UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-04087
Manning & Napier Fund, Inc.
(Exact name of registrant as specified in charter)
290 Woodcliff Drive, Fairport, NY 14450
(Address of principal executive offices)(Zip Code)
Paul J. Battaglia 290 Woodcliff Drive, Fairport, NY 14450
(Name and address of agent for service)
Registrant’s telephone number, including area code: 585-325-6880
Date of fiscal year end: October 31
Date of reporting period: November 1, 2023 through October 31, 2024
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
| Item 1: | Reports to Stockholders. |
Manning & Napier Equity Series Tailored Shareholder Report MNEQY-S-10/24-AR
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.
annual shareholder report Equity Series ticker: EXEYX | |
This annual shareholder report contains important information about Equity Series Class S, a series of Manning & Napier Fund Inc. (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.manning-napier.com/products/mutual-funds. You can also request this information by contacting us at (800) 466-3863. Shareholders who own the Fund through a third-party advisor or intermediary platform should contact their financial advisor directly for additional information.
What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class S | $121 | 1.05% |
Expenses are equal to each Class's annualized expense ratio (for the twelve-month period) multiplied by the average account value over the period. The Class's expenses would have been higher if certain expenses had not been waived or reimbursed during the period.
Management's Discussion of Fund Performance
How did the fund perform last year?
The Series delivered meaningfully positive returns but underperformed its benchmark, the Russell 3000 Index, for the 12-month period ending 10/31/2024.
What factors influenced performance?
The Series' positive return benefited from its focus within the U.S. equity market. Stocks rallied on the back of positive investor sentiment driven by a resilient U.S. economy. Returns were also more broadly distributed across the market than the previous year. Although the Series largely participated in the strong period for stock returns, underperformance relative to the benchmark was primarily driven by individual stock outcomes, mostly concentrated within the Consumer, Health Care, and Industrials sectors.
Positioning
Despite risks appearing broadly balanced to the upside and downside, we expect a degree of volatility in markets moving forward. We have positioned the Series with a generally defensive tilt through a primary focus on less economically sensitive businesses and those that can benefit from long-term secular trends, while also selectively identifying pockets of opportunity in more cyclical industries.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. The graph assumes a $10,000 initial investment in the Fund and two appropriate broad-based securities market indices that reflects the market sector in which the Fund invests for the same period.
Initial Investment of $10,000
Date | Equity Series - S | MSCI USA IMI | Russell 3000® |
10/31/2014 | 10000.0 | 10000.0 | 10000.0 |
10/31/2015 | 9854.0 | 10390.0 | 10449.0 |
10/31/2016 | 10461.0 | 10778.0 | 10892.0 |
10/31/2017 | 12834.0 | 13281.0 | 13504.0 |
10/31/2018 | 13818.0 | 14090.0 | 14395.0 |
10/31/2019 | 16151.0 | 15907.0 | 16337.0 |
10/31/2020 | 18411.0 | 17464.0 | 17995.0 |
10/31/2021 | 26090.0 | 25079.0 | 25895.0 |
10/31/2022 | 21451.0 | 20852.0 | 21617.0 |
10/31/2023 | 23132.0 | 22534.0 | 23429.0 |
10/31/2024 | 30280.0 | 30962.0 | 32299.0 |
The returns are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to net asset values in accordance with accounting principles generally accepted in the United States of America.
The MSCI USA Investable Market Index (IMI) is designed to measure large, mid, and small-cap representation across the US market. The Russell 3000® Index is an unmanaged index that consists of 3,000 of the largest U.S. companies based on total market capitalization. The Index returns do not reflect any fees or expenses. Index returns provided by Bloomberg.
Average Annual Total Returns
(As of October 31, 2024)
| 1 Year | 5 Year | 10 Year |
|---|
Equity Series - S | 30.90% | 13.39% | 11.72% |
MSCI USA IMI | 37.40% | 14.25% | 11.97% |
Russell 3000® | 37.86% | 14.60% | 12.44% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
Index data referenced herein is the property of each index sponsor (London Stock Exchange Group plc and its group undertakings (Russell and MSCI), their affiliates, and/or their third-party suppliers and has been licensed for use by Manning & Napier. For additional disclosure information, please see: https://go.manning-napier.com/benchmark-provisions.
Manning & Napier Equity Series Tailored Shareholder Report MNEQY-S-10/24-AR
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.
Manning & Napier Equity Series Tailored Shareholder Report MNEQY-S-10/24-AR
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.
Key Fund Statistics (as of October 31, 2024)
| |
|---|
Fund Size | $70,600,223 |
Number of Holdings | 46 |
Annual Portfolio Turnover | 57% |
Total Advisory Fees Paid (net of reimbursements) | $351,700 |
The total advisory fee represents management fees at fund level in aggregate dollar amount including waivers and reimbursements.
Sector Allocation (% of net assets)
Sector | Allocation |
Materials | 0.022 |
Communication Services | 0.129 |
Consumer Discretionary | 0.054 |
Information Technology | 0.190 |
Financials | 0.202 |
Real Estate | 0.041 |
Industrials | 0.210 |
Utilities | 0.016 |
Health Care | 0.095 |
Consumer Staples | 0.020 |
The Global Industry Classification Standard (GICS) was developed by and is exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor's a division of S&P Global 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.
What did the Fund invest in?
(as of October 31, 2024)
Top Investment Types | % |
|---|
Cash, Short-Term Investment, and Liabilities, Less Other Assets | 2.1 |
Common Stocks | 97.9 |
Expressed as a percentage of net assets.
Householding
The Fund may send only one copy of the Series' prospectus and annual and semi-annual reports to certain shareholders residing at the same "household" for shareholders who have elected this option. This reduces Fund expenses, which benefits you and other shareholders. If you wish to change your "householding" option, please call (800) 466-3863 or contact your financial advisor.
Additional information about the Series, including its prospectus, financial information, holdings, and proxy information can be obtained at www.manning-napier.com/products/mutual-funds or by calling (800) 466-3863. Shareholders can also elect to receive certain documents via e-delivery. For more information or to sign up for e-delivery, please visit the Fund's website.
Manning & Napier Equity Series Tailored Shareholder Report MNEQY-S-10/24-AR
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.
Manning & Napier Equity Series Tailored Shareholder Report MNEQY-W-10/24-AR
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.
annual shareholder report Equity Series ticker: MEYWX | |
This annual shareholder report contains important information about Equity Series Class W, a series of Manning & Napier Fund Inc. (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.manning-napier.com/products/mutual-funds. You can also request this information by contacting us at (800) 466-3863. Shareholders who own the Fund through a third-party advisor or intermediary platform should contact their financial advisor directly for additional information.
What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class W | $6 | 0.05% |
Expenses are equal to each Class's annualized expense ratio (for the twelve-month period) multiplied by the average account value over the period. The Advisor has contractually agreed to waive the management fee for the Class W shares. The Class's expenses would have been higher if certain expenses had not been waived or reimbursed during the period.
Management's Discussion of Fund Performance
How did the fund perform last year?
The Series delivered meaningfully positive returns but underperformed its benchmark, the Russell 3000 Index, for the 12-month period ending 10/31/2024.
What factors influenced performance?
The Series' positive return benefited from its focus within the U.S. equity market. Stocks rallied on the back of positive investor sentiment driven by a resilient U.S. economy. Returns were also more broadly distributed across the market than the previous year. Although the Series largely participated in the strong period for stock returns, underperformance relative to the benchmark was primarily driven by individual stock outcomes, mostly concentrated within the Consumer, Health Care, and Industrials sectors.
Positioning
Despite risks appearing broadly balanced to the upside and downside, we expect a degree of volatility in markets moving forward. We have positioned the Series with a generally defensive tilt through a primary focus on less economically sensitive businesses and those that can benefit from long-term secular trends, while also selectively identifying pockets of opportunity in more cyclical industries.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. The graph assumes a $10,000 initial investment in the Fund and two appropriate broad-based securities market indices that reflects the market sector in which the Fund invests for the same period.
Initial Investment of $10,000
Date | Equity Series - W | MSCI USA IMI | Russell 3000® |
10/31/2014 | 10000.0 | 10000.0 | 10000.0 |
10/31/2015 | 9854.0 | 10390.0 | 10449.0 |
10/31/2016 | 10461.0 | 10778.0 | 10892.0 |
10/31/2017 | 12834.0 | 13281.0 | 13504.0 |
10/31/2018 | 13818.0 | 14090.0 | 14395.0 |
10/31/2019 | 16255.0 | 15907.0 | 16337.0 |
10/31/2020 | 18718.0 | 17464.0 | 17995.0 |
10/31/2021 | 26799.0 | 25079.0 | 25895.0 |
10/31/2022 | 22243.0 | 20852.0 | 21617.0 |
10/31/2023 | 24240.0 | 22534.0 | 23429.0 |
10/31/2024 | 32048.0 | 30962.0 | 32299.0 |
The returns are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to net asset values in accordance with accounting principles generally accepted in the United States of America.
For periods through March 1, 2019 (the inception date of the Class W shares), performance for the Class W shares is based on the historical performance of the Class S shares. Because the Class W shares invest in the same portfolio of securities as the Class S shares, performance will be different only to the extent that the Class S shares have a higher expense ratio.
The MSCI USA Investable Market Index (IMI) is designed to measure large, mid, and small-cap representation across the US market. The Russell 3000® Index is an unmanaged index that consists of 3,000 of the largest U.S. companies based on total market capitalization. The Index returns do not reflect any fees or expenses. Index returns provided by Bloomberg.
Average Annual Total Returns
(As of October 31, 2024)
| 1 Year | 5 Year | 10 Year |
|---|
Equity Series - W | 32.21% | 14.54% | 12.35% |
MSCI USA IMI | 37.40% | 14.25% | 11.97% |
Russell 3000® | 37.86% | 14.60% | 12.44% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
Index data referenced herein is the property of each index sponsor (London Stock Exchange Group plc and its group undertakings (Russell and MSCI), their affiliates, and/or their third-party suppliers and has been licensed for use by Manning & Napier. For additional disclosure information, please see: https://go.manning-napier.com/benchmark-provisions.
Manning & Napier Equity Series Tailored Shareholder Report MNEQY-W-10/24-AR
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.
Manning & Napier Equity Series Tailored Shareholder Report MNEQY-W-10/24-AR
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.
Key Fund Statistics (as of October 31, 2024)
| |
|---|
Fund Size | $70,600,223 |
Number of Holdings | 46 |
Annual Portfolio Turnover | 57% |
Total Advisory Fees Paid (net of reimbursements) | $351,700 |
The total advisory fee represents management fees at fund level in aggregate dollar amount including waivers and reimbursements.
Sector Allocation (% of net assets)
Sector | Allocation |
Materials | 0.022 |
Communication Services | 0.129 |
Consumer Discretionary | 0.054 |
Information Technology | 0.190 |
Financials | 0.202 |
Real Estate | 0.041 |
Industrials | 0.210 |
Utilities | 0.016 |
Health Care | 0.095 |
Consumer Staples | 0.020 |
The Global Industry Classification Standard (GICS) was developed by and is exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor's a division of S&P Global 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.
What did the Fund invest in?
(as of October 31, 2024)
Top Investment Types | % |
|---|
Cash, Short-Term Investment, and Liabilities, Less Other Assets | 2.1 |
Common Stocks | 97.9 |
Expressed as a percentage of net assets.
Householding
The Fund may send only one copy of the Series' prospectus and annual and semi-annual reports to certain shareholders residing at the same "household" for shareholders who have elected this option. This reduces Fund expenses, which benefits you and other shareholders. If you wish to change your "householding" option, please call (800) 466-3863 or contact your financial advisor.
Additional information about the Series, including its prospectus, financial information, holdings, and proxy information can be obtained at www.manning-napier.com/products/mutual-funds or by calling (800) 466-3863. Shareholders can also elect to receive certain documents via e-delivery. For more information or to sign up for e-delivery, please visit the Fund's website.
Manning & Napier Equity Series Tailored Shareholder Report MNEQY-W-10/24-AR
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.
Manning & Napier Overseas Series Tailored Shareholder Report MNOVS-I-10/24-AR
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.
annual shareholder report Overseas Series ticker: EXOSX | |
This annual shareholder report contains important information about Overseas Series Class I, a series of Manning & Napier Fund Inc. (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.manning-napier.com/products/mutual-funds. You can also request this information by contacting us at (800) 466-3863. Shareholders who own the Fund through a third-party advisor or intermediary platform should contact their financial advisor directly for additional information.
What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class I | $84 | 0.75% |
Expenses are equal to each Class's annualized expense ratio (for the twelve-month period) multiplied by the average account value over the period. The Class's expenses would have been higher if certain expenses had not been waived or reimbursed during the period.
Management's Discussion of Fund Performance
How did the fund perform last year?
The Series delivered positive returns for the 12-month period ended 10/31/2024 but modestly underperformed its benchmark, the MSCI ACWI ex USA Index.
What factors influenced performance?
The Series' positive return was driven primarily by its exposure to foreign stocks. Equity markets were meaningfully positive over the past twelve months, not only in the U.S. but around the globe. Investor sentiment was buoyed by a resilient U.S. economy and moderating inflation, while foreign markets benefited from attractive valuations and a broadening-out of equity market returns away from previous return concentration in large U.S. growth companies. While country and sector positioning decisions were largely positive over the period, the Series' relative underperformance was primarily driven by individual stock results, most notably within the Industrials, Information Technology, and Financials sectors.
Positioning
While the U.S. economy has been surprisingly resilient, we continue to believe that risks to markets remain in place with a cooling job market, rising geopolitical conflict around the world, and elevated security valuations. However, non-U.S. markets may present more attractive opportunities than domestically as some regions are earlier in their economic cycles with runways for growth lying ahead. As a function of these more early-cycle opportunities in foreign markets, we are seeking to take advantage of a wider variety of opportunities between both high-quality long-term positions and more economically sensitive exposures.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. The graph assumes a $10,000 initial investment in the Fund and one appropriate broad-based securities market index that reflects the market sector in which the Fund invests for the same period.
Initial Investment of $10,000
Date | Overseas Series - I | MSCI ACWI ex USA |
10/31/2014 | 10000.0 | 10000.0 |
10/31/2015 | 9694.0 | 9532.0 |
10/31/2016 | 9660.0 | 9553.0 |
10/31/2017 | 11640.0 | 11811.0 |
10/31/2018 | 10624.0 | 10838.0 |
10/31/2019 | 11711.0 | 12059.0 |
10/31/2020 | 13470.0 | 11745.0 |
10/31/2021 | 18474.0 | 15228.0 |
10/31/2022 | 12605.0 | 11462.0 |
10/31/2023 | 13974.0 | 12846.0 |
10/31/2024 | 17197.0 | 15971.0 |
The returns are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to net asset values in accordance with accounting principles generally accepted in the United States of America.
The MSCI ACWI ex USA Index (ACWIxUS) is designed to measure large and mid-cap representation across 22 of 23 Developed Markets countries (excluding the U.S.) and 24 Emerging Markets countries. The Index returns do not reflect any fees or expenses. Index returns provided by Bloomberg.
Average Annual Total Returns
(As of October 31, 2024)
| 1 Year | 5 Year | 10 Year |
|---|
Overseas Series - I | 23.06% | 7.99% | 5.57% |
MSCI ACWI ex USA | 24.33% | 5.78% | 4.79% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
Index data referenced herein is the property of MSCI, its affiliates ("MSCI") and/or its third-party suppliers and has been licensed for use by Manning & Napier. For additional disclosure information, please see: https://go.manning-napier.com/benchmark-provisions.
Manning & Napier Overseas Series Tailored Shareholder Report MNOVS-I-10/24-AR
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.
Manning & Napier Overseas Series Tailored Shareholder Report MNOVS-I-10/24-AR
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.
Key Fund Statistics (as of October 31, 2024)
| |
|---|
Fund Size | $623,925,803 |
Number of Holdings | 39 |
Annual Portfolio Turnover | 57% |
Total Advisory Fees Paid (net of reimbursements) | $1,937,795 |
The total advisory fee represents management fees at fund level in aggregate dollar amount including waivers and reimbursements.
Sector Allocation (% of net assets)
Sector | Allocation |
Financials | 0.138 |
Materials | 0.071 |
Industrials | 0.278 |
Health Care | 0.113 |
Information Technology | 0.184 |
Communication Services | 0.067 |
Consumer Staples | 0.020 |
Consumer Discretionary | 0.086 |
The Global Industry Classification Standard (GICS) was developed by and is exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor's a division of S&P Global 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.
What did the Fund invest in?
(as of October 31, 2024)
Top Investment Types | % |
|---|
Cash, Short-Term Investment, and Other Assets, Less Liabilities | 4.3 |
Common Stocks | 95.7 |
Expressed as a percentage of net assets.
Householding
The Fund may send only one copy of the Series' prospectus and annual and semi-annual reports to certain shareholders residing at the same "household" for shareholders who have elected this option. This reduces Fund expenses, which benefits you and other shareholders. If you wish to change your "householding" option, please call (800) 466-3863 or contact your financial advisor.
Additional information about the Series, including its prospectus, financial information, holdings, and proxy information can be obtained at www.manning-napier.com/products/mutual-funds or by calling (800) 466-3863. Shareholders can also elect to receive certain documents via e-delivery. For more information or to sign up for e-delivery, please visit the Fund's website.
Manning & Napier Overseas Series Tailored Shareholder Report MNOVS-I-10/24-AR
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.
Manning & Napier Overseas Series Tailored Shareholder Report MNOVS-S-10/24-AR
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.
annual shareholder report Overseas Series ticker: MNOSX | |
This annual shareholder report contains important information about Overseas Series Class S, a series of Manning & Napier Fund Inc. (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.manning-napier.com/products/mutual-funds. You can also request this information by contacting us at (800) 466-3863. Shareholders who own the Fund through a third-party advisor or intermediary platform should contact their financial advisor directly for additional information.
What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class S | $117 | 1.05% |
Expenses are equal to each Class's annualized expense ratio (for the twelve-month period) multiplied by the average account value over the period. The Class's expenses would have been higher if certain expenses had not been waived or reimbursed during the period.
Management's Discussion of Fund Performance
How did the fund perform last year?
The Series delivered positive returns for the 12-month period ended 10/31/2024 but modestly underperformed its benchmark, the MSCI ACWI ex USA Index.
What factors influenced performance?
The Series' positive return was driven primarily by its exposure to foreign stocks. Equity markets were meaningfully positive over the past twelve months, not only in the U.S. but around the globe. Investor sentiment was buoyed by a resilient U.S. economy and moderating inflation, while foreign markets benefited from attractive valuations and a broadening-out of equity market returns away from previous return concentration in large U.S. growth companies. While country and sector positioning decisions were largely positive over the period, the Series' relative underperformance was primarily driven by individual stock results, most notably within the Industrials, Information Technology, and Financials sectors.
Positioning
While the U.S. economy has been surprisingly resilient, we continue to believe that risks to markets remain in place with a cooling job market, rising geopolitical conflict around the world, and elevated security valuations. However, non-U.S. markets may present more attractive opportunities than domestically as some regions are earlier in their economic cycles with runways for growth lying ahead. As a function of these more early-cycle opportunities in foreign markets, we are seeking to take advantage of a wider variety of opportunities between both high-quality long-term positions and more economically sensitive exposures.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. The graph assumes a $10,000 initial investment in the Fund and one appropriate broad-based securities market index that reflects the market sector in which the Fund invests for the same period.
Initial Investment of $10,000
Date | Overseas Series - S | MSCI ACWI ex USA |
10/31/2014 | 10000.0 | 10000.0 |
10/31/2015 | 9665.0 | 9532.0 |
10/31/2016 | 9603.0 | 9553.0 |
10/31/2017 | 11537.0 | 11811.0 |
10/31/2018 | 10503.0 | 10838.0 |
10/31/2019 | 11541.0 | 12059.0 |
10/31/2020 | 13238.0 | 11745.0 |
10/31/2021 | 18098.0 | 15228.0 |
10/31/2022 | 12312.0 | 11462.0 |
10/31/2023 | 13609.0 | 12846.0 |
10/31/2024 | 16696.0 | 15971.0 |
The returns are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to net asset values in accordance with accounting principles generally accepted in the United States of America.
For periods through September 21, 2018 (the inception date of the Class S shares), performance for the Class S shares is hypothetical and is based on the historical performance of the Class I shares adjusted for the Class S shares' charges and expenses.
The MSCI ACWI ex USA Index (ACWIxUS) is designed to measure large and mid-cap representation across 22 of 23 Developed Markets countries (excluding the U.S.) and 24 Emerging Markets countries. The Index returns do not reflect any fees or expenses. Index returns provided by Bloomberg.
Average Annual Total Returns
(As of October 31, 2024)
| 1 Year | 5 Year | 10 Year |
|---|
Overseas Series - S | 22.68% | 7.66% | 5.26% |
MSCI ACWI ex USA | 24.33% | 5.78% | 4.79% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
Index data referenced herein is the property of MSCI, its affiliates ("MSCI") and/or its third-party suppliers and has been licensed for use by Manning & Napier. For additional disclosure information, please see: https://go.manning-napier.com/benchmark-provisions.
Manning & Napier Overseas Series Tailored Shareholder Report MNOVS-S-10/24-AR
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.
Manning & Napier Overseas Series Tailored Shareholder Report MNOVS-S-10/24-AR
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.
Key Fund Statistics (as of October 31, 2024)
| |
|---|
Fund Size | $623,925,803 |
Number of Holdings | 39 |
Annual Portfolio Turnover | 57% |
Total Advisory Fees Paid (net of reimbursements) | $1,937,795 |
The total advisory fee represents management fees at fund level in aggregate dollar amount including waivers and reimbursements.
Sector Allocation (% of net assets)
Sector | Allocation |
Financials | 0.138 |
Materials | 0.071 |
Industrials | 0.278 |
Health Care | 0.113 |
Information Technology | 0.184 |
Communication Services | 0.067 |
Consumer Staples | 0.020 |
Consumer Discretionary | 0.086 |
The Global Industry Classification Standard (GICS) was developed by and is exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor's a division of S&P Global 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.
What did the Fund invest in?
(as of October 31, 2024)
Top Investment Types | % |
|---|
Cash, Short-Term Investment, and Other Assets, Less Liabilities | 4.3 |
Common Stocks | 95.7 |
Expressed as a percentage of net assets.
Householding
The Fund may send only one copy of the Series' prospectus and annual and semi-annual reports to certain shareholders residing at the same "household" for shareholders who have elected this option. This reduces Fund expenses, which benefits you and other shareholders. If you wish to change your "householding" option, please call (800) 466-3863 or contact your financial advisor.
Additional information about the Series, including its prospectus, financial information, holdings, and proxy information can be obtained at www.manning-napier.com/products/mutual-funds or by calling (800) 466-3863. Shareholders can also elect to receive certain documents via e-delivery. For more information or to sign up for e-delivery, please visit the Fund's website.
Manning & Napier Overseas Series Tailored Shareholder Report MNOVS-S-10/24-AR
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.
Manning & Napier Overseas Series Tailored Shareholder Report MNOVS-Z-10/24-AR
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.
annual shareholder report Overseas Series ticker: MNOZX | |
This annual shareholder report contains important information about Overseas Series Class Z, a series of Manning & Napier Fund Inc. (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.manning-napier.com/products/mutual-funds. You can also request this information by contacting us at (800) 466-3863. Shareholders who own the Fund through a third-party advisor or intermediary platform should contact their financial advisor directly for additional information.
What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class Z | $73 | 0.65% |
Expenses are equal to each Class's annualized expense ratio (for the twelve-month period) multiplied by the average account value over the period. The Class's expenses would have been higher if certain expenses had not been waived or reimbursed during the period.
Management's Discussion of Fund Performance
How did the fund perform last year?
The Series delivered positive returns for the 12-month period ended 10/31/2024 but modestly underperformed its benchmark, the MSCI ACWI ex USA Index.
What factors influenced performance?
The Series' positive return was driven primarily by its exposure to foreign stocks. Equity markets were meaningfully positive over the past twelve months, not only in the U.S. but around the globe. Investor sentiment was buoyed by a resilient U.S. economy and moderating inflation, while foreign markets benefited from attractive valuations and a broadening-out of equity market returns away from previous return concentration in large U.S. growth companies. While country and sector positioning decisions were largely positive over the period, the Series' relative underperformance was primarily driven by individual stock results, most notably within the Industrials, Information Technology, and Financials sectors.
Positioning
While the U.S. economy has been surprisingly resilient, we continue to believe that risks to markets remain in place with a cooling job market, rising geopolitical conflict around the world, and elevated security valuations. However, non-U.S. markets may present more attractive opportunities than domestically as some regions are earlier in their economic cycles with runways for growth lying ahead. As a function of these more early-cycle opportunities in foreign markets, we are seeking to take advantage of a wider variety of opportunities between both high-quality long-term positions and more economically sensitive exposures.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. The graph assumes a $10,000 initial investment in the Fund and one appropriate broad-based securities market index that reflects the market sector in which the Fund invests for the same period.
Initial Investment of $10,000
Date | Overseas Series - Z | MSCI ACWI ex USA |
10/31/2014 | 10000.0 | 10000.0 |
10/31/2015 | 9694.0 | 9532.0 |
10/31/2016 | 9660.0 | 9553.0 |
10/31/2017 | 11640.0 | 11811.0 |
10/31/2018 | 10633.0 | 10838.0 |
10/31/2019 | 11735.0 | 12059.0 |
10/31/2020 | 13508.0 | 11745.0 |
10/31/2021 | 18548.0 | 15228.0 |
10/31/2022 | 12665.0 | 11462.0 |
10/31/2023 | 14053.0 | 12846.0 |
10/31/2024 | 17313.0 | 15971.0 |
The returns are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to net asset values in accordance with accounting principles generally accepted in the United States of America.
For periods through May 1, 2018 (the inception date of the Class Z shares), performance for the Class Z shares is based on the historical performance of the Class I shares. Because the Class Z shares invest in the same portfolio of securities as the Class I shares, performance will be different only to the extent that the Class I shares have a higher expense ratio.
The MSCI ACWI ex USA Index (ACWIxUS) is designed to measure large and mid-cap representation across 22 of 23 Developed Markets countries (excluding the U.S.) and 24 Emerging Markets countries. The Index returns do not reflect any fees or expenses. Index returns provided by Bloomberg.
Average Annual Total Returns
(As of October 31, 2024)
| 1 Year | 5 Year | 10 Year |
|---|
Overseas Series - Z | 23.20% | 8.09% | 5.64% |
MSCI ACWI ex USA | 24.33% | 5.78% | 4.79% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
Index data referenced herein is the property of MSCI, its affiliates ("MSCI") and/or its third-party suppliers and has been licensed for use by Manning & Napier. For additional disclosure information, please see: https://go.manning-napier.com/benchmark-provisions.
Manning & Napier Overseas Series Tailored Shareholder Report MNOVS-Z-10/24-AR
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.
Manning & Napier Overseas Series Tailored Shareholder Report MNOVS-Z-10/24-AR
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.
Key Fund Statistics (as of October 31, 2024)
| |
|---|
Fund Size | $623,925,803 |
Number of Holdings | 39 |
Annual Portfolio Turnover | 57% |
Total Advisory Fees Paid (net of reimbursements) | $1,937,795 |
The total advisory fee represents management fees at fund level in aggregate dollar amount including waivers and reimbursements.
Sector Allocation (% of net assets)
Sector | Allocation |
Financials | 0.138 |
Materials | 0.071 |
Industrials | 0.278 |
Health Care | 0.113 |
Information Technology | 0.184 |
Communication Services | 0.067 |
Consumer Staples | 0.020 |
Consumer Discretionary | 0.086 |
The Global Industry Classification Standard (GICS) was developed by and is exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor's a division of S&P Global 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.
What did the Fund invest in?
(as of October 31, 2024)
Top Investment Types | % |
|---|
Cash, Short-Term Investment, and Other Assets, Less Liabilities | 4.3 |
Common Stocks | 95.7 |
Expressed as a percentage of net assets.
Householding
The Fund may send only one copy of the Series' prospectus and annual and semi-annual reports to certain shareholders residing at the same "household" for shareholders who have elected this option. This reduces Fund expenses, which benefits you and other shareholders. If you wish to change your "householding" option, please call (800) 466-3863 or contact your financial advisor.
Additional information about the Series, including its prospectus, financial information, holdings, and proxy information can be obtained at www.manning-napier.com/products/mutual-funds or by calling (800) 466-3863. Shareholders can also elect to receive certain documents via e-delivery. For more information or to sign up for e-delivery, please visit the Fund's website.
Manning & Napier Overseas Series Tailored Shareholder Report MNOVS-Z-10/24-AR
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.
Manning & Napier Overseas Series Tailored Shareholder Report MNOVS-W-10/24-AR
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.
annual shareholder report Overseas Series ticker: MNOWX | |
This annual shareholder report contains important information about Overseas Series Class W, a series of Manning & Napier Fund Inc. (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.manning-napier.com/products/mutual-funds. You can also request this information by contacting us at (800) 466-3863. Shareholders who own the Fund through a third-party advisor or intermediary platform should contact their financial advisor directly for additional information.
What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class W | $6 | 0.05% |
Expenses are equal to each Class's annualized expense ratio (for the twelve-month period) multiplied by the average account value over the period. The Advisor has contractually agreed to waive the management fee for the Class W shares. The Class's expenses would have been higher if certain expenses had not been waived or reimbursed during the period.
Management's Discussion of Fund Performance
How did the fund perform last year?
The Series delivered positive returns for the 12-month period ended 10/31/2024 but modestly underperformed its benchmark, the MSCI ACWI ex USA Index.
What factors influenced performance?
The Series' positive return was driven primarily by its exposure to foreign stocks. Equity markets were meaningfully positive over the past twelve months, not only in the U.S. but around the globe. Investor sentiment was buoyed by a resilient U.S. economy and moderating inflation, while foreign markets benefited from attractive valuations and a broadening-out of equity market returns away from previous return concentration in large U.S. growth companies. While country and sector positioning decisions were largely positive over the period, the Series' relative underperformance was primarily driven by individual stock results, most notably within the Industrials, Information Technology, and Financials sectors.
Positioning
While the U.S. economy has been surprisingly resilient, we continue to believe that risks to markets remain in place with a cooling job market, rising geopolitical conflict around the world, and elevated security valuations. However, non-U.S. markets may present more attractive opportunities than domestically as some regions are earlier in their economic cycles with runways for growth lying ahead. As a function of these more early-cycle opportunities in foreign markets, we are seeking to take advantage of a wider variety of opportunities between both high-quality long-term positions and more economically sensitive exposures.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. The graph assumes a $10,000 initial investment in the Fund and one appropriate broad-based securities market index that reflects the market sector in which the Fund invests for the same period.
Initial Investment of $10,000
Date | Overseas Series - W | MSCI ACWI ex USA |
10/31/2014 | 10000.0 | 10000.0 |
10/31/2015 | 9694.0 | 9532.0 |
10/31/2016 | 9660.0 | 9553.0 |
10/31/2017 | 11640.0 | 11811.0 |
10/31/2018 | 10624.0 | 10838.0 |
10/31/2019 | 11770.0 | 12059.0 |
10/31/2020 | 13629.0 | 11745.0 |
10/31/2021 | 18826.0 | 15228.0 |
10/31/2022 | 12936.0 | 11462.0 |
10/31/2023 | 14438.0 | 12846.0 |
10/31/2024 | 17897.0 | 15971.0 |
The returns are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to net asset values in accordance with accounting principles generally accepted in the United States of America.
For periods through March 1, 2019 (the inception date of the Class W shares), performance for the Class W shares is based on the historical performance of the Class I shares. Because the Class W shares invest in the same portfolio of securities as the Class I shares, performance will be different only to the extent that the Class I shares have a higher expense ratio.
The MSCI ACWI ex USA Index (ACWIxUS) is designed to measure large and mid-cap representation across 22 of 23 Developed Markets countries (excluding the U.S.) and 24 Emerging Markets countries. The Index returns do not reflect any fees or expenses. Index returns provided by Bloomberg.
Average Annual Total Returns
(As of October 31, 2024)
| 1 Year | 5 Year | 10 Year |
|---|
Overseas Series - W | 23.95% | 8.74% | 5.99% |
MSCI ACWI ex USA | 24.33% | 5.78% | 4.79% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
Index data referenced herein is the property of MSCI, its affiliates ("MSCI") and/or its third-party suppliers and has been licensed for use by Manning & Napier. For additional disclosure information, please see: https://go.manning-napier.com/benchmark-provisions.
Manning & Napier Overseas Series Tailored Shareholder Report MNOVS-W-10/24-AR
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.
Manning & Napier Overseas Series Tailored Shareholder Report MNOVS-W-10/24-AR
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.
Key Fund Statistics (as of October 31, 2024)
| |
|---|
Fund Size | $623,925,803 |
Number of Holdings | 39 |
Annual Portfolio Turnover | 57% |
Total Advisory Fees Paid (net of reimbursements) | $1,937,795 |
The total advisory fee represents management fees at fund level in aggregate dollar amount including waivers and reimbursements.
Sector Allocation (% of net assets)
Sector | Allocation |
Financials | 0.138 |
Materials | 0.071 |
Industrials | 0.278 |
Health Care | 0.113 |
Information Technology | 0.184 |
Communication Services | 0.067 |
Consumer Staples | 0.020 |
Consumer Discretionary | 0.086 |
The Global Industry Classification Standard (GICS) was developed by and is exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor's a division of S&P Global 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.
What did the Fund invest in?
(as of October 31, 2024)
Top Investment Types | % |
|---|
Cash, Short-Term Investment, and Other Assets, Less Liabilities | 4.3 |
Common Stocks | 95.7 |
Expressed as a percentage of net assets.
Householding
The Fund may send only one copy of the Series' prospectus and annual and semi-annual reports to certain shareholders residing at the same "household" for shareholders who have elected this option. This reduces Fund expenses, which benefits you and other shareholders. If you wish to change your "householding" option, please call (800) 466-3863 or contact your financial advisor.
Additional information about the Series, including its prospectus, financial information, holdings, and proxy information can be obtained at www.manning-napier.com/products/mutual-funds or by calling (800) 466-3863. Shareholders can also elect to receive certain documents via e-delivery. For more information or to sign up for e-delivery, please visit the Fund's website.
Manning & Napier Overseas Series Tailored Shareholder Report MNOVS-W-10/24-AR
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.
Manning & Napier Pro-Blend® Conservative Term Series Tailored Shareholder Report MNPBCO-L-10/24-AR
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.
annual shareholder report Pro-Blend® Conservative Term Series ticker: MNCCX | |
This annual shareholder report contains important information about Pro-Blend® Conservative Term Series Class L, a series of Manning & Napier Fund Inc. (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.manning-napier.com/products/mutual-funds. You can also request this information by contacting us at (800) 466-3863. Shareholders who own the Fund through a third-party advisor or intermediary platform should contact their financial advisor directly for additional information.
What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class L | $170 | 1.61% |
Expenses are equal to each Class's annualized expense ratio (for the twelve-month period) multiplied by the average account value over the period. The Class's expenses would have been higher if certain expenses had not been waived or reimbursed during the period.
Management's Discussion of Fund Performance
How did the fund perform last year?
The Series delivered positive double-digit returns but underperformed its blended benchmark for the 12-month period ending 10/31/2024.
What factors influenced performance?
The Series' positive return benefited from exposure to both equities and fixed income securities with each asset class delivering double-digit returns. Equity markets rallied on the back of a resilient U.S. economy while bond markets benefited from the onset of the Federal Reserve's rate cut cycle contributing to interest rates falling across the yield curve. The Series' underperformance relative to the blended benchmark was primarily driven by an underweight to equities in comparison to the benchmark. Selection within equities was a relative contributor, as was fixed income positioning.
Positioning
Despite risks appearing broadly balanced to the upside and downside, we expect a degree of volatility in markets moving forward. We have positioned the Series with a generally defensive tilt through a primary focus on less economically sensitive businesses and those that can benefit from long-term secular, while also selectively identifying pockets of opportunity in more cyclical industries. Within fixed income, we continue to view securitized debt as relatively attractive and focus on securities with seniority in the capital structure that are backed by asset classes with high-quality fundamentals and low credit risk. Alternatively, we are more cautious on corporate credit as valuations remain elevated.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. The graph assumes a $10,000 initial investment in the Fund and an appropriate broad-based securities market index and a blended index that reflects the market sector in which the Fund invests for the same period.
Initial Investment of $10,000
Date | Pro-Blend® Conservative Term Series - L | Bloomberg U.S. Aggregate Bond | Conservative Term Composite Benchmark |
10/31/2014 | 10000.0 | 10000.0 | 10000.0 |
10/31/2015 | 9791.0 | 10196.0 | 10226.0 |
10/31/2016 | 10009.0 | 10642.0 | 10570.0 |
10/31/2017 | 10623.0 | 10737.0 | 11328.0 |
10/31/2018 | 10455.0 | 10517.0 | 11330.0 |
10/31/2019 | 11460.0 | 11728.0 | 12506.0 |
10/31/2020 | 12052.0 | 12454.0 | 13275.0 |
10/31/2021 | 13288.0 | 12394.0 | 14659.0 |
10/31/2022 | 11502.0 | 10451.0 | 12773.0 |
10/31/2023 | 11821.0 | 10488.0 | 13146.0 |
10/31/2024 | 13187.0 | 11595.0 | 14983.0 |
The returns are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to net asset values in accordance with accounting principles generally accepted in the United States of America.
The Bloomberg U.S. Aggregate Bond Index is an unmanaged, market-value weighted index of U.S. domestic investment-grade debt issues, including government, corporate, asset-backed, and mortgage-backed securities, with maturities of one year or more. Index returns provided by Intercontinental Exchange (ICE). The Conservative Term Composite Benchmark is a blend of the Russell 3000® Index (Russell 3000), MSCI ACWI ex USA Index (ACWIxUS), and Bloomberg U.S. Intermediate Aggregate Bond Index (BIAB) in the following weightings: 22% Russell 3000, 8% ACWIxUS, and 70% BIAB through 12/31/2021; and 15% Russell 3000, 5% ACWIxUS, and 80% BIAB beginning 01/01/2022. Russell 3000 is an unmanaged index that consists of 3,000 of the largest U.S. companies based on total market capitalization. Index returns provided by Bloomberg. ACWIxUS is designed to measure large and mid-cap representation across 22 of 23 Developed Markets countries (excluding the U.S.) and 24 Emerging Markets countries. Index returns provided by Bloomberg. BIAB is an unmanaged, market value-weighted index of U.S. domestic investment-grade debt issues, including government, corporate, asset-backed, and mortgage-backed securities with maturities of greater than one year but less than 10 years. Index returns provided by ICE. Index returns do not reflect any fees or expenses. Returns provided are calculated monthly using a blended allocation. Because the fund's asset allocation will vary over time, the composition of the fund's portfolio may not match the composition of the comparative Indices.
Average Annual Total Returns
(As of October 31, 2024)
| 1 Year | 5 Year | 10 Year |
|---|
Pro-Blend® Conservative Term Series - L | 11.55% | 2.85% | 2.80% |
Bloomberg U.S. Aggregate Bond Index | 10.55% | -0.23% | 1.49% |
Conservative Term Composite Benchmark | 13.98% | 3.68% | 4.12% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
Index data referenced herein is the property of each index sponsor (London Stock Exchange Group plc and its group undertakings (Russell, MSCI, and Bloomberg), their affiliates, and/or their third-party suppliers and has been licensed for use by Manning & Napier. For additional disclosure information, please see: https://go.manning-napier.com/benchmark-provisions.
Manning & Napier Pro-Blend® Conservative Term Series Tailored Shareholder Report MNPBCO-L-10/24-AR
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.
Manning & Napier Pro-Blend® Conservative Term Series Tailored Shareholder Report MNPBCO-L-10/24-AR
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.
Key Fund Statistics (as of October 31, 2024)
| |
|---|
Fund Size | $332,785,669 |
Number of Holdings | 256 |
Annual Portfolio Turnover | 59% |
Total Advisory Fees Paid (net of reimbursements) | $1,409,977 |
The total advisory fee represents management fees at fund level in aggregate dollar amount including waivers and reimbursements for the period and recoupments of waivers and/or reimbursements previously recorded by the Series.
Sector Allocation (% of net assets)
Sector | Allocation |
Financials | 0.128 |
Materials | 0.012 |
Industrials | 0.057 |
Health Care | 0.031 |
Communication Services | 0.034 |
Consumer Discretionary | 0.027 |
Information Technology | 0.029 |
Consumer Staples | 0.006 |
Real Estate | 0.029 |
Utilities | 0.015 |
Energy | 0.019 |
The Global Industry Classification Standard (GICS) was developed by and is exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor's a division of S&P Global 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.
What did the Fund invest in?
(as of October 31, 2024)
Top Investment Types | % |
|---|
Cash, Short-Term Investment and Assets, Less Liabilities/Liabilities, Less Assets | 2.8 |
Commercial Mortgage-Backed Securities | 9.2 |
Common Stocks | 20.5 |
Asset-Backed Securities | 7.2 |
U.S. Government Agencies | 13.8 |
Foreign Government Bonds | 0.4 |
Municipal Bonds | 1.6 |
Corporate Bonds | 18.0 |
U.S. Treasury Note | 26.5 |
Expressed as a percentage of net assets.
Householding
The Fund may send only one copy of the Series' prospectus and annual and semi-annual reports to certain shareholders residing at the same "household" for shareholders who have elected this option. This reduces Fund expenses, which benefits you and other shareholders. If you wish to change your "householding" option, please call (800) 466-3863 or contact your financial advisor.
Additional information about the Series, including its prospectus, financial information, holdings, and proxy information can be obtained at www.manning-napier.com/products/mutual-funds or by calling (800) 466-3863. Shareholders can also elect to receive certain documents via e-delivery. For more information or to sign up for e-delivery, please visit the Fund's website.
Manning & Napier Pro-Blend® Conservative Term Series Tailored Shareholder Report MNPBCO-L-10/24-AR
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.
Manning & Napier Pro-Blend® Conservative Term Series Tailored Shareholder Report MNPBCO-R-10/24-AR
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.
annual shareholder report Pro-Blend® Conservative Term Series ticker: MNCRX | |
This annual shareholder report contains important information about Pro-Blend® Conservative Term Series Class R, a series of Manning & Napier Fund Inc. (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.manning-napier.com/products/mutual-funds. You can also request this information by contacting us at (800) 466-3863. Shareholders who own the Fund through a third-party advisor or intermediary platform should contact their financial advisor directly for additional information.
What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class R | $117 | 1.10% |
Expenses are equal to each Class's annualized expense ratio (for the twelve-month period) multiplied by the average account value over the period. The Class's expenses would have been higher if certain expenses had not been waived or reimbursed during the period.
Management's Discussion of Fund Performance
How did the fund perform last year?
The Series delivered positive double-digit returns but underperformed its blended benchmark for the 12-month period ending 10/31/2024.
What factors influenced performance?
The Series' positive return benefited from exposure to both equities and fixed income securities with each asset class delivering double-digit returns. Equity markets rallied on the back of a resilient U.S. economy while bond markets benefited from the onset of the Federal Reserve's rate cut cycle contributing to interest rates falling across the yield curve. The Series' underperformance relative to the blended benchmark was primarily driven by an underweight to equities in comparison to the benchmark. Selection within equities was a relative contributor, as was fixed income positioning.
Positioning
Despite risks appearing broadly balanced to the upside and downside, we expect a degree of volatility in markets moving forward. We have positioned the Series with a generally defensive tilt through a primary focus on less economically sensitive businesses and those that can benefit from long-term secular, while also selectively identifying pockets of opportunity in more cyclical industries. Within fixed income, we continue to view securitized debt as relatively attractive and focus on securities with seniority in the capital structure that are backed by asset classes with high-quality fundamentals and low credit risk. Alternatively, we are more cautious on corporate credit as valuations remain elevated.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. The graph assumes a $10,000 initial investment in the Fund and an appropriate broad-based securities market index and a blended index that reflects the market sector in which the Fund invests for the same period.
Initial Investment of $10,000
Date | Pro-Blend® Conservative Term Series - R | Bloomberg U.S. Aggregate Bond | Conservative Term Composite Benchmark |
10/31/2014 | 10000.0 | 10000.0 | 10000.0 |
10/31/2015 | 9840.0 | 10196.0 | 10226.0 |
10/31/2016 | 10115.0 | 10642.0 | 10570.0 |
10/31/2017 | 10794.0 | 10737.0 | 11328.0 |
10/31/2018 | 10678.0 | 10517.0 | 11330.0 |
10/31/2019 | 11759.0 | 11728.0 | 12506.0 |
10/31/2020 | 12428.0 | 12454.0 | 13275.0 |
10/31/2021 | 13772.0 | 12394.0 | 14659.0 |
10/31/2022 | 11990.0 | 10451.0 | 12773.0 |
10/31/2023 | 12371.0 | 10488.0 | 13146.0 |
10/31/2024 | 13885.0 | 11595.0 | 14983.0 |
The returns are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to net asset values in accordance with accounting principles generally accepted in the United States of America.
The Bloomberg U.S. Aggregate Bond Index is an unmanaged, market-value weighted index of U.S. domestic investment-grade debt issues, including government, corporate, asset-backed, and mortgage-backed securities, with maturities of one year or more. Index returns provided by Intercontinental Exchange (ICE). The Conservative Term Composite Benchmark is a blend of the Russell 3000® Index (Russell 3000), MSCI ACWI ex USA Index (ACWIxUS), and Bloomberg U.S. Intermediate Aggregate Bond Index (BIAB) in the following weightings: 22% Russell 3000, 8% ACWIxUS, and 70% BIAB through 12/31/2021; and 15% Russell 3000, 5% ACWIxUS, and 80% BIAB beginning 01/01/2022. Russell 3000 is an unmanaged index that consists of 3,000 of the largest U.S. companies based on total market capitalization. Index returns provided by Bloomberg. ACWIxUS is designed to measure large and mid-cap representation across 22 of 23 Developed Markets countries (excluding the U.S.) and 24 Emerging Markets countries. Index returns provided by Bloomberg. BIAB is an unmanaged, market value-weighted index of U.S. domestic investment-grade debt issues, including government, corporate, asset-backed, and mortgage-backed securities with maturities of greater than one year but less than 10 years. Index returns provided by ICE. Index returns do not reflect any fees or expenses. Returns provided are calculated monthly using a blended allocation. Because the fund's asset allocation will vary over time, the composition of the fund's portfolio may not match the composition of the comparative Indices.
Average Annual Total Returns
(As of October 31, 2024)
| 1 Year | 5 Year | 10 Year |
|---|
Pro-Blend® Conservative Term Series - R | 12.25% | 3.38% | 3.34% |
Bloomberg U.S. Aggregate Bond Index | 10.55% | -0.23% | 1.49% |
Conservative Term Composite Benchmark | 13.98% | 3.68% | 4.12% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
Index data referenced herein is the property of each index sponsor (London Stock Exchange Group plc and its group undertakings (Russell, MSCI, and Bloomberg), their affiliates, and/or their third-party suppliers and has been licensed for use by Manning & Napier. For additional disclosure information, please see: https://go.manning-napier.com/benchmark-provisions.
Manning & Napier Pro-Blend® Conservative Term Series Tailored Shareholder Report MNPBCO-R-10/24-AR
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.
Manning & Napier Pro-Blend® Conservative Term Series Tailored Shareholder Report MNPBCO-R-10/24-AR
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.
Key Fund Statistics (as of October 31, 2024)
| |
|---|
Fund Size | $332,785,669 |
Number of Holdings | 256 |
Annual Portfolio Turnover | 59% |
Total Advisory Fees Paid (net of reimbursements) | $1,409,977 |
The total advisory fee represents management fees at fund level in aggregate dollar amount including waivers and reimbursements for the period and recoupments of waivers and/or reimbursements previously recorded by the Series.
Sector Allocation (% of net assets)
Sector | Allocation |
Financials | 0.128 |
Materials | 0.012 |
Industrials | 0.057 |
Health Care | 0.031 |
Communication Services | 0.034 |
Consumer Discretionary | 0.027 |
Information Technology | 0.029 |
Consumer Staples | 0.006 |
Real Estate | 0.029 |
Utilities | 0.015 |
Energy | 0.019 |
The Global Industry Classification Standard (GICS) was developed by and is exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor's a division of S&P Global 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.
What did the Fund invest in?
(as of October 31, 2024)
Top Investment Types | % |
|---|
Cash, Short-Term Investment and Assets, Less Liabilities/Liabilities, Less Assets | 2.8 |
Commercial Mortgage-Backed Securities | 9.2 |
Common Stocks | 20.5 |
Asset-Backed Securities | 7.2 |
U.S. Government Agencies | 13.8 |
Foreign Government Bonds | 0.4 |
Municipal Bonds | 1.6 |
Corporate Bonds | 18.0 |
U.S. Treasury Note | 26.5 |
Expressed as a percentage of net assets.
Householding
The Fund may send only one copy of the Series' prospectus and annual and semi-annual reports to certain shareholders residing at the same "household" for shareholders who have elected this option. This reduces Fund expenses, which benefits you and other shareholders. If you wish to change your "householding" option, please call (800) 466-3863 or contact your financial advisor.
Additional information about the Series, including its prospectus, financial information, holdings, and proxy information can be obtained at www.manning-napier.com/products/mutual-funds or by calling (800) 466-3863. Shareholders can also elect to receive certain documents via e-delivery. For more information or to sign up for e-delivery, please visit the Fund's website.
Manning & Napier Pro-Blend® Conservative Term Series Tailored Shareholder Report MNPBCO-R-10/24-AR
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.
Manning & Napier Pro-Blend® Conservative Term Series Tailored Shareholder Report MNPBCO-S-10/24-AR
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.
annual shareholder report Pro-Blend® Conservative Term Series ticker: EXDAX | |
This annual shareholder report contains important information about Pro-Blend® Conservative Term Series Class S, a series of Manning & Napier Fund Inc. (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.manning-napier.com/products/mutual-funds. You can also request this information by contacting us at (800) 466-3863. Shareholders who own the Fund through a third-party advisor or intermediary platform should contact their financial advisor directly for additional information.
What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class S | $96 | 0.90% |
Expenses are equal to each Class's annualized expense ratio (for the twelve-month period) multiplied by the average account value over the period. The Class's expenses would have been higher if certain expenses had not been waived or reimbursed during the period.
Management's Discussion of Fund Performance
How did the fund perform last year?
The Series delivered positive double-digit returns but underperformed its blended benchmark for the 12-month period ending 10/31/2024.
What factors influenced performance?
The Series' positive return benefited from exposure to both equities and fixed income securities with each asset class delivering double-digit returns. Equity markets rallied on the back of a resilient U.S. economy while bond markets benefited from the onset of the Federal Reserve's rate cut cycle contributing to interest rates falling across the yield curve. The Series' underperformance relative to the blended benchmark was primarily driven by an underweight to equities in comparison to the benchmark. Selection within equities was a relative contributor, as was fixed income positioning.
Positioning
Despite risks appearing broadly balanced to the upside and downside, we expect a degree of volatility in markets moving forward. We have positioned the Series with a generally defensive tilt through a primary focus on less economically sensitive businesses and those that can benefit from long-term secular, while also selectively identifying pockets of opportunity in more cyclical industries. Within fixed income, we continue to view securitized debt as relatively attractive and focus on securities with seniority in the capital structure that are backed by asset classes with high-quality fundamentals and low credit risk. Alternatively, we are more cautious on corporate credit as valuations remain elevated.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. The graph assumes a $10,000 initial investment in the Fund and an appropriate broad-based securities market index and a blended index that reflects the market sector in which the Fund invests for the same period.
Initial Investment of $10,000
Date | Pro-Blend® Conservative Term Series - S | Bloomberg U.S. Aggregate Bond | Conservative Term Composite Benchmark |
10/31/2014 | 10000.0 | 10000.0 | 10000.0 |
10/31/2015 | 9867.0 | 10196.0 | 10226.0 |
10/31/2016 | 10171.0 | 10642.0 | 10570.0 |
10/31/2017 | 10885.0 | 10737.0 | 11328.0 |
10/31/2018 | 10803.0 | 10517.0 | 11330.0 |
10/31/2019 | 11926.0 | 11728.0 | 12506.0 |
10/31/2020 | 12625.0 | 12454.0 | 13275.0 |
10/31/2021 | 14011.0 | 12394.0 | 14659.0 |
10/31/2022 | 12222.0 | 10451.0 | 12773.0 |
10/31/2023 | 12648.0 | 10488.0 | 13146.0 |
10/31/2024 | 14216.0 | 11595.0 | 14983.0 |
The returns are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to net asset values in accordance with accounting principles generally accepted in the United States of America.
The Bloomberg U.S. Aggregate Bond Index is an unmanaged, market-value weighted index of U.S. domestic investment-grade debt issues, including government, corporate, asset-backed, and mortgage-backed securities, with maturities of one year or more. Index returns provided by Intercontinental Exchange (ICE). The Conservative Term Composite Benchmark is a blend of the Russell 3000® Index (Russell 3000), MSCI ACWI ex USA Index (ACWIxUS), and Bloomberg U.S. Intermediate Aggregate Bond Index (BIAB) in the following weightings: 22% Russell 3000, 8% ACWIxUS, and 70% BIAB through 12/31/2021; and 15% Russell 3000, 5% ACWIxUS, and 80% BIAB beginning 01/01/2022. Russell 3000 is an unmanaged index that consists of 3,000 of the largest U.S. companies based on total market capitalization. Index returns provided by Bloomberg. ACWIxUS is designed to measure large and mid-cap representation across 22 of 23 Developed Markets countries (excluding the U.S.) and 24 Emerging Markets countries. Index returns provided by Bloomberg. BIAB is an unmanaged, market value-weighted index of U.S. domestic investment-grade debt issues, including government, corporate, asset-backed, and mortgage-backed securities with maturities of greater than one year but less than 10 years. Index returns provided by ICE. Index returns do not reflect any fees or expenses. Returns provided are calculated monthly using a blended allocation. Because the fund's asset allocation will vary over time, the composition of the fund's portfolio may not match the composition of the comparative Indices.
Average Annual Total Returns
(As of October 31, 2024)
| 1 Year | 5 Year | 10 Year |
|---|
Pro-Blend® Conservative Term Series - S | 12.39% | 3.58% | 3.58% |
Bloomberg U.S. Aggregate Bond Index | 10.55% | -0.23% | 1.49% |
Conservative Term Composite Benchmark | 13.98% | 3.68% | 4.12% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
Index data referenced herein is the property of each index sponsor (London Stock Exchange Group plc and its group undertakings (Russell, MSCI, and Bloomberg), their affiliates, and/or their third-party suppliers and has been licensed for use by Manning & Napier. For additional disclosure information, please see: https://go.manning-napier.com/benchmark-provisions.
Manning & Napier Pro-Blend® Conservative Term Series Tailored Shareholder Report MNPBCO-S-10/24-AR
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.
Manning & Napier Pro-Blend® Conservative Term Series Tailored Shareholder Report MNPBCO-S-10/24-AR
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.
Key Fund Statistics (as of October 31, 2024)
| |
|---|
Fund Size | $332,785,669 |
Number of Holdings | 256 |
Annual Portfolio Turnover | 59% |
Total Advisory Fees Paid (net of reimbursements) | $1,409,977 |
The total advisory fee represents management fees at fund level in aggregate dollar amount including waivers and reimbursements for the period and recoupments of waivers and/or reimbursements previously recorded by the Series.
Sector Allocation (% of net assets)
Sector | Allocation |
Financials | 0.128 |
Materials | 0.012 |
Industrials | 0.057 |
Health Care | 0.031 |
Communication Services | 0.034 |
Consumer Discretionary | 0.027 |
Information Technology | 0.029 |
Consumer Staples | 0.006 |
Real Estate | 0.029 |
Utilities | 0.015 |
Energy | 0.019 |
The Global Industry Classification Standard (GICS) was developed by and is exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor's a division of S&P Global 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.
What did the Fund invest in?
(as of October 31, 2024)
Top Investment Types | % |
|---|
Cash, Short-Term Investment and Assets, Less Liabilities/Liabilities, Less Assets | 2.8 |
Commercial Mortgage-Backed Securities | 9.2 |
Common Stocks | 20.5 |
Asset-Backed Securities | 7.2 |
U.S. Government Agencies | 13.8 |
Foreign Government Bonds | 0.4 |
Municipal Bonds | 1.6 |
Corporate Bonds | 18.0 |
U.S. Treasury Note | 26.5 |
Expressed as a percentage of net assets.
Householding
The Fund may send only one copy of the Series' prospectus and annual and semi-annual reports to certain shareholders residing at the same "household" for shareholders who have elected this option. This reduces Fund expenses, which benefits you and other shareholders. If you wish to change your "householding" option, please call (800) 466-3863 or contact your financial advisor.
Additional information about the Series, including its prospectus, financial information, holdings, and proxy information can be obtained at www.manning-napier.com/products/mutual-funds or by calling (800) 466-3863. Shareholders can also elect to receive certain documents via e-delivery. For more information or to sign up for e-delivery, please visit the Fund's website.
Manning & Napier Pro-Blend® Conservative Term Series Tailored Shareholder Report MNPBCO-S-10/24-AR
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.
Manning & Napier Pro-Blend® Conservative Term Series Tailored Shareholder Report MNPBCO-I-10/24-AR
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.
annual shareholder report Pro-Blend® Conservative Term Series ticker: MNCIX | |
This annual shareholder report contains important information about Pro-Blend® Conservative Term Series Class I, a series of Manning & Napier Fund Inc. (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.manning-napier.com/products/mutual-funds. You can also request this information by contacting us at (800) 466-3863. Shareholders who own the Fund through a third-party advisor or intermediary platform should contact their financial advisor directly for additional information.
What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class I | $69 | 0.65% |
Expenses are equal to each Class's annualized expense ratio (for the twelve-month period) multiplied by the average account value over the period. The Class's expenses would have been higher if certain expenses had not been waived or reimbursed during the period.
Management's Discussion of Fund Performance
How did the fund perform last year?
The Series delivered positive double-digit returns but underperformed its blended benchmark for the 12-month period ending 10/31/2024.
What factors influenced performance?
The Series' positive return benefited from exposure to both equities and fixed income securities with each asset class delivering double-digit returns. Equity markets rallied on the back of a resilient U.S. economy while bond markets benefited from the onset of the Federal Reserve's rate cut cycle contributing to interest rates falling across the yield curve. The Series' underperformance relative to the blended benchmark was primarily driven by an underweight to equities in comparison to the benchmark. Selection within equities was a relative contributor, as was fixed income positioning.
Positioning
Despite risks appearing broadly balanced to the upside and downside, we expect a degree of volatility in markets moving forward. We have positioned the Series with a generally defensive tilt through a primary focus on less economically sensitive businesses and those that can benefit from long-term secular, while also selectively identifying pockets of opportunity in more cyclical industries. Within fixed income, we continue to view securitized debt as relatively attractive and focus on securities with seniority in the capital structure that are backed by asset classes with high-quality fundamentals and low credit risk. Alternatively, we are more cautious on corporate credit as valuations remain elevated.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. The graph assumes a $10,000 initial investment in the Fund and an appropriate broad-based securities market index and a blended index that reflects the market sector in which the Fund invests for the same period.
Initial Investment of $10,000
Date | Pro-Blend® Conservative Term Series - I | Bloomberg U.S. Aggregate Bond | Conservative Term Composite Benchmark |
10/31/2014 | 10000.0 | 10000.0 | 10000.0 |
10/31/2015 | 9885.0 | 10196.0 | 10226.0 |
10/31/2016 | 10207.0 | 10642.0 | 10570.0 |
10/31/2017 | 10947.0 | 10737.0 | 11328.0 |
10/31/2019 | 12042.0 | 11728.0 | 12506.0 |
10/31/2020 | 12796.0 | 12454.0 | 13275.0 |
10/31/2021 | 14224.0 | 12394.0 | 14659.0 |
10/31/2022 | 12446.0 | 10451.0 | 12773.0 |
10/31/2023 | 12911.0 | 10488.0 | 13146.0 |
10/31/2024 | 14544.0 | 11595.0 | 14983.0 |
The returns are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to net asset values in accordance with accounting principles generally accepted in the United States of America.
The Bloomberg U.S. Aggregate Bond Index is an unmanaged, market-value weighted index of U.S. domestic investment-grade debt issues, including government, corporate, asset-backed, and mortgage-backed securities, with maturities of one year or more. Index returns provided by Intercontinental Exchange (ICE). The Conservative Term Composite Benchmark is a blend of the Russell 3000® Index (Russell 3000), MSCI ACWI ex USA Index (ACWIxUS), and Bloomberg U.S. Intermediate Aggregate Bond Index (BIAB) in the following weightings: 22% Russell 3000, 8% ACWIxUS, and 70% BIAB through 12/31/2021; and 15% Russell 3000, 5% ACWIxUS, and 80% BIAB beginning 01/01/2022. Russell 3000 is an unmanaged index that consists of 3,000 of the largest U.S. companies based on total market capitalization. Index returns provided by Bloomberg. ACWIxUS is designed to measure large and mid-cap representation across 22 of 23 Developed Markets countries (excluding the U.S.) and 24 Emerging Markets countries. Index returns provided by Bloomberg. BIAB is an unmanaged, market value-weighted index of U.S. domestic investment-grade debt issues, including government, corporate, asset-backed, and mortgage-backed securities with maturities of greater than one year but less than 10 years. Index returns provided by ICE. Index returns do not reflect any fees or expenses. Returns provided are calculated monthly using a blended allocation. Because the fund's asset allocation will vary over time, the composition of the fund's portfolio may not match the composition of the comparative Indices.
Average Annual Total Returns
(As of October 31, 2024)
| 1 Year | 5 Year | 10 Year |
|---|
Pro-Blend® Conservative Term Series - I | 12.65% | 3.85% | 3.82% |
Bloomberg U.S. Aggregate Bond Index | 10.55% | -0.23% | 1.49% |
Conservative Term Composite Benchmark | 13.98% | 3.68% | 4.12% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
Index data referenced herein is the property of each index sponsor (London Stock Exchange Group plc and its group undertakings (Russell, MSCI, and Bloomberg), their affiliates, and/or their third-party suppliers and has been licensed for use by Manning & Napier. For additional disclosure information, please see: https://go.manning-napier.com/benchmark-provisions.
Manning & Napier Pro-Blend® Conservative Term Series Tailored Shareholder Report MNPBCO-I-10/24-AR
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.
Manning & Napier Pro-Blend® Conservative Term Series Tailored Shareholder Report MNPBCO-I-10/24-AR
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.
Key Fund Statistics (as of October 31, 2024)
| |
|---|
Fund Size | $332,785,669 |
Number of Holdings | 256 |
Annual Portfolio Turnover | 59% |
Total Advisory Fees Paid (net of reimbursements) | $1,409,977 |
The total advisory fee represents management fees at fund level in aggregate dollar amount including waivers and reimbursements for the period and recoupments of waivers and/or reimbursements previously recorded by the Series.
Sector Allocation (% of net assets)
Sector | Allocation |
Financials | 0.128 |
Materials | 0.012 |
Industrials | 0.057 |
Health Care | 0.031 |
Communication Services | 0.034 |
Consumer Discretionary | 0.027 |
Information Technology | 0.029 |
Consumer Staples | 0.006 |
Real Estate | 0.029 |
Utilities | 0.015 |
Energy | 0.019 |
The Global Industry Classification Standard (GICS) was developed by and is exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor's a division of S&P Global 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.
What did the Fund invest in?
(as of October 31, 2024)
Top Investment Types | % |
|---|
Cash, Short-Term Investment and Assets, Less Liabilities/Liabilities, Less Assets | 2.8 |
Commercial Mortgage-Backed Securities | 9.2 |
Common Stocks | 20.5 |
Asset-Backed Securities | 7.2 |
U.S. Government Agencies | 13.8 |
Foreign Government Bonds | 0.4 |
Municipal Bonds | 1.6 |
Corporate Bonds | 18.0 |
U.S. Treasury Note | 26.5 |
Expressed as a percentage of net assets.
Householding
The Fund may send only one copy of the Series' prospectus and annual and semi-annual reports to certain shareholders residing at the same "household" for shareholders who have elected this option. This reduces Fund expenses, which benefits you and other shareholders. If you wish to change your "householding" option, please call (800) 466-3863 or contact your financial advisor.
Additional information about the Series, including its prospectus, financial information, holdings, and proxy information can be obtained at www.manning-napier.com/products/mutual-funds or by calling (800) 466-3863. Shareholders can also elect to receive certain documents via e-delivery. For more information or to sign up for e-delivery, please visit the Fund's website.
Manning & Napier Pro-Blend® Conservative Term Series Tailored Shareholder Report MNPBCO-I-10/24-AR
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.
Manning & Napier Pro-Blend® Conservative Term Series Tailored Shareholder Report MNPBCO-W-10/24-AR
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.
annual shareholder report Pro-Blend® Conservative Term Series ticker: MNCWX | |
This annual shareholder report contains important information about Pro-Blend® Conservative Term Series Class W, a series of Manning & Napier Fund Inc. (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.manning-napier.com/products/mutual-funds. You can also request this information by contacting us at (800) 466-3863. Shareholders who own the Fund through a third-party advisor or intermediary platform should contact their financial advisor directly for additional information.
What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class W | $11 | 0.10% |
Expenses are equal to each Class's annualized expense ratio (for the twelve-month period) multiplied by the average account value over the period. The Advisor has contractually agreed to waive the management fee for the Class W shares. The Class's expenses would have been higher if certain expenses had not been waived or reimbursed during the period.
Management's Discussion of Fund Performance
How did the fund perform last year?
The Series delivered positive double-digit returns but underperformed its blended benchmark for the 12-month period ending 10/31/2024.
What factors influenced performance?
The Series' positive return benefited from exposure to both equities and fixed income securities with each asset class delivering double-digit returns. Equity markets rallied on the back of a resilient U.S. economy while bond markets benefited from the onset of the Federal Reserve's rate cut cycle contributing to interest rates falling across the yield curve. The Series' underperformance relative to the blended benchmark was primarily driven by an underweight to equities in comparison to the benchmark. Selection within equities was a relative contributor, as was fixed income positioning.
Positioning
Despite risks appearing broadly balanced to the upside and downside, we expect a degree of volatility in markets moving forward. We have positioned the Series with a generally defensive tilt through a primary focus on less economically sensitive businesses and those that can benefit from long-term secular, while also selectively identifying pockets of opportunity in more cyclical industries. Within fixed income, we continue to view securitized debt as relatively attractive and focus on securities with seniority in the capital structure that are backed by asset classes with high-quality fundamentals and low credit risk. Alternatively, we are more cautious on corporate credit as valuations remain elevated.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. The graph assumes a $10,000 initial investment in the Fund and an appropriate broad-based securities market index and a blended index that reflects the market sector in which the Fund invests for the same period.
Initial Investment of $10,000
Date | Pro-Blend® Conservative Term Series - W | Bloomberg U.S. Aggregate Bond | Conservative Term Composite Benchmark |
10/31/2014 | 10000.0 | 10000.0 | 10000.0 |
10/31/2015 | 9867.0 | 10196.0 | 10226.0 |
10/31/2016 | 10171.0 | 10642.0 | 10570.0 |
10/31/2017 | 10885.0 | 10737.0 | 11328.0 |
10/31/2018 | 10803.0 | 10517.0 | 11330.0 |
10/31/2019 | 11992.0 | 11728.0 | 12506.0 |
10/31/2020 | 12790.0 | 12454.0 | 13275.0 |
10/31/2021 | 14305.0 | 12394.0 | 14659.0 |
10/31/2022 | 12579.0 | 10451.0 | 12773.0 |
10/31/2023 | 13123.0 | 10488.0 | 13146.0 |
10/31/2024 | 14867.0 | 11595.0 | 14983.0 |
The returns are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to net asset values in accordance with accounting principles generally accepted in the United States of America.
For periods through April 1, 2019 (the inception date of the Class W shares), performance for the Class W shares is based on the historical performance of the Class S shares. Because the Class W shares invest in the same portfolio of securities as the Class S shares, performance will be different only to the extent that the Class S shares have a higher expense ratio.
The Bloomberg U.S. Aggregate Bond Index is an unmanaged, market-value weighted index of U.S. domestic investment-grade debt issues, including government, corporate, asset-backed, and mortgage-backed securities, with maturities of one year or more. Index returns provided by Intercontinental Exchange (ICE). The Conservative Term Composite Benchmark is a blend of the Russell 3000® Index (Russell 3000), MSCI ACWI ex USA Index (ACWIxUS), and Bloomberg U.S. Intermediate Aggregate Bond Index (BIAB) in the following weightings: 22% Russell 3000, 8% ACWIxUS, and 70% BIAB through 12/31/2021; and 15% Russell 3000, 5% ACWIxUS, and 80% BIAB beginning 01/01/2022. Russell 3000 is an unmanaged index that consists of 3,000 of the largest U.S. companies based on total market capitalization. Index returns provided by Bloomberg. ACWIxUS is designed to measure large and mid-cap representation across 22 of 23 Developed Markets countries (excluding the U.S.) and 24 Emerging Markets countries. Index returns provided by Bloomberg. BIAB is an unmanaged, market value-weighted index of U.S. domestic investment-grade debt issues, including government, corporate, asset-backed, and mortgage-backed securities with maturities of greater than one year but less than 10 years. Index returns provided by ICE. Index returns do not reflect any fees or expenses. Returns provided are calculated monthly using a blended allocation. Because the fund's asset allocation will vary over time, the composition of the fund's portfolio may not match the composition of the comparative Indices.
Average Annual Total Returns
(As of October 31, 2024)
| 1 Year | 5 Year | 10 Year |
|---|
Pro-Blend® Conservative Term Series - W | 13.29% | 4.39% | 4.05% |
Bloomberg U.S. Aggregate Bond Index | 10.55% | -0.23% | 1.49% |
Conservative Term Composite Benchmark | 13.98% | 3.68% | 4.12% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
Index data referenced herein is the property of each index sponsor (London Stock Exchange Group plc and its group undertakings (Russell, MSCI, and Bloomberg), their affiliates, and/or their third-party suppliers and has been licensed for use by Manning & Napier. For additional disclosure information, please see: https://go.manning-napier.com/benchmark-provisions.
Manning & Napier Pro-Blend® Conservative Term Series Tailored Shareholder Report MNPBCO-W-10/24-AR
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.
Manning & Napier Pro-Blend® Conservative Term Series Tailored Shareholder Report MNPBCO-W-10/24-AR
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.
Key Fund Statistics (as of October 31, 2024)
| |
|---|
Fund Size | $332,785,669 |
Number of Holdings | 256 |
Annual Portfolio Turnover | 59% |
Total Advisory Fees Paid (net of reimbursements) | $1,409,977 |
The total advisory fee represents management fees at fund level in aggregate dollar amount including waivers and reimbursements for the period and recoupments of waivers and/or reimbursements previously recorded by the Series.
Sector Allocation (% of net assets)
Sector | Allocation |
Financials | 0.128 |
Materials | 0.012 |
Industrials | 0.057 |
Health Care | 0.031 |
Communication Services | 0.034 |
Consumer Discretionary | 0.027 |
Information Technology | 0.029 |
Consumer Staples | 0.006 |
Real Estate | 0.029 |
Utilities | 0.015 |
Energy | 0.019 |
The Global Industry Classification Standard (GICS) was developed by and is exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor's a division of S&P Global 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.
What did the Fund invest in?
(as of October 31, 2024)
Top Investment Types | % |
|---|
Cash, Short-Term Investment and Assets, Less Liabilities/Liabilities, Less Assets | 2.8 |
Commercial Mortgage-Backed Securities | 9.2 |
Common Stocks | 20.5 |
Asset-Backed Securities | 7.2 |
U.S. Government Agencies | 13.8 |
Foreign Government Bonds | 0.4 |
Municipal Bonds | 1.6 |
Corporate Bonds | 18.0 |
U.S. Treasury Note | 26.5 |
Expressed as a percentage of net assets.
Householding
The Fund may send only one copy of the Series' prospectus and annual and semi-annual reports to certain shareholders residing at the same "household" for shareholders who have elected this option. This reduces Fund expenses, which benefits you and other shareholders. If you wish to change your "householding" option, please call (800) 466-3863 or contact your financial advisor.
Additional information about the Series, including its prospectus, financial information, holdings, and proxy information can be obtained at www.manning-napier.com/products/mutual-funds or by calling (800) 466-3863. Shareholders can also elect to receive certain documents via e-delivery. For more information or to sign up for e-delivery, please visit the Fund's website.
Manning & Napier Pro-Blend® Conservative Term Series Tailored Shareholder Report MNPBCO-W-10/24-AR
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.
Manning & Napier Pro-Blend® Moderate Term Series Tailored Shareholder Report MNPBMO-L-10/24-AR
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.
annual shareholder report Pro-Blend® Moderate Term Series ticker: MNMCX | |
This annual shareholder report contains important information about Pro-Blend® Moderate Term Series Class L, a series of Manning & Napier Fund Inc. (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.manning-napier.com/products/mutual-funds. You can also request this information by contacting us at (800) 466-3863. Shareholders who own the Fund through a third-party advisor or intermediary platform should contact their financial advisor directly for additional information.
What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class L | $196 | 1.81% |
Expenses are equal to each Class's annualized expense ratio (for the twelve-month period) multiplied by the average account value over the period. The Class's expenses would have been higher if certain expenses had not been waived or reimbursed during the period.
Management's Discussion of Fund Performance
How did the fund perform last year?
The Series delivered positive double-digit returns but underperformed its blended benchmark for the 12-month period ending 10/31/2024.
What factors influenced performance?
The Series' positive return benefited from exposure to both equities and fixed income securities with each asset class delivering double-digit returns. Equity markets rallied on the back of a resilient U.S. economy while bond markets benefited from the onset of the Federal Reserve's rate cut cycle contributing to interest rates falling across the yield curve. The Series' underperformance relative to the blended benchmark was primarily driven by an underweight to equities in comparison to the benchmark. Selection within equities was a relative contributor, as was fixed income positioning.
Positioning
Despite risks appearing broadly balanced to the upside and downside, we expect a degree of volatility in markets moving forward. We have positioned the Series with a generally defensive tilt through a primary focus on less economically sensitive businesses and those that can benefit from long-term secular, while also selectively identifying pockets of opportunity in more cyclical industries. Within fixed income, we continue to view securitized debt as relatively attractive and focus on securities with seniority in the capital structure that are backed by asset classes with high-quality fundamentals and low credit risk. Alternatively, we are more cautious on corporate credit as valuations remain elevated.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. The graph assumes a $10,000 initial investment in the Fund and an appropriate broad-based securities market index and a blended index that reflects the market sector in which the Fund invests for the same period.
Initial Investment of $10,000
Date | Pro-Blend® Moderate Term Series - L | Bloomberg U.S. Aggregate Bond Index | Russell 30%/10%/30%/30% Blended Index |
10/31/2014 | 10000.0 | 10000.0 | 10000.0 |
10/31/2015 | 9723.0 | 10196.0 | 10231.0 |
10/31/2016 | 9915.0 | 10642.0 | 10613.0 |
10/31/2017 | 10679.0 | 10737.0 | 11625.0 |
10/31/2018 | 10421.0 | 10517.0 | 11654.0 |
10/31/2019 | 11578.0 | 11728.0 | 13015.0 |
10/31/2020 | 12554.0 | 12454.0 | 13902.0 |
10/31/2021 | 14429.0 | 12394.0 | 15910.0 |
10/31/2022 | 11992.0 | 10451.0 | 13452.0 |
10/31/2023 | 12385.0 | 10488.0 | 14031.0 |
10/31/2024 | 14383.0 | 11595.0 | 16730.0 |
The returns are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to net asset values in accordance with accounting principles generally accepted in the United States of America.
