, 2018.

21

Global Fixed Income 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 Series’ Investment Portfolio.

Illiquid Securities

A security may be considered illiquid if so deemed in good faith by the Advisor under procedures approved by and under the general supervision and responsibility of the Fund’s Board. Securities that are illiquid are marked with the applicable footnote on the Investment Portfolio. No such investments were held by the Series as of June 30, 2018.

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 June 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 December 31, 2014 through December 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 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

22

Global Fixed Income Series

Notes to Financial Statements (continued)

(unaudited)

2. Significant Accounting Policies (continued)

Other (continued)

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 0.60% 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 each role.

The Class S shares of the Series are subject to a shareholder services fee in accordance with a shareholder services plan adopted by the Board. The shareholder services fee is intended to compensate financial intermediaries, including affiliates of the Fund, in connection with the provision of direct client service, personal services, maintenance of shareholder accounts and reporting services. For these services, Class S of the Series pays a fee, computed daily and payable monthly, at an annual rate of 0.15% 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 April 30, 2019, to waive its 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 a Class’s Shareholder Services Fee, at no more than 0.70% of average daily net assets each year. Accordingly, the Advisor waived fees of $28,520 for the six months ended June 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, as amended, 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.

23

Global Fixed Income Series

Notes to Financial Statements (continued)

(unaudited)

4. Purchases and Sales of Securities

For the six months ended June 30, 2018, purchases and sales of securities, other than U.S. Government securities and short-term securities, were $19,209,252 and $33,969,432, respectively. Purchases and sales of U.S. Government securities, other than short-term securities, were $10,652,697 and $5,630,547, respectively.

5. Capital Stock Transactions

Transactions in shares of Class S and I shares of Global Fixed Income Series were:

CLASS S	FOR THE SIX MONTHS ENDED 6/30/18						FOR THE YEAR ENDED 12/31/17
	SHARES			AMOUNT			SHARES			AMOUNT
Sold		460,189			$          4,440,961			1,365,879			$            12,974,023
Repurchased		(875,641	)		(8,438,922	)		(2,856,457	)		(26,937,568	)
Total		(415,452	)		$        (3,997,961	)		(1,490,578	)		$          (13,963,545	)
CLASS I	FOR THE SIX MONTHS ENDED 6/30/18						FOR THE YEAR ENDED 12/31/17
	SHARES			AMOUNT			SHARES			AMOUNT
Sold		—			$                    —			24,729			$                240,555
Repurchased		—			—			(123,481	)		(1,195,295	)
Total		—			$                    —			(98,752	)		$              (954,740	)

Over 90% of the shares outstanding are fiduciary accounts where the Advisor has sole investment discretion.

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. At June 30, 2018, the Series invested in forward foreign currency exchange contracts (foreign currency exchange risk).

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. There were no distributions paid for the year ended December 31, 2017.

24

Global Fixed Income Series

Notes to Financial Statements (continued)

(unaudited)

8. Federal Income Tax Information (continued)

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

Cost for federal income tax purposes	$	176,317,385
Unrealized appreciation		2,733,248
Unrealized depreciation		(9,151,315	)
Net unrealized depreciation	$	(6,418,067	)
Qualified late-year losses1	$	858,928

¹ The Series has elected to defer certain qualified late-year losses and recognize such losses in the year ending December 31, 2018.

As of December 31, 2017, the Series had net short-term capital loss carryforwards of $1,519,089 and net long-term capital loss carryforwards of $2,208,633, which may be carried forward indefinitely.

25

Global Fixed Income 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 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 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.

MNGFI-6/18-SAR

Equity Income 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 (January 1, 2018 to June 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  1/1/18	ENDING ACCOUNT               VALUE 6/30/18	EXPENSES PAID       DURING PERIOD* 1/1/18-6/30/18	ANNUALIZED EXPENSE RATIO
Class S
Actual	$1,000.00	$   990.09	$4.69	0.95%
Hypothetical     (5% return before expenses)	$1,000.00	$1,020.08	$4.76	0.95%
Class I
Actual	$1,000.00	$   991.81	$3.70	0.75%
Hypothetical     (5% return before expenses)	$1,000.00	$1,021.08	$3.76	0.75%

*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). 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.