The Bloomberg U.S. Aggregate Bond Index is an unmanaged, market-value weighted index of U.S. domestic investment-grade debt issues, including government, corporate, asset-backed, and mortgage-backed securities, with maturities of one year or more. Index returns provided by Intercontinental Exchange (ICE). The 30/10/30/30 Blended Index is 30% Russell 3000® Index (Russell 3000), 10% MSCI ACWI ex USA Index (ACWIxUS), 30% Bloomberg U.S. Aggregate Bond Index (BAB), and 30% Bloomberg U.S. Intermediate Aggregate Bond Index (BIAB). Russell 3000 is an unmanaged index that consists of 3,000 of the largest U.S. companies based on total market capitalization. Index returns provided by Bloomberg. ACWIxUS is designed to measure large and mid-cap representation across 22 of 23 Developed Markets countries (excluding the U.S.) and 24 Emerging Markets countries. Index returns provided by Bloomberg. BAB is an unmanaged, market value-weighted index of U.S. domestic investment-grade debt issues, including government, corporate, asset-backed and mortgage-backed securities with maturities of one year or more. Index returns provided by Intercontinental Exchange (ICE). BIAB is an unmanaged, market value-weighted index of U.S. domestic investment-grade debt issues, including government, corporate, asset-backed, and mortgage-backed securities with maturities of greater than one year but less than ten years. Index returns provided by Interactive Data. Index returns do not reflect any fees or expenses. Returns provided are calculated monthly using a blended allocation. Because the fund's asset allocation will vary over time, the composition of the fund's portfolio may not match the composition of the comparative Indices.
Average Annual Total Returns
(As of October 31, 2024)
| 1 Year | 5 Year | 10 Year |
|---|
Pro-Blend® Moderate Term Series - L | 16.14% | 4.43% | 3.70% |
Bloomberg U.S. Aggregate Bond Index | 10.55% | -0.23% | 1.49% |
Russell 30%/10%/30%/30% Blended Index | 19.24% | 5.15% | 5.28% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
Index data referenced herein is the property of each index sponsor (London Stock Exchange Group plc and its group undertakings (Russell, MSCI, and Bloomberg), their affiliates, and/or their third-party suppliers and has been licensed for use by Manning & Napier. For additional disclosure information, please see: https://go.manning-napier.com/benchmark-provisions.
Manning & Napier Pro-Blend® Moderate Term Series Tailored Shareholder Report MNPBMO-L-10/24-AR
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.
Manning & Napier Pro-Blend® Moderate Term Series Tailored Shareholder Report MNPBMO-L-10/24-AR
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.
Key Fund Statistics (as of October 31, 2024)
| |
|---|
Fund Size | $328,607,483 |
Number of Holdings | 239 |
Annual Portfolio Turnover | 59% |
Total Advisory Fees Paid (net of reimbursements) | $2,003,865 |
The total advisory fee represents management fees at fund level in aggregate dollar amount including waivers and reimbursements for the period and recoupments of waivers and/or reimbursements previously recorded by the Series.
Sector Allocation (% of net assets)
Sector | Allocation |
Financials | 0.142 |
Materials | 0.018 |
Industrials | 0.096 |
Health Care | 0.062 |
Communication Services | 0.056 |
Consumer Discretionary | 0.047 |
Information Technology | 0.055 |
Consumer Staples | 0.011 |
Real Estate | 0.032 |
Utilities | 0.014 |
Energy | 0.014 |
The Global Industry Classification Standard (GICS) was developed by and is exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor's a division of S&P Global 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.
What did the Fund invest in?
(as of October 31, 2024)
Top Investment Types | % |
|---|
Cash, Short-Term Investment, and Other Assets, Less Liabilities | 4.3 |
Commercial Mortgage-Backed Securities | 6.0 |
Common Stocks | 41.3 |
Asset-Backed Securities | 5.2 |
U.S. Government Agencies | 10.7 |
Foreign Government Bonds | 0.4 |
Municipal Bonds | 0.7 |
Corporate Bonds | 13.3 |
U.S. Treasury Bond | 4.2 |
U.S. Treasury Note | 13.9 |
Expressed as a percentage of net assets.
Householding
The Fund may send only one copy of the Series' prospectus and annual and semi-annual reports to certain shareholders residing at the same "household" for shareholders who have elected this option. This reduces Fund expenses, which benefits you and other shareholders. If you wish to change your "householding" option, please call (800) 466-3863 or contact your financial advisor.
Additional information about the Series, including its prospectus, financial information, holdings, and proxy information can be obtained at www.manning-napier.com/products/mutual-funds or by calling (800) 466-3863. Shareholders can also elect to receive certain documents via e-delivery. For more information or to sign up for e-delivery, please visit the Fund's website.
Manning & Napier Pro-Blend® Moderate Term Series Tailored Shareholder Report MNPBMO-L-10/24-AR
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.
Manning & Napier Pro-Blend® Moderate Term Series Tailored Shareholder Report MNPBMO-R-10/24-AR
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.
annual shareholder report Pro-Blend® Moderate Term Series ticker: MNMRX | |
This annual shareholder report contains important information about Pro-Blend® Moderate Term Series Class R, a series of Manning & Napier Fund Inc. (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.manning-napier.com/products/mutual-funds. You can also request this information by contacting us at (800) 466-3863. Shareholders who own the Fund through a third-party advisor or intermediary platform should contact their financial advisor directly for additional information.
What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class R | $139 | 1.28% |
Expenses are equal to each Class's annualized expense ratio (for the twelve-month period) multiplied by the average account value over the period. The Class's expenses would have been higher if certain expenses had not been waived or reimbursed during the period.
Management's Discussion of Fund Performance
How did the fund perform last year?
The Series delivered positive double-digit returns but underperformed its blended benchmark for the 12-month period ending 10/31/2024.
What factors influenced performance?
The Series' positive return benefited from exposure to both equities and fixed income securities with each asset class delivering double-digit returns. Equity markets rallied on the back of a resilient U.S. economy while bond markets benefited from the onset of the Federal Reserve's rate cut cycle contributing to interest rates falling across the yield curve. The Series' underperformance relative to the blended benchmark was primarily driven by an underweight to equities in comparison to the benchmark. Selection within equities was a relative contributor, as was fixed income positioning.
Positioning
Despite risks appearing broadly balanced to the upside and downside, we expect a degree of volatility in markets moving forward. We have positioned the Series with a generally defensive tilt through a primary focus on less economically sensitive businesses and those that can benefit from long-term secular, while also selectively identifying pockets of opportunity in more cyclical industries. Within fixed income, we continue to view securitized debt as relatively attractive and focus on securities with seniority in the capital structure that are backed by asset classes with high-quality fundamentals and low credit risk. Alternatively, we are more cautious on corporate credit as valuations remain elevated.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. The graph assumes a $10,000 initial investment in the Fund and an appropriate broad-based securities market index and a blended index that reflects the market sector in which the Fund invests for the same period.
Initial Investment of $10,000
Date | Pro-Blend® Moderate Term Series - R | Bloomberg U.S. Aggregate Bond Index | Russell 30%/10%/30%/30% Blended Index |
10/31/2014 | 10000.0 | 10000.0 | 10000.0 |
10/31/2015 | 9770.0 | 10196.0 | 10231.0 |
10/31/2016 | 10019.0 | 10642.0 | 10613.0 |
10/31/2017 | 10842.0 | 10737.0 | 11625.0 |
10/31/2018 | 10629.0 | 10517.0 | 11654.0 |
10/31/2019 | 11862.0 | 11728.0 | 13015.0 |
10/31/2020 | 12916.0 | 12454.0 | 13902.0 |
10/31/2021 | 14934.0 | 12394.0 | 15910.0 |
10/31/2022 | 12479.0 | 10451.0 | 13452.0 |
10/31/2023 | 12950.0 | 10488.0 | 14031.0 |
10/31/2024 | 15119.0 | 11595.0 | 16730.0 |
The returns are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to net asset values in accordance with accounting principles generally accepted in the United States of America.
The Bloomberg U.S. Aggregate Bond Index is an unmanaged, market-value weighted index of U.S. domestic investment-grade debt issues, including government, corporate, asset-backed, and mortgage-backed securities, with maturities of one year or more. Index returns provided by Intercontinental Exchange (ICE). The 30/10/30/30 Blended Index is 30% Russell 3000® Index (Russell 3000), 10% MSCI ACWI ex USA Index (ACWIxUS), 30% Bloomberg U.S. Aggregate Bond Index (BAB), and 30% Bloomberg U.S. Intermediate Aggregate Bond Index (BIAB). Russell 3000 is an unmanaged index that consists of 3,000 of the largest U.S. companies based on total market capitalization. Index returns provided by Bloomberg. ACWIxUS is designed to measure large and mid-cap representation across 22 of 23 Developed Markets countries (excluding the U.S.) and 24 Emerging Markets countries. Index returns provided by Bloomberg. BAB is an unmanaged, market value-weighted index of U.S. domestic investment-grade debt issues, including government, corporate, asset-backed and mortgage-backed securities with maturities of one year or more. Index returns provided by Intercontinental Exchange (ICE). BIAB is an unmanaged, market value-weighted index of U.S. domestic investment-grade debt issues, including government, corporate, asset-backed, and mortgage-backed securities with maturities of greater than one year but less than ten years. Index returns provided by Interactive Data. Index returns do not reflect any fees or expenses. Returns provided are calculated monthly using a blended allocation. Because the fund's asset allocation will vary over time, the composition of the fund's portfolio may not match the composition of the comparative Indices.
Average Annual Total Returns
(As of October 31, 2024)
| 1 Year | 5 Year | 10 Year |
|---|
Pro-Blend® Moderate Term Series - R | 16.75% | 4.97% | 4.22% |
Bloomberg U.S. Aggregate Bond Index | 10.55% | -0.23% | 1.49% |
Russell 30%/10%/30%/30% Blended Index | 19.24% | 5.15% | 5.28% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
Index data referenced herein is the property of each index sponsor (London Stock Exchange Group plc and its group undertakings (Russell, MSCI, and Bloomberg), their affiliates, and/or their third-party suppliers and has been licensed for use by Manning & Napier. For additional disclosure information, please see: https://go.manning-napier.com/benchmark-provisions.
Manning & Napier Pro-Blend® Moderate Term Series Tailored Shareholder Report MNPBMO-R-10/24-AR
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.
Manning & Napier Pro-Blend® Moderate Term Series Tailored Shareholder Report MNPBMO-R-10/24-AR
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.
Key Fund Statistics (as of October 31, 2024)
| |
|---|
Fund Size | $328,607,483 |
Number of Holdings | 239 |
Annual Portfolio Turnover | 59% |
Total Advisory Fees Paid (net of reimbursements) | $2,003,865 |
The total advisory fee represents management fees at fund level in aggregate dollar amount including waivers and reimbursements for the period and recoupments of waivers and/or reimbursements previously recorded by the Series.
Sector Allocation (% of net assets)
Sector | Allocation |
Financials | 0.142 |
Materials | 0.018 |
Industrials | 0.096 |
Health Care | 0.062 |
Communication Services | 0.056 |
Consumer Discretionary | 0.047 |
Information Technology | 0.055 |
Consumer Staples | 0.011 |
Real Estate | 0.032 |
Utilities | 0.014 |
Energy | 0.014 |
The Global Industry Classification Standard (GICS) was developed by and is exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor's a division of S&P Global 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.
What did the Fund invest in?
(as of October 31, 2024)
Top Investment Types | % |
|---|
Cash, Short-Term Investment, and Other Assets, Less Liabilities | 4.3 |
Commercial Mortgage-Backed Securities | 6.0 |
Common Stocks | 41.3 |
Asset-Backed Securities | 5.2 |
U.S. Government Agencies | 10.7 |
Foreign Government Bonds | 0.4 |
Municipal Bonds | 0.7 |
Corporate Bonds | 13.3 |
U.S. Treasury Bond | 4.2 |
U.S. Treasury Note | 13.9 |
Expressed as a percentage of net assets.
Householding
The Fund may send only one copy of the Series' prospectus and annual and semi-annual reports to certain shareholders residing at the same "household" for shareholders who have elected this option. This reduces Fund expenses, which benefits you and other shareholders. If you wish to change your "householding" option, please call (800) 466-3863 or contact your financial advisor.
Additional information about the Series, including its prospectus, financial information, holdings, and proxy information can be obtained at www.manning-napier.com/products/mutual-funds or by calling (800) 466-3863. Shareholders can also elect to receive certain documents via e-delivery. For more information or to sign up for e-delivery, please visit the Fund's website.
Manning & Napier Pro-Blend® Moderate Term Series Tailored Shareholder Report MNPBMO-R-10/24-AR
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.
Manning & Napier Pro-Blend® Moderate Term Series Tailored Shareholder Report MNPBMO-S-10/24-AR
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.
annual shareholder report Pro-Blend® Moderate Term Series ticker: EXBAX | |
This annual shareholder report contains important information about Pro-Blend® Moderate Term Series Class S, a series of Manning & Napier Fund Inc. (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.manning-napier.com/products/mutual-funds. You can also request this information by contacting us at (800) 466-3863. Shareholders who own the Fund through a third-party advisor or intermediary platform should contact their financial advisor directly for additional information.
What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class S | $115 | 1.06% |
Expenses are equal to each Class's annualized expense ratio (for the twelve-month period) multiplied by the average account value over the period. The Class's expenses would have been higher if certain expenses had not been waived or reimbursed during the period.
Management's Discussion of Fund Performance
How did the fund perform last year?
The Series delivered positive double-digit returns but underperformed its blended benchmark for the 12-month period ending 10/31/2024.
What factors influenced performance?
The Series' positive return benefited from exposure to both equities and fixed income securities with each asset class delivering double-digit returns. Equity markets rallied on the back of a resilient U.S. economy while bond markets benefited from the onset of the Federal Reserve's rate cut cycle contributing to interest rates falling across the yield curve. The Series' underperformance relative to the blended benchmark was primarily driven by an underweight to equities in comparison to the benchmark. Selection within equities was a relative contributor, as was fixed income positioning.
Positioning
Despite risks appearing broadly balanced to the upside and downside, we expect a degree of volatility in markets moving forward. We have positioned the Series with a generally defensive tilt through a primary focus on less economically sensitive businesses and those that can benefit from long-term secular, while also selectively identifying pockets of opportunity in more cyclical industries. Within fixed income, we continue to view securitized debt as relatively attractive and focus on securities with seniority in the capital structure that are backed by asset classes with high-quality fundamentals and low credit risk. Alternatively, we are more cautious on corporate credit as valuations remain elevated.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. The graph assumes a $10,000 initial investment in the Fund and an appropriate broad-based securities market index and a blended index that reflects the market sector in which the Fund invests for the same period.
Initial Investment of $10,000
Date | Pro-Blend® Moderate Term Series - S | Bloomberg U.S. Aggregate Bond Index | Russell 30%/10%/30%/30% Blended Index |
10/31/2014 | 10000.0 | 10000.0 | 10000.0 |
10/31/2015 | 9801.0 | 10196.0 | 10231.0 |
10/31/2016 | 10072.0 | 10642.0 | 10613.0 |
10/31/2017 | 10924.0 | 10737.0 | 11625.0 |
10/31/2018 | 10742.0 | 10517.0 | 11654.0 |
10/31/2019 | 12015.0 | 11728.0 | 13015.0 |
10/31/2020 | 13129.0 | 12454.0 | 13902.0 |
10/31/2021 | 15201.0 | 12394.0 | 15910.0 |
10/31/2022 | 12728.0 | 10451.0 | 13452.0 |
10/31/2023 | 13244.0 | 10488.0 | 14031.0 |
10/31/2024 | 15489.0 | 11595.0 | 16730.0 |
The returns are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to net asset values in accordance with accounting principles generally accepted in the United States of America.
The Bloomberg U.S. Aggregate Bond Index is an unmanaged, market-value weighted index of U.S. domestic investment-grade debt issues, including government, corporate, asset-backed, and mortgage-backed securities, with maturities of one year or more. Index returns provided by Intercontinental Exchange (ICE). The 30/10/30/30 Blended Index is 30% Russell 3000® Index (Russell 3000), 10% MSCI ACWI ex USA Index (ACWIxUS), 30% Bloomberg U.S. Aggregate Bond Index (BAB), and 30% Bloomberg U.S. Intermediate Aggregate Bond Index (BIAB). Russell 3000 is an unmanaged index that consists of 3,000 of the largest U.S. companies based on total market capitalization. Index returns provided by Bloomberg. ACWIxUS is designed to measure large and mid-cap representation across 22 of 23 Developed Markets countries (excluding the U.S.) and 24 Emerging Markets countries. Index returns provided by Bloomberg. BAB is an unmanaged, market value-weighted index of U.S. domestic investment-grade debt issues, including government, corporate, asset-backed and mortgage-backed securities with maturities of one year or more. Index returns provided by Intercontinental Exchange (ICE). BIAB is an unmanaged, market value-weighted index of U.S. domestic investment-grade debt issues, including government, corporate, asset-backed, and mortgage-backed securities with maturities of greater than one year but less than ten years. Index returns provided by Interactive Data. Index returns do not reflect any fees or expenses. Returns provided are calculated monthly using a blended allocation. Because the fund's asset allocation will vary over time, the composition of the fund's portfolio may not match the composition of the comparative Indices.
Average Annual Total Returns
(As of October 31, 2024)
| 1 Year | 5 Year | 10 Year |
|---|
Pro-Blend® Moderate Term Series - S | 16.95% | 5.21% | 4.47% |
Bloomberg U.S. Aggregate Bond Index | 10.55% | -0.23% | 1.49% |
Russell 30%/10%/30%/30% Blended Index | 19.24% | 5.15% | 5.28% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
Index data referenced herein is the property of each index sponsor (London Stock Exchange Group plc and its group undertakings (Russell, MSCI, and Bloomberg), their affiliates, and/or their third-party suppliers and has been licensed for use by Manning & Napier. For additional disclosure information, please see: https://go.manning-napier.com/benchmark-provisions.
Manning & Napier Pro-Blend® Moderate Term Series Tailored Shareholder Report MNPBMO-S-10/24-AR
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.
Manning & Napier Pro-Blend® Moderate Term Series Tailored Shareholder Report MNPBMO-S-10/24-AR
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.
Key Fund Statistics (as of October 31, 2024)
| |
|---|
Fund Size | $328,607,483 |
Number of Holdings | 239 |
Annual Portfolio Turnover | 59% |
Total Advisory Fees Paid (net of reimbursements) | $2,003,865 |
The total advisory fee represents management fees at fund level in aggregate dollar amount including waivers and reimbursements for the period and recoupments of waivers and/or reimbursements previously recorded by the Series.
Sector Allocation (% of net assets)
Sector | Allocation |
Financials | 0.142 |
Materials | 0.018 |
Industrials | 0.096 |
Health Care | 0.062 |
Communication Services | 0.056 |
Consumer Discretionary | 0.047 |
Information Technology | 0.055 |
Consumer Staples | 0.011 |
Real Estate | 0.032 |
Utilities | 0.014 |
Energy | 0.014 |
The Global Industry Classification Standard (GICS) was developed by and is exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor's a division of S&P Global 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.
What did the Fund invest in?
(as of October 31, 2024)
Top Investment Types | % |
|---|
Cash, Short-Term Investment, and Other Assets, Less Liabilities | 4.3 |
Commercial Mortgage-Backed Securities | 6.0 |
Common Stocks | 41.3 |
Asset-Backed Securities | 5.2 |
U.S. Government Agencies | 10.7 |
Foreign Government Bonds | 0.4 |
Municipal Bonds | 0.7 |
Corporate Bonds | 13.3 |
U.S. Treasury Bond | 4.2 |
U.S. Treasury Note | 13.9 |
Expressed as a percentage of net assets.
Householding
The Fund may send only one copy of the Series' prospectus and annual and semi-annual reports to certain shareholders residing at the same "household" for shareholders who have elected this option. This reduces Fund expenses, which benefits you and other shareholders. If you wish to change your "householding" option, please call (800) 466-3863 or contact your financial advisor.
Additional information about the Series, including its prospectus, financial information, holdings, and proxy information can be obtained at www.manning-napier.com/products/mutual-funds or by calling (800) 466-3863. Shareholders can also elect to receive certain documents via e-delivery. For more information or to sign up for e-delivery, please visit the Fund's website.
Manning & Napier Pro-Blend® Moderate Term Series Tailored Shareholder Report MNPBMO-S-10/24-AR
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.
Manning & Napier Pro-Blend® Moderate Term Series Tailored Shareholder Report MNPBMO-I-10/24-AR
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.
annual shareholder report Pro-Blend® Moderate Term Series ticker: MNMIX | |
This annual shareholder report contains important information about Pro-Blend® Moderate Term Series Class I, a series of Manning & Napier Fund Inc. (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.manning-napier.com/products/mutual-funds. You can also request this information by contacting us at (800) 466-3863. Shareholders who own the Fund through a third-party advisor or intermediary platform should contact their financial advisor directly for additional information.
What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class I | $92 | 0.85% |
Expenses are equal to each Class's annualized expense ratio (for the twelve-month period) multiplied by the average account value over the period. The Class's expenses would have been higher if certain expenses had not been waived or reimbursed during the period.
Management's Discussion of Fund Performance
How did the fund perform last year?
The Series delivered positive double-digit returns but underperformed its blended benchmark for the 12-month period ending 10/31/2024.
What factors influenced performance?
The Series' positive return benefited from exposure to both equities and fixed income securities with each asset class delivering double-digit returns. Equity markets rallied on the back of a resilient U.S. economy while bond markets benefited from the onset of the Federal Reserve's rate cut cycle contributing to interest rates falling across the yield curve. The Series' underperformance relative to the blended benchmark was primarily driven by an underweight to equities in comparison to the benchmark. Selection within equities was a relative contributor, as was fixed income positioning.
Positioning
Despite risks appearing broadly balanced to the upside and downside, we expect a degree of volatility in markets moving forward. We have positioned the Series with a generally defensive tilt through a primary focus on less economically sensitive businesses and those that can benefit from long-term secular, while also selectively identifying pockets of opportunity in more cyclical industries. Within fixed income, we continue to view securitized debt as relatively attractive and focus on securities with seniority in the capital structure that are backed by asset classes with high-quality fundamentals and low credit risk. Alternatively, we are more cautious on corporate credit as valuations remain elevated.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. The graph assumes a $10,000 initial investment in the Fund and an appropriate broad-based securities market index and a blended index that reflects the market sector in which the Fund invests for the same period.
Initial Investment of $10,000
Date | Pro-Blend® Moderate Term Series - I | Bloomberg U.S. Aggregate Bond Index | Russell 30%/10%/30%/30% Blended Index |
10/31/2014 | 10000.0 | 10000.0 | 10000.0 |
10/31/2015 | 9824.0 | 10196.0 | 10231.0 |
10/31/2016 | 10126.0 | 10642.0 | 10613.0 |
10/31/2017 | 11010.0 | 10737.0 | 11625.0 |
10/31/2018 | 10846.0 | 10517.0 | 11654.0 |
10/31/2019 | 12169.0 | 11728.0 | 13015.0 |
10/31/2020 | 13310.0 | 12454.0 | 13902.0 |
10/31/2021 | 15453.0 | 12394.0 | 15910.0 |
10/31/2022 | 12966.0 | 10451.0 | 13452.0 |
10/31/2023 | 13522.0 | 10488.0 | 14031.0 |
10/31/2024 | 15858.0 | 11595.0 | 16730.0 |
The returns are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to net asset values in accordance with accounting principles generally accepted in the United States of America.
The Bloomberg U.S. Aggregate Bond Index is an unmanaged, market-value weighted index of U.S. domestic investment-grade debt issues, including government, corporate, asset-backed, and mortgage-backed securities, with maturities of one year or more. Index returns provided by Intercontinental Exchange (ICE). The 30/10/30/30 Blended Index is 30% Russell 3000® Index (Russell 3000), 10% MSCI ACWI ex USA Index (ACWIxUS), 30% Bloomberg U.S. Aggregate Bond Index (BAB), and 30% Bloomberg U.S. Intermediate Aggregate Bond Index (BIAB). Russell 3000 is an unmanaged index that consists of 3,000 of the largest U.S. companies based on total market capitalization. Index returns provided by Bloomberg. ACWIxUS is designed to measure large and mid-cap representation across 22 of 23 Developed Markets countries (excluding the U.S.) and 24 Emerging Markets countries. Index returns provided by Bloomberg. BAB is an unmanaged, market value-weighted index of U.S. domestic investment-grade debt issues, including government, corporate, asset-backed and mortgage-backed securities with maturities of one year or more. Index returns provided by Intercontinental Exchange (ICE). BIAB is an unmanaged, market value-weighted index of U.S. domestic investment-grade debt issues, including government, corporate, asset-backed, and mortgage-backed securities with maturities of greater than one year but less than ten years. Index returns provided by Interactive Data. Index returns do not reflect any fees or expenses. Returns provided are calculated monthly using a blended allocation. Because the fund's asset allocation will vary over time, the composition of the fund's portfolio may not match the composition of the comparative Indices.
Average Annual Total Returns
(As of October 31, 2024)
| 1 Year | 5 Year | 10 Year |
|---|
Pro-Blend® Moderate Term Series - I | 17.27% | 5.44% | 4.72% |
Bloomberg U.S. Aggregate Bond Index | 10.55% | -0.23% | 1.49% |
Russell 30%/10%/30%/30% Blended Index | 19.24% | 5.15% | 5.28% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
Index data referenced herein is the property of each index sponsor (London Stock Exchange Group plc and its group undertakings (Russell, MSCI, and Bloomberg), their affiliates, and/or their third-party suppliers and has been licensed for use by Manning & Napier. For additional disclosure information, please see: https://go.manning-napier.com/benchmark-provisions.
Manning & Napier Pro-Blend® Moderate Term Series Tailored Shareholder Report MNPBMO-I-10/24-AR
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.
Manning & Napier Pro-Blend® Moderate Term Series Tailored Shareholder Report MNPBMO-I-10/24-AR
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.
Key Fund Statistics (as of October 31, 2024)
| |
|---|
Fund Size | $328,607,483 |
Number of Holdings | 239 |
Annual Portfolio Turnover | 59% |
Total Advisory Fees Paid (net of reimbursements) | $2,003,865 |
The total advisory fee represents management fees at fund level in aggregate dollar amount including waivers and reimbursements for the period and recoupments of waivers and/or reimbursements previously recorded by the Series.
Sector Allocation (% of net assets)
Sector | Allocation |
Financials | 0.142 |
Materials | 0.018 |
Industrials | 0.096 |
Health Care | 0.062 |
Communication Services | 0.056 |
Consumer Discretionary | 0.047 |
Information Technology | 0.055 |
Consumer Staples | 0.011 |
Real Estate | 0.032 |
Utilities | 0.014 |
Energy | 0.014 |
The Global Industry Classification Standard (GICS) was developed by and is exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor's a division of S&P Global 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.
What did the Fund invest in?
(as of October 31, 2024)
Top Investment Types | % |
|---|
Cash, Short-Term Investment, and Other Assets, Less Liabilities | 4.3 |
Commercial Mortgage-Backed Securities | 6.0 |
Common Stocks | 41.3 |
Asset-Backed Securities | 5.2 |
U.S. Government Agencies | 10.7 |
Foreign Government Bonds | 0.4 |
Municipal Bonds | 0.7 |
Corporate Bonds | 13.3 |
U.S. Treasury Bond | 4.2 |
U.S. Treasury Note | 13.9 |
Expressed as a percentage of net assets.
Householding
The Fund may send only one copy of the Series' prospectus and annual and semi-annual reports to certain shareholders residing at the same "household" for shareholders who have elected this option. This reduces Fund expenses, which benefits you and other shareholders. If you wish to change your "householding" option, please call (800) 466-3863 or contact your financial advisor.
Additional information about the Series, including its prospectus, financial information, holdings, and proxy information can be obtained at www.manning-napier.com/products/mutual-funds or by calling (800) 466-3863. Shareholders can also elect to receive certain documents via e-delivery. For more information or to sign up for e-delivery, please visit the Fund's website.
Manning & Napier Pro-Blend® Moderate Term Series Tailored Shareholder Report MNPBMO-I-10/24-AR
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.
Manning & Napier Pro-Blend® Moderate Term Series Tailored Shareholder Report MNPBMO-W-10/24-AR
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.
annual shareholder report Pro-Blend® Moderate Term Series ticker: MNMWX | |
This annual shareholder report contains important information about Pro-Blend® Moderate Term Series Class W, a series of Manning & Napier Fund Inc. (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.manning-napier.com/products/mutual-funds. You can also request this information by contacting us at (800) 466-3863. Shareholders who own the Fund through a third-party advisor or intermediary platform should contact their financial advisor directly for additional information.
What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class W | $11 | 0.10% |
Expenses are equal to each Class's annualized expense ratio (for the twelve-month period) multiplied by the average account value over the period. The Advisor has contractually agreed to waive the management fee for the Class W shares. The Class's expenses would have been higher if certain expenses had not been waived or reimbursed during the period.
Management's Discussion of Fund Performance
How did the fund perform last year?
The Series delivered positive double-digit returns but underperformed its blended benchmark for the 12-month period ending 10/31/2024.
What factors influenced performance?
The Series' positive return benefited from exposure to both equities and fixed income securities with each asset class delivering double-digit returns. Equity markets rallied on the back of a resilient U.S. economy while bond markets benefited from the onset of the Federal Reserve's rate cut cycle contributing to interest rates falling across the yield curve. The Series' underperformance relative to the blended benchmark was primarily driven by an underweight to equities in comparison to the benchmark. Selection within equities was a relative contributor, as was fixed income positioning.
Positioning
Despite risks appearing broadly balanced to the upside and downside, we expect a degree of volatility in markets moving forward. We have positioned the Series with a generally defensive tilt through a primary focus on less economically sensitive businesses and those that can benefit from long-term secular, while also selectively identifying pockets of opportunity in more cyclical industries. Within fixed income, we continue to view securitized debt as relatively attractive and focus on securities with seniority in the capital structure that are backed by asset classes with high-quality fundamentals and low credit risk. Alternatively, we are more cautious on corporate credit as valuations remain elevated.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. The graph assumes a $10,000 initial investment in the Fund and an appropriate broad-based securities market index and a blended index that reflects the market sector in which the Fund invests for the same period.
Initial Investment of $10,000
Date | Pro-Blend® Moderate Term Series - W | Bloomberg U.S. Aggregate Bond Index | Russell 30%/10%/30%/30% Blended Index |
10/31/2014 | 10000.0 | 10000.0 | 10000.0 |
10/31/2015 | 9801.0 | 10196.0 | 10231.0 |
10/31/2016 | 10072.0 | 10642.0 | 10613.0 |
10/31/2017 | 10924.0 | 10737.0 | 11625.0 |
10/31/2018 | 10742.0 | 10517.0 | 11654.0 |
10/31/2019 | 12080.0 | 11728.0 | 13015.0 |
10/31/2020 | 13325.0 | 12454.0 | 13902.0 |
10/31/2021 | 15586.0 | 12394.0 | 15910.0 |
10/31/2022 | 13166.0 | 10451.0 | 13452.0 |
10/31/2023 | 13838.0 | 10488.0 | 14031.0 |
10/31/2024 | 16334.0 | 11595.0 | 16730.0 |
The returns are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to net asset values in accordance with accounting principles generally accepted in the United States of America.
For periods through April 1, 2019 (the inception date of the Class W shares), performance for the Class W shares is based on the historical performance of the Class S shares. Because the Class W shares invest in the same portfolio of securities as the Class S shares, performance will be different only to the extent that the Class S shares have a higher expense ratio.
The Bloomberg U.S. Aggregate Bond Index is an unmanaged, market-value weighted index of U.S. domestic investment-grade debt issues, including government, corporate, asset-backed, and mortgage-backed securities, with maturities of one year or more. Index returns provided by Intercontinental Exchange (ICE). The 30/10/30/30 Blended Index is 30% Russell 3000® Index (Russell 3000), 10% MSCI ACWI ex USA Index (ACWIxUS), 30% Bloomberg U.S. Aggregate Bond Index (BAB), and 30% Bloomberg U.S. Intermediate Aggregate Bond Index (BIAB). Russell 3000 is an unmanaged index that consists of 3,000 of the largest U.S. companies based on total market capitalization. Index returns provided by Bloomberg. ACWIxUS is designed to measure large and mid-cap representation across 22 of 23 Developed Markets countries (excluding the U.S.) and 24 Emerging Markets countries. Index returns provided by Bloomberg. BAB is an unmanaged, market value-weighted index of U.S. domestic investment-grade debt issues, including government, corporate, asset-backed and mortgage-backed securities with maturities of one year or more. Index returns provided by Intercontinental Exchange (ICE). BIAB is an unmanaged, market value-weighted index of U.S. domestic investment-grade debt issues, including government, corporate, asset-backed, and mortgage-backed securities with maturities of greater than one year but less than ten years. Index returns provided by Interactive Data. Index returns do not reflect any fees or expenses. Returns provided are calculated monthly using a blended allocation. Because the fund's asset allocation will vary over time, the composition of the fund's portfolio may not match the composition of the comparative Indices.
Average Annual Total Returns
(As of October 31, 2024)
| 1 Year | 5 Year | 10 Year |
|---|
Pro-Blend® Moderate Term Series - W | 18.04% | 6.22% | 5.03% |
Bloomberg U.S. Aggregate Bond Index | 10.55% | -0.23% | 1.49% |
Russell 30%/10%/30%/30% Blended Index | 19.24% | 5.15% | 5.28% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
Index data referenced herein is the property of each index sponsor (London Stock Exchange Group plc and its group undertakings (Russell, MSCI, and Bloomberg), their affiliates, and/or their third-party suppliers and has been licensed for use by Manning & Napier. For additional disclosure information, please see: https://go.manning-napier.com/benchmark-provisions.
Manning & Napier Pro-Blend® Moderate Term Series Tailored Shareholder Report MNPBMO-W-10/24-AR
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.
Manning & Napier Pro-Blend® Moderate Term Series Tailored Shareholder Report MNPBMO-W-10/24-AR
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.
Key Fund Statistics (as of October 31, 2024)
| |
|---|
Fund Size | |
Number of Holdings | 239 |
Annual Portfolio Turnover | 59% |
Total Advisory Fees Paid (net of reimbursements) | $2,003,865 |
The total advisory fee represents management fees at fund level in aggregate dollar amount including waivers and reimbursements for the period and recoupments of waivers and/or reimbursements previously recorded by the Series.
Sector Allocation (% of net assets)
Sector | Allocation |
Financials | 0.142 |
Materials | 0.018 |
Industrials | 0.096 |
Health Care | 0.062 |
Communication Services | 0.056 |
Consumer Discretionary | 0.047 |
Information Technology | 0.055 |
Consumer Staples | 0.011 |
Real Estate | 0.032 |
Utilities | 0.014 |
Energy | 0.014 |
The Global Industry Classification Standard (GICS) was developed by and is exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor's a division of S&P Global 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.
What did the Fund invest in?
(as of October 31, 2024)
Top Investment Types | % |
|---|
Cash, Short-Term Investment, and Other Assets, Less Liabilities | 4.3 |
Commercial Mortgage-Backed Securities | 6.0 |
Common Stocks | 41.3 |
Asset-Backed Securities | 5.2 |
U.S. Government Agencies | 10.7 |
Foreign Government Bonds | 0.4 |
Municipal Bonds | 0.7 |
Corporate Bonds | 13.3 |
U.S. Treasury Bond | 4.2 |
U.S. Treasury Note | 13.9 |
Expressed as a percentage of net assets.
Householding
The Fund may send only one copy of the Series' prospectus and annual and semi-annual reports to certain shareholders residing at the same "household" for shareholders who have elected this option. This reduces Fund expenses, which benefits you and other shareholders. If you wish to change your "householding" option, please call (800) 466-3863 or contact your financial advisor.
Additional information about the Series, including its prospectus, financial information, holdings, and proxy information can be obtained at www.manning-napier.com/products/mutual-funds or by calling (800) 466-3863. Shareholders can also elect to receive certain documents via e-delivery. For more information or to sign up for e-delivery, please visit the Fund's website.
Manning & Napier Pro-Blend® Moderate Term Series Tailored Shareholder Report MNPBMO-W-10/24-AR
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.
Manning & Napier Pro-Blend® Extended Term Series Tailored Shareholder Report MNPBEX-L-10/24-AR
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.
annual shareholder report Pro-Blend® Extended Term Series ticker: MNECX | |
This annual shareholder report contains important information about Pro-Blend® Extended Term Series Class L, a series of Manning & Napier Fund Inc. (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.manning-napier.com/products/mutual-funds. You can also request this information by contacting us at (800) 466-3863. Shareholders who own the Fund through a third-party advisor or intermediary platform should contact their financial advisor directly for additional information.
What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class L | $195 | 1.78% |
Expenses are equal to each Class's annualized expense ratio (for the twelve-month period) multiplied by the average account value over the period. The Class's expenses would have been higher if certain expenses had not been waived or reimbursed during the period.
Management's Discussion of Fund Performance
How did the fund perform last year?
The Series delivered positive double-digit returns but underperformed its blended benchmark for the 12-month period ending 10/31/2024.
What factors influenced performance?
The Series' positive return benefited from exposure to both equities and fixed income securities with each asset class delivering double-digit returns. Equity markets rallied on the back of a resilient U.S. economy while bond markets benefited from the onset of the Federal Reserve's rate cut cycle contributing to interest rates falling across the yield curve. The Series' underperformance relative to the blended benchmark was primarily driven by an underweight to equities in comparison to the benchmark. Selection within equities was a relative contributor, as was fixed income positioning.
Positioning
Despite risks appearing broadly balanced to the upside and downside, we expect a degree of volatility in markets moving forward. We have positioned the Series with a generally defensive tilt through a primary focus on less economically sensitive businesses and those that can benefit from long-term secular, while also selectively identifying pockets of opportunity in more cyclical industries. Within fixed income, we continue to view securitized debt as relatively attractive and focus on securities with seniority in the capital structure that are backed by asset classes with high-quality fundamentals and low credit risk. Alternatively, we are more cautious on corporate credit as valuations remain elevated.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. The graph assumes a $10,000 initial investment in the Fund and an appropriate broad-based securities market index and a blended index that reflects the market sector in which the Fund invests for the same period.
Initial Investment of $10,000
Date | Pro-Blend® Extended Term Series - L | MSCI USA IMI | 40%/15%/45% Blended Index |
10/31/2014 | 10000.0 | 10000.0 | 10000.0 |
10/31/2015 | 9709.0 | 10390.0 | 10220.0 |
10/31/2016 | 9954.0 | 10778.0 | 10614.0 |
10/31/2017 | 10981.0 | 13281.0 | 12003.0 |
10/31/2018 | 10747.0 | 14090.0 | 12066.0 |
10/31/2019 | 12065.0 | 15907.0 | 13600.0 |
10/31/2020 | 13256.0 | 17464.0 | 14566.0 |
10/31/2021 | 15958.0 | 25079.0 | 17537.0 |
10/31/2022 | 12920.0 | 20852.0 | 14533.0 |
10/31/2023 | 13401.0 | 22534.0 | 15321.0 |
10/31/2024 | 15958.0 | 30962.0 | 18852.0 |
The returns are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to net asset values in accordance with accounting principles generally accepted in the United States of America.
The MSCI USA Investable Market Index (IMI) is designed to measure large, mid, and small-cap representation across the US market. Index returns provided by Bloomberg. The 40/15/45 Blended Index is 40% Russell 3000® Index (Russell 3000), 15% MSCI ACWI ex USA Index (ACWIxUS), and 45% Bloomberg U.S. Aggregate Bond Index (BAB). Russell 3000 is an unmanaged index that consists of 3,000 of the largest U.S. companies based on total market capitalization. Index returns provided by Bloomberg. ACWIxUS is designed to measure large and mid-cap representation across 22 of 23 Developed Markets countries (excluding the U.S.) and 24 Emerging Markets countries. Index returns provided by Bloomberg. BAB is an unmanaged, market value-weighted index of U.S. domestic investment-grade debt issues, including government, corporate, asset-backed and mortgage-backed securities with maturities of one year or more. Index returns provided by Intercontinental Exchange (ICE). Index returns do not reflect any fees or expenses. Returns provided are calculated monthly using a blended allocation. Because the fund's asset allocation will vary over time, the composition of the fund's portfolio may not match the composition of the comparative Indices.
Average Annual Total Returns
(As of October 31, 2024)
| 1 Year | 5 Year | 10 Year |
|---|
Pro-Blend® Extended Term Series - L | 19.08% | 5.75% | 4.78% |
MSCI USA IMI | 37.40% | 14.25% | 11.97% |
40%/15%/45% Blended Index | 23.05% | 6.74% | 6.54% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
Index data referenced herein is the property of each index sponsor (London Stock Exchange Group plc and its group undertakings (Russell, MSCI, and Bloomberg), their affiliates, and/or their third-party suppliers and has been licensed for use by Manning & Napier. For additional disclosure information, please see: https://go.manning-napier.com/benchmark-provisions.
Manning & Napier Pro-Blend® Extended Term Series Tailored Shareholder Report MNPBEX-L-10/24-AR
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.
Manning & Napier Pro-Blend® Extended Term Series Tailored Shareholder Report MNPBEX-L-10/24-AR
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.
Key Fund Statistics (as of October 31, 2024)
| |
|---|
Fund Size | $556,355,912 |
Number of Holdings | 241 |
Annual Portfolio Turnover | 71% |
Total Advisory Fees Paid (net of reimbursements) | $3,365,349 |
The total advisory fee represents management fees at fund level in aggregate dollar amount including waivers and reimbursements.
Sector Allocation (% of net assets)
Sector | Allocation |
Financials | 0.15 |
Materials | 0.021 |
Industrials | 0.123 |
Health Care | 0.083 |
Communication Services | 0.07 |
Consumer Discretionary | 0.059 |
Information Technology | 0.074 |
Consumer Staples | 0.016 |
Real Estate | 0.032 |
Utilities | 0.015 |
Energy | 0.011 |
The Global Industry Classification Standard (GICS) was developed by and is exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor's a division of S&P Global 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.
What did the Fund invest in?
(as of October 31, 2024)
Top Investment Types | % |
|---|
Cash, Short-Term Investment, and Other Assets, Less Liabilities | 3.4 |
Commercial Mortgage-Backed Securities | 4.6 |
Common Stocks | 55.2 |
Asset-Backed Securities | 4.4 |
U.S. Government Agencies | 7.8 |
Foreign Government Bonds | 0.2 |
Municipal Bonds | 0.3 |
Corporate Bonds | 10.1 |
U.S. Treasury Bond | 5.1 |
U.S. Treasury Note | 8.9 |
Expressed as a percentage of net assets.
Householding
The Fund may send only one copy of the Series' prospectus and annual and semi-annual reports to certain shareholders residing at the same "household" for shareholders who have elected this option. This reduces Fund expenses, which benefits you and other shareholders. If you wish to change your "householding" option, please call (800) 466-3863 or contact your financial advisor.
Additional information about the Series, including its prospectus, financial information, holdings, and proxy information can be obtained at www.manning-napier.com/products/mutual-funds or by calling (800) 466-3863. Shareholders can also elect to receive certain documents via e-delivery. For more information or to sign up for e-delivery, please visit the Fund's website.
Manning & Napier Pro-Blend® Extended Term Series Tailored Shareholder Report MNPBEX-L-10/24-AR
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.
Manning & Napier Pro-Blend® Extended Term Series Tailored Shareholder Report MNPBEX-R-10/24-AR
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.
annual shareholder report Pro-Blend® Extended Term Series ticker: MNBRX | |
This annual shareholder report contains important information about Pro-Blend® Extended Term Series Class R, a series of Manning & Napier Fund Inc. (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.manning-napier.com/products/mutual-funds. You can also request this information by contacting us at (800) 466-3863. Shareholders who own the Fund through a third-party advisor or intermediary platform should contact their financial advisor directly for additional information.
What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class R | $139 | 1.27% |
Expenses are equal to each Class's annualized expense ratio (for the twelve-month period) multiplied by the average account value over the period. The Class's expenses would have been higher if certain expenses had not been waived or reimbursed during the period.
Management's Discussion of Fund Performance
How did the fund perform last year?
The Series delivered positive double-digit returns but underperformed its blended benchmark for the 12-month period ending 10/31/2024.
What factors influenced performance?
The Series' positive return benefited from exposure to both equities and fixed income securities with each asset class delivering double-digit returns. Equity markets rallied on the back of a resilient U.S. economy while bond markets benefited from the onset of the Federal Reserve's rate cut cycle contributing to interest rates falling across the yield curve. The Series' underperformance relative to the blended benchmark was primarily driven by an underweight to equities in comparison to the benchmark. Selection within equities was a relative contributor, as was fixed income positioning.
Positioning
Despite risks appearing broadly balanced to the upside and downside, we expect a degree of volatility in markets moving forward. We have positioned the Series with a generally defensive tilt through a primary focus on less economically sensitive businesses and those that can benefit from long-term secular, while also selectively identifying pockets of opportunity in more cyclical industries. Within fixed income, we continue to view securitized debt as relatively attractive and focus on securities with seniority in the capital structure that are backed by asset classes with high-quality fundamentals and low credit risk. Alternatively, we are more cautious on corporate credit as valuations remain elevated.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. The graph assumes a $10,000 initial investment in the Fund and an appropriate broad-based securities market index and a blended index that reflects the market sector in which the Fund invests for the same period.
Initial Investment of $10,000
Date | Pro-Blend® Extended Term Series - R | MSCI USA IMI | 40%/15%/45% Blended Index |
10/31/2014 | 10000.0 | 10000.0 | 10000.0 |
10/31/2015 | 9761.0 | 10390.0 | 10220.0 |
10/31/2016 | 10047.0 | 10778.0 | 10614.0 |
10/31/2017 | 11149.0 | 13281.0 | 12003.0 |
10/31/2018 | 10965.0 | 14090.0 | 12066.0 |
10/31/2019 | 12360.0 | 15907.0 | 13600.0 |
10/31/2020 | 13661.0 | 17464.0 | 14566.0 |
10/31/2021 | 16511.0 | 25079.0 | 17537.0 |
10/31/2022 | 13460.0 | 20852.0 | 14533.0 |
10/31/2023 | 14025.0 | 22534.0 | 15321.0 |
10/31/2024 | 16782.0 | 30962.0 | 18852.0 |
The returns are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to net asset values in accordance with accounting principles generally accepted in the United States of America.
The MSCI USA Investable Market Index (IMI) is designed to measure large, mid, and small-cap representation across the US market. Index returns provided by Bloomberg. The 40/15/45 Blended Index is 40% Russell 3000® Index (Russell 3000), 15% MSCI ACWI ex USA Index (ACWIxUS), and 45% Bloomberg U.S. Aggregate Bond Index (BAB). Russell 3000 is an unmanaged index that consists of 3,000 of the largest U.S. companies based on total market capitalization. Index returns provided by Bloomberg. ACWIxUS is designed to measure large and mid-cap representation across 22 of 23 Developed Markets countries (excluding the U.S.) and 24 Emerging Markets countries. Index returns provided by Bloomberg. BAB is an unmanaged, market value-weighted index of U.S. domestic investment-grade debt issues, including government, corporate, asset-backed and mortgage-backed securities with maturities of one year or more. Index returns provided by Intercontinental Exchange (ICE). Index returns do not reflect any fees or expenses. Returns provided are calculated monthly using a blended allocation. Because the fund's asset allocation will vary over time, the composition of the fund's portfolio may not match the composition of the comparative Indices.
Average Annual Total Returns
(As of October 31, 2024)
| 1 Year | 5 Year | 10 Year |
|---|
Pro-Blend® Extended Term Series - R | 19.66% | 6.31% | 5.31% |
MSCI USA IMI | 37.40% | 14.25% | 11.97% |
40%/15%/45% Blended Index | 23.05% | 6.74% | 6.54% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
Index data referenced herein is the property of each index sponsor (London Stock Exchange Group plc and its group undertakings (Russell, MSCI, and Bloomberg), their affiliates, and/or their third-party suppliers and has been licensed for use by Manning & Napier. For additional disclosure information, please see: https://go.manning-napier.com/benchmark-provisions.
Manning & Napier Pro-Blend® Extended Term Series Tailored Shareholder Report MNPBEX-R-10/24-AR
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.
Manning & Napier Pro-Blend® Extended Term Series Tailored Shareholder Report MNPBEX-R-10/24-AR
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.
Key Fund Statistics (as of October 31, 2024)
| |
|---|
Fund Size | $556,355,912 |
Number of Holdings | 241 |
Annual Portfolio Turnover | 71% |
Total Advisory Fees Paid (net of reimbursements) | $3,365,349 |
The total advisory fee represents management fees at fund level in aggregate dollar amount including waivers and reimbursements.
Sector Allocation (% of net assets)
Sector | Allocation |
Financials | 0.15 |
Materials | 0.021 |
Industrials | 0.123 |
Health Care | 0.083 |
Communication Services | 0.07 |
Consumer Discretionary | 0.059 |
Information Technology | 0.074 |
Consumer Staples | 0.016 |
Real Estate | 0.032 |
Utilities | 0.015 |
Energy | 0.011 |
The Global Industry Classification Standard (GICS) was developed by and is exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor's a division of S&P Global 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.
What did the Fund invest in?
(as of October 31, 2024)
Top Investment Types | % |
|---|
Cash, Short-Term Investment, and Other Assets, Less Liabilities | 3.4 |
Commercial Mortgage-Backed Securities | 4.6 |
Common Stocks | 55.2 |
Asset-Backed Securities | 4.4 |
U.S. Government Agencies | 7.8 |
Foreign Government Bonds | 0.2 |
Municipal Bonds | 0.3 |
Corporate Bonds | 10.1 |
U.S. Treasury Bond | 5.1 |
U.S. Treasury Note | 8.9 |
Expressed as a percentage of net assets.
Householding
The Fund may send only one copy of the Series' prospectus and annual and semi-annual reports to certain shareholders residing at the same "household" for shareholders who have elected this option. This reduces Fund expenses, which benefits you and other shareholders. If you wish to change your "householding" option, please call (800) 466-3863 or contact your financial advisor.
Additional information about the Series, including its prospectus, financial information, holdings, and proxy information can be obtained at www.manning-napier.com/products/mutual-funds or by calling (800) 466-3863. Shareholders can also elect to receive certain documents via e-delivery. For more information or to sign up for e-delivery, please visit the Fund's website.
Manning & Napier Pro-Blend® Extended Term Series Tailored Shareholder Report MNPBEX-R-10/24-AR
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.
Manning & Napier Pro-Blend® Extended Term Series Tailored Shareholder Report MNPBEX-S-10/24-AR
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.
annual shareholder report Pro-Blend® Extended Term Series ticker: MNBAX | |
This annual shareholder report contains important information about Pro-Blend® Extended Term Series Class S, a series of Manning & Napier Fund Inc. (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.manning-napier.com/products/mutual-funds. You can also request this information by contacting us at (800) 466-3863. Shareholders who own the Fund through a third-party advisor or intermediary platform should contact their financial advisor directly for additional information.
What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class S | $112 | 1.02% |
Expenses are equal to each Class's annualized expense ratio (for the twelve-month period) multiplied by the average account value over the period. The Class's expenses would have been higher if certain expenses had not been waived or reimbursed during the period.
Management's Discussion of Fund Performance
How did the fund perform last year?
The Series delivered positive double-digit returns but underperformed its blended benchmark for the 12-month period ending 10/31/2024.
What factors influenced performance?
The Series' positive return benefited from exposure to both equities and fixed income securities with each asset class delivering double-digit returns. Equity markets rallied on the back of a resilient U.S. economy while bond markets benefited from the onset of the Federal Reserve's rate cut cycle contributing to interest rates falling across the yield curve. The Series' underperformance relative to the blended benchmark was primarily driven by an underweight to equities in comparison to the benchmark. Selection within equities was a relative contributor, as was fixed income positioning.
Positioning
Despite risks appearing broadly balanced to the upside and downside, we expect a degree of volatility in markets moving forward. We have positioned the Series with a generally defensive tilt through a primary focus on less economically sensitive businesses and those that can benefit from long-term secular, while also selectively identifying pockets of opportunity in more cyclical industries. Within fixed income, we continue to view securitized debt as relatively attractive and focus on securities with seniority in the capital structure that are backed by asset classes with high-quality fundamentals and low credit risk. Alternatively, we are more cautious on corporate credit as valuations remain elevated.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. The graph assumes a $10,000 initial investment in the Fund and an appropriate broad-based securities market index and a blended index that reflects the market sector in which the Fund invests for the same period.
Initial Investment of $10,000
Date | Pro-Blend® Extended Term Series - S | MSCI USA IMI | 40%/15%/45% Blended Index |
10/31/2014 | 10000.0 | 10000.0 | 10000.0 |
10/31/2015 | 9784.0 | 10390.0 | 10220.0 |
10/31/2016 | 10101.0 | 10778.0 | 10614.0 |
10/31/2017 | 11238.0 | 13281.0 | 12003.0 |
10/31/2018 | 11073.0 | 14090.0 | 12066.0 |
10/31/2019 | 12530.0 | 15907.0 | 13600.0 |
10/31/2020 | 13876.0 | 17464.0 | 14566.0 |
10/31/2021 | 16817.0 | 25079.0 | 17537.0 |
10/31/2022 | 13731.0 | 20852.0 | 14533.0 |
10/31/2023 | 14345.0 | 22534.0 | 15321.0 |
10/31/2024 | 17210.0 | 30962.0 | 18852.0 |
The returns are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to net asset values in accordance with accounting principles generally accepted in the United States of America.
The MSCI USA Investable Market Index (IMI) is designed to measure large, mid, and small-cap representation across the US market. Index returns provided by Bloomberg. The 40/15/45 Blended Index is 40% Russell 3000® Index (Russell 3000), 15% MSCI ACWI ex USA Index (ACWIxUS), and 45% Bloomberg U.S. Aggregate Bond Index (BAB). Russell 3000 is an unmanaged index that consists of 3,000 of the largest U.S. companies based on total market capitalization. Index returns provided by Bloomberg. ACWIxUS is designed to measure large and mid-cap representation across 22 of 23 Developed Markets countries (excluding the U.S.) and 24 Emerging Markets countries. Index returns provided by Bloomberg. BAB is an unmanaged, market value-weighted index of U.S. domestic investment-grade debt issues, including government, corporate, asset-backed and mortgage-backed securities with maturities of one year or more. Index returns provided by Intercontinental Exchange (ICE). Index returns do not reflect any fees or expenses. Returns provided are calculated monthly using a blended allocation. Because the fund's asset allocation will vary over time, the composition of the fund's portfolio may not match the composition of the comparative Indices.
Average Annual Total Returns
(As of October 31, 2024)
| 1 Year | 5 Year | 10 Year |
|---|
Pro-Blend® Extended Term Series - S | 19.97% | 6.55% | 5.58% |
MSCI USA IMI | 37.40% | 14.25% | 11.97% |
40%/15%/45% Blended Index | 23.05% | 6.74% | 6.54% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
Index data referenced herein is the property of each index sponsor (London Stock Exchange Group plc and its group undertakings (Russell, MSCI, and Bloomberg), their affiliates, and/or their third-party suppliers and has been licensed for use by Manning & Napier. For additional disclosure information, please see: https://go.manning-napier.com/benchmark-provisions.
Manning & Napier Pro-Blend® Extended Term Series Tailored Shareholder Report MNPBEX-S-10/24-AR
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.
Manning & Napier Pro-Blend® Extended Term Series Tailored Shareholder Report MNPBEX-S-10/24-AR
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.
Key Fund Statistics (as of October 31, 2024)
| |
|---|
Fund Size | $556,355,912 |
Number of Holdings | 241 |
Annual Portfolio Turnover | 71% |
Total Advisory Fees Paid (net of reimbursements) | $3,365,349 |
The total advisory fee represents management fees at fund level in aggregate dollar amount including waivers and reimbursements.
Sector Allocation (% of net assets)
Sector | Allocation |
Financials | 0.15 |
Materials | 0.021 |
Industrials | 0.123 |
Health Care | 0.083 |
Communication Services | 0.07 |
Consumer Discretionary | 0.059 |
Information Technology | 0.074 |
Consumer Staples | 0.016 |
Real Estate | 0.032 |
Utilities | 0.015 |
Energy | 0.011 |
The Global Industry Classification Standard (GICS) was developed by and is exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor's a division of S&P Global 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.
What did the Fund invest in?
(as of October 31, 2024)
Top Investment Types | % |
|---|
Cash, Short-Term Investment, and Other Assets, Less Liabilities | 3.4 |
Commercial Mortgage-Backed Securities | 4.6 |
Common Stocks | 55.2 |
Asset-Backed Securities | 4.4 |
U.S. Government Agencies | 7.8 |
Foreign Government Bonds | 0.2 |
Municipal Bonds | 0.3 |
Corporate Bonds | 10.1 |
U.S. Treasury Bond | 5.1 |
U.S. Treasury Note | 8.9 |
Expressed as a percentage of net assets.
Householding
The Fund may send only one copy of the Series' prospectus and annual and semi-annual reports to certain shareholders residing at the same "household" for shareholders who have elected this option. This reduces Fund expenses, which benefits you and other shareholders. If you wish to change your "householding" option, please call (800) 466-3863 or contact your financial advisor.
Additional information about the Series, including its prospectus, financial information, holdings, and proxy information can be obtained at www.manning-napier.com/products/mutual-funds or by calling (800) 466-3863. Shareholders can also elect to receive certain documents via e-delivery. For more information or to sign up for e-delivery, please visit the Fund's website.
Manning & Napier Pro-Blend® Extended Term Series Tailored Shareholder Report MNPBEX-S-10/24-AR
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.
Manning & Napier Pro-Blend® Extended Term Series Tailored Shareholder Report MNPBEX-I-10/24-AR
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.
annual shareholder report Pro-Blend® Extended Term Series ticker: MNBIX | |
This annual shareholder report contains important information about Pro-Blend® Extended Term Series Class I, a series of Manning & Napier Fund Inc. (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.manning-napier.com/products/mutual-funds. You can also request this information by contacting us at (800) 466-3863. Shareholders who own the Fund through a third-party advisor or intermediary platform should contact their financial advisor directly for additional information.
What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class I | $85 | 0.77% |
Expenses are equal to each Class's annualized expense ratio (for the twelve-month period) multiplied by the average account value over the period. The Class's expenses would have been higher if certain expenses had not been waived or reimbursed during the period.
Management's Discussion of Fund Performance
How did the fund perform last year?
The Series delivered positive double-digit returns but underperformed its blended benchmark for the 12-month period ending 10/31/2024.
What factors influenced performance?
The Series' positive return benefited from exposure to both equities and fixed income securities with each asset class delivering double-digit returns. Equity markets rallied on the back of a resilient U.S. economy while bond markets benefited from the onset of the Federal Reserve's rate cut cycle contributing to interest rates falling across the yield curve. The Series' underperformance relative to the blended benchmark was primarily driven by an underweight to equities in comparison to the benchmark. Selection within equities was a relative contributor, as was fixed income positioning.
Positioning
Despite risks appearing broadly balanced to the upside and downside, we expect a degree of volatility in markets moving forward. We have positioned the Series with a generally defensive tilt through a primary focus on less economically sensitive businesses and those that can benefit from long-term secular, while also selectively identifying pockets of opportunity in more cyclical industries. Within fixed income, we continue to view securitized debt as relatively attractive and focus on securities with seniority in the capital structure that are backed by asset classes with high-quality fundamentals and low credit risk. Alternatively, we are more cautious on corporate credit as valuations remain elevated.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. The graph assumes a $10,000 initial investment in the Fund and an appropriate broad-based securities market index and a blended index that reflects the market sector in which the Fund invests for the same period.
Initial Investment of $10,000
Date | Pro-Blend® Extended Term Series - I | MSCI USA IMI | 40%/15%/45% Blended Index |
10/31/2014 | 10000.0 | 10000.0 | 10000.0 |
10/31/2015 | 9809.0 | 10390.0 | 10220.0 |
10/31/2016 | 10154.0 | 10778.0 | 10614.0 |
10/31/2017 | 11327.0 | 13281.0 | 12003.0 |
10/31/2018 | 11197.0 | 14090.0 | 12066.0 |
10/31/2019 | 12693.0 | 15907.0 | 13600.0 |
10/31/2020 | 14073.0 | 17464.0 | 14566.0 |
10/31/2021 | 17096.0 | 25079.0 | 17537.0 |
10/31/2022 | 13995.0 | 20852.0 | 14533.0 |
10/31/2023 | 14661.0 | 22534.0 | 15321.0 |
10/31/2024 | 17628.0 | 30962.0 | 18852.0 |
The returns are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to net asset values in accordance with accounting principles generally accepted in the United States of America.
The MSCI USA Investable Market Index (IMI) is designed to measure large, mid, and small-cap representation across the US market. Index returns provided by Bloomberg. The 40/15/45 Blended Index is 40% Russell 3000® Index (Russell 3000), 15% MSCI ACWI ex USA Index (ACWIxUS), and 45% Bloomberg U.S. Aggregate Bond Index (BAB). Russell 3000 is an unmanaged index that consists of 3,000 of the largest U.S. companies based on total market capitalization. Index returns provided by Bloomberg. ACWIxUS is designed to measure large and mid-cap representation across 22 of 23 Developed Markets countries (excluding the U.S.) and 24 Emerging Markets countries. Index returns provided by Bloomberg. BAB is an unmanaged, market value-weighted index of U.S. domestic investment-grade debt issues, including government, corporate, asset-backed and mortgage-backed securities with maturities of one year or more. Index returns provided by Intercontinental Exchange (ICE). Index returns do not reflect any fees or expenses. Returns provided are calculated monthly using a blended allocation. Because the fund's asset allocation will vary over time, the composition of the fund's portfolio may not match the composition of the comparative Indices.
Average Annual Total Returns
(As of October 31, 2024)
| 1 Year | 5 Year | 10 Year |
|---|
Pro-Blend® Extended Term Series - I | 20.23% | 6.79% | 5.83% |
MSCI USA IMI | 37.40% | 14.25% | 11.97% |
40%/15%/45% Blended Index | 23.05% | 6.74% | 6.54% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
Index data referenced herein is the property of each index sponsor (London Stock Exchange Group plc and its group undertakings (Russell, MSCI, and Bloomberg), their affiliates, and/or their third-party suppliers and has been licensed for use by Manning & Napier. For additional disclosure information, please see: https://go.manning-napier.com/benchmark-provisions.
Manning & Napier Pro-Blend® Extended Term Series Tailored Shareholder Report MNPBEX-I-10/24-AR
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.
Manning & Napier Pro-Blend® Extended Term Series Tailored Shareholder Report MNPBEX-I-10/24-AR
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.
Key Fund Statistics (as of October 31, 2024)
| |
|---|
Fund Size | $556,355,912 |
Number of Holdings | 241 |
Annual Portfolio Turnover | 71% |
Total Advisory Fees Paid (net of reimbursements) | $3,365,349 |
The total advisory fee represents management fees at fund level in aggregate dollar amount including waivers and reimbursements.
Sector Allocation (% of net assets)
Sector | Allocation |
Financials | 0.15 |
Materials | 0.021 |
Industrials | 0.123 |
Health Care | 0.083 |
Communication Services | 0.07 |
Consumer Discretionary | 0.059 |
Information Technology | 0.074 |
Consumer Staples | 0.016 |
Real Estate | 0.032 |
Utilities | 0.015 |
Energy | 0.011 |
The Global Industry Classification Standard (GICS) was developed by and is exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor's a division of S&P Global 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.
What did the Fund invest in?
(as of October 31, 2024)
Top Investment Types | % |
|---|
Cash, Short-Term Investment, and Other Assets, Less Liabilities | 3.4 |
Commercial Mortgage-Backed Securities | 4.6 |
Common Stocks | 55.2 |
Asset-Backed Securities | 4.4 |
U.S. Government Agencies | 7.8 |
Foreign Government Bonds | 0.2 |
Municipal Bonds | 0.3 |
Corporate Bonds | 10.1 |
U.S. Treasury Bond | 5.1 |
U.S. Treasury Note | 8.9 |
Expressed as a percentage of net assets.
Householding
The Fund may send only one copy of the Series' prospectus and annual and semi-annual reports to certain shareholders residing at the same "household" for shareholders who have elected this option. This reduces Fund expenses, which benefits you and other shareholders. If you wish to change your "householding" option, please call (800) 466-3863 or contact your financial advisor.
Additional information about the Series, including its prospectus, financial information, holdings, and proxy information can be obtained at www.manning-napier.com/products/mutual-funds or by calling (800) 466-3863. Shareholders can also elect to receive certain documents via e-delivery. For more information or to sign up for e-delivery, please visit the Fund's website.
Manning & Napier Pro-Blend® Extended Term Series Tailored Shareholder Report MNPBEX-I-10/24-AR
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.
Manning & Napier Pro-Blend® Extended Term Series Tailored Shareholder Report MNPBEX-W-10/24-AR
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.
annual shareholder report Pro-Blend® Extended Term Series ticker: MNBWX | |
This annual shareholder report contains important information about Pro-Blend® Extended Term Series Class W, a series of Manning & Napier Fund Inc. (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.manning-napier.com/products/mutual-funds. You can also request this information by contacting us at (800) 466-3863. Shareholders who own the Fund through a third-party advisor or intermediary platform should contact their financial advisor directly for additional information.
What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class W | $11 | 0.10% |
Expenses are equal to each Class's annualized expense ratio (for the twelve-month period) multiplied by the average account value over the period. The Advisor has contractually agreed to waive the management fee for the Class W shares. The Class's expenses would have been higher if certain expenses had not been waived or reimbursed during the period.
Management's Discussion of Fund Performance
How did the fund perform last year?
The Series delivered positive double-digit returns but underperformed its blended benchmark for the 12-month period ending 10/31/2024.
What factors influenced performance?
The Series' positive return benefited from exposure to both equities and fixed income securities with each asset class delivering double-digit returns. Equity markets rallied on the back of a resilient U.S. economy while bond markets benefited from the onset of the Federal Reserve's rate cut cycle contributing to interest rates falling across the yield curve. The Series' underperformance relative to the blended benchmark was primarily driven by an underweight to equities in comparison to the benchmark. Selection within equities was a relative contributor, as was fixed income positioning.
Positioning
Despite risks appearing broadly balanced to the upside and downside, we expect a degree of volatility in markets moving forward. We have positioned the Series with a generally defensive tilt through a primary focus on less economically sensitive businesses and those that can benefit from long-term secular, while also selectively identifying pockets of opportunity in more cyclical industries. Within fixed income, we continue to view securitized debt as relatively attractive and focus on securities with seniority in the capital structure that are backed by asset classes with high-quality fundamentals and low credit risk. Alternatively, we are more cautious on corporate credit as valuations remain elevated.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. The graph assumes a $10,000 initial investment in the Fund and an appropriate broad-based securities market index and a blended index that reflects the market sector in which the Fund invests for the same period.
Initial Investment of $10,000
Date | Pro-Blend® Extended Term Series - W | MSCI USA IMI | 40%/15%/45% Blended Index |
10/31/2014 | 10000.0 | 10000.0 | 10000.0 |
10/31/2015 | 9784.0 | 10390.0 | 10220.0 |
10/31/2016 | 10101.0 | 10778.0 | 10614.0 |
10/31/2017 | 11238.0 | 13281.0 | 12003.0 |
10/31/2018 | 11073.0 | 14090.0 | 12066.0 |
10/31/2019 | 12601.0 | 15907.0 | 13600.0 |
10/31/2020 | 14083.0 | 17464.0 | 14566.0 |
10/31/2021 | 17220.0 | 25079.0 | 17537.0 |
10/31/2022 | 14190.0 | 20852.0 | 14533.0 |
10/31/2023 | 14972.0 | 22534.0 | 15321.0 |
10/31/2024 | 18127.0 | 30962.0 | 18852.0 |
The returns are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to net asset values in accordance with accounting principles generally accepted in the United States of America.
For periods through April 1, 2019 (the inception date of the Class W shares), performance for the Class W shares is based on the historical performance of the Class S shares. Because the Class W shares invest in the same portfolio of securities as the Class S shares, performance will be different only to the extent that the Class S shares have a higher expense ratio.
The MSCI USA Investable Market Index (IMI) is designed to measure large, mid, and small-cap representation across the US market. Index returns provided by Bloomberg. The 40/15/45 Blended Index is 40% Russell 3000® Index (Russell 3000), 15% MSCI ACWI ex USA Index (ACWIxUS), and 45% Bloomberg U.S. Aggregate Bond Index (BAB). Russell 3000 is an unmanaged index that consists of 3,000 of the largest U.S. companies based on total market capitalization. Index returns provided by Bloomberg. ACWIxUS is designed to measure large and mid-cap representation across 22 of 23 Developed Markets countries (excluding the U.S.) and 24 Emerging Markets countries. Index returns provided by Bloomberg. BAB is an unmanaged, market value-weighted index of U.S. domestic investment-grade debt issues, including government, corporate, asset-backed and mortgage-backed securities with maturities of one year or more. Index returns provided by Intercontinental Exchange (ICE). Index returns do not reflect any fees or expenses. Returns provided are calculated monthly using a blended allocation. Because the fund's asset allocation will vary over time, the composition of the fund's portfolio may not match the composition of the comparative Indices.
Average Annual Total Returns
(As of October 31, 2024)
| 1 Year | 5 Year | 10 Year |
|---|
Pro-Blend® Extended Term Series - W | 21.08% | 7.54% | 6.13% |
MSCI USA IMI | 37.40% | 14.25% | 11.97% |
40%/15%/45% Blended Index | 23.05% | 6.74% | 6.54% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
Index data referenced herein is the property of each index sponsor (London Stock Exchange Group plc and its group undertakings (Russell, MSCI, and Bloomberg), their affiliates, and/or their third-party suppliers and has been licensed for use by Manning & Napier. For additional disclosure information, please see: https://go.manning-napier.com/benchmark-provisions.
Manning & Napier Pro-Blend® Extended Term Series Tailored Shareholder Report MNPBEX-W-10/24-AR
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.
Manning & Napier Pro-Blend® Extended Term Series Tailored Shareholder Report MNPBEX-W-10/24-AR
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.
Key Fund Statistics (as of October 31, 2024)
| |
|---|
Fund Size | $556,355,912 |
Number of Holdings | 241 |
Annual Portfolio Turnover | 71% |
Total Advisory Fees Paid (net of reimbursements) | 3,365,349 |
The total advisory fee represents management fees at fund level in aggregate dollar amount including waivers and reimbursements.
Sector Allocation (% of net assets)
Sector | Allocation |
Financials | 0.15 |
Materials | 0.021 |
Industrials | 0.123 |
Health Care | 0.083 |
Communication Services | 0.07 |
Consumer Discretionary | 0.059 |
Information Technology | 0.074 |
Consumer Staples | 0.016 |
Real Estate | 0.032 |
Utilities | 0.015 |
Energy | 0.011 |
The Global Industry Classification Standard (GICS) was developed by and is exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor's a division of S&P Global 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.
What did the Fund invest in?
(as of October 31, 2024)
Top Investment Types | % |
|---|
Cash, Short-Term Investment, and Other Assets, Less Liabilities | 3.4 |
Commercial Mortgage-Backed Securities | 4.6 |
Common Stocks | 55.2 |
Asset-Backed Securities | 4.4 |
U.S. Government Agencies | 7.8 |
Foreign Government Bonds | 0.2 |
Municipal Bonds | 0.3 |
Corporate Bonds | 10.1 |
U.S. Treasury Bond | 5.1 |
U.S. Treasury Note | 8.9 |
Expressed as a percentage of net assets.
Householding
The Fund may send only one copy of the Series' prospectus and annual and semi-annual reports to certain shareholders residing at the same "household" for shareholders who have elected this option. This reduces Fund expenses, which benefits you and other shareholders. If you wish to change your "householding" option, please call (800) 466-3863 or contact your financial advisor.
Additional information about the Series, including its prospectus, financial information, holdings, and proxy information can be obtained at www.manning-napier.com/products/mutual-funds or by calling (800) 466-3863. Shareholders can also elect to receive certain documents via e-delivery. For more information or to sign up for e-delivery, please visit the Fund's website.
Manning & Napier Pro-Blend® Extended Term Series Tailored Shareholder Report MNPBEX-W-10/24-AR
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.
Manning & Napier Pro-Blend® Maximum Term Series Tailored Shareholder Report MNPBMA-L-10/24-AR
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.
annual shareholder report Pro-Blend® Maximum Term Series ticker: MNHCX | |
This annual shareholder report contains important information about Pro-Blend® Maximum Term Series Class L, a series of Manning & Napier Fund Inc. (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.manning-napier.com/products/mutual-funds. You can also request this information by contacting us at (800) 466-3863. Shareholders who own the Fund through a third-party advisor or intermediary platform should contact their financial advisor directly for additional information.
What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class L | $207 | 1.84% |
Expenses are equal to each Class's annualized expense ratio (for the twelve-month period) multiplied by the average account value over the period. The Class's expenses would have been higher if certain expenses had not been waived or reimbursed during the period.
Management's Discussion of Fund Performance
How did the fund perform last year?
The Series delivered positive double-digit returns but underperformed its blended benchmark for the 12-month period ending 10/31/2024.
What factors influenced performance?
The Series' positive return benefited from exposure to both equities and fixed income securities with each asset class delivering double-digit returns. Equity markets rallied on the back of a resilient U.S. economy while bond markets benefited from the onset of the Federal Reserve's rate cut cycle contributing to interest rates falling across the yield curve. The Series' underperformance relative to the blended benchmark was primarily driven by an underweight to equities in comparison to the benchmark. Selection within equities was a relative contributor, as was fixed income positioning.
Positioning
Despite risks appearing broadly balanced to the upside and downside, we expect a degree of volatility in markets moving forward. We have positioned the Series with a generally defensive tilt through a primary focus on less economically sensitive businesses and those that can benefit from long-term secular, while also selectively identifying pockets of opportunity in more cyclical industries. Within fixed income, we continue to view securitized debt as relatively attractive and focus on securities with seniority in the capital structure that are backed by asset classes with high-quality fundamentals and low credit risk. Alternatively, we are more cautious on corporate credit as valuations remain elevated.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. The graph assumes a $10,000 initial investment in the Fund and an appropriate broad-based securities market index and a blended index that reflects the market sector in which the Fund invests for the same period.
Initial Investment of $10,000
Date | Pro-Blend® Maximum Term Series - L | MSCI USA IMI | 65%/20%/15% Blended Index |
10/31/2014 | 10000.0 | 10000.0 | 10000.0 |
10/31/2015 | 9725.0 | 10390.0 | 10238.0 |
10/31/2016 | 9979.0 | 10778.0 | 10601.0 |
10/31/2017 | 11753.0 | 13281.0 | 12748.0 |
10/31/2018 | 11918.0 | 14090.0 | 13039.0 |
10/31/2019 | 13514.0 | 15907.0 | 14735.0 |
10/31/2020 | 15014.0 | 17464.0 | 15811.0 |
10/31/2021 | 20234.0 | 25079.0 | 21125.0 |
10/31/2022 | 15785.0 | 20852.0 | 17342.0 |
10/31/2023 | 16644.0 | 22534.0 | 18732.0 |
10/31/2024 | 20888.0 | 30962.0 | 24492.0 |
The returns are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to net asset values in accordance with accounting principles generally accepted in the United States of America.
The MSCI USA Investable Market Index (IMI) is designed to measure large, mid, and small-cap representation across the US market. Index returns provided by Bloomberg.
The 65/20/15 Blended Index is 65% Russell 3000® Index (Russell 3000), 20% MSCI ACWI ex USA Index (ACWIxUS), and 15% Bloomberg U.S. Aggregate Bond Index (BAB). Russell 3000 is an unmanaged index that consists of 3,000 of the largest U.S. companies based on total market capitalization. Index returns provided by Bloomberg. ACWIxUS is designed to measure large and mid-cap representation across 22 of 23 Developed Markets countries (excluding the U.S.) and 24 Emerging Markets countries. Index returns provided by Bloomberg. BAB is an unmanaged, market value-weighted index of U.S. domestic investment grade debt issues, including government, corporate, asset-backed, and mortgage-backed securities with maturities of one year or more. Index returns provided by Intercontinental Exchange (ICE). Index returns do not reflect any fees or expenses. Returns provided are calculated monthly using a blended allocation. Because the fund's asset allocation will vary over time, the composition of the fund's portfolio may not match the composition of the comparative Indices.
Average Annual Total Returns
(As of October 31, 2024)
| 1 Year | 5 Year | 10 Year |
|---|
Pro-Blend® Maximum Term Series - L | 25.44% | 9.10% | 7.64% |
MSCI USA IMI | 37.40% | 14.25% | 11.97% |
65%/20%/15% Blended Index | 30.75% | 10.69% | 9.37% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
Index data referenced herein is the property of each index sponsor (London Stock Exchange Group plc and its group undertakings (Russell, MSCI, and Bloomberg), their affiliates, and/or their third-party suppliers and has been licensed for use by Manning & Napier. For additional disclosure information, please see: https://go.manning-napier.com/benchmark-provisions.
Manning & Napier Pro-Blend® Maximum Term Series Tailored Shareholder Report MNPBMA-L-10/24-AR
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.
Manning & Napier Pro-Blend® Maximum Term Series Tailored Shareholder Report MNPBMA-L-10/24-AR
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.
Key Fund Statistics (as of October 31, 2024)
| |
|---|
Fund Size | $469,264,556 |
Number of Holdings | 281 |
Annual Portfolio Turnover | 60% |
Total Advisory Fees Paid (net of reimbursements) | $2,793,801 |
The total advisory fee represents management fees at fund level in aggregate dollar amount including waivers and reimbursements for the period and recoupments of waivers and/or reimbursements previously recorded by the Series.
Sector Allocation (% of net assets)
Sector | Allocation |
Industrials | 0.165 |
Information Technology | 0.168 |
Financials | 0.172 |
Materials | 0.028 |
Health Care | 0.120 |
Communication Services | 0.086 |
Consumer Discretionary | 0.075 |
Consumer Staples | 0.02 |
Real Estate | 0.031 |
Energy | 0.01 |
Utilities | 0.017 |
The Global Industry Classification Standard (GICS) was developed by and is exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor's a division of S&P Global 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.
What did the Fund invest in?
(as of October 31, 2024)
Top Investment Types | % |
|---|
Cash, Short-Term Investment, and Liabilities, Less Other Assets | 2.5 |
Common Stocks | 85.4 |
Corporate Bonds | 4.4 |
U.S. Treasury Bond | 2.0 |
U.S. Treasury Note | 5.7 |
Expressed as a percentage of net assets.
Householding
The Fund may send only one copy of the Series' prospectus and annual and semi-annual reports to certain shareholders residing at the same "household" for shareholders who have elected this option. This reduces Fund expenses, which benefits you and other shareholders. If you wish to change your "householding" option, please call (800) 466-3863 or contact your financial advisor.
Additional information about the Series, including its prospectus, financial information, holdings, and proxy information can be obtained at www.manning-napier.com/products/mutual-funds or by calling (800) 466-3863. Shareholders can also elect to receive certain documents via e-delivery. For more information or to sign up for e-delivery, please visit the Fund's website.
Manning & Napier Pro-Blend® Maximum Term Series Tailored Shareholder Report MNPBMA-L-10/24-AR
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.
Manning & Napier Pro-Blend® Maximum Term Series Tailored Shareholder Report MNPBMA-R-10/24-AR
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.
annual shareholder report Pro-Blend® Maximum Term Series ticker: MNHRX | |
This annual shareholder report contains important information about Pro-Blend® Maximum Term Series Class R, a series of Manning & Napier Fund Inc. (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.manning-napier.com/products/mutual-funds. You can also request this information by contacting us at (800) 466-3863. Shareholders who own the Fund through a third-party advisor or intermediary platform should contact their financial advisor directly for additional information.
What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class R | $147 | 1.30% |
Expenses are equal to each Class's annualized expense ratio (for the twelve-month period) multiplied by the average account value over the period. The Class's expenses would have been higher if certain expenses had not been waived or reimbursed during the period.
Management's Discussion of Fund Performance
How did the fund perform last year?
The Series delivered positive double-digit returns but underperformed its blended benchmark for the 12-month period ending 10/31/2024.
What factors influenced performance?
The Series' positive return benefited from exposure to both equities and fixed income securities with each asset class delivering double-digit returns. Equity markets rallied on the back of a resilient U.S. economy while bond markets benefited from the onset of the Federal Reserve's rate cut cycle contributing to interest rates falling across the yield curve. The Series' underperformance relative to the blended benchmark was primarily driven by an underweight to equities in comparison to the benchmark. Selection within equities was a relative contributor, as was fixed income positioning.
Positioning
Despite risks appearing broadly balanced to the upside and downside, we expect a degree of volatility in markets moving forward. We have positioned the Series with a generally defensive tilt through a primary focus on less economically sensitive businesses and those that can benefit from long-term secular, while also selectively identifying pockets of opportunity in more cyclical industries. Within fixed income, we continue to view securitized debt as relatively attractive and focus on securities with seniority in the capital structure that are backed by asset classes with high-quality fundamentals and low credit risk. Alternatively, we are more cautious on corporate credit as valuations remain elevated.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. The graph assumes a $10,000 initial investment in the Fund and an appropriate broad-based securities market index and a blended index that reflects the market sector in which the Fund invests for the same period.
Initial Investment of $10,000
Date | Pro-Blend® Maximum Term Series - R | MSCI USA IMI | 65%/20%/15% Blended Index |
10/31/2014 | 10000.0 | 10000.0 | 10000.0 |
10/31/2015 | 9772.0 | 10390.0 | 10238.0 |
10/31/2016 | 10091.0 | 10778.0 | 10601.0 |
10/31/2017 | 11928.0 | 13281.0 | 12748.0 |
10/31/2018 | 12166.0 | 14090.0 | 13039.0 |
10/31/2019 | 13850.0 | 15907.0 | 14735.0 |
10/31/2020 | 15469.0 | 17464.0 | 15811.0 |
10/31/2021 | 20975.0 | 25079.0 | 21125.0 |
10/31/2022 | 16448.0 | 20852.0 | 17342.0 |
10/31/2023 | 17427.0 | 22534.0 | 18732.0 |
10/31/2024 | 21990.0 | 30962.0 | 24492.0 |
The returns are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to net asset values in accordance with accounting principles generally accepted in the United States of America.
The MSCI USA Investable Market Index (IMI) is designed to measure large, mid, and small-cap representation across the US market. Index returns provided by Bloomberg.
The 65/20/15 Blended Index is 65% Russell 3000® Index (Russell 3000), 20% MSCI ACWI ex USA Index (ACWIxUS), and 15% Bloomberg U.S. Aggregate Bond Index (BAB). Russell 3000 is an unmanaged index that consists of 3,000 of the largest U.S. companies based on total market capitalization. Index returns provided by Bloomberg. ACWIxUS is designed to measure large and mid-cap representation across 22 of 23 Developed Markets countries (excluding the U.S.) and 24 Emerging Markets countries. Index returns provided by Bloomberg. BAB is an unmanaged, market value-weighted index of U.S. domestic investment grade debt issues, including government, corporate, asset-backed, and mortgage-backed securities with maturities of one year or more. Index returns provided by Intercontinental Exchange (ICE). Index returns do not reflect any fees or expenses. Returns provided are calculated monthly using a blended allocation. Because the fund's asset allocation will vary over time, the composition of the fund's portfolio may not match the composition of the comparative Indices.
Average Annual Total Returns
(As of October 31, 2024)
| 1 Year | 5 Year | 10 Year |
|---|
Pro-Blend® Maximum Term Series - R | 26.18% | 9.69% | 8.20% |
MSCI USA IMI | 37.40% | 14.25% | 11.97% |
65%/20%/15% Blended Index | 30.75% | 10.69% | 9.37% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
Index data referenced herein is the property of each index sponsor (London Stock Exchange Group plc and its group undertakings (Russell, MSCI, and Bloomberg), their affiliates, and/or their third-party suppliers and has been licensed for use by Manning & Napier. For additional disclosure information, please see: https://go.manning-napier.com/benchmark-provisions.
Manning & Napier Pro-Blend® Maximum Term Series Tailored Shareholder Report MNPBMA-R-10/24-AR
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.
Manning & Napier Pro-Blend® Maximum Term Series Tailored Shareholder Report MNPBMA-R-10/24-AR
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.
Key Fund Statistics (as of October 31, 2024)
| |
|---|
Fund Size | $469,264,556 |
Number of Holdings | 281 |
Annual Portfolio Turnover | 60% |
Total Advisory Fees Paid (net of reimbursements) | $2,793,801 |
The total advisory fee represents management fees at fund level in aggregate dollar amount including waivers and reimbursements for the period and recoupments of waivers and/or reimbursements previously recorded by the Series.
Sector Allocation (% of net assets)
Sector | Allocation |
Industrials | 0.165 |
Information Technology | 0.168 |
Financials | 0.172 |
Materials | 0.028 |
Health Care | 0.120 |
Communication Services | 0.086 |
Consumer Discretionary | 0.075 |
Consumer Staples | 0.02 |
Real Estate | 0.031 |
Energy | 0.01 |
Utilities | 0.017 |
The Global Industry Classification Standard (GICS) was developed by and is exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor's a division of S&P Global 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.
What did the Fund invest in?
(as of October 31, 2024)
Top Investment Types | % |
|---|
Cash, Short-Term Investment, and Liabilities, Less Other Assets | 2.5 |
Common Stocks | 85.4 |
Corporate Bonds | 4.4 |
U.S. Treasury Bond | 2.0 |
U.S. Treasury Note | 5.7 |
Expressed as a percentage of net assets.
Householding
The Fund may send only one copy of the Series' prospectus and annual and semi-annual reports to certain shareholders residing at the same "household" for shareholders who have elected this option. This reduces Fund expenses, which benefits you and other shareholders. If you wish to change your "householding" option, please call (800) 466-3863 or contact your financial advisor.
Additional information about the Series, including its prospectus, financial information, holdings, and proxy information can be obtained at www.manning-napier.com/products/mutual-funds or by calling (800) 466-3863. Shareholders can also elect to receive certain documents via e-delivery. For more information or to sign up for e-delivery, please visit the Fund's website.
Manning & Napier Pro-Blend® Maximum Term Series Tailored Shareholder Report MNPBMA-R-10/24-AR
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.
Manning & Napier Pro-Blend® Maximum Term Series Tailored Shareholder Report MNPBMA-S-10/24-AR
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.
annual shareholder report Pro-Blend® Maximum Term Series ticker: EXHAX | |
This annual shareholder report contains important information about Pro-Blend® Maximum Term Series Class S, a series of Manning & Napier Fund Inc. (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.manning-napier.com/products/mutual-funds. You can also request this information by contacting us at (800) 466-3863. Shareholders who own the Fund through a third-party advisor or intermediary platform should contact their financial advisor directly for additional information.
What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class S | $125 | 1.10% |
Expenses are equal to each Class's annualized expense ratio (for the twelve-month period) multiplied by the average account value over the period. The Class's expenses would have been higher if certain expenses had not been waived or reimbursed during the period.
Management's Discussion of Fund Performance
How did the fund perform last year?
The Series delivered positive double-digit returns but underperformed its blended benchmark for the 12-month period ending 10/31/2024.
What factors influenced performance?
The Series' positive return benefited from exposure to both equities and fixed income securities with each asset class delivering double-digit returns. Equity markets rallied on the back of a resilient U.S. economy while bond markets benefited from the onset of the Federal Reserve's rate cut cycle contributing to interest rates falling across the yield curve. The Series' underperformance relative to the blended benchmark was primarily driven by an underweight to equities in comparison to the benchmark. Selection within equities was a relative contributor, as was fixed income positioning.
Positioning
Despite risks appearing broadly balanced to the upside and downside, we expect a degree of volatility in markets moving forward. We have positioned the Series with a generally defensive tilt through a primary focus on less economically sensitive businesses and those that can benefit from long-term secular, while also selectively identifying pockets of opportunity in more cyclical industries. Within fixed income, we continue to view securitized debt as relatively attractive and focus on securities with seniority in the capital structure that are backed by asset classes with high-quality fundamentals and low credit risk. Alternatively, we are more cautious on corporate credit as valuations remain elevated.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. The graph assumes a $10,000 initial investment in the Fund and an appropriate broad-based securities market index and a blended index that reflects the market sector in which the Fund invests for the same period.
Initial Investment of $10,000
Date | Pro-Blend® Maximum Term Series - S | MSCI USA IMI | 65%/20%/15% Blended Index |
10/31/2014 | 10000.0 | 10000.0 | 10000.0 |
10/31/2015 | 9797.0 | 10390.0 | 10238.0 |
10/31/2016 | 10135.0 | 10778.0 | 10601.0 |
10/31/2017 | 12020.0 | 13281.0 | 12748.0 |
10/31/2018 | 12288.0 | 14090.0 | 13039.0 |
10/31/2019 | 14032.0 | 15907.0 | 14735.0 |
10/31/2020 | 15694.0 | 17464.0 | 15811.0 |
10/31/2021 | 21316.0 | 25079.0 | 21125.0 |
10/31/2022 | 16756.0 | 20852.0 | 17342.0 |
10/31/2023 | 17801.0 | 22534.0 | 18732.0 |
10/31/2024 | 22496.0 | 30962.0 | 24492.0 |
The returns are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to net asset values in accordance with accounting principles generally accepted in the United States of America.
The MSCI USA Investable Market Index (IMI) is designed to measure large, mid, and small-cap representation across the US market. Index returns provided by Bloomberg.
The 65/20/15 Blended Index is 65% Russell 3000® Index (Russell 3000), 20% MSCI ACWI ex USA Index (ACWIxUS), and 15% Bloomberg U.S. Aggregate Bond Index (BAB). Russell 3000 is an unmanaged index that consists of 3,000 of the largest U.S. companies based on total market capitalization. Index returns provided by Bloomberg. ACWIxUS is designed to measure large and mid-cap representation across 22 of 23 Developed Markets countries (excluding the U.S.) and 24 Emerging Markets countries. Index returns provided by Bloomberg. BAB is an unmanaged, market value-weighted index of U.S. domestic investment grade debt issues, including government, corporate, asset-backed, and mortgage-backed securities with maturities of one year or more. Index returns provided by Intercontinental Exchange (ICE). Index returns do not reflect any fees or expenses. Returns provided are calculated monthly using a blended allocation. Because the fund's asset allocation will vary over time, the composition of the fund's portfolio may not match the composition of the comparative Indices.
Average Annual Total Returns
(As of October 31, 2024)
| 1 Year | 5 Year | 10 Year |
|---|
Pro-Blend® Maximum Term Series - S | 26.38% | 9.90% | 8.45% |
MSCI USA IMI | 37.40% | 14.25% | 11.97% |
65%/20%/15% Blended Index | 30.75% | 10.69% | 9.37% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
Index data referenced herein is the property of each index sponsor (London Stock Exchange Group plc and its group undertakings (Russell, MSCI, and Bloomberg), their affiliates, and/or their third-party suppliers and has been licensed for use by Manning & Napier. For additional disclosure information, please see: https://go.manning-napier.com/benchmark-provisions.
Manning & Napier Pro-Blend® Maximum Term Series Tailored Shareholder Report MNPBMA-S-10/24-AR
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.
Manning & Napier Pro-Blend® Maximum Term Series Tailored Shareholder Report MNPBMA-S-10/24-AR
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.
Key Fund Statistics (as of October 31, 2024)
| |
|---|
Fund Size | $469,264,556 |
Number of Holdings | 281 |
Annual Portfolio Turnover | 60% |
Total Advisory Fees Paid (net of reimbursements) | $2,793,801 |
The total advisory fee represents management fees at fund level in aggregate dollar amount including waivers and reimbursements for the period and recoupments of waivers and/or reimbursements previously recorded by the Series.
Sector Allocation (% of net assets)
Sector | Allocation |
Industrials | 0.165 |
Information Technology | 0.168 |
Financials | 0.172 |
Materials | 0.028 |
Health Care | 0.120 |
Communication Services | 0.086 |
Consumer Discretionary | 0.075 |
Consumer Staples | 0.02 |
Real Estate | 0.031 |
Energy | 0.01 |
Utilities | 0.017 |
The Global Industry Classification Standard (GICS) was developed by and is exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor's a division of S&P Global 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.
What did the Fund invest in?
(as of October 31, 2024)
Top Investment Types | % |
|---|
Cash, Short-Term Investment, and Liabilities, Less Other Assets | 2.5 |
Common Stocks | 85.4 |
Corporate Bonds | 4.4 |
U.S. Treasury Bond | 2.0 |
U.S. Treasury Note | 5.7 |
Expressed as a percentage of net assets.
Householding
The Fund may send only one copy of the Series' prospectus and annual and semi-annual reports to certain shareholders residing at the same "household" for shareholders who have elected this option. This reduces Fund expenses, which benefits you and other shareholders. If you wish to change your "householding" option, please call (800) 466-3863 or contact your financial advisor.
Additional information about the Series, including its prospectus, financial information, holdings, and proxy information can be obtained at www.manning-napier.com/products/mutual-funds or by calling (800) 466-3863. Shareholders can also elect to receive certain documents via e-delivery. For more information or to sign up for e-delivery, please visit the Fund's website.
Manning & Napier Pro-Blend® Maximum Term Series Tailored Shareholder Report MNPBMA-S-10/24-AR
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.
Manning & Napier Pro-Blend® Maximum Term Series Tailored Shareholder Report MNPBMA-I-10/24-AR
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.
annual shareholder report Pro-Blend® Maximum Term Series ticker: MNHIX | |
This annual shareholder report contains important information about Pro-Blend® Maximum Term Series Class I, a series of Manning & Napier Fund Inc. (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.manning-napier.com/products/mutual-funds. You can also request this information by contacting us at (800) 466-3863. Shareholders who own the Fund through a third-party advisor or intermediary platform should contact their financial advisor directly for additional information.
What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class I | $96 | 0.85% |
Expenses are equal to each Class's annualized expense ratio (for the twelve-month period) multiplied by the average account value over the period. The Class's expenses would have been higher if certain expenses had not been waived or reimbursed during the period.
Management's Discussion of Fund Performance
How did the fund perform last year?
The Series delivered positive double-digit returns but underperformed its blended benchmark for the 12-month period ending 10/31/2024.
What factors influenced performance?
The Series' positive return benefited from exposure to both equities and fixed income securities with each asset class delivering double-digit returns. Equity markets rallied on the back of a resilient U.S. economy while bond markets benefited from the onset of the Federal Reserve's rate cut cycle contributing to interest rates falling across the yield curve. The Series' underperformance relative to the blended benchmark was primarily driven by an underweight to equities in comparison to the benchmark. Selection within equities was a relative contributor, as was fixed income positioning.
Positioning
Despite risks appearing broadly balanced to the upside and downside, we expect a degree of volatility in markets moving forward. We have positioned the Series with a generally defensive tilt through a primary focus on less economically sensitive businesses and those that can benefit from long-term secular, while also selectively identifying pockets of opportunity in more cyclical industries. Within fixed income, we continue to view securitized debt as relatively attractive and focus on securities with seniority in the capital structure that are backed by asset classes with high-quality fundamentals and low credit risk. Alternatively, we are more cautious on corporate credit as valuations remain elevated.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. The graph assumes a $10,000 initial investment in the Fund and an appropriate broad-based securities market index and a blended index that reflects the market sector in which the Fund invests for the same period.
Initial Investment of $10,000
Date | Pro-Blend® Maximum Term Series - I | MSCI USA IMI | 65%/20%/15% Blended Index |
10/31/2014 | 10000.0 | 10000.0 | 10000.0 |
10/31/2015 | 9818.0 | 10390.0 | 10238.0 |
10/31/2016 | 10190.0 | 10778.0 | 10601.0 |
10/31/2017 | 12110.0 | 13281.0 | 12748.0 |
10/31/2018 | 12405.0 | 14090.0 | 13039.0 |
10/31/2019 | 14196.0 | 15907.0 | 14735.0 |
10/31/2020 | 15932.0 | 17464.0 | 15811.0 |
10/31/2021 | 21696.0 | 25079.0 | 21125.0 |
10/31/2022 | 17103.0 | 20852.0 | 17342.0 |
10/31/2023 | 18200.0 | 22534.0 | 18732.0 |
10/31/2024 | 23073.0 | 30962.0 | 24492.0 |
The returns are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to net asset values in accordance with accounting principles generally accepted in the United States of America.
The MSCI USA Investable Market Index (IMI) is designed to measure large, mid, and small-cap representation across the US market. Index returns provided by Bloomberg.
The 65/20/15 Blended Index is 65% Russell 3000® Index (Russell 3000), 20% MSCI ACWI ex USA Index (ACWIxUS), and 15% Bloomberg U.S. Aggregate Bond Index (BAB). Russell 3000 is an unmanaged index that consists of 3,000 of the largest U.S. companies based on total market capitalization. Index returns provided by Bloomberg. ACWIxUS is designed to measure large and mid-cap representation across 22 of 23 Developed Markets countries (excluding the U.S.) and 24 Emerging Markets countries. Index returns provided by Bloomberg. BAB is an unmanaged, market value-weighted index of U.S. domestic investment grade debt issues, including government, corporate, asset-backed, and mortgage-backed securities with maturities of one year or more. Index returns provided by Intercontinental Exchange (ICE). Index returns do not reflect any fees or expenses. Returns provided are calculated monthly using a blended allocation. Because the fund's asset allocation will vary over time, the composition of the fund's portfolio may not match the composition of the comparative Indices.
Average Annual Total Returns
(As of October 31, 2024)
| 1 Year | 5 Year | 10 Year |
|---|
Pro-Blend® Maximum Term Series - I | 26.78% | 10.20% | 8.72% |
MSCI USA IMI | 37.40% | 14.25% | 11.97% |
65%/20%/15% Blended Index | 30.75% | 10.69% | 9.37% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
Index data referenced herein is the property of each index sponsor (London Stock Exchange Group plc and its group undertakings (Russell, MSCI, and Bloomberg), their affiliates, and/or their third-party suppliers and has been licensed for use by Manning & Napier. For additional disclosure information, please see: https://go.manning-napier.com/benchmark-provisions.
Manning & Napier Pro-Blend® Maximum Term Series Tailored Shareholder Report MNPBMA-I-10/24-AR
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.
Manning & Napier Pro-Blend® Maximum Term Series Tailored Shareholder Report MNPBMA-I-10/24-AR
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.
Key Fund Statistics (as of October 31, 2024)
| |
|---|
Fund Size | $469,264,556 |
Number of Holdings | 281 |
Annual Portfolio Turnover | 60% |
Total Advisory Fees Paid (net of reimbursements) | $2,793,801 |
The total advisory fee represents management fees at fund level in aggregate dollar amount including waivers and reimbursements for the period and recoupments of waivers and/or reimbursements previously recorded by the Series.
Sector Allocation (% of net assets)
Sector | Allocation |
Industrials | 0.165 |
Information Technology | 0.168 |
Financials | 0.172 |
Materials | 0.028 |
Health Care | 0.120 |
Communication Services | 0.086 |
Consumer Discretionary | 0.075 |
Consumer Staples | 0.02 |
Real Estate | 0.031 |
Energy | 0.01 |
Utilities | 0.017 |
The Global Industry Classification Standard (GICS) was developed by and is exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor's a division of S&P Global 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.
What did the Fund invest in?
(as of October 31, 2024)
Top Investment Types | % |
|---|
Cash, Short-Term Investment, and Liabilities, Less Other Assets | 2.5 |
Common Stocks | 85.4 |
Corporate Bonds | 4.4 |
U.S. Treasury Bond | 2.0 |
U.S. Treasury Note | 5.7 |
Expressed as a percentage of net assets.
Householding
The Fund may send only one copy of the Series' prospectus and annual and semi-annual reports to certain shareholders residing at the same "household" for shareholders who have elected this option. This reduces Fund expenses, which benefits you and other shareholders. If you wish to change your "householding" option, please call (800) 466-3863 or contact your financial advisor.
Additional information about the Series, including its prospectus, financial information, holdings, and proxy information can be obtained at www.manning-napier.com/products/mutual-funds or by calling (800) 466-3863. Shareholders can also elect to receive certain documents via e-delivery. For more information or to sign up for e-delivery, please visit the Fund's website.
Manning & Napier Pro-Blend® Maximum Term Series Tailored Shareholder Report MNPBMA-I-10/24-AR
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.
Manning & Napier Pro-Blend® Maximum Term Series Tailored Shareholder Report MNPBMA-W-10/24-AR
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.
annual shareholder report Pro-Blend® Maximum Term Series ticker: MNHWX | |
This annual shareholder report contains important information about Pro-Blend® Maximum Term Series Class W, a series of Manning & Napier Fund Inc. (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.manning-napier.com/products/mutual-funds. You can also request this information by contacting us at (800) 466-3863. Shareholders who own the Fund through a third-party advisor or intermediary platform should contact their financial advisor directly for additional information.
What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class W | $11 | 0.10% |
Expenses are equal to each Class's annualized expense ratio (for the twelve-month period) multiplied by the average account value over the period. The Advisor has contractually agreed to waive the management fee for the Class W shares. The Class's expenses would have been higher if certain expenses had not been waived or reimbursed during the period.
Management's Discussion of Fund Performance
How did the fund perform last year?
The Series delivered positive double-digit returns but underperformed its blended benchmark for the 12-month period ending 10/31/2024.
What factors influenced performance?
The Series' positive return benefited from exposure to both equities and fixed income securities with each asset class delivering double-digit returns. Equity markets rallied on the back of a resilient U.S. economy while bond markets benefited from the onset of the Federal Reserve's rate cut cycle contributing to interest rates falling across the yield curve. The Series' underperformance relative to the blended benchmark was primarily driven by an underweight to equities in comparison to the benchmark. Selection within equities was a relative contributor, as was fixed income positioning.
Positioning
Despite risks appearing broadly balanced to the upside and downside, we expect a degree of volatility in markets moving forward. We have positioned the Series with a generally defensive tilt through a primary focus on less economically sensitive businesses and those that can benefit from long-term secular, while also selectively identifying pockets of opportunity in more cyclical industries. Within fixed income, we continue to view securitized debt as relatively attractive and focus on securities with seniority in the capital structure that are backed by asset classes with high-quality fundamentals and low credit risk. Alternatively, we are more cautious on corporate credit as valuations remain elevated.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. The graph assumes a $10,000 initial investment in the Fund and an appropriate broad-based securities market index and a blended index that reflects the market sector in which the Fund invests for the same period.
Initial Investment of $10,000
Date | Pro-Blend® Maximum Term Series - W | MSCI USA IMI | 65%/20%/15% Blended Index |
10/31/2014 | 10000.0 | 10000.0 | 10000.0 |
10/31/2015 | 9797.0 | 10390.0 | 10238.0 |
10/31/2016 | 10135.0 | 10778.0 | 10601.0 |
10/31/2017 | 12020.0 | 13281.0 | 12748.0 |
10/31/2018 | 12288.0 | 14090.0 | 13039.0 |
10/31/2019 | 14111.0 | 15907.0 | 14735.0 |
10/31/2020 | 15941.0 | 17464.0 | 15811.0 |
10/31/2021 | 21870.0 | 25079.0 | 21125.0 |
10/31/2022 | 17369.0 | 20852.0 | 17342.0 |
10/31/2023 | 18629.0 | 22534.0 | 18732.0 |
10/31/2024 | 23793.0 | 30962.0 | 24492.0 |
The returns are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to net asset values in accordance with accounting principles generally accepted in the United States of America.
For periods through April 1, 2019 (the inception date of the Class W shares), performance for the Class W shares is based on the historical performance of the Class S shares. Because the Class W shares invest in the same portfolio of securities as the Class S shares, performance will be different only to the extent that the Class S shares have a higher expense ratio.
The MSCI USA Investable Market Index (IMI) is designed to measure large, mid, and small-cap representation across the US market. Index returns provided by Bloomberg.
The 65/20/15 Blended Index is 65% Russell 3000® Index (Russell 3000), 20% MSCI ACWI ex USA Index (ACWIxUS), and 15% Bloomberg U.S. Aggregate Bond Index (BAB). Russell 3000 is an unmanaged index that consists of 3,000 of the largest U.S. companies based on total market capitalization. Index returns provided by Bloomberg. ACWIxUS is designed to measure large and mid-cap representation across 22 of 23 Developed Markets countries (excluding the U.S.) and 24 Emerging Markets countries. Index returns provided by Bloomberg. BAB is an unmanaged, market value-weighted index of U.S. domestic investment grade debt issues, including government, corporate, asset-backed, and mortgage-backed securities with maturities of one year or more. Index returns provided by Intercontinental Exchange (ICE). Index returns do not reflect any fees or expenses. Returns provided are calculated monthly using a blended allocation. Because the fund's asset allocation will vary over time, the composition of the fund's portfolio may not match the composition of the comparative Indices.
Average Annual Total Returns
(As of October 31, 2024)
| 1 Year | 5 Year | 10 Year |
|---|
Pro-Blend® Maximum Term Series - W | 27.66% | 11.01% | 9.05% |
MSCI USA IMI | 37.40% | 14.25% | 11.97% |
65%/20%/15% Blended Index | 30.75% | 10.69% | 9.37% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
Index data referenced herein is the property of each index sponsor (London Stock Exchange Group plc and its group undertakings (Russell, MSCI, and Bloomberg), their affiliates, and/or their third-party suppliers and has been licensed for use by Manning & Napier. For additional disclosure information, please see: https://go.manning-napier.com/benchmark-provisions.
Manning & Napier Pro-Blend® Maximum Term Series Tailored Shareholder Report MNPBMA-W-10/24-AR
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.
Manning & Napier Pro-Blend® Maximum Term Series Tailored Shareholder Report MNPBMA-W-10/24-AR
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.
Key Fund Statistics (as of October 31, 2024)
| |
|---|
Fund Size | $469,264,556 |
Number of Holdings | 281 |
Annual Portfolio Turnover | 60% |
Total Advisory Fees Paid (net of reimbursements) | $2,793,801 |
The total advisory fee represents management fees at fund level in aggregate dollar amount including waivers and reimbursements for the period and recoupments of waivers and/or reimbursements previously recorded by the Series.
Sector Allocation (% of net assets)
Sector | Allocation |
Industrials | 0.165 |
Information Technology | 0.168 |
Financials | 0.172 |
Materials | 0.028 |
Health Care | 0.120 |
Communication Services | 0.086 |
Consumer Discretionary | 0.075 |
Consumer Staples | 0.02 |
Real Estate | 0.031 |
Energy | 0.01 |
Utilities | 0.017 |
The Global Industry Classification Standard (GICS) was developed by and is exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor's a division of S&P Global 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.
What did the Fund invest in?
(as of October 31, 2024)
Top Investment Types | % |
|---|
Cash, Short-Term Investment, and Liabilities, Less Other Assets | 2.5 |
Common Stocks | 85.4 |
Corporate Bonds | 4.4 |
U.S. Treasury Bond | 2.0 |
U.S. Treasury Note | 5.7 |
Expressed as a percentage of net assets.
Householding
The Fund may send only one copy of the Series' prospectus and annual and semi-annual reports to certain shareholders residing at the same "household" for shareholders who have elected this option. This reduces Fund expenses, which benefits you and other shareholders. If you wish to change your "householding" option, please call (800) 466-3863 or contact your financial advisor.
Additional information about the Series, including its prospectus, financial information, holdings, and proxy information can be obtained at www.manning-napier.com/products/mutual-funds or by calling (800) 466-3863. Shareholders can also elect to receive certain documents via e-delivery. For more information or to sign up for e-delivery, please visit the Fund's website.
Manning & Napier Pro-Blend® Maximum Term Series Tailored Shareholder Report MNPBMA-W-10/24-AR
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.
Manning & Napier Disciplined Value Series Tailored Shareholder Report MNDIV-I-10/24-AR
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.
annual shareholder report Disciplined Value Series ticker: MNDFX | |
This annual shareholder report contains important information about Disciplined Value Series Class I, a series of Manning & Napier Fund Inc. (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.manning-napier.com/products/mutual-funds. You can also request this information by contacting us at (800) 466-3863. Shareholders who own the Fund through a third-party advisor or intermediary platform should contact their financial advisor directly for additional information.
What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class I | $62 | 0.55% |
Expenses are equal to each Class's annualized expense ratio (for the twelve-month period) multiplied by the average account value over the period. The Class's expenses would have been higher if certain expenses had not been waived or reimbursed during the period.
Management's Discussion of Fund Performance
How did the fund perform last year?
The Series delivered positive returns for the 12-month period ended 10/31/2024 but underperformed its benchmark, the Russell 1000 Value Index. This return profile is consistent with the portfolio's history of providing a level of downside risk management during adverse market environments for value stocks, while generally capturing less upside than the benchmark in upward trending equity markets.
What factors influenced performance?
From a factor perspective, the Series' emphasis on above market dividend yielding businesses weighed on relative returns. This was only partially offset by the large to mega-cap nature of the strategy as large cap equities broadly outperformed their smaller cap counterparts. During the strategy's annual reconstitution in 2023, the largest sector allocation increase took place in Energy, resulting in an overweight position relative to the benchmark. While the sector had been a strong performer over the previous several quarters, several companies in the sector were exhibiting improving fundamental metrics that outpaced their strong price gains, resulting in attractive valuations, and were thus added to the portfolio. Since that point, Energy has been a relative laggard, weighing on relative returns.
Positioning
The strategy will remain invested in financially sound companies with sustainable dividend policies trading at attractive valuations. The valuation component seeks to identify companies that trade at an attractive price relative to their underlying earnings power (e.g., free cash flow). We believe that investing in companies with both favorable valuations and a commitment to returning capital to shareholders via dividends results in a strategy that not only provides the potential for competitive returns in positive market environments but also offers downside risk management during market downturns.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. The graph assumes a $10,000 initial investment in the Fund and an appropriate broad-based securities market index and a more narrowly based index that reflects the market sector in which the Fund invests for the same period.
Initial Investment of $10,000
Date | Disciplined Value Series - I | Russell 1000® Value | MSCI USA |
10/31/2014 | 10000.0 | 10000.0 | 10000.0 |
10/31/2015 | 10091.0 | 10053.0 | 10444.0 |
10/31/2016 | 10923.0 | 10693.0 | 10827.0 |
10/31/2017 | 13311.0 | 12595.0 | 13293.0 |
10/31/2018 | 14422.0 | 12976.0 | 14175.0 |
10/31/2019 | 16072.0 | 14431.0 | 16112.0 |
10/31/2020 | 14965.0 | 13338.0 | 17879.0 |
10/31/2021 | 20567.0 | 19175.0 | 25520.0 |
10/31/2022 | 19901.0 | 17833.0 | 21216.0 |
10/31/2023 | 19170.0 | 17856.0 | 23241.0 |
10/31/2024 | 24255.0 | 23388.0 | 32031.0 |
The returns are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to net asset values in accordance with accounting principles generally accepted in the United States of America.
The MSCI USA Index is a free float-adjusted market capitalization index designed to measure the performance of large and mid-cap segments of the U.S. market. The Russell 1000® Value Index is an unmanaged, market capitalization-weighted index consisting of those Russell 1000® Index companies with lower price-to-book ratios and lower forecasted growth values. The Index returns do not reflect any fees or expenses. Index returns provided by Bloomberg.
Average Annual Total Returns
(As of October 31, 2024)
| 1 Year | 5 Year | 10 Year |
|---|
Disciplined Value Series - I | 26.67% | 8.60% | 9.28% |
MSCI USA | 37.82% | 14.73% | 12.35% |
Russell 1000® Value | 30.98% | 10.14% | 8.87% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
Index data referenced herein is the property of each index sponsor (London Stock Exchange Group plc and its group undertakings (Russell and MSCI), their affiliates, and/or their third-party suppliers and has been licensed for use by Manning & Napier. For additional disclosure information, please see: https://go.manning-napier.com/benchmark-provisions.
Manning & Napier Disciplined Value Series Tailored Shareholder Report MNDIV-I-10/24-AR
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.
Manning & Napier Disciplined Value Series Tailored Shareholder Report MNDIV-I-10/24-AR
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.
Key Fund Statistics (as of October 31, 2024)
| |
|---|
Fund Size | $189,722,055 |
Number of Holdings | 117 |
Annual Portfolio Turnover | 58% |
Total Advisory Fees Paid (net of reimbursements) | $435,321 |
The total advisory fee represents management fees at fund level in aggregate dollar amount including waivers and reimbursements.
Sector Allocation (% of net assets)
Sector | Allocation |
Industrials | 0.198 |
Information Technology | 0.052 |
Consumer Staples | 0.08 |
Materials | 0.041 |
Financials | 0.22 |
Health Care | 0.171 |
Consumer Discretionary | 0.054 |
Energy | 0.167 |
Communication Services | 0.011 |
The Global Industry Classification Standard (GICS) was developed by and is exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor's a division of S&P Global 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.
What did the Fund invest in?
(as of October 31, 2024)
Top Investment Types | % |
|---|
Cash, Short-Term Investment, and Liabilities, Less Other Assets | 0.6 |
Common Stocks | 99.4 |
Expressed as a percentage of net assets.
Householding
The Fund may send only one copy of the Series' prospectus and annual and semi-annual reports to certain shareholders residing at the same "household" for shareholders who have elected this option. This reduces Fund expenses, which benefits you and other shareholders. If you wish to change your "householding" option, please call (800) 466-3863 or contact your financial advisor.
Additional information about the Series, including its prospectus, financial information, holdings, and proxy information can be obtained at www.manning-napier.com/products/mutual-funds or by calling (800) 466-3863. Shareholders can also elect to receive certain documents via e-delivery. For more information or to sign up for e-delivery, please visit the Fund's website.
Manning & Napier Disciplined Value Series Tailored Shareholder Report MNDIV-I-10/24-AR
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.
Manning & Napier Disciplined Value Series Tailored Shareholder Report MNDIV-S-10/24-AR
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.
annual shareholder report Disciplined Value Series ticker: MDFSX | |
This annual shareholder report contains important information about Disciplined Value Series Class S, a series of Manning & Napier Fund Inc. (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.manning-napier.com/products/mutual-funds. You can also request this information by contacting us at (800) 466-3863. Shareholders who own the Fund through a third-party advisor or intermediary platform should contact their financial advisor directly for additional information.
What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class S | $85 | 0.75% |
Expenses are equal to each Class's annualized expense ratio (for the twelve-month period) multiplied by the average account value over the period. The Class's expenses would have been higher if certain expenses had not been waived or reimbursed during the period.
Management's Discussion of Fund Performance
How did the fund perform last year?
The Series delivered positive returns for the 12-month period ended 10/31/2024 but underperformed its benchmark, the Russell 1000 Value Index. This return profile is consistent with the portfolio's history of providing a level of downside risk management during adverse market environments for value stocks, while generally capturing less upside than the benchmark in upward trending equity markets.
What factors influenced performance?
From a factor perspective, the Series' emphasis on above market dividend yielding businesses weighed on relative returns. This was only partially offset by the large to mega-cap nature of the strategy as large cap equities broadly outperformed their smaller cap counterparts. During the strategy's annual reconstitution in 2023, the largest sector allocation increase took place in Energy, resulting in an overweight position relative to the benchmark. While the sector had been a strong performer over the previous several quarters, several companies in the sector were exhibiting improving fundamental metrics that outpaced their strong price gains, resulting in attractive valuations, and were thus added to the portfolio. Since that point, Energy has been a relative laggard, weighing on relative returns.
Positioning
The strategy will remain invested in financially sound companies with sustainable dividend policies trading at attractive valuations. The valuation component seeks to identify companies that trade at an attractive price relative to their underlying earnings power (e.g., free cash flow). We believe that investing in companies with both favorable valuations and a commitment to returning capital to shareholders via dividends results in a strategy that not only provides the potential for competitive returns in positive market environments but also offers downside risk management during market downturns.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. The graph assumes a $10,000 initial investment in the Fund and an appropriate broad-based securities market index and a more narrowly based index that reflects the market sector in which the Fund invests for the same period.
Initial Investment of $10,000
Date | Disciplined Value Series - S | Russell 1000® Value | MSCI USA |
10/31/2014 | 10000.0 | 10000.0 | 10000.0 |
10/31/2015 | 10063.0 | 10053.0 | 10444.0 |
10/31/2016 | 10867.0 | 10693.0 | 10827.0 |
10/31/2017 | 13206.0 | 12595.0 | 13293.0 |
10/31/2018 | 14280.0 | 12976.0 | 14175.0 |
10/31/2019 | 15867.0 | 14431.0 | 16112.0 |
10/31/2020 | 14742.0 | 13338.0 | 17879.0 |
10/31/2021 | 20222.0 | 19175.0 | 25520.0 |
10/31/2022 | 19536.0 | 17833.0 | 21216.0 |
10/31/2023 | 18786.0 | 17856.0 | 23241.0 |
10/31/2024 | 23731.0 | 23388.0 | 32031.0 |
The returns are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to net asset values in accordance with accounting principles generally accepted in the United States of America.
For periods through the inception of Class S on September 21, 2018 the performance is hypothetical and is based on the historical performance of Class I shares adjusted for Class S shares' charges and expenses.
The MSCI USA Index is a free float-adjusted market capitalization index designed to measure the performance of large and mid-cap segments of the U.S. market. The Russell 1000® Value Index is an unmanaged, market capitalization-weighted index consisting of those Russell 1000® Index companies with lower price-to-book ratios and lower forecasted growth values. The Index returns do not reflect any fees or expenses. Index returns provided by Bloomberg.
Average Annual Total Returns
(As of October 31, 2024)
| 1 Year | 5 Year | 10 Year |
|---|
Disciplined Value Series - S | 26.33% | 8.38% | 9.03% |
MSCI USA | 37.82% | 14.73% | 12.35% |
Russell 1000® Value | 30.98% | 10.14% | 8.87% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
Index data referenced herein is the property of each index sponsor (London Stock Exchange Group plc and its group undertakings (Russell and MSCI), their affiliates, and/or their third-party suppliers and has been licensed for use by Manning & Napier. For additional disclosure information, please see: https://go.manning-napier.com/benchmark-provisions.
Manning & Napier Disciplined Value Series Tailored Shareholder Report MNDIV-S-10/24-AR
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.
Manning & Napier Disciplined Value Series Tailored Shareholder Report MNDIV-S-10/24-AR
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.
Key Fund Statistics (as of October 31, 2024)
| |
|---|
Fund Size | $189,722,055 |
Number of Holdings | 117 |
Annual Portfolio Turnover | 58% |
Total Advisory Fees Paid (net of reimbursements) | $435,321 |
The total advisory fee represents management fees at fund level in aggregate dollar amount including waivers and reimbursements.
Sector Allocation (% of net assets)
Sector | Allocation |
Industrials | 0.198 |
Information Technology | 0.052 |
Consumer Staples | 0.08 |
Materials | 0.041 |
Financials | 0.22 |
Health Care | 0.171 |
Consumer Discretionary | 0.054 |
Energy | 0.167 |
Communication Services | 0.011 |
The Global Industry Classification Standard (GICS) was developed by and is exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor's a division of S&P Global 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.
What did the Fund invest in?
(as of October 31, 2024)
Top Investment Types | % |
|---|
Cash, Short-Term Investment, and Liabilities, Less Other Assets | 0.6 |
Common Stocks | 99.4 |
Expressed as a percentage of net assets.
Householding
The Fund may send only one copy of the Series' prospectus and annual and semi-annual reports to certain shareholders residing at the same "household" for shareholders who have elected this option. This reduces Fund expenses, which benefits you and other shareholders. If you wish to change your "householding" option, please call (800) 466-3863 or contact your financial advisor.
Additional information about the Series, including its prospectus, financial information, holdings, and proxy information can be obtained at www.manning-napier.com/products/mutual-funds or by calling (800) 466-3863. Shareholders can also elect to receive certain documents via e-delivery. For more information or to sign up for e-delivery, please visit the Fund's website.
Manning & Napier Disciplined Value Series Tailored Shareholder Report MNDIV-S-10/24-AR
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.
Manning & Napier Disciplined Value Series Tailored Shareholder Report MNDIV-Z-10/24-AR
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.
annual shareholder report Disciplined Value Series ticker: MDVZX | |
This annual shareholder report contains important information about Disciplined Value Series Class Z, a series of Manning & Napier Fund Inc. (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.manning-napier.com/products/mutual-funds. You can also request this information by contacting us at (800) 466-3863. Shareholders who own the Fund through a third-party advisor or intermediary platform should contact their financial advisor directly for additional information.
What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class Z | $51 | 0.45% |
Expenses are equal to each Class's annualized expense ratio (for the twelve-month period) multiplied by the average account value over the period. The Class's expenses would have been higher if certain expenses had not been waived or reimbursed during the period.
Management's Discussion of Fund Performance
How did the fund perform last year?
The Series delivered positive returns for the 12-month period ended 10/31/2024 but underperformed its benchmark, the Russell 1000 Value Index. This return profile is consistent with the portfolio's history of providing a level of downside risk management during adverse market environments for value stocks, while generally capturing less upside than the benchmark in upward trending equity markets.
What factors influenced performance?
From a factor perspective, the Series' emphasis on above market dividend yielding businesses weighed on relative returns. This was only partially offset by the large to mega-cap nature of the strategy as large cap equities broadly outperformed their smaller cap counterparts. During the strategy's annual reconstitution in 2023, the largest sector allocation increase took place in Energy, resulting in an overweight position relative to the benchmark. While the sector had been a strong performer over the previous several quarters, several companies in the sector were exhibiting improving fundamental metrics that outpaced their strong price gains, resulting in attractive valuations, and were thus added to the portfolio. Since that point, Energy has been a relative laggard, weighing on relative returns.
Positioning
The strategy will remain invested in financially sound companies with sustainable dividend policies trading at attractive valuations. The valuation component seeks to identify companies that trade at an attractive price relative to their underlying earnings power (e.g., free cash flow). We believe that investing in companies with both favorable valuations and a commitment to returning capital to shareholders via dividends results in a strategy that not only provides the potential for competitive returns in positive market environments but also offers downside risk management during market downturns.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. The graph assumes a $10,000 initial investment in the Fund and an appropriate broad-based securities market index and a more narrowly based index that reflects the market sector in which the Fund invests for the same period.
Initial Investment of $10,000
Date | Disciplined Value Series - Z | Russell 1000® Value | MSCI USA |
10/31/2014 | 10000.0 | 10000.0 | 10000.0 |
10/31/2015 | 10091.0 | 10053.0 | 10444.0 |
10/31/2016 | 10923.0 | 10693.0 | 10827.0 |
10/31/2017 | 13311.0 | 12595.0 | 13293.0 |
10/31/2018 | 14422.0 | 12976.0 | 14175.0 |
10/31/2019 | 16082.0 | 14431.0 | 16112.0 |
10/31/2020 | 14992.0 | 13338.0 | 17879.0 |
10/31/2021 | 20630.0 | 19175.0 | 25520.0 |
10/31/2022 | 19988.0 | 17833.0 | 21216.0 |
10/31/2023 | 19279.0 | 17856.0 | 23241.0 |
10/31/2024 | 24423.0 | 23388.0 | 32031.0 |
The returns are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to net asset values in accordance with accounting principles generally accepted in the United States of America.
For periods through March, 1, 2019 (the inception date of the Class Z shares), performance for the Class Z shares is based on the historical performance of the Class I shares. Because the Class Z shares invest in the same portfolio of securities as the Class I shares, performance for the respective shares will be different only to the extent that the Class I shares have a higher expense ratio.
The MSCI USA Index is a free float-adjusted market capitalization index designed to measure the performance of large and mid-cap segments of the U.S. market. The Russell 1000® Value Index is an unmanaged, market capitalization-weighted index consisting of those Russell 1000® Index companies with lower price-to-book ratios and lower forecasted growth values. The Index returns do not reflect any fees or expenses. Index returns provided by Bloomberg.
Average Annual Total Returns
(As of October 31, 2024)
| 1 Year | 5 Year | 10 Year |
|---|
Disciplined Value Series - Z | 26.83% | 8.74% | 9.35% |
MSCI USA | 37.82% | 14.73% | 12.35% |
Russell 1000® Value | 30.98% | 10.14% | 8.87% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
Index data referenced herein is the property of each index sponsor (London Stock Exchange Group plc and its group undertakings (Russell and MSCI), their affiliates, and/or their third-party suppliers and has been licensed for use by Manning & Napier. For additional disclosure information, please see: https://go.manning-napier.com/benchmark-provisions.
Manning & Napier Disciplined Value Series Tailored Shareholder Report MNDIV-Z-10/24-AR
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.
Manning & Napier Disciplined Value Series Tailored Shareholder Report MNDIV-Z-10/24-AR
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.
Key Fund Statistics (as of October 31, 2024)
| |
|---|
Fund Size | $189,722,055 |
Number of Holdings | 117 |
Annual Portfolio Turnover | 58% |
Total Advisory Fees Paid (net of reimbursements) | $435,321 |
The total advisory fee represents management fees at fund level in aggregate dollar amount including waivers and reimbursements.
Sector Allocation (% of net assets)
Sector | Allocation |
Industrials | 0.198 |
Information Technology | 0.052 |
Consumer Staples | 0.08 |
Materials | 0.041 |
Financials | 0.22 |
Health Care | 0.171 |
Consumer Discretionary | 0.054 |
Energy | 0.167 |
Communication Services | 0.011 |
The Global Industry Classification Standard (GICS) was developed by and is exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor's a division of S&P Global 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.
What did the Fund invest in?
(as of October 31, 2024)
Top Investment Types | % |
|---|
Cash, Short-Term Investment, and Liabilities, Less Other Assets | 0.6 |
Common Stocks | 99.4 |
Expressed as a percentage of net assets.
Householding
The Fund may send only one copy of the Series' prospectus and annual and semi-annual reports to certain shareholders residing at the same "household" for shareholders who have elected this option. This reduces Fund expenses, which benefits you and other shareholders. If you wish to change your "householding" option, please call (800) 466-3863 or contact your financial advisor.
Additional information about the Series, including its prospectus, financial information, holdings, and proxy information can be obtained at www.manning-napier.com/products/mutual-funds or by calling (800) 466-3863. Shareholders can also elect to receive certain documents via e-delivery. For more information or to sign up for e-delivery, please visit the Fund's website.
Manning & Napier Disciplined Value Series Tailored Shareholder Report MNDIV-Z-10/24-AR
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.
Manning & Napier Disciplined Value Series Tailored Shareholder Report MNDIV-W-10/24-AR
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.
annual shareholder report Disciplined Value Series ticker: MDVWX | |
This annual shareholder report contains important information about Disciplined Value Series Class W, a series of Manning & Napier Fund Inc. (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.manning-napier.com/products/mutual-funds. You can also request this information by contacting us at (800) 466-3863. Shareholders who own the Fund through a third-party advisor or intermediary platform should contact their financial advisor directly for additional information.
What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class W | $17 | 0.15% |
Expenses are equal to each Class's annualized expense ratio (for the twelve-month period) multiplied by the average account value over the period. The Advisor has contractually agreed to waive the management fee for the Class W shares. The Class's expenses would have been higher if certain expenses had not been waived or reimbursed during the period.
Management's Discussion of Fund Performance
How did the fund perform last year?
The Series delivered positive returns for the 12-month period ended 10/31/2024 but underperformed its benchmark, the Russell 1000 Value Index. This return profile is consistent with the portfolio's history of providing a level of downside risk management during adverse market environments for value stocks, while generally capturing less upside than the benchmark in upward trending equity markets.
What factors influenced performance?
From a factor perspective, the Series' emphasis on above market dividend yielding businesses weighed on relative returns. This was only partially offset by the large to mega-cap nature of the strategy as large cap equities broadly outperformed their smaller cap counterparts. During the strategy's annual reconstitution in 2023, the largest sector allocation increase took place in Energy, resulting in an overweight position relative to the benchmark. While the sector had been a strong performer over the previous several quarters, several companies in the sector were exhibiting improving fundamental metrics that outpaced their strong price gains, resulting in attractive valuations, and were thus added to the portfolio. Since that point, Energy has been a relative laggard, weighing on relative returns.
Positioning
The strategy will remain invested in financially sound companies with sustainable dividend policies trading at attractive valuations. The valuation component seeks to identify companies that trade at an attractive price relative to their underlying earnings power (e.g., free cash flow). We believe that investing in companies with both favorable valuations and a commitment to returning capital to shareholders via dividends results in a strategy that not only provides the potential for competitive returns in positive market environments but also offers downside risk management during market downturns.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. The graph assumes a $10,000 initial investment in the Fund and an appropriate broad-based securities market index and a more narrowly based index that reflects the market sector in which the Fund invests for the same period.
Initial Investment of $10,000
Date | Disciplined Value Series - W | Russell 1000® Value | MSCI USA |
10/31/2014 | 10000.0 | 10000.0 | 10000.0 |
10/31/2015 | 10091.0 | 10053.0 | 10444.0 |
10/31/2016 | 10923.0 | 10693.0 | 10827.0 |
10/31/2017 | 13311.0 | 12595.0 | 13293.0 |
10/31/2018 | 14422.0 | 12976.0 | 14175.0 |
10/31/2019 | 16122.0 | 14431.0 | 16112.0 |
10/31/2020 | 15082.0 | 13338.0 | 17879.0 |
10/31/2021 | 20811.0 | 19175.0 | 25520.0 |
10/31/2022 | 20239.0 | 17833.0 | 21216.0 |
10/31/2023 | 19567.0 | 17856.0 | 23241.0 |
10/31/2024 | 24849.0 | 23388.0 | 32031.0 |
The returns are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to net asset values in accordance with accounting principles generally accepted in the United States of America.
For periods through March, 1, 2019 (the inception date of the Class W shares), performance for the Class W shares is based on the historical performance of the Class I shares. Because the Class W shares invest in the same portfolio of securities as the Class I shares, performance for the respective shares will be different only to the extent that the Class I shares have a higher expense ratio.
The MSCI USA Index is a free float-adjusted market capitalization index designed to measure the performance of large and mid-cap segments of the U.S. market. The Russell 1000® Value Index is an unmanaged, market capitalization-weighted index consisting of those Russell 1000® Index companies with lower price-to-book ratios and lower forecasted growth values. The Index returns do not reflect any fees or expenses. Index returns provided by Bloomberg.
Average Annual Total Returns
(As of October 31, 2024)
| 1 Year | 5 Year | 10 Year |
|---|
Disciplined Value Series - W | 27.15% | 9.06% | 9.54% |
MSCI USA | 37.82% | 14.73% | 12.35% |
Russell 1000® Value | 30.98% | 10.14% | 8.87% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
Index data referenced herein is the property of each index sponsor (London Stock Exchange Group plc and its group undertakings (Russell and MSCI), their affiliates, and/or their third-party suppliers and has been licensed for use by Manning & Napier. For additional disclosure information, please see: https://go.manning-napier.com/benchmark-provisions.
Manning & Napier Disciplined Value Series Tailored Shareholder Report MNDIV-W-10/24-AR
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.
Manning & Napier Disciplined Value Series Tailored Shareholder Report MNDIV-W-10/24-AR
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.
Key Fund Statistics (as of October 31, 2024)
| |
|---|
Fund Size | $189,722,055 |
Number of Holdings | 117 |
Annual Portfolio Turnover | 58% |
Total Advisory Fees Paid (net of reimbursements) | $435,321 |
The total advisory fee represents management fees at fund level in aggregate dollar amount including waivers and reimbursements.
Sector Allocation (% of net assets)
Sector | Allocation |
Industrials | 0.198 |
Information Technology | 0.052 |
Consumer Staples | 0.08 |
Materials | 0.041 |
Financials | 0.22 |
Health Care | 0.171 |
Consumer Discretionary | 0.054 |
Energy | 0.167 |
Communication Services | 0.011 |
The Global Industry Classification Standard (GICS) was developed by and is exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor's a division of S&P Global 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.
What did the Fund invest in?
(as of October 31, 2024)
Top Investment Types | % |
|---|
Cash, Short-Term Investment, and Liabilities, Less Other Assets | 0.6 |
Common Stocks | 99.4 |
Expressed as a percentage of net assets.
Householding
The Fund may send only one copy of the Series' prospectus and annual and semi-annual reports to certain shareholders residing at the same "household" for shareholders who have elected this option. This reduces Fund expenses, which benefits you and other shareholders. If you wish to change your "householding" option, please call (800) 466-3863 or contact your financial advisor.
Additional information about the Series, including its prospectus, financial information, holdings, and proxy information can be obtained at www.manning-napier.com/products/mutual-funds or by calling (800) 466-3863. Shareholders can also elect to receive certain documents via e-delivery. For more information or to sign up for e-delivery, please visit the Fund's website.
Manning & Napier Disciplined Value Series Tailored Shareholder Report MNDIV-W-10/24-AR
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.
Manning & Napier Rainier International Discovery Tailored Shareholder Report MNIDS-I-10/24-AR
The Manning & Napier Fund, Inc. (the Fund) is managed by Manning & Napier Advisors, LLC (Manning & Napier). Manning & Napier Investor Services, Inc. (MNBD), an affiliate of Manning & Napier, is the distributor of the Fund shares. Manning & Napier has contracted Rainier Investment Management, LLC, an affiliate of Manning & Napier and MNBD, to sub-advise the International Discovery Series.
annual shareholder report Rainier International Discovery ticker: RAIIX | |
This annual shareholder report contains important information about Rainier International Discovery Class I, a series of Manning & Napier Fund Inc. (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.manning-napier.com/products/mutual-funds. You can also request this information by contacting us at (800) 466-3863. Shareholders who own the Fund through a third-party advisor or intermediary platform should contact their financial advisor directly for additional information.
What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class I | $125 | 1.15% |
Expenses are equal to each Class's annualized expense ratio (for the twelve-month period) multiplied by the average account value over the period. The Class's expenses would have been higher if certain expenses had not been waived or reimbursed during the period.
Management's Discussion of Fund Performance
How did the fund perform last year?
The Series delivered positive returns for the 12-month period ended 10/31/2024 but underperformed its benchmark, the MSCI ACWI ex USA Small Cap Index.
What factors influenced performance?
The Series' positive return was driven primarily by its exposure to foreign stocks. Equity markets were meaningfully positive over the past twelve months, not only in the U.S. but around the globe. Investor sentiment was buoyed by a resilient U.S. economy and moderating inflation, while foreign markets benefited from attractive valuations and a broadening-out of equity market returns away from previous return concentration in large U.S. growth companies. The Series' underperformance relative to the benchmark was primarily a result of individual stock results, notably within the Consumer, Financials, and Industrials sectors. Given the scope of the non-U.S. small cap equity market, individual company outcomes tend to have a more meaningful impact on portfolio results than broader exposures. That said, the Series' underweight to emerging markets during the year was a slight detractor overall.
Positioning
Despite elevated geopolitical turmoil around the world, the Rainier team continues to see pockets of opportunity. Geographically, the portfolio remains overweight to Europe and underweight to the Pacific region. Japan, despite being a relative underweight, remains a primary area of absolute exposure in the portfolio as the business environment and culture in that country continues to improve for shareholders and it is a market that includes many high-quality growing companies. The team is also identifying numerous opportunities in the United Kingdom. Emerging market exposure is underweight relative to benchmark but remains a prominent absolute portion of the portfolio and source of new ideas, most notably in India and Taiwan. India presents a very attractive environment for domestic economic growth.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. The graph assumes a $10,000 initial investment in the Fund and an appropriate broad-based securities market index and a more narrowly based index that reflects the market sector in which the Fund invests for the same period.
Initial Investment of $10,000
Date | Rainier International Discovery Series - I | MSCI ACWI ex USA | MSCI ACWI ex USA Small Cap |
10/31/2014 | 10000.0 | 10000.0 | 10000.0 |
10/31/2015 | 11352.0 | 9532.0 | 10153.0 |
10/31/2016 | 11273.0 | 9553.0 | 10581.0 |
10/31/2017 | 14671.0 | 11812.0 | 13195.0 |
10/31/2018 | 13442.0 | 10838.0 | 11911.0 |
10/31/2019 | 14626.0 | 12059.0 | 12956.0 |
10/31/2020 | 18412.0 | 11745.0 | 12965.0 |
10/31/2021 | 25484.0 | 15228.0 | 17999.0 |
10/31/2022 | 16755.0 | 11463.0 | 13004.0 |
10/31/2023 | 16252.0 | 12846.0 | 14151.0 |
10/31/2024 | 19167.0 | 15972.0 | 17509.0 |
The returns are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to net asset values in accordance with accounting principles generally accepted in the United States of America.
The Rainier International Discovery Fund (Predecessor Fund), which was managed by Rainier Investment Management, LLC, was reorganized into the Manning & Napier Fund, Inc. Rainier International Discovery Series on August 21, 2017. For periods prior to August 21, 2017, performance for the Class I Shares is based on the historical performance of the Predecessor Fund's Institutional Shares, and will differ to the extent that the Predecessor Fund's Institutional Shares had a higher expense ratio.
The MSCI ACWI ex USA Index (ACWIxUS) is designed to measure large and mid-cap representation across 22 of 23 Developed Markets countries (excluding the U.S.) and 24 Emerging Markets countries. Index returns provided by Bloomberg. The MSCI ACWI ex USA Small Cap Growth Index is designed to measure small-cap securities exhibiting overall growth style characteristics across 22 of 23 Developed Markets countries (excluding the U.S.) and 24 Emerging Markets countries. Index returns provided by MorningStar.
Average Annual Total Returns
(As of October 31, 2024)
| 1 Year | 5 Year | 10 Year |
|---|
Rainier International Discovery Series - I | 17.94% | 5.56% | 6.72% |
MSCI ACWI ex USA | 24.33% | 5.78% | 4.79% |
MSCI ACWI ex USA Small Cap | 23.73% | 6.21% | 5.76% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
Index data referenced herein is the property of MSCI, its affiliates ("MSCI") and/or its third-party suppliers and has been licensed for use by Manning & Napier. For additional disclosure information, please see: https://go.manning-napier.com/benchmark-provisions.
Manning & Napier Rainier International Discovery Tailored Shareholder Report MNIDS-I-10/24-AR
The Manning & Napier Fund, Inc. (the Fund) is managed by Manning & Napier Advisors, LLC (Manning & Napier). Manning & Napier Investor Services, Inc. (MNBD), an affiliate of Manning & Napier, is the distributor of the Fund shares. Manning & Napier has contracted Rainier Investment Management, LLC, an affiliate of Manning & Napier and MNBD, to sub-advise the International Discovery Series.
Manning & Napier Rainier International Discovery Tailored Shareholder Report MNIDS-I-10/24-AR
The Manning & Napier Fund, Inc. (the Fund) is managed by Manning & Napier Advisors, LLC (Manning & Napier). Manning & Napier Investor Services, Inc. (MNBD), an affiliate of Manning & Napier, is the distributor of the Fund shares. Manning & Napier has contracted Rainier Investment Management, LLC, an affiliate of Manning & Napier and MNBD, to sub-advise the International Discovery Series.
Key Fund Statistics (as of October 31, 2024)
| |
|---|
Fund Size | $418,110,083 |
Number of Holdings | 98 |
Annual Portfolio Turnover | 66% |
Total Advisory Fees Paid (net of reimbursements) | $4,308,108 |
The total advisory fee represents management fees at fund level in aggregate dollar amount including waivers and reimbursements for the period and recoupments of waivers and/or reimbursements previously recorded by the Series.
Sector Allocation (% of net assets)
Sector | Allocation |
Information Technology | 0.184 |
Industrials | 0.319 |
Energy | 0.024 |
Health Care | 0.084 |
Communication Services | 0.079 |
Consumer Discretionary | 0.071 |
Real Estate | 0.029 |
Consumer Staples | 0.032 |
Financials | 0.111 |
Materials | 0.013 |
Utilities | 0.005 |
The Global Industry Classification Standard (GICS) was developed by and is exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor's a division of S&P Global 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.
What did the Fund invest in?
(as of October 31, 2024)
Top Investment Types | % |
|---|
Cash, Short-Term Investment, and Liabilities, Less Other Assets | 4.9 |
Common Stocks | 95.1 |
Expressed as a percentage of net assets.
Householding
The Fund may send only one copy of the Series' prospectus and annual and semi-annual reports to certain shareholders residing at the same "household" for shareholders who have elected this option. This reduces Fund expenses, which benefits you and other shareholders. If you wish to change your "householding" option, please call (800) 466-3863 or contact your financial advisor.
Additional information about the Series, including its prospectus, financial information, holdings, and proxy information can be obtained at www.manning-napier.com/products/mutual-funds or by calling (800) 466-3863. Shareholders can also elect to receive certain documents via e-delivery. For more information or to sign up for e-delivery, please visit the Fund's website.
Manning & Napier Rainier International Discovery Tailored Shareholder Report MNIDS-I-10/24-AR
The Manning & Napier Fund, Inc. (the Fund) is managed by Manning & Napier Advisors, LLC (Manning & Napier). Manning & Napier Investor Services, Inc. (MNBD), an affiliate of Manning & Napier, is the distributor of the Fund shares. Manning & Napier has contracted Rainier Investment Management, LLC, an affiliate of Manning & Napier and MNBD, to sub-advise the International Discovery Series.
Manning & Napier Rainier International Discovery Tailored Shareholder Report MNIDS-S-10/24-AR
The Manning & Napier Fund, Inc. (the Fund) is managed by Manning & Napier Advisors, LLC (Manning & Napier). Manning & Napier Investor Services, Inc. (MNBD), an affiliate of Manning & Napier, is the distributor of the Fund shares. Manning & Napier has contracted Rainier Investment Management, LLC, an affiliate of Manning & Napier and MNBD, to sub-advise the International Discovery Series.
annual shareholder report Rainier International Discovery ticker: RISAX | |
This annual shareholder report contains important information about Rainier International Discovery Class S, a series of Manning & Napier Fund Inc. (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.manning-napier.com/products/mutual-funds. You can also request this information by contacting us at (800) 466-3863. Shareholders who own the Fund through a third-party advisor or intermediary platform should contact their financial advisor directly for additional information.
What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class S | $152 | 1.40% |
Expenses are equal to each Class's annualized expense ratio (for the twelve-month period) multiplied by the average account value over the period. The Class's expenses would have been higher if certain expenses had not been waived or reimbursed during the period.
Management's Discussion of Fund Performance
How did the fund perform last year?
The Series delivered positive returns for the 12-month period ended 10/31/2024 but underperformed its benchmark, the MSCI ACWI ex USA Small Cap Index.
What factors influenced performance?
The Series' positive return was driven primarily by its exposure to foreign stocks. Equity markets were meaningfully positive over the past twelve months, not only in the U.S. but around the globe. Investor sentiment was buoyed by a resilient U.S. economy and moderating inflation, while foreign markets benefited from attractive valuations and a broadening-out of equity market returns away from previous return concentration in large U.S. growth companies. The Series' underperformance relative to the benchmark was primarily a result of individual stock results, notably within the Consumer, Financials, and Industrials sectors. Given the scope of the non-U.S. small cap equity market, individual company outcomes tend to have a more meaningful impact on portfolio results than broader exposures. That said, the Series' underweight to emerging markets during the year was a slight detractor overall.
Positioning
Despite elevated geopolitical turmoil around the world, the Rainier team continues to see pockets of opportunity. Geographically, the portfolio remains overweight to Europe and underweight to the Pacific region. Japan, despite being a relative underweight, remains a primary area of absolute exposure in the portfolio as the business environment and culture in that country continues to improve for shareholders and it is a market that includes many high-quality growing companies. The team is also identifying numerous opportunities in the United Kingdom. Emerging market exposure is underweight relative to benchmark but remains a prominent absolute portion of the portfolio and source of new ideas, most notably in India and Taiwan. India presents a very attractive environment for domestic economic growth.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. The graph assumes a $10,000 initial investment in the Fund and an appropriate broad-based securities market index and a more narrowly based index that reflects the market sector in which the Fund invests for the same period.
Initial Investment of $10,000
Date | Rainier International Discovery Series - S | MSCI ACWI ex USA | MSCI ACWI ex USA Small Cap |
10/31/2014 | 10000.0 | 10000.0 | 10000.0 |
10/31/2015 | 11327.0 | 9532.0 | 10153.0 |
10/31/2016 | 11213.0 | 9553.0 | 10581.0 |
10/31/2017 | 14561.0 | 11812.0 | 13195.0 |
10/31/2018 | 13297.0 | 10838.0 | 11911.0 |
10/31/2019 | 14438.0 | 12059.0 | 12956.0 |
10/31/2020 | 18124.0 | 11745.0 | 12965.0 |
10/31/2021 | 25022.0 | 15228.0 | 17999.0 |
10/31/2022 | 16414.0 | 11463.0 | 13004.0 |
10/31/2023 | 15873.0 | 12846.0 | 14151.0 |
10/31/2024 | 18678.0 | 15972.0 | 17509.0 |
The returns are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to net asset values in accordance with accounting principles generally accepted in the United States of America.
The Rainier International Discovery Fund (Predecessor Fund), which was managed by Rainier Investment Management, LLC, was reorganized into the Manning & Napier Fund, Inc. Rainier International Discovery Series on August 21, 2017. For periods between November 30, 2012 and August 21, 2017, performance for Class S is based on the historical performance of the Predecessor Fund's Class A Shares; performance prior to November 30, 2012 is based on the historical performance of the Predecessor Fund's Institutional Shares and adjusted for the Predecessor Fund's Class A Shares expenses. If the sales charges were reflected or if performance had been adjusted to reflect the Class S Shares' expenses, the performance would have been different depending on total expenses incurred by the Predecessor Fund.
The MSCI ACWI ex USA Index (ACWIxUS) is designed to measure large and mid-cap representation across 22 of 23 Developed Markets countries (excluding the U.S.) and 24 Emerging Markets countries. Index returns provided by Bloomberg. The MSCI ACWI ex USA Small Cap Growth Index is designed to measure small-cap securities exhibiting overall growth style characteristics across 22 of 23 Developed Markets countries (excluding the U.S.) and 24 Emerging Markets countries. Index returns provided by MorningStar.
Average Annual Total Returns
(As of October 31, 2024)
| 1 Year | 5 Year | 10 Year |
|---|
Rainier International Discovery Series - S | 17.62% | 5.27% | 6.44% |
MSCI ACWI ex USA | 24.33% | 5.78% | 4.79% |
MSCI ACWI ex USA Small Cap | 23.73% | 6.21% | 5.76% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
Index data referenced herein is the property of MSCI, its affiliates ("MSCI") and/or its third-party suppliers and has been licensed for use by Manning & Napier. For additional disclosure information, please see: https://go.manning-napier.com/benchmark-provisions.
Manning & Napier Rainier International Discovery Tailored Shareholder Report MNIDS-S-10/24-AR
The Manning & Napier Fund, Inc. (the Fund) is managed by Manning & Napier Advisors, LLC (Manning & Napier). Manning & Napier Investor Services, Inc. (MNBD), an affiliate of Manning & Napier, is the distributor of the Fund shares. Manning & Napier has contracted Rainier Investment Management, LLC, an affiliate of Manning & Napier and MNBD, to sub-advise the International Discovery Series.
Manning & Napier Rainier International Discovery Tailored Shareholder Report MNIDS-S-10/24-AR
The Manning & Napier Fund, Inc. (the Fund) is managed by Manning & Napier Advisors, LLC (Manning & Napier). Manning & Napier Investor Services, Inc. (MNBD), an affiliate of Manning & Napier, is the distributor of the Fund shares. Manning & Napier has contracted Rainier Investment Management, LLC, an affiliate of Manning & Napier and MNBD, to sub-advise the International Discovery Series.
Key Fund Statistics (as of October 31, 2024)
| |
|---|
Fund Size | $418,110,083 |
Number of Holdings | 98 |
Annual Portfolio Turnover | 66% |
Total Advisory Fees Paid (net of reimbursements) | $4,308,108 |
The total advisory fee represents management fees at fund level in aggregate dollar amount including waivers and reimbursements for the period and recoupments of waivers and/or reimbursements previously recorded by the Series.
Sector Allocation (% of net assets)
Sector | Allocation |
Information Technology | 0.184 |
Industrials | 0.319 |
Energy | 0.024 |
Health Care | 0.084 |
Communication Services | 0.079 |
Consumer Discretionary | 0.071 |
Real Estate | 0.029 |
Consumer Staples | 0.032 |
Financials | 0.111 |
Materials | 0.013 |
Utilities | 0.005 |
The Global Industry Classification Standard (GICS) was developed by and is exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor's a division of S&P Global 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.
What did the Fund invest in?
(as of October 31, 2024)
Top Investment Types | % |
|---|
Cash, Short-Term Investment, and Liabilities, Less Other Assets | 4.9 |
Common Stocks | 95.1 |
Expressed as a percentage of net assets.
Householding
The Fund may send only one copy of the Series' prospectus and annual and semi-annual reports to certain shareholders residing at the same "household" for shareholders who have elected this option. This reduces Fund expenses, which benefits you and other shareholders. If you wish to change your "householding" option, please call (800) 466-3863 or contact your financial advisor.
Additional information about the Series, including its prospectus, financial information, holdings, and proxy information can be obtained at www.manning-napier.com/products/mutual-funds or by calling (800) 466-3863. Shareholders can also elect to receive certain documents via e-delivery. For more information or to sign up for e-delivery, please visit the Fund's website.
Manning & Napier Rainier International Discovery Tailored Shareholder Report MNIDS-S-10/24-AR
The Manning & Napier Fund, Inc. (the Fund) is managed by Manning & Napier Advisors, LLC (Manning & Napier). Manning & Napier Investor Services, Inc. (MNBD), an affiliate of Manning & Napier, is the distributor of the Fund shares. Manning & Napier has contracted Rainier Investment Management, LLC, an affiliate of Manning & Napier and MNBD, to sub-advise the International Discovery Series.
Manning & Napier Rainier International Discovery Tailored Shareholder Report MNIDS-Z-10/24-AR
The Manning & Napier Fund, Inc. (the Fund) is managed by Manning & Napier Advisors, LLC (Manning & Napier). Manning & Napier Investor Services, Inc. (MNBD), an affiliate of Manning & Napier, is the distributor of the Fund shares. Manning & Napier has contracted Rainier Investment Management, LLC, an affiliate of Manning & Napier and MNBD, to sub-advise the International Discovery Series.
annual shareholder report Rainier International Discovery ticker: RAIRX | |
This annual shareholder report contains important information about Rainier International Discovery Class Z, a series of Manning & Napier Fund Inc. (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.manning-napier.com/products/mutual-funds. You can also request this information by contacting us at (800) 466-3863. Shareholders who own the Fund through a third-party advisor or intermediary platform should contact their financial advisor directly for additional information.
What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class Z | $109 | 1.00% |
Expenses are equal to each Class's annualized expense ratio (for the twelve-month period) multiplied by the average account value over the period. The Class's expenses would have been higher if certain expenses had not been waived or reimbursed during the period.
Management's Discussion of Fund Performance
How did the fund perform last year?
The Series delivered positive returns for the 12-month period ended 10/31/2024 but underperformed its benchmark, the MSCI ACWI ex USA Small Cap Index.
What factors influenced performance?
The Series' positive return was driven primarily by its exposure to foreign stocks. Equity markets were meaningfully positive over the past twelve months, not only in the U.S. but around the globe. Investor sentiment was buoyed by a resilient U.S. economy and moderating inflation, while foreign markets benefited from attractive valuations and a broadening-out of equity market returns away from previous return concentration in large U.S. growth companies. The Series' underperformance relative to the benchmark was primarily a result of individual stock results, notably within the Consumer, Financials, and Industrials sectors. Given the scope of the non-U.S. small cap equity market, individual company outcomes tend to have a more meaningful impact on portfolio results than broader exposures. That said, the Series' underweight to emerging markets during the year was a slight detractor overall.
Positioning
Despite elevated geopolitical turmoil around the world, the Rainier team continues to see pockets of opportunity. Geographically, the portfolio remains overweight to Europe and underweight to the Pacific region. Japan, despite being a relative underweight, remains a primary area of absolute exposure in the portfolio as the business environment and culture in that country continues to improve for shareholders and it is a market that includes many high-quality growing companies. The team is also identifying numerous opportunities in the United Kingdom. Emerging market exposure is underweight relative to benchmark but remains a prominent absolute portion of the portfolio and source of new ideas, most notably in India and Taiwan. India presents a very attractive environment for domestic economic growth.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. The graph assumes a $10,000 initial investment in the Fund and an appropriate broad-based securities market index and a more narrowly based index that reflects the market sector in which the Fund invests for the same period.