1

Equity Income Series

Portfolio Composition as of June 30, 2018

(unaudited)

2

Equity Income Series

Investment Portfolio - June 30, 2018

(unaudited)

	SHARES		VALUE (NOTE 2)
COMMON STOCKS - 97.8%
Consumer Discretionary - 5.7%
Household Durables - 0.9%
Newell Brands, Inc.		27,990	$	721,862
Multiline Retail - 2.0%
Dollar General Corp.		15,855		1,563,303
Specialty Retail - 2.3%
Dick’s Sporting Goods, Inc.		19,385		683,321
O’Reilly Automotive, Inc.*		4,110		1,124,373
				1,807,694
Textiles, Apparel & Luxury Goods - 0.5%
NIKE, Inc. - Class B		5,555		442,622
Total Consumer Discretionary				4,535,481
Consumer Staples - 5.3%
Beverages - 3.1%
Diageo plc (United Kingdom)1		33,025		1,186,452
Molson Coors Brewing Co. - Class B		6,395		435,116
PepsiCo, Inc.		7,860		855,718
				2,477,286
Food Products - 2.2%
J&J Snack Foods Corp.		6,250		952,937
Mondelez International, Inc. -
Class A		18,895		774,695
				1,727,632
Total Consumer Staples				4,204,918
Energy - 12.0%
Oil, Gas & Consumable Fuels - 12.0%
BP plc - ADR (United Kingdom)		41,860		1,911,328
Chevron Corp.		11,035		1,395,155
Exxon Mobil Corp.		42,080		3,481,278
Hess Corp.		16,930		1,132,448
Royal Dutch Shell plc - Class B - ADR (Netherlands)		13,890		1,009,108
TOTAL S.A. (France)1		10,920		663,126
Total Energy				9,592,443
Financials - 21.5%
Banks - 15.4%
Bank of America Corp.		86,120		2,427,723
BankUnited, Inc.		11,395		465,486
Citigroup, Inc.		31,300		2,094,596
Fifth Third Bancorp		16,260		466,662
Huntington Bancshares, Inc.		29,815		440,069
JPMorgan Chase & Co.		23,285		2,426,297

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

3

Equity Income Series

Investment Portfolio - June 30, 2018

(unaudited)

	SHARES		VALUE (NOTE 2)
COMMON STOCKS (continued)
Financials (continued)
Banks (continued)
KeyCorp.		43,475	$	849,502
The PNC Financial Services Group, Inc.		3,265		441,102
Regions Financial Corp.		27,475		488,506
SunTrust Banks, Inc.		7,005		462,470
Wells Fargo & Co.		30,110		1,669,298
				12,231,711
Capital Markets - 2.0%
Apollo Global Management, LLC - Class A		18,980		604,893
Ares Management LP		18,935		391,954
The Blackstone Group LP		18,620		599,005
				1,595,852
Insurance - 4.1%
The Allstate Corp.		4,315		393,829
American International Group, Inc.		6,655		352,848
Arthur J Gallagher & Co.		6,820		445,210
Chubb Ltd.		4,410		560,158
Lincoln National Corp.		5,755		358,249
Old Republic International Corp.		20,890		415,920
Principal Financial Group, Inc.		6,370		337,292
Willis Towers Watson plc		2,830		429,028
				3,292,534
Total Financials				17,120,097
Health Care - 10.3%
Pharmaceuticals - 10.3%
AstraZeneca plc (United Kingdom)1		12,545		867,701
Bristol-Myers Squibb Co.		20,930		1,158,266
Eli Lilly & Co.		10,285		877,619
Johnson & Johnson		15,465		1,876,523
Merck & Co., Inc.		25,920		1,573,344
Novartis AG - ADR (Switzerland)		10,190		769,754
Sanofi (France)1		12,955		1,039,763
Total Health Care				8,162,970
Industrials - 9.5%
Airlines - 1.5%
Delta Air Lines, Inc.		12,640		626,186
Southwest Airlines Co.		11,545		587,410
				1,213,596
Commercial Services & Supplies - 2.8%
Covanta Holding Corp.		62,950		1,038,675

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

4

Equity Income Series

Investment Portfolio - June 30, 2018

(unaudited)