Initial Investment of $10,000
Date | Rainier International Discovery Series - Z | MSCI ACWI ex USA | MSCI ACWI ex USA Small Cap |
10/31/2014 | 10000.0 | 10000.0 | 10000.0 |
10/31/2015 | 11352.0 | 9532.0 | 10153.0 |
10/31/2016 | 11273.0 | 9553.0 | 10581.0 |
10/31/2017 | 14678.0 | 11812.0 | 13195.0 |
10/31/2018 | 13461.0 | 10838.0 | 11911.0 |
10/31/2019 | 14670.0 | 12059.0 | 12956.0 |
10/31/2020 | 18494.0 | 11745.0 | 12965.0 |
10/31/2021 | 25635.0 | 15228.0 | 17999.0 |
10/31/2022 | 16876.0 | 11463.0 | 13004.0 |
10/31/2023 | 16394.0 | 12846.0 | 14151.0 |
10/31/2024 | 19364.0 | 15972.0 | 17509.0 |
The returns are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to net asset values in accordance with accounting principles generally accepted in the United States of America.
The Rainier International Discovery Fund (Predecessor Fund), which was managed by Rainier Investment Management, LLC, was reorganized into the Manning & Napier Fund, Inc. Rainier International Discovery Series on August 21, 2017. For periods prior to August 21, 2017, performance for the Class Z Shares is based on the historical performance of the Predecessor Fund's Institutional Shares, and will differ to the extent that the Predecessor Fund's Institutional Shares had a higher expense ratio.
The MSCI ACWI ex USA Index (ACWIxUS) is designed to measure large and mid-cap representation across 22 of 23 Developed Markets countries (excluding the U.S.) and 24 Emerging Markets countries. Index returns provided by Bloomberg. The MSCI ACWI ex USA Small Cap Growth Index is designed to measure small-cap securities exhibiting overall growth style characteristics across 22 of 23 Developed Markets countries (excluding the U.S.) and 24 Emerging Markets countries. Index returns provided by MorningStar.
Average Annual Total Returns
(As of October 31, 2024)
| 1 Year | 5 Year | 10 Year |
|---|
Rainier International Discovery Series - Z | 18.06% | 5.70% | 6.83% |
MSCI ACWI ex USA | 24.33% | 5.78% | 4.79% |
MSCI ACWI ex USA Small Cap | 23.73% | 6.21% | 5.76% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
Index data referenced herein is the property of MSCI, its affiliates ("MSCI") and/or its third-party suppliers and has been licensed for use by Manning & Napier. For additional disclosure information, please see: https://go.manning-napier.com/benchmark-provisions.
Manning & Napier Rainier International Discovery Tailored Shareholder Report MNIDS-Z-10/24-AR
The Manning & Napier Fund, Inc. (the Fund) is managed by Manning & Napier Advisors, LLC (Manning & Napier). Manning & Napier Investor Services, Inc. (MNBD), an affiliate of Manning & Napier, is the distributor of the Fund shares. Manning & Napier has contracted Rainier Investment Management, LLC, an affiliate of Manning & Napier and MNBD, to sub-advise the International Discovery Series.
Manning & Napier Rainier International Discovery Tailored Shareholder Report MNIDS-Z-10/24-AR
The Manning & Napier Fund, Inc. (the Fund) is managed by Manning & Napier Advisors, LLC (Manning & Napier). Manning & Napier Investor Services, Inc. (MNBD), an affiliate of Manning & Napier, is the distributor of the Fund shares. Manning & Napier has contracted Rainier Investment Management, LLC, an affiliate of Manning & Napier and MNBD, to sub-advise the International Discovery Series.
Key Fund Statistics (as of October 31, 2024)
| |
|---|
Fund Size | $418,110,083 |
Number of Holdings | 98 |
Annual Portfolio Turnover | 66% |
Total Advisory Fees Paid (net of reimbursements) | $4,308,108 |
The total advisory fee represents management fees at fund level in aggregate dollar amount including waivers and reimbursements for the period and recoupments of waivers and/or reimbursements previously recorded by the Series.
Sector Allocation (% of net assets)
Sector | Allocation |
Information Technology | 0.184 |
Industrials | 0.319 |
Energy | 0.024 |
Health Care | 0.084 |
Communication Services | 0.079 |
Consumer Discretionary | 0.071 |
Real Estate | 0.029 |
Consumer Staples | 0.032 |
Financials | 0.111 |
Materials | 0.013 |
Utilities | 0.005 |
The Global Industry Classification Standard (GICS) was developed by and is exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor's a division of S&P Global 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.
What did the Fund invest in?
(as of October 31, 2024)
Top Investment Types | % |
|---|
Cash, Short-Term Investment, and Liabilities, Less Other Assets | 4.9 |
Common Stocks | 95.1 |
Expressed as a percentage of net assets.
Householding
The Fund may send only one copy of the Series' prospectus and annual and semi-annual reports to certain shareholders residing at the same "household" for shareholders who have elected this option. This reduces Fund expenses, which benefits you and other shareholders. If you wish to change your "householding" option, please call (800) 466-3863 or contact your financial advisor.
Additional information about the Series, including its prospectus, financial information, holdings, and proxy information can be obtained at www.manning-napier.com/products/mutual-funds or by calling (800) 466-3863. Shareholders can also elect to receive certain documents via e-delivery. For more information or to sign up for e-delivery, please visit the Fund's website.
Manning & Napier Rainier International Discovery Tailored Shareholder Report MNIDS-Z-10/24-AR
The Manning & Napier Fund, Inc. (the Fund) is managed by Manning & Napier Advisors, LLC (Manning & Napier). Manning & Napier Investor Services, Inc. (MNBD), an affiliate of Manning & Napier, is the distributor of the Fund shares. Manning & Napier has contracted Rainier Investment Management, LLC, an affiliate of Manning & Napier and MNBD, to sub-advise the International Discovery Series.
Manning & Napier Rainier International Discovery Tailored Shareholder Report MNIDS-W-10/24-AR
The Manning & Napier Fund, Inc. (the Fund) is managed by Manning & Napier Advisors, LLC (Manning & Napier). Manning & Napier Investor Services, Inc. (MNBD), an affiliate of Manning & Napier, is the distributor of the Fund shares. Manning & Napier has contracted Rainier Investment Management, LLC, an affiliate of Manning & Napier and MNBD, to sub-advise the International Discovery Series.
annual shareholder report Rainier International Discovery ticker: RAIWX | |
This annual shareholder report contains important information about Rainier International Discovery Class W, a series of Manning & Napier Fund Inc. (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.manning-napier.com/products/mutual-funds. You can also request this information by contacting us at (800) 466-3863. Shareholders who own the Fund through a third-party advisor or intermediary platform should contact their financial advisor directly for additional information.
What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class W | $11 | 0.10% |
Expenses are equal to each Class's annualized expense ratio (for the twelve-month period) multiplied by the average account value over the period. The Advisor has contractually agreed to waive the management fee for the Class W shares. The Class's expenses would have been higher if certain expenses had not been waived or reimbursed during the period.
Management's Discussion of Fund Performance
How did the fund perform last year?
The Series delivered positive returns for the 12-month period ended 10/31/2024 but underperformed its benchmark, the MSCI ACWI ex USA Small Cap Index.
What factors influenced performance?
The Series' positive return was driven primarily by its exposure to foreign stocks. Equity markets were meaningfully positive over the past twelve months, not only in the U.S. but around the globe. Investor sentiment was buoyed by a resilient U.S. economy and moderating inflation, while foreign markets benefited from attractive valuations and a broadening-out of equity market returns away from previous return concentration in large U.S. growth companies. The Series' underperformance relative to the benchmark was primarily a result of individual stock results, notably within the Consumer, Financials, and Industrials sectors. Given the scope of the non-U.S. small cap equity market, individual company outcomes tend to have a more meaningful impact on portfolio results than broader exposures. That said, the Series' underweight to emerging markets during the year was a slight detractor overall.
Positioning
Despite elevated geopolitical turmoil around the world, the Rainier team continues to see pockets of opportunity. Geographically, the portfolio remains overweight to Europe and underweight to the Pacific region. Japan, despite being a relative underweight, remains a primary area of absolute exposure in the portfolio as the business environment and culture in that country continues to improve for shareholders and it is a market that includes many high-quality growing companies. The team is also identifying numerous opportunities in the United Kingdom. Emerging market exposure is underweight relative to benchmark but remains a prominent absolute portion of the portfolio and source of new ideas, most notably in India and Taiwan. India presents a very attractive environment for domestic economic growth.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. The graph assumes a $10,000 initial investment in the Fund and an appropriate broad-based securities market index and a more narrowly based index that reflects the market sector in which the Fund invests for the same period.
Initial Investment of $10,000
Date | Rainier International Discovery Series - W | MSCI ACWI ex USA | MSCI ACWI ex USA Small Cap |
10/31/2014 | 10000.0 | 10000.0 | 10000.0 |
10/31/2015 | 11352.0 | 9532.0 | 10153.0 |
10/31/2016 | 11273.0 | 9553.0 | 10581.0 |
10/31/2017 | 14671.0 | 11812.0 | 13195.0 |
10/31/2018 | 13442.0 | 10838.0 | 11911.0 |
10/31/2019 | 14726.0 | 12059.0 | 12956.0 |
10/31/2020 | 18728.0 | 11745.0 | 12965.0 |
10/31/2021 | 26202.0 | 15228.0 | 17999.0 |
10/31/2022 | 17407.0 | 11463.0 | 13004.0 |
10/31/2023 | 17058.0 | 12846.0 | 14151.0 |
10/31/2024 | 20330.0 | 15972.0 | 17509.0 |
The returns are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to net asset values in accordance with accounting principles generally accepted in the United States of America.
For periods through March 1, 2019 (the inception date of the Class W shares), performance for the Class W shares is based on the historical performance of the Class I shares. Because the Class W shares invest in the same portfolio of securities as the Class I shares, performance will be different only to the extent that the Class I shares have a higher expense ratio.
The MSCI ACWI ex USA Index (ACWIxUS) is designed to measure large and mid-cap representation across 22 of 23 Developed Markets countries (excluding the U.S.) and 24 Emerging Markets countries. Index returns provided by Bloomberg. The MSCI ACWI ex USA Small Cap Growth Index is designed to measure small-cap securities exhibiting overall growth style characteristics across 22 of 23 Developed Markets countries (excluding the U.S.) and 24 Emerging Markets countries. Index returns provided by MorningStar.
Average Annual Total Returns
(As of October 31, 2024)
| 1 Year | 5 Year | 10 Year |
|---|
Rainier International Discovery Series - W | 19.13% | 6.65% | 7.35% |
MSCI ACWI ex USA | 24.33% | 5.78% | 4.79% |
MSCI ACWI ex USA Small Cap | 23.73% | 6.21% | 5.76% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
Index data referenced herein is the property of MSCI, its affiliates ("MSCI") and/or its third-party suppliers and has been licensed for use by Manning & Napier. For additional disclosure information, please see: https://go.manning-napier.com/benchmark-provisions.
Manning & Napier Rainier International Discovery Tailored Shareholder Report MNIDS-W-10/24-AR
The Manning & Napier Fund, Inc. (the Fund) is managed by Manning & Napier Advisors, LLC (Manning & Napier). Manning & Napier Investor Services, Inc. (MNBD), an affiliate of Manning & Napier, is the distributor of the Fund shares. Manning & Napier has contracted Rainier Investment Management, LLC, an affiliate of Manning & Napier and MNBD, to sub-advise the International Discovery Series.
Manning & Napier Rainier International Discovery Tailored Shareholder Report MNIDS-W-10/24-AR
The Manning & Napier Fund, Inc. (the Fund) is managed by Manning & Napier Advisors, LLC (Manning & Napier). Manning & Napier Investor Services, Inc. (MNBD), an affiliate of Manning & Napier, is the distributor of the Fund shares. Manning & Napier has contracted Rainier Investment Management, LLC, an affiliate of Manning & Napier and MNBD, to sub-advise the International Discovery Series.
Key Fund Statistics (as of October 31, 2024)
| |
|---|
Fund Size | $418,110,083 |
Number of Holdings | 98 |
Annual Portfolio Turnover | 66% |
Total Advisory Fees Paid (net of reimbursements) | $4,308,108 |
The total advisory fee represents management fees at fund level in aggregate dollar amount including waivers and reimbursements for the period and recoupments of waivers and/or reimbursements previously recorded by the Series.
Sector Allocation (% of net assets)
Sector | Allocation |
Information Technology | 0.184 |
Industrials | 0.319 |
Energy | 0.024 |
Health Care | 0.084 |
Communication Services | 0.079 |
Consumer Discretionary | 0.071 |
Real Estate | 0.029 |
Consumer Staples | 0.032 |
Financials | 0.111 |
Materials | 0.013 |
Utilities | 0.005 |
The Global Industry Classification Standard (GICS) was developed by and is exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor's a division of S&P Global 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.
What did the Fund invest in?
(as of October 31, 2024)
Top Investment Types | % |
|---|
Cash, Short-Term Investment, and Liabilities, Less Other Assets | 4.9 |
Common Stocks | 95.1 |
Expressed as a percentage of net assets.
Householding
The Fund may send only one copy of the Series' prospectus and annual and semi-annual reports to certain shareholders residing at the same "household" for shareholders who have elected this option. This reduces Fund expenses, which benefits you and other shareholders. If you wish to change your "householding" option, please call (800) 466-3863 or contact your financial advisor.
Additional information about the Series, including its prospectus, financial information, holdings, and proxy information can be obtained at www.manning-napier.com/products/mutual-funds or by calling (800) 466-3863. Shareholders can also elect to receive certain documents via e-delivery. For more information or to sign up for e-delivery, please visit the Fund's website.
Manning & Napier Rainier International Discovery Tailored Shareholder Report MNIDS-W-10/24-AR
The Manning & Napier Fund, Inc. (the Fund) is managed by Manning & Napier Advisors, LLC (Manning & Napier). Manning & Napier Investor Services, Inc. (MNBD), an affiliate of Manning & Napier, is the distributor of the Fund shares. Manning & Napier has contracted Rainier Investment Management, LLC, an affiliate of Manning & Napier and MNBD, to sub-advise the International Discovery Series.
| (a) | The registrant has adopted a code of ethics that applies to its principal executive officer, principal financial officer and principal accounting officer. |
| (c) | During the period covered by this report, no amendments were made to the provisions of the code of ethics adopted in 2(a) above. |
| (d) | During the period covered by this report, no implicit or explicit waivers to the provisions of the code of ethics adopted in 2(a) above were granted. |
| (e) | Not applicable to the registrant due to the responses given in 2(c) and 2(d) above. |
| (f) | A copy of the registrant’s code of ethics is filed herewith as Exhibit 19(a)(1). |
| ITEM 3: | AUDIT COMMITTEE FINANCIAL EXPERT |
All of the members of the Audit committee have been determined by the Registrant’s Board of Directors to be Audit Committee Financial Experts as defined in this item. The current members of the Audit Committee are: Eunice K. Chapon, Paul A. Brooke, John M. Glazer, Russell O. Vernon, and Chester N. Watson. All Audit Committee members are independent under applicable rules. This designation will not increase the designee’s duties, obligations or liability as compared to their duties, obligations and liability as a member of the Audit Committee and of the Board.
| Item 4: | Principal Accountant Fees and Services |
Principal Accountant Fees and Services
Aggregate fees for professional services rendered for the Manning & Napier Fund, Inc. (Disciplined Value Series, Equity Series, Overseas Series, Pro-Blend® Conservative Term Series, Pro-Blend® Moderate Term Series, Pro-Blend® Extended Term Series, Pro-Blend® Maximum Term Series and Rainier International Discovery Series, collectively the “Fund”) by PricewaterhouseCoopers LLP (“PwC”) as of and for the years ended October 31, 2024 and 2023 were:
| | | 2024 | | | 2023 | |
| Audit Fees (a) | | $ | 384,288 | | | $ | 375,288 | |
| | | | | | | | | |
| Audit Related Fees (b) | | $ | 0 | | | $ | 0 | |
| | | | | | | | | |
| Tax Fees (c) | | $ | 143,910 | | | $ | 142,570 | |
| | | | | | | | | |
| All Other Fees (d) | | $ | 0 | | | $ | 0 | |
| | | | | | | | | |
| | | $ | 528,198 | | | $ | 517,858 | |
These fees relate to professional services rendered by PwC for the audit of the Fund’s annual financial statements or services normally provided by the accountant in connection with statutory and regulatory filing or engagements. These services include the audits of the financial statements of the Fund, issuance of consents, income tax provision procedures and assistance with review of documents filed with the SEC.
These fees relate to assurance and related services by PwC that are reasonably related to the performance of the audit of the Fund’s financial statements and are not reported under “Audit Fees” above.
These fees relate to professional services rendered by PwC for tax compliance, tax advice, tax planning and shareholder reporting.
These fees relate to products and services provided by PwC other than those reported above under “Audit Fees,” “Audit-Related Fees,” and “Tax Fees” above. There were no amounts that were approved by the Audit Committee pursuant to the de minimus exception (Rule 2-01(c)(7) of Regulation S-X) for the fiscal years ended October 31, 2024 and 2023.
Non-Audit Services to the Fund’s Service Affiliates that were Pre-Approved by the Fund’s Audit Committee
The Fund’s Audit Committee is required to pre-approve non-audit services which meet both the following criteria:
| i) | Directly relate to the Fund’s operations and financial reporting; and |
| ii) | Rendered by PwC to the Fund’s advisor, Manning & Napier Advisors, LLC, and entities in a control relationship with the advisor (“service affiliate”) that provide ongoing services to the Fund. For purposes of disclosure, Manning & Napier Investor Services, Inc. is considered to be a service affiliate. |
| | | 2024 | | | 2023 | |
| Audit Related Fees | | $ | 0 | | | $ | 0 | |
| | | | | | | | | |
| Tax Fees | | $ | 0 | | | $ | 0 | |
| | | | | | | | | |
| | | $ | 0 | | | $ | 0 | |
There were no Audit Related fees for the year ended October 31, 2024 or October 31, 2023.
There were no amounts that were approved by the Audit Committee pursuant to the de minimus exception (Rule 2-01(c)(7) of Regulation S-X) for the fiscal years ended October 31, 2024 and 2023.
Aggregate Fees
Aggregate fees billed to the Fund for non-audit services for 2024 and 2023 were $143,910 and $142,570 respectively. Aggregate fees billed to the Fund’s advisor and service affiliates for non-audit services were $0 and $0, respectively. These amounts include fees for non-audit services required to be pre-approved and fees for non-audit services that did not require pre-approval since they did not relate to the Fund’s operations and financial reporting.
The Fund’s Audit Committee has considered whether the provisions for non-audit services to the Fund’s advisor and service affiliates, which did not require pre-approval, are compatible with maintaining PwC’s independence.
| Item 5: | Audit Committee of Listed registrants |
Not applicable.
| (a) | Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the Financial Statements filed under Item 7 of this form. |
| Item 7: | Financial Statements and Financial Highlights for Open-End Management Investment Companies. |
| (a) | An open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must file its most recent annual or semi-annual financial statements required, and for the periods specified, by Regulation S-X. |
The annual financial statements are attached herewith.
www.manning-napier.com
Manning & Napier Fund, Inc.
Equity Series
Equity Series
Investment Portfolio - October 31, 2024
| | | | | | | |
| | | SHARES | | | VALUE
(NOTE 2) | |
| | | | | | | |
| COMMON STOCKS - 97.9% | | | | | | | | |
| | | | | | | | | |
| Communication Services - 12.9% | | | | | | | | |
| Entertainment - 3.0% | | | | | | | | |
| Electronic Arts, Inc. | | | 13,910 | | | $ | 2,098,323 | |
| Interactive Media & Services - 9.9% | | | | | | | | |
| Alphabet, Inc. - Class A | | | 19,678 | | | | 3,367,103 | |
| Meta Platforms, Inc. - Class A | | | 6,382 | | | | 3,622,295 | |
| | | | | | | | 6,989,398 | |
| Total Communication Services | | | | | | | 9,087,721 | |
| Consumer Discretionary - 5.4% | | | | | | | | |
| Broadline Retail - 5.4% | | | | | | | | |
| Amazon.com, Inc.* | | | 20,500 | | | | 3,821,200 | |
| Consumer Staples - 2.0% | | | | | | | | |
| Beverages - 2.0% | | | | | | | | |
| The Coca-Cola Co. | | | 22,090 | | | | 1,442,698 | |
| Financials - 20.2% | | | | | | | | |
| Banks - 1.7% | | | | | | | | |
| JPMorgan Chase & Co. | | | 5,296 | | | | 1,175,288 | |
| Capital Markets - 9.3% | | | | | | | | |
| BlackRock, Inc. | | | 1,752 | | | | 1,718,764 | |
| Cboe Global Markets, Inc. | | | 3,573 | | | | 763,086 | |
| Intercontinental Exchange, Inc. | | | 4,440 | | | | 692,063 | |
| Moody’s Corp. | | | 2,248 | | | | 1,020,682 | |
| MSCI, Inc. | | | 1,434 | | | | 819,101 | |
| Nasdaq, Inc. | | | 9,942 | | | | 734,913 | |
| S&P Global, Inc. | | | 1,725 | | | | 828,621 | |
| | | | | | | | 6,577,230 | |
| Financial Services - 9.2% | | | | | | | | |
| Fiserv, Inc.* | | | 7,057 | | | | 1,396,580 | |
| Mastercard, Inc. - Class A | | | 5,823 | | | | 2,909,113 | |
| Visa, Inc. - Class A | | | 7,532 | | | | 2,183,150 | |
| | | | | | | | 6,488,843 | |
| Total Financials | | | | | | | 14,241,361 | |
| Health Care - 9.5% | | | | | | | | |
| Biotechnology - 1.3% | | | | | | | | |
| Vertex Pharmaceuticals, Inc.* | | | 1,969 | | | | 937,205 | |
| Health Care Equipment & Supplies - 2.4% | | | | | | | | |
| IDEXX Laboratories, Inc.* | | | 1,274 | | | | 518,416 | |
| Intuitive Surgical, Inc.* | | | 2,274 | | | | 1,145,732 | |
| | | | | | | | 1,664,148 | |
| Health Care Providers & Services - 1.5% | | | | | | | | |
| UnitedHealth Group, Inc. | | | 1,881 | | | | 1,061,824 | |
| Life Sciences Tools & Services - 2.8% | | | | | | | | |
| Thermo Fisher Scientific, Inc. | | | 3,627 | | | | 1,981,503 | |
| Pharmaceuticals - 1.5% | | | | | | | | |
| Johnson & Johnson. | | | 6,656 | | | | 1,064,028 | |
| Total Health Care | | | | | | | 6,708,708 | |
| | | | | | | |
| | | SHARES | | | VALUE
(NOTE 2) | |
| | | | | | | |
| COMMON STOCKS (continued) | | | | | | | | |
| | | | | | | | | |
| Industrials - 21.0% | | | | | | | | |
| Aerospace & Defense - 5.5% | | | | | | | | |
| HEICO Corp. - Class A | | | 4,052 | | | $ | 778,025 | |
| L3Harris Technologies, Inc. | | | 8,033 | | | | 1,987,926 | |
| Northrop Grumman Corp. | | | 2,130 | | | | 1,084,213 | |
| | | | | | | | 3,850,164 | |
| Building Products - 1.6% | | | | | | | | |
| Masco Corp. | | | 14,006 | | | | 1,119,220 | |
| Commercial Services & Supplies - 3.8% | | | | | | | | |
| Copart, Inc.* | | | 38,644 | | | | 1,989,007 | |
| Rollins, Inc. | | | 15,419 | | | | 726,851 | |
| | | | | | | | 2,715,858 | |
| Ground Transportation - 5.8% | | | | | | | | |
| CSX Corp. | | | 52,171 | | | | 1,755,032 | |
| Norfolk Southern Corp. | | | 4,787 | | | | 1,198,808 | |
| Union Pacific Corp. | | | 4,994 | | | | 1,158,958 | |
| | | | | | | | 4,112,798 | |
| Professional Services - 4.3% | | | | | | | | |
| Equifax, Inc. | | | 5,407 | | | | 1,432,963 | |
| TransUnion | | | 15,484 | | | | 1,568,529 | |
| | | | | | | | 3,001,492 | |
| Total Industrials | | | | | | | 14,799,532 | |
| Information Technology - 19.0% | | | | | | | | |
| IT Services - 2.9% | | | | | | | | |
| EPAM Systems, Inc.* | | | 10,847 | | | | 2,046,287 | |
| Semiconductors & Semiconductor Equipment - 4.8% |
| Applied Materials, Inc. | | | 2,876 | | | | 522,224 | |
| NVIDIA Corp. | | | 21,484 | | | | 2,852,216 | |
| | | | | | | | 3,374,440 | |
| Software - 11.3% | | | | | | | | |
| Intuit, Inc. | | | 1,659 | | | | 1,012,487 | |
| Microsoft Corp. | | | 8,091 | | | | 3,287,778 | |
| Salesforce, Inc. | | | 5,006 | | | | 1,458,598 | |
| ServiceNow, Inc.* | | | 2,428 | | | | 2,265,300 | |
| | | | | | | | 8,024,163 | |
| Total Information Technology | | | | | | | 13,444,890 | |
| Materials - 2.2% | | | | | | | | |
| Chemicals - 2.2% | | | | | | | | |
| Albemarle Corp. | | | 7,545 | | | | 714,738 | |
| The Sherwin-Williams Co. | | | 2,372 | | | | 851,002 | |
| Total Materials | | | | | | | 1,565,740 | |
| Real Estate - 4.1% | | | | | | | | |
| Real Estate Management & Development - 2.2% |
| CBRE Group, Inc. - Class A* | | | 11,722 | | | | 1,535,230 | |
| Specialized REITs - 1.9% | | | | | | | | |
| Extra Space Storage, Inc. | | | 8,388 | | | | 1,369,761 | |
| Total Real Estate | | | | | | | 2,904,991 | |
The accompanying notes are an integral part of the financial statements.
Equity Series
Investment Portfolio - October 31, 2024
| | | | | | | |
| | | SHARES | | | VALUE
(NOTE 2) | |
| | | | | | | |
| COMMON STOCKS (continued) | | | | | | | | |
| | | | | | | | | |
| Utilities - 1.6% | | | | | | | | |
| Electric Utilities - 1.6% | | | | | | | | |
| Evergy, Inc. | | | 19,196 | | | $ | 1,160,206 | |
| | | | | | | | | |
| TOTAL COMMON STOCKS | | | | | | | | |
| (Identified Cost $51,476,044) | | | | | | | 69,177,047 | |
| | | | | | | |
| | | SHARES | | | VALUE
(NOTE 2) | |
| | | | | | | |
| SHORT-TERM INVESTMENT - 3.2% | | | | | | | | |
| | | | | | | | | |
| Dreyfus Government Cash Management, Institutional Shares, 4.76%1 | | | | | | | | |
| (Identified Cost $2,233,493) | | | 2,233,493 | | | $ | 2,233,493 | |
| | | | | | | | |
| TOTAL INVESTMENTS - 101.1% | | | | | | | | |
| (Identified Cost $53,709,537) | | | | | | | 71,410,540 | |
| LIABILITIES, LESS OTHER ASSETS - (1.1%) | | | | | | | (810,317 | ) |
| NET ASSETS - 100% | | | | | | $ | 70,600,223 | |
*Non-income producing security.
1Rate shown is the current yield as of October 31, 2024.
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 S&P Global 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.
Equity Series
Statement of Assets and Liabilities
October 31, 2024
| ASSETS: | | | |
| | | | |
| Investments, at value (identified cost $53,709,537) (Note 2) | | $ | 71,410,540 | |
| Dividends receivable | | | 13,875 | |
| Receivable for fund shares sold | | | 425 | |
| Prepaid expenses | | | 196 | |
| | | | | |
| TOTAL ASSETS | | | 71,425,036 | |
| | | | | |
| LIABILITIES: | | | | |
| | | | | |
| Accrued management fees1 | | | 41,523 | |
| Accrued shareholder services fees (Class S)1 | | | 15,246 | |
| Accrued fund accounting and administration fees1 | | | 8,404 | |
| Accrued Chief Compliance Officer service fees1 | | | 2,713 | |
| Directors’ fees payable1 | | | 1,872 | |
| Accrued transfer agent fees1 | | | 1,530 | |
| Payable for securities purchased | | | 714,014 | |
| Payable for fund shares repurchased | | | 2,659 | |
| Other payables and accrued expenses | | | 36,852 | |
| | | | | |
| TOTAL LIABILITIES | | | 824,813 | |
| | | | | |
| Commitments and contingent liabilities1 | | | | |
| | | | | |
| TOTAL NET ASSETS | | $ | 70,600,223 | |
| | | | | |
| NET ASSETS CONSIST OF: | | | | |
| | | | | |
| Capital stock | | $ | 44,283 | |
| Additional paid-in-capital | | | 45,211,747 | |
| Total distributable earnings (loss) | | | 25,344,193 | |
| | | | | |
| TOTAL NET ASSETS | | $ | 70,600,223 | |
| | | | | |
| NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class S | | | | |
| ($70,594,041/4,427,833 shares) | | $ | 15.94 | |
| | | | | |
| NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class W | | | | |
| ($6,182/497 shares) | | $ | 12.43 | |
1 See note 3 in Notes to the Financial Statements.
The accompanying notes are an integral part of the financial statements.
Equity Series
Statement of Operations
For the Year Ended October 31, 2024
INVESTMENT INCOME:
| Dividends | | $ | 798,456 | |
| | | | | |
| EXPENSES: | | | | |
| | | | | |
| Management fees (Note 3) | | | 510,831 | |
| Shareholder services fees (Class S) (Note 3) | | | 170,261 | |
| Fund accounting and administration fees (Note 3) | | | 49,924 | |
| Directors’ fees (Note 3) | | | 10,026 | |
| Chief Compliance Officer service fees (Note 3) | | | 7,994 | |
| Professional fees | | | 44,531 | |
| Custodian fees | | | 3,453 | |
| Miscellaneous | | | 77,212 | |
| | | | | |
| Total Expenses | | | 874,232 | |
| Less reduction of expenses (Note 3) | | | (159,131 | ) |
| | | | | |
| Net Expenses | | | 715,101 | |
| | | | | |
| NET INVESTMENT INCOME | | | 83,355 | |
| | | | | |
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | | | | |
| | | | | |
| Net realized gain (loss) on investments | | | 8,067,974 | |
| | | | | |
| Net change in unrealized appreciation (depreciation) on investments | | | 9,360,280 | |
| | | | | |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS | | | 17,428,254 | |
| | | | | |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 17,511,609 | |
The accompanying notes are an integral part of the financial statements.
Equity Series
Statements of Changes in Net Assets
| | | FOR THE
YEAR ENDED
10/31/24 | | | FOR THE
YEAR ENDED
10/31/23 | |
| INCREASE (DECREASE) IN NET ASSETS: |
| |
| OPERATIONS: |
| |
| Net investment income | | $ | 83,355 | | | $ | 100,480 | |
| Net realized gain (loss) on investments | | | 8,067,974 | | | | 2,053,638 | |
| Net change in unrealized appreciation (depreciation) on investments | | | 9,360,280 | | | | 2,837,428 | |
| | | | | | | | | |
| Net increase (decrease) from operations | | | 17,511,609 | | | | 4,991,546 | |
| | | | | | | | | |
| DISTRIBUTIONS TO SHAREHOLDERS (Note 9): |
| |
| Class S | | | (1,990,633 | ) | | | (7,373,008 | ) |
| Class W | | | (447 | ) | | | (2,500 | ) |
| | | | | | | | | |
| Total distributions to shareholders | | | (1,991,080 | ) | | | (7,375,508 | ) |
| | | | | | | | | |
| CAPITAL STOCK ISSUED AND REPURCHASED: |
| |
| Net increase (decrease) from capital share transactions (Note 5) | | | (2,638,336 | ) | | | (2,753,431 | ) |
| | | | | | | | | |
| Net increase (decrease) in net assets | | | 12,882,193 | | | | (5,137,393 | ) |
| | | | | | | | | |
| NET ASSETS: |
| |
| Beginning of year | | | 57,718,030 | | | | 62,855,423 | |
| | | | | | | | | |
| End of year | | $ | 70,600,223 | | | $ | 57,718,030 | |
The accompanying notes are an integral part of the financial statements.
Equity Series
Financial Highlights - Class S
| | | FOR THE YEAR ENDED |
| | | 10/31/24 | | | 10/31/23 | | | 10/31/22 | | | 10/31/21 | | | 10/31/20 | |
| Per share data (for a share outstanding throughout each year): | | | | | | | | | | | | | | | | | | | | |
| Net asset value - Beginning of year | | $ | 12.56 | | | $ | 13.13 | | | $ | 18.71 | | | $ | 14.32 | | | $ | 13.89 | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss)1 | | | 0.02 | | | | 0.02 | | | | (0.02 | ) | | | (0.02 | ) | | | 0.01 | |
| Net realized and unrealized gain (loss) on investments | | | 3.80 | | | | 0.96 | | | | (2.85 | ) | | | 5.67 | | | | 1.81 | |
| Total from investment operations | | | 3.82 | | | | 0.98 | | | | (2.87 | ) | | | 5.65 | | | | 1.82 | |
| Less distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
| From net investment income | | | (0.02 | ) | | | — | | | | — | | | | (0.00 | )2 | | | (0.03 | ) |
| From net realized gain on investments | | | (0.42 | ) | | | (1.55 | ) | | | (2.71 | ) | | | (1.26 | ) | | | (1.36 | ) |
| Total distributions to shareholders | | | (0.44 | ) | | | (1.55 | ) | | | (2.71 | ) | | | (1.26 | ) | | | (1.39 | ) |
| Net asset value - End of year | | $ | 15.94 | | | $ | 12.56 | | | $ | 13.13 | | | $ | 18.71 | | | $ | 14.32 | |
| Net assets - End of year (000’s omitted) | | $ | 70,594 | | | $ | 57,710 | | | $ | 62,848 | | | $ | 78,687 | | | $ | 59,789 | |
| Total return3 | | | 30.90 | % | | | 7.84 | % | | | (17.78 | %)4 | | | 41.71 | % | | | 14.00 | %5 |
| Ratios (to average net assets)/Supplemental Data: | | | | | | | | | | | | | | | | | | | | |
| Expenses* | | | 1.05 | % | | | 1.05 | % | | | 1.05 | % | | | 1.05 | % | | | 1.05 | % |
| Net investment income (loss) | | | 0.12 | % | | | 0.16 | % | | | (0.13 | %) | | | (0.15 | %) | | | 0.04 | % |
| Series portfolio turnover | | | 57 | % | | | 35 | % | | | 44 | % | | | 35 | % | | | 49 | % |
*The investment advisor did not impose all or a portion of its management and/or other fees during the years, and may have paid a portion of the Series’ expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts:
| | | 0.23 | % | | | 0.31 | % | | | 0.26 | % | | | 0.24 | % | | | 0.26 | % |
1Calculated based on average shares outstanding during the years.
2Less than $(0.01).
3Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been waived or reimbursed during the years.
4Includes litigation proceeds. Excluding this amount, the total return would have been (17.84%).
5Includes litigation proceeds. Excluding this amount, the total return would have been 13.76%.
The accompanying notes are an integral part of the financial statements.
Equity Series
Financial Highlights - Class W
| | | | FOR THE YEAR ENDED |
| | | | 10/31/24 | | | | 10/31/23 | | | | 10/31/22 | | | | 10/31/21 | | | | 10/31/20 | |
| Per share data (for a share outstanding throughout each year): | | | | | | | | | | | | | | | | | | | | |
| Net asset value - Beginning of year | | $ | 9.88 | | | $ | 13.39 | | | $ | 18.87 | | | $ | 14.42 | | | $ | 13.98 | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income1 | | | 0.13 | | | | 0.12 | | | | 0.13 | | | | 0.14 | | | | 0.14 | |
| Net realized and unrealized gain (loss) on investments | | | 2.97 | | | | 0.89 | | | | (2.90 | ) | | | 5.72 | | | | 1.82 | |
| Total from investment operations | | | 3.10 | | | | 1.01 | | | | (2.77 | ) | | | 5.86 | | | | 1.96 | |
| Less distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
| From net investment income | | | (0.13 | ) | | | (2.97 | ) | | | — | | | | (0.15 | ) | | | (0.16 | ) |
| From net realized gain on investments | | | (0.42 | ) | | | (1.55 | ) | | | (2.71 | ) | | | (1.26 | ) | | | (1.36 | ) |
| Total distributions to shareholders | | | (0.55 | ) | | | (4.52 | ) | | | (2.71 | ) | | | (1.41 | ) | | | (1.52 | ) |
| Net asset value - End of year | | $ | 12.43 | | | $ | 9.88 | | | $ | 13.39 | | | $ | 18.87 | | | $ | 14.42 | |
| Net assets - End of year (000’s omitted) | | $ | 6 | | | $ | 8 | | | $ | 7 | | | $ | 480 | | | $ | 358 | |
| Total return2 | | | 32.21 | % | | | 8.98 | % | | | (17.00 | %)3 | | | 43.17 | % | | | 15.15 | %4 |
| Ratios (to average net assets)/Supplemental Data: | | | | | | | | | | | | | | | | | | | | |
| Expenses* | | | 0.05 | % | | | 0.05 | % | | | 0.05 | % | | | 0.05 | % | | | 0.05 | % |
| Net investment income | | | 1.17 | % | | | 1.16 | % | | | 0.83 | % | | | 0.85 | % | | | 1.03 | % |
| Series portfolio turnover | | | 57 | % | | | 35 | % | | | 44 | % | | | 35 | % | | | 49 | % |
*The investment advisor did not impose all or a portion of its management and/or other fees during the years, and may have paid a portion of the Series’ expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts:
| | | 0.98 | % | | | 1.06 | % | | | 1.01 | % | | | 0.99 | % | | | 1.01 | % |
1Calculated based on average shares outstanding during the years.
2Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been waived or reimbursed during the years.
3Includes litigation proceeds. Excluding this amount, the total return would have been (17.06%).
4Includes litigation proceeds. Excluding this amount, the total return would have been 14.99%.
The accompanying notes are an integral part of the financial statements.
Equity Series
Notes to Financial Statements
Equity Series (the “Series”) is a no-load diversified series of Manning & Napier Fund, Inc. (the “Fund”). The Fund is organized in Maryland and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company.
The Series’ investment objective is to provide long-term growth of capital.
The Series is authorized to issue two classes of shares (Class S and Class W). Each class of shares is substantially the same, except that Class S shares bear shareholder servicing fees.
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 October 31, 2024, 6.8 billion shares have been designated in total among 15 series, of which 200 million have been designated as Equity Series Class S common stock and 100 million have been designated as Equity Series Class W common stock.
| 2. | Significant Accounting Policies |
The following is a summary of significant accounting policies followed by the Series. The Series is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 - Investment Companies, which is part of accounting principles generally accepted in the United States of America (“GAAP”).
Security Valuation
Portfolio securities, including domestic equities, listed on an exchange other than the NASDAQ Stock Market are valued at the latest quoted sales price of the exchange on which the security is primarily traded. Securities not traded on valuation date or securities not listed on an exchange are valued at the latest quoted bid price provided by the Fund’s pricing service. Securities listed on the NASDAQ Stock Market are valued in accordance with the NASDAQ Official Closing Price.
Short-term investments that mature in sixty days or less may be valued at amortized cost, which approximates fair value. Investments in open-end investment companies are valued at their net asset value per share on valuation date.
Volume and level of activity in established markets for an asset or liability are evaluated to determine whether recent transactions and quoted prices are determinative of fair value. Where there have been significant decreases in volume and level of activity, further analysis and adjustment may be necessary to estimate fair value. In these instances, fair value is measured 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 to value these securities may differ from the value that would be realized if these securities were sold, and the differences could be material.
Fair Value
The Series’ financial instruments are valued at the close of the NYSE and are reported at fair value, which GAAP defines as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Board has designated the Advisor as the Fund’s valuation designee (Valuation Designee) to make all fair value determinations with respect to each Series’ portfolio investments. Subject to oversight by the Board, the Valuation Designee performs the following functions in performing fair value determinations: assesses and manages valuation risks; establishes and applies fair value methodologies; tests fair value methodologies; and evaluates pricing vendors and pricing agents. The Advisor has adopted and implemented policies and procedures to be followed when making fair value determinations, and it has established a Valuation Committee through which the Advisor makes fair value determinations. The Valuation Designee provides periodic reporting to the Board on valuation matters. The Advisor’s determination of a security’s fair value price often involves the consideration of a number of subjective factors, and is therefore subject to the unavoidable risk that the value assigned to a security may be higher or lower than the security’s value would be if a reliable market quotation for the security was
Equity Series
Notes to Financial Statements (continued)
| 2. | Significant Accounting Policies (continued) |
Fair Value (continued)
readily available. 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. The Advisor may use a pricing service to obtain the value of the Fund’s portfolio securities where the prices provided by such pricing service are believed to reflect the fair market value of such securities. The methods used by the pricing service and the valuations so established will be reviewed by the Advisor under the general supervision of the Fund’s Board of Directors. Several pricing services are available, one or more of which may be used by the Advisor, as approved by the Board. A change in a pricing service or a material change in a pricing methodology for investments with no readily available market quotations will be reported to the Board by the Advisor in accordance with certain requirements.
GAAP establishes the following fair value hierarchy that categorizes the inputs used to measure fair value. Level 1 includes quoted prices (unadjusted) in active markets for identical financial instruments that the Series’ can access at the reporting date. Level 2 includes other significant observable inputs (including, but not limited to, quoted prices for similar financial instruments in active markets, quoted prices for identical or similar financial instruments in inactive markets, interest rates and yield curves, implied volatilities, and credit spreads). Level 3 includes unobservable inputs (including the Valuation Designee’s own assumptions in determining fair value). 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 October 31, 2024 in valuing the Series’ assets or liabilities carried at fair value:
| DESCRIPTION | | | TOTAL | | | | LEVEL 1 | | | | LEVEL 2 | | | | LEVEL 3 | |
| Assets: | | | | | | | | | | | | |
| Equity securities: | | | | | | | | | | | | | | | | |
| Communication Services | | $ | 9,087,721 | | | $ | 9,087,721 | | | $ | — | | | $ | — | |
| Consumer Discretionary | | | 3,821,200 | | | | 3,821,200 | | | | — | | | | — | |
| Consumer Staples | | | 1,442,698 | | | | 1,442,698 | | | | — | | | | — | |
| Financials | | | 14,241,361 | | | | 14,241,361 | | | | — | | | | — | |
| Health Care | | | 6,708,708 | | | | 6,708,708 | | | | — | | | | — | |
| Industrials | | | 14,799,532 | | | | 14,799,532 | | | | — | | | | — | |
| Information Technology | | | 13,444,890 | | | | 13,444,890 | | | | — | | | | — | |
| Materials | | | 1,565,740 | | | | 1,565,740 | | | | — | | | | — | |
| Real Estate | | | 2,904,991 | | | | 2,904,991 | | | | — | | | | — | |
| Utilities | | | 1,160,206 | | | | 1,160,206 | | | | — | | | | — | |
| Short-Term Investment | | | 2,233,493 | | | | 2,233,493 | | | | — | | | | — | |
| Total assets | | $ | 71,410,540 | | | $ | 71,410,540 | | | $ | — | | | $ | — | |
There were no Level 2 or Level 3 securities held by the Series as of October 31, 2023 or October 31, 2024.
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.
Equity Series
Notes to Financial Statements (continued)
| 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.
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 October 31, 2024, the Series has recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken in future tax returns.
The Series files income tax returns in the U.S. federal jurisdiction, various states and foreign jurisdictions, as required. No income tax returns are currently under investigation. The statute of limitations on the Series’ tax returns remains open for the years ended October 31, 2021 through October 31, 2024. The Series is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
Foreign Taxes
Based on the Series’ understanding of the tax rules and rates related to income, gains and currency purchase/repatriation transactions for foreign jurisdictions in which it invests, the Series will provide for foreign taxes, and where appropriate, deferred foreign tax.
Distributions of Income and Gains
Distributions to shareholders of net investment income and net realized gains are made annually. An additional distribution may be necessary to avoid taxation of the Series. Distributions are recorded on the ex-dividend date.
Indemnifications
The Fund’s organizational documents provide former and current directors and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Other
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
| 3. | Transactions with Affiliates |
The Fund has an Investment Advisory Agreement (the “Agreement”) with the Advisor, for which the Series pays a fee, computed daily and payable monthly, at an annual rate of 0.75% of the Series’ average daily net assets.
Under the Agreement, personnel of the Advisor provide the Series with advice and assistance in the choice of investments and the execution of securities transactions, and otherwise maintain the Series’ organization. The Advisor also provides the Fund with
Equity Series
Notes to Financial Statements (continued)
| 3. | Transactions with Affiliates (continued) |
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 these roles.
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 pay a fee, computed daily and payable monthly, at an annual rate of 0.25% of the average daily net assets of Class S 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 to waive the management fee for the Class W shares. The full management fee will be waived under this agreement because Class W shares are only available to discretionary investment accounts and other accounts managed by the Advisor. These clients pay a management fee to the Advisor that is separate from the Series’ expenses. In addition, pursuant to a separate expense limitation agreement, the Advisor has contractually agreed to limit its fees and reimburse expenses to the extent necessary so that the total direct annual fund operating expenses, exclusive of the shareholder services fee and waived Class W management fees (collectively, “excluded expenses”), to 0.80% of the average daily net assets of the Class S shares and 0.05% of the average daily net assets of the Class W shares. These contractual waivers are expected to continue indefinitely, and may not be amended or terminated by the Advisor without the approval of the Series’ Board of Directors. The Advisor may receive from a Class the difference between the Class’s total direct annual fund operating expenses, not including excluded expenses, and the Class’s contractual expense limit to recoup all or a portion of its prior fee waivers (other than Class W management fee waivers) or expense reimbursements made during the rolling three-year period preceding the recoupment if at any point the total direct annual fund operating expenses, not including excluded expenses, are below the contractual expense limit (a) at the time of the fee waiver and/or expense reimbursement and (b) at the time of the recoupment.
Pursuant to the advisory fee waiver, the Advisor waived $47 in management fees for Class W shares for the year ended October 31, 2024. In addition, pursuant to the separate expense limitation agreement, the Advisor waived or reimbursed expenses of $159,070 and $14 for Class S and Class W shares, respectively, for the year ended October 31, 2024. These amounts are included as a reduction of expenses on the Statement of Operations. For the year ended October 31, 2024, the Advisor did not recoup any expenses that have been previously waived or reimbursed.
As of October 31, 2024, the class specific waivers or reimbursements subject to possible future recoupment under the expense limitation agreement are as follows:
| CLASS | | EXPIRING OCTOBER 31, | | | |
| | | | 2025 | | | | 2026 | | | | 2027 | | | | TOTAL | |
| Class S | | $ | 181,893 | | | $ | 196,609 | | | $ | 159,070 | | | $ | 537,572 | |
| Class W | | | 766 | | | | 25 | | | | 14 | | | | 805 | |
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, 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; 0.0075% on the next $15 billion of average daily net assets; and 0.0065% of average daily net assets in excess of $40 billion; plus a base fee of $18,400 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
Equity Series
Notes to Financial Statements (continued)
| 3. | Transactions with Affiliates (continued) |
has agreements with BNY Mellon Investment Servicing (U.S.) Inc. (“BNY”) under which BNY serves as sub-accountant services agent.
| 4. | Purchases and Sales of Securities |
For the year ended October 31, 2024, purchases and sales of securities, other than U.S. Government securities and short-term securities, were $37,665,781 and $42,142,237, respectively. There were no purchases or sales of U.S. Government securities.
| 5. | Capital Stock Transactions |
Transactions in Class S and Class W shares of Equity Series were:
| CLASS S | | FOR THE YEAR ENDED | | | FOR THE YEAR ENDED | |
| | | 10/31/24 | | | | | | 10/31/23 | | | | |
| | | SHARES | | | AMOUNT | | | SHARES | | | AMOUNT | |
| Sold | | | 485,133 | | | $ | 7,155,627 | | | | 192,604 | | | $ | 2,467,634 | |
| Reinvested | | | 142,278 | | | | 1,979,081 | | | | 596,634 | | | | 7,255,070 | |
| Repurchased | | | (792,982 | ) | | | (11,769,590 | ) | | | (982,694 | ) | | | (12,478,635 | ) |
| Total | | | (165,571 | ) | | $ | (2,634,882 | ) | | | (193,456 | ) | | $ | (2,755,931 | ) |
| CLASS W | | FOR THE YEAR ENDED | | | FOR THE YEAR ENDED | |
| | | 10/31/24 | | | | | | 10/31/23 | | | | |
| | | SHARES | | | AMOUNT | | | SHARES | | | AMOUNT | |
| Sold | | — | | | $ | — | | | — | | | $ | — | |
| Reinvested | | | 41 | | | | 447 | | | | 264 | | | | 2,500 | |
| Repurchased | | | (361 | ) | | | (3,901 | ) | | | — | | | | — | |
| Total | | | (320 | ) | | $ | (3,454 | ) | | | 264 | | | $ | 2,500 | |
At October 31, 2024, the Advisor and its affiliates owned 16.0% of the Series. Investment activities of these shareholders may have a material effect on the Series.
The Fund has entered into a 364-day, $50 million credit agreement (the “line of credit”) with Bank of New York Mellon. Each series of the Fund may borrow under the line of credit for temporary or emergency purposes, including funding shareholder redemptions and other short-term liquidity purposes. The Fund pays an annual fee on the unused commitment amount, payable quarterly, and is allocated among all the series of the Fund and included in miscellaneous expenses in the Statement of Operations for each series. The line of credit expires in September 2025 unless extended or renewed. During the year ended October 31, 2024, the Series did not borrow under the line of credit.
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 October 31, 2024.
Equity Series
Notes to Financial Statements (continued)
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.
| 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. These differences are primarily due to losses deferred due to wash sales and utilization of tax equalization. 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. For the year ended October 31, 2024, amounts were reclassified within the capital accounts to increase Additional Paid in Capital by $425,589 and decrease Total Distributable Earnings by $425,589. Any such reclassifications are not reflected in the financial highlights.
The tax character of distributions paid were as follows:
| | | | FOR THE YEAR | | | | FOR THE YEAR | |
| | | | ENDED 10/31/24 | | | | ENDED 10/31/23 | |
| Ordinary income | | $ | 91,190 | | | $ | — | |
| Long-term capital gains | | | 1,899,890 | | | | 7,375,508 | |
At October 31, 2024, the identified cost of investments for federal income tax purposes, the resulting gross unrealized appreciation and depreciation, and the net unrealized appreciation were as follows:
| Cost for federal income tax purposes | | $ | 53,714,183 | |
| Unrealized appreciation | | | 18,007,209 | |
| Unrealized depreciation | | | (311,575 | ) |
| Net unrealized appreciation | | $ | 17,695,634 | |
| Undistributed ordinary income | | $ | 5,012 | |
| Undistributed long-term capital gains | | $ | 7,642,822 | |
Significant disruptions and volatility in the global financial markets and economies, like the current conditions caused by the Russian invasion of Ukraine, the conflict between Hamas and Israel in the Middle East and the COVID-19 pandemic, could negatively impact the investment performance of the Series. The global market and economic climate may become increasingly uncertain due to numerous factors beyond our control, including but not limited to, impacts on business operations in the U.S. related to the COVID-19 pandemic, such as supply chain disruptions and inflation, concerns related to unpredictable global market and economic factors, uncertainty in U.S. federal fiscal, tax, trade or regulatory policy and the fiscal, tax, trade or regulatory policy of foreign governments, rising interest rates, inflation or deflation, the availability of credit, performance of financial markets, armed conflicts, terrorism, natural or biological catastrophes, public health emergencies, or political uncertainty.
Equity Series
Report of Independent Registered Public Accounting Firm
To the Board of Directors of Manning & Napier Fund, Inc. and Shareholders of Equity Series
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the investment portfolio, of Equity Series (one of the funds constituting Manning & Napier Fund, Inc., referred to hereafter as the “Fund”) as of October 31, 2024, the related statement of operations for the year ended October 31, 2024, the statement of changes in net assets for each of the two years in the period ended October 31, 2024, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2024 and the financial highlights for each of the five years in the period ended October 31, 2024 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2024 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
New York, New York
December 19, 2024
We have served as the auditor of one or more investment companies in Manning & Napier Mutual Funds since 1992.
Equity Series
Supplemental Tax Information
(unaudited)
All reportings are based on financial information available as of the date of this annual report and, accordingly, are subject to change.
For federal income tax purposes, the Series reports for the current fiscal year $91,190 or, if different, the maximum amount allowable under the tax law, as qualified dividend income.
For corporate shareholders, the percentage of investment income (dividend income plus short-term gains, if any) that qualifies for the dividends received deduction for the current fiscal year is 100.00%
The Series designates $8,471,373 as Long-Term Capital Gain dividends pursuant to Section 852(b) of the Code for the fiscal year ended October 31, 2024.
Equity Series
Renewal of Investment Advisory Agreement
(unaudited)
At the Manning & Napier Fund, Inc. (the “Fund”) Board of Directors’ (the “Board”) meeting, held on May 16, 2024, the Investment Advisory Agreement between the Fund and Manning & Napier Advisors, LLC (the “Advisor”) and on behalf of the Rainier International Discovery Series (the “Rainier Series”), the Investment Advisory Agreement between the Advisor and the Fund and the Sub-Advisory Agreement between Advisor and Rainier Investment Management, LLC (“Rainier”)(together, the “Agreements”), were considered for renewal by the Board, including all of the Directors who are not “interested persons” (“Independent Directors”), within the meaning of the Investment Company Act of 1940, as amended (the “1940 Act”). In connection with the decision whether to renew the Agreements, a variety of material was provided to the Board in advance of the meeting for their review and consideration. The Board also held a working session on May 3, 2024 to review and discuss information provided to the Board, and for the Board to request additional information.
Representatives of the Advisor attended a portion of the working session and attended the Board meeting. The Advisor provided supplemental information requested by the Board and presented additional oral information to the Board to assist the Board in its considerations. In addition to the information furnished by the Advisor, the Board was provided with a legal memorandum discussing its fiduciary duties related to its approval of the continuation of the Agreement. Legal counsel for the Fund discussed with the Board the applicable legal considerations. In addition, the Board received in-person presentations about the Fund throughout the year.
The Independent Directors were advised by independent legal counsel with respect to these matters. The Independent Directors also met separately in an executive session with their legal counsel without any representatives of the Advisor present.
The Directors’ determinations at the meeting were made on the basis of each Director’s business judgment after consideration of all the information presented. In deciding to recommend the renewal of the Agreements with respect to each Series of the Fund, the Independent Directors did not identify any single or particular piece of information that, in isolation, was the controlling factor. Each Independent Director may also have weighed factors differently. This summary describes the most important, but not all, of the factors considered by the Board and the Independent Directors.
Nature, Extent and Quality of Services Provided by the Advisor and Rainier
The Board considered the nature, extent and quality of the services provided by the Advisor and Rainier under the Agreements including, among others: deciding what securities to purchase and sell for each Series; arranging for the purchase and sale of such securities by placing orders with broker-dealers; administering the affairs of the Fund (including the books and records of the Fund not maintained by third party service providers such as the custodian or transfer agent); arranging for the insurance coverage for the Fund; and supervising the preparation of tax returns, SEC filings (including registration statements) and reports to shareholders for the Fund. The Board considered the numerous services performed by the Advisor and its affiliates beyond those stated in the Agreements. The Board also considered the Advisor and Rainier’s personnel who perform services to the Fund, changes in senior or key personnel, industry trends impacting the mutual fund industry, the strength of the Advisor’s compliance infrastructure, policies and procedures relating to compliance with securities regulations, reputation, expertise and resources. The Directors also reviewed the Advisor and Rainier’s investment and risk management approaches for the Series. The most recent investment adviser registration forms (Form ADV) for the Advisor and Rainier were available to the Board. The Directors also considered other services to be provided to the Series by the Advisor specifically, such as monitoring Rainier’s adherence to the Series’ investment restrictions and monitoring compliance with various Fund policies and procedures and with applicable securities laws and regulations. Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that the nature, extent and quality of the services provided to each Series by the Advisor and Rainier supported the renewal of the Agreements.
Investment Performance of the Advisor and Rainier
In connection with their consideration of investment performance, the Board was provided with reports – both proprietary to the Advisor or the Fund and generated by independent providers of investment company data – regarding the performance of each Series over various time periods and comparisons against applicable benchmark indexes as well as peer groups of mutual funds. As part of these meetings, the Advisor and Rainier and their representatives provided information regarding and, as applicable, led discussions of factors impacting the Advisor and Rainier’s performance for the Series, outlining market conditions over various time periods and explaining their expectations and strategies for the future. The Directors determined that it was appropriate to take into account its consideration of the Advisor and Rainier’s performance at the May 3rd working session and during prior quarterly board meetings. The Board also considered the Advisor and Rainier’s investment teams, including changes to the investment teams during the past year, investment team compensation structure and the investment process.
Equity Series
Renewal of Investment Advisory Agreement
(unaudited)
The Directors expressed concerns about the investment performance of certain Series for various periods. The Directors emphasized longer-term performance but remained attentive to shorter periods as well. In response to a request from the Independent Directors relating to Series where the Advisor’s or Rainier’s performance was materially below the performance of a Series’ benchmarks and/or peer group, representatives of the Adviser provided a further explanation to the Board regarding the reasons for the underperformance of these Series and discussed the steps taken or expected to be taken by the Advisor in an effort to improve performance. The Directors acknowledged the Advisor’s agreement to continue its efforts to improve relative performance for certain Series and asked the Advisor to update the Board on these efforts at future meetings. After discussion, the Directors agreed to continue to remain focused in future meetings on overseeing the Advisor’s and Sub-Advisor’s efforts to address underperformance, emphasizing longer-term performance, while staying attentive to short-term performance. After discussion, the Directors concluded, based on the information received and the Advisor’s and Sub-Advisor’s efforts to address the underperformance of certain Series, within the context of its full deliberations, that the investment results that the Advisor and Sub-Advisor had been able to achieve for each Series support renewal of the Agreements.
Costs of Advisory Services, Profitability and Economies of Scale
The Board considered the fees and expenses of the various Series of the Fund. The Advisor presented the advisory fees and total expenses for each Series, including the advisory fee adjusted for any contractual expense waivers or reimbursements paid by the Advisor.
The Board considered whether the Advisor had achieved economies of scale with respect to its services to the Fund. The Board acknowledged the expense caps incorporated in the Fund’s current fee structure, which requires the Advisor to subsidize the expenses of the Series operating above their expense cap, noting that 13 of 15 Series of the Fund are currently receiving expense reimbursements from the Advisor. The Directors noted the Advisor’s investments in, among other areas, investment and research personnel, IT resources and technology upgrades, noting their expected benefits to the Fund. The Board concluded that the Fund would need to grow in assets before the Advisor would be able to achieve meaningful economies of scale.
The Board considered differential advisory fee waivers related to a Series’ Class W shares, which are utilized within the Advisor’s separately managed accounts. The Board took into account the Advisor’s annual process to determine that a Series’ Class W shares do not provide a means for cross-subsidization in contravention of Rule 18f-3 under the 1940 Act, which included an analysis of the advisory fees paid by the separately managed accounts to the Adviser outside of the Series as compared to the advisory fees paid by the Series’ other classes to the Adviser. The Board further took into account that, after completing its annual review, the Advisor concluded that each Series’ Class W shares do not provide a means for cross-subsidization in contravention of Rule 18f-3 under the 1940 Act and the Advisor has implemented reasonable measures to monitor the waivers in the Series’ Class W Shares to guard against cross-subsidization in the Series. Based on the results of the Advisor’s annual review of the differential advisory fee waivers related to the Series’ Class W shares and the Advisor’s conclusions thereto, the Board accepted the Advisor’s assessment, and therefore has made the determination, based on the information and analysis presented to the Board at the meeting, that the Series’ Class W shares do not provide a means for cross-subsidization in contravention of Rule 18f-3 under the 1940 Act.
The Advisor provided the Board with information comparing each Series’ contractual management fees with the Advisor’s standard advisory fees for separate accounts and collective investment trusts. The Board considered that the range of services provided to the Series is more extensive than for the Advisor’s other clients due to additional infrastructure, administrative and regulatory requirements related to operating a mutual fund.
The current advisory fees, 12b-1 Distribution and Service Fees, other expenses (e.g. a combination of Shareholder Services Fees, intermediary sub-TA fees, routine operating expenses and Acquired Fund Fees and Expenses for fund-of-fund Series) and total expense ratios of each Series and share class were compared and ranked (on both a mean and median basis) against respective peer universes. Respective peer universes included funds of a similar size and with similar investment objectives and expense characteristics as disclosed on the Morningstar database. Representatives of the Advisor discussed with the Board the comparisons and rankings of fees and net expense ratios for each Series of the Fund and the methodology behind the comparison. The Board considered that 93% of the Series have at least one share class in the best third of its relevant universe, and approximately half of the funds fall within the lowest expense quartile for at least one share class. The Board was also provided with information related to the sub-advisory fees for the Rainier International Discovery Series and appliable comparisons. The Board will continue to monitor the fees and expenses of the Series compared to peer groups. Based on their review of the information provided, the Board concluded that the current fees and expenses of each Series of the Fund were reasonable on a comparative basis.
Equity Series
Renewal of Investment Advisory Agreement
(unaudited)
The Board considered the costs of the Advisor’s services and the profits of the Advisor as they relate to the Advisor’s services to the Fund and Rainier’s services and profits with respect to services provided to the Rainier Series under the Agreements. The Board noted that since its last review, the Advisor completed a ‘go-private’ transaction whereby it was acquired by the Callodine Group in October 2022. The Board was provided with information on the Advisor’s financial condition and profitability by mutual fund agreement and by Series. Representatives of the Advisor noted a shift to EBITDA (earnings before interest, taxes, depreciation and amortization) as the key performance metric related to profitability and discussed modest improvements in the Advisor’s profitability derived from the Fund. The Board discussed the Advisor’s revenues generated from the Fund and its expenses associated with providing the services under the Agreements. The Advisor presented the Board with information on firm wide investment management profitability to provide a comparison of the Advisor’s profitability from its Fund activities relative to its profitability from its other investment management business. In addition, the Board reviewed the Advisor’s expense allocation methodology used to calculate profitability since many of the Advisor’s resources and expenses are shared across the Advisor’s various investment management vehicles. The Board noted the Advisor’s explanation of the consistent approach taken in calculating profitability, compared to prior periods, including the allocation of expenses as part of that calculation. The Board considered the Advisor’s expenses associated with Fund activities outside of the Agreement (such as expense reimbursements pursuant to expense caps and payments made by the Advisor to third party platforms on which shares of the Fund are available for purchase). After discussing the above costs and profits, the Board concluded that the Advisor and Rainier’s profit margins relating to its services provided under the Agreements were reasonable. The Board also considered the Advisor’s willingness to continue its current expense limitation and fee waiver arrangements with the Series.
The Board also considered the other benefits the Advisor derives from its relationship with the Fund. Such other benefits include participation in a joint insurance program, sharing of compensation expenses for certain shared personnel, relationships with large service providers, the utilization of Series within the Advisor’s separately managed accounts and certain research services provided by soft dollars. The Board concluded that these additional benefits to the Advisor were reasonable.
Conclusion
Based on the Board’s deliberations and their evaluation of the information described above, the Board, including a majority of the Independent Directors, concluded that the compensation under the Agreements was fair and reasonable with respect to each Series in light of the services and expenses and such other matters as the Directors considered to be relevant in the exercise of their reasonable judgment, and that the renewal of the Agreements would be in the best interests of each Series and its shareholders. The Board did not indicate that any single factor was determinative of its decision to approve the Agreements, but indicated that the Board based its determination on the total mix of information available to it.
Equity Series
Literature Requests
(unaudited)
Proxy Voting Policies and Procedures
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, without charge, upon request:
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:
| On the SEC’s web site | http://www.sec.gov |
| On Manning & Napier’s web site | www.manning-napier.com |
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-PORT, and are available, without charge, upon request:
| On the SEC’s web site | http://www.sec.gov |
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 1-(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 |
| 5. | Financial Statement and Other Information - Annual |
| 6. | Financial Statement and Other Information - Semi-Annual |
The Fund also offers electronic notification or “e-delivery” when certain documents are available on-line to be downloaded or reviewed. Direct shareholders can elect to receive electronic notification when shareholder reports, prospectus updates, and/or statements are available. If you do not currently have on-line access to your account, you can establish access by going to www.manning-napier.com, click on “Login” in the top corner of the page, and follow the prompts to self-enroll. Once enrolled, you can set your electronic notification preferences by clicking on the Account Options tab located within the green toolbar and then select E-Delivery Option. Should you have any questions on either how to establish on-line access or how to update your account settings, please contact Investor Services at 1-800-466-3863.
The Manning & Napier Fund, Inc. is managed by Manning & Napier Advisors, LLC. Manning & Napier Investor Services, Inc., an affiliate of Manning & Napier Advisors, LLC, is the distributor of the Fund shares.
MNEQY-10/24-AR
www.manning-napier.com
Manning & Napier Fund, Inc.
Overseas Series
Overseas Series
Investment Portfolio - October 31, 2024
| | | | | | | |
| | | SHARES | | | VALUE
(NOTE 2) | |
| | | | | | | | | |
| COMMON STOCKS - 95.7% | | | | | | | | |
| | | | | | | | | |
| Communication Services - 6.7% | | | | | | | | |
| Interactive Media & Services - 6.7% | | | | | | | | |
| Auto Trader Group plc (United Kingdom)1 | | | 1,872,759 | | | $ | 20,221,098 | |
| Tencent Holdings Ltd. (China) | | | 416,600 | | | | 21,722,411 | |
| Total Communication Services | | | | | | | 41,943,509 | |
| Consumer Discretionary - 8.6% | | | | | | | | |
| Broadline Retail - 3.2% | | | | | | | | |
| MercadoLibre, Inc. (Brazil)* | | | 9,683 | | | | 19,726,014 | |
| Household Durables - 1.4% | | | | | | | | |
| Sony Group Corp. (Japan) | | | 509,500 | | | | 8,965,935 | |
| Textiles, Apparel & Luxury Goods - 4.0% | | | | | | | | |
| Hermes International SCA (France) | | | 3,522 | | | | 8,004,635 | |
LVMH Moet Hennessy Louis Vuitton SE
(France) | | | 25,615 | | | | 17,052,432 | |
| | | | | | | | 25,057,067 | |
| Total Consumer Discretionary | | | | | | | 53,749,016 | |
| Consumer Staples - 2.0% | | | | | | | | |
| Personal Care Products - 2.0% | | | | | | | | |
| Beiersdorf AG (Germany) | | | 89,682 | | | | 12,106,520 | |
| Financials - 13.8% | | | | | | | | |
| Banks - 4.8% | | | | | | | | |
| FinecoBank Banca Fineco S.p.A. (Italy) | | | 498,013 | | | | 7,950,355 | |
| HDFC Bank Ltd. - ADR (India) | | | 344,213 | | | | 21,695,745 | |
| | | | | | | | 29,646,100 | |
| Capital Markets - 6.7% | | | | | | | | |
| Avanza Bank Holding AB (Sweden) | | | 338,594 | | | | 7,052,889 | |
| Deutsche Boerse AG (Germany) | | | 104,131 | | | | 24,187,372 | |
Intermediate Capital Group plc (United
Kingdom) | | | 403,793 | | | | 10,726,524 | |
| | | | | | | | 41,966,785 | |
| Insurance - 2.3% | | | | | | | | |
| Admiral Group plc (United Kingdom) | | | 434,665 | | | | 14,383,306 | |
| Total Financials | | | | | | | 85,996,191 | |
| Health Care - 11.3% | | | | | | | | |
| Health Care Equipment & Supplies - 2.0% | | | | | | | | |
| Alcon AG (United States) | | | 139,424 | | | | 12,820,037 | |
| Life Sciences Tools & Services - 2.4% | | | | | | | | |
| Lonza Group AG (Switzerland) | | | 24,354 | | | | 14,985,700 | |
| Pharmaceuticals - 6.9% | | | | | | | | |
AstraZeneca plc - ADR (United
Kingdom) | | | 332,518 | | | | 23,658,656 | |
| Roche Holding AG (United States) | | | 61,856 | | | | 19,169,391 | |
| | | | | | | | 42,828,047 | |
| Total Health Care | | | | | | | 70,633,784 | |
| Industrials - 27.8% | | | | | | | | |
| Aerospace & Defense - 6.6% | | | | | | | | |
| Airbus SE (France) | | | 104,405 | | | | 15,926,067 | |
| BAE Systems plc (United Kingdom) | | | 1,127,697 | | | | 18,175,442 | |
| | | | | | | |
| | | SHARES | | | VALUE
(NOTE 2) | |
| | | | | | | |
| COMMON STOCKS (continued) | | | | | | | | |
| | | | | | | | | |
| Industrials (continued) | | | | | | | | |
| Aerospace & Defense (continued) | | | | | | | | |
| Hensoldt AG (Germany) | | | 205,509 | | | $ | 6,992,329 | |
| | | | | | | | 41,093,838 | |
| Commercial Services & Supplies - 1.7% | | | | | | | | |
Cleanaway Waste Management Ltd.
(Australia) | | | 5,868,993 | | | | 10,507,798 | |
| Ground Transportation - 3.3% | | | | | | | | |
| Canadian National Railway Co. (Canada) | | | 189,110 | | | | 20,408,751 | |
| Machinery - 6.8% | | | | | | | | |
| SMC Corp. (Japan) | | | 28,700 | | | | 12,184,486 | |
| Spirax Group plc (United Kingdom) | | | 127,855 | | | | 10,672,112 | |
Techtronic Industries Co. Ltd. (Hong
Kong) | | | 1,380,000 | | | | 19,962,318 | |
| | | | | | | | 42,818,916 | |
| Professional Services - 2.1% | | | | | | | | |
| Experian plc (United States) | | | 266,633 | | | | 13,013,241 | |
| Trading Companies & Distributors - 5.7% | | | | | | | | |
| Brenntag SE (Germany) | | | 262,897 | | | | 17,149,583 | |
| IMCD N.V. (Netherlands) | | | 117,171 | | | | 18,629,158 | |
| | | | | | | | 35,778,741 | |
| Transportation Infrastructure - 1.6% | | | | | | | | |
Auckland International Airport Ltd. (New
Zealand) | | | 2,251,008 | | | | 9,821,621 | |
| Total Industrials | | | | | | | 173,442,906 | |
| Information Technology - 18.4% | | | | | | | | |
| Electronic Equipment, Instruments & Components - 4.9% | | | | | |
| Halma plc (United Kingdom) | | | 385,453 | | | | 12,313,556 | |
| Keyence Corp. (Japan) | | | 39,900 | | | | 18,011,406 | |
| | | | | | | | 30,324,962 | |
| IT Services - 4.4% | | | | | | | | |
| Globant S.A. (United States)* | | | 85,715 | | | | 17,990,721 | |
| Softcat plc (United Kingdom) | | | 431,805 | | | | 9,437,607 | |
| | | | | | | | 27,428,328 | |
| Semiconductors & Semiconductor Equipment - 7.6% | | | | | |
| Infineon Technologies AG (Germany) | | | 647,035 | | | | 20,462,247 | |
Taiwan Semiconductor Manufacturing
Co. Ltd. - ADR (Taiwan) | | | 141,651 | | | | 26,990,182 | |
| | | | | | | | 47,452,429 | |
| Software - 1.5% | | | | | | | | |
Atlassian Corp. - Class A (United
States)* | | | 50,635 | | | | 9,546,723 | |
| Total Information Technology | | | | | | | 114,752,442 | |
| Materials - 7.1% | | | | | | | | |
| Chemicals - 3.5% | | | | | | | | |
| Air Liquide S.A. (France) | | | 120,014 | | | | 21,518,679 | |
The accompanying notes are an integral part of the financial statements.
Overseas Series
Investment Portfolio - October 31, 2024
| | | | | | | |
| | | SHARES | | | VALUE
(NOTE 2) | |
| | | | | | | | | |
| COMMON STOCKS (continued) | | | | | | | | |
| | | | | | | | | |
| Materials (continued) | | | | | | | | |
| Paper & Forest Products - 3.6% | | | | | | | | |
| West Fraser Timber Co. Ltd. (Canada) | | | 251,212 | | | $ | 22,688,195 | |
| Total Materials | | | | | | | 44,206,874 | |
TOTAL COMMON STOCKS
(Identified Cost $528,622,404) | | | | | | | 596,831,242 | |
| | | | | | | |
| | | SHARES | | | VALUE
(NOTE 2) | |
| | | | | | | | | |
| SHORT-TERM INVESTMENT - 4.0% | | | | | | | | |
| | | | | | | | | |
Dreyfus Government Cash Management,
Institutional Shares, 4.76%2 | | | | | | | | |
| (Identified Cost $24,951,241) | | | 24,951,241 | | | $ | 24,951,241 | |
| | | | | | | | | |
TOTAL INVESTMENTS - 99.7%
(Identified Cost $553,573,645) | | | | | | | 621,782,483 | |
OTHER ASSETS, LESS LIABILITIES -
0.3% | | | | | | | 2,143,320 | |
| NET ASSETS - 100% | | | | | | $ | 623,925,803 | |
ADR - American Depositary Receipt
*Non-income producing security.
1Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”) and determined to be liquid under the Fund’s Liquidity Risk Management Program. The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2024 was $20,221,098, which represented 3.2% of the Series’ Net Assets.
2Rate shown is the current yield as of October 31, 2024.
The Series’ portfolio holds, as a percentage of net assets, greater than 10% in the following countries:
United Kingdom - 19.2%, Germany - 13.0%, United States - 11.6% and France - 10.0%.
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 S&P Global 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.
Overseas Series
Statement of Assets and Liabilities
October 31, 2024
| ASSETS: | | | |
| | | | |
| Investments, at value (identified cost $553,573,645) (Note 2) | | $ | 621,782,483 | |
| Foreign currency, at value (identified cost $2,578) | | | 2,577 | |
| Foreign tax reclaims receivable | | | 1,967,822 | |
| Dividends receivable | | | 535,588 | |
| Receivable for fund shares sold | | | 320,796 | |
| Prepaid expenses | | | 2,058 | |
| | | | | |
| TOTAL ASSETS | | | 624,611,324 | |
| | | | | |
| LIABILITIES: | | | | |
| | | | | |
| Accrued management fees1 | | | 185,485 | |
| Accrued sub-transfer agent fees1 | | | 99,171 | |
| Accrued distribution and service (Rule 12b-1) fees (Class S)1 | | | 36,872 | |
| Accrued fund accounting and administration fees1 | | | 20,339 | |
| Directors’ fees payable1 | | | 17,837 | |
| Accrued Chief Compliance Officer service fees1 | | | 2,713 | |
| Payable for fund shares repurchased | | | 222,789 | |
| Professional fees payable | | | 51,968 | |
| Other payables and accrued expenses | | | 48,347 | |
| | | | | |
| TOTAL LIABILITIES | | | 685,521 | |
| Commitments and contingent liabilities1 | | | | |
| | | | | |
| TOTAL NET ASSETS | | $ | 623,925,803 | |
| | | | | |
| NET ASSETS CONSIST OF: | | | | |
| | | | | |
| Capital stock | | $ | 186,428 | |
| Additional paid-in-capital | | | 939,777,113 | |
| Total distributable earnings (loss) | | | (316,037,738 | ) |
| | | | | |
| TOTAL NET ASSETS | | $ | 623,925,803 | |
| | | | | |
| NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class S | | | | |
| ($167,623,714/5,030,525 shares) | | $ | 33.32 | |
| | | | | |
| NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class I | | | | |
| ($70,300,786/2,110,553 shares) | | $ | 33.31 | |
| | | | | |
| NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class W | | | | |
| ($276,373,787/8,217,891 shares) | | $ | 33.63 | |
| | | | | |
| NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class Z | | | | |
| ($109,627,516/3,283,806 shares) | | $ | 33.38 | |
1 See note 3 in Notes to the Financial Statements.
The accompanying notes are an integral part of the financial statements.