	SHARES		VALUE (NOTE 2)
COMMON STOCKS (continued)
Industrials (continued)
Commercial Services & Supplies (continued)
Waste Management, Inc.		14,870	$	1,209,525
				2,248,200
Construction & Engineering - 1.1%
Comfort Systems USA, Inc.		18,690		856,002
Industrial Conglomerates - 1.1%
3M Co.		3,480		684,586
General Electric Co.		12,575		171,146
				855,732
Machinery - 1.4%
Mueller Water Products, Inc. - Class A		99,760		1,169,187
Road & Rail - 1.6%
Kansas City Southern		11,845		1,255,096
Total Industrials				7,597,813
Information Technology - 10.7%
Semiconductors & Semiconductor Equipment - 6.6%
Intel Corp.		45,810		2,277,215
Skyworks Solutions, Inc.		13,395		1,294,627
Texas Instruments, Inc.		15,300		1,686,825
				5,258,667
Software - 2.1%
Microsoft Corp.		17,025		1,678,835
Technology Hardware, Storage & Peripherals - 2.0%
Apple, Inc.		8,485		1,570,658
Total Information Technology				8,508,160
Materials - 10.1%
Chemicals - 4.4%
DowDuPont, Inc.		23,621		1,557,096
FMC Corp.		15,180		1,354,208
RPM International, Inc.		10,745		626,648
				3,537,952
Containers & Packaging - 5.7%
Graphic Packaging Holding Co.		100,675		1,460,794
Sealed Air Corp.		39,830		1,690,784
Sonoco Products Co.		25,990		1,364,475
				4,516,053
Total Materials				8,054,005

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

5

Equity Income Series

Investment Portfolio - June 30, 2018

(unaudited)

	SHARES		VALUE (NOTE 2)
COMMON STOCKS (continued)
Real Estate - 9.1%
Equity Real Estate Investment Trusts (REITS) - 9.1%
CatchMark Timber Trust, Inc. -
Class A		92,670	$	1,179,689
Colony Capital, Inc.		76,790		479,170
Community Healthcare Trust, Inc.		25,090		749,438
CoreCivic, Inc.		27,285		651,839
Crown Castle International Corp.		10,100		1,088,982
Digital Realty Trust, Inc.		4,140		461,941
Equinix, Inc.		1,585		681,376
Jernigan Capital, Inc.		22,315		425,324
Lamar Advertising Co. - Class A		5,145		351,455
Outfront Media, Inc.		14,809		288,035
STAG Industrial, Inc.		14,905		405,863
Weyerhaeuser Co.		12,695		462,859
Total Real Estate				7,225,971
Utilities - 3.6%
Electric Utilities - 0.6%
Exelon Corp.		11,800		502,680
Independent Power and Renewable Electricity Producers - 2.0%
Boralex, Inc. - Class A (Canada)		22,540		361,079
Innergex Renewable Energy, Inc. (Canada)		37,355		392,403
Northland Power, Inc. (Canada)		22,165		413,577
Pattern Energy Group, Inc. -
Class A		21,310		399,562
				1,566,621
Multi-Utilities - 1.0%
CMS Energy Corp.		16,780		793,358
Total Utilities				2,862,659
TOTAL COMMON STOCKS
(Identified Cost $67,113,981)				77,864,517
MUTUAL FUND - 1.4%
iShares Russell 1000 Value ETF
(Identified Cost $1,087,905)		9,025		1,095,455

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

6

Equity Income Series

Investment Portfolio - June 30, 2018

(unaudited)

	SHARES		VALUE (NOTE 2)
SHORT-TERM INVESTMENT - 0.8%
Dreyfus Government Cash Management, Institutional Shares2, 1.81% (Identified Cost $ 599,734)		599,734	$	599,734
TOTAL INVESTMENTS - 100.0%
(Identified Cost $ 68,801,620)				79,559,706
OTHER ASSETS, LESS LIABILITIES - 0.0%##				13,280
NET ASSETS - 100%			$	79,572,986

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.