Overseas Series
Statement of Operations
For the Year Ended October 31, 2024
| INVESTMENT INCOME: | | | | |
| | | | | |
| Dividends (net of foreign taxes withheld, $1,157,560) | | $ | 11,179,601 | |
| | | | | |
| EXPENSES: | | | | |
| | | | | |
| Management fees (Note 3) | | | 3,850,696 | |
| Distribution and service (Rule 12b-1) fees (Class S) (Note 3) | | | 414,878 | |
| Sub-transfer agent fees (Note 3) | | | 242,621 | |
| Fund accounting and administration fees (Note 3) | | | 119,220 | |
| Directors’ fees (Note 3) | | | 95,054 | |
| Chief Compliance Officer service fees (Note 3) | | | 7,994 | |
| Custodian fees | | | 144,233 | |
| Miscellaneous | | | 304,463 | |
| Total Expenses | | | 5,179,159 | |
| Less reduction of expenses (Note 3) | | | (1,912,901 | ) |
| Net Expenses | | | 3,266,258 | |
| NET INVESTMENT INCOME | | | 7,913,343 | |
| | | | | |
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY: | | | | |
| | | | | |
| Net realized gain (loss) on- | | | | |
| Investments | | | 24,979,730 | |
| Foreign currency and translation of other assets and liabilities | | | 179,895 | |
| | | | 25,159,625 | |
| Net change in unrealized appreciation (depreciation) on- | | | | |
| Investments | | | 97,284,680 | |
| Foreign currency and translation of other assets and liabilities | | | 46,901 | |
| | | | 97,331,581 | |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY | | | 122,491,206 | |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 130,404,549 | |
The accompanying notes are an integral part of the financial statements.
Overseas Series
Statements of Changes in Net Assets
| | | FOR THE
YEAR ENDED
10/31/24 | | | FOR THE
YEAR ENDED
10/31/23 | |
| | | | | | | | | |
| INCREASE (DECREASE) IN NET ASSETS: | | | | | | | | |
| | | | | | | | | |
| OPERATIONS: | | | | | | | | |
| | | | | | | | | |
| Net investment income | | $ | 7,913,343 | | | $ | 9,173,810 | |
| Net realized gain (loss) on investments and foreign currency | | | 25,159,625 | | | | (26,742,655 | ) |
| Net change in unrealized appreciation (depreciation) on investments and foreign currency | | | 97,331,581 | | | | 79,164,585 | |
| | | | | | | | | |
| Net increase (decrease) from operations | | | 130,404,549 | | | | 61,595,740 | |
| | | | | | | | | |
| DISTRIBUTIONS TO SHAREHOLDERS (Note 9): | | | | | | | | |
| | | | | | | | | |
| Class S | | | (1,550,005 | ) | | | (736,549 | ) |
| Class I | | | (979,237 | ) | | | (660,025 | ) |
| Class W | | | (5,175,956 | ) | | | (3,759,651 | ) |
| Class Z | | | (1,775,039 | ) | | | (770,341 | ) |
| Total distributions to shareholders | | | (9,480,237 | ) | | | (5,926,566 | ) |
| | | | | | | | | |
| CAPITAL STOCK ISSUED AND REPURCHASED: | | | | | | | | |
| | | | | | | | | |
| Net increase (decrease) from capital share transactions (Note 5) | | | (60,303,546 | ) | | | (36,233,953 | ) |
| | | | | | | | | |
| Net increase (decrease) in net assets | | | 60,620,766 | | | | 19,435,221 | |
| | | | | | | | | |
| NET ASSETS: | | | | | | | | |
| | | | | | | | | |
| Beginning of year | | | 563,305,037 | | | | 543,869,816 | |
| | | | | | | | | |
| End of year | | $ | 623,925,803 | | | $ | 563,305,037 | |
The accompanying notes are an integral part of the financial statements.
Overseas Series
Financial Highlights - Class S
| | | FOR THE YEAR ENDED |
| | | 10/31/24 | | | 10/31/23 | | | 10/31/22 | | | 10/31/21 | | | 10/31/20 | |
| | | | | | | | | | | | | | | | | | | | | |
| Per share data (for a share outstanding throughout each year): | | | | | | | | | | | | | | | | | | | | |
| Net asset value - Beginning of year | | $ | 27.42 | | | $ | 24.91 | | | $ | 37.19 | | | $ | 27.36 | | | $ | 24.14 | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income1 | | | 0.22 | | | | 0.28 | | | | 0.26 | | | | 0.18 | | | | 0.19 | |
| Net realized and unrealized gain (loss) on investments | | | 5.97 | | | | 2.36 | | | | (12.02 | ) | | | 9.83 | | | | 3.34 | 2 |
| Total from investment operations | | | 6.19 | | | | 2.64 | | | | (11.76 | ) | | | 10.01 | | | | 3.53 | |
| Less distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
| From net investment income | | | (0.29 | ) | | | (0.13 | ) | | | (0.52 | ) | | | (0.18 | ) | | | (0.31 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| Net asset value - End of year | | $ | 33.32 | | | $ | 27.42 | | | $ | 24.91 | | | $ | 37.19 | | | $ | 27.36 | |
| Net assets - End of year (000’s omitted) | | $ | 167,624 | | | $ | 146,351 | | | $ | 147,439 | | | $ | 222,471 | | | $ | 190,201 | |
| Total return3 | | | 22.68 | % | | | 10.58 | % | | | (32.00 | %)4 | | | 36.72 | % | | | 14.70 | %2 |
| | | | | | | | | | | | | | | | | | | | | |
| Ratios (to average net assets)/Supplemental Data: | | | | | | | | | | | | | | | | | | | | |
| Expenses* | | | 1.05 | % | | | 1.05 | % | | | 1.05 | % | | | 1.05 | % | | | 1.05 | % |
| Net investment income | | | 0.68 | % | | | 0.97 | % | | | 0.87 | % | | | 0.53 | | | | 0.77 | % |
| Series portfolio turnover | | | 57 | % | | | 49 | % | | | 40 | % | | | 47 | % | | | 66 | % |
*The investment advisor did not impose all or a portion of its management and/or other fees during the years, and may have paid a portion of the Series’ expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts:
| | | 0.01 | % | | | 0.08 | % | | | 0.04 | % | | | 0.03 | % | | | 0.06 | % |
1Calculated based on average shares outstanding during the years.
2During the reporting period the Fund settled legal claims against an issuer of securities previously held by the Fund. As a result, the net realized and unrealized gain (loss) on investments per share includes proceeds received from the settlement. Without these proceeds the net realized and unrealized gain (loss) on investments per share would have been $2.39. Excluding the proceeds from the settlement, the total return would have been 10.21%.
3Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been waived or reimbursed during the years.
4Includes litigation proceeds. Excluding this amount, the total return would have been (32.32%).
The accompanying notes are an integral part of the financial statements.
Overseas Series
Financial Highlights - Class I
| | | FOR THE YEAR ENDED |
| | | 10/31/24 | | | 10/31/23 | | | 10/31/22 | | | 10/31/21 | | | 10/31/20 | |
| | | | | | | | | | | | | | | | | | | | | |
| Per share data (for a share outstanding throughout each year): | | | | | | | | | | | | | | | | | | | | |
| Net asset value - Beginning of year | | $ | 27.42 | | | $ | 24.92 | | | $ | 37.24 | | | $ | 27.39 | | | $ | 24.22 | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income1 | | | 0.33 | | | | 0.37 | | | | 0.35 | | | | 0.28 | | | | 0.27 | |
| Net realized and unrealized gain (loss) on investments | | | 5.96 | | | | 2.35 | | | | (12.02 | ) | | | 9.85 | | | | 3.34 | 2 |
| Total from investment operations | | | 6.29 | | | | 2.72 | | | | (11.67 | ) | | | 10.13 | | | | 3.61 | |
| Less distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
| From net investment income | | | (0.40 | ) | | | (0.22 | ) | | | (0.65 | ) | | | (0.28 | ) | | | (0.44 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| Net asset value - End of year | | $ | 33.31 | | | $ | 27.42 | | | $ | 24.92 | | | $ | 37.24 | | | $ | 27.39 | |
| Net assets - End of year (000’s omitted) | | $ | 70,301 | | | $ | 66,756 | | | $ | 85,187 | | | $ | 117,732 | | | $ | 52,357 | |
| Total return3 | | | 23.06 | % | | | 10.90 | % | | | (31.79 | %)4 | | | 37.16 | % | | | 15.02 | %2 |
| | | | | | | | | | | | | | | | | | | | | |
| Ratios (to average net assets)/Supplemental Data: | | | | | | | | | | | | | | | | | | | | |
| Expenses* | | | 0.75 | % | | | 0.75 | % | | | 0.75 | %5 | | | 0.75 | %5 | | | 0.75 | % |
| Net investment income | | | 1.02 | % | | | 1.27 | % | | | 1.16 | % | | | 0.81 | % | | | 1.10 | % |
| Series portfolio turnover | | | 57 | % | | | 49 | % | | | 40 | % | | | 47 | % | | | 66 | % |
*For certain years presented, the investment advisor did not impose all or a portion of its management and/or other fees, and in some years may have paid a portion of the Series’ expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts:
| | | 0.03 | % | | | 0.04 | % | | | 0.02 | % | | | N/A | | | | 0.04 | % |
1Calculated based on average shares outstanding during the years.
2During the reporting period the Fund settled legal claims against an issuer of securities previously held by the Fund. As a result, the net realized and unrealized gain (loss) on investments per share includes proceeds received from the settlement. Without these proceeds the net realized and unrealized gain (loss) on investments per share would have been $2.60. Excluding the proceeds from the settlement, the total return would have been 10.57%.
3Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been waived or reimbursed during certain years.
4Includes litigation proceeds. Excluding this amount, the total return would have been (32.10%).
5Includes recoupment of past waived and/or reimbursed fees with no impact to the expense ratio.
The accompanying notes are an integral part of the financial statements.
Overseas Series
Financial Highlights - Class W
| | | FOR THE YEAR ENDED |
| | | 10/31/24 | | | 10/31/23 | | | 10/31/22 | | | 10/31/21 | | | 10/31/20 | |
| | | | | | | | | | | | | | | | | | | | | |
| Per share data (for a share outstanding throughout each year): | | | | | | | | | | | | | | | | | | | | |
| Net asset value - Beginning of year | | $ | 27.67 | | | $ | 25.15 | | | $ | 37.57 | | | $ | 27.59 | | | $ | 24.31 | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income1 | | | 0.54 | | | | 0.57 | | | | 0.57 | | | | 0.53 | | | | 0.45 | |
| Net realized and unrealized gain (loss) on investments | | | 6.03 | | | | 2.36 | | | | (12.10 | ) | | | 9.91 | | | | 3.36 | 2 |
| Total from investment operations | | | 6.57 | | | | 2.93 | | | | (11.53 | ) | | | 10.44 | | | | 3.81 | |
| Less distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
| From net investment income | | | (0.61 | ) | | | (0.41 | ) | | | (0.89 | ) | | | (0.46 | ) | | | (0.53 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| Net asset value - End of year | | $ | 33.63 | | | $ | 27.67 | | | $ | 25.15 | | | $ | 37.57 | | | $ | 27.59 | |
| Net assets - End of year (000’s omitted) | | $ | 276,374 | | | $ | 238,577 | | | $ | 230,788 | | | $ | 331,922 | | | $ | 267,777 | |
| Total return3 | | | 23.95 | % | | | 11.66 | % | | | (31.31 | %)4 | | | 38.13 | % | | | 15.80 | %2 |
| | | | | | | | | | | | | | | | | | | | | |
| Ratios (to average net assets)/Supplemental Data: | | | | | | | | | | | | | | | | | | | | |
| Expenses* | | | 0.05 | % | | | 0.05 | % | | | 0.05 | % | | | 0.05 | % | | | 0.05 | % |
| Net investment income | | | 1.68 | % | | | 1.98 | % | | | 1.87 | % | | | 1.51 | % | | | 1.78 | % |
| Series portfolio turnover | | | 57 | % | | | 49 | % | | | 40 | % | | | 47 | % | | | 66 | % |
*The investment advisor did not impose all or a portion of its management and/or other fees during the years, and may have paid a portion of the Series’ expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts:
| | | 0.65 | % | | | 0.67 | % | | | 0.65 | % | | | 0.64 | % | | | 0.66 | % |
1Calculated based on average shares outstanding during the years.
2During the reporting period the Fund settled legal claims against an issuer of securities previously held by the Fund. As a result, the net realized and unrealized gain (loss) on investments per share includes proceeds received from the settlement. Without these proceeds the net realized and unrealized gain (loss) on investments per share would have been $2.35. Excluding the proceeds from the settlement, the total return would have been 11.44%.
3Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been waived or reimbursed during the years.
4Includes litigation proceeds. Excluding this amount, the total return would have been (31.61%).
The accompanying notes are an integral part of the financial statements.
Overseas Series
Financial Highlights - Class Z
| | | FOR THE YEAR ENDED |
| | | 10/31/24 | | | 10/31/23 | | | 10/31/22 | | | 10/31/21 | | | 10/31/20 | |
| | | | | | | | | | | | | | | | | | | | | |
| Per share data (for a share outstanding throughout each year): | | | | | | | | | | | | | | | | | | | | |
| Net asset value - Beginning of year | | $ | 27.47 | | | $ | 24.96 | | | $ | 37.29 | | | $ | 27.41 | | | $ | 24.24 | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income1 | | | 0.36 | | | | 0.40 | | | | 0.38 | | | | 0.33 | | | | 0.29 | |
| Net realized and unrealized gain (loss) on investments | | | 5.97 | | | | 2.35 | | | | (12.04 | ) | | | 9.85 | | | | 3.34 | 2 |
| Total from investment operations | | | 6.33 | | | | 2.75 | | | | (11.66 | ) | | | 10.18 | | | | 3.63 | |
| Less distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
| From net investment income | | | (0.42 | ) | | | (0.24 | ) | | | (0.67 | ) | | | (0.30 | ) | | | (0.46 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| Net asset value - End of year | | $ | 33.38 | | | $ | 27.47 | | | $ | 24.96 | | | $ | 37.29 | | | $ | 27.41 | |
| Net assets - End of year (000’s omitted) | | $ | 109,628 | | | $ | 111,622 | | | $ | 80,456 | | | $ | 119,148 | | | $ | 72,614 | |
| Total return3 | | | 23.20 | % | | | 11.01 | % | | | (31.75 | %)4 | | | 37.31 | % | | | 15.11 | %2 |
| | | | | | | | | | | | | | | | | | | | | |
| Ratios (to average net assets)/Supplemental Data: | | | | | | | | | | | | | | | | | | | | |
| Expenses* | | | 0.65 | % | | | 0.65 | % | | | 0.65 | % | | | 0.65 | % | | | 0.65 | % |
| Net investment income | | | 1.13 | % | | | 1.37 | % | | | 1.27 | % | | | 0.94 | % | | | 1.14 | % |
| Series portfolio turnover | | | 57 | % | | | 49 | % | | | 40 | % | | | 47 | % | | | 66 | % |
*The investment advisor did not impose all or a portion of its management and/or other fees during the years, and may have paid a portion of the Series’ expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts:
| | | 0.05 | % | | | 0.07 | % | | | 0.05 | % | | | 0.04 | % | | | 0.06 | % |
1Calculated based on average shares outstanding during the years.
2During the reporting period the Fund settled legal claims against an issuer of securities previously held by the Fund. As a result, the net realized and unrealized gain (loss) on investments per share includes proceeds received from the settlement. Without these proceeds the net realized and unrealized gain (loss) on investments per share would have been $2.34. Excluding the proceeds from the settlement, the total return would have been 11.91%.
3Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been waived or reimbursed during the years.
4Includes litigation proceeds. Excluding this amount, the total return would have been (32.05%).
The accompanying notes are an integral part of the financial statements.
Overseas Series
Notes to Financial Statements
Overseas Series (the “Series”) is a no-load diversified series of Manning & Napier Fund, Inc. (the “Fund”). The Fund is organized in Maryland and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company.
The Series’ investment objective is to provide long-term growth.
The Series is authorized to issue four classes of shares (Class I, S, W, and Z). Each class of shares is substantially the same, except that class-specific distribution and shareholder servicing expenses are borne by the specific class of shares to which they relate.
The Fund’s Advisor is Manning & Napier Advisors, LLC (the “Advisor”). Shares of the Series are offered to investors, clients and employees of the Advisor and its affiliates. The total authorized capital stock of the Fund consists of 15 billion shares of common stock each having a par value of $0.01. As of October 31, 2024, 6.8 billion shares have been designated in total among 15 series, of which 200 million have been designated as Overseas Series Class I common stock, 400 million have been designated as Overseas Series Class S common stock, 75 million have been designated as Overseas Series Class W common stock and 100 million have been designated as Overseas Series Class Z 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. In these instances, fair value is measured 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 to value these securities may differ from the value that would be realized if these securities were sold, and the differences could be material.
Fair Value
The Series’ financial instruments are valued at the close of the NYSE and are reported at fair value, which GAAP defines as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Board has designated the Advisor as the Fund’s valuation designee (Valuation Designee) to make all fair value determinations with respect to each Series’ portfolio investments. Subject to oversight by the Board, the Valuation Designee performs the following functions in performing fair value determinations: assesses and manages valuation risks; establishes and applies fair value methodologies; tests fair value methodologies; and evaluates pricing vendors and pricing agents. The Advisor has adopted and implemented policies and procedures to be followed when making fair value determinations, and it has established a Valuation Committee through which the Advisor makes fair value determinations. The Valuation Designee
Overseas Series
Notes to Financial Statements (continued)
| 2. | Significant Accounting Policies (continued) |
Fair Value (continued)
provides periodic reporting to the Board on valuation matters. The Advisor’s determination of a security’s fair value price often involves the consideration of a number of subjective factors, and is therefore subject to the unavoidable risk that the value assigned to a security may be higher or lower than the security’s value would be if a reliable market quotation for the security was readily available. 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. The Advisor may use a pricing service to obtain the value of the Fund’s portfolio securities where the prices provided by such pricing service are believed to reflect the fair market value of such securities. The methods used by the pricing service and the valuations so established will be reviewed by the Advisor under the general supervision of the Fund’s Board of Directors. Several pricing services are available, one or more of which may be used by the Advisor, as approved by the Board. A change in a pricing service or a material change in a pricing methodology for investments with no readily available market quotations will be reported to the Board by the Advisor in accordance with certain requirements.
GAAP establishes the following fair value hierarchy that categorizes the inputs used to measure fair value. Level 1 includes quoted prices (unadjusted) in active markets for identical financial instruments that the Series’ can access at the reporting date. Level 2 includes other significant observable inputs (including, but not limited to, quoted prices for similar financial instruments in active markets, quoted prices for identical or similar financial instruments in inactive markets, interest rates and yield curves, implied volatilities, and credit spreads). Level 3 includes unobservable inputs (including the Valuation Designee’s own assumptions in determining fair value). 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 October 31, 2024 in valuing the Series’ assets or liabilities carried at fair value:
| DESCRIPTION | | TOTAL | | | LEVEL 1 | | | LEVEL 2# | | | LEVEL 3 | |
| Assets: | | | | | | | | | | | | |
| Equity securities: | | | | | | | | | | | | | | | | |
| Communication Services | | $ | 41,943,509 | | | $ | — | | | $ | 41,943,509 | | | $ | — | |
| Consumer Discretionary | | | 53,749,016 | | | | 19,726,014 | | | $ | 34,023,002 | | | | — | |
| Consumer Staples | | | 12,106,520 | | | | — | | | | 12,106,520 | | | | — | |
| Financials | | | 85,996,191 | | | | 21,695,745 | | | | 64,300,446 | | | | — | |
| Health Care | | | 70,633,784 | | | | 36,478,693 | | | | 34,155,091 | | | | — | |
| Industrials | | | 173,442,906 | | | | 20,408,751 | | | | 153,034,155 | | | | — | |
| Information Technology | | | 114,752,442 | | | | 54,527,626 | | | | 60,224,816 | | | | — | |
| Materials | | | 44,206,874 | | | | 22,688,195 | | | | 21,518,679 | | | | — | |
| Short-Term Investment | | | 24,951,241 | | | | 24,951,241 | | | | — | | | | — | |
| Total assets | | $ | 621,782,483 | | | $ | 200,476,265 | | | $ | 421,306,218 | | | $ | — | |
#Includes certain foreign equity securities for which a factor from a third party vendor was applied to determine the securities’ fair value following the close of local trading.
There were no Level 3 securities held by the Series as of October 31, 2023 or October 31, 2024.
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.
Overseas Series
Notes to Financial Statements (continued)
| 2. | Significant Accounting Policies (continued) |
Security Transactions, Investment Income and Expenses (continued)
Expenses are recorded on an accrual basis. Most expenses of the Fund can be attributed to a specific series. Expenses which cannot be directly attributed are apportioned among the series in the Fund in such a manner as deemed equitable by the Fund’s Board, taking into consideration, among other things, the nature and type of expense.
The Series uses the identified cost method for determining realized gain or loss on investments for both financial statement and federal income tax reporting purposes.
Foreign Currency Translation
The books and records of the Series are maintained in U.S. dollars. Foreign currencies, investments and other assets and liabilities are translated into U.S. dollars at the current exchange rates. Purchases and sales of investment securities and income and expenses are translated on the respective dates of such transactions. The Series does not isolate realized and unrealized gains and losses attributable to changes in the exchange rates from gains and losses that arise from changes in the fair value of investments. Such fluctuations are included with net realized and unrealized gain or loss on investments. Net realized foreign currency gains and losses represent foreign currency gains and losses between trade date and settlement date on securities transactions, gains and losses on disposition of foreign currencies and the difference between the amount of income and foreign withholding taxes recorded on the books of the Series and the amounts actually received or paid.
Federal Taxes
The Series’ policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies. The Series is not subject to federal income tax or excise tax to the extent that the Series distributes to shareholders each year its taxable income, including any net realized gains on investments, in accordance with requirements of the Internal Revenue Code. Accordingly, no provision for federal income tax or excise tax has been made in the financial statements.
Management evaluates its tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is required only when the position is “more likely than not” to be sustained assuming examination by taxing authorities. At October 31, 2024, the Series has recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken in future tax returns.
The Series files income tax returns in the U.S. federal jurisdiction, various states and foreign jurisdictions, as required. No income tax returns are currently under investigation. The statute of limitations on the Series’ tax returns remains open for the years ended October 31, 2021 through October 31, 2024. 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
Overseas Series
Notes to Financial Statements (continued)
| 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 and Other Agreements |
The Fund has an Investment Advisory Agreement (the “Agreement”) with the Advisor, for which the Series pays a fee, computed daily and payable monthly, at an annual rate of 0.60% of the Series’ average daily net assets.
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 these roles.
The Fund may enter into agreements with financial intermediaries pursuant to which the Fund may pay financial intermediaries for non-distribution related sub-transfer agency, administrative, sub-accounting, and other shareholder services in an annual amount not to exceed 0.15% of the average daily net assets of the Class I and Class S shares of the Series. Payments made pursuant to such agreements are generally based on the current assets and/or number of accounts of the Series attributable to the financial intermediary. Any payments made pursuant to such agreements may be in addition to, rather than in lieu of, any Distribution and Shareholder Services Fee payable under the Rule 12b-1 plan of the Fund.
The Advisor has contractually agreed to waive the management fee for the Class W shares. The full management fee will be waived under this agreement because Class W shares are only available to discretionary investment accounts and other accounts managed by the Advisor. These clients pay a management fee to the Advisor that is separate from the Series’ expenses. In addition, pursuant to a separate expense limitation agreement, the Advisor has contractually agreed to limit its fees and reimburse expenses to the extent necessary so that the total direct annual fund operating expenses, exclusive of distribution and service (12b-1) fees and waived Class W management fees (collectively, “excluded expenses”), to 0.75% of the average daily net assets of the Class I shares, 0.80% of the average daily net assets of the Class S shares, 0.65% of the average daily net assets of the Class Z shares, and 0.05% of the average daily net assets of the Class W shares. These contractual waivers are expected to continue indefinitely, and may not be amended or terminated by the Advisor without the approval of the Series’ Board of Directors. The Advisor may receive from a Class the difference between the Class’s total direct annual fund operating expenses, not including excluded expenses, and the Class’s contractual expense limit to recoup all or a portion of its prior fee waivers (other than Class W management fee waivers) or expense reimbursements made during the rolling three-year period preceding the recoupment if at any point the total direct annual fund operating expenses, not including excluded expenses, are below the contractual expense limit (a) at the time of the fee waiver and/or expense reimbursement and (b) at the time of the recoupment.
Pursuant to the advisory fee waiver, the Advisor waived $1,644,585 in management fees for Class W shares for the year ended October 31, 2024. In addition, pursuant to the separate expense limitation agreement, the Advisor waived or reimbursed expenses
Overseas Series
Notes to Financial Statements (continued)
| 3. | Transactions with Affiliates and Other Agreements (continued) |
of $23,890, $26,010, $149,473 and $68,943 for Class S, Class I, Class W and Class Z shares, respectively, for the year ended October 31, 2024. These amounts are included as a reduction of expenses on the Statement of Operations. For the year ended October 31, 2024, the Advisor did not recoup any expenses that have been previously waived or reimbursed.
As of October 31, 2024, the class specific waivers or reimbursements subject to possible future recoupment under the expense limitation agreement are as follows:
| CLASS | | EXPIRING OCTOBER 31, | | | |
| | | 2025 | | | 2026 | | | 2027 | | | TOTAL | |
| Class S | | $ | 80,651 | | | $ | 132,790 | | | $ | 23,890 | | | $ | 237,331 | |
| Class I | | | 21,856 | | | | 33,490 | | | | 26,010 | | | | 81,356 | |
| Class W | | | 147,958 | | | | 173,894 | | | | 149,473 | | | | 471,325 | |
| Class Z | | | 53,288 | | | | 68,734 | | | | 68,943 | | | | 190,965 | |
Manning & Napier Investor Services, Inc., a registered broker-dealer affiliate of the Advisor, acts as distributor for the Fund’s shares. The Series compensates the distributor for distributing and servicing the Series’ Class S shares pursuant to a distribution plan adopted under Rule 12b-1 of the 1940 Act, regardless of expenses actually incurred. Under the agreement, the Series pays distribution and service fees to the distributor at an annual rate of 0.25% of average daily net assets attributable to Class S shares. There are no distribution and service fees on the Class I, Class W or Class Z shares. The fees are accrued daily and paid monthly.
Pursuant to a master services agreement, 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; 0.0075% on the next $15 billion of average daily net assets; and 0.0065% of average daily net assets in excess of $40 billion; plus a base fee of $18,400 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.
| 4. | Purchases and Sales of Securities |
For the year ended October 31, 2024, purchases and sales of securities, other than U.S. Government securities and short-term securities, were $349,390,415 and $409,499,458, respectively. There were no purchases or sales of U.S. Government securities.
| 5. | Capital Stock Transactions |
Transactions in Class S, Class I, Class W and Class Z shares of Overseas Series were:
| CLASS S | | FOR THE YEAR ENDED
10/31/24 | | | FOR THE YEAR ENDED
10/31/23 | |
| | | SHARES | | | AMOUNT | | | SHARES | | | AMOUNT | |
| Sold | | | 302,401 | | | $ | 9,882,227 | | | | 215,256 | | | $ | 6,331,528 | |
| Reinvested | | | 49,813 | | | | 1,529,265 | | | | 25,430 | | | | 703,145 | |
| Repurchased | | | (659,843 | ) | | | (21,248,345 | ) | | | (821,653 | ) | | | (23,698,803 | ) |
| Total | | | (307,629 | ) | | $ | (9,836,853 | ) | | | (580,967 | ) | | $ | (16,664,130 | ) |
Overseas Series
Notes to Financial Statements (continued)
| 5. | Capital Stock Transactions (continued) |
| CLASS I | | FOR THE YEAR ENDED
10/31/24 | | | FOR THE YEAR ENDED
10/31/23 | |
| | | SHARES | | | AMOUNT | | | SHARES | | | AMOUNT | |
| Sold | | | 270,068 | | | $ | 8,608,287 | | | | 211,314 | | | $ | 6,120,641 | |
| Reinvested | | | 31,980 | | | | 978,917 | | | | 22,569 | | | | 622,453 | |
| Repurchased | | | (626,243 | ) | | | (20,440,679 | ) | | | (1,217,515 | ) | | | (35,423,445 | ) |
| Total | | | (324,195 | ) | | $ | (10,853,475 | ) | | | (983,632 | ) | | $ | (28,680,351 | ) |
| CLASS W | | FOR THE YEAR ENDED
10/31/24 | | | FOR THE YEAR ENDED
10/31/23 | |
| | | SHARES | | | AMOUNT | | | SHARES | | | AMOUNT | |
| Sold | | | 387,090 | | | $ | 12,584,260 | | | | 339,899 | | | $ | 9,848,876 | |
| Reinvested | | | 165,989 | | | | 5,097,523 | | | | 129,765 | | | | 3,589,308 | |
| Repurchased | | | (955,929 | ) | | | (30,840,652 | ) | | | (1,025,172 | ) | | | (29,938,550 | ) |
| Total | | | (402,850 | ) | | $ | (13,158,869 | ) | | | (555,508 | ) | | $ | (16,500,366 | ) |
| CLASS Z | | FOR THE YEAR ENDED
10/31/24 | | | FOR THE YEAR ENDED
10/31/23 | |
| | | SHARES | | | AMOUNT | | | SHARES | | | AMOUNT | |
| Sold | | | 231,163 | | | $ | 7,134,503 | | | | 888,517 | | | $ | 27,001,528 | |
| Reinvested | | | 57,276 | | | | 1,755,505 | | | | 27,500 | | | | 759,274 | |
| Repurchased | | | (1,067,380 | ) | | | (35,344,357 | ) | | | (76,058 | ) | | | (2,149,908 | ) |
| Total | | | (778,941 | ) | | $ | (26,454,349 | ) | | | 839,959 | | | $ | 25,610,894 | |
At October 31, 2024, one shareholder account owned 10.4% of the Series. In addition, the Advisor and its affiliates owned 0.6% of the Series. Approximately 44% of the shares outstanding (representing Class W) are fiduciary accounts where the Advisor has sole investment discretion.
The Fund has entered into a 364-day, $50 million credit agreement (the “line of credit”) with Bank of New York Mellon. Each series of the Fund may borrow under the line of credit for temporary or emergency purposes, including funding shareholder redemptions and other short-term liquidity purposes. The Fund pays an annual fee on the unused commitment amount, payable quarterly, and is allocated among all the series of the Fund and included in miscellaneous expenses in the Statement of Operations for each series. The line of credit expires in September 2025 unless extended or renewed. During the year ended October 31, 2024, the Series did not borrow under the line of credit.
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 October 31, 2024.
Overseas Series
Notes to Financial Statements (continued)
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.
| 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. These differences are primarily due to losses deferred due to wash sales, foreign currency gains and losses, corporate actions, and passive foreign investment companies (PFICs). 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 tax character of distributions paid were as follows:
| | | FOR THE YEAR
ENDED 10/31/24 | | | FOR THE YEAR
ENDED 10/31/23 | |
| Ordinary income | | $ | 9,480,237 | | | $ | 5,296,566 | |
At October 31, 2024, the identified cost of investments for federal income tax purposes, the resulting gross unrealized appreciation and depreciation, and the net unrealized appreciation were as follows:
| Cost for federal income tax purposes | | $ | 555,092,373 | | | | | |
| Unrealized appreciation | | | 89,603,839 | | | | | |
| Unrealized depreciation | | | (22,913,729 | ) | | | | |
| Net unrealized appreciation | | $ | 66,690,110 | | | | | |
| Undistributed ordinary income | | $ | 8,744,905 | | | | | |
| Capital loss carryforward | | $ | (391,471,574 | ) | | | | |
At October 31, 2024, the Series had net short-term capital loss carryforwards of $23,803,901 and net long-term capital loss carryforwards of $367,667,673, which may be carried forward indefinitely.
For the year ended October 31, 2024, the capital loss carryover utilized was $23,760,500.
Significant disruptions and volatility in the global financial markets and economies, like the current conditions caused by the Russian invasion of Ukraine, the conflict between Hamas and Israel in the Middle East and the COVID-19 pandemic, could negatively impact the investment performance of the Series. The global market and economic climate may become increasingly uncertain due to numerous factors beyond our control, including but not limited to, impacts on business operations in the U.S. related to the COVID-19 pandemic, such as supply chain disruptions and inflation, concerns related to unpredictable global market and economic factors, uncertainty in U.S. federal fiscal, tax, trade or regulatory policy and the fiscal, tax, trade or regulatory policy of foreign governments, rising interest rates, inflation or deflation, the availability of credit, performance of financial markets, armed conflicts, terrorism, natural or biological catastrophes, public health emergencies, or political uncertainty.
Overseas Series
Report of Independent Registered Public Accounting Firm
To the Board of Directors of Manning & Napier Fund, Inc. and Shareholders of Overseas Series
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the investment portfolio, of Overseas Series (one of the funds constituting Manning & Napier Fund, Inc., referred to hereafter as the “Fund”) as of October 31, 2024, the related statement of operations for the year ended October 31, 2024, the statement of changes in net assets for each of the two years in the period ended October 31, 2024, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2024 and the financial highlights for each of the five years in the period ended October 31, 2024 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2024 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.
New York, New York
December 19, 2024
We have served as the auditor of one or more investment companies in Manning & Napier Mutual Funds since 1992.
Overseas Series
Supplemental Tax Information
(unaudited)
All reportings are based on financial information available as of the date of this annual report and, accordingly, are subject to change.
For federal income tax purposes, the Series reports for the current fiscal year $10,477,584 or, if different, the maximum amount allowable under the tax law, as qualified dividend income.
The Series has elected to pass through to its shareholders, foreign source income of $11,088,317 and foreign taxes paid of $1,069,669 for the year ended October 31, 2024.
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Overseas Series
Renewal of Investment Advisory Agreement
(unaudited)
At the Manning & Napier Fund, Inc. (the “Fund”) Board of Directors’ (the “Board”) meeting, held on May 16, 2024, the Investment Advisory Agreement between the Fund and Manning & Napier Advisors, LLC (the “Advisor”) and on behalf of the Rainier International Discovery Series (the “Rainier Series”), the Investment Advisory Agreement between the Advisor and the Fund and the Sub-Advisory Agreement between Advisor and Rainier Investment Management, LLC (“Rainier”)(together, the “Agreements”), were considered for renewal by the Board, including all of the Directors who are not “interested persons” (“Independent Directors”), within the meaning of the Investment Company Act of 1940, as amended (the “1940 Act”). In connection with the decision whether to renew the Agreements, a variety of material was provided to the Board in advance of the meeting for their review and consideration. The Board also held a working session on May 3, 2024 to review and discuss information provided to the Board, and for the Board to request additional information.
Representatives of the Advisor attended a portion of the working session and attended the Board meeting. The Advisor provided supplemental information requested by the Board and presented additional oral information to the Board to assist the Board in its considerations. In addition to the information furnished by the Advisor, the Board was provided with a legal memorandum discussing its fiduciary duties related to its approval of the continuation of the Agreement. Legal counsel for the Fund discussed with the Board the applicable legal considerations. In addition, the Board received in-person presentations about the Fund throughout the year.
The Independent Directors were advised by independent legal counsel with respect to these matters. The Independent Directors also met separately in an executive session with their legal counsel without any representatives of the Advisor present.
The Directors’ determinations at the meeting were made on the basis of each Director’s business judgment after consideration of all the information presented. In deciding to recommend the renewal of the Agreements with respect to each Series of the Fund, the Independent Directors did not identify any single or particular piece of information that, in isolation, was the controlling factor. Each Independent Director may also have weighed factors differently. This summary describes the most important, but not all, of the factors considered by the Board and the Independent Directors.
Nature, Extent and Quality of Services Provided by the Advisor and Rainier
The Board considered the nature, extent and quality of the services provided by the Advisor and Rainier under the Agreements including, among others: deciding what securities to purchase and sell for each Series; arranging for the purchase and sale of such securities by placing orders with broker-dealers; administering the affairs of the Fund (including the books and records of the Fund not maintained by third party service providers such as the custodian or transfer agent); arranging for the insurance coverage for the Fund; and supervising the preparation of tax returns, SEC filings (including registration statements) and reports to shareholders for the Fund. The Board considered the numerous services performed by the Advisor and its affiliates beyond those stated in the Agreements. The Board also considered the Advisor and Rainier’s personnel who perform services to the Fund, changes in senior or key personnel, industry trends impacting the mutual fund industry, the strength of the Advisor’s compliance infrastructure, policies and procedures relating to compliance with securities regulations, reputation, expertise and resources. The Directors also reviewed the Advisor and Rainier’s investment and risk management approaches for the Series. The most recent investment adviser registration forms (Form ADV) for the Advisor and Rainier were available to the Board. The Directors also considered other services to be provided to the Series by the Advisor specifically, such as monitoring Rainier’s adherence to the Series’ investment restrictions and monitoring compliance with various Fund policies and procedures and with applicable securities laws and regulations. Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that the nature, extent and quality of the services provided to each Series by the Advisor and Rainier supported the renewal of the Agreements.
Investment Performance of the Advisor and Rainier
In connection with their consideration of investment performance, the Board was provided with reports – both proprietary to the Advisor or the Fund and generated by independent providers of investment company data – regarding the performance of each Series over various time periods and comparisons against applicable benchmark indexes as well as peer groups of mutual funds. As part of these meetings, the Advisor and Rainier and their representatives provided information regarding and, as applicable, led discussions of factors impacting the Advisor and Rainier’s performance for the Series, outlining market conditions over various time periods and explaining their expectations and strategies for the future. The Directors determined that it was appropriate to take into account its consideration of the Advisor and Rainier’s performance at the May 3rd working session and during prior quarterly board meetings. The Board also considered the Advisor and Rainier’s investment teams, including changes to the investment teams during the past year, investment team compensation structure and the investment process.
Overseas Series
Renewal of Investment Advisory Agreement
(unaudited)
The Directors expressed concerns about the investment performance of certain Series for various periods. The Directors emphasized longer-term performance but remained attentive to shorter periods as well. In response to a request from the Independent Directors relating to Series where the Advisor’s or Rainier’s performance was materially below the performance of a Series’ benchmarks and/or peer group, representatives of the Adviser provided a further explanation to the Board regarding the reasons for the underperformance of these Series and discussed the steps taken or expected to be taken by the Advisor in an effort to improve performance. The Directors acknowledged the Advisor’s agreement to continue its efforts to improve relative performance for certain Series and asked the Advisor to update the Board on these efforts at future meetings. After discussion, the Directors agreed to continue to remain focused in future meetings on overseeing the Advisor’s and Sub-Advisor’s efforts to address underperformance, emphasizing longer-term performance, while staying attentive to short-term performance. After discussion, the Directors concluded, based on the information received and the Advisor’s and Sub-Advisor’s efforts to address the underperformance of certain Series, within the context of its full deliberations, that the investment results that the Advisor and Sub-Advisor had been able to achieve for each Series support renewal of the Agreements.
Costs of Advisory Services, Profitability and Economies of Scale
The Board considered the fees and expenses of the various Series of the Fund. The Advisor presented the advisory fees and total expenses for each Series, including the advisory fee adjusted for any contractual expense waivers or reimbursements paid by the Advisor.
The Board considered whether the Advisor had achieved economies of scale with respect to its services to the Fund. The Board acknowledged the expense caps incorporated in the Fund’s current fee structure, which requires the Advisor to subsidize the expenses of the Series operating above their expense cap, noting that 13 of 15 Series of the Fund are currently receiving expense reimbursements from the Advisor. The Directors noted the Advisor’s investments in, among other areas, investment and research personnel, IT resources and technology upgrades, noting their expected benefits to the Fund. The Board concluded that the Fund would need to grow in assets before the Advisor would be able to achieve meaningful economies of scale.
The Board considered differential advisory fee waivers related to a Series’ Class W shares, which are utilized within the Advisor’s separately managed accounts. The Board took into account the Advisor’s annual process to determine that a Series’ Class W shares do not provide a means for cross-subsidization in contravention of Rule 18f-3 under the 1940 Act, which included an analysis of the advisory fees paid by the separately managed accounts to the Adviser outside of the Series as compared to the advisory fees paid by the Series’ other classes to the Adviser. The Board further took into account that, after completing its annual review, the Advisor concluded that each Series’ Class W shares do not provide a means for cross-subsidization in contravention of Rule 18f-3 under the 1940 Act and the Advisor has implemented reasonable measures to monitor the waivers in the Series’ Class W Shares to guard against cross-subsidization in the Series. Based on the results of the Advisor’s annual review of the differential advisory fee waivers related to the Series’ Class W shares and the Advisor’s conclusions thereto, the Board accepted the Advisor’s assessment, and therefore has made the determination, based on the information and analysis presented to the Board at the meeting, that the Series’ Class W shares do not provide a means for cross-subsidization in contravention of Rule 18f-3 under the 1940 Act.
The Advisor provided the Board with information comparing each Series’ contractual management fees with the Advisor’s standard advisory fees for separate accounts and collective investment trusts. The Board considered that the range of services provided to the Series is more extensive than for the Advisor’s other clients due to additional infrastructure, administrative and regulatory requirements related to operating a mutual fund.
The current advisory fees, 12b-1 Distribution and Service Fees, other expenses (e.g. a combination of Shareholder Services Fees, intermediary sub-TA fees, routine operating expenses and Acquired Fund Fees and Expenses for fund-of-fund Series) and total expense ratios of each Series and share class were compared and ranked (on both a mean and median basis) against respective peer universes. Respective peer universes included funds of a similar size and with similar investment objectives and expense characteristics as disclosed on the Morningstar database. Representatives of the Advisor discussed with the Board the comparisons and rankings of fees and net expense ratios for each Series of the Fund and the methodology behind the comparison. The Board considered that 93% of the Series have at least one share class in the best third of its relevant universe, and approximately half of the funds fall within the lowest expense quartile for at least one share class. The Board was also provided with information related to the sub-advisory fees for the Rainier International Discovery Series and appliable comparisons. The Board will continue to monitor the fees and expenses of the Series compared to peer groups. Based on their review of the information provided, the Board concluded that the current fees and expenses of each Series of the Fund were reasonable on a comparative basis.
Overseas Series
Renewal of Investment Advisory Agreement
(unaudited)
The Board considered the costs of the Advisor’s services and the profits of the Advisor as they relate to the Advisor’s services to the Fund and Rainier’s services and profits with respect to services provided to the Rainier Series under the Agreements. The Board noted that since its last review, the Advisor completed a ‘go-private’ transaction whereby it was acquired by the Callodine Group in October 2022. The Board was provided with information on the Advisor’s financial condition and profitability by mutual fund agreement and by Series. Representatives of the Advisor noted a shift to EBITDA (earnings before interest, taxes, depreciation and amortization) as the key performance metric related to profitability and discussed modest improvements in the Advisor’s profitability derived from the Fund. The Board discussed the Advisor’s revenues generated from the Fund and its expenses associated with providing the services under the Agreements. The Advisor presented the Board with information on firm wide investment management profitability to provide a comparison of the Advisor’s profitability from its Fund activities relative to its profitability from its other investment management business. In addition, the Board reviewed the Advisor’s expense allocation methodology used to calculate profitability since many of the Advisor’s resources and expenses are shared across the Advisor’s various investment management vehicles. The Board noted the Advisor’s explanation of the consistent approach taken in calculating profitability, compared to prior periods, including the allocation of expenses as part of that calculation. The Board considered the Advisor’s expenses associated with Fund activities outside of the Agreement (such as expense reimbursements pursuant to expense caps and payments made by the Advisor to third party platforms on which shares of the Fund are available for purchase). After discussing the above costs and profits, the Board concluded that the Advisor and Rainier’s profit margins relating to its services provided under the Agreements were reasonable. The Board also considered the Advisor’s willingness to continue its current expense limitation and fee waiver arrangements with the Series.
The Board also considered the other benefits the Advisor derives from its relationship with the Fund. Such other benefits include participation in a joint insurance program, sharing of compensation expenses for certain shared personnel, relationships with large service providers, the utilization of Series within the Advisor’s separately managed accounts and certain research services provided by soft dollars. The Board concluded that these additional benefits to the Advisor were reasonable.
Conclusion
Based on the Board’s deliberations and their evaluation of the information described above, the Board, including a majority of the Independent Directors, concluded that the compensation under the Agreements was fair and reasonable with respect to each Series in light of the services and expenses and such other matters as the Directors considered to be relevant in the exercise of their reasonable judgment, and that the renewal of the Agreements would be in the best interests of each Series and its shareholders. The Board did not indicate that any single factor was determinative of its decision to approve the Agreements, but indicated that the Board based its determination on the total mix of information available to it.
Overseas Series
Literature Requests
(unaudited)
Proxy Voting Policies and Procedures
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, without charge, upon request:
| By phone | 1-800-466-3863 |
On the Securities and Exchange
Commission’s (SEC) web site | http://www.sec.gov |
Proxy Voting Record
Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30th is available, without charge, upon request:
| By phone | 1-800-466-3863 |
| On the SEC’s web site | http://www.sec.gov |
| On Manning & Napier’s web site | www.manning-napier.com |
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-PORT, and are available, without charge, upon request:
| By phone | 1-800-466-3863 |
| On the SEC’s web site | http://www.sec.gov |
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 1-(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 |
| 5. | Financial Statement and Other Information - Annual |
| 6. | Financial Statement and Other Information - Semi-Annual |
The Fund also offers electronic notification or “e-delivery” when certain documents are available on-line to be downloaded or reviewed. Direct shareholders can elect to receive electronic notification when shareholder reports, prospectus updates, and/or statements are available. If you do not currently have on-line access to your account, you can establish access by going to www.manning-napier.com, click on “Login” in the top corner of the page, and follow the prompts to self-enroll. Once enrolled, you can set your electronic notification preferences by clicking on the Account Options tab located within the green toolbar and then select E-Delivery Option. Should you have any questions on either how to establish on-line access or how to update your account settings, please contact Investor Services at 1-800-466-3863.
The Manning & Napier Fund, Inc. is managed by Manning & Napier Advisors, LLC. Manning & Napier Investor Services, Inc., an affiliate of Manning & Napier Advisors, LLC, is the distributor of the Fund shares.
MNOVS-10/24-AR
www.manning-napier.com
Manning & Napier Fund, Inc.
Pro-Blend® Conservative Term Series
Pro-Blend® Moderate Term Series
Pro-Blend® Extended Term Series
Pro-Blend® Maximum Term Series
Investment Portfolio - October 31, 2024
| | | | | | | |
PRO-BLEND® CONSERVATIVE TERM
SERIES | | SHARES/
PRINCIPAL
AMOUNT1 | | | VALUE
(NOTE 2) | |
| |
| COMMON STOCKS - 20.5% |
| |
| Communication Services - 2.3% |
| Entertainment - 0.4% |
| Electronic Arts, Inc. | | | 8,209 | | | $ | 1,238,328 | |
| Interactive Media & Services - 1.9% |
| Alphabet, Inc. - Class A | | | 14,062 | | | | 2,406,149 | |
| Auto Trader Group plc (United Kingdom)2 | | | 13,875 | | | | 149,815 | |
| Meta Platforms, Inc. - Class A | | | 6,508 | | | | 3,693,810 | |
| Tencent Holdings Ltd. (China) | | | 3,200 | | | | 166,855 | |
| | | | | | | | 6,416,629 | |
| Total Communication Services | | | | | | | 7,654,957 | |
| Consumer Discretionary - 1.9% |
| Broadline Retail - 1.3% |
| Amazon.com, Inc.* | | | 15,242 | | | | 2,841,109 | |
| MercadoLibre, Inc. (Brazil)* | | | 698 | | | | 1,421,951 | |
| | | | | | | | 4,263,060 | |
| Household Durables - 0.0%## |
| Sony Group Corp. (Japan) | | | 4,000 | | | | 70,390 | |
| Textiles, Apparel & Luxury Goods - 0.6% |
| Hermes International SCA (France) | | | 28 | | | | 63,637 | |
| LVMH Moet Hennessy Louis Vuitton SE - ADR (France) | | | 13,174 | | | | 1,746,741 | |
| LVMH Moet Hennessy Louis Vuitton SE (France) | | | 204 | | | | 135,807 | |
| | | | | | | | 1,946,185 | |
| Total Consumer Discretionary | | | | | | | 6,279,635 | |
| Consumer Staples - 0.6% |
| Beverages - 0.6% |
| The Coca-Cola Co. | | | 27,680 | | | | 1,807,781 | |
| Personal Care Products - 0.0%## |
| Beiersdorf AG (Germany) | | | 714 | | | | 96,386 | |
| Total Consumer Staples | | | | | | | 1,904,167 | |
| Financials - 3.8% |
| Banks - 0.5% |
| FinecoBank Banca Fineco S.p.A. (Italy) | | | 4,009 | | | | 64,000 | |
| HDFC Bank Ltd. - ADR (India) | | | 22,521 | | | | 1,419,499 | |
| | | | | | | | 1,483,499 | |
| Capital Markets - 1.6% |
| Avanza Bank Holding AB (Sweden) | | | 2,810 | | | | 58,532 | |
| BlackRock, Inc. | | | 1,304 | | | | 1,279,263 | |
| Deutsche Boerse AG - ADR (Germany) | | | 26,601 | | | | 617,409 | |
| Deutsche Boerse AG (Germany) | | | 816 | | | | 189,539 | |
| Intercontinental Exchange, Inc. | | | 3,727 | | | | 580,928 | |
| Intermediate Capital Group plc (United Kingdom) | | | 3,180 | | | | 84,475 | |
| Moody’s Corp. | | | 1,895 | | | | 860,406 | |
| MSCI, Inc. | | | 1,081 | | | | 617,467 | |
| Nasdaq, Inc. | | | 8,346 | | | | 616,936 | |
| | | | | | | |
| | | SHARES/
PRINCIPAL
AMOUNT1 | | | VALUE
(NOTE 2) | |
| |
| COMMON STOCKS (continued) |
| |
| Financials (continued) |
| Capital Markets (continued) | | | | | | | | |
| S&P Global, Inc. | | | 1,163 | | | $ | 558,659 | |
| | | | | | | | 5,463,614 | |
| Financial Services - 1.7% | | | | | | | | |
| Fiserv, Inc.* | | | 5,801 | | | | 1,148,018 | |
| Mastercard, Inc. - Class A | | | 5,371 | | | | 2,683,298 | |
| Visa, Inc. - Class A | | | 6,442 | | | | 1,867,213 | |
| | | | | | | | 5,698,529 | |
| Insurance - 0.0%## | | | | | | | | |
| Admiral Group plc (United Kingdom) | | | 3,458 | | | | 114,427 | |
| Total Financials | | | | | | | 12,760,069 | |
| Health Care - 3.1% | | | | | | | | |
| Biotechnology - 0.2% | | | | | | | | |
| Vertex Pharmaceuticals, Inc.* | | | 1,329 | | | | 632,577 | |
| Health Care Equipment & Supplies - 0.2% | | | | | |
| Alcon AG | | | 1,070 | | | | 98,386 | |
| Intuitive Surgical, Inc.* | | | 1,403 | | | | 706,888 | |
| | | | | | | | 805,274 | |
| Health Care Providers & Services - 0.2% | | | | | | | | |
| UnitedHealth Group, Inc. | | | 1,091 | | | | 615,870 | |
| Life Sciences Tools & Services - 0.7% | | | | | | | | |
| Lonza Group AG - ADR (Switzerland) | | | 9,228 | | | | 569,091 | |
| Lonza Group AG (Switzerland) | | | 198 | | | | 121,835 | |
| Thermo Fisher Scientific, Inc. | | | 2,672 | | | | 1,459,767 | |
| | | | | | | | 2,150,693 | |
| Pharmaceuticals - 1.8% | | | | | | | | |
| AstraZeneca plc - ADR (United Kingdom) | | | 39,843 | | | | 2,834,829 | |
| Johnson & Johnson | | | 12,268 | | | | 1,961,163 | |
| Roche Holding AG - ADR | | | 28,867 | | | | 1,120,328 | |
| Roche Holding AG | | | 501 | | | | 155,262 | |
| | | | | | | | 6,071,582 | |
| Total Health Care | | | | | | | 10,275,996 | |
| Industrials - 4.3% | | | | | | | | |
| Aerospace & Defense - 1.1% | | | | | | | | |
| Airbus SE (France) | | | 820 | | | | 125,084 | |
| BAE Systems plc - ADR (United Kingdom) | | | 8,425 | | | | 542,991 | |
| BAE Systems plc (United Kingdom) | | | 8,863 | | | | 142,848 | |
| Hensoldt AG (Germany) | | | 1,634 | | | | 55,596 | |
| L3Harris Technologies, Inc. | | | 8,030 | | | | 1,987,184 | |
| Northrop Grumman Corp. | | | 1,711 | | | | 870,933 | |
| | | | | | | | 3,724,636 | |
| Building Products - 0.2% | | | | | | | | |
| Masco Corp. | | | 8,013 | | | | 640,319 | |
The accompanying notes are an integral part of the financial statements.
Investment Portfolio - October 31, 2024
| | | | | | | |
PRO-BLEND® CONSERVATIVE TERM
SERIES | | SHARES/
PRINCIPAL
AMOUNT1 | | | VALUE
(NOTE 2) | |
| |
| COMMON STOCKS (continued) |
| |
| Industrials (continued) |
| Commercial Services & Supplies - 0.4% | | | | | | | | |
| Cleanaway Waste Management Ltd. (Australia) | | | 47,241 | | | $ | 84,580 | |
| Copart, Inc.* | | | 23,735 | | | | 1,221,640 | |
| | | | | | | | 1,306,220 | |
| Ground Transportation - 1.1% | | | | | | | | |
| Canadian National Railway Co. (Canada) | | | 11,090 | | | | 1,196,833 | |
| CSX Corp. | | | 43,568 | | | | 1,465,627 | |
| Union Pacific Corp. | | | 3,910 | | | | 907,394 | |
| | | | | | | | 3,569,854 | |
| Machinery - 0.7% | | | | | | | | |
| SMC Corp. - ADR (Japan) | | | 45,060 | | | | 965,185 | |
| SMC Corp. (Japan) | | | 200 | | | | 84,909 | |
| Spirax Group plc (United Kingdom) | | | 1,020 | | | | 85,140 | |
| Techtronic Industries Co. Ltd. - ADR (Hong Kong) | | | 16,284 | | | | 1,181,893 | |
| Techtronic Industries Co. Ltd. (Hong Kong) | | | 11,500 | | | | 166,353 | |
| | | | | | | | 2,483,480 | |
| Professional Services - 0.5% | | | | | | | | |
| Experian plc | | | 1,932 | | | | 94,293 | |
| TransUnion | | | 14,298 | | | | 1,448,387 | |
| | | | | | | | 1,542,680 | |
| Trading Companies & Distributors - 0.3% | | | | | |
| Brenntag SE - ADR (Germany) | | | 42,330 | | | | 548,174 | |
| Brenntag SE (Germany) | | | 2,116 | | | | 138,033 | |
| IMCD N.V. (Netherlands) | | | 987 | | | | 156,924 | |
| | | | | | | | 843,131 | |
| Transportation Infrastructure - 0.0%## | | | | | | | | |
| Auckland International Airport Ltd. (New Zealand) | | | 19,039 | | | | 83,071 | |
| Total Industrials | | | | | | | 14,193,391 | |
| Information Technology - 2.9% | | | | | | | | |
| Electronic Equipment, Instruments & Components - 0.1% | |
| Halma plc (United Kingdom) | | | 3,073 | | | | 98,169 | |
| Keyence Corp. (Japan) | | | 300 | | | | 135,424 | |
| | | | | | | | 233,593 | |
| IT Services - 0.6% | | | | | | | | |
| EPAM Systems, Inc.* | | | 6,585 | | | | 1,242,260 | |
| Globant S.A. * | | | 3,622 | | | | 760,222 | |
| Softcat plc (United Kingdom) | | | 3,019 | | | | 65,984 | |
| | | | | | | | 2,068,466 | |
| Semiconductors & Semiconductor Equipment - 1.3% | | | | | |
| Infineon Technologies AG - ADR (Germany) | | | 54,667 | | | | 1,730,211 | |
| Infineon Technologies AG (Germany) | | | 4,995 | | | | 157,965 | |
| | | | | | | |
| | SHARES/
PRINCIPAL
AMOUNT1 | | | VALUE
(NOTE 2) | |
| |
| COMMON STOCKS (continued) |
| |
| Information Technology (continued) |
| Semiconductors & Semiconductor Equipment (continued) | | |
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR (Taiwan) | | | 11,817 | | | $ | 2,251,611 | |
| | | | | | | | 4,139,787 | |
| Software - 0.9% | | | | | | | | |
| Atlassian Corp. - Class A * | | | 470 | | | | 88,614 | |
| Microsoft Corp. | | | 3,746 | | | | 1,522,187 | |
| ServiceNow, Inc.* | | | 1,629 | | | | 1,519,840 | |
| | | | | | | | 3,130,641 | |
| Total Information Technology | | | | | | | 9,572,487 | |
| Materials - 0.6% | | | | | | | | |
| Chemicals - 0.4% | | | | | | | | |
| Air Liquide S.A. - ADR (France) | | | 31,487 | | | | 1,126,920 | |
| Air Liquide S.A. (France) | | | 982 | | | | 176,074 | |
| | | | | | | | 1,302,994 | |
| Paper & Forest Products - 0.2% | | | | | | | | |
| West Fraser Timber Co. Ltd. (Canada) | | | 6,495 | | | | 587,148 | |
| West Fraser Timber Co. Ltd. (Canada) | | | 2,122 | | | | 191,648 | |
| | | | | | | | 778,796 | |
| Total Materials | | | | | | | 2,081,790 | |
| Real Estate - 0.7% | | | | | | | | |
| Real Estate Management & Development - 0.4% | | | | | |
| CBRE Group, Inc. - Class A* | | | 10,230 | | | | 1,339,823 | |
| Specialized REITs - 0.3% | | | | | | | | |
| Extra Space Storage, Inc. | | | 7,049 | | | | 1,151,102 | |
| Total Real Estate | | | | | | | 2,490,925 | |
| Utilities - 0.3% | | | | | | | | |
| Electric Utilities - 0.3% | | | | | | | | |
| Evergy, Inc. | | | 16,852 | | | | 1,018,535 | |
TOTAL COMMON STOCKS
(Identified Cost $55,978,790) | | | | | | | 68,231,952 | |
| | | | | | | | | |
| CORPORATE BONDS - 18.0% | | | | | | | | |
| | | | | | | | | |
| Non-Convertible Corporate Bonds- 18.0% | | | | | | | | |
| Communication Services - 1.1% | | | | | | | | |
| Entertainment - 0.6% | | | | | | | | |
| Warnermedia Holdings, Inc., 4.054%, 3/15/2029 | | | 2,140,000 | | | | 1,999,233 | |
| Interactive Media & Services - 0.4% | | | | | | | | |
| Tencent Holdings Ltd. (China), 3.975%, 4/11/20292 | | | 1,320,000 | | | | 1,279,723 | |
| Media - 0.1% | | | | | | | | |
| Open Infra U.S. Assets AB, 11.00%, 2/22/2027 | | | 400,000 | | | | 400,500 | |
| | | | | | | | | |
| Total Communication Services | | | | | | | 3,679,456 | |
The accompanying notes are an integral part of the financial statements.
Investment Portfolio - October 31, 2024
| | | | | | | |
PRO-BLEND® CONSERVATIVE TERM
SERIES | | SHARES/
PRINCIPAL
AMOUNT1 | | | VALUE
(NOTE 2) | |
| |
| CORPORATE BONDS (continued) |
| |
| Non-Convertible Corporate Bonds (continued) |
| Consumer Discretionary - 0.8% |
| Broadline Retail - 0.8% | | | | | | | | |
| Alibaba Group Holding Ltd. (China), 4.00%, 12/6/2037 | | | 3,110,000 | | | $ | 2,742,827 | |
| Energy - 1.9% | | | | | | | | |
| Energy Equipment & Services - 0.1% | | | | | | | | |
| Borr IHC Ltd. - Borr Finance LLC (Mexico), 10.00%, 11/15/20282 | | | 337,195 | | | | 344,548 | |
| Oil, Gas & Consumable Fuels - 1.8% | | | | | | | | |
| Brooge Petroleum and Gas Investment Co. FZE (United Arab Emirates), 8.50%, 9/24/2025 (Acquired 09/10/2020-10/29/2021, cost $401,994)3 | | | 408,794 | | | | 369,543 | |
| Cenovus Energy, Inc. (Canada), 6.75%, 11/15/2039 | | | 1,810,000 | | | | 1,974,505 | |
| Energy Transfer LP | | | | | | | | |
| 7.375%, 2/1/20312 | | | 1,250,000 | | | | 1,314,193 | |
| 6.50%, 2/1/2042 | | | 1,890,000 | | | | 1,983,918 | |
| New Fortress Energy, Inc., 8.75%, 3/15/20292 | | | 345,000 | | | | 288,101 | |
| | | | | | | | 5,930,260 | |
| Total Energy | | | | | | | 6,274,808 | |
| Financials - 9.0% | | | | | | | | |
| Banks - 6.2% | | | | | | | | |
| Bank of America Corp., (U.S. Secured Overnight Financing Rate + 1.320%), 2.687%, 4/22/20324 | | | 2,300,000 | | | | 1,993,525 | |
| Citigroup, Inc., (U.S. Secured Overnight Financing Rate + 0.770%), 1.462%, 6/9/20274 | | | 2,110,000 | | | | 2,001,336 | |
| Citizens Bank NA, (U.S. Secured Overnight Financing Rate + 2.000%), 4.575%, 8/9/20284 | | | 1,470,000 | | | | 1,454,160 | |
| Fifth Third Bancorp, (U.S. Secured Overnight Financing Index + 2.192%), 6.361%, 10/27/20284 | | | 545,000 | | | | 565,228 | |
| Huntington Bancshares, Inc., 2.55%, 2/4/2030 | | | 1,650,000 | | | | 1,454,472 | |
| JPMorgan Chase & Co., (3 mo. U.S. Secured Overnight Financing Rate + 3.790%), 4.493%, 3/24/20314 | | | 3,460,000 | | | | 3,388,797 | |
| KeyBank NA, 5.85%, 11/15/2027 | | | 1,420,000 | | | | 1,454,543 | |
| The PNC Financial Services Group, Inc., (U.S. Secured Overnight Financing Rate + 1.322%), 5.812%, 6/12/20264 | | | 1,990,000 | | | | 1,999,236 | |
| Truist Financial Corp., (U.S. Secured Overnight Financing Rate + 0.862%), 1.887%, 6/7/20294 | | | 2,230,000 | | | | 2,004,825 | |
| U.S. Bancorp, (U.S. Secured Overnight Financing Rate + 1.230%), 4.653%, 2/1/20294 | | | 2,150,000 | | | | 2,136,785 | |
| | | | | | | |
| | | SHARES/
PRINCIPAL
AMOUNT1 | | | VALUE
(NOTE 2) | |
| |
| CORPORATE BONDS (continued) |
| |
| Non-Convertible Corporate Bonds (continued) |
| Financials (continued) |
| Banks (continued) | | | | | | | | |
| Wells Fargo & Co., (U.S. Secured Overnight Financing Rate + 1.070%), 5.707%, 4/22/20284 | | | 2,100,000 | | | $ | 2,140,436 | |
| | | | | | | | 20,593,343 | |
| Capital Markets - 0.7% | | | | | | | | |
| Jefferies Financial Group, Inc., 6.20%, 4/14/2034 | | | 2,110,000 | | | | 2,198,009 | |
| Consumer Finance - 1.0% | | | | | | | | |
| Capital One Financial Corp., (U.S. Secured Overnight Financing Rate + 3.070%), 7.624%, 10/30/20314 | | | 2,400,000 | | | | 2,666,077 | |
| Navient Corp., 6.75%, 6/25/2025 | | | 485,000 | | | | 488,039 | |
| | | | | | | | 3,154,116 | |
| Financial Services - 0.1% | | | | | | | | |
| Golden Pear Funding HoldCo LLC, 10.00%, 3/2/2028 | | | 230,000 | | | | 194,964 | |
| U.S. Claims Litigation Funding LLC, 10.25%, 3/17/2028 (Acquired 03/14/2023, cost $250,000)3 | | | 250,000 | | | | 213,315 | |
| | | | | | | | 408,279 | |
| Insurance - 1.0% | | | | | | | | |
| MassMutual Global Funding II, 4.85%, 1/17/20292 | | | 660,000 | | | | 664,859 | |
| Metropolitan Life Global Funding I, 4.85%, 1/8/20292 | | | 660,000 | | | | 662,784 | |
| New York Life Global Funding, 4.70%, 1/29/20292 | | | 660,000 | | | | 661,596 | |
| SiriusPoint Ltd. (Sweden), 7.00%, 4/5/2029 | | | 1,440,000 | | | | 1,478,540 | |
| | | | | | | | 3,467,779 | |
| Total Financials | | | | | | | 29,821,526 | |
| Industrials - 1.3% | | | | | | | | |
| Ground Transportation - 0.4% | | | | | | | | |
| BNSF Funding Trust I, (3 mo. LIBOR US + 2.350%), 6.613%, 12/15/20554 | | | 1,310,000 | | | | 1,323,247 | |
| Passenger Airlines - 0.1% | | | | | | | | |
| Alaska Airlines Pass-Through Trust, Series 2020-1, Class B, 8.00%, 8/15/20252 | | | 89,116 | | | | 90,245 | |
| United Airlines Pass-Through Trust | | | | | | | | |
| Series 2018-1, Class B, 4.60%, 3/1/2026 | | | 57,467 | | | | 55,809 | |
| Series 2019-2, Class B, 3.50%, 5/1/2028 | | | 294,023 | | | | 274,654 | |
| | | | | | | | 420,708 | |
| Trading Companies & Distributors - 0.8% | | | | | |
| AerCap Ireland Capital DAC - AerCap Global Aviation Trust (Ireland), 3.00%, 10/29/2028 | | | 1,430,000 | | | | 1,326,924 | |
The accompanying notes are an integral part of the financial statements.
Investment Portfolio - October 31, 2024
| | | | | | | |
PRO-BLEND® CONSERVATIVE TERM
SERIES | | SHARES/
PRINCIPAL
AMOUNT1 | | | VALUE
(NOTE 2) | |
| |
| CORPORATE BONDS (continued) |
| |
| Non-Convertible Corporate Bonds (continued) |
| Industrials (continued) |
| Trading Companies & Distributors (continued) | | | | | | | | |
| Ashtead Capital, Inc. (United Kingdom), 4.00%, 5/1/20282 | | | 1,380,000 | | | $ | 1,331,253 | |
| | | | | | | | 2,658,177 | |
| Total Industrials | | | | | | | 4,402,132 | |
| Materials - 0.6% | | | | | | | | |
| Metals & Mining - 0.6% | | | | | | | | |
| Infrabuild Australia Pty Ltd. (Australia), 14.50%, 11/15/20282 | | | 350,000 | | | | 345,226 | |
| Newcastle Coal Infrastructure Group Pty Ltd. (Australia), 4.40%, 9/29/20272. | | | 1,602,246 | | | | 1,554,608 | |
| Northwest Acquisitions ULC - Dominion Finco, Inc., 7.125%, 11/1/2022 (Acquired 10/10/2017-05/13/2020, cost $212,263)3,5 | | | 880,000 | | | | 9 | |
| Total Materials | | | | | | | 1,899,843 | |
| Real Estate - 2.1% | | | | | | | | |
| Industrial REITs - 0.1% | | | | | | | | |
| IIP Operating Partnership LP, 5.50%, 5/25/2026 | | | 460,000 | | | | 447,226 | |
| Retail REITs - 0.8% | | | | | | | | |
| Simon Property Group LP, 2.65%, 2/1/2032 | | | 2,965,000 | | | | 2,545,100 | |
| Specialized REITs - 1.2% | | | | | | | | |
| Pelorus Fund REIT LLC, 7.00%, 9/30/2026 (Acquired 07/08/2022, cost $399,500)3 | | | 470,000 | | | | 478,676 | |
| SBA Tower Trust | | | | | | | | |
| 6.599%, 1/15/20282 | | | 2,540,000 | | | | 2,595,151 | |
| 4.831%, 10/15/20292 | | | 990,000 | | | | 966,107 | |
| | | | | | | | 4,039,934 | |
| Total Real Estate | | | | | | | 7,032,260 | |
| Utilities - 1.2% | | | | | | | | |
| Electric Utilities - 0.4% | | | | | | | | |
| Alexander Funding Trust II, 7.467%, 7/31/20282 | | | 1,230,000 | | | | 1,301,536 | |
| Independent Power and Renewable Electricity Producers - 0.8% | |
| Palomino Funding Trust I, 7.233%, 5/17/20282 | | | 2,550,000 | | | | 2,683,471 | |
| Total Utilities | | | | | | | 3,985,007 | |
TOTAL CORPORATE BONDS
(Identified Cost $61,226,945) | | | | | | | 59,837,859 | |
| | | | | | | |
| | | SHARES/
PRINCIPAL
AMOUNT1 | | | VALUE
(NOTE 2) | |
| |
| U.S. TREASURY SECURITIES - 26.5% |
| |
| U.S. Treasury Notes - 26.5% | | | | | | | | |
| U.S. Treasury Floating Rate Note (3 mo. U.S. Treasury Bill Yield + 0.182%), 4.724%, 7/31/20266 | | | 6,636,000 | | | $ | 6,631,596 | |
| U.S. Treasury Inflation Indexed Note, 0.125%, 1/15/2031 | | | 3,754,814 | | | | 3,377,719 | |
| U.S. Treasury Note | | | | | | | | |
| 2.25%, 11/15/2027 | | | 14,242,000 | | | | 13,475,380 | |
| 3.125%, 11/15/2028 | | | 5,149,000 | | | | 4,949,878 | |
| 1.75%, 11/15/2029 | | | 18,660,000 | | | | 16,656,966 | |
| 0.875%, 11/15/2030 | | | 20,134,000 | | | | 16,618,415 | |
| 1.375%, 11/15/2031 | | | 16,188,000 | | | | 13,390,511 | |
| 4.50%, 11/15/2033 | | | 12,993,000 | | | | 13,210,227 | |
TOTAL U.S. TREASURY SECURITIES
(Identified Cost $88,902,804) | | | | 88,310,692 | |
| | | | | | | | | |
| ASSET-BACKED SECURITIES - 7.2% | | | | | | | | |
| | | | | | | | | |
| ALLO Issuer LLC, Series 2023-1A, Class A2, 6.20%, 6/20/20532 | | | 1,550,000 | | | | 1,565,565 | |
| Capteris Equipment Finance LLC, Series 2024-1A, Class A2, 5.58%, 7/20/20322 | | | 1,145,000 | | | | 1,154,217 | |
| CF Hippolyta Issuer LLC, Series 2020-1, Class B1, 2.28%, 7/15/20602 | | | 2,698,356 | | | | 2,595,197 | |
| Cogent Ipv4 LLC, Series 2024-1A, Class A2, 7.924%, 5/25/20542 | | | 850,000 | | | | 872,345 | |
| Commonbond Student Loan Trust, Series 2019-AGS, Class A1, 2.54%, 1/25/20472 | | | 609,813 | | | | 551,260 | |
| DataBank Issuer | | | | | | | | |
| Series 2021-2A, Class A2, 2.40%, 10/25/20512 | | | 1,630,000 | | | | 1,528,689 | |
| Series 2023-1A, Class A2, 5.116%, 2/25/20532 | | | 1,500,000 | | | | 1,468,197 | |
| Flexential Issuer, Series 2021-1A, Class A2, 3.25%, 11/27/20512 | | | 2,600,000 | | | | 2,443,145 | |
| Libra Solutions LLC, Series 2023-1A, Class A, 7.00%, 2/15/20352 | | | 358,085 | | | | 358,866 | |
| Nelnet Student Loan Trust, Series 2006- 2, Class A7, (U.S. Secured Overnight Financing Rate 90 Day Average + 0.842%), 6.025%, 1/26/20372,6 | | | 1,609,654 | | | | 1,603,880 | |
| Oxford Finance Credit Fund III LP, Series 2024-A, Class A2, 6.675%, 1/14/20322 | | | 220,000 | | | | 220,784 | |
| Oxford Finance Funding LLC | | | | | | | | |
| Series 2020-1A, Class A2, 3.101%, 2/15/20282 | | | 87,570 | | | | 86,982 | |
| Series 2022-1A, Class A2, 3.602%, 2/15/20302 | | | 2,373,076 | | | | 2,337,255 | |
| Series 2023-1A, Class A2, 6.716%, 2/15/20312 | | | 2,500,000 | | | | 2,521,909 | |
| PEAR LLC | | | | | | | | |
| Series 2021-1, Class A, 2.60%, 1/15/20342 | | | 992,916 | | | | 972,858 | |
| Series 2023-1, Class A, 7.42%, 7/15/20352 | | | 1,079,401 | | | | 1,082,749 | |
The accompanying notes are an integral part of the financial statements.