²Rate shown is the current yield as of June 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

Equity Income Series

Statement of Assets & Liabilities

June 30, 2018 (unaudited)

ASSETS:
Investments, at value (identified cost $68,801,620) (Note 2)	$	79,559,706
Foreign currency (identified cost $6,649)		6,721
Receivable for fund shares sold		40
Dividends receivable		110,372
Foreign tax reclaims receivable		14,274
Prepaid expenses		16,595
TOTAL ASSETS		79,707,708
LIABILITIES:
Accrued management fees (Note 3)		35,952
Accrued fund accounting and administration fees (Note 3)		12,465
Accrued shareholder services fees (Class S) (Note 3)		3,554
Accrued Chief Compliance Officer service fees (Note 3)		258
Payable for fund shares repurchased		57,164
Audit fees payable		22,080
Other payables and accrued expenses		3,249
TOTAL LIABILITIES		134,722
TOTAL NET ASSETS	$	79,572,986
NET ASSETS CONSIST OF:
Capital stock	$	66,711
Additional paid-in-capital		68,083,339
Undistributed net investment income		179,555
Accumulated net realized gain on investments, foreign currency and translation of other assets and liabilities		485,085
Net unrealized appreciation on investments, foreign currency and translation of other assets and liabilities		10,758,296
TOTAL NET ASSETS	$	79,572,986
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class S ($21,419,517/ 1,796,299 shares)	$	11.92
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class I ($58,153,469/ 4,874,798 shares)	$	11.93

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

8

Equity Income Series

Statement of Operations

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

INVESTMENT INCOME:
Dividends (net of foreign taxes withheld, $16,023)	$	1,099,437
EXPENSES:
Management fees (Note 3)		264,392
Fund accounting and administration fees (Note 3)		24,314
Shareholder services fees (Class S) (Note 3)		22,467
Directors’ fees (Note 3)		2,824
Chief Compliance Officer service fees (Note 3)		2,146
Audit fees		18,670
Custodian fees		2,481
Miscellaneous		25,267
Total Expenses		362,561
Less reduction of expenses (Note 3)		(35,026	)
Net Expenses		327,535
NET INVESTMENT INCOME		771,902
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:
Net realized gain (loss) on-
Investments		823,666
Foreign currency and translation of other assets and liabilities		138
		823,804
Net change in unrealized appreciation (depreciation) on-
Investments		(2,458,573	)
Foreign currency and translation of other assets and liabilities		(223	)
		(2,458,796	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY		(1,634,992	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(863,090	)

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

9

Equity Income Series

Statements of Changes in Net Assets

	FOR THE SIX MONTHS ENDED 6/30/18 (UNAUDITED)			FOR THE YEAR ENDED 12/31/17
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income	$	771,902		$	1,443,393
Net realized gain (loss) on investments and foreign currency		823,804			2,084,979
Net change in unrealized appreciation (depreciation) on investments and foreign currency		(2,458,796	)		8,208,446
Net increase (decrease) from operations		(863,090	)		11,736,818
DISTRIBUTIONS TO SHAREHOLDERS (Note 8):
From net investment income (Class S)		(145,610	)		(463,860	)
From net investment income (Class I)		(446,737	)		(1,162,883	)
From net realized gain on investments (Class S)		—			(575,924	)
From net realized gain on investments (Class I)		—			(1,363,628	)
Total distributions to shareholders		(592,347	)		(3,566,295	)
CAPITAL STOCK ISSUED AND REPURCHASED:
Net increase (decrease) from capital share transactions (Note 5)		(7,409,224	)		5,511,516
Net increase (decrease) in net assets		(8,864,661	)		13,682,039
NET ASSETS:
Beginning of period		88,437,647			74,755,608
End of period (including undistributed net investment income of $179,555 and $ 0, respectively)	$	79,572,986		$	88,437,647

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

10

Equity Income Series

Financial Highlights - Class S

	FOR THE SIX  MONTHS ENDED				FOR THE YEAR ENDED
	6/30/18  (UNAUDITED)				12/31/17				12/31/16				12/31/15				12/31/14*
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period			$12.12				$10.96				$10.13				$10.78				$10.00
Income (loss) from investment operations:
Net investment income1			0.10				0.19				0.22				0.20				0.29	2
Net realized and unrealized gain (loss) on investments			(0.22	)			1.46				1.27				(0.54	)			0.86
Total from investment operations			(0.12	)			1.65				1.49				(0.34	)			1.15
Less distributions to shareholders:
From net investment income			(0.08	)			(0.21	)			(0.24	)			(0.22	)			(0.23	)
From net realized gain on investments			—				(0.28	)			(0.42	)			(0.09	)			(0.14	)
Total distributions to shareholders			(0.08	)			(0.49	)			(0.66	)			(0.31	)			(0.37	)
Net asset value - End of period			$11.92				$12.12				$10.96				$10.13				$10.78
Net assets - End of period (000’s omitted)		$	21,420			$	26,067			$	25,592			$	24,584			$	24,178
Total return3			(0.99%	)			15.19%				14.82%				(3.20%	)			11.63%
Ratios (to average net assets)/Supplemental Data:
Expenses**			0.95%	4			0.95%				0.95%				0.95%				0.95%
Net investment income			1.72%	4			1.63%				2.04%				1.92%				2.68%	2
Portfolio turnover			18%				52%				45%				58%				55%
**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 amount:
			0.09%	4			0.09%				0.10%				0.12%				0.33%

*Commencement of operations was December 31, 2013.

¹Calculated based on average shares outstanding during the periods.

²Reflects a special dividend paid out during the period by two of the Series’ holdings. Had the Series not received the special dividends, the net investment income per share would have been $0.22 and the net investment income ratio would have been 2.07%.

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.

11

Equity Income Series

Financial Highlights - Class I

	FOR THE SIX  MONTHS ENDED				FOR THE YEAR ENDED
	6/30/18  (UNAUDITED)				12/31/17				12/31/16				12/31/15				12/31/14*
Per share data (for a share outstanding throughout each period):
Net asset value - Beginning of period			$12.12				$10.97				$10.13				$10.78				$10.00
Income (loss) from investment operations:
Net investment income1			0.12				0.21				0.24				0.23				0.30	2
Net realized and unrealized gain (loss) on investments			(0.22	)			1.46				1.29				(0.55	)			0.87
Total from investment operations			(0.10	)			1.67				1.53				(0.32	)			1.17
Less distributions to shareholders:
From net investment income			(0.09	)			(0.24	)			(0.27	)			(0.24	)			(0.25	)
From net realized gain on investments			—				(0.28	)			(0.42	)			(0.09	)			(0.14	)
Total distributions to shareholders			(0.09	)			(0.52	)			(0.69	)			(0.33	)			(0.39	)
Net asset value - End of period			$11.93				$12.12				$10.97				$10.13				$10.78
Net assets - End of period (000’s omitted)		$	58,153			$	62,371			$	49,164			$	51,763			$	38,506
Total return3			(0.82%	)			15.31%				15.13%				(3.00%	)			11.79%
Ratios (to average net assets)/Supplemental Data:
Expenses**			0.75%	4			0.75%				0.75%				0.75%				0.75%
Net investment income			1.97%	4			1.84%				2.22%				2.16%				2.82%	2
Portfolio turnover			18%				52%				45%				58%				55%
**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 amount:
			0.09%	4			0.09%				0.10%				0.11%				0.30%

*Commencement of operations was December 31, 2013.

¹Calculated based on average shares outstanding during the periods.

²Reflects a special dividend paid out during the period by two of the Series’ holdings. Had the Series not received the special dividends, the net investment income per share would have been $0.24 and the net investment income ratio would have been 2.19%.

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.

12

Equity Income Series

Notes to Financial Statements

(unaudited)

1. Organization

Equity Income 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’ primary investment objectives are to provide current income and income growth, and it has a secondary goal of providing 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 two classes of shares (Class S and Class I). Each class of shares is substantially the same, except that Class S shares bear shareholder services 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 June 30, 2018, 10.9 billion shares have been designated in total among 38 series, of which 100 million each have been designated as Equity Income Series Class S common stock and Equity Income Series Class I 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. 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

13

Equity Income Series

Notes to Financial Statements (continued)

(unaudited)

2. Significant Accounting Policies (continued)

Security Valuation (continued)

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 June 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	$	4,535,481	$	4,535,481	$	—	$	—
Consumer Staples		4,204,918		3,018,466		1,186,452		—
Energy		9,592,443		8,929,317		663,126		—
Financials		17,120,097		17,120,097		—		—
Health Care		8,162,970		6,255,506		1,907,464		—
Industrials		7,597,813		7,597,813		—		—
Information Technology		8,508,160		8,508,160		—		—
Materials		8,054,005		8,054,005		—		—
Real Estate		7,225,971		7,225,971		—		—
Utilities		2,862,659		2,862,659		—		—
Mutual funds		1,695,189		1,695,189		—		—
Total assets	$	79,559,706	$	75,802,664	$	3,757,042	$	—

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 December 31, 2017 or June 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 June 30, 2018.