Investment Portfolio - October 31, 2024
| | | | | | | |
PRO-BLEND® CONSERVATIVE TERM
SERIES | | SHARES/
PRINCIPAL
AMOUNT1 | | | VALUE
(NOTE 2) | |
| |
| ASSET-BACKED SECURITIES (continued) |
| |
| PEAR LLC (continued) | | | | | | | | |
| Series 2024-1, Class A, 6.95%, 2/15/20362 | | | 583,725 | | | $ | 588,439 | |
| Store Master Funding I-VII and XIV, Series 2019-1, Class A1, 2.82%, 11/20/20492 | | | 2,077,352 | | | | 1,975,533 | |
| | | | | | | | | |
TOTAL ASSET-BACKED SECURITIES
(Identified Cost $24,267,043) | | | | | | | 23,927,870 | |
| | | | | | | | | |
| COMMERCIAL MORTGAGE-BACKED SECURITIES - 9.2% | |
| | | | | | | | | |
| BMO Mortgage Trust, Series 2024-5C7, Class A3, 5.566%, 11/15/20577 | | | 570,000 | | | | 581,285 | |
| CIM Trust, Series 2019-INV1, Class A1, 4.00%, 2/25/20492,7 | | | 53,161 | | | | 50,414 | |
| Credit Suisse Mortgage Capital Trust | | | | | | | | |
| Series 2013-IVR3, Class A1, 2.50%, 5/25/20432,7 | | | 270,022 | | | | 237,992 | |
| Series 2013-TH1, Class A1, 2.13%, 2/25/20432,7 | | | 155,491 | | | | 134,485 | |
| Fannie Mae REMICS | | | | | | | | |
| Series 2018-13, Class PA, 3.00%, 3/25/2048 | | | 1,576,620 | | | | 1,374,605 | |
| Series 2018-31, Class KP, 3.50%, 7/25/2047 | | | 31,844 | | | | 31,243 | |
| Series 2021-69, Class WJ, 1.50%, 10/25/2050 | | | 1,042,356 | | | | 873,067 | |
| Finance of America Structured Securities Trust, Series 2022-S6, Class A1, 3.00%, 7/25/20612 | | | 1,139,324 | | | | 1,105,146 | |
| Freddie Mac REMICS, Series 5189, Class CP, 2.50%, 6/25/2049 | | | 1,720,927 | | | | 1,483,729 | |
| GS Mortgage-Backed Securities Trust | | | | | | | | |
| Series 2021-INV1, Class A9, (U.S. Secured Overnight Financing Rate 30 Day Average + 0.850%), 5.00%, 12/25/20512,6 | | | 1,359,306 | | | | 1,259,996 | |
| Series 2021-PJ6, Class A8, 2.50%, 11/25/20512,7 | | | 1,091,071 | | | | 962,448 | |
| Series 2021-PJ9, Class A8, 2.50%, 2/26/20522,7 | | | 1,096,781 | | | | 962,428 | |
| Series 2022-PJ1, Class A8, 2.50%, 5/28/20522,7 | | | 1,714,700 | | | | 1,493,640 | |
| Imperial Fund Mortgage Trust | | | | | | | | |
| Series 2021-NQM3, Class A1, 1.595%, 11/25/20562,7 | | | 1,209,824 | | | | 1,015,336 | |
| Series 2022-NQM1, Class A1, 2.493%, 2/25/20672,7 | | | 2,181,582 | | | | 1,958,332 | |
| JP Morgan Mortgage Trust | | | | | | | | |
| Series 2014-2, Class 1A1, 3.00%, 6/25/20292,7 | | | 146,552 | | | | 142,408 | |
| Series 2017-3, Class 1A3, 3.50%, 8/25/20472,7 | | | 27,913 | | | | 25,209 | |
| Series 2017-6, Class A3, 3.50%, 12/25/20482,7 | | | 60,936 | | | | 55,362 | |
| | | | | | | |
| | | SHARES/
PRINCIPAL
AMOUNT1 | | | VALUE
(NOTE 2) | |
| |
| COMMERCIAL MORTGAGE-BACKED SECURITIES (continued) |
| |
| New Residential Mortgage Loan Trust | | | | | | | | |
| Series 2014-3A, Class AFX3, 3.75%, 11/25/20542,7 | | | 260,077 | | | $ | 245,043 | |
| Series 2015-2A, Class A1, 3.75%, 8/25/20552,7 | | | 251,463 | | | | 237,240 | |
| Series 2016-4A, Class A1, 3.75%, 11/25/20562,7 | | | 363,057 | | | | 338,621 | |
| NYMT Loan Trust, Series 2022-CP1, Class A1, 2.042%, 7/25/20612 | | | 1,265,414 | | | | 1,161,825 | |
| OBX Trust | | | | | | | | |
| Series 2022-INV1, Class A1, 3.00%, 12/25/20512,7 | | | 2,048,011 | | | | 1,776,713 | |
| Series 2024-NQM1, Class A1, 5.928%, 11/25/20632,8 | | | 1,241,645 | | | | 1,246,377 | |
| PCG LLC, Series 2023-1, (1 mo. U.S. Secured Overnight Financing Rate + 6.000%), 10.738%, 7/25/2029 (Acquired 07/24/2023, cost $4,274,268)3,6 | | | 4,274,268 | | | | 4,273,971 | |
| PMT Loan Trust, Series 2013-J1, Class A9, 3.50%, 9/25/20432,7 | | | 560,716 | | | | 514,113 | |
| Provident Funding Mortgage Trust | | | | | | | | |
| Series 2021-2, Class A2A, 2.00%, 4/25/20512,7 | | | 1,374,111 | | | | 1,156,921 | |
| Series 2021-INV1, Class A1, 2.50%, 8/25/20512,7 | | | 2,261,427 | | | | 1,841,792 | |
| Sequoia Mortgage Trust | | | | | | | | |
| Series 2013-2, Class A, 1.874%, 2/25/20437 | | | 130,907 | | | | 111,084 | |
| Series 2013-6, Class A2, 3.00%, 5/25/20437 | | | 1,026,461 | | | | 914,879 | |
| Series 2013-7, Class A2, 3.00%, 6/25/20437 | | | 159,804 | | | | 143,040 | |
| Series 2013-8, Class A1, 3.00%, 6/25/20437 | | | 192,298 | | | | 172,015 | |
| Series 2020-1, Class A1, 3.50%, 2/25/20502,7 | | | 60,371 | | | | 55,575 | |
| Starwood Retail Property Trust, Series 2014-STAR, Class A, (Prime Rate + 0.000%), 8.00%, 11/15/20272,6 | | | 1,509,868 | | | | 935,046 | |
| Sutherland Commercial Mortgage Trust, Series 2019-SBC8, Class A, 2.86%, 4/25/20412,7 | | | 1,317,383 | | | | 1,238,476 | |
| Towd Point Mortgage Trust, Series 2019- HY1, Class A1, (1 mo. U.S. Secured Overnight Financing Rate + 1.114%), 5.852%, 10/25/20482,6 | | | 361,079 | | | | 366,323 | |
| WinWater Mortgage Loan Trust, Series 2015-1, Class A1, 3.50%, 1/20/20452,7 | | | 90,368 | | | | 83,697 | |
| | | | | | | | | |
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(Identified Cost $34,107,234) | | | 30,559,876 | |
| | | | | | | | | |
| FOREIGN GOVERNMENT BONDS - 0.4% | | | | | |
| | | | | | | | | |
| Japan Government Two Year Bond, Series 456, (Japan), 0.10%, 1/1/2026 | | JPY | 200,000,000 | | | | 1,312,695 | |
The accompanying notes are an integral part of the financial statements.
Investment Portfolio - October 31, 2024
| | | | | | | |
PRO-BLEND® CONSERVATIVE TERM
SERIES | | SHARES/
PRINCIPAL
AMOUNT1 | | | VALUE
(NOTE 2) | |
| |
| FOREIGN GOVERNMENT BONDS (continued) | | | | | |
| | | | | | | | | |
| Mexican Bonos, Series M, (Mexico), 7.75%, 5/29/2031 | | MXN | 908,000 | | | $ | 40,713 | |
| | | | | | | | | |
TOTAL FOREIGN GOVERNMENT BONDS
(Identified Cost $1,419,985) | | | | 1,353,408 | |
| | | | | | | | | |
| MUNICIPAL BONDS - 1.6% | | | | | | | | |
| | | | | | | | | |
| Hawaii, Series GC, G.O. Bond, 2.682%, 10/1/2038 | | | 2,660,000 | | | | 2,037,576 | |
| South Carolina Public Service Authority, Series B, Revenue Bond, 1.852%, 12/1/2026 | | | 3,460,000 | | | | 3,237,190 | |
TOTAL MUNICIPAL BONDS
(Identified Cost $6,209,653) | | | | 5,274,766 | |
| | | | | | | | | |
| U.S. GOVERNMENT AGENCIES - 13.8% | | | | | |
| | | | | | | | | |
| Mortgage-Backed Securities - 13.8% | | | | | | | | |
| Fannie Mae | | | | | | | | |
| Pool #MA1834, UMBS, 4.50%, 2/1/2034 | | | 195,323 | | | | 193,932 | |
| Pool #MA1903, UMBS, 4.50%, 5/1/2034 | | | 190,043 | | | | 188,675 | |
| Pool #886904, UMBS, 6.50%, 9/1/2036 | | | 30,693 | | | | 32,636 | |
| Pool #933521, UMBS, 5.00%, 1/1/2038 | | | 5,329 | | | | 5,355 | |
| Pool #889260, UMBS, 5.00%, 4/1/2038 | | | 5,799 | | | | 5,827 | |
| Pool #889576, UMBS, 6.00%, 4/1/2038 | | | 142,068 | | | | 148,712 | |
| Pool #975840, UMBS, 5.00%, 5/1/2038 | | | 20,972 | | | | 21,062 | |
| Pool #995196, UMBS, 6.00%, 7/1/2038 | | | 170,761 | | | | 178,714 | |
| Pool #986458, UMBS, 6.00%, 8/1/2038 | | | 2,141 | | | | 2,241 | |
| Pool #987831, UMBS, 6.00%, 9/1/2038 | | | 8,175 | | | | 8,558 | |
| Pool #990897, UMBS, 6.00%, 9/1/2038 | | | 14,585 | | | | 15,265 | |
| Pool #AD0220, UMBS, 6.00%, 10/1/2038 | | | 23,629 | | | | 24,729 | |
| Pool #257497, UMBS, 6.00%, 12/1/2038 | | | 6,078 | | | | 6,361 | |
| Pool #971022, UMBS, 5.00%, 1/1/2039 | | | 10,846 | | | | 10,893 | |
| Pool #AA1810, UMBS, 5.00%, 1/1/2039 | | | 30,634 | | | | 30,766 | |
| Pool #983686, UMBS, 5.00%, 2/1/2039 | | | 12,873 | | | | 12,928 | |
| Pool #AE0604, UMBS, 6.00%, 7/1/2039 | | | 157,175 | | | | 164,496 | |
| Pool #AA6788, UMBS, 6.00%, 8/1/2039 | | | 105,194 | | | | 110,089 | |
| | | | | | | | | |
| | | | | | | |
| | | SHARES/
PRINCIPAL
AMOUNT1 | | | VALUE
(NOTE 2) | |
| |
| U.S. GOVERNMENT AGENCIES (continued) |
| |
| Mortgage-Backed Securities (continued) |
| Fannie Mae (continued) | | | | | | | | |
| Pool #AC0463, UMBS, 5.00%, 11/1/2039 | | | 11,747 | | | $ | 11,798 | |
| Pool #AC5111, UMBS, 5.00%, 11/1/2039 | | | 24,828 | | | | 24,935 | |
| Pool #MA0258, UMBS, 4.50%, 12/1/2039 | | | 269,784 | | | | 264,984 | |
| Pool #MA0259, UMBS, 5.00%, 12/1/2039 | | | 15,217 | | | | 15,282 | |
| Pool #AC8573, UMBS, 5.00%, 1/1/2040 | | | 20,206 | | | | 20,293 | |
| Pool #AL1595, UMBS, 6.00%, 1/1/2040 | | | 162,617 | | | | 170,223 | |
| Pool #AE0061, UMBS, 6.00%, 2/1/2040 | | | 67,437 | | | | 70,581 | |
| Pool #AL0152, UMBS, 6.00%, 6/1/2040 | | | 274,935 | | | | 287,793 | |
| Pool #MA4203, UMBS, 2.50%, 12/1/2040 | | | 2,135,803 | | | | 1,855,905 | |
| Pool #AI5172, UMBS, 4.00%, 8/1/2041 | | | 142,864 | | | | 136,025 | |
| Pool #AL1410, UMBS, 4.50%, 12/1/2041 | | | 303,812 | | | | 297,215 | |
| Pool #AB4300, UMBS, 3.50%, 1/1/2042 | | | 69,086 | | | | 63,676 | |
| Pool #MA4633, UMBS, 3.50%, 6/1/2042 | | | 1,106,458 | | | | 1,011,056 | |
| Pool #MA4687, UMBS, 4.00%, 6/1/2042 | | | 2,713,841 | | | | 2,557,421 | |
| Pool #MA4934, UMBS, 5.00%, 2/1/2043 | | | 1,627,307 | | | | 1,598,666 | |
| Pool #FS4616, UMBS, 5.00%, 5/1/2043 | | | 3,295,053 | | | | 3,249,643 | |
| Pool #AL7729, UMBS, 4.00%, 6/1/2043 | | | 156,990 | | | | 149,475 | |
| Pool #BC8677, UMBS, 4.00%, 5/1/2046 | | | 75,544 | | | | 71,018 | |
| Pool #BD6997, UMBS, 4.00%, 10/1/2046 | | | 95,913 | | | | 90,178 | |
| Pool #BE3812, UMBS, 4.00%, 12/1/2046 | | | 108,233 | | | | 101,762 | |
| Pool #BE7845, UMBS, 4.50%, 2/1/2047 | | | 121,995 | | | | 118,202 | |
| Pool #AL8674, 5.637%, 1/1/2049 | | | 454,167 | | | | 468,096 | |
| Pool #FS9332, UMBS, 3.00%, 3/1/2050 | | | 2,070,000 | | | | 1,823,133 | |
| Pool #MA4020, UMBS, 3.00%, 5/1/2050 | | | 3,891,254 | | | | 3,381,359 | |
| Pool #FS4339, UMBS, 3.00%, 12/1/2050 | | | 1,725,918 | | | | 1,510,084 | |
| Pool #FS4511, UMBS, 4.00%, 8/1/2051 | | | 3,451,199 | | | | 3,230,914 | |
| Pool #FS2998, UMBS, 3.50%, 4/1/2052 | | | 3,140,379 | | | | 2,842,064 | |
| Pool #FS4925, UMBS, 3.50%, 4/1/2052 | | | 3,665,943 | | | | 3,317,702 | |
The accompanying notes are an integral part of the financial statements.
Investment Portfolio - October 31, 2024
| | | | | | | |
PRO-BLEND® CONSERVATIVE TERM
SERIES | | SHARES/
PRINCIPAL
AMOUNT1 | | | VALUE
(NOTE 2) | |
| |
| U.S. GOVERNMENT AGENCIES (continued) |
| |
| Mortgage-Backed Securities (continued) |
| Fannie Mae (continued) | | | | | | | | |
| Pool #MA4644, UMBS, 4.00%, 5/1/2052 | | | 2,221,886 | | | $ | 2,057,038 | |
| Pool #MA4807, UMBS, 5.50%, 11/1/2052 | | | 875,002 | | | | 868,691 | |
| Freddie Mac | | | | | | | | |
| Pool #C91746, 4.50%, 12/1/2033 | | | 30,465 | | | | 30,299 | |
| Pool #C91762, 4.50%, 5/1/2034 | | | 295,188 | | | | 293,349 | |
| Pool #G03926, 6.00%, 2/1/2038 | | | 114,679 | | | | 120,172 | |
| Pool #G05906, 6.00%, 4/1/2040 | | | 15,889 | | | | 16,650 | |
| Pool #G06789, 6.00%, 5/1/2040 | | | 91,716 | | | | 96,109 | |
| Pool #A92889, 4.50%, 7/1/2040 | | | 401,506 | | | | 393,829 | |
| Pool #RB5167, UMBS, 3.50%, 7/1/2042 | | | 1,128,147 | | | | 1,035,108 | |
| Pool #RB5188, UMBS, 4.00%, 10/1/2042 | | | 2,295,092 | | | | 2,167,894 | |
| Pool #SD8044, UMBS, 3.00%, 2/1/2050 | | | 2,896,311 | | | | 2,527,606 | |
| Pool #SD8230, UMBS, 4.50%, 6/1/2052 | | | 1,996,001 | | | | 1,900,379 | |
| Pool #SD1360, UMBS, 5.50%, 7/1/2052 | | | 3,425,794 | | | | 3,403,866 | |
| Pool #SD8276, UMBS, 5.00%, 12/1/2052 | | | 1,194,458 | | | | 1,162,402 | |
| Ginnie Mae Pool #671161, 5.50%, 11/15/2037 | | | 23,572 | | | | 24,175 | |
| | | | | | | | | |
TOTAL U.S. GOVERNMENT AGENCIES
(Identified Cost $47,310,058) | | | | 45,998,289 | |
| | | | | | | | | |
| SHORT-TERM INVESTMENT - 2.3% | | | | | |
| | | | | | | | | |
| Dreyfus Government Cash Management, Institutional Shares, 4.76%9 | | | | | | | | |
| (Identified Cost $7,792,263) | | | 7,792,263 | | | | 7,792,263 | |
| | | | | | | | | |
TOTAL INVESTMENTS - 99.5%
(Identified Cost $327,214,775) | | | | 331,286,975 | |
| OTHER ASSETS, LESS LIABILITIES - 0.5% | | | | 1,498,694 | |
| NET ASSETS - 100% | | | | | | $ | 332,785,669 | |
ADR - American Depositary Receipt
G.O. Bond - General Obligation Bond
JPY - Japanese Yen
LIBOR - London Interbank Offered Rate
MXN - Mexican Peso
REIT - Real Estate Investment Trust
REMICS - Real Estate Mortgage Investment Conduits
UMBS - Uniform Mortgage-Backed Securities
*Non-income producing security.
## Less than 0.1%.
The accompanying notes are an integral part of the financial statements.
Investment Portfolio - October 31, 2024
1Amount is stated in USD unless otherwise noted.
2Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”) and determined to be liquid under the Fund’s Liquidity Risk Management Program. The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2024 was $60,762,044, which represented 18.3% of the Series’ Net Assets.
3Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”) and determined to be illiquid under the Fund’s Liquidity Risk Management Program. The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of such securities at October 31, 2024 was $5,335,514, or 1.6% of the Series’ Net Assets.
4Variable 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 October 31, 2024.
5Issuer filed for bankruptcy and/or is in default of interest payments.
6Floating rate security. Rate shown is the rate in effect as of October 31, 2024.
7Variable 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 October 31, 2024.
8Represents a step-up bond that pays initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate shown reflects the current coupon as of October 31, 2024.
9Rate shown is the current yield as of October 31, 2024.
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 S&P Global 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.
Statement of Assets and Liabilities - Pro-Blend® Conservative Term Series
October 31, 2024
| ASSETS: | | | |
| | | | |
| Investments in securities, at value (identified cost $327,214,775) (Note 2) | | $ | 331,286,975 | |
| Interest receivable | | | 1,838,384 | |
| Foreign tax reclaims receivable | | | 159,210 | |
| Dividends receivable | | | 41,281 | |
| Receivable for fund shares sold | | | 13,978 | |
| Prepaid expenses | | | 949 | |
| | | | | |
| TOTAL ASSETS | | | 333,340,777 | |
| | | | | |
| LIABILITIES: | | | | |
| | | | | |
| Due to custodian | | | 3,435 | |
| Foreign currency overdraft, at value (identified cost $14) | | | 14 | |
| Accrued management fees1 | | | 160,965 | |
| Accrued sub-transfer agent fees1 | | | 100,733 | |
| Accrued distribution and service (Rule 12b-1) fees (Class S) (Class R) (Class L)1 | | | 98,271 | |
| Accrued fund accounting and administration fees1 | | | 21,417 | |
| Directors’ fees payable1 | | | 9,865 | |
| Accrued Chief Compliance Officer service fees1 | | | 2,713 | |
| Payable for fund shares repurchased | | | 62,337 | |
| Professional fees payable | | | 53,659 | |
| Other payables and accrued expenses | | | 41,699 | |
| | | | | |
| TOTAL LIABILITIES | | | 555,108 | |
| | | | | |
| Commitments and contingent liabilities1 | | | | |
| | | | | |
| TOTAL NET ASSETS | | $ | 332,785,669 | |
| | | | | |
| NET ASSETS CONSIST OF: | | | | |
| | | | | |
| Capital stock | | $ | 250,046 | |
| Additional paid-in-capital | | | 327,279,607 | |
| Total distributable earnings (loss) | | | 5,256,016 | |
| | | | | |
| TOTAL NET ASSETS | | $ | 332,785,669 | |
| 1 | See note 3 in Notes to the Financial Statements. |
The accompanying notes are an integral part of the financial statements.
Statement of Assets and Liabilities - Pro-Blend® Conservative Term Series
October 31, 2024
| NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class S | | | |
| ($181,829,025/13,671,839 shares) | | $ | 13.30 | |
| | | | | |
| NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class I | | | | |
| ($73,614,492/5,524,728 shares) | | $ | 13.32 | |
| | | | | |
| NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class R | | | | |
| ($14,382,001/1,079,970 shares) | | $ | 13.32 | |
| | | | | |
| NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class L | | | | |
| ($61,115,617/4,590,230 shares) | | $ | 13.31 | |
| | | | | |
| NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class W | | | | |
| ($1,844,534/137,874 shares) | | $ | 13.38 | |
The accompanying notes are an integral part of the financial statements.
Statement of Operations - Pro-Blend® Conservative Term Series
For the Year Ended October 31, 2024
| INVESTMENT INCOME: | | | | |
| | | | | |
| Interest | | $ | 12,542,990 | |
| Dividends (net of foreign taxes withheld, $40,210) | | | 1,262,508 | |
| | | | | |
| Total Investment Income | | | 13,805,498 | |
| | | | | |
| EXPENSES: | | | | |
| | | | | |
| Management fees (Note 3) | | | 1,373,544 | |
| Distribution and service (Rule 12b-1) fees (Class L) (Note 3) | | | 646,218 | |
| Distribution and service (Rule 12b-1) fees (Class S) (Note 3) | | | 471,848 | |
| Distribution and service (Rule 12b-1) fees (Class R) (Note 3) | | | 74,484 | |
| Sub-transfer agent fees (Note 3) | | | 230,931 | |
| Fund accounting and administration fees (Note 3) | | | 113,950 | |
| Directors’ fees (Note 3) | | | 50,051 | |
| Chief Compliance Officer service fees (Note 3) | | | 7,994 | |
| Custodian fees | | | 24,630 | |
| Recoupment of past waived and/or reimbursed fees (Note 3) | | | 44,594 | |
| Miscellaneous | | | 349,501 | |
| | | | | |
| Total Expenses | | | 3,387,745 | |
| Less reduction of expenses (Note 3) | | | (8,161 | ) |
| | | | | |
| Net Expenses | | | 3,379,584 | |
| | | | | |
| NET INVESTMENT INCOME | | | 10,425,914 | |
| | | | | |
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY: |
| | | | | |
| Net realized gain (loss) on- | | | | |
| Investments (net of foreign capital gains tax of $5,899) | | | 1,767,325 | |
| Foreign currency and translation of other assets and liabilities | | | (7,369 | ) |
| | | | | |
| | | | 1,759,956 | |
| Net change in unrealized appreciation (depreciation) on- | | | | |
| Investments in securities | | | 27,912,950 | |
| Foreign currency and translation of other assets and liabilities | | | 3,610 | |
| | | | | |
| | | | 27,916,560 | |
| | | | | |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY | | | 29,676,516 | |
| | | | | |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 40,102,430 | |
The accompanying notes are an integral part of the financial statements.
Statements of Changes in Net Assets - Pro-Blend® Conservative Term Series
| | | FOR THE
YEAR ENDED
10/31/24 | | | FOR THE
YEAR ENDED
10/31/23 | |
| | | | | | | | | |
| INCREASE (DECREASE) IN NET ASSETS: | | | | | | | | |
| | | | | | | | | |
| OPERATIONS: | | | | | | | | |
| | | | | | | | | |
| Net investment income | | $ | 10,425,914 | | | $ | 10,086,155 | |
| Net realized gain (loss) on investments and foreign currency | | | 1,759,956 | | | | (8,423,772 | ) |
| Net change in unrealized appreciation (depreciation) on investments and foreign currency | | | 27,916,560 | | | | 12,585,322 | |
| | | | | | | | | |
| Net increase (decrease) from operations | | | 40,102,430 | | | | 14,247,705 | |
| | | | | | | | | |
| DISTRIBUTIONS TO SHAREHOLDERS (Note 9): | | | | | | | | |
| | | | | | | | | |
| Class S | | | (5,295,197 | ) | | | (6,627,506 | ) |
| Class I | | | (2,061,217 | ) | | | (2,862,884 | ) |
| Class R | | | (398,984 | ) | | | (516,816 | ) |
| Class L | | | (1,539,000 | ) | | | (1,406,802 | ) |
| Class W | | | (54,109 | ) | | | (69,307 | ) |
| Total distributions to shareholders | | | (9,348,507 | ) | | | (11,483,315 | ) |
| | | | | | | | | |
| CAPITAL STOCK ISSUED AND REPURCHASED: | | | | | | | | |
| | | | | | | | | |
| Net increase (decrease) from capital share transactions (Note 5) | | | (37,844,161 | ) | | | (60,589,234 | ) |
| | | | | | | | | |
| Net increase (decrease) in net assets | | | (7,090,238 | ) | | | (57,824,844 | ) |
| | | | | | | | | |
| NET ASSETS: | | | | | | | | |
| | | | | | | | | |
| Beginning of year | | | 339,875,907 | | | | 397,700,751 | |
| | | | | | | | | |
| End of year | | $ | 332,785,669 | | | $ | 339,875,907 | |
The accompanying notes are an integral part of the financial statements.
Financial Highlights - Pro-Blend® Conservative Term Series - Class S
| | | FOR THE YEAR ENDED |
| | | 10/31/24 | | | 10/31/23 | | | 10/31/22 | | | 10/31/21 | | | 10/31/20 | |
| Per share data (for a share outstanding throughout each year): | | | | | | | | | | | | | | | | | | | | |
| Net asset value - Beginning of year | | $ | 12.16 | | | $ | 12.11 | | | $ | 14.61 | | | $ | 14.47 | | | $ | 14.23 | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income1 | | | 0.40 | | | | 0.34 | | | | 0.16 | | | | 0.17 | | | | 0.21 | |
| Net realized and unrealized gain (loss) on investments | | | 1.09 | | | | 0.09 | | | | (1.94 | ) | | | 1.34 | | | | 0.59 | 2 |
| Total from investment operations | | | 1.49 | | | | 0.43 | | | | (1.78 | ) | | | 1.51 | | | | 0.80 | |
| Less distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
| From net investment income | | | (0.35 | ) | | | (0.20 | ) | | | (0.08 | ) | | | (0.19 | ) | | | (0.21 | ) |
| From net realized gain on investments | | | — | | | | (0.18 | ) | | | (0.64 | ) | | | (1.18 | ) | | | (0.35 | ) |
| Total distributions to shareholders | | | (0.35 | ) | | | (0.38 | ) | | | (0.72 | ) | | | (1.37 | ) | | | (0.56 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| Net asset value - End of year | | $ | 13.30 | | | $ | 12.16 | | | $ | 12.11 | | | $ | 14.61 | | | $ | 14.47 | |
| Net assets - End of year (000’s omitted) | | $ | 181,829 | | | $ | 189,940 | | | $ | 218,606 | | | $ | 291,698 | | | $ | 294,276 | |
| Total return3 | | | 12.39 | % | | | 3.49 | % | | | (12.77 | %) | | | 10.99 | % | | | 5.86 | %2 |
| | | | | | | | | | | | | | | | | | | | | |
| Ratios (to average net assets)/Supplemental Data: | | | | | | | | | | | | | | | | | | | | |
| Expenses* | | | 0.90 | %4 | | | 0.90 | % | | | 0.88 | % | | | 0.87 | % | | | 0.87 | % |
| Net investment income | | | 3.12 | % | | | 2.74 | % | | | 1.23 | % | | | 1.15 | % | | | 1.47 | % |
| Series portfolio turnover | | | 59 | % | | | 59 | % | | | 79 | % | | | 73 | % | | | 108 | % |
*For certain years presented, the investment advisor did not impose all or a portion of its management and/or other fees, and in some years may have paid a portion of the Series’ expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts:
1Calculated based on average shares outstanding during the years.
2During the reporting period the Fund settled legal claims against an issuer of securities previously held by the Fund. As a result, the net realized and unrealized gain (loss) on investments per share includes proceeds received from the settlement. These proceeds impacted the net realized and unrealized gain (loss) on investments per share by less than $0.01. Excluding the proceeds from the settlement, the total return would have been 5.78%.
3Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been waived or reimbursed during certain years.
4Includes recoupment of past waived and/or reimbursed fees. Excluding this amount, the expense ratio (to average net assets) would have 0.88%.
The accompanying notes are an integral part of the financial statements.
Financial Highlights - Pro-Blend® Conservative Term Series - Class I
| | | FOR THE YEAR ENDED |
| | | 10/31/24 | | | 10/31/23 | | | 10/31/22 | | | 10/31/21 | | | 10/31/20 | |
| Per share data (for a share outstanding throughout each year): | | | | | | | | | | | | | | | | | | | | |
| Net asset value - Beginning of year | | $ | 12.17 | | | $ | 12.14 | | | $ | 14.95 | | | $ | 15.43 | | | $ | 15.38 | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income1 | | | 0.44 | | | | 0.37 | | | | 0.20 | | | | 0.20 | | | | 0.27 | |
| Net realized and unrealized gain (loss) on investments | | | 1.08 | | | | 0.09 | | | | (1.93 | ) | | | 1.40 | | | | 0.64 | 2 |
| Total from investment operations | | | 1.52 | | | | 0.46 | | | | (1.73 | ) | | | 1.60 | | | | 0.91 | |
| Less distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
| From net investment income | | | (0.37 | ) | | | (0.25 | ) | | | (0.16 | ) | | | (0.38 | ) | | | (0.36 | ) |
| From net realized gain on investments | | | — | | | | (0.18 | ) | | | (0.92 | ) | | | (1.70 | ) | | | (0.50 | ) |
| Total distributions to shareholders | | | (0.37 | ) | | | (0.43 | ) | | | (1.08 | ) | | | (2.08 | ) | | | (0.86 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| Net asset value - End of year | | $ | 13.32 | | | $ | 12.17 | | | $ | 12.14 | | | $ | 14.95 | | | $ | 15.43 | |
| Net assets - End of year (000’s omitted) | | $ | 73,614 | | | $ | 68,157 | | | $ | 85,498 | | | $ | 115,216 | | | $ | 99,139 | |
| Total return3 | | | 12.65 | % | | | 3.73 | % | | | (12.50 | %) | | | 11.16 | % | | | 6.27 | %2 |
| | | | | | | | | | | | | | | | | | | | | |
| Ratios (to average net assets)/Supplemental Data: | | | | | | | | | | | | | | | | | | | | |
| Expenses* | | | 0.65 | %4 | | | 0.65 | % | | | 0.63 | % | | | 0.62 | % | | | 0.60 | % |
| Net investment income | | | 3.37 | % | | | 2.98 | % | | | 1.48 | % | | | 1.40 | % | | | 1.77 | % |
| Series portfolio turnover | | | 59 | % | | | 59 | % | | | 79 | % | | | 73 | % | | | 108 | % |
*For certain years presented, the investment advisor did not impose all or a portion of its management and/or other fees, and in some years may have paid a portion of the Series’ expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts:
1Calculated based on average shares outstanding during the years.
2During the reporting period the Fund settled legal claims against an issuer of securities previously held by the Fund. As a result, the net realized and unrealized gain (loss) on investments per share includes proceeds received from the settlement. These proceeds impacted the net realized and unrealized gain (loss) on investments per share by less than $0.01. Excluding the proceeds from the settlement, the total return would have been 6.17%.
3Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been waived or reimbursed during certain years.
4Includes recoupment of past waived and/or reimbursed fees. Excluding this amount, the expense ratio (to average net assets) would have 0.63%.
The accompanying notes are an integral part of the financial statements.
Financial Highlights - Pro-Blend® Conservative Term Series - Class R
| | | FOR THE YEAR ENDED |
| | | 10/31/24 | | | 10/31/23 | | | 10/31/22 | | | 10/31/21 | | | 10/31/20 | |
| Per share data (for a share outstanding throughout each year): | | | | | | | | | | | | | | | | | | | | |
| Net asset value - Beginning of year | | $ | 12.18 | | | $ | 12.13 | | | $ | 15.05 | | | $ | 15.63 | | | $ | 15.64 | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income1 | | | 0.38 | | | | 0.31 | | | | 0.14 | | | | 0.14 | | | | 0.20 | |
| Net realized and unrealized gain (loss) on investments | | | 1.09 | | | | 0.08 | | | | (1.95 | ) | | | 1.44 | | | | 0.65 | 2 |
| Total from investment operations | | | 1.47 | | | | 0.39 | | | | (1.81 | ) | | | 1.58 | | | | 0.85 | |
| Less distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
| From net investment income | | | (0.33 | ) | | | (0.16 | ) | | | (0.12 | ) | | | (0.35 | ) | | | (0.32 | ) |
| From net realized gain on investments | | | — | | | | (0.18 | ) | | | (0.99 | ) | | | (1.81 | ) | | | (0.54 | ) |
| Total distributions to shareholders | | | (0.33 | ) | | | (0.34 | ) | | | (1.11 | ) | | | (2.16 | ) | | | (0.86 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| Net asset value - End of year | | $ | 13.32 | | | $ | 12.18 | | | $ | 12.13 | | | $ | 15.05 | | | $ | 15.63 | |
| Net assets - End of year (000’s omitted) | | $ | 14,382 | | | $ | 14,923 | | | $ | 18,808 | | | $ | 23,527 | | | $ | 22,539 | |
| Total return3 | | | 12.25 | % | | | 3.17 | % | | | (12.93 | %) | | | 10.81 | % | | | 5.69 | %2 |
| | | | | | | | | | | | | | | | | | | | | |
| Ratios (to average net assets)/Supplemental Data: | | | | | | | | | | | | | | | | | | | | |
| Expenses | | | 1.10 | % | | | 1.12 | % | | | 1.08 | % | | | 1.05 | % | | | 1.04 | % |
| Net investment income | | | 2.92 | % | | | 2.51 | % | | | 1.03 | % | | | 0.96 | % | | | 1.25 | % |
| Series portfolio turnover | | | 59 | % | | | 59 | % | | | 79 | % | | | 73 | % | | | 108 | % |
1Calculated based on average shares outstanding during the years.
2During the reporting period the Fund settled legal claims against an issuer of securities previously held by the Fund. As a result, the net realized and unrealized gain (loss) on investments per share includes proceeds received from the settlement. These proceeds impacted the net realized and unrealized gain (loss) on investments per share and total return by less than $0.01 and by less than 0.01%, respectively.
3Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions.
The accompanying notes are an integral part of the financial statements.
Financial Highlights - Pro-Blend® Conservative Term Series - Class L
| | | FOR THE YEAR ENDED |
| | | 10/31/24 | | | 10/31/23 | | | 10/31/22 | | | 10/31/21 | | | 10/31/20 | |
| Per share data (for a share outstanding throughout each year): | | | | | | | | | | | | | | | | | | | | |
| Net asset value - Beginning of year | | $ | 12.21 | | | $ | 12.12 | | | $ | 15.07 | | | $ | 15.64 | | | $ | 15.65 | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income1 | | | 0.31 | | | | 0.25 | | | | 0.08 | | | | 0.06 | | | | 0.12 | |
| Net realized and unrealized gain (loss) on investments | | | 1.09 | | | | 0.09 | | | | (1.97 | ) | | | 1.45 | | | | 0.65 | 2 |
| Total from investment operations | | | 1.40 | | | | 0.34 | | | | (1.89 | ) | | | 1.51 | | | | 0.77 | |
| Less distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
| From net investment income | | | (0.30 | ) | | | (0.07 | ) | | | (0.08 | ) | | | (0.26 | ) | | | (0.24 | ) |
| From net realized gain on investments | | | — | | | | (0.18 | ) | | | (0.98 | ) | | | (1.82 | ) | | | (0.54 | ) |
| Total distributions to shareholders | | | (0.30 | ) | | | (0.25 | ) | | | (1.06 | ) | | | (2.08 | ) | | | (0.78 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| Net asset value - End of year | | $ | 13.31 | | | $ | 12.21 | | | $ | 12.12 | | | $ | 15.07 | | | $ | 15.64 | |
| Net assets - End of year (000’s omitted) | | $ | 61,116 | | | $ | 65,223 | | | $ | 73,165 | | | $ | 94,971 | | | $ | 86,903 | |
| Total return3 | | | 11.55 | % | | | 2.71 | % | | | (13.44 | %) | | | 10.26 | % | | | 5.16 | %2 |
| | | | | | | | | | | | | | | | | | | | | |
| Ratios (to average net assets)/Supplemental Data: | | | | | | | | | | | | | | | | | | | | |
| Expenses | | | 1.61 | % | | | 1.63 | % | | | 1.59 | % | | | 1.58 | % | | | 1.55 | % |
| Net investment income | | | 2.41 | % | | | 2.00 | % | | | 0.52 | % | | | 0.44 | % | | | 0.79 | % |
| Series portfolio turnover | | | 59 | % | | | 59 | % | | | 79 | % | | | 73 | % | | | 108 | % |
1Calculated based on average shares outstanding during the years.
2During the reporting period the Fund settled legal claims against an issuer of securities previously held by the Fund. As a result, the net realized and unrealized gain (loss) on investments per share includes proceeds received from the settlement. These proceeds impacted the net realized and unrealized gain (loss) on investments per share and total return by less than $0.01 and by less than 0.01%, respectively.
3Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions.
The accompanying notes are an integral part of the financial statements.
Financial Highlights - Pro-Blend® Conservative Term Series - Class W
| | | FOR THE YEAR ENDED |
| | | 10/31/24 | | | 10/31/23 | | | 10/31/22 | | | 10/31/21 | | | 10/31/20 | |
| Per share data (for a share outstanding throughout each year): | | | | | | | | | | | | | | | | | | | | |
| Net asset value - Beginning of year | | $ | 12.19 | | | $ | 12.18 | | | $ | 14.64 | | | $ | 14.52 | | | $ | 14.28 | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income1 | | | 0.51 | | | | 0.44 | | | | 0.27 | | | | 0.28 | | | | 0.32 | |
| Net realized and unrealized gain (loss) on investments | | | 1.08 | | | | 0.09 | | | | (1.94 | ) | | | 1.35 | | | | 0.59 | 2 |
| Total from investment operations | | | 1.59 | | | | 0.53 | | | | (1.67 | ) | | | 1.63 | | | | 0.91 | |
| Less distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
| From net investment income | | | (0.40 | ) | | | (0.34 | ) | | | (0.15 | ) | | | (0.33 | ) | | | (0.32 | ) |
| From net realized gain on investments | | | — | | | | (0.18 | ) | | | (0.64 | ) | | | (1.18 | ) | | | (0.35 | ) |
| Total distributions to shareholders | | | (0.40 | ) | | | (0.52 | ) | | | (0.79 | ) | | | (1.51 | ) | | | (0.67 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| Net asset value - End of year | | $ | 13.38 | | | $ | 12.19 | | | $ | 12.18 | | | $ | 14.64 | | | $ | 14.52 | |
| Net assets - End of year (000’s omitted) | | $ | 1,845 | | | $ | 1,633 | | | $ | 1,623 | | | $ | 1,985 | | | $ | 1,775 | |
| Total return3 | | | 13.29 | % | | | 4.32 | % | | | (12.07 | %) | | | 11.84 | % | | | 6.66 | %2 |
| | | | | | | | | | | | | | | | | | | | | |
| Ratios (to average net assets)/Supplemental Data: | | | | | | | | | | | | | | | | | | | | |
| Expenses* | | | 0.10 | % | | | 0.10 | % | | | 0.10 | % | | | 0.10 | % | | | 0.09 | % |
| Net investment income | | | 3.92 | % | | | 3.55 | % | | | 2.03 | % | | | 1.92 | % | | | 2.26 | % |
| Series portfolio turnover | | | 59 | % | | | 59 | % | | | 79 | % | | | 73 | % | | | 108 | % |
*The investment advisor did not impose all or a portion of its management and/or other fees during the years, and may have paid a portion of the Series’ expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts:
| | | 0.46 | % | | | 0.47 | % | | | 0.44 | % | | | 0.42 | % | | | 0.40 | % |
1Calculated based on average shares outstanding during the years.
2During the reporting period the Fund settled legal claims against an issuer of securities previously held by the Fund. As a result, the net realized and unrealized gain (loss) on investments per share includes proceeds received from the settlement. These proceeds impacted the net realized and unrealized gain (loss) on investments per share and total return by less than $0.01 and by less than 0.01%, respectively.
3Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been waived or reimbursed during the years.
The accompanying notes are an integral part of the financial statements.
Investment Portfolio - October 31, 2024
| | | | | | | |
PRO-BLEND® MODERATE TERM
SERIES | | SHARES/
PRINCIPAL
AMOUNT1 | | | VALUE
(NOTE 2) | |
| | | | | | | | | |
| COMMON STOCKS - 41.3% | | | | | | | | |
| | | | | | | | | |
| Communication Services - 4.8% | | | | | | | | |
| Entertainment - 0.8% | | | | | | | | |
| Electronic Arts, Inc. | | | 17,115 | | | $ | 2,581,798 | |
| Interactive Media & Services - 4.0% | | | | | | | | |
| Alphabet, Inc. - Class A | | | 27,346 | | | | 4,679,174 | |
| Auto Trader Group plc (United Kingdom)2 | | | 26,799 | | | | 289,362 | |
| Meta Platforms, Inc. - Class A | | | 13,721 | | | | 7,787,765 | |
| Tencent Holdings Ltd. (China) | | | 5,700 | | | | 297,210 | |
| | | | | | | | 13,053,511 | |
| Total Communication Services | | | | | | | 15,635,309 | |
| Consumer Discretionary - 4.1% | | | | | | | | |
| Broadline Retail - 2.8% | | | | | | | | |
| Amazon.com, Inc.* | | | 34,180 | | | | 6,371,152 | |
| MercadoLibre, Inc. (Brazil)* | | | 1,374 | | | | 2,799,085 | |
| | | | | | | | 9,170,237 | |
| Household Durables - 0.1% | | | | | | | | |
| Sony Group Corp. (Japan) | | | 8,500 | | | | 149,579 | |
| Textiles, Apparel & Luxury Goods - 1.2% | | | | | |
| Hermes International SCA (France) | | | 57 | | | | 129,547 | |
LVMH Moet Hennessy Louis Vuitton SE -
ADR (France) | | | 27,741 | | | | 3,678,179 | |
LVMH Moet Hennessy Louis Vuitton SE
(France) | | | 427 | | | | 284,263 | |
| | | | | | | | 4,091,989 | |
| Total Consumer Discretionary | | | | | | | 13,411,805 | |
| Consumer Staples - 1.1% | | | | | | | | |
| Beverages - 1.1% | | | | | | | | |
| The Coca-Cola Co. | | | 53,670 | | | | 3,505,188 | |
| Personal Care Products - 0.0%## | | | | | | | | |
| Beiersdorf AG (Germany) | | | 1,484 | | | | 200,331 | |
| Total Consumer Staples | | | | | | | 3,705,519 | |
| Financials - 7.7% | | | | | | | | |
| Banks - 0.9% | | | | | | | | |
| FinecoBank Banca Fineco S.p.A. (Italy) | | | 8,362 | | | | 133,492 | |
| HDFC Bank Ltd. - ADR (India) | | | 44,295 | | | | 2,791,914 | |
| | | | | | | | 2,925,406 | |
| Capital Markets - 3.4% | | | | | | | | |
| Avanza Bank Holding AB (Sweden) | | | 5,862 | | | | 122,105 | |
| BlackRock, Inc. | | | 2,519 | | | | 2,471,215 | |
| Deutsche Boerse AG - ADR (Germany) | | | 56,035 | | | | 1,300,572 | |
| Deutsche Boerse AG (Germany) | | | 1,527 | | | | 354,689 | |
| Intercontinental Exchange, Inc. | | | 7,851 | | | | 1,223,735 | |
Intermediate Capital Group plc (United
Kingdom) | | | 6,643 | | | | 176,467 | |
| Moody’s Corp. | | | 3,985 | | | | 1,809,349 | |
| MSCI, Inc. | | | 2,100 | | | | 1,199,520 | |
| Nasdaq, Inc. | | | 17,581 | | | | 1,299,588 | |
| | | | | | | |
| | | SHARES/
PRINCIPAL
AMOUNT1 | | | VALUE
(NOTE 2) | |
| | | | | | | | | |
| COMMON STOCKS (continued) | | | | | |
| | | | | | | | | |
| Financials (continued) | | | | | |
| Capital Markets (continued) | | | | | |
| S&P Global, Inc. | | | 2,446 | | | $ | 1,174,961 | |
| | | | | | | | 11,132,201 | |
| Financial Services - 3.3% | | | | | | | | |
| Fiserv, Inc.* | | | 9,278 | | | | 1,836,116 | |
| Mastercard, Inc. - Class A | | | 9,910 | | | | 4,950,937 | |
| Visa, Inc. - Class A | | | 14,100 | | | | 4,086,885 | |
| | | | | | | | 10,873,938 | |
| Insurance - 0.1% | | | | | | | | |
| Admiral Group plc (United Kingdom) | | | 7,193 | | | | 238,021 | |
| Total Financials | | | | | | | 25,169,566 | |
| Health Care - 6.1% | | | | | | | | |
| Biotechnology - 0.4% | | | | | | | | |
| Vertex Pharmaceuticals, Inc.* | | | 2,615 | | | | 1,244,688 | |
| Health Care Equipment & Supplies - 0.4% | | | | | |
| Alcon AG | | | 2,236 | | | | 205,600 | |
| Intuitive Surgical, Inc.* | | | 2,442 | | | | 1,230,377 | |
| | | | | | | | 1,435,977 | |
| Health Care Providers & Services - 0.4% | | | | | |
| UnitedHealth Group, Inc. | | | 2,209 | | | | 1,246,980 | |
| Life Sciences Tools & Services - 1.3% | | | | | | | | |
| Lonza Group AG - ADR (Switzerland) | | | 19,550 | | | | 1,205,648 | |
| Lonza Group AG (Switzerland) | | | 414 | | | | 254,746 | |
| Thermo Fisher Scientific, Inc. | | | 5,219 | | | | 2,851,244 | |
| | | | | | | | 4,311,638 | |
| Pharmaceuticals - 3.6% | | | | | | | | |
AstraZeneca plc - ADR (United
Kingdom) | | | 77,880 | | | | 5,541,162 | |
| Johnson & Johnson | | | 23,139 | | | | 3,699,001 | |
| Roche Holding AG - ADR | | | 60,970 | | | | 2,366,246 | |
| Roche Holding AG | | | 992 | | | | 307,424 | |
| | | | | | | | 11,913,833 | |
| Total Health Care | | | | | | | 20,153,116 | |
| Industrials - 8.6% | | | | | | | | |
| Aerospace & Defense - 2.3% | | | | | | | | |
| Airbus SE (France) | | | 1,783 | | | | 271,981 | |
BAE Systems plc - ADR (United
Kingdom) | | | 18,054 | | | | 1,163,580 | |
| BAE Systems plc (United Kingdom) | | | 19,232 | | | | 309,968 | |
| Hensoldt AG (Germany) | | | 3,403 | | | | 115,785 | |
| L3Harris Technologies, Inc. | | | 14,898 | | | | 3,686,808 | |
| Northrop Grumman Corp. | | | 3,642 | | | | 1,853,851 | |
| | | | | | | | 7,401,973 | |
| Building Products - 0.4% | | | | | | | | |
| Masco Corp. | | | 15,147 | | | | 1,210,397 | |
The accompanying notes are an integral part of the financial statements.
Investment Portfolio - October 31, 2024
| | | | | | | |
PRO-BLEND® MODERATE TERM
SERIES | | SHARES/
PRINCIPAL
AMOUNT1 | | | VALUE
(NOTE 2) | |
| | | | | | | | | |
| COMMON STOCKS (continued) | | | | | |
| | | | | | | | | |
| Industrials (continued) | | | | | |
| Commercial Services & Supplies - 0.8% | | | | | | | | |
Cleanaway Waste Management Ltd.
(Australia) | | | 90,274 | | | $ | 161,626 | |
| Copart, Inc.* | | | 49,978 | | | | 2,572,368 | |
| | | | | | | | 2,733,994 | |
| Ground Transportation - 2.2% | | | | | | | | |
| Canadian National Railway Co. (Canada) | | | 21,975 | | | | 2,371,542 | |
| CSX Corp. | | | 91,850 | | | | 3,089,834 | |
| Union Pacific Corp. | | | 7,892 | | | | 1,831,496 | |
| | | | | | | | 7,292,872 | |
| Machinery - 1.5% | | | | | | | | |
| SMC Corp. - ADR (Japan) | | | 88,581 | | | | 1,897,405 | |
| SMC Corp. (Japan) | | | 500 | | | | 212,273 | |
| Spirax Group plc (United Kingdom) | | | 2,130 | | | | 177,792 | |
Techtronic Industries Co. Ltd. - ADR
(Hong Kong) | | | 34,291 | | | | 2,488,841 | |
Techtronic Industries Co. Ltd. (Hong
Kong) | | | 21,000 | | | | 303,775 | |
| | | | | | | | 5,080,086 | |
| Professional Services - 0.8% | | | | | | | | |
| Experian plc | | | 3,994 | | | | 194,930 | |
| TransUnion | | | 24,349 | | | | 2,466,554 | |
| | | | | | | | 2,661,484 | |
| Trading Companies & Distributors - 0.5% | | |
| Brenntag SE - ADR (Germany) | | | 89,295 | | | | 1,156,370 | |
| Brenntag SE (Germany) | | | 4,245 | | | | 276,915 | |
| IMCD N.V. (Netherlands) | | | 1,829 | | | | 290,795 | |
| | | | | | | | 1,724,080 | |
| Transportation Infrastructure - 0.1% | | |
Auckland International Airport Ltd. (New
Zealand) | | | 39,859 | | | | 173,913 | |
| Total Industrials | | | | | | | 28,278,799 | |
| Information Technology - 5.5% | | | | | | | | |
| Electronic Equipment, Instruments & Components - 0.2% | | |
| Halma plc (United Kingdom) | | | 6,420 | | | | 205,091 | |
| Keyence Corp. (Japan) | | | 600 | | | | 270,848 | |
| | | | | | | | 475,939 | |
| IT Services - 1.2% | | | | | | | | |
| EPAM Systems, Inc.* | | | 12,860 | | | | 2,426,039 | |
| Globant S.A. * | | | 6,995 | | | | 1,468,180 | |
| Softcat plc (United Kingdom) | | | 7,142 | | | | 156,097 | |
| | | | | | | | 4,050,316 | |
| Semiconductors & Semiconductor Equipment - 2.4% | | |
Infineon Technologies AG - ADR
(Germany) | | | 113,988 | | | | 3,607,720 | |
| Infineon Technologies AG (Germany) | | | 11,035 | | | | 348,978 | |
| | | | | | | |
| | | SHARES/
PRINCIPAL
AMOUNT1 | | | VALUE
(NOTE 2) | |
| | | | | | | |
| COMMON STOCKS (continued) |
| | | | | | | |
| Information Technology (continued) |
| Semiconductors & Semiconductor Equipment (continued) |
Taiwan Semiconductor Manufacturing
Co. Ltd. - ADR (Taiwan) | | | 21,040 | | | $ | 4,008,962 | |
| | | | | | | | 7,965,660 | |
| Software - 1.7% | | | | | | | | |
| Atlassian Corp. - Class A * | | | 802 | | | | 151,209 | |
| Microsoft Corp. | | | 7,262 | | | | 2,950,914 | |
| ServiceNow, Inc.* | | | 2,625 | | | | 2,449,099 | |
| | | | | | | | 5,551,222 | |
| Total Information Technology | | | | | | | 18,043,137 | |
| Materials - 1.3% | | | | | | | | |
| Chemicals - 0.8% | | | | | | | | |
| Air Liquide S.A. - ADR (France) | | | 66,306 | | | | 2,373,092 | |
| Air Liquide S.A. (France) | | | 2,047 | | | | 367,030 | |
| | | | | | | | 2,740,122 | |
| Paper & Forest Products - 0.5% | | | | | | | | |
| West Fraser Timber Co. Ltd. (Canada) | | | 13,290 | | | | 1,201,416 | |
| West Fraser Timber Co. Ltd. (Canada) | | | 4,043 | | | | 365,143 | |
| | | | | | | | 1,566,559 | |
| Total Materials | | | | | | | 4,306,681 | |
| Real Estate - 1.5% | | | | | | | | |
| Real Estate Management & Development - 0.8% | | |
| CBRE Group, Inc. - Class A* | | | 20,088 | | | | 2,630,925 | |
| Specialized REITs - 0.7% | | | | | | | | |
| Extra Space Storage, Inc. | | | 14,864 | | | | 2,427,291 | |
| | | | | | | | | |
| Total Real Estate | | | | | | | 5,058,216 | |
| Utilities - 0.6% | | | | | | | | |
| Electric Utilities - 0.6% | | | | | | | | |
| Evergy, Inc. | | | 30,581 | | | | 1,848,316 | |
TOTAL COMMON STOCKS
(Identified Cost $111,296,348) | | | | | | | 135,610,464 | |
| | | | | | | | | |
| CORPORATE BONDS - 13.3% | | | | | | | | |
| | | | | | | | | |
| Non-Convertible Corporate Bonds- 13.3% | | |
| Communication Services - 0.8% | | | | | | | | |
| Entertainment - 0.4% | | | | | | | | |
Warnermedia Holdings, Inc., 4.054%,
3/15/2029 | | | 1,530,000 | | | | 1,429,358 | |
| Interactive Media & Services - 0.3% | | | | | | | | |
Tencent Holdings Ltd. (China), 3.975%,
4/11/20292 | | | 930,000 | | | | 901,623 | |
| Media - 0.1% | | | | | | | | |
Open Infra U.S. Assets AB, 11.00%,
2/22/2027 | | | 400,000 | | | | 400,500 | |
| Total Communication Services | | | | | | | 2,731,481 | |
The accompanying notes are an integral part of the financial statements.
Investment Portfolio - October 31, 2024
| | | | | | | |
PRO-BLEND® MODERATE TERM
SERIES | | SHARES/
PRINCIPAL
AMOUNT1 | | | VALUE
(NOTE 2) | |
| | | | | | | |
| CORPORATE BONDS (continued) | | | | | | |
| | | | | | | | | |
| Non-Convertible Corporate Bonds (continued) | | | | | |
| Consumer Discretionary - 0.6% | | | | | | | | |
| Broadline Retail - 0.6% | | | | | | | | |
Alibaba Group Holding Ltd. (China),
4.00%, 12/6/2037 | | | 2,200,000 | | | $ | 1,940,263 | |
| Energy - 1.4% | | | | | | | | |
| Energy Equipment & Services - 0.1% | | | | | | | | |
Borr IHC Ltd. - Borr Finance LLC
(Mexico), 10.00%, 11/15/20282 | | | 317,927 | | | | 324,860 | |
| Oil, Gas & Consumable Fuels - 1.3% | | | | | | | | |
Brooge Petroleum and Gas Investment
Co. FZE (United Arab Emirates),
8.50%, 9/24/2025 (Acquired
09/10/2020-09/01/2023, cost
$302,225)3 | | | 334,688 | | | | 302,552 | |
Cenovus Energy, Inc. (Canada), 6.75%,
11/15/2039 | | | 1,290,000 | | | | 1,407,244 | |
| Energy Transfer LP | | | | | | | | |
| 7.375%, 2/1/20312 | | | 890,000 | | | | 935,705 | |
| 6.50%, 2/1/2042 | | | 1,350,000 | | | | 1,417,085 | |
New Fortress Energy, Inc., 8.75%,
3/15/20292 | | | 335,000 | | | | 279,750 | |
| | | | | | | | 4,342,336 | |
| Total Energy | | | | | | | 4,667,196 | |
| Financials - 6.4% | | | | | | | | |
| Banks - 4.4% | | | | | | | | |
Bank of America Corp., (U.S. Secured
Overnight Financing Rate + 1.320%),
2.687%, 4/22/20324 | | | 1,640,000 | | | | 1,421,470 | |
Citigroup, Inc., (U.S. Secured Overnight
Financing Rate + 0.770%), 1.462%,
6/9/20274 | | | 1,510,000 | | | | 1,432,236 | |
Citizens Bank NA, (U.S. Secured
Overnight Financing Rate + 2.000%),
4.575%, 8/9/20284 | | | 960,000 | | | | 949,655 | |
Fifth Third Bancorp, (U.S. Secured
Overnight Financing Index + 2.192%),
6.361%, 10/27/20284 | | | 330,000 | | | | 342,248 | |
Huntington Bancshares, Inc., 2.55%,
2/4/2030 | | | 1,080,000 | | | | 952,018 | |
JPMorgan Chase & Co., (3 mo. U.S.
Secured Overnight Financing Rate +
3.790%), 4.493%, 3/24/20314 | | | 2,450,000 | | | | 2,399,582 | |
| KeyBank NA, 5.85%, 11/15/2027 | | | 1,020,000 | | | | 1,044,812 | |
The PNC Financial Services Group, Inc.,
(U.S. Secured Overnight Financing
Rate + 1.322%), 5.812%, 6/12/20264 | | | 1,420,000 | | | | 1,426,591 | |
Truist Financial Corp., (U.S. Secured
Overnight Financing Rate + 0.862%),
1.887%, 6/7/20294 | | | 1,590,000 | | | | 1,429,449 | |
U.S. Bancorp, (U.S. Secured Overnight
Financing Rate + 1.230%), 4.653%,
2/1/20294 | | | 1,550,000 | | | | 1,540,473 | |
| | | | | | | |
| | | SHARES/
PRINCIPAL
AMOUNT1 | | | VALUE
(NOTE 2) | |
| | | | | | | |
| CORPORATE BONDS (continued) | | | |
| | | | |
| Non-Convertible Corporate Bonds (continued) | | | | | |
| Financials (continued) | | | | | | | | |
| Banks (continued) | | | | | | | | |
Wells Fargo & Co., (U.S. Secured
Overnight Financing Rate + 1.070%),
5.707%, 4/22/20284 | | | 1,510,000 | | | $ | 1,539,076 | |
| | | | | | | | 14,477,610 | |
| Capital Markets - 0.4% | | | | | | | | |
Jefferies Financial Group, Inc., 6.20%,
4/14/2034 | | | 1,370,000 | | | | 1,427,143 | |
| Consumer Finance - 0.7% | | | | | | | | |
Capital One Financial Corp., (U.S.
Secured Overnight Financing Rate +
3.070%), 7.624%, 10/30/20314 | | | 1,700,000 | | | | 1,888,471 | |
| Navient Corp., 6.75%, 6/25/2025 | | | 475,000 | | | | 477,976 | |
| | | | | | | | 2,366,447 | |
| Financial Services - 0.1% | | | | | | | | |
Golden Pear Funding HoldCo LLC,
10.00%, 3/2/2028 | | | 230,000 | | | | 194,964 | |
U.S. Claims Litigation Funding LLC,
10.25%, 3/17/2028 (Acquired
03/14/2023, cost $250,000)3 | | | 250,000 | | | | 213,315 | |
| | | | | | | | 408,279 | |
| Insurance - 0.8% | | | | | | | | |
MassMutual Global Funding II, 4.85%,
1/17/20292 | | | 470,000 | | | | 473,460 | |
Metropolitan Life Global Funding I,
4.85%, 1/8/20292 | | | 470,000 | | | | 471,983 | |
New York Life Global Funding, 4.70%,
1/29/20292 | | | 470,000 | | | | 471,137 | |
SiriusPoint Ltd. (Sweden), 7.00%,
4/5/2029 | | | 1,045,000 | | | | 1,072,968 | |
| | | | | | | | 2,489,548 | |
| Total Financials | | | | | | | 21,169,027 | |
| Industrials - 1.0% | | | | | | | | |
| Ground Transportation - 0.3% | | | | | | | | |
BNSF Funding Trust I, (3 mo. LIBOR US
+ 2.350%), 6.613%, 12/15/20554 | | | 940,000 | | | | 949,505 | |
| Passenger Airlines - 0.1% | | | | | | | | |
Alaska Airlines Pass-Through Trust,
Series 2020-1, Class B, 8.00%,
8/15/20252 | | | 65,313 | | | | 66,141 | |
| United Airlines Pass-Through Trust | | | | | | | | |
Series 2018-1, Class B, 4.60%,
3/1/2026 | | | 53,046 | | | | 51,516 | |
Series 2019-2, Class B, 3.50%,
5/1/2028 | | | 318,079 | | | | 297,126 | |
| | | | | | | | 414,783 | |
| Trading Companies & Distributors - 0.6% | | |
AerCap Ireland Capital DAC - AerCap
Global Aviation Trust (Ireland), 3.00%,
10/29/2028 | | | 1,020,000 | | | | 946,477 | |
The accompanying notes are an integral part of the financial statements.
Investment Portfolio - October 31, 2024
| | | | | | | |
PRO-BLEND® MODERATE TERM
SERIES | | SHARES/
PRINCIPAL
AMOUNT1 | | | VALUE
(NOTE 2) | |
| | | | | | | |
| CORPORATE BONDS (continued) | | | | | | |
| | | | |
| Non-Convertible Corporate Bonds (continued) | | | |
| Industrials (continued) | | | | | | |
| Trading Companies & Distributors (continued) | | | | | | | | |
Ashtead Capital, Inc. (United Kingdom),
4.00%, 5/1/20282 | | | 980,000 | | | $ | 945,383 | |
| | | | | | | | 1,891,860 | |
| Total Industrials | | | | | | | 3,256,148 | |
| Materials - 0.5% | | | | | | | | |
| Metals & Mining - 0.5% | | | | | | | | |
Infrabuild Australia Pty Ltd. (Australia),
14.50%, 11/15/20282 | | | 335,000 | | | | 330,430 | |
Newcastle Coal Infrastructure Group Pty
Ltd. (Australia), 4.40%, 9/29/20272 | | | 1,250,533 | | | | 1,213,353 | |
Northwest Acquisitions ULC - Dominion
Finco, Inc., 7.125%, 11/1/2022
(Acquired 10/10/2017-09/18/2020,
cost $89,149)3,5 | | | 497,000 | | | | 5 | |
| Total Materials | | | | | | | 1,543,788 | |
| | | | | | | | | |
| Real Estate - 1.7% | | | | | | | | |
| Industrial REITs - 0.1% | | | | | | | | |
IIP Operating Partnership LP, 5.50%,
5/25/2026 | | | 490,000 | | | | 476,393 | |
| Retail REITs - 0.6% | | | | | | | | |
Simon Property Group LP, 2.65%,
2/1/2032 | | | 2,130,000 | | | | 1,828,352 | |
| Specialized REITs - 1.0% | | | | | | | | |
| SBA Tower Trust | | | | | | | | |
| 1.884%, 1/15/20262 | | | 520,000 | | | | 500,794 | |
| 6.599%, 1/15/20282 | | | 1,960,000 | | | | 2,002,557 | |
| 4.831%, 10/15/20292 | | | 710,000 | | | | 692,865 | |
| | | | | | | | 3,196,216 | |
| Total Real Estate | | | | | | | 5,500,961 | |
| Utilities - 0.9% | | | | | | | | |
| Electric Utilities - 0.3% | | | | | | | | |
Alexander Funding Trust II, 7.467%,
7/31/20282 | | | 880,000 | | | | 931,180 | |
| Independent Power and Renewable Electricity Producers - 0.6% | | | | | | | | |
Palomino Funding Trust I, 7.233%,
5/17/20282 | | | 1,780,000 | | | | 1,873,168 | |
| Total Utilities | | | | | | | 2,804,348 | |
TOTAL CORPORATE BONDS
(Identified Cost $44,586,849) | | | | | | | 43,613,212 | |
| | | | | | | | | |
| U.S. TREASURY SECURITIES - 18.1% | | | | | | | | |
| | | | | | | | | |
| U.S. Treasury Bonds - 4.2% | | | | | | | | |
| U.S. Treasury Bond | | | | | | | | |
| 2.375%, 2/15/2042 | | | 14,362,000 | | | | 10,580,755 | |
| | | | | | | |
| | | SHARES/
PRINCIPAL
AMOUNT1 | | | VALUE
(NOTE 2) | |
| | | | | | | |
| U.S. TREASURY SECURITIES (continued) | | | | | |
| | | | | | | | | |
| U.S. Treasury Bonds (continued) | | |
| U.S. Treasury Bond (continued) |
| 3.625%, 2/15/2053 | | | 3,898,000 | | | $ | 3,348,625 | |
| Total U.S. Treasury Bonds | | | | | | | | |
| (Identified Cost $15,090,571) | | | | | | | 13,929,380 | |
| U.S. Treasury Notes - 13.9% | | | | | | | | |
U.S. Treasury Inflation Indexed Note,
0.125%, 1/15/2031 | | | 3,789,884 | | | | 3,409,267 | |
| U.S. Treasury Note | | | | | | | | |
| 2.25%, 11/15/2027 | | | 10,531,000 | | | | 9,964,136 | |
| 1.75%, 11/15/2029 | | | 10,703,000 | | | | 9,554,100 | |
| 0.875%, 11/15/2030 | | | 7,715,000 | | | | 6,367,889 | |
| 4.125%, 11/15/2032 | | | 6,619,000 | | | | 6,568,323 | |
| 4.50%, 11/15/2033 | | | 9,597,000 | | | | 9,757,450 | |
| Total U.S. Treasury Notes | | | | | | | | |
| (Identified Cost $45,599,503) | | | | | | | 45,621,165 | |
TOTAL U.S. TREASURY SECURITIES
(Identified Cost $60,690,074) | | | | | | | 59,550,545 | |
| | | | | | | | | |
| ASSET-BACKED SECURITIES - 5.2% | | | | | | | | |
| | | | | | | | | |
Capteris Equipment Finance LLC, Series
2024-1A, Class A2, 5.58%, 7/20/20322 | | | 820,000 | | | | 826,601 | |
CF Hippolyta Issuer LLC, Series 2020-1,
Class A1, 1.69%, 7/15/20602 | | | 921,938 | | | | 893,053 | |
Cogent Ipv4 LLC, Series 2024-1A, Class
A2, 7.924%, 5/25/20542 | | | 615,000 | | | | 631,167 | |
Commonbond Student Loan Trust,
Series 2019-AGS, Class A1, 2.54%,
1/25/20472 | | | 466,071 | | | | 421,972 | |
DataBank Issuer, Series 2023-1A, Class
A2, 5.116%, 2/25/20532 | | | 1,600,000 | | | | 1,566,077 | |
Flexential Issuer, Series 2021-1A, Class
A2, 3.25%, 11/27/20512 | | | 2,100,000 | | | | 1,973,309 | |
Goodgreen Trust, Series 2020-1A, Class
A, 2.63%, 4/15/20552 | | | 825,455 | | | | 676,292 | |
Hotwire Funding LLC, Series 2021-1,
Class A2, 2.311%, 11/20/20512 | | | 1,950,000 | | | | 1,832,890 | |
Libra Solutions LLC, Series 2023-1A,
Class A, 7.00%, 2/15/20352 | | | 343,165 | | | | 343,913 | |
Nelnet Student Loan Trust, Series 2012-
3A, Class A, (U.S. Secured Overnight
Financing Rate 30 Day Average +
0.814%), 5.671%, 3/26/20402,6 | | | 132,873 | | | | 132,401 | |
Oxford Finance Credit Fund III LP, Series
2024-A, Class A2, 6.675%, 1/14/20322 | | | 165,000 | | | | 165,588 | |
| Oxford Finance Funding LLC | | | | | | | | |
Series 2020-1A, Class A2, 3.101%,
2/15/20282 | | | 237,739 | | | | 236,143 | |
Series 2022-1A, Class A2, 3.602%,
2/15/20302 | | | 1,661,153 | | | | 1,636,079 | |
Series 2023-1A, Class A2, 6.716%,
2/15/20312 | | | 2,170,000 | | | | 2,189,017 | |
| PEAR LLC | | | | | | | | |
Series 2021-1, Class A, 2.60%,
1/15/20342 | | | 777,128 | | | | 761,429 | |
The accompanying notes are an integral part of the financial statements.
Investment Portfolio - October 31, 2024
| | | | | | | |
PRO-BLEND® MODERATE TERM
SERIES | | SHARES/
PRINCIPAL
AMOUNT1 | | | VALUE
(NOTE 2) | |
| | | | | | | | | |
| ASSET-BACKED SECURITIES (continued) | | | | | |
| | | | | | | | | |
| PEAR LLC (continued) | | | | | | | | |
Series 2023-1, Class A, 7.42%,
7/15/20352 | | | 741,138 | | | $ | 743,437 | |
Series 2024-1, Class A, 6.95%,
2/15/20362 | | | 452,181 | | | | 455,833 | |
SLM Student Loan Trust, Series 2012-7,
Class A3, (U.S. Secured Overnight
Financing Rate 30 Day Average +
0.764%), 5.621%, 5/26/20266 | | | 1,723,822 | | | | 1,676,496 | |
TOTAL ASSET-BACKED SECURITIES
(Identified Cost $17,550,394) | | | | | | | 17,161,697 | |
| | | | | | | | | |
| COMMERCIAL MORTGAGE-BACKED SECURITIES - 6.0% |
| | | | | | | | | |
Brean Asset Backed Securities Trust,
Series 2021-RM2, Class A, 1.75%,
10/25/20612,7 | | | 1,106,366 | | | | 1,019,518 | |
CIM Trust, Series 2019-INV1, Class A1,
4.00%, 2/25/20492,7 | | | 27,335 | | | | 25,923 | |
Citigroup Mortgage Loan Trust, Inc.,
Series 2021-INV1, Class A3A, 2.50%,
5/25/20512,7 | | | 593,187 | | | | 478,900 | |
| Credit Suisse Mortgage Capital Trust | | | | | | | | |
Series 2013-7, Class A6, 3.50%,
8/25/20432,7 | | | 121,705 | | | | 111,330 | |
Series 2013-IVR2, Class A2, 3.00%,
4/25/20432,7 | | | 266,923 | | | | 239,151 | |
Series 2013-IVR3, Class A1, 2.50%,
5/25/20432,7 | | | 234,831 | | | | 206,975 | |
Series 2013-TH1, Class A1, 2.13%,
2/25/20432,7 | | | 138,433 | | | | 119,731 | |
Series 2014-IVR3, Class A1, 3.50%,
7/25/20442,7 | | | 46,090 | | | | 42,495 | |
Deephaven Residential Mortgage Trust,
Series 2021-3, Class A1, 1.194%,
8/25/20662,7 | | | 909,269 | | | | 787,401 | |
| Fannie Mae REMICS | | | | | | | | |
Series 2018-31, Class KP, 3.50%,
7/25/2047 | | | 16,559 | | | | 16,246 | |
Series 2021-69, Class WJ, 1.50%,
10/25/2050 | | | 813,267 | | | | 681,185 | |
Freddie Mac REMICS, Series 5189,
Class CP, 2.50%, 6/25/2049 | | | 1,911,260 | | | | 1,647,828 | |
Government National Mortgage
Association, Series 2017-54, Class
AH, 2.60%, 12/16/2056 | | | 200,752 | | | | 182,848 | |
| GS Mortgage-Backed Securities Trust | | | | | | | | |
Series 2021-INV1, Class A9, (U.S.
Secured Overnight Financing Rate
30 Day Average + 0.850%), 5.00%,
12/25/20512,6 | | | 1,080,818 | | | | 1,001,855 | |
Series 2021-PJ6, Class A8, 2.50%,
11/25/20512,7 | | | 824,522 | | | | 727,322 | |
Series 2021-PJ9, Class A8, 2.50%,
2/26/20522,7 | | | 840,865 | | | | 737,861 | |
| | | | | | | |
| | | SHARES/
PRINCIPAL
AMOUNT1 | | | VALUE
(NOTE 2) | |
| | | | |
| COMMERCIAL MORTGAGE-BACKED SECURITIES (continued) |
| | | | | | | | | |
Imperial Fund Mortgage Trust, Series
2021-NQM3, Class A1, 1.595%,
11/25/20562,7 | | | 938,079 | | | $ | 787,275 | |
| JP Morgan Mortgage Trust | | | | | | | | |
Series 2014-2, Class 1A1, 3.00%,
6/25/20292,7 | | | 126,872 | | | | 123,285 | |
Series 2017-2, Class A3, 3.50%,
5/25/20472,7 | | | 11,020 | | | | 9,903 | |
| New Residential Mortgage Loan Trust | | | | | | | | |
Series 2014-3A, Class AFX3, 3.75%,
11/25/20542,7 | | | 208,044 | | | | 196,018 | |
Series 2015-2A, Class A1, 3.75%,
8/25/20552,7 | | | 235,709 | | | | 222,377 | |
Series 2016-4A, Class A1, 3.75%,
11/25/20562,7 | | | 271,673 | | | | 253,387 | |
OBX Trust, Series 2024-NQM1, Class
A1, 5.928%, 11/25/20632,8 | | | 913,989 | | | | 917,472 | |
PCG LLC, Series 2023-1, (1 mo. U.S.
Secured Overnight Financing Rate
+ 6.000%), 10.738%, 7/25/2029
(Acquired 07/24/2023, cost
$3,280,252)3,6 | | | 3,280,252 | | | | 3,280,025 | |
PMT Loan Trust, Series 2013-J1, Class
A9, 3.50%, 9/25/20432,7 | | | 815,189 | | | | 747,436 | |
| Provident Funding Mortgage Trust | | | | | | | | |
Series 2021-2, Class A2A, 2.00%,
4/25/20512,7 | | | 1,019,848 | | | | 858,652 | |
Series 2021-INV1, Class A1, 2.50%,
8/25/20512,7 | | | 1,726,908 | | | | 1,406,460 | |
RCKT Mortgage Trust, Series 2021-6,
Class A1, 2.50%, 12/25/20512,7 | | | 1,123,867 | | | | 906,205 | |
| Sequoia Mortgage Trust | | | | | | | | |
Series 2013-2, Class A, 1.874%,
2/25/20437 | | | 196,117 | | | | 166,418 | |
Series 2013-6, Class A2, 3.00%,
5/25/20437 | | | 367,713 | | | | 327,741 | |
Series 2013-7, Class A2, 3.00%,
6/25/20437 | | | 136,541 | | | | 122,218 | |
Series 2013-8, Class A1, 3.00%,
6/25/20437 | | | 166,405 | | | | 148,853 | |
Series 2017-6, Class A19, 3.50%,
9/25/20472,7 | | | 69,892 | | | | 62,444 | |
Series 2020-1, Class A1, 3.50%,
2/25/20502,7 | | | 68,996 | | | | 63,514 | |
Starwood Retail Property Trust, Series
2014-STAR, Class A, (Prime Rate +
0.000%), 8.00%, 11/15/20272,6 | | | 1,239,468 | | | | 767,590 | |
Sutherland Commercial Mortgage Trust,
Series 2019-SBC8, Class A, 2.86%,
4/25/20412,7 | | | 122,832 | | | | 115,475 | |
Towd Point Mortgage Trust, Series 2019-
HY1, Class A1, (1 mo. U.S. Secured
Overnight Financing Rate + 1.114%),
5.852%, 10/25/20482,6 | | | 189,639 | | | | 192,393 | |
The accompanying notes are an integral part of the financial statements.