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.

14

Equity Income Series

Notes to Financial Statements (continued)

(unaudited)

2. Significant Accounting Policies (continued)

Security Transactions, Investment Income and Expenses (continued)

The Fund records distributions received in excess of income from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Fund adjusts the estimated amounts of components of distributions (and consequently its net investment income) as necessary once the issuers provide information about the actual composition of the distributions.

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 June 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 December 31, 2014 through December 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

15

Equity Income Series

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 the Series pays a fee, computed daily and payable monthly, at an annual rate of 0.65% 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 each role.

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, Class S of the Series pays a fee, computed daily and payable monthly, at an annual rate of 0.20% 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 April 30, 2019, to waive its 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 a Class’s Shareholder Services Fee, at no more than 0.75% of average daily net assets. Accordingly, the Advisor waived fees of $35,026 for the six months ended June 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.

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, as amended, 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.

16

Equity Income Series

Notes to Financial Statements (continued)

(unaudited)

3. Transactions with Affiliates (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 June 30, 2018, purchases and sales of securities, other than U.S. Government securities and short-term securities, were $14,726,012 and $21,760,561, respectively. There were no purchases or sales of U.S. Government securities.

5. Capital Stock Transactions

Transactions in shares of Class S and Class I of Equity Income Series were:

CLASS S	FOR THE SIX MONTHS   ENDED 6/30/18						FOR THE YEAR   ENDED 12/31/17
	SHARES			AMOUNT			SHARES			AMOUNT
Sold		24,080		$	287,688			149,479		$	1,716,173
Reinvested		11,642			139,603			85,843			1,018,798
Repurchased		(390,016	)		(4,569,878	)		(418,823	)		(4,803,807	)
Total		(354,294	)	$	(4,142,587	)		(183,501	)	$	(2,068,836	)

CLASS I	FOR THE SIX MONTHS   ENDED 6/30/18						FOR THE YEAR   ENDED 12/31/17
	SHARES			AMOUNT			SHARES			AMOUNT
Sold		367,000		$	4,356,784			1,268,750		$	14,551,330
Reinvested		25,759			308,884			163,745			1,945,549
Repurchased		(662,003	)		(7,932,305	)		(771,110	)		(8,916,527	)
Total		(269,244	)	$	(3,266,637	)		661,385		$	7,580,352

Approximately 86% of the shares outstanding are fiduciary accounts where the Advisor has sole investment discretion.

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 at June 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.

17

Equity Income Series

Notes to Financial Statements (continued)

(unaudited)

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 December 31, 2017 were as follows:

Ordinary income	$	1,852,762
Long-term capital gains	$	1,713,533

At June 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	$	69,067,263
Unrealized appreciation		12,356,888
Unrealized depreciation		(1,864,445	)
Net unrealized appreciation	$	10,492,443
Qualified late-year losses1	$	39,651

¹ The Series has elected to defer certain qualified late-year losses and recognize such losses in the year ending December 31, 2018.

18

Equity Income 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 Series.

For	1,750,443
Against	10,453
Abstain	1,578

19

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20

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21

Equity Income 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.

MNEIN-6/18-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 registrant’s last fiscal quarter, 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.

[Note that until the date that the registrant has filed its first report on Form N-PORT (17 CFR 270.150), in the certification required by Item 13(a)(2), the registrant’s certifying officers must certify that they have disclosed in the report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect the registrant’s internal control over financial reporting.]

(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: August 24, 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: August 24, 2018

/s/ Christine Glavin                   

Christine Glavin

Chief Financial Officer & Principal Financial Officer of Manning & Napier Fund, Inc.

Date: August 24, 2018