Investment Portfolio - October 31, 2024
| | | | | | | |
PRO-BLEND® MODERATE TERM
SERIES | | SHARES/
PRINCIPAL
AMOUNT1 | | | VALUE
(NOTE 2) | |
| | | | | | | |
| COMMERCIAL MORTGAGE-BACKED SECURITIES (continued) | |
| | | | | | | | | |
WinWater Mortgage Loan Trust, Series
2015-1, Class A1, 3.50%, 1/20/20452,7 | | | 74,437 | | | $ | 68,942 | |
TOTAL COMMERCIAL MORTGAGE-
BACKED SECURITIES | | | | | | | | |
| (Identified Cost $22,209,396) | | | | | | | 19,770,652 | |
| | | | | | | | | |
| FOREIGN GOVERNMENT BONDS - 0.4% | | |
| | | | | | | | | |
Japan Government Two Year Bond,
Series 456, (Japan), 0.10%, 1/1/2026 | JPY | | | 165,000,000 | | | | 1,082,973 | |
Mexican Bonos, Series M, (Mexico),
7.75%, 5/29/2031 | MXN | | | 1,081,000 | | | | 48,470 | |
TOTAL FOREIGN GOVERNMENT
BONDS | | | | | | | | |
| (Identified Cost $1,197,821) | | | | | | | 1,131,443 | |
| | | | | | | | | |
| MUNICIPAL BONDS - 0.7% | | | | | |
| | | | | | | | | |
Hawaii, Series GC, G.O. Bond, 2.682%,
10/1/2038 | | | 1,835,000 | | | | 1,405,621 | |
South Carolina Public Service Authority,
Series B, Revenue Bond, 2.329%,
12/1/2028 | | | 955,000 | | | | 866,720 | |
| TOTAL MUNICIPAL BONDS | | | | | | | | |
| (Identified Cost $2,851,847) | | | | | | | 2,272,341 | |
| | | | | | | | | |
| U.S. GOVERNMENT AGENCIES - 10.7% | | | | | |
| | | | | | | | | |
| Mortgage-Backed Securities - 10.7% | | | | | |
| Fannie Mae | | | | | | | | |
Pool #MA3463, UMBS, 4.00%,
9/1/2033 | | | 261,185 | | | | 255,818 | |
Pool #MA1834, UMBS, 4.50%,
2/1/2034 | | | 188,603 | | | | 187,261 | |
Pool #MA1903, UMBS, 4.50%,
5/1/2034 | | | 142,832 | | | | 141,804 | |
Pool #889576, UMBS, 6.00%,
4/1/2038 | | | 142,197 | | | | 148,847 | |
Pool #MA3412, UMBS, 3.50%,
7/1/2038 | | | 243,145 | | | | 228,917 | |
Pool #995196, UMBS, 6.00%,
7/1/2038 | | | 285,072 | | | | 298,350 | |
Pool #AD0207, UMBS, 6.00%,
10/1/2038 | | | 50,589 | | | | 52,954 | |
Pool #AD0220, UMBS, 6.00%,
10/1/2038 | | | 15,610 | | | | 16,337 | |
Pool #MA0258, UMBS, 4.50%,
12/1/2039 | | | 260,769 | | | | 256,129 | |
Pool #AL1595, UMBS, 6.00%,
1/1/2040 | | | 182,602 | | | | 191,142 | |
Pool #AL0152, UMBS, 6.00%,
6/1/2040 | | | 275,184 | | | | 288,054 | |
Pool #MA4203, UMBS, 2.50%,
12/1/2040 | | | 1,775,484 | | | | 1,542,806 | |
| | | | | | | |
| | | SHARES/
PRINCIPAL
AMOUNT1 | | | VALUE
(NOTE 2) | |
| | | | | | | |
| U.S. GOVERNMENT AGENCIES (continued) | | |
| | | | | | | | | |
| Mortgage-Backed Securities (continued) |
| Fannie Mae (continued) | | | | | | | | |
Pool #MA4687, UMBS, 4.00%,
6/1/2042 | | | 1,909,740 | | | $ | 1,799,667 | |
Pool #AL7068, UMBS, 4.50%,
9/1/2042 | | | 84,697 | | | | 83,190 | |
Pool #MA4934, UMBS, 5.00%,
2/1/2043 | | | 2,440,960 | | | | 2,397,999 | |
Pool #AX5234, UMBS, 4.50%,
11/1/2044 | | | 318,881 | | | | 311,035 | |
Pool #BD1381, UMBS, 3.50%,
6/1/2046 | | | 50,035 | | | | 45,596 | |
Pool #BE7845, UMBS, 4.50%,
2/1/2047 | | | 54,455 | | | | 52,762 | |
| Pool #AL8674, 5.637%, 1/1/2049 | | | 677,405 | | | | 698,181 | |
Pool #FS1179, UMBS, 3.50%,
12/1/2049 | | | 896,227 | | | | 814,734 | |
Pool #FS9332, UMBS, 3.00%,
3/1/2050 | | | 1,860,000 | | | | 1,638,177 | |
Pool #MA4020, UMBS, 3.00%,
5/1/2050 | | | 3,036,704 | | | | 2,638,786 | |
Pool #FS4339, UMBS, 3.00%,
12/1/2050 | | | 2,329,989 | | | | 2,038,613 | |
Pool #FS2696, UMBS, 3.00%,
12/1/2051 | | | 2,299,950 | | | | 2,005,719 | |
Pool #FS4925, UMBS, 3.50%,
4/1/2052 | | | 2,073,576 | | | | 1,876,600 | |
Pool #MA4644, UMBS, 4.00%,
5/1/2052 | | | 2,118,552 | | | | 1,961,371 | |
Pool #BW1194, UMBS, 4.00%,
9/1/2052 | | | 1,937,318 | | | | 1,792,382 | |
Pool #MA4733, UMBS, 4.50%,
9/1/2052 | | | 1,182,010 | | | | 1,123,837 | |
Pool #MA4807, UMBS, 5.50%,
11/1/2052 | | | 1,068,512 | | | | 1,060,805 | |
Pool #MA4868, UMBS, 5.00%,
1/1/2053 | | | 1,788,045 | | | | 1,740,058 | |
| Freddie Mac | | | | | | | | |
| Pool #C91762, 4.50%, 5/1/2034 | | | 226,073 | | | | 224,665 | |
| Pool #C91771, 4.50%, 6/1/2034 | | | 3,921 | | | | 3,897 | |
| Pool #C91780, 4.50%, 7/1/2034 | | | 5,516 | | | | 5,483 | |
| Pool #G03781, 6.00%, 1/1/2038 | | | 48,097 | | | | 50,401 | |
| Pool #G03926, 6.00%, 2/1/2038 | | | 73,833 | | | | 77,369 | |
| Pool #G05900, 6.00%, 3/1/2040 | | | 41,154 | | | | 43,126 | |
| Pool #G05906, 6.00%, 4/1/2040 | | | 36,935 | | | | 38,704 | |
| Pool #A92889, 4.50%, 7/1/2040 | | | 460,704 | | | | 451,895 | |
| Pool #G08772, 4.50%, 7/1/2047 | | | 52,507 | | | | 50,849 | |
Pool #ZS4751, UMBS, 3.50%,
1/1/2048 | | | 105,635 | | | | 96,030 | |
Pool #SD8230, UMBS, 4.50%,
6/1/2052 | | | 2,178,968 | | | | 2,074,580 | |
Pool #SD1360, UMBS, 5.50%,
7/1/2052 | | | 2,675,768 | | | | 2,658,640 | |
The accompanying notes are an integral part of the financial statements.
Investment Portfolio - October 31, 2024
| | | | | | | |
PRO-BLEND® MODERATE TERM
SERIES | | SHARES/
PRINCIPAL
AMOUNT1 | | | VALUE
(NOTE 2) | |
| | | | | | | |
| U.S. GOVERNMENT AGENCIES (continued) | | |
| | | | | | | | | |
| Mortgage-Backed Securities (continued) | | |
| Freddie Mac (continued) | | | | | | | | |
Pool #SD8276, UMBS, 5.00%,
12/1/2052 | | | 1,707,633 | | | $ | 1,661,804 | |
| TOTAL U.S. GOVERNMENT AGENCIES | | | | | | | | |
| (Identified Cost $36,511,824) | | | | | | | 35,125,374 | |
| | | | | | | | | |
| SHORT-TERM INVESTMENT - 4.0% | | | | | | | | |
| | | | | | | | | |
Dreyfus Government Cash Management,
Institutional Shares, 4.76%9 | | | | | | | | |
| (Identified Cost $13,222,904) | | | 13,222,904 | | | | 13,222,904 | |
| | | | | | | | | |
TOTAL INVESTMENTS - 99.7%
(Identified Cost $310,117,457) | | | | | | | 327,458,632 | |
OTHER ASSETS, LESS LIABILITIES -
0.3% | | | | | | | 1,148,851 | |
| NET ASSETS - 100% | | | | | | $ | 328,607,483 | |
ADR - American Depositary Receipt
G.O. Bond - General Obligation Bond
JPY - Japanese Yen
LIBOR - London Interbank Offered Rate
MXN - Mexican Peso
REIT - Real Estate Investment Trust
REMICS - Real Estate Mortgage Investment Conduits
UMBS - Uniform Mortgage-Backed Securities
*Non-income producing security.
## Less than 0.1%.
1Amount is stated in USD unless otherwise noted.
2Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”) and determined to be liquid under the Fund’s Liquidity Risk Management Program. The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2024 was $41,386,242, which represented 12.6% of the Series’ Net Assets.
3Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”) and determined to be illiquid under the Fund’s Liquidity Risk Management Program. The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of such securities at October 31, 2024 was $3,795,897, or 1.2% of the Series’ Net Assets.
4Variable 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 October 31, 2024.
5Issuer filed for bankruptcy and/or is in default of interest payments.
6Floating rate security. Rate shown is the rate in effect as of October 31, 2024.
7Variable 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 October 31, 2024.
8Represents a step-up bond that pays initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate shown reflects the current coupon as of October 31, 2024.
9Rate shown is the current yield as of October 31, 2024.
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 S&P Global 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.
Statement of Assets and Liabilities - Pro-Blend® Moderate Term Series
October 31, 2024
| ASSETS: | | | |
| | | | |
| Investments in securities, at value (identified cost $310,117,457) (Note 2) | | $ | 327,458,632 | |
| Foreign currency, at value (identified cost $126) | | | 125 | |
| Interest receivable | | | 1,390,445 | |
| Foreign tax reclaims receivable | | | 190,268 | |
| Dividends receivable | | | 64,503 | |
| Receivable for fund shares sold | | | 43,550 | |
| Prepaid expenses | | | 654 | |
| | | | | |
| TOTAL ASSETS | | | 329,148,177 | |
| | | | | |
| LIABILITIES: | | | | |
| | | | | |
| Due to custodian | | | 2,625 | |
| Accrued management fees1 | | | 190,483 | |
| Accrued distribution and service (Rule 12b-1) fees (Class S) (Class R) (Class L)1 | | | 106,432 | |
| Accrued sub-transfer agent fees1 | | | 74,365 | |
| Accrued fund accounting and administration fees1 | | | 20,433 | |
| Directors’ fees payable1 | | | 9,530 | |
| Accrued Chief Compliance Officer service fees1 | | | 2,713 | |
| Professional fees payable | | | 50,907 | |
| Payable for fund shares repurchased | | | 37,699 | |
| Payable for securities purchased | | | 2,710 | |
| Other payables and accrued expenses | | | 42,797 | |
| | | | | |
| TOTAL LIABILITIES | | | 540,694 | |
| | | | | |
| Commitments and contingent liabilities1 | | | | |
| | | | | |
| TOTAL NET ASSETS | | $ | 328,607,483 | |
| | | | | |
| NET ASSETS CONSIST OF: | | | | |
| | | | | |
| Capital stock | | $ | 223,140 | |
| Additional paid-in-capital | | | 299,728,640 | |
| Total distributable earnings (loss) | | | 28,655,703 | |
| | | | | |
| TOTAL NET ASSETS | | $ | 328,607,483 | |
1 See note 3 in Notes to the Financial Statements.
The accompanying notes are an integral part of the financial statements.
Statement of Assets and Liabilities - Pro-Blend® Moderate Term Series
October 31, 2024
| NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class S | | | |
| ($141,534,137/9,635,086 shares) | | $ | 14.69 | |
| | | | | |
| NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class I | | | | |
| ($88,225,669/5,975,073 shares) | | $ | 14.77 | |
| | | | | |
| NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class R | | | | |
| ($21,876,102/1,482,988 shares) | | $ | 14.75 | |
| | | | | |
| NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class L | | | | |
| ($76,858,219/5,213,199 shares) | | $ | 14.74 | |
| | | | | |
| NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class W | | | | |
| ($113,356/7,644 shares) | | $ | 14.83 | |
The accompanying notes are an integral part of the financial statements.
Statement of Operations - Pro-Blend® Moderate Term Series
For the Year Ended October 31, 2024
INVESTMENT INCOME:
| Interest | | $ | 8,931,352 | |
| Dividends (net of foreign taxes withheld, $89,096) | | | 2,348,108 | |
| | | | | |
| Total Investment Income | | | 11,279,460 | |
| | | | | |
| EXPENSES: | | | | |
| | | | | |
| Management fees (Note 3) | | | 2,005,154 | |
| Distribution and service (Rule 12b-1) fees (Class L) (Note 3) | | | 796,118 | |
| Distribution and service (Rule 12b-1) fees (Class S) (Note 3) | | | 360,779 | |
| Distribution and service (Rule 12b-1) fees (Class R) (Note 3) | | | 110,768 | |
| Sub-transfer agent fees (Note 3) | | | 166,785 | |
| Fund accounting and administration fees (Note 3) | | | 109,984 | |
| Directors’ fees (Note 3) | | | 48,399 | |
| Chief Compliance Officer service fees (Note 3) | | | 7,994 | |
| Custodian fees | | | 22,135 | |
| Recoupment of past waived and/or reimbursed fees (Note 3) | | | 4,266 | |
| Miscellaneous | | | 375,385 | |
| | | | | |
| Total Expenses | | | 4,007,767 | |
| Less reduction of expenses (Note 3) | | | (5,555 | ) |
| | | | | |
| Net Expenses | | | 4,002,212 | |
| | | | | |
| NET INVESTMENT INCOME.. | | | 7,277,248 | |
| | | | | |
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY: | | | | |
| | | | | |
| Net realized gain (loss) on- | | | | |
| Investments (net of foreign capital gains tax of $3,256) | | | 9,250,539 | |
| Foreign currency and translation of other assets and liabilities | | | (6,883) | |
| | | | | |
| | | | 9,243,656 | |
| Net change in unrealized appreciation (depreciation) on- | | | | |
| Investments in securities | | | 35,345,500 | |
| Foreign currency and translation of other assets and liabilities | | | 2,842 | |
| | | | | |
| | | | 35,348,342 | |
| | | | | |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY | | | 44,591,998 | |
| | | | | |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 51,869,246 | |
The accompanying notes are an integral part of the financial statements.
Statements of Changes in Net Assets - Pro-Blend® Moderate Term Series
| | | FOR THE
YEAR ENDED
10/31/24 | | | FOR THE
YEAR ENDED
10/31/23 | |
| INCREASE (DECREASE) IN NET ASSETS: | | | | | | | | |
| | | | | | | | | |
| OPERATIONS: | | | | | | | | |
| | | | | | | | | |
| Net investment income | | $ | 7,277,248 | | | $ | 7,414,105 | |
| Net realized gain (loss) on investments and foreign currency | | | 9,243,656 | | | | (3,231,657 | ) |
| Net change in unrealized appreciation (depreciation) on investments and foreign currency | | | 35,348,342 | | | | 13,937,405 | |
| | | | | | | | | |
| Net increase (decrease) from operations | | | 51,869,246 | | | | 18,119,853 | |
| | | | | | | | | |
| DISTRIBUTIONS TO SHAREHOLDERS (Note 9): | | | | | | | | |
| | | | | | | | | |
| Class S | | | (2,794,527 | ) | | | (2,599,491 | ) |
| Class I | | | (1,789,345 | ) | | | (1,651,840 | ) |
| Class R | | | (390,780 | ) | | | (236,954 | ) |
| Class L | | | (1,194,217 | ) | | | (208,513 | ) |
| Class W | | | (2,497 | ) | | | (3,088 | ) |
| | | | | | | | | |
| Total distributions to shareholders | | | (6,171,366 | ) | | | (4,699,886 | ) |
| | | | | | | | | |
| CAPITAL STOCK ISSUED AND REPURCHASED: | | | | | | | | |
| | | | | | | | | |
| Net increase (decrease) from capital share transactions (Note 5) | | | (40,700,735 | ) | | | (81,440,643 | ) |
| Net increase (decrease) in net assets | | | 4,997,145 | | | | (68,020,676 | ) |
| | | | | | | | | |
| NET ASSETS: | | | | | | | | |
| | | | | | | | | |
| Beginning of year | | | 323,610,338 | | | | 391,631,014 | |
| | | | | | | | | |
| End of year | | $ | 328,607,483 | | | $ | 323,610,338 | |
The accompanying notes are an integral part of the financial statements.
Financial Highlights - Pro-Blend® Moderate Term Series - Class S
| | | FOR THE YEAR ENDED | | | | | | | | | | |
| | | 10/31/24 | | | 10/31/23 | | | 10/31/22 | | | 10/31/21 | | | 10/31/20 | |
| Per share data (for a share outstanding throughout each year): | |
| Net asset value - Beginning of year | | $ | 12.80 | | | $ | 12.47 | | | $ | 15.88 | | | $ | 14.57 | | | $ | 13.96 | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income1 | | | 0.33 | | | | 0.27 | | | | 0.13 | | | | 0.09 | | | | 0.14 | |
| Net realized and unrealized gain (loss) on investments | | | 1.82 | | | | 0.24 | | | | (2.56 | ) | | | 2.13 | | | | 1.11 | 2 |
| Total from investment operations | | | 2.15 | | | | 0.51 | | | | (2.43 | ) | | | 2.22 | | | | 1.25 | |
| Less distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
| From net investment income | | | (0.26 | ) | | | (0.17 | ) | | | (0.05 | ) | | | (0.07 | ) | | | (0.14 | ) |
| From net realized gain on investments | | | — | | | | (0.01 | ) | | | (0.93 | ) | | | (0.84 | ) | | | (0.50 | ) |
| Total distributions to shareholders | | | (0.26 | ) | | | (0.18 | ) | | | (0.98 | ) | | | (0.91 | ) | | | (0.64 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| Net asset value - End of year | | $ | 14.69 | | | $ | 12.80 | | | $ | 12.47 | | | $ | 15.88 | | | $ | 14.57 | |
| Net assets - End of year (000’s omitted) | | $ | 141,534 | | | $ | 140,872 | | | $ | 186,398 | | | $ | 244,965 | | | $ | 237,656 | |
| Total return3 | | | 16.95 | % | | | 4.05 | % | | | (16.27 | %) | | | 15.78 | % | | | 9.27 | %2 |
| | | | | | | | | | | | | | | | | | |
| Ratios (to average net assets)/Supplemental Data: | | | | | | | | | | | | | | | | | | |
| Expenses* | | | 1.06 | %4 | | | 1.10 | % | | | 1.07 | % | | | 1.05 | % | | | 1.07 | % |
| Net investment income | | | 2.31 | % | | | 2.06 | % | | | 0.94 | % | | | 0.59 | % | | | 1.02 | % |
| Series portfolio turnover | | | 59 | % | | | 56 | % | | | 69 | % | | | 74 | % | | | 105 | % |
*For certain years presented, the investment advisor did not impose all or a portion of its management and/or other fees, and in some years may have paid a portion of the Series’ expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts:
1Calculated based on average shares outstanding during the years.
2During the reporting period the Fund settled legal claims against an issuer of securities previously held by the Fund. As a result, the net realized and unrealized gain (loss) on investments per share includes proceeds received from the settlement. Without these proceeds the net realized and unrealized gain (loss) on investments per share would have been $1.10. Excluding the proceeds from the settlement, the total return would have been 9.12%.
3Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been waived or reimbursed during certain years.
4Includes recoupment of past waived and/or reimbursed fees with no financial impact to the expense ratios.
5Less than 0.01%.
The accompanying notes are an integral part of the financial statements.
Financial Highlights - Pro-Blend® Moderate Term Series - Class I
| | | FOR THE YEAR ENDED | | | | | | | | | | |
| | | 10/31/24 | | | 10/31/23 | | | 10/31/22 | | | 10/31/21 | | | 10/31/20 | |
| Per share data (for a share outstanding throughout each year): | |
| Net asset value - Beginning of year | | $ | 12.85 | | | $ | 12.53 | | | $ | 16.44 | | | $ | 15.49 | | | $ | 15.14 | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income1 | | | 0.36 | | | | 0.30 | | | | 0.16 | | | | 0.12 | | | | 0.19 | |
| Net realized and unrealized gain (loss) on investments | | | 1.84 | | | | 0.24 | | | | (2.58 | ) | | | 2.25 | | | | 1.17 | 2 |
| Total from investment operations | | | 2.20 | | | | 0.54 | | | | (2.42 | ) | | | 2.37 | | | | 1.36 | |
| Less distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
| From net investment income | | | (0.28 | ) | | | (0.21 | ) | | | (0.10 | ) | | | (0.16 | ) | | | (0.27 | ) |
| From net realized gain on investments | | | — | | | | (0.01 | ) | | | (1.39 | ) | | | (1.26 | ) | | | (0.74 | ) |
| Total distributions to shareholders | | | (0.28 | ) | | | (0.22 | ) | | | (1.49 | ) | | | (1.42 | ) | | | (1.01 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| Net asset value - End of year | | $ | 14.77 | | | $ | 12.85 | | | $ | 12.53 | | | $ | 16.44 | | | $ | 15.49 | |
| Net assets - End of year (000’s omitted) | | $ | 88,226 | | | $ | 84,949 | | | $ | 98,235 | | | $ | 127,248 | | | $ | 108,333 | |
| Total return3 | | | 17.27 | % | | | 4.29 | % | | | (16.09 | %) | | | 16.10 | % | | | 9.37 | %2 |
| | | | | | | | | | | | | | | | | | | | | |
| Ratios (to average net assets)/Supplemental Data: | |
| Expenses* | | | 0.85 | % | | | 0.85 | % | | | 0.85 | % | | | 0.84 | % | | | 0.85 | % |
| Net investment income | | | 2.53 | % | | | 2.32 | % | | | 1.15 | % | | | 0.79 | % | | | 1.26 | % |
| Series portfolio turnover | | | 59 | % | | | 56 | % | | | 69 | % | | | 74 | % | | | 105 | % |
*For certain years presented, the investment advisor did not impose all or a portion of its management and/or other fees, and in some years may have paid a portion of the Series’ expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts:
| | | | 0.01 | % | | | 0.05 | % | | | 0.00 | %4 | | | N/A | | | | 0.01 | % |
1Calculated based on average shares outstanding during the years.
2During the reporting period the Fund settled legal claims against an issuer of securities previously held by the Fund. As a result, the net realized and unrealized gain (loss) on investments per share includes proceeds received from the settlement. Without these proceeds the net realized and unrealized gain (loss) on investments per share would have been $1.16. Excluding the proceeds from the settlement, the total return would have been 9.27%.
3Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been waived or reimbursed during certain years.
4Less than 0.01%.
The accompanying notes are an integral part of the financial statements.
Financial Highlights - Pro-Blend® Moderate Term Series - Class R
| | | FOR THE YEAR ENDED | | | | | | | | | | |
| | | 10/31/24 | | | 10/31/23 | | | 10/31/22 | | | 10/31/21 | | | 10/31/20 | |
| Per share data (for a share outstanding throughout each year): | |
| Net asset value - Beginning of year | | $ | 12.86 | | | $ | 12.52 | | | $ | 16.35 | | | $ | 15.32 | | | $ | 14.91 | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income1 | | | 0.30 | | | | 0.25 | | | | 0.11 | | | | 0.06 | | | | 0.10 | |
| Net realized and unrealized gain (loss) on investments | | | 1.84 | | | | 0.23 | | | | (2.58 | ) | | | 2.23 | | | | 1.17 | 2 |
| Total from investment operations | | | 2.14 | | | | 0.48 | | | | (2.47 | ) | | | 2.29 | | | | 1.27 | |
| Less distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
| From net investment income | | | (0.25 | ) | | | (0.13 | ) | | | (0.07 | ) | | | (0.10 | ) | | | (0.17 | ) |
| From net realized gain on investments | | | — | | | | (0.01 | ) | | | (1.29 | ) | | | (1.16 | ) | | | (0.69 | ) |
| Total distributions to shareholders | | | (0.25 | ) | | | (0.14 | ) | | | (1.36 | ) | | | (1.26 | ) | | | (0.86 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| Net asset value - End of year | | $ | 14.75 | | | $ | 12.86 | | | $ | 12.52 | | | $ | 16.35 | | | $ | 15.32 | |
| Net assets - End of year (000’s omitted) | | $ | 21,876 | | | $ | 20,749 | | | $ | 21,692 | | | $ | 28,121 | | | $ | 32,824 | |
| Total return3 | | | 16.75 | % | | | 3.77 | % | | | (16.43 | %) | | | 15.62 | % | | | 8.89 | %2 |
| | | | | | | | | | | | | | | | | | | | | |
| Ratios (to average net assets)/Supplemental Data: | |
| Expenses* | | | 1.28 | % | | | 1.30 | % | | | 1.26 | % | | | 1.26 | %4 | | | 1.35 | % |
| Net investment income | | | 2.09 | % | | | 1.87 | % | | | 0.74 | % | | | 0.39 | % | | | 0.66 | % |
| Series portfolio turnover | | | 59 | % | | | 56 | % | | | 69 | % | | | 74 | % | | | 105 | % |
*For certain years presented, the investment advisor did not impose all or a portion of its management and/or other fees, and in some years may have paid a portion of the Series’ expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts:
1Calculated based on average shares outstanding during the years.
2During the reporting period the Fund settled legal claims against an issuer of securities previously held by the Fund. As a result, the net realized and unrealized gain (loss) on investments per share includes proceeds received from the settlement. Without these proceeds the net realized and unrealized gain (loss) on investments per share would have been $1.16. These proceeds impacted the total return by less than 0.01%.
3Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been waived or reimbursed during certain years.
4Includes recoupment of past waived and/or reimbursed fees. Without recoupment the expense ratio would have been 1.25%.
The accompanying notes are an integral part of the financial statements.
Financial Highlights - Pro-Blend® Moderate Term Series - Class L
| | | FOR THE YEAR ENDED | | | | | | | | | | |
| | | 10/31/24 | | | 10/31/23 | | | 10/31/22 | | | 10/31/21 | | | 10/31/20 | |
| Per share data (for a share outstanding throughout each year): | |
| Net asset value - Beginning of year | | $ | 12.88 | | | $ | 12.50 | | | $ | 16.44 | | | $ | 15.49 | | | $ | 15.12 | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss)1 | | | 0.22 | | | | 0.18 | | | | 0.03 | | | | (0.01 | ) | | | 0.04 | |
| Net realized and unrealized gain (loss) on investments | | | 1.84 | | | | 0.23 | | | | (2.57 | ) | | | 2.23 | | | | 1.18 | 2 |
| Total from investment operations | | | 2.06 | | | | 0.41 | | | | (2.54 | ) | | | 2.22 | | | | 1.22 | |
| Less distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
| From net investment income | | | (0.20 | ) | | | (0.02 | ) | | | (0.03 | ) | | | (0.03 | ) | | | (0.12 | ) |
| From net realized gain on investments | | | — | | | | (0.01 | ) | | | (1.37 | ) | | | (1.24 | ) | | | (0.73 | ) |
| Total distributions to shareholders | | | (0.20 | ) | | | (0.03 | ) | | | (1.40 | ) | | | (1.27 | ) | | | (0.85 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| Net asset value - End of year | | $ | 14.74 | | | $ | 12.88 | | | $ | 12.50 | | | $ | 16.44 | | | $ | 15.49 | |
| Net assets - End of year (000’s omitted) | | $ | 76,858 | | | $ | 76,944 | | | $ | 85,200 | | | $ | 108,544 | | | $ | 95,532 | |
| Total return3 | | | 16.14 | % | | | 3.27 | % | | | (16.89 | %) | | | 14.94 | % | | | 8.43 | %2 |
| | | | | | | | | | | | | | | | | | | | | |
| Ratios (to average net assets)/Supplemental Data: | | | | | | | | | | | | | | | | | | |
| Expenses | | | 1.81 | % | | | 1.82 | % | | | 1.78 | % | | | 1.77 | % | | | 1.77 | % |
| Net investment income (loss) | | | 1.57 | % | | | 1.35 | % | | | 0.22 | % | | | (0.13 | %) | | | 0.33 | % |
| Series portfolio turnover | | | 59 | % | | | 56 | % | | | 69 | % | | | 74 | % | | | 105 | % |
1Calculated based on average shares outstanding during the years.
2During the reporting period the Fund settled legal claims against an issuer of securities previously held by the Fund. As a result, the net realized and unrealized gain (loss) on investments per share includes proceeds received from the settlement. Without these proceeds the net realized and unrealized gain (loss) on investments per share would have been $1.17. Excluding the proceeds from the settlement, the total return would have been 8.32%.
3Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions.
The accompanying notes are an integral part of the financial statements.
Financial Highlights - Pro-Blend® Moderate Term Series - Class W
| | | FOR THE YEAR ENDED | | | | | | | | | | |
| | | 10/31/24 | | | 10/31/23 | | | 10/31/22 | | | 10/31/21 | | | 10/31/20 | |
| Per share data (for a share outstanding throughout each year): | | | | | | | | | | | | | | | | | | |
| Net asset value - Beginning of year | | $ | 12.87 | | | $ | 12.60 | | | $ | 15.99 | | | $ | 14.65 | | | $ | 14.00 | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income1 | | | 0.44 | | | | 0.40 | | | | 0.26 | | | | 0.24 | | | | 0.28 | |
| Net realized and unrealized gain (loss) on investments | | | 1.85 | | | | 0.25 | | | | (2.58 | ) | | | 2.15 | | | | 1.11 | 2 |
| Total from investment operations | | | 2.29 | | | | 0.65 | | | | (2.32 | ) | | | 2.39 | | | | 1.39 | |
| Less distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
| From net investment income | | | (0.33 | ) | | | (0.37 | ) | | | (0.14 | ) | | | (0.21 | ) | | | (0.24 | ) |
| From net realized gain on investments | | | — | | | | (0.01 | ) | | | (0.93 | ) | | | (0.84 | ) | | | (0.50 | ) |
| Total distributions to shareholders | | | (0.33 | ) | | | (0.38 | ) | | | (1.07 | ) | | | (1.05 | ) | | | (0.74 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| Net asset value - End of year | | $ | 14.83 | | | $ | 12.87 | | | $ | 12.60 | | | $ | 15.99 | | | $ | 14.65 | |
| Net assets - End of year (000’s omitted) | | $ | 113 | | | $ | 97 | | | $ | 106 | | | $ | 238 | | | $ | 255 | |
| Total return3 | | | 18.04 | % | | | 5.10 | % | | | (15.53 | %) | | | 16.98 | % | | | 10.31 | %2 |
| | | | | | | | | | | | | | | | | | | | | |
| Ratios (to average net assets)/Supplemental Data: | | | | | | | | | | | | | | | | | | |
| Expenses* | | | 0.10 | % | | | 0.10 | % | | | 0.10 | % | | | 0.10 | % | | | 0.10 | % |
| Net investment income | | | 3.06 | % | | | 3.06 | % | | | 1.82 | % | | | 1.54 | % | | | 2.00 | % |
| Series portfolio turnover | | | 59 | % | | | 56 | % | | | 69 | % | | | 74 | % | | | 105 | % |
*The investment advisor did not impose all or a portion of its management and/or other fees during the years, and may have paid a portion of the Series’ expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts:
| | | | 0.67 | % | | | 0.67 | % | | | 0.64 | % | | | 0.63 | % | | | 0.63 | % |
1Calculated based on average shares outstanding during the years.
2During the reporting period the Fund settled legal claims against an issuer of securities previously held by the Fund. As a result, the net realized and unrealized gain (loss) on investments per share includes proceeds received from the settlement. Without these proceeds the net realized and unrealized gain (loss) on investments per share would have been $1.10. Excluding the proceeds from the settlement, the total return would have been 10.16%.
3Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been waived or reimbursed during the years.
The accompanying notes are an integral part of the financial statements.
Investment Portfolio - October 31, 2024
| | | | | | | |
PRO-BLEND® EXTENDED TERM
SERIES | | SHARES/
PRINCIPAL
AMOUNT1 | | | VALUE
(NOTE 2) | |
| | | | | | | |
| COMMON STOCKS - 55.2% | | | | | | | | |
| | | | | | | | | |
| Communication Services - 6.3% | | | | | | | | |
| Entertainment - 1.0% | | | | | | | | |
| Electronic Arts, Inc. | | | 38,411 | | | $ | 5,794,299 | |
| Interactive Media & Services - 5.3% | | | | | | | | |
| Alphabet, Inc. - Class A | | | 60,991 | | | | 10,436,170 | |
| Auto Trader Group plc (United Kingdom)2 | | | 65,931 | | | | 711,889 | |
| Meta Platforms, Inc. - Class A | | | 31,207 | | | | 17,712,469 | |
| Tencent Holdings Ltd. (China) | | | 13,000 | | | | 677,848 | |
| | | | | | | | 29,538,376 | |
| Total Communication Services | | | | | | | 35,332,675 | |
| Consumer Discretionary - 5.5% | | | | | | | | |
| Broadline Retail - 3.7% | | | | | | | | |
| Amazon.com, Inc.* | | | 77,585 | | | | 14,461,844 | |
| MercadoLibre, Inc. (Brazil)* | | | 3,137 | | | | 6,390,634 | |
| | | | | | | | 20,852,478 | |
| Household Durables - 0.1% | | | | | | | | |
| Sony Group Corp. (Japan) | | | 19,000 | | | | 334,353 | |
| Textiles, Apparel & Luxury Goods - 1.7% |
| Hermes International SCA (France) | | | 128 | | | | 290,912 | |
| LVMH Moet Hennessy Louis Vuitton SE - ADR (France) | | | 63,043 | | | | 8,358,871 | |
| LVMH Moet Hennessy Louis Vuitton SE (France) | | | 971 | | | | 646,415 | |
| | | | | | | | 9,296,198 | |
| Total Consumer Discretionary | | | | | | | 30,483,029 | |
| Consumer Staples - 1.6% | | | | | | | | |
| Beverages - 1.5% | | | | | | | | |
| The Coca-Cola Co. | | | 129,104 | | | | 8,431,782 | |
| Personal Care Products - 0.1% | | | | | | | | |
| Beiersdorf AG (Germany) | | | 3,386 | | | | 457,089 | |
| Total Consumer Staples | | | | | | | 8,888,871 | |
| Financials - 10.1% | | | | | | | | |
| Banks - 1.2% | | | | | | | | |
| FinecoBank Banca Fineco S.p.A. (Italy) | | | 18,958 | | | | 302,648 | |
| HDFC Bank Ltd. - ADR (India) | | | 99,889 | | | | 6,296,004 | |
| | | | | | | | 6,598,652 | |
| Capital Markets - 4.5% | | | | | | | | |
| Avanza Bank Holding AB (Sweden) | | | 13,290 | | | | 276,830 | |
| BlackRock, Inc. | | | 5,715 | | | | 5,606,586 | |
| Deutsche Boerse AG - ADR (Germany) | | | 127,345 | | | | 2,955,677 | |
| Deutsche Boerse AG (Germany) | | | 3,476 | | | | 807,399 | |
| Intercontinental Exchange, Inc. | | | 17,841 | | | | 2,780,877 | |
| Intermediate Capital Group plc(United Kingdom) | | | 15,111 | | | | 401,415 | |
| Moody’s Corp. | | | 9,055 | | | | 4,111,332 | |
| MSCI, Inc. | | | 4,759 | | | | 2,718,341 | |
| Nasdaq, Inc. | | | 39,955 | | | | 2,953,474 | |
| | | | | | | |
| | SHARES/
PRINCIPAL
AMOUNT1 | | | VALUE
(NOTE 2) | |
| | | | | | | |
| COMMON STOCKS (continued) | | | | | | | | |
| | | | | | | | | |
| Financials (continued) | | | | | | | | |
| Capital Markets (continued) | | | | | | | | |
| S&P Global, Inc. | | | 5,557 | | | $ | 2,669,361 | |
| | | | | | | | 25,281,292 | |
| Financial Services - 4.3% | | | | | | | | |
| Fiserv, Inc.* | | | 21,032 | | | | 4,162,233 | |
| Mastercard, Inc. - Class A | | | 23,270 | | | | 11,625,459 | |
| Visa, Inc. - Class A | | | 27,114 | | | | 7,858,993 | |
| | | | | | | | 23,646,685 | |
| Insurance - 0.1% | | | | | | | | |
| Admiral Group plc (United Kingdom) | | | 16,412 | | | | 543,082 | |
| Total Financials | | | | | | | 56,069,711 | |
| Health Care - 8.3% | | | | | | | | |
| Biotechnology - 0.5% | | | | | | | | |
| Vertex Pharmaceuticals, Inc.* | | | 6,278 | | | | 2,988,202 | |
| Health Care Equipment & Supplies - 0.6% |
| Alcon AG | | | 5,085 | | | | 467,566 | |
| Intuitive Surgical, Inc.* | | | 5,511 | | | | 2,776,662 | |
| | | | | | | | 3,244,228 | |
| Health Care Providers & Services - 0.5% |
| UnitedHealth Group, Inc. | | | 4,988 | | | | 2,815,726 | |
| Life Sciences Tools & Services - 1.8% | | | | | | | | |
| Lonza Group AG - ADR (Switzerland) | | | 44,291 | | | | 2,731,426 | |
| Lonza Group AG (Switzerland) | | | 941 | | | | 579,024 | |
| Thermo Fisher Scientific, Inc. | | | 11,925 | | | | 6,514,866 | |
| | | | | | | | 9,825,316 | |
| Pharmaceuticals - 4.9% | | | | | | | | |
| AstraZeneca plc - ADR (United Kingdom) | | | 177,900 | | | | 12,657,585 | |
| Johnson & Johnson | | | 53,075 | | | | 8,484,570 | |
| Roche Holding AG - ADR | | | 138,136 | | | | 5,361,058 | |
| Roche Holding AG | | | 2,258 | | | | 699,762 | |
| | | | | | | | 27,202,975 | |
| Total Health Care | | | | | | | 46,076,447 | |
| Industrials - 11.5% | | | | | | | | |
| Aerospace & Defense - 3.0% | | | | | | | | |
| Airbus SE (France) | | | 3,898 | | | | 594,606 | |
| BAE Systems plc - ADR (United Kingdom) | | | 40,295 | | | | 2,597,013 | |
| BAE Systems plc (United Kingdom) | | | 43,630 | | | | 703,198 | |
| Hensoldt AG (Germany) | | | 7,763 | | | | 264,132 | |
| L3Harris Technologies, Inc. | | | 33,703 | | | | 8,340,481 | |
| Northrop Grumman Corp. | | | 8,244 | | | | 4,196,361 | |
| | | | | | | | 16,695,791 | |
| Building Products - 0.5% | | | | | | | | |
| Masco Corp. | | | 34,229 | | | | 2,735,239 | |
The accompanying notes are an integral part of the financial statements.
Investment Portfolio - October 31, 2024
| | | | | | | |
PRO-BLEND® EXTENDED TERM
SERIES | | SHARES/
PRINCIPAL
AMOUNT1 | | | VALUE
(NOTE 2) | |
| | | | | | | |
| COMMON STOCKS (continued) | | | | | | | | |
| | | | | | | | | |
| Industrials (continued) | | | | | | | | |
| Commercial Services & Supplies - 1.1% | | | | | | | | |
| Cleanaway Waste Management Ltd. | | | | | | | | |
| (Australia) | | | 205,456 | | | $ | 367,847 | |
| Copart, Inc.* | | | 113,445 | | | | 5,839,014 | |
| | | | | | | | 6,206,861 | |
| Ground Transportation - 2.9% | | | | | | | | |
| Canadian National Railway Co. (Canada) | | | 49,828 | | | | 5,377,438 | |
| CSX Corp. | | | 208,903 | | | | 7,027,497 | |
| Union Pacific Corp. | | | 17,504 | | | | 4,062,153 | |
| | | | | | | | 16,467,088 | |
| Machinery - 2.1% | | | | | | | | |
| SMC Corp. - ADR (Japan) | | | 201,893 | | | | 4,324,548 | |
| SMC Corp. (Japan) | | | 1,000 | | | | 424,547 | |
| Spirax Group plc (United Kingdom) | | | 4,845 | | | | 404,414 | |
| Techtronic Industries Co. Ltd. - ADR (Hong Kong) | | | 77,928 | | | | 5,656,014 | |
| Techtronic Industries Co. Ltd. (Hong Kong) | | | 48,000 | | | | 694,342 | |
| | | | | | | | 11,503,865 | |
| Professional Services - 1.1% | | | | | | | | |
| Experian plc | | | 9,089 | | | | 443,596 | |
| TransUnion | | | 55,336 | | | | 5,605,537 | |
| | | | | | | | 6,049,133 | |
| Trading Companies & Distributors - 0.7% |
| Brenntag SE - ADR (Germany) | | | 199,027 | | | | 2,577,400 | |
| Brenntag SE (Germany) | | | 9,567 | | | | 624,085 | |
| IMCD N.V. (Netherlands) | | | 4,162 | | | | 661,721 | |
| | | | | | | | 3,863,206 | |
| Transportation Infrastructure - 0.1% | | | | | | | | |
| Auckland International Airport Ltd. (New Zealand) | | | 89,258 | | | | 389,451 | |
| Total Industrials | | | | | | | 63,910,634 | |
| Information Technology - 7.4% | | | | | | | | |
| Electronic Equipment, Instruments & Components - 0.2% |
| Halma plc (United Kingdom) | | | 14,604 | | | | 466,535 | |
| Keyence Corp. (Japan) | | | 1,400 | | | | 631,979 | |
| | | | | | | | 1,098,514 | |
| IT Services - 1.7% | | | | | | | | |
| EPAM Systems, Inc.* | | | 29,384 | | | | 5,543,292 | |
| Globant S.A. * | | | 15,731 | | | | 3,301,779 | |
| Softcat plc (United Kingdom) | | | 16,015 | | | | 350,027 | |
| | | | | | | | 9,195,098 | |
| Semiconductors & Semiconductor Equipment - 3.2% |
| Infineon Technologies AG - ADR (Germany) | | | 255,748 | | | | 8,094,424 | |
| Infineon Technologies AG (Germany) | | | 25,033 | | | | 791,660 | |
| | | | | | | |
| | SHARES/
PRINCIPAL
AMOUNT1 | | | VALUE
(NOTE 2) | |
| | | | | | | |
| COMMON STOCKS (continued) |
| | | | | | | |
| Information Technology (continued) |
| Semiconductors & Semiconductor Equipment (continued) |
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR (Taiwan) | | | 47,817 | | | $ | 9,111,051 | |
| | | | | | | | 17,997,135 | |
| Software - 2.3% | | | | | | | | |
| Atlassian Corp. - Class A * | | | 1,825 | | | | 344,085 | |
| Microsoft Corp. | | | 17,530 | | | | 7,123,315 | |
| ServiceNow, Inc.* | | | 5,943 | | | | 5,544,760 | |
| | | | | | | | 13,012,160 | |
| Total Information Technology | | | | | | | 41,302,907 | |
| Materials - 1.7% | | | | | | | | |
| Chemicals - 1.1% | | | | | | | | |
| Air Liquide S.A. - ADR (France) | | | 150,682 | | | | 5,392,909 | |
| Air Liquide S.A. (France) | | | 4,643 | | | | 832,496 | |
| | | | | | | | 6,225,405 | |
| Paper & Forest Products - 0.6% | | | | | | | | |
| West Fraser Timber Co. Ltd. (Canada) | | | 30,204 | | | | 2,730,442 | |
| West Fraser Timber Co. Ltd. (Canada) | | | 9,202 | | | | 831,078 | |
| | | | | | | | 3,561,520 | |
| Total Materials | | | | | | | 9,786,925 | |
| Real Estate - 2.0% | | | | | | | | |
| Real Estate Management & Development - 1.0% |
| CBRE Group, Inc. - Class A* | | | 42,647 | | | | 5,585,477 | |
| Specialized REITs - 1.0% | | | | | | | | |
| Extra Space Storage, Inc. | | | 33,642 | | | | 5,493,739 | |
| Total Real Estate | | | | | | | 11,079,216 | |
| Utilities - 0.8% | | | | | | | | |
| Electric Utilities - 0.8% | | | | | | | | |
| Evergy, Inc. | | | 70,597 | | | | 4,266,883 | |
| TOTAL COMMON STOCKS | | | | | | | | |
| (Identified Cost $250,649,099) | | | | | | | 307,197,298 | |
| | | | | | | | | |
| CORPORATE BONDS - 10.1% | | | | | | | | |
| | | | | | | | | |
| Non-Convertible Corporate Bonds- 10.1% |
| Communication Services - 0.6% | | | | | | | | |
| Entertainment - 0.3% | | | | | | | | |
| Warnermedia Holdings, Inc., 4.054%, 3/15/2029 | | | 1,970,000 | | | | 1,840,416 | |
| Interactive Media & Services - 0.2% | | | | | | | | |
| Tencent Holdings Ltd. (China), 3.975%, 4/11/20292 | | | 1,180,000 | | | | 1,143,994 | |
| Media - 0.1% | | | | | | | | |
| Open Infra U.S. Assets AB, 11.00%, 2/22/2027 | | | 600,000 | | | | 600,750 | |
| | | | | | | | | |
| Total Communication Services | | | | | | | 3,585,160 | |
The accompanying notes are an integral part of the financial statements.
Investment Portfolio - October 31, 2024
| | | | | | | |
PRO-BLEND® EXTENDED TERM
SERIES | | SHARES/
PRINCIPAL
AMOUNT1 | | | VALUE
(NOTE 2) | |
| | | | | | | |
| CORPORATE BONDS (continued) |
| | | | | | | |
| Non-Convertible Corporate Bonds (continued) |
| Consumer Discretionary - 0.4% | | | | | | | | |
| Broadline Retail - 0.4% | | | | | | | | |
| Alibaba Group Holding Ltd. (China), 4.00%, 12/6/2037 | | | 2,820,000 | | | $ | 2,487,065 | |
| Energy - 1.1% | | | | | | | | |
| Energy Equipment & Services - 0.1% | | | | | | | | |
| Borr IHC Ltd. - Borr Finance LLC (Mexico), 10.00%, 11/15/20282 | | | 510,610 | | | | 521,745 | |
| Oil, Gas & Consumable Fuels - 1.0% | | | | | | | | |
| Brooge Petroleum and Gas Investment Co. FZE (United Arab Emirates), 8.50%, 9/24/2025 (Acquired 09/10/2020-09/01/2023, cost $466,283)3 | | | 524,477 | | | | 474,118 | |
| Cenovus Energy, Inc. (Canada), 6.75%, 11/15/2039 | | | 1,670,000 | | | | 1,821,781 | |
| Energy Transfer LP | | | | | | | | |
| 7.375%, 2/1/20312 | | | 1,150,000 | | | | 1,209,057 | |
| 6.50%, 2/1/2042 | | | 1,740,000 | | | | 1,826,465 | |
| New Fortress Energy, Inc., 8.75%, 3/15/20292 | | | 560,000 | | | | 467,642 | |
| | | | | | | | 5,799,063 | |
| Total Energy | | | | | | | 6,320,808 | |
| | | | | | | | | |
| Financials - 4.9% | | | | | | | | |
| Banks - 3.3% | | | | | | | | |
| Bank of America Corp., (U.S. Secured Overnight Financing Rate + 1.320%), 2.687%, 4/22/20324 | | | 2,160,000 | | | | 1,872,180 | |
Citigroup, Inc., (U.S. Secured Overnight
Financing Rate + 0.770%), 1.462%, 6/9/20274 | | | 1,940,000 | | | | 1,840,091 | |
Citizens Bank NA, (U.S. Secured
Overnight Financing Rate + 2.000%), 4.575%, 8/9/20284 | | | 1,240,000 | | | | 1,226,638 | |
Fifth Third Bancorp, (U.S. Secured
Overnight Financing Index + 2.192%), 6.361%, 10/27/20284 | | | 425,000 | | | | 440,774 | |
| Huntington Bancshares, Inc., 2.55%, 2/4/2030 | | | 1,390,000 | | | | 1,225,283 | |
| JPMorgan Chase & Co., (3 mo. U.S. Secured Overnight Financing Rate + 3.790%), 4.493%, 3/24/20314 | | | 3,150,000 | | | | 3,085,176 | |
| KeyBank NA, 5.85%, 11/15/2027 | | | 1,200,000 | | | | 1,229,191 | |
The PNC Financial Services Group, Inc.,
(U.S. Secured Overnight Financing Rate + 1.322%), 5.812%, 6/12/20264 | | | 1,820,000 | | | | 1,828,447 | |
| Truist Financial Corp., (U.S. Secured Overnight Financing Rate + 0.862%), 1.887%, 6/7/20294 | | | 2,050,000 | | | | 1,843,001 | |
U.S. Bancorp, (U.S. Secured Overnight
Financing Rate + 1.230%), 4.653%, 2/1/20294 | | | 1,850,000 | | | | 1,838,629 | |
| | | | | | | |
| | SHARES/
PRINCIPAL
AMOUNT1 | | | VALUE
(NOTE 2) | |
| | | | | | | |
| CORPORATE BONDS (continued) |
| | | | | | | |
| Non-Convertible Corporate Bonds (continued) |
| Financials (continued) | | | | | | | | |
| Banks (continued) | | | | | | | | |
| Wells Fargo & Co., (U.S. Secured Overnight Financing Rate + 1.070%), 5.707%, 4/22/20284 | | | 1,790,000 | | | $ | 1,824,467 | |
| | | | | | | | 18,253,877 | |
| Capital Markets - 0.3% | | | | | | | | |
| Jefferies Financial Group, Inc., 6.20%, 4/14/2034 | | | 1,770,000 | | | | 1,843,827 | |
| Consumer Finance - 0.6% | | | | | | | | |
| Capital One Financial Corp., (U.S. Secured Overnight Financing Rate + 3.070%), 7.624%, 10/30/20314 | | | 2,190,000 | | | | 2,432,796 | |
| Navient Corp., 6.75%, 6/25/2025 | | | 635,000 | | | | 638,978 | |
| | | | | | | | 3,071,774 | |
| Financial Services - 0.1% | | | | | | | | |
Golden Pear Funding HoldCo LLC,
10.00%, 3/2/2028 | | | 340,000 | | | | 288,207 | |
U.S. Claims Litigation Funding LLC,
10.25%, 3/17/2028 (Acquired 03/14/2023, cost $275,000)3 | | | 275,000 | | | | 234,647 | |
| | | | | | | | 522,854 | |
| Insurance - 0.6% | | | | | | | | |
| MassMutual Global Funding II, 4.85%, 1/17/20292 | | | 600,000 | | | | 604,417 | |
| Metropolitan Life Global Funding I, 4.85%, 1/8/20292 | | | 600,000 | | | | 602,531 | |
| New York Life Global Funding, 4.70%, 1/29/20292 | | | 610,000 | | | | 611,475 | |
| SiriusPoint Ltd. (Sweden), 7.00%, 4/5/2029 | | | 1,430,000 | | | | 1,468,273 | |
| | | | | | | | 3,286,696 | |
| Total Financials | | | | | | | 26,979,028 | |
| Industrials - 0.8% | | | | | | | | |
| Ground Transportation - 0.2% | | | | | | | | |
| BNSF Funding Trust I, (3 mo. LIBOR US + 2.350%), 6.613%, 12/15/20554 | | | 1,140,000 | | | | 1,151,528 | |
| Passenger Airlines - 0.1% | | | | | | | | |
| Alaska Airlines Pass-Through Trust, | | | | | | | | |
| Series 2020-1, Class B, 8.00%, 8/15/20252 | | | 89,987 | | | | 91,127 | |
| United Airlines Pass-Through Trust | | | | | | | | |
| Series 2018-1, Class B, 4.60%, 3/1/2026 | | | 75,149 | | | | 72,981 | |
| Series 2019-2, Class B, 3.50%, 5/1/2028 | | | 451,726 | | | | 421,969 | |
| | | | | | | | 586,077 | |
| Trading Companies & Distributors - 0.5% | | | | | | | | |
AerCap Ireland Capital DAC - AerCap
Global Aviation Trust (Ireland), 3.00%, 10/29/2028 | | | 1,320,000 | | | | 1,224,852 | |
The accompanying notes are an integral part of the financial statements.
Investment Portfolio - October 31, 2024
| | | | | | | |
PRO-BLEND® EXTENDED TERM
SERIES | | SHARES/
PRINCIPAL
AMOUNT1 | | | VALUE
(NOTE 2) | |
| | | | | | | |
| CORPORATE BONDS (continued) |
| | | | | | | |
| Non-Convertible Corporate Bonds (continued) | | | |
| Industrials (continued) | | | | | | |
| Trading Companies & Distributors (continued) |
| Ashtead Capital, Inc. (United Kingdom), 4.00%, 5/1/20282 | | | 1,270,000 | | | $ | 1,225,139 | |
| | | | | | | | 2,449,991 | |
| Total Industrials | | | | | | | 4,187,596 | |
| Materials - 0.4% | | | | | | | | |
| Metals & Mining - 0.4% | | | | | | | | |
| Infrabuild Australia Pty Ltd. (Australia), 14.50%, 11/15/20282 | | | 545,000 | | | | 537,566 | |
| Newcastle Coal Infrastructure Group Pty Ltd. (Australia), 4.40%, 9/29/20272 | | | 1,485,008 | | | | 1,440,857 | |
Northwest Acquisitions ULC - Dominion Finco, Inc., 7.125%, 11/1/2022
(Acquired 10/10/2017-09/18/2020, cost $118,233)3,5 | | | 653,000 | | | | 6 | |
| | | | | | | | | |
| Total Materials | | | | | | | 1,978,429 | |
| Real Estate - 1.2% | | | | | | | | |
| Industrial REITs - 0.1% | | | | | | | | |
| IIP Operating Partnership LP, 5.50%, 5/25/2026 | | | 700,000 | | | | 680,561 | |
| Retail REITs - 0.4% | | | | | | | | |
| Simon Property Group LP, 2.65%, 2/1/2032 | | | 2,665,000 | | | | 2,287,586 | |
| Specialized REITs - 0.7% | | | | | | | | |
Pelorus Fund REIT LLC, 7.00%,
9/30/2026 (Acquired 07/08/2022, cost $552,500)3 | | | 650,000 | | | | 661,999 | |
| SBA Tower Trust | | | | | | | | |
| 6.599%, 1/15/20282 | | | 2,225,000 | | | | 2,273,311 | |
| 4.831%, 10/15/20292 | | | 920,000 | | | | 897,797 | |
| | | | | | | | 3,833,107 | |
| Total Real Estate | | | | | | | 6,801,254 | |
| Utilities - 0.7% | | | | | | | | |
| Electric Utilities - 0.2% | | | | | | | | |
| Alexander Funding Trust II, 7.467%, 7/31/20282 | | | 1,130,000 | | | | 1,195,720 | |
| Independent Power and Renewable Electricity Producers - 0.5% |
| Palomino Funding Trust I, 7.233%, 5/17/20282 | | | 2,310,000 | | | | 2,430,909 | |
| | | | | | | | | |
| Total Utilities | | | | | | | 3,626,629 | |
| TOTAL CORPORATE BONDS | | | | | | | | |
| (Identified Cost $56,853,024) | | | | | | | 55,965,969 | |
| | | | | | | | | |
| U.S. TREASURY SECURITIES - 14.0% | | | | | | | | |
| | | | | | | | | |
| U.S. Treasury Bonds - 5.1% | | | | | | | | |
U.S. Treasury Bond
2.375%, 2/15/2042 | | | 23,600,000 | | | | 17,386,563 | |
| | | | | | | |
| | SHARES/
PRINCIPAL
AMOUNT1 | | | VALUE
(NOTE 2) | |
| | | | | | | |
| U.S. TREASURY SECURITIES (continued) |
| | | | | | | | | |
| U.S. Treasury Bonds (continued) |
| U.S. Treasury Bond (continued) | | | | | |
| 3.625%, 2/15/2053 | | | 12,739,000 | | | $ | 10,943,597 | |
| | | | | | | | | |
| Total U.S. Treasury Bonds | | | | | | | | |
| (Identified Cost $29,828,013) | | | | | | | 28,330,160 | |
| U.S. Treasury Notes - 8.9% | | | | | | | | |
U.S. Treasury Inflation Indexed Note,
0.125%, 1/15/2031 | | | 9,715,356 | | | | 8,739,645 | |
| U.S. Treasury Note | | | | | | | | |
| 0.875%, 11/15/2030 | | | 23,107,000 | | | | 19,072,301 | |
| 1.375%, 11/15/2031 | | | 12,395,000 | | | | 10,252,989 | |
| 4.50%, 11/15/2033 | | | 11,590,000 | | | | 11,783,771 | |
| Total U.S. Treasury Notes | | | | | | | | |
| (Identified Cost $50,660,197) | | | | | | | 49,848,706 | |
| TOTAL U.S. TREASURY SECURITIES | | | | | | | | |
| (Identified Cost $80,488,210) | | | | | | | 78,178,866 | |
| | | | | | | | | |
| ASSET-BACKED SECURITIES - 4.4% | | | | | | | | |
| | | | | | | | | |
Aligned Data Centers Issuer LLC,
Series 2021-1A, Class A2, 1.937%, 8/15/20462 | | | 1,800,000 | | | | 1,700,667 | |
| ALLO Issuer LLC, Series 2023-1A, Class A2, 6.20%, 6/20/20532 | | | 1,450,000 | | | | 1,464,560 | |
| CF Hippolyta Issuer LLC, Series 2020-1, Class A1, 1.69%, 7/15/20602 | | | 831,993 | | | | 805,926 | |
| Cogent Ipv4 LLC, Series 2024-1A, Class A2, 7.924%, 5/25/20542 | | | 830,000 | | | | 851,819 | |
| Commonbond Student Loan Trust, Series 2019-AGS, Class A1, 2.54%, 1/25/20472 | | | 455,617 | | | | 412,438 | |
| Flexential Issuer, Series 2021-1A, Class A2, 3.25%, 11/27/20512 | | | 2,150,000 | | | | 2,020,293 | |
| Hotwire Funding LLC, Series 2023-1A, Class A2, 5.687%, 5/20/20532 | | | 2,200,000 | | | | 2,213,956 | |
| Libra Solutions LLC, Series 2023-1A, Class A, 7.00%, 2/15/20352 | | | 396,877 | | | | 397,743 | |
Nelnet Student Loan Trust, Series 2012-3A, Class A, (U.S. Secured Overnight
Financing Rate 30 Day Average + 0.814%), 5.671%, 3/26/20402,6 | | | 120,191 | | | | 119,765 | |
New Economy Assets Phase 1 Sponsor
LLC, Series 2021-1, Class A1, 1.91%, 10/20/20612 | | | 2,275,000 | | | | 2,078,679 | |
Oxford Finance Credit Fund III LP, Series
2024-A, Class A2, 6.675%, 1/14/20322 | | | 220,000 | | | | 220,784 | |
Oxford Finance Funding LLC
Series 2020-1A, Class A2, 3.101%, 2/15/20282 | | | 229,415 | | | | 227,875 | |
| Series 2022-1A, Class A2, 3.602%, 2/15/20302 | | | 1,704,300 | | | | 1,678,574 | |
| Series 2023-1A, Class A2, 6.716%, 2/15/20312 | | | 2,550,000 | | | | 2,572,347 | |
PEAR LLC
Series 2021-1, Class A, 2.60%, 1/15/20342 | | | 794,625 | | | | 778,572 | |
The accompanying notes are an integral part of the financial statements.
Investment Portfolio - October 31, 2024
| | | | | | | |
PRO-BLEND® EXTENDED TERM
SERIES | | SHARES/
PRINCIPAL
AMOUNT1 | | | VALUE
(NOTE 2) | |
| | | | | | | |
| ASSET-BACKED SECURITIES (continued) |
| | | | | | | | | |
| PEAR LLC (continued) | | | | | | | | |
| Series 2023-1, Class A, 7.42%, 7/15/20352 | | | 1,406,261 | | | $ | 1,410,624 | |
| Series 2024-1, Class A, 6.95%, 2/15/20362 | | | 616,611 | | | | 621,591 | |
Slam Ltd., Series 2021-1A, Class A,
(Cayman Islands), 2.434%, 6/15/20462 | | | 1,425,060 | | | | 1,293,769 | |
SLM Student Loan Trust, Series 2012-7,
Class A3, (U.S. Secured Overnight Financing Rate 30 Day Average + 0.764%), 5.621%, 5/26/20266 | | | 2,297,177 | | | | 2,234,109 | |
Stack Infrastructure Issuer LLC,
Series 2021-1A, Class A2, 1.877%, 3/26/20462 | | | 1,500,000 | | | | 1,429,969 | |
| TOTAL ASSET-BACKED SECURITIES | | | | | | | | |
| (Identified Cost $25,097,923) | | | | | | | 24,534,060 | |
| | | | | | | | | |
| COMMERCIAL MORTGAGE-BACKED SECURITIES - 4.6% |
| | | | | | | | | |
Brean Asset Backed Securities Trust,
Series 2021-RM2, Class A, 1.75%, 10/25/20612,7 | | | 1,106,366 | | | | 1,019,518 | |
| CIM Trust, Series 2019-INV1, Class A1, 4.00%, 2/25/20492,7 | | | 26,055 | | | | 24,709 | |
Citigroup Mortgage Loan Trust, Inc.,
Series 2021-INV1, Class A3A, 2.50%, 5/25/20512,7 | | | 790,915 | | | | 638,533 | |
COLT Mortgage Loan Trust, Series
2021-4, Class A1, 1.397%, 10/25/20662,7 | | | 2,200,854 | | | | 1,839,454 | |
| Credit Suisse Mortgage Capital Trust | | | | | | | | |
| Series 2013-IVR3, Class A1, 2.50%, 5/25/20432,7 | | | 149,065 | | | | 131,383 | |
| Series 2013-TH1, Class A1, 2.13%, 2/25/20432,7 | | | 92,507 | | | | 80,010 | |
| Series 2014-IVR3, Class A1, 3.50%, 7/25/20442,7 | | | 45,682 | | | | 42,119 | |
Deephaven Residential Mortgage Trust,
Series 2021-3, Class A1, 1.194%, 8/25/20662,7 | | | 2,051,819 | | | | 1,776,818 | |
| Fannie Mae REMICS | | | | | | | | |
| Series 2018-31, Class KP, 3.50%, 7/25/2047 | | | 12,738 | | | | 12,497 | |
| Series 2021-69, Class WJ, 1.50%, 10/25/2050 | | | 807,158 | | | | 676,068 | |
Finance of America Structured
Securities Trust, Series 2022-S6, Class A1, 3.00%, 7/25/20612 | | | 1,040,253 | | | | 1,009,047 | |
| Freddie Mac REMICS, Series 5189, Class CP, 2.50%, 6/25/2049 | | | 1,720,927 | | | | 1,483,729 | |
Government National Mortgage
Association, Series 2017-54, Class AH, 2.60%, 12/16/2056 | | | 202,826 | | | | 184,737 | |
| | | | | | | |
| | SHARES/
PRINCIPAL
AMOUNT1 | | | VALUE
(NOTE 2) | |
| | | | | | | |
| COMMERCIAL MORTGAGE-BACKED SECURITIES (continued) |
| | | | | | | | | |
| GS Mortgage-Backed Securities Trust | | | | | | | | |
Series 2021-INV1, Class A9, (U.S. Secured Overnight Financing Rate
30 Day Average + 0.850%), 5.00%, 12/25/20512,6 | | | 1,100,541 | | | $ | 1,020,137 | |
| Series 2021-PJ6, Class A8, 2.50%, 11/25/20512,7 | | | 813,861 | | | | 717,917 | |
| Series 2021-PJ9, Class A8, 2.50%, 2/26/20522,7 | | | 840,865 | | | | 737,861 | |
Imperial Fund Mortgage Trust, Series
2021-NQM3, Class A1, 1.595%, 11/25/20562,7 | | | 960,414 | | | | 806,020 | |
| JP Morgan Mortgage Trust | | | | | | | | |
| Series 2014-2, Class 1A1, 3.00%, 6/25/20292,7 | | | 100,732 | | | | 97,884 | |
| Series 2017-2, Class A3, 3.50%, 5/25/20472,7 | | | 94,913 | | | | 85,295 | |
| New Residential Mortgage Loan Trust | | | | | | | | |
| Series 2014-3A, Class AFX3, 3.75%, 11/25/20542,7 | | | 149,239 | | | | 140,612 | |
| Series 2015-2A, Class A1, 3.75%, 8/25/20552,7 | | | 198,141 | | | | 186,934 | |
| Series 2016-4A, Class A1, 3.75%, 11/25/20562,7 | | | 221,553 | | | | 206,641 | |
| OBX Trust | | | | | | | | |
| Series 2022-INV1, Class A1, 3.00%, 12/25/20512,7 | | | 1,331,207 | | | | 1,154,863 | |
| Series 2024-NQM1, Class A1, 5.928%, 11/25/20632,8 | | | 1,241,645 | | | | 1,246,377 | |
| PCG LLC, Series 2023-1, (1 mo. U.S. Secured Overnight Financing Rate + 6.000%), 10.738%, 7/25/2029 (Acquired 07/24/2023, cost $3,777,260)3,6 | | | 3,777,260 | | | | 3,776,998 | |
| PMT Loan Trust, Series 2013-J1, Class A9, 3.50%, 9/25/20432,7 | | | 833,523 | | | | 764,246 | |
| Provident Funding Mortgage Trust | | | | | | | | |
| Series 2021-2, Class A2A, 2.00%, 4/25/20512,7 | | | 1,001,956 | | | | 843,588 | |
| Series 2021-INV1, Class A1, 2.50%, 8/25/20512,7 | | | 1,726,908 | | | | 1,406,460 | |
RCKT Mortgage Trust, Series 2021-6,
Class A1, 2.50%, 12/25/20512,7 | | | 1,769,050 | | | | 1,426,433 | |
| Sequoia Mortgage Trust | | | | | | | | |
| Series 2013-2, Class A, 1.874%, 2/25/20437 | | | 204,984 | | | | 173,942 | |
| Series 2013-6, Class A2, 3.00%, 5/25/20437 | | | 404,780 | | | | 360,778 | |
| Series 2013-7, Class A2, 3.00%, 6/25/20437 | | | 91,533 | | | | 81,931 | |
| Series 2013-8, Class A1, 3.00%, 6/25/20437 | | | 107,107 | | | | 95,810 | |
Starwood Retail Property Trust, Series
2014-STAR, Class A, (Prime Rate + 0.000%), 8.00%, 11/15/20272,6 | | | 1,167,416 | | | | 722,969 | |
Sutherland Commercial Mortgage Trust,
Series 2019-SBC8, Class A, 2.86%, 4/25/20412,7 | | | 130,254 | | | | 122,452 | |
The accompanying notes are an integral part of the financial statements.
Investment Portfolio - October 31, 2024
| | | | | | | |
PRO-BLEND® EXTENDED TERM
SERIES | | SHARES/
PRINCIPAL
AMOUNT1 | | | VALUE
(NOTE 2) | |
| | | | | | | |
| COMMERCIAL MORTGAGE-BACKED SECURITIES (continued) |
| | | | | | | | | |
Towd Point Mortgage Trust, Series 2019-HY1, Class A1, (1 mo. U.S. Secured
Overnight Financing Rate + 1.114%), 5.852%, 10/25/20482,6 | | | 234,701 | | | $ | 238,110 | |
| WinWater Mortgage Loan Trust, Series 2015-1, Class A1, 3.50%, 1/20/20452,7 | | | 42,184 | | | | 39,070 | |
| |
TOTAL COMMERCIAL MORTGAGE-BACKED
SECURITIES |
| (Identified Cost $28,027,148) | | | | | | | 25,371,950 | |
| | | | | | | | | |
| FOREIGN GOVERNMENT BONDS - 0.2% |
| | | | | | | | | |
| Japan Government Two Year Bond, Series 456, (Japan), 0.10%, 1/1/2026 | | JPY | 210,000,000 | | | | 1,378,329 | |
| Mexican Bonos, Series M, (Mexico), 7.75%, 5/29/2031 | | MXN | 972,000 | | | | 43,583 | |
| TOTAL FOREIGN GOVERNMENT BONDS |
| (Identified Cost $1,492,459) | | | | | | | 1,421,912 | |
| | | | | | | | | |
| MUNICIPAL BONDS - 0.3% | | | | | |
| | | | | | | | | |
| Hawaii, Series GC, G.O. Bond, 2.682%, 10/1/2038 | | | 1,795,000 | | | | 1,374,981 | |
South Carolina Public Service Authority, Series B, Revenue Bond, 2.329%,
12/1/2028 | | | 230,000 | | | | 208,739 | |
| TOTAL MUNICIPAL BONDS | | | | | |
| (Identified Cost $2,085,499) | | | | | | | 1,583,720 | |
| | | | | | | | | |
| U.S. GOVERNMENT AGENCIES - 7.8% |
| | | | | | | | | |
| Mortgage-Backed Securities - 7.8% |
| Fannie Mae | | | | | | | | |
| Pool #MA3463, UMBS, 4.00%, 9/1/2033 | | | 162,470 | | | | 159,131 | |
| Pool #MA1834, UMBS, 4.50%, 2/1/2034 | | | 224,410 | | | | 222,813 | |
| Pool #MA1903, UMBS, 4.50%, 5/1/2034 | | | | | | | | |
| Pool #889576, UMBS, 6.00%, 4/1/2038 | | | 94,771 | | | | 99,203 | |
| Pool #889579, UMBS, 6.00%, 5/1/2038 | | | 74,436 | | | | 77,917 | |
| Pool #MA3412, UMBS, 3.50%, 7/1/2038 | | | 243,145 | | | | 228,917 | |
| Pool #995196, UMBS, 6.00%, 7/1/2038 | | | 4,309 | | | | 4,510 | |
| Pool #AD0207, UMBS, 6.00%, 10/1/2038 | | | 240,816 | | | | 252,079 | |
| Pool #AD0220, UMBS, 6.00%, 10/1/2038 | | | 7,565 | | | | 7,917 | |
| Pool #MA0258, UMBS, 4.50%, 12/1/2039 | | | 166,247 | | | | 163,289 | |
| | | | | | | |
| | SHARES/
PRINCIPAL
AMOUNT1 | | | VALUE
(NOTE 2) | |
| | | | | | | |
| U.S. GOVERNMENT AGENCIES (continued) |
| | | | | | | | | |
| Mortgage-Backed Securities (continued) |
| Fannie Mae (continued) | | | | | | | | |
| Pool #AL1595, UMBS, 6.00%, 1/1/2040 | | | 88,992 | | | $ | 93,154 | |
| Pool #AL0152, UMBS, 6.00%, 6/1/2040 | | | 183,404 | | | | 191,981 | |
| Pool #MA4203, UMBS, 2.50%, 12/1/2040 | | | 1,765,040 | | | | 1,533,731 | |
| Pool #AL0241, UMBS, 4.00%, 4/1/2041 | | | 294,849 | | | | 281,498 | |
| Pool #AI5172, UMBS, 4.00%, 8/1/2041 | | | 183,991 | | | | 175,183 | |
| Pool #AL1410, UMBS, 4.50%, 12/1/2041 | | | 321,011 | | | | 314,041 | |
| Pool #MA4687, UMBS, 4.00%, 6/1/2042 | | | 2,141,692 | | | | 2,018,250 | |
| Pool #MA4934, UMBS, 5.00%, 2/1/2043 | | | 3,091,883 | | | | 3,037,465 | |
| Pool #AL7729, UMBS, 4.00%, 6/1/2043 | | | 164,618 | | | | 156,737 | |
| Pool #AX5234, UMBS, 4.50%, 11/1/2044 | | | 186,887 | | | | 182,288 | |
| Pool #AS4103, UMBS, 4.50%, 12/1/2044 | | | 243,177 | | | | 237,325 | |
| Pool #BC6764, UMBS, 3.50%, 4/1/2046 | | | 122,073 | | | | 111,241 | |
| Pool #BD6997, UMBS, 4.00%, 10/1/2046 | | | 81,167 | | | | 76,314 | |
| Pool #BE7845, UMBS, 4.50%, 2/1/2047 | | | 91,496 | | | | 88,652 | |
| Pool #AL8674, 5.637%, 1/1/2049 | | | 578,408 | | | | 596,147 | |
| Pool #FS1179, UMBS, 3.50%, 12/1/2049 | | | 2,076,622 | | | | 1,887,798 | |
| Pool #FS9332, UMBS, 3.00%, 3/1/2050 | | | 1,270,000 | | | | 1,118,540 | |
| Pool #FS4339, UMBS, 3.00%, 12/1/2050 | | | 3,667,576 | | | | 3,208,928 | |
| Pool #FS4511, UMBS, 4.00%, 8/1/2051 | | | 1,326,076 | | | | 1,241,435 | |
| Pool #FS2696, UMBS, 3.00%, 12/1/2051 | | | 2,603,640 | | | | 2,270,559 | |
| Pool #MA4600, UMBS, 3.50%, 5/1/2052 | | | 2,381,821 | | | | 2,133,489 | |
| Pool #MA4644, UMBS, 4.00%, 5/1/2052 | | | 2,292,680 | | | | 2,122,580 | |
| Pool #BW1194, UMBS, 4.00%, 9/1/2052 | | | 3,514,204 | | | | 3,251,297 | |
| Pool #MA4733, UMBS, 4.50%, 9/1/2052 | | | 2,606,484 | | | | 2,478,205 | |
| Pool #MA4807, UMBS, 5.50%, 11/1/2052 | | | 1,018,031 | | | | 1,010,688 | |
| Pool #MA4868, UMBS, 5.00%, 1/1/2053 | | | 3,307,883 | | | | 3,219,107 | |
| Freddie Mac | | | | | | | | |
| Pool #C91762, 4.50%, 5/1/2034 | | | 151,723 | | | | 150,777 | |
| Pool #C91771, 4.50%, 6/1/2034 | | | 143,055 | | | | 142,159 | |
| Pool #C91780, 4.50%, 7/1/2034 | | | 198,925 | | | | 197,721 | |
The accompanying notes are an integral part of the financial statements.
Investment Portfolio - October 31, 2024
| | | | | | | |
PRO-BLEND® EXTENDED TERM
SERIES | | SHARES/
PRINCIPAL
AMOUNT1 | | | VALUE
(NOTE 2) | |
| | | | | | | |
| U.S. GOVERNMENT AGENCIES (continued) |
| | | | | | | | | |
| Mortgage-Backed Securities (continued) |
| Freddie Mac (continued) | | | | | | | | |
| Pool #G03926, 6.00%, 2/1/2038 | | | 36,916 | | | $ | 38,685 | |
| Pool #G05906, 6.00%, 4/1/2040 | | | 34,094 | | | | 35,727 | |
| Pool #Q33778, 4.00%, 6/1/2045 | | | 203,203 | | | | 192,129 | |
| Pool #SD8044, UMBS, 3.00%, 2/1/2050 | | | 2,213,641 | | | | 1,931,841 | |
| Pool #SD1129, UMBS, 4.00%, 8/1/2051 | | | 2,381,361 | | | | 2,229,363 | |
| Pool #SD8230, UMBS, 4.50%, 6/1/2052 | | | 1,971,051 | | | | 1,876,624 | |
| Pool #SD8276, UMBS, 5.00%, 12/1/2052 | | | 2,211,960 | | | | 2,152,596 | |
| TOTAL U.S. GOVERNMENT AGENCIES |
| (Identified Cost $45,225,812) | | | | | | | 43,300,916 | |
| | | | | | | | | |
| SHORT-TERM INVESTMENT - 3.2% | | | | | | | | |
| Dreyfus Government Cash Management, Institutional Shares, 4.76%9 | | | | | | | | |
(Identified Cost $17,711,916) | | | 17,711,916 | | | | 17,711,916 | |
| | | | | | | | | |
| TOTAL INVESTMENTS - 99.8% | | | | | | | | |
| (Identified Cost $507,631,090) | | | | | | | 555,266,607 | |
| OTHER ASSETS, LESS LIABILITIES - 0.2% | | | | | | | 1,089,305 | |
| NET ASSETS - 100% | | | | | | $ | 556,355,912 | |
ADR - American Depositary Receipt
G.O. Bond - General Obligation Bond
JPY - Japanese Yen
LIBOR - London Interbank Offered Rate
MXN - Mexican Peso
REIT - Real Estate Investment Trust
REMICS - Real Estate Mortgage Investment Conduits
UMBS - Uniform Mortgage-Backed Securities
*Non-income producing security.
1Amount is stated in USD unless otherwise noted.
2Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”) and determined to be liquid under the Fund’s Liquidity Risk Management Program. The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2024 was $56,790,587, which represented 10.2% of the Series’ Net Assets.
3Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”) and determined to be illiquid under the Fund’s Liquidity Risk Management Program. The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of such securities at October 31, 2024 was $5,147,768, or 0.9% of the Series’ Net Assets.
4Variable 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 October 31, 2024.
5Issuer filed for bankruptcy and/or is in default of interest payments.
6Floating rate security. Rate shown is the rate in effect as of October 31, 2024.
7Variable 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 October 31, 2024.
8Represents a step-up bond that pays initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate shown reflects the current coupon as of October 31, 2024.
The accompanying notes are an integral part of the financial statements.
Investment Portfolio - October 31, 2024
9Rate shown is the current yield as of October 31, 2024.
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 S&P Global 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.
Statement of Assets and Liabilities - Pro-Blend® Extended Term Series
October 31, 2024
| ASSETS: | | | |
| | | | |
| Investments in securities, at value (identified cost $507,631,090) (Note 2) | | $ | 555,266,607 | |
| Foreign currency, at value (identified cost $60) | | | 57 | |
| Interest receivable | | | 1,549,969 | |
| Foreign tax reclaims receivable | | | 348,683 | |
| Dividends receivable | | | 109,893 | |
| Receivable for fund shares sold | | | 24,727 | |
| Prepaid expenses | | | 1,517 | |
| | | | | |
| TOTAL ASSETS | | | 557,301,453 | |
| | | | | |
| LIABILITIES: | | | | |
| | | | | |
| Due to custodian | | | 10,741 | |
| Accrued management fees1 | | | 288,339 | |
| Accrued distribution and service (Rule 12b-1) fees (Class S) (Class R) (Class L)1 | | | 158,974 | |
| Accrued sub-transfer agent fees1 | | | 72,191 | |
| Accrued fund accounting and administration fees1 | | | 23,530 | |
| Directors’ fees payable1 | | | 15,797 | |
| Accrued Chief Compliance Officer service fees1 | | | 2,713 | |
| Payable for fund shares repurchased | | | 249,358 | |
| Professional fees payable | | | 55,015 | |
| Payable for securities purchased | | | 2,504 | |
| Distributions payable | | | 44 | |
| Other payables and accrued expenses | | | 66,335 | |
| | | | | |
| TOTAL LIABILITIES | | | 945,541 | |
| | | | | |
| Commitments and contingent liabilities1 | | | | |
| | | | | |
| TOTAL NET ASSETS | | $ | 556,355,912 | |
| | | | | |
| NET ASSETS CONSIST OF: | | | | |
| | | | | |
| Capital stock | | $ | 276,643 | |
| Additional paid-in-capital | | | 490,299,041 | |
| Total distributable earnings (loss) | | | 65,780,228 | |
| | | | | |
| TOTAL NET ASSETS | | $ | 556,355,912 | |
1 See note 3 in Notes to the Financial Statements.
The accompanying notes are an integral part of the financial statements.
Statement of Assets and Liabilities - Pro-Blend® Extended Term Series
October 31, 2024
| NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class S | | | |
| ($275,451,273/13,715,103 shares) | | $ | 20.08 | |
| | | | | |
| NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class I | | | | |
| ($142,681,748/7,075,758 shares) | | $ | 20.16 | |
| | | | | |
| NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class R | | | | |
| ($46,372,104/2,302,178 shares) | | $ | 20.14 | |
| | | | | |
| NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class L | | | | |
| ($91,718,546/4,564,736 shares) | | $ | 20.09 | |
| | | | | |
| NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class W | | | | |
| ($132,241/6,495 shares) | | $ | 20.36 | |
The accompanying notes are an integral part of the financial statements.
Statement of Operations - Pro-Blend® Extended Term Series
For the Year Ended October 31, 2024
| INVESTMENT INCOME: | | | | |
| | | | | |
| Interest | | $ | 11,736,872 | |
| Dividends (net of foreign taxes withheld, $194,315) | | | 5,090,167 | |
| | | | | |
| Total Investment Income | | | 16,827,039 | |
| | | | | |
| EXPENSES: | | | | |
| | | | | |
| Management fees (Note 3) | | | 3,366,172 | |
| Distribution and service (Rule 12b-1) fees (Class L) (Note 3) | | | 930,614 | |
| Distribution and service (Rule 12b-1) fees (Class S) (Note 3) | | | 704,682 | |
| Distribution and service (Rule 12b-1) fees (Class R) (Note 3) | | | 226,833 | |
| Sub-transfer agent fees (Note 3) | | | 175,096 | |
| Fund accounting and administration fees (Note 3) | | | 129,048 | |
| Directors’ fees (Note 3) | | | 82,615 | |
| Chief Compliance Officer service fees (Note 3) | | | 7,993 | |
| Custodian fees | | | 31,063 | |
| Miscellaneous | | | 555,371 | |
| | | | | |
| Total Expenses | | | 6,209,487 | |
| Less reduction of expenses (Note 3) | | | (823 | ) |
| | | | | |
| Net Expenses | | | 6,208,664 | |
| | | | | |
| NET INVESTMENT INCOME | | | 10,618,375 | |
| | | | | |
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY: | | | | |
| | | | | |
| Net realized gain (loss) on- | | | | |
| Investments (net of foreign capital gains tax of $5,768) | | | 21,443,329 | |
| Foreign currency and translation of other assets and liabilities | | | (8,466 | ) |
| | | | | |
| | | | 21,434,863 | |
| Net change in unrealized appreciation (depreciation) on- | | | | |
| Investments in securities | | | 68,165,538 | |
| Foreign currency and translation of other assets and liabilities | | | 5,316 | |
| | | | 68,170,854 | |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY | | | 89,605,717 | |
| | | | | |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 100,224,092 | |
The accompanying notes are an integral part of the financial statements.
Statements of Changes in Net Assets - Pro-Blend® Extended Term Series
| | | FOR THE
YEAR ENDED
10/31/24 | | | FOR THE
YEAR ENDED
10/31/23 | |
| INCREASE (DECREASE) IN NET ASSETS: | | | | | | | | |
| | | | | | | | | |
| OPERATIONS: | | | | | | | | |
| | | | | | | | | |
| Net investment income | | $ | 10,618,375 | | | $ | 9,482,348 | |
| Net realized gain (loss) on investments and foreign currency | | | 21,434,863 | | | | (11,260,714 | ) |
| Net change in unrealized appreciation (depreciation) on investments and foreign currency | | | 68,170,854 | | | | 27,101,680 | |
| | | | | | | | | |
| Net increase (decrease) from operations | | | 100,224,092 | | | | 25,323,314 | |
| | | | | | | | | |
| DISTRIBUTIONS TO SHAREHOLDERS (Note 9): | | | | | | | | |
| | | | | | | | | |
| Class S | | | (4,890,099 | ) | | | (10,357,244 | ) |
| Class I | | | (2,570,814 | ) | | | (5,577,862 | ) |
| Class R | | | (702,281 | ) | | | (1,405,689 | ) |
| Class L | | | (1,190,661 | ) | | | (2,408,982 | ) |
| Class W | | | (2,857 | ) | | | (5,507 | ) |
| | | | | | | | | |
| Total distributions to shareholders | | | (9,356,712 | ) | | | (19,755,284 | ) |
| | | | | | | | | |
| CAPITAL STOCK ISSUED AND REPURCHASED: | | | | | | | | |
| | | | | | | | | |
| Net increase (decrease) from capital share transactions (Note 5) | | | (56,236,429 | ) | | | (30,117,008 | ) |
| | | | | | | | | |
| Net increase (decrease) in net assets | | | 34,630,951 | | | | (24,548,978 | ) |
| | | | | | | | | |
| NET ASSETS: | | | | | | | | |
| | | | | | | | | |
| Beginning of year | | | 521,724,961 | | | | 546,273,939 | |
| | | | | | | | | |
| End of year | | $ | 556,355,912 | | | $ | 521,724,961 | |
The accompanying notes are an integral part of the financial statements.
Financial Highlights - Pro-Blend® Extended Term Series - Class S
| | | FOR THE YEAR ENDED | | | | | | | | | | |
| | | 10/31/24 | | | 10/31/23 | | | 10/31/22 | | | 10/31/21 | | | 10/31/20 | |
| Per share data (for a share outstanding throughout each year): | | | | | | | | | | | | | | | | | | | | |
| Net asset value - Beginning of year | | $ | 17.03 | | | $ | 16.90 | | | $ | 21.76 | | | $ | 19.12 | | | $ | 18.02 | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income1 | | | 0.38 | | | | 0.31 | | | | 0.17 | | | | 0.11 | | | | 0.16 | |
| Net realized and unrealized gain (loss) on investments | | | 2.99 | | | | 0.46 | | | | (3.98 | ) | | | 3.80 | | | | 1.72 | 2 |
| Total from investment operations | | | 3.37 | | | | 0.77 | | | | (3.81 | ) | | | 3.91 | | | | 1.88 | |
| Less distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
| From net investment income | | | (0.32 | ) | | | (0.20 | ) | | | (0.05 | ) | | | (0.06 | ) | | | (0.12 | ) |
| From net realized gain on investments | | | — | | | | (0.44 | ) | | | (1.00 | ) | | | (1.21 | ) | | | (0.66 | ) |
| Total distributions to shareholders | | | (0.32 | ) | | | (0.64 | ) | | | (1.05 | ) | | | (1.27 | ) | | | (0.78 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| Net asset value - End of year | | $ | 20.08 | | | $ | 17.03 | | | $ | 16.90 | | | $ | 21.76 | | | $ | 19.12 | |
| Net assets - End of year (000’s omitted) | | $ | 275,451 | | | $ | 263,179 | | | $ | 276,523 | | | $ | 365,077 | | | $ | 334,977 | |
| Total return3 | | | 19.97 | % | | | 4.48 | % | | | (18.35 | %) | | | 21.19 | % | | | 10.74 | %2 |
| | | | | | | | | | | | | | | | | | | | | |
| Ratios (to average net assets)/Supplemental Data: | | | | | | | | | | | | | | | | | | | | |
| Expenses | | | 1.02 | % | | | 1.04 | % | | | 1.02 | % | | | 1.01 | % | | | 1.02 | % |
| Net investment income | | | 1.98 | % | | | 1.78 | % | | | 0.91 | % | | | 0.54 | % | | | 0.87 | % |
| Series portfolio turnover | | | 71 | % | | | 56 | % | | | 66 | % | | | 66 | % | | | 120 | % |
1Calculated based on average shares outstanding during the years.
2During the reporting period the Fund settled legal claims against an issuer of securities previously held by the Fund. As a result, the net realized and unrealized gain (loss) on investments per share includes proceeds received from the settlement. Without these proceeds the net realized and unrealized gain (loss) on investments per share would have been $1.70. Excluding the proceeds from the settlement, the total return would have been 10.63%.
3Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions.
The accompanying notes are an integral part of the financial statements.
Financial Highlights - Pro-Blend® Extended Term Series - Class I
| | | FOR THE YEAR ENDED | | | | | | | | | | |
| | | 10/31/24 | | | 10/31/23 | | | 10/31/22 | | | 10/31/21 | | | 10/31/20 | |
| Per share data (for a share outstanding throughout each year): | | | | | | | | | | | | | | | | | | | | |
| Net asset value - Beginning of year | | $ | 17.08 | | | $ | 16.96 | | | $ | 23.33 | | | $ | 22.09 | | | $ | 21.83 | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income1 | | | 0.43 | | | | 0.35 | | | | 0.21 | | | | 0.17 | | | | 0.24 | |
| Net realized and unrealized gain (loss) on investments | | | 2.99 | | | | 0.47 | | | | (4.00 | ) | | | 4.22 | | | | 2.00 | 2 |
| Total from investment operations | | | 3.42 | | | | 0.82 | | | | (3.79 | ) | | | 4.39 | | | | 2.24 | |
| Less distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
| From net investment income | | | (0.34 | ) | | | (0.26 | ) | | | (0.19 | ) | | | (0.26 | ) | | | (0.41 | ) |
| From net realized gain on investments | | | — | | | | (0.44 | ) | | | (2.39 | ) | | | (2.89 | ) | | | (1.57 | ) |
| Total distributions to shareholders | | | (0.34 | ) | | | (0.70 | ) | | | (2.58 | ) | | | (3.15 | ) | | | (1.98 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| Net asset value - End of year | | $ | 20.16 | | | $ | 17.08 | | | $ | 16.96 | | | $ | 23.33 | | | $ | 22.09 | |
| Net assets - End of year (000’s omitted) | | $ | 142,682 | | | $ | 130,709 | | | $ | 137,658 | | | $ | 192,593 | | | $ | 149,603 | |
| Total return3 | | | 20.23 | % | | | 4.76 | % | | | (18.14 | %) | | | 21.48 | % | | | 10.88 | %2 |
| | | | | | | | | | | | | | | | | | | | | |
| Ratios (to average net assets)/Supplemental Data: | | | | | | | | | | | | | | | | | | | | |
| Expenses | | | 0.77 | % | | | 0.82 | % | | | 0.79 | % | | | 0.79 | % | | | 0.81 | %4 |
| Net investment income | | | 2.22 | % | | | 2.00 | % | | | 1.14 | % | | | 0.75 | % | | | 1.06 | % |
| Series portfolio turnover | | | 71 | % | | | 56 | % | | | 66 | % | | | 66 | % | | | 120 | % |
1Calculated based on average shares outstanding during the years.
2During the reporting period the Fund settled legal claims against an issuer of securities previously held by the Fund. As a result, the net realized and unrealized gain (loss) on investments per share includes proceeds received from the settlement. Without these proceeds the net realized and unrealized gain (loss) on investments per share would have been $1.98. These proceeds impacted the total return by less than 0.01%.
3Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions.
4Includes recoupment of past waived and/or reimbursed fees with no financial impact to the expense ratios.
The accompanying notes are an integral part of the financial statements.
Financial Highlights - Pro-Blend® Extended Term Series - Class R
| | | FOR THE YEAR ENDED | | | | | | | | | | |
| | | 10/31/24 | | | 10/31/23 | | | 10/31/22 | | | 10/31/21 | | | 10/31/20 | |
| Per share data (for a share outstanding throughout each year): | | | | | | | | | | | | | | | | | | | | |
| Net asset value - Beginning of year | | $ | 17.10 | | | $ | 16.94 | | | $ | 22.80 | | | $ | 21.08 | | | $ | 20.48 | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income1 | | | 0.33 | | | | 0.27 | | | | 0.13 | | | | 0.08 | | | | 0.09 | |
| Net realized and unrealized gain (loss) on investments | | | 3.00 | | | | 0.46 | | | | (4.00 | ) | | | 4.05 | | | | 1.96 | 2 |
| Total from investment operations | | | 3.33 | | | | 0.73 | | | | (3.87 | ) | | | 4.13 | | | | 2.05 | |
| Less distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
| From net investment income | | | (0.29 | ) | | | (0.13 | ) | | | (0.10 | ) | | | (0.13 | ) | | | (0.21 | ) |
| From net realized gain on investments | | | — | | | | (0.44 | ) | | | (1.89 | ) | | | (2.28 | ) | | | (1.24 | ) |
| Total distributions to shareholders | | | (0.29 | ) | | | (0.57 | ) | | | (1.99 | ) | | | (2.41 | ) | | | (1.45 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| Net asset value - End of year | | $ | 20.14 | | | $ | 17.10 | | | $ | 16.94 | | | $ | 22.80 | | | $ | 21.08 | |
| Net assets - End of year (000’s omitted) | | $ | 46,372 | | | $ | 41,368 | | | $ | 42,104 | | | $ | 56,058 | | | $ | 52,600 | |
| Total return3 | | | 19.66 | % | | | 4.27 | % | | | (18.48 | %) | | | 20.86 | % | | | 10.53 | %2 |
| | | | | | | | | | | | | | | | | | | | | |
| Ratios (to average net assets)/Supplemental Data: | | | | | | | | | | | | | | | | | | | | |
| Expenses | | | 1.27 | % | | | 1.28 | % | | | 1.25 | % | | | 1.24 | % | | | 1.31 | %4 |
| Net investment income | | | 1.73 | % | | | 1.54 | % | | | 0.68 | % | | | 0.31 | % | | | 0.41 | % |
| Series portfolio turnover | | | 71 | % | | | 56 | % | | | 66 | % | | | 66 | % | | | 120 | % |
1Calculated based on average shares outstanding during the years.
2During the reporting period the Fund settled legal claims against an issuer of securities previously held by the Fund. As a result, the net realized and unrealized gain (loss) on investments per share includes proceeds received from the settlement. Without these proceeds the net realized and unrealized gain (loss) on investments per share would have been $1.94. Excluding the proceeds from the settlement, the total return would have been 10.43%.
3Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions.
4Includes recoupment of past waived and/or reimbursed fees with no financial impact to the expense ratios.
The accompanying notes are an integral part of the financial statements.
Financial Highlights - Pro-Blend® Extended Term Series - Class L
| | | FOR THE YEAR ENDED | | | | | | | | | | |
| | | 10/31/24 | | | 10/31/23 | | | 10/31/22 | | | 10/31/21 | | | 10/31/20 | |
| Per share data (for a share outstanding throughout each year): | | | | | | | | | | | | | | | | | | | | |
| Net asset value - Beginning of year | | $ | 17.09 | | | $ | 16.93 | | | $ | 23.08 | | | $ | 21.54 | | | $ | 21.10 | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss)1 | | | 0.23 | | | | 0.18 | | | | 0.03 | | | | (0.04 | ) | | | 0.02 | |
| Net realized and unrealized gain (loss) on investments | | | 3.01 | | | | 0.45 | | | | (4.03 | ) | | | 4.15 | | | | 1.96 | 2 |
| Total from investment operations | | | 3.24 | | | | 0.63 | | | | (4.00 | ) | | | 4.11 | | | | 1.98 | |
| Less distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
| From net investment income | | | (0.24 | ) | | | (0.03 | ) | | | (0.04 | ) | | | (0.02 | ) | | | (0.15 | ) |
| From net realized gain on investments | | | — | | | | (0.44 | ) | | | (2.11 | ) | | | (2.55 | ) | | | (1.39 | ) |
| Total distributions to shareholders | | | (0.24 | ) | | | (0.47 | ) | | | (2.15 | ) | | | (2.57 | ) | | | (1.54 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| Net asset value - End of year | | $ | 20.09 | | | $ | 17.09 | | | $ | 16.93 | | | $ | 23.08 | | | $ | 21.54 | |
| Net assets - End of year (000’s omitted) | | $ | 91,719 | | | $ | 86,349 | | | $ | 89,871 | | | $ | 113,582 | | | $ | 100,254 | |
| Total return3 | | | 19.08 | % | | | 3.67 | % | | | (19.03 | %) | | | 20.38 | % | | | 9.87 | %2 |
| | | | | | | | | | | | | | | | | | | | | |
| Ratios (to average net assets)/Supplemental Data: | | | | | | | | | | | | | | | | | | | | |
| Expenses | | | 1.78 | % | | | 1.81 | % | | | 1.78 | % | | | 1.76 | % | | | 1.77 | % |
| Net investment income (loss) | | | 1.22 | % | | | 1.01 | % | | | 0.16 | % | | | (0.22 | %) | | | 0.13 | % |
| Series portfolio turnover | | | 71 | % | | | 56 | % | | | 66 | % | | | 66 | % | | | 120 | % |
1Calculated based on average shares outstanding during the years.
2During the reporting period the Fund settled legal claims against an issuer of securities previously held by the Fund. As a result, the net realized and unrealized gain (loss) on investments per share includes proceeds received from the settlement. Without these proceeds the net realized and unrealized gain (loss) on investments per share would have been $1.94. Excluding the proceeds from the settlement, the total return would have been 9.76%.
3Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions.
The accompanying notes are an integral part of the financial statements.
Financial Highlights - Pro-Blend® Extended Term Series - Class W
| | | FOR THE YEAR ENDED | | | | | | | | | | |
| | | 10/31/24 | | | 10/31/23 | | | 10/31/22 | | | 10/31/21 | | | 10/31/20 | |
| Per share data (for a share outstanding throughout each year): | | | | | | | | | | | | | | | | | | | | |
| Net asset value - Beginning of year | | $ | 17.19 | | | $ | 17.04 | | | $ | 21.85 | | | $ | 19.18 | | | $ | 18.08 | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income1 | | | 0.56 | | | | 0.48 | | | | 0.39 | | | | 0.30 | | | | 0.33 | |
| Net realized and unrealized gain (loss) on investments | | | 3.02 | | | | 0.47 | | | | (4.04 | ) | | | 3.82 | | | | 1.71 | 2 |
| Total from investment operations | | | 3.58 | | | | 0.95 | | | | (3.65 | ) | | | 4.12 | | | | 2.04 | |
| Less distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
| From net investment income | | | (0.41 | ) | | | (0.36 | ) | | | (0.16 | ) | | | (0.24 | ) | | | (0.28 | ) |
| From net realized gain on investments | | | — | | | | (0.44 | ) | | | (1.00 | ) | | | (1.21 | ) | | | (0.66 | ) |
| Total distributions to shareholders | | | (0.41 | ) | | | (0.80 | ) | | | (1.16 | ) | | | (1.45 | ) | | | (0.94 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| Net asset value - End of year | | $ | 20.36 | | | $ | 17.19 | | | $ | 17.04 | | | $ | 21.85 | | | $ | 19.18 | |
| Net assets - End of year (000’s omitted) | | $ | 132 | | | $ | 120 | | | $ | 118 | | | $ | 7 | | | $ | 6 | |
| Total return3 | | | 21.08 | % | | | 5.51 | % | | | (17.60 | %) | | | 22.34 | % | | | 11.70 | %2 |
| | | | | | | | | | | | | | | | | | | | | |
| Ratios (to average net assets)/Supplemental Data: | | | | | | | | | | | | | | | | | | | | |
| Expenses* | | | 0.10 | % | | | 0.10 | % | | | 0.10 | % | | | 0.10 | % | | | 0.10 | % |
| Net investment income | | | 2.89 | % | | | 2.72 | % | | | 2.23 | % | | | 1.44 | % | | | 1.78 | % |
| Series portfolio turnover | | | 71 | % | | | 56 | % | | | 66 | % | | | 66 | % | | | 120 | % |
*The investment advisor did not impose all or a portion of its management and/or other fees during the years, and may have paid a portion of the Series’ expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts:
| | | | 0.64 | % | | | 0.66 | % | | | 0.63 | % | | | 0.62 | % | | | 0.62 | % |
1Calculated based on average shares outstanding during the years.
2During the reporting period the Fund settled legal claims against an issuer of securities previously held by the Fund. As a result, the net realized and unrealized gain (loss) on investments per share includes proceeds received from the settlement. Without these proceeds the net realized and unrealized gain (loss) on investments per share would have been $1.69. Excluding the proceeds from the settlement, the total return would have been 11.64%.
3Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been waived or reimbursed during the years.
The accompanying notes are an integral part of the financial statements.
Investment Portfolio - October 31, 2024
| | | | | | | |
| PRO-BLEND® MAXIMUM TERM SERIES | | SHARES/
PRINCIPAL
AMOUNT1 | | | VALUE
(NOTE 2) | |
| | | | | | | | | |
| COMMON STOCKS - 85.4% | | | | | | | | |
| | | | | | | | | |
| Communication Services - 8.3% | | | | | | | | |
| Entertainment - 1.6% | | | | | | | | |
| Electronic Arts, Inc. | | | 47,957 | | | $ | 7,234,313 | |
| Interactive Media & Services - 6.7% | | | | | | | | |
| Alphabet, Inc. - Class A | | | 74,999 | | | | 12,833,079 | |
| Auto Trader Group plc (United Kingdom)2 | | | 52,165 | | | | 563,251 | |
| Meta Platforms, Inc. - Class A | | | 30,516 | | | | 17,320,271 | |
| Tencent Holdings Ltd. (China) | | | 11,900 | | | | 620,492 | |
| | | | | | | | 31,337,093 | |
| Media - 0.0%## | | | | | | | | |
| Fox Corp. - Class A | | | 843 | | | | 35,406 | |
| The Interpublic Group of Companies, Inc. | | | 705 | | | | 20,727 | |
| Omnicom Group, Inc. | | | 713 | | | | 72,013 | |
| | | | | | | | 128,146 | |
| Total Communication Services | | | | | | | 38,699,552 | |
| Consumer Discretionary - 7.4% | | | | | | | | |
| Broadline Retail - 5.0% | | | | | | | | |
| Amazon.com, Inc.* | | | 105,497 | | | | 19,664,641 | |
| eBay, Inc. | | | 1,572 | | | | 90,405 | |
| MercadoLibre, Inc. (Brazil)* | | | 1,805 | | | | 3,677,110 | |
| | | | | | | | 23,432,156 | |
| Distributors - 0.0%## | | | | | | | | |
| Genuine Parts Co. | | | 477 | | | | 54,712 | |
| LKQ Corp. | | | 476 | | | | 17,512 | |
| | | | | | | | 72,224 | |
| Hotels, Restaurants & Leisure - 0.0%## | | | | | | | | |
| Las Vegas Sands Corp. | | | 1,073 | | | | 55,635 | |
| Household Durables - 0.9% | | | | | | | | |
| Lennar Corp. - Class A | | | 187 | | | | 31,846 | |
| Sony Group Corp. - ADR (Japan) | | | 212,650 | | | | 3,742,640 | |
| Sony Group Corp. (Japan) | | | 15,000 | | | | 263,963 | |
| | | | | | | | 4,038,449 | |
| Specialty Retail - 0.1% | | | | | | | | |
| Best Buy Co., Inc. | | | 759 | | | | 68,636 | |
| Dick’s Sporting Goods, Inc. | | | 291 | | | | 56,963 | |
| The Home Depot, Inc. | | | 278 | | | | 109,463 | |
| Penske Automotive Group, Inc. | | | 136 | | | | 20,478 | |
| Williams-Sonoma, Inc. | | | 448 | | | | 60,090 | |
| | | | | | | | 315,630 | |
| Textiles, Apparel & Luxury Goods - 1.4% | | |
| Hermes International SCA (France) | | | 106 | | | | 240,912 | |
| LVMH Moet Hennessy Louis Vuitton SE - ADR (France) | | | 44,909 | | | | 5,954,484 | |
| LVMH Moet Hennessy Louis Vuitton SE (France) | | | 767 | | | | 510,608 | |
| Ralph Lauren Corp. | | | 125 | | | | 24,741 | |
| | | | | | | |
| | | SHARES/
PRINCIPAL
AMOUNT1 | | | VALUE
(NOTE 2) | |
| | | | | | | | | |
| COMMON STOCKS (continued) | | | | | |
| | | | | | | | | |
| Consumer Discretionary (continued) | |
| Textiles, Apparel & Luxury Goods (continued) | | | | | |
| Tapestry, Inc. | | | 461 | | | $ | 21,875 | |
| | | | | | | | 6,752,620 | |
| Total Consumer Discretionary | | | | | | | 34,666,714 | |
| Consumer Staples - 2.0% | | | | | | | | |
| Beverages - 1.7% | | | | | | | | |
| Brown-Forman Corp. - Class B | | | 384 | | | | 16,907 | |
| The Coca-Cola Co. | | | 122,773 | | | | 8,018,305 | |
| Molson Coors Beverage Co. - Class B | | | 383 | | | | 20,862 | |
| | | | | | | | 8,056,074 | |
| Consumer Staples Distribution & Retail - 0.0%## | |
| Sysco Corp. | | | 1,382 | | | | 103,581 | |
| Food Products - 0.1% | | | | | | | | |
| Archer-Daniels-Midland Co. | | | 1,472 | | | | 81,269 | |
| Bunge Global S.A. | | | 267 | | | | 22,434 | |
| Campbell Soup Co. | | | 583 | | | | 27,197 | |
| Conagra Brands, Inc. | | | 912 | | | | 26,393 | |
| General Mills, Inc. | | | 1,616 | | | | 109,920 | |
| The Hershey Co. | | | 559 | | | | 99,267 | |
| The Kraft Heinz Co. | | | 3,171 | | | | 106,102 | |
| Mondelez International, Inc. - Class A | | | 1,408 | | | | 96,420 | |
| | | | | | | | 569,002 | |
| Household Products - 0.1% | | | | | | | | |
| Colgate-Palmolive Co. | | | 452 | | | | 42,357 | |
| Kimberly-Clark Corp. | | | 643 | | | | 86,277 | |
| | | | | | | | 128,634 | |
| Personal Care Products - 0.1% | | | | | | | | |
| Beiersdorf AG (Germany). | | | 2,674 | | | | 360,974 | |
| Kenvue, Inc. | | | 2,650 | | | | 60,764 | |
| | | | | | | | 421,738 | |
| Total Consumer Staples | | | | | | | 9,279,029 | |
| Energy - 0.4% | | | | | | | | |
| Energy Equipment & Services - 0.0%## | | | | | | | | |
| Halliburton Co. | | | 2,559 | | | | 70,987 | |
| Schlumberger N.V | | | 3,188 | | | | 127,743 | |
| | | | | | | | 198,730 | |
| Oil, Gas & Consumable Fuels - 0.4% | | | | | | | | |
| Chevron Corp. | | | 2,470 | | | | 367,586 | |
| ConocoPhillips | | | 2,102 | | | | 230,253 | |
| Coterra Energy, Inc. | | | 2,584 | | | | 61,809 | |
| Devon Energy Corp. | | | 490 | | | | 18,953 | |
| EOG Resources, Inc. | | | 640 | | | | 78,055 | |
| Expand Energy Corp. | | | 256 | | | | 21,688 | |
| Exxon Mobil Corp. | | | 3,276 | | | | 382,571 | |
| Hess Corp. | | | 209 | | | | 28,106 | |
| HF Sinclair Corp. | | | 387 | | | | 14,942 | |
| Marathon Oil Corp. | | | 1,053 | | | | 29,168 | |
The accompanying notes are an integral part of the financial statements.
Investment Portfolio - October 31, 2024
| | | | | | | |
| PRO-BLEND® MAXIMUM TERM SERIES | | SHARES/
PRINCIPAL
AMOUNT1 | | | VALUE
(NOTE 2) | |
| | | | | | | | | |
| COMMON STOCKS (continued) | | | | | | | | |
| | | | | | | | | |
| Energy (continued) | | | | | | | | |
| Oil, Gas & Consumable Fuels (continued) | | | | | |
| Marathon Petroleum Corp. | | | 877 | | | $ | 127,577 | |
| Occidental Petroleum Corp. | | | 1,148 | | | | 57,526 | |
| Ovintiv, Inc. | | | 494 | | | | 19,365 | |
| Permian Resources Corp. | | | 1,479 | | | | 20,159 | |
| Phillips 66 | | | 966 | | | | 117,678 | |
| Valero Energy Corp. | | | 786 | | | | 101,992 | |
| | | | | | | | 1,677,428 | |
| Total Energy | | | | | | | 1,876,158 | |
| Financials - 15.1% | | | | | | | | |
| Banks - 2.0% | | | | | | | | |
| Bank of America Corp. | | | 7,637 | | | | 319,379 | |
| Citigroup, Inc. | | | 3,592 | | | | 230,499 | |
| East West Bancorp, Inc. | | | 262 | | | | 25,542 | |
| Fifth Third Bancorp | | | 2,082 | | | | 90,942 | |
| FinecoBank Banca Fineco S.p.A. (Italy) | | | 15,034 | | | | 240,005 | |
| HDFC Bank Ltd. - ADR (India) | | | 79,269 | | | | 4,996,325 | |
| Huntington Bancshares, Inc. | | | 4,742 | | | | 73,928 | |
| JPMorgan Chase & Co. | | | 11,739 | | | | 2,605,119 | |
| The PNC Financial Services Group, Inc | | | 651 | | | | 122,564 | |
| Truist Financial Corp. | | | 3,216 | | | | 138,449 | |
| U.S. Bancorp | | | 3,371 | | | | 162,853 | |
| Wells Fargo & Co. | | | 5,111 | | | | 331,806 | |
| | | | | | | | 9,337,411 | |
| Capital Markets - 6.2% | | | | | | | | |
| Avanza Bank Holding AB (Sweden) | | | 10,539 | | | | 219,527 | |
| BlackRock, Inc. | | | 7,859 | | | | 7,709,915 | |
| Cboe Global Markets, Inc. | | | 97 | | | | 20,716 | |
| Deutsche Boerse AG - ADR (Germany) | | | 151,114 | | | | 3,507,356 | |
| Deutsche Boerse AG (Germany) | | | 3,201 | | | | 743,523 | |
| Intercontinental Exchange, Inc. | | | 12,745 | | | | 1,986,563 | |
| Intermediate Capital Group plc (United Kingdom) | | | 11,956 | | | | 317,604 | |
| Moody’s Corp. | | | 10,808 | | | | 4,907,264 | |
| MSCI, Inc. | | | 6,358 | | | | 3,631,690 | |
| Nasdaq, Inc. | | | 28,541 | | | | 2,109,751 | |
| S&P Global, Inc. | | | 7,960 | | | | 3,823,665 | |
| | | | | | | | 28,977,574 | |
| Financial Services - 6.7% | | | | | | | | |
| Fiserv, Inc.* | | | 39,312 | | | | 7,779,845 | |
| Mastercard, Inc. - Class A | | | 25,579 | | | | 12,779,012 | |
| Visa, Inc. - Class A | | | 38,093 | | | | 11,041,256 | |
| | | | | | | | 31,600,113 | |
| Insurance - 0.2% | | | | | | | | |
| Admiral Group plc (United Kingdom) | | | 12,960 | | | | 428,854 | |
| The Allstate Corp. | | | 337 | | | | 62,857 | |
| Chubb Ltd. | | | 194 | | | | 54,793 | |
| Cincinnati Financial Corp. | | | 529 | | | | 74,499 | |
| Everest Group Ltd. | | | 108 | | | | 38,406 | |
| | | | | | | |
| | | SHARES/
PRINCIPAL
AMOUNT1 | | | VALUE
(NOTE 2) | |
| | | | | | | | | |
| COMMON STOCKS (continued) |
| | | | | | | | | |
| Financials (continued) | | | | | | | | |
| Insurance (continued) | | | | | | | | |
| The Hartford Financial Services Group, Inc. | | | 868 | | | $ | 95,862 | |
| The Travelers Companies, Inc. | | | 584 | | | | 143,629 | |
| W. R. Berkley Corp. | | | 1,242 | | | | 71,005 | |
| | | | | | | | 969,905 | |
| Total Financials | | | | | | | 70,885,003 | |
| Health Care - 12.1% | | | | | | | | |
| Biotechnology - 0.7% | | | | | | | | |
| Gilead Sciences, Inc. | | | 2,623 | | | | 232,975 | |
| Vertex Pharmaceuticals, Inc.* | | | 7,068 | | | | 3,364,227 | |
| | | | | | | | 3,597,202 | |
| Health Care Equipment & Supplies - 2.4% | |
| Alcon AG. | | | 48,568 | | | | 4,465,828 | |
| Baxter International, Inc. | | | 918 | | | | 32,773 | |
| Becton Dickinson & Co. | | | 638 | | | | 149,030 | |
| IDEXX Laboratories, Inc.* | | | 5,446 | | | | 2,216,086 | |
| Intuitive Surgical, Inc.* | | | 8,607 | | | | 4,336,551 | |
| Medtronic plc | | | 2,505 | | | | 223,571 | |
| | | | | | | | 11,423,839 | |
| Health Care Providers & Services - 1.2% | | | | | | | | |
| Elevance Health, Inc. | | | 110 | | | | 44,634 | |
| Humana, Inc. | | | 83 | | | | 21,400 | |
| Labcorp Holdings, Inc. | | | 151 | | | | 34,469 | |
| Quest Diagnostics, Inc. | | | 321 | | | | 49,700 | |
| UnitedHealth Group, Inc. | | | 9,529 | | | | 5,379,120 | |
| | | | | | | | 5,529,323 | |
| Life Sciences Tools & Services - 2.4% | | | | | | | | |
| Lonza Group AG - ADR (Switzerland) | | | 69,809 | | | | 4,305,121 | |
| Lonza Group AG (Switzerland) | | | 745 | | | | 458,419 | |
| Thermo Fisher Scientific, Inc. | | | 11,815 | | | | 6,454,771 | |
| | | | | | | | 11,218,311 | |
| Pharmaceuticals - 5.4% | | | | | | | | |
| AstraZeneca plc - ADR (United Kingdom) | | | 138,164 | | | | 9,830,369 | |
| Bristol-Myers Squibb Co. | | | 4,125 | | | | 230,051 | |
| Johnson & Johnson | | | 41,823 | | | | 6,685,825 | |
| Merck & Co., Inc. | | | 916 | | | | 93,725 | |
| Roche Holding AG - ADR | | | 199,560 | | | | 7,744,923 | |
| Roche Holding AG | | | 1,863 | | | | 577,350 | |
| Royalty Pharma plc - Class A | | | 1,006 | | | | 27,162 | |
| Viatris, Inc. | | | 2,256 | | | | 26,170 | |
| | | | | | | | 25,215,575 | |
| Total Health Care | | | | | | | 56,984,250 | |
| Industrials - 16.4% | | | | | | | | |
| Aerospace & Defense - 4.0% | | | | | | | | |
| Airbus SE (France) | | | 3,084 | | | | 470,437 | |
The accompanying notes are an integral part of the financial statements.
Investment Portfolio - October 31, 2024
| | | | | | | |
| PRO-BLEND® MAXIMUM TERM SERIES | | SHARES/
PRINCIPAL
AMOUNT1 | | | VALUE
(NOTE 2) | |
| | | | | | | | | |
| COMMON STOCKS (continued) |
| | | | | | | | | |
| Industrials (continued) |
| Aerospace & Defense (continued) |
| BAE Systems plc - ADR (United Kingdom) | | | 31,296 | | | $ | 2,017,027 | |
| BAE Systems plc (United Kingdom) | | | 34,596 | | | | 557,594 | |
| HEICO Corp. - Class A | | | 10,231 | | | | 1,964,454 | |
| Hensoldt AG (Germany) | | | 6,128 | | | | 208,502 | |
| Huntington Ingalls Industries, Inc. | | | 76 | | | | 14,057 | |
| L3Harris Technologies, Inc. | | | 34,633 | | | | 8,570,629 | |
| Lockheed Martin Corp. | | | 459 | | | | 250,637 | |
| Northrop Grumman Corp. | | | 8,680 | | | | 4,418,294 | |
| RTX Corp. | | | 2,352 | | | | 284,568 | |
| | | | | | | | 18,756,199 | |
| Air Freight & Logistics - 0.0%## | | | | | | | | |
| FedEx Corp. | | | 546 | | | | 149,522 | |
| Building Products - 1.2% | | | | | | | | |
| A. O. Smith Corp. | | | 297 | | | | 22,305 | |
| Allegion plc | | | 164 | | | | 22,899 | |
| Masco Corp. | | | 68,726 | | | | 5,491,895 | |
| | | | | | | | 5,537,099 | |
| Commercial Services & Supplies - 2.1% | | | | | | | | |
| Cleanaway Waste Management Ltd. (Australia) | | | 179,039 | | | | 320,550 | |
| Copart, Inc.* | | | 142,192 | | | | 7,318,622 | |
| Rollins, Inc. | | | 42,778 | | | | 2,016,555 | |
| | | | | | | | 9,655,727 | |
| Electrical Equipment - 0.0%## | | | | | | | | |
| Emerson Electric Co. | | | 653 | | | | 70,700 | |
| Rockwell Automation, Inc. | | | 85 | | | | 22,671 | |
| | | | | | | | 93,371 | |
| Ground Transportation - 3.4% | | | | | | | | |
| Canadian National Railway Co. (Canada) | | | 35,873 | | | | 3,871,414 | |
| CSX Corp. | | | 212,776 | | | | 7,157,785 | |
| Norfolk Southern Corp. | | | 8,100 | | | | 2,028,483 | |
| Union Pacific Corp. | | | 11,890 | | | | 2,759,312 | |
| | | | | | | | 15,816,994 | |
| Industrial Conglomerates - 0.1% | | | | | | | | |
| 3M Co. | | | 1,316 | | | | 169,066 | |
| Honeywell International, Inc. | | | 891 | | | | 183,261 | |
| | | | | | | | 352,327 | |
| Machinery - 2.5% | | | | | | | | |
| Caterpillar, Inc. | | | 901 | | | | 338,956 | |
| Cummins, Inc. | | | 390 | | | | 128,302 | |
| Deere & Co. | | | 519 | | | | 210,034 | |
| PACCAR, Inc. | | | 1,176 | | | | 122,634 | |
| SMC Corp. - ADR (Japan) | | | 261,567 | | | | 5,602,765 | |
| SMC Corp. (Japan) | | | 900 | | | | 382,092 | |
| Snap-on, Inc. | | | 91 | | | | 30,042 | |
| Spirax Group plc (United Kingdom) | | | 3,835 | | | | 320,109 | |
| | | | | | | |
| | | SHARES/
PRINCIPAL
AMOUNT1 | | | VALUE
(NOTE 2) | |
| | | | | | | | | |
| COMMON STOCKS (continued) |
| | | | | | | | | |
| Industrials (continued) |
| Machinery (continued) |
| Techtronic Industries Co. Ltd. - ADR (Hong Kong) | | | 56,083 | | | $ | 4,070,504 | |
| Techtronic Industries Co. Ltd. (Hong Kong) | | | 43,000 | | | | 622,014 | |
| | | | | | | | 11,827,452 | |
| Professional Services - 2.2% | | | | | | | | |
| Broadridge Financial Solutions, Inc. | | | 95 | | | | 20,032 | |
| Experian plc | | | 8,326 | | | | 406,357 | |
| Experian plc - ADR | | | 59,951 | | | | 2,926,808 | |
| SS&C Technologies Holdings, Inc. | | | 649 | | | | 45,385 | |
| TransUnion | | | 69,445 | | | | 7,034,778 | |
| | | | | | | | 10,433,360 | |
| Trading Companies & Distributors - 0.8% | |
| Brenntag SE - ADR (Germany) | | | 215,439 | | | | 2,789,935 | |
| Brenntag SE (Germany) | | | 7,920 | | | | 516,646 | |
| Ferguson Enterprises, Inc. | | | 139 | | | | 27,347 | |
| IMCD N.V. (Netherlands) | | | 3,634 | | | | 577,774 | |
| | | | | | | | 3,911,702 | |
| Transportation Infrastructure - 0.1% | | | | | | | | |
| Auckland International Airport Ltd. (New Zealand) | | | 62,932 | | | | 274,586 | |
| Total Industrials | | | | | | | 76,808,339 | |
| Information Technology - 16.9% | | | | | | | | |
| Communications Equipment - 0.0%## | | | | | | | | |
| Cisco Systems, Inc. | | | 3,099 | | | | 169,732 | |
| Electronic Equipment, Instruments & Components - 0.2% |
| Halma plc (United Kingdom) | | | 11,555 | | | | 369,132 | |
| Keyence Corp. (Japan) | | | 1,100 | | | | 496,555 | |
| | | | | | | | 865,687 | |
| IT Services - 2.7% | | | | | | | | |
| Accenture plc - Class A (Ireland) | | | 253 | | | | 87,239 | |
| Cognizant Technology Solutions Corp. - Class A | | | 1,385 | | | | 103,307 | |
| EPAM Systems, Inc.* | | | 37,597 | | | | 7,092,674 | |
| Globant S.A. * | | | 23,579 | | | | 4,948,996 | |
| Softcat plc (United Kingdom) | | | 13,124 | | | | 286,841 | |
| | | | | | | | 12,519,057 | |
| Semiconductors & Semiconductor Equipment - 6.7% | |
| Analog Devices, Inc. | | | 524 | | | | 116,910 | |
| Applied Materials, Inc. | | | 12,554 | | | | 2,279,555 | |
| Infineon Technologies AG - ADR (Germany) | | | 273,866 | | | | 8,667,859 | |
| Infineon Technologies AG (Germany) | | | 19,850 | | | | 627,749 | |
| Microchip Technology, Inc. | | | 991 | | | | 72,710 | |
| NVIDIA Corp. | | | 79,152 | | | | 10,508,219 | |
| Skyworks Solutions, Inc. | | | 412 | | | | 36,083 | |
The accompanying notes are an integral part of the financial statements.
Investment Portfolio - October 31, 2024
| | | | | | | |
| PRO-BLEND® MAXIMUM TERM SERIES | | SHARES/
PRINCIPAL
AMOUNT1 | | | VALUE
(NOTE 2) | |
| | | | | | | | | |
| COMMON STOCKS (continued) |
| | | | | | | | | |
| Information Technology (continued) |
| Semiconductors & Semiconductor Equipment (continued) |
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR (Taiwan) | | | 47,077 | | | $ | 8,970,052 | |
| | | | | | | | 31,279,137 | |
| Software - 7.3% | | | | | | | | |
| Atlassian Corp. - Class A * | | | 20,671 | | | | 3,897,310 | |
| Intuit, Inc. | | | 5,902 | | | | 3,601,991 | |
| Microsoft Corp. | | | 20,010 | | | | 8,131,064 | |
| Salesforce, Inc. | | | 25,064 | | | | 7,302,898 | |
| ServiceNow, Inc.* | | | 12,364 | | | | 11,535,488 | |
| | | | | | | | 34,468,751 | |
| Total Information Technology | | | | | | | 79,302,364 | |
| Materials - 2.7% | | | | | | | | |
| Chemicals - 1.9% | | | | | | | | |
| Air Liquide S.A. - ADR (France) | | | 108,442 | | | | 3,881,139 | |
| Air Liquide S.A. (France) | | | 3,682 | | | | 660,188 | |
| Albemarle Corp. | | | 44,407 | | | | 4,206,675 | |
| CF Industries Holdings, Inc. | | | 336 | | | | 27,629 | |
| The Mosaic Co. | | | 670 | | | | 17,929 | |
| PPG Industries, Inc. | | | 691 | | | | 86,037 | |
| Westlake Corp. | | | 227 | | | | 29,951 | |
| | | | | | | | 8,909,548 | |
| Construction Materials - 0.0%## | | | | | | | | |
| CRH plc | | | 810 | | | | 77,298 | |
| Containers & Packaging - 0.0%## | | | | | | | | |
| Avery Dennison Corp. | | | 74 | | | | 15,320 | |
| International Paper Co. | | | 656 | | | | 36,434 | |
| Smurfit WestRock plc | | | 1,367 | | | | 70,401 | |
| | | | | | | | 122,155 | |
| Metals & Mining - 0.0%## | | | | | | | | |
| Nucor Corp. | | | 329 | | | | 46,665 | |
| Reliance, Inc. | | | 52 | | | | 14,890 | |
| Steel Dynamics, Inc. | | | 260 | | | | 33,930 | |
| | | | | | | | 95,485 | |
| Paper & Forest Products - 0.8% | | | | | | | | |
| West Fraser Timber Co. Ltd. (Canada) | | | 32,662 | | | | 2,952,645 | |
| West Fraser Timber Co. Ltd. (Canada) | | | 7,929 | | | | 716,107 | |
| | | | | | | | 3,668,752 | |
| Total Materials | | | | | | | 12,873,238 | |
| Real Estate - 2.7% | | | | | | | | |
| Real Estate Management & Development - 1.4% |
| CBRE Group, Inc. - Class A* | | | 51,825 | | | | 6,787,520 | |
| Specialized REITs - 1.3% | | | | | | | | |
| Extra Space Storage, Inc. | | | 36,445 | | | | 5,951,469 | |
| Total Real Estate | | | | | | | 12,738,989 | |
| | | | | | | |
| | | SHARES/
PRINCIPAL
AMOUNT1 | | | VALUE
(NOTE 2) | |
| | | | | | | | | |
| COMMON STOCKS (continued) |
| | | | | | | | | |
| Utilities - 1.4% | | | | | | | | |
| Electric Utilities - 1.4% | | | | | | | | |
| Evergy, Inc. | | | 110,514 | | | $ | 6,679,466 | |
TOTAL COMMON STOCKS
(Identified Cost $312,438,487) | | | | | | | 400,793,102 | |
| | | | | | | | | |
| CORPORATE BONDS - 4.4% | | | | | | | | |
| | | | | | | | | |
| Non-Convertible Corporate Bonds- 4.4% | | | | | | | | |
| Communication Services - 0.3% | | | | | | | | |
| Entertainment - 0.2% | | | | | | | | |
| Warnermedia Holdings, Inc., 4.054%, 3/15/2029 | | | 810,000 | | | | 756,719 | |
| Interactive Media & Services - 0.1% | | | | | | | | |
| Tencent Holdings Ltd. (China), 3.975%, 4/11/20292 | | | 490,000 | | | | 475,049 | |
| Media - 0.0%## | | | | | | | | |
| Open Infra U.S. Assets AB, 11.00%, 2/22/2027 | | | 200,000 | | | | 200,250 | |
| Total Communication Services | | | | 1,432,018 | |
| | | | | | | | | |
| Consumer Discretionary - 0.2% | | | | | | | | |
| Broadline Retail - 0.2% | | | | | | | | |
| Alibaba Group Holding Ltd. (China), 4.00%, 12/6/2037 | | | 1,170,000 | | | | 1,031,867 | |
| | | | | | | | | |
| Energy - 0.6% | | | | | | | | |
| Energy Equipment & Services - 0.1% | | | | | | | | |
| Borr IHC Ltd. - Borr Finance LLC (Mexico), 10.00%, 11/15/20282 | | | 202,317 | | | | 206,729 | |
| Oil, Gas & Consumable Fuels - 0.5% | | | | | | | | |
| Brooge Petroleum and Gas Investment Co. FZE (United Arab Emirates), 8.50%, 9/24/2025 (Acquired 09/10/2020-09/01/2023, cost $193,444)3 | | | 213,486 | | | | 192,988 | |
| Cenovus Energy, Inc. (Canada), 6.75%, 11/15/2039 | | | 740,000 | | | | 807,256 | |
| Energy Transfer LP | | | | | | | | |
| 7.375%, 2/1/20312 | | | 485,000 | | | | 509,907 | |
| 6.50%, 2/1/2042 | | | 725,000 | | | | 761,027 | |
| New Fortress Energy, Inc., 8.75%, 3/15/20292 | | | 230,000 | | | | 192,067 | |
| | | | | | | | 2,463,245 | |
| Total Energy | | | | | | | 2,669,974 | |
| Financials - 2.3% | | | | | | | | |
| Banks - 1.6% | | | | | | | | |
| Bank of America Corp., (U.S. Secured Overnight Financing Rate + 1.320%), 2.687%, 4/22/20324 | | | 900,000 | | | | 780,075 | |
| Citigroup, Inc., (U.S. Secured Overnight Financing Rate + 0.770%), 1.462%, 6/9/20274 | | | 820,000 | | | | 777,771 | |
The accompanying notes are an integral part of the financial statements.
Investment Portfolio - October 31, 2024
| | | | | | | |
| PRO-BLEND® MAXIMUM TERM SERIES | | SHARES/
PRINCIPAL
AMOUNT1 | | | VALUE
(NOTE 2) | |
| | | | | | | | | |
| CORPORATE BONDS (continued) |
| | | | | | | | | |
| Non-Convertible Corporate Bonds (continued) | | | | | |
| Financials (continued) | | | | | | | | |
| Banks (continued) | | | | | | | | |
| Citizens Bank NA, (U.S. Secured Overnight Financing Rate + 2.000%), 4.575%, 8/9/20284. | | | 500,000 | | | $ | 494,612 | |
| Fifth Third Bancorp, (U.S. Secured Overnight Financing Index + 2.192%), 6.361%, 10/27/20284 | | | 150,000 | | | | 155,567 | |
| Huntington Bancshares, Inc., 2.55%, 2/4/2030 | | | 570,000 | | | | 502,454 | |
| JPMorgan Chase & Co., (3 mo. U.S. Secured Overnight Financing Rate + 3.790%), 4.493%, 3/24/20314 | | | 1,310,000 | | | | 1,283,042 | |
| KeyBank NA, 5.85%, 11/15/2027 | | | 480,000 | | | | 491,676 | |
| The PNC Financial Services Group, Inc., (U.S. Secured Overnight Financing Rate + 1.322%), 5.812%, 6/12/20264 | | | 640,000 | | | | 642,970 | |
| Truist Financial Corp., (U.S. Secured Overnight Financing Rate + 0.862%), 1.887%, 6/7/20294 | | | 850,000 | | | | 764,171 | |
| U.S. Bancorp, (U.S. Secured Overnight Financing Rate + 1.230%), 4.653%, 2/1/20294 | | | 740,000 | | | | 735,452 | |
| Wells Fargo & Co., (U.S. Secured Overnight Financing Rate + 1.070%), 5.707%, 4/22/20284 | | | 700,000 | | | | 713,479 | |
| | | | | | | | 7,341,269 | |
| Capital Markets - 0.2% | | | | | | | | |
| Jefferies Financial Group, Inc., 6.20%, 4/14/2034 | | | 740,000 | | | | 770,866 | |
| Consumer Finance - 0.2% | | | | | | | | |
| Capital One Financial Corp., (U.S. Secured Overnight Financing Rate + 3.070%), 7.624%, 10/30/20314 | | | 790,000 | | | | 877,584 | |
| Navient Corp., 6.75%, 6/25/2025 | | | 235,000 | | | | 236,472 | |
| | | | | | | | 1,114,056 | |
| Financial Services - 0.0%## | | | | | | | | |
| Golden Pear Funding HoldCo LLC, 10.00%, 3/2/2028 | | | 135,000 | | | | 114,435 | |
| Insurance - 0.3% | | | | | | | | |
| MassMutual Global Funding II, 4.85%, 1/17/20292 | | | 250,000 | | | | 251,840 | |
| Metropolitan Life Global Funding I, 4.85%, 1/8/20292 | | | 250,000 | | | | 251,055 | |
| New York Life Global Funding, 4.70%, 1/29/20292 | | | 250,000 | | | | 250,604 | |
| SiriusPoint Ltd. (Sweden), 7.00%, 4/5/2029 | | | 510,000 | | | | 523,650 | |
| | | | | | | | 1,277,149 | |
| Total Financials | | | | | | | 10,617,775 | |
| | | | | | | |
| | | SHARES/
PRINCIPAL
AMOUNT1 | | | VALUE
(NOTE 2) | |
| | | | | | | | | |
| CORPORATE BONDS (continued) |
| | | | | | | | | |
| Non-Convertible Corporate Bonds (continued) |
| Industrials - 0.3% | | | | | | | | |
| Ground Transportation - 0.0%## | | | | | | | | |
| BNSF Funding Trust I, (3 mo. LIBOR US + 2.350%), 6.613%, 12/15/20554 | | | 240,000 | | | $ | 242,427 | |
| Passenger Airlines - 0.1% | | | | | | | | |
| Alaska Airlines Pass-Through Trust, Series 2020-1, Class B, 8.00%, 8/15/20252 | | | 31,931 | | | | 32,335 | |
| United Airlines Pass-Through Trust | | | | | | | | |
| Series 2018-1, Class B, 4.60%, 3/1/2026 | | | 26,523 | | | | 25,758 | |
| Series 2019-2, Class B, 3.50%, 5/1/2028 | | | 210,092 | | | | 196,253 | |
| | | | | | | | 254,346 | |
| Trading Companies & Distributors - 0.2% | | | | | | | | |
| AerCap Ireland Capital DAC - AerCap Global Aviation Trust (Ireland), 3.00%, 10/29/2028 | | | 560,000 | | | | 519,635 | |
| Ashtead Capital, Inc. (United Kingdom), 4.00%, 5/1/20282 | | | 540,000 | | | | 520,925 | |
| | | | | | | | 1,040,560 | |
| Total Industrials | | | | | | | 1,537,333 | |
| Materials - 0.1% | | | | | | | | |
| Metals & Mining - 0.1% | | | | | | | | |
| Infrabuild Australia Pty Ltd. (Australia), 14.50%, 11/15/20282 | | | 215,000 | | | | 212,067 | |
| Newcastle Coal Infrastructure Group Pty Ltd. (Australia), 4.40%, 9/29/20272 | | | 341,943 | | | | 331,776 | |
| Northwest Acquisitions ULC - Dominion Finco, Inc., 7.125%, 11/1/2022 (Acquired 10/10/2017-09/18/2020, cost $44,437)3,5 | | | 220,000 | | | | 2 | |
| Total Materials | | | | | | | 543,845 | |
| Real Estate - 0.4% | | | | | | | | |
| Industrial REITs - 0.1% | | | | | | | | |
| IIP Operating Partnership LP, 5.50%, 5/25/2026 | | | 230,000 | | | | 223,613 | |
| Retail REITs - 0.2% | | | | | | | | |
| Simon Property Group LP | | | | | | | | |
| 2.25%, 1/15/2032 | | | 180,000 | | | | 150,922 | |
| 2.65%, 2/1/2032 | | | 890,000 | | | | 763,959 | |
| | | | | | | | 914,881 | |
| Specialized REITs - 0.1% | | | | | | | | |
| Pelorus Fund REIT LLC, 7.00%, 9/30/2026 (Acquired 07/08/2022, cost $208,250)3 | | | 245,000 | | | | 249,523 | |
| SBA Tower Trust, 6.599%, 1/15/20282 | | | 405,000 | | | | 413,794 | |
| | | | | | | | 663,317 | |
| Total Real Estate | | | | | | | 1,801,811 | |
The accompanying notes are an integral part of the financial statements.
Investment Portfolio - October 31, 2024
| | | | | | | |
| PRO-BLEND® MAXIMUM TERM SERIES | | SHARES/
PRINCIPAL
AMOUNT1 | | | VALUE
(NOTE 2) | |
| | | | | | | | | |
| CORPORATE BONDS (continued) | | | | | | | | |
| | | | | | | | | |
| Non-Convertible Corporate Bonds (continued) |
| Utilities - 0.2% | | | | | | | | |
| Electric Utilities - 0.1% | | | | | | | | |
| Alexander Funding Trust II, 7.467%, 7/31/20282 | | | 480,000 | | | $ | 507,916 | |
| Independent Power and Renewable Electricity Producers - 0.1% |
| Palomino Funding Trust I, 7.233%, 5/17/20282 | | | 640,000 | | | | 673,499 | |
| Total Utilities | | | | | | | 1,181,415 | |
TOTAL CORPORATE BONDS
(Identified Cost $20,867,756) | | | | | | | 20,816,038 | |
| | | | | | | | | |
| U.S. TREASURY SECURITIES - 7.7% | | | | | | | | |
| | | | | | | | | |
| U.S. Treasury Bonds - 2.0% | | | | | | | | |
| U.S. Treasury Bond, 2.375%, 2/15/2042 | | | | | | | | |
| (Identified Cost $9,816,821) | | | 12,789,000 | | | | 9,421,896 | |
| U.S. Treasury Notes - 5.7% | | | | | | | | |
| U.S. Treasury Floating Rate Note (3 mo. U.S. Treasury Bill Yield + 0.182%), 4.724%, 7/31/20266 | | | 2,250,000 | | | | 2,248,507 | |
| U.S. Treasury Inflation Indexed Note, 0.125%, 1/15/2031 | | | 3,029,246 | | | | 2,725,020 | |
| U.S. Treasury Note, 0.875%, 11/15/2030. | | | 26,177,000 | | | | 21,606,250 | |
Total U.S. Treasury Notes
(Identified Cost $27,025,527) | | | | | | | 26,579,777 | |
TOTAL U.S. TREASURY SECURITIES
(Identified Cost $36,842,348) | | | | | | | 36,001,673 | |
| | | | | | | | | |
| ASSET-BACKED SECURITIES - 0.0%## | | | | | | | | |
| | | | | | | | | |
| Commonbond Student Loan Trust, Series 2019-AGS, Class A1, 2.54%, 1/25/20472 | | | 3,920 | | | | 3,544 | |
| Nelnet Student Loan Trust, Series 2012- 3A, Class A, (U.S. Secured Overnight Financing Rate 30 Day Average + 0.814%), 5.671%, 3/26/20402,6 | | | 6,172 | | | | 6,150 | |
| Oxford Finance Credit Fund III LP, Series 2024-A, Class A2, 6.675%, 1/14/20322. | | | 50,000 | | | | 50,178 | |
| Oxford Finance Funding LLC, Series 2020-1A, Class A2, 3.101%, 2/15/20282 | | | 2,774 | | | | 2,756 | |
TOTAL ASSET-BACKED SECURITIES
(Identified Cost $62,905) | | | | 62,628 | |
| | | | | | | | | |
| COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.0%## |
| | | | | | | | | |
| CIM Trust, Series 2019-INV1, Class A1, 4.00%, 2/25/20492,7 | | | 263 | | | | 249 | |
| Credit Suisse Mortgage Capital Trust | | | | | | | | |
| Series 2013-IVR3, Class A1, 2.50%, 5/25/20432,7 | | | 1,771 | | | | 1,561 | |
| | | | | | | |
| | | SHARES/
PRINCIPAL
AMOUNT1 | | | VALUE
(NOTE 2) | |
| | | | | | | | | |
| COMMERCIAL MORTGAGE-BACKED SECURITIES (continued) | |
| | | | | | | | | |
| Credit Suisse Mortgage Capital Trust (continued) | | | | | |
| Series 2014-IVR3, Class A1, 3.50%, 7/25/20442,7 | | | 2,353 | | | $ | 2,169 | |
| Government National Mortgage Association, Series 2017-54, Class AH, 2.60%, 12/16/2056 | | | 2,271 | | | | 2,069 | |
| JP Morgan Mortgage Trust | | | | | | | | |
| Series 2014-2, Class 1A1, 3.00%, 6/25/20292,7 | | | 1,196 | | | | 1,162 | |
| Series 2017-2, Class A3, 3.50%, 5/25/20472,7 | | | 4,858 | | | | 4,366 | |
| New Residential Mortgage Loan Trust | | | | | | | | |
| Series 2014-3A, Class AFX3, 3.75%, 11/25/20542,7 | | | 1,782 | | | | 1,679 | |
| Series 2015-2A, Class A1, 3.75%, 8/25/20552,7 | | | 2,424 | | | | 2,286 | |
| Series 2016-4A, Class A1, 3.75%, 11/25/20562,7 | | | 2,657 | | | | 2,478 | |
| PMT Loan Trust, Series 2013-J1, Class A9, 3.50%, 9/25/20432,7 | | | 2,974 | | | | 2,727 | |
| Sequoia Mortgage Trust | | | | | | | | |
| Series 2013-2, Class A, 1.874%, 2/25/20437 | | | 1,047 | | | | 888 | |
| Series 2013-6, Class A2, 3.00%, 5/25/20437 | | | 2,953 | | | | 2,632 | |
| Series 2013-8, Class A1, 3.00%, 6/25/20437 | | | 1,326 | | | | 1,186 | |
| Starwood Retail Property Trust, Series 2014-STAR, Class A, (Prime Rate + 0.000%), 8.00%, 11/15/20272,6 | | | 14,572 | | | | 9,025 | |
| Sutherland Commercial Mortgage Trust, Series 2019-SBC8, Class A, 2.86%, 4/25/20412,7 | | | 6,680 | | | | 6,280 | |
| Towd Point Mortgage Trust, Series 2019- HY1, Class A1, (1 mo. U.S. Secured Overnight Financing Rate + 1.114%), 5.852%, 10/25/20482,6 | | | 2,455 | | | | 2,491 | |
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(Identified Cost $51,608) | | | | 43,248 | |
| | | | | | | | | |
| U.S. GOVERNMENT AGENCIES - 0.0%## | | | | | |
| | | | | | | | | |
| Mortgage-Backed Securities - 0.0%## | | | | | |
| Fannie Mae | | | | | | | | |
| Pool #MA1834, UMBS, 4.50%, 2/1/2034 | | | 2,707 | | | | 2,688 | |
| Pool #AD0207, UMBS, 6.00%, 10/1/2038 | | | 2,967 | | | | 3,106 | |
| Pool #MA0258, UMBS, 4.50%, 12/1/2039 | | | 2,049 | | | | 2,013 | |
| Pool #AL8674, 5.637%, 1/1/2049 | | | 7,099 | | | | 7,317 | |
| Freddie Mac | | | | | | | | |
| Pool #C91762, 4.50%, 5/1/2034 | | | 1,898 | | | | 1,886 | |
| Pool #C91771, 4.50%, 6/1/2034 | | | 1,758 | | | | 1,747 | |
The accompanying notes are an integral part of the financial statements.
Investment Portfolio - October 31, 2024
| | | | | | | |
| PRO-BLEND® MAXIMUM TERM SERIES | | SHARES/
PRINCIPAL
AMOUNT1 | | | VALUE
(NOTE 2) | |
| | | | | | | | | |
| U.S. GOVERNMENT AGENCIES (continued) | |
| | | | | | | | | |
| Mortgage-Backed Securities (continued) | | |
| Freddie Mac (continued) | | | | | | | | |
| Pool #C91780, 4.50%, 7/1/2034 | | | 2,413 | | | $ | 2,399 | |
TOTAL U.S. GOVERNMENT AGENCIES
(Identified Cost $23,004) | | | | 21,156 | |
| | | | | | | | | |
| SHORT-TERM INVESTMENT - 3.4% | | | | | | | | |
| | | | | | | | | |
| Dreyfus Government Cash Management, Institutional Shares, 4.76%8 | | | | | | | | |
| (Identified Cost $15,728,426) | | | 15,728,426 | | | | 15,728,426 | |
| | | | | | | | | |
TOTAL INVESTMENTS - 100.9%
(Identified Cost $386,014,534) | | | | | | | 473,466,271 | |
| LIABILITIES, LESS OTHER ASSETS - (0.9%) | | | | | | | (4,201,715 | ) |
| NET ASSETS - 100% | | | | | | $ | 469,264,556 | |
ADR - American Depositary Receipt
LIBOR - London Interbank Offered Rate
REIT - Real Estate Investment Trust
UMBS - Uniform Mortgage-Backed Securities
*Non-income producing security.
## Less than 0.1%.
1Amount is stated in USD unless otherwise noted.
2Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”) and determined to be liquid under the Fund’s Liquidity Risk Management Program. The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2024 was $5,491,915, which represented 1.2% of the Series’ Net Assets.
3Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”) and determined to be illiquid under the Fund’s Liquidity Risk Management Program. The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of such securities at October 31, 2024 was $442,513, or 0.1% of the Series’ Net Assets.
4Variable 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 October 31, 2024.
5Issuer filed for bankruptcy and/or is in default of interest payments.
6Floating rate security. Rate shown is the rate in effect as of October 31, 2024.
7Variable 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 October 31, 2024.
8Rate shown is the current yield as of October 31, 2024.
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 S&P Global 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.
Statement of Assets and Liabilities - Pro-Blend® Maximum Term Series
October 31, 2024
| ASSETS: |
| |
| Investments in securities, at value (identified cost $386,014,534) (Note 2) | | $ | 473,466,271 | |
| Foreign currency, at value (identified cost $43) | | | 40 | |
| Interest receivable | | | 427,440 | |
| Foreign tax reclaims receivable | | | 354,270 | |
| Dividends receivable | | | 137,705 | |
| Receivable for fund shares sold | | | 75,745 | |
| Receivable for securities sold | | | 121 | |
| Prepaid expenses | | | 1,444 | |
| | | | | |
| TOTAL ASSETS | | | 474,463,036 | |
| | | | | |
| LIABILITIES: |
| |
| Due to custodian | | | 129 | |
| Accrued management fees1 | | | 331,793 | |
| Accrued distribution and service (Rule 12b-1) fees (Class S) (Class R) (Class L)1 | | | 125,549 | |
| Accrued sub-transfer agent fees1 | | | 110,614 | |
| Accrued fund accounting and administration fees1 | | | 19,099 | |
| Directors’ fees payable1 | | | 12,925 | |
| Accrued Chief Compliance Officer service fees1 | | | 2,713 | |
| Payable for securities purchased | | | 4,202,418 | |
| Payable for fund shares repurchased | | | 272,319 | |
| Other payables and accrued expenses | | | 120,921 | |
| | | | | |
| TOTAL LIABILITIES | | | 5,198,480 | |
| | | | | |
| Commitments and contingent liabilities1 |
| |
| TOTAL NET ASSETS | | $ | 469,264,556 | |
| | | | | |
| NET ASSETS CONSIST OF: |
| |
| Capital stock | | $ | 178,489 | |
| Additional paid-in-capital | | | 355,168,299 | |
| Total distributable earnings (loss) | | | 113,917,768 | |
| | | | | |
| TOTAL NET ASSETS | | $ | 469,264,556 | |
1 See note 3 in Notes to the Financial Statements.
The accompanying notes are an integral part of the financial statements.
Statement of Assets and Liabilities - Pro-Blend® Maximum Term Series
October 31, 2024
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class S
($256,331,825/9,759,803 shares) | | $ | 26.26 | |
| | | | | |
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class I
($105,999,143/4,014,086 shares) | | $ | 26.41 | |
| | | | | |
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class R
($48,684,699/1,849,098 shares) | | $ | 26.33 | |
| | | | | |
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class L
($56,335,151/2,154,064 shares) | | $ | 26.15 | |
| | | | | |
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class W
($1,913,738/71,819 shares) | | $ | 26.65 | |
The accompanying notes are an integral part of the financial statements.
Statement of Operations - Pro-Blend® Maximum Term Series
For the Year Ended October 31, 2024
| INVESTMENT INCOME: |
| |
| Dividends (net of foreign taxes withheld, $171,382) | | $ | 5,329,552 | |
| Interest | | | 3,248,636 | |
| | | | | |
| Total Investment Income | | | 8,578,188 | |
| | | | | |
| EXPENSES: |
| |
| Management fees (Note 3) | | | 2,789,683 | |
| Distribution and service (Rule 12b-1) fees (Class S) (Note 3) | | | 644,596 | |
| Distribution and service (Rule 12b-1) fees (Class L) (Note 3) | | | 556,418 | |
| Distribution and service (Rule 12b-1) fees (Class R) (Note 3) | | | 236,933 | |
| Sub-transfer agent fees (Note 3) | | | 271,574 | |
| Fund accounting and administration fees (Note 3) | | | 108,072 | |
| Directors’ fees (Note 3) | | | 68,373 | |
| Chief Compliance Officer service fees (Note 3) | | | 7,994 | |
| Transfer agent fees | | | 368,348 | |
| Custodian fees | | | 26,888 | |
| Recoupment of past waived and/or reimbursed fees (Note 3) | | | 26,926 | |
| Miscellaneous | | | 264,193 | |
| | | | | |
| Total Expenses | | | 5,369,998 | |
| Less reduction of expenses (Note 3) | | | (22,808 | ) |
| | | | | |
| Net Expenses | | | 5,347,190 | |
| | | | | |
| NET INVESTMENT INCOME | | | 3,230,998 | |
| | | | | |
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY: |
| |
| Net realized gain (loss) on- |
| Investments (net of foreign capital gains tax of $3,605) | | | 26,846,733 | |
| Foreign currency and translation of other assets and liabilities | | | 10,838 | |
| | | | | |
| | | | 26,857,571 | |
| Net change in unrealized appreciation (depreciation) on- |
| Investments | | | 75,622,379 | |
| Foreign currency and translation of other assets and liabilities | | | 3,918 | |
| | | | | |
| | | | 75,626,297 | |
| | | | | |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY | | | 102,483,868 | |
| | | | | |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 105,714,866 | |
The accompanying notes are an integral part of the financial statements.
Statements of Changes in Net Assets - Pro-Blend® Maximum Term Series
| | | FOR THE
YEAR ENDED
10/31/24 | | | FOR THE
YEAR ENDED
10/31/23 | |
| INCREASE (DECREASE) IN NET ASSETS: | | | | | | | | |
| | | | | | | | | |
| OPERATIONS: | | | | | | | | |
| | | | | | | | | |
| Net investment income | | $ | 3,230,998 | | | $ | 2,935,652 | |
| Net realized gain (loss) on investments and foreign currency | | | 26,857,571 | | | | 6,736,897 | |
| Net change in unrealized appreciation (depreciation) on investments and foreign currency | | | 75,626,297 | | | | 18,328,704 | |
| | | | | | | | | |
| Net increase (decrease) from operations | | | 105,714,866 | | | | 28,001,253 | |
| | | | | | | | | |
| DISTRIBUTIONS TO SHAREHOLDERS (Note 9): | | | | | | | | |
| | | | | | | | | |
| Class S | | | (5,152,583 | ) | | | (25,379,691 | ) |
| Class I | | | (2,148,129 | ) | | | (8,810,837 | ) |
| Class R | | | (881,885 | ) | | | (4,218,822 | ) |
| Class L | | | (889,260 | ) | | | (4,662,158 | ) |
| Class W | | | (41,490 | ) | | | (139,872 | ) |
| | | | | | | | | |
| Total distributions to shareholders | | | (9,113,347 | ) | | | (43,211,380 | ) |
| | | | | | | | | |
| CAPITAL STOCK ISSUED AND REPURCHASED: | | | | | | | | |
| | | | | | | | | |
| Net increase (decrease) from capital share transactions (Note 5) | | | (42,596,532 | ) | | | 2,180,592 | |
| | | | | | | | | |
| Net increase (decrease) in net assets | | | 54,004,987 | | | | (13,029,535 | ) |
| | | | | | | | | |
| NET ASSETS: | | | | | | | | |
| | | | | | | | | |
| Beginning of year | | | 415,259,569 | | | | 428,289,104 | |
| | | | | | | | | |
| End of year | | $ | 469,264,556 | | | $ | 415,259,569 | |
The accompanying notes are an integral part of the financial statements.
Financial Highlights - Pro-Blend® Maximum Term Series - Class S
| | | FOR THE YEAR ENDED | |
| | | 10/31/24 | | | 10/31/23 | | | 10/31/22 | | | 10/31/21 | | | 10/31/20 | |
| Per share data (for a share outstanding throughout each year): | | | | | | | | | | | | | | | | | | | | |
| Net asset value - Beginning of year | | $ | 21.20 | | | $ | 22.09 | | | $ | 29.84 | | | $ | 22.70 | | | $ | 21.32 | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income1 | | | 0.18 | | | | 0.16 | | | | 0.08 | | | | 0.02 | | | | 0.05 | |
| Net realized and unrealized gain (loss) on investments | | | 5.36 | | | | 1.21 | | | | (6.13 | ) | | | 7.95 | | | | 2.40 | 2 |
| Total from investment operations | | | 5.54 | | | | 1.37 | | | | (6.05 | ) | | | 7.97 | | | | 2.45 | |
| Less distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
| From net investment income | | | (0.14 | ) | | | (0.11 | ) | | | (0.01 | ) | | | — | | | | (0.03 | ) |
| From net realized gain on investments | | | (0.34 | ) | | | (2.15 | ) | | | (1.69 | ) | | | (0.83 | ) | | | (1.04 | ) |
| Total distributions to shareholders | | | (0.48 | ) | | | (2.26 | ) | | | (1.70 | ) | | | (0.83 | ) | | | (1.07 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| Net asset value - End of year | | $ | 26.26 | | | $ | 21.20 | | | $ | 22.09 | | | $ | 29.84 | | | $ | 22.70 | |
| Net assets - End of year (000’s omitted) | | $ | 256,332 | | | $ | 235,843 | | | $ | 249,884 | | | $ | 331,183 | | | $ | 261,094 | |
| Total return3 | | | 26.38 | % | | | 6.24 | % | | | (21.39 | %) | | | 35.82 | % | | | 11.85 | %2 |
| | | | | | | | | | | | | | | | | | | | | |
| Ratios (to average net assets)/Supplemental Data: | | | | | | | | | | | | | | | | | | | | |
| Expenses* | | | 1.10 | %4 | | | 1.10 | % | | | 1.10 | % | | | 1.10 | % | | | 1.10 | % |
| Net investment income | | | 0.75 | % | | | 0.71 | % | | | 0.33 | % | | | 0.06 | % | | | 0.25 | % |
| Series portfolio turnover | | | 60 | % | | | 56 | % | | | 62 | % | | | 49 | % | | | 88 | % |
| | | | | | | | | | | | | | | | | | | | | |
| *For certain years presented, the investment advisor did not impose all or a portion of its management and/or other fees, and in some years may have paid a portion of the Series’ expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: |
| | | | N/A | | | | 0.06 | % | | | 0.03 | % | | | 0.00 | %5 | | | N/A | |
1Calculated based on average shares outstanding during the years.
2During the reporting period the Fund settled legal claims against an issuer of securities previously held by the Fund. As a result, the net realized and unrealized gain (loss) on investments per share includes proceeds received from the settlement. Without these proceeds the net realized and unrealized gain (loss) on investments per share would have been $2.37. Excluding the proceeds from the settlement, the total return would have been 11.70%.
3Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been waived or reimbursed during certain years.
4Includes recoupment of past waived and/or reimbursed fees. Excluding this amount, the expense ratio (to average net assets) would have 1.09%.
5Less than 0.01%.
The accompanying notes are an integral part of the financial statements.
Financial Highlights - Pro-Blend® Maximum Term Series - Class I
| | | FOR THE YEAR ENDED | |
| | | 10/31/24 | | | 10/31/23 | | | 10/31/22 | | | 10/31/21 | | | 10/31/20 | |
| Per share data (for a share outstanding throughout each year): | | | | | | | | | | | | | | | | | | | | |
| Net asset value - Beginning of year | | $ | 21.30 | | | $ | 22.19 | | | $ | 33.24 | | | $ | 26.55 | | | $ | 26.72 | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income1 | | | 0.25 | | | | 0.21 | | | | 0.14 | | | | 0.09 | | | | 0.14 | |
| Net realized and unrealized gain (loss) on investments | | | 5.39 | | | | 1.20 | | | | (6.23 | ) | | | 9.03 | | | | 2.89 | 2 |
| Total from investment operations | | | 5.64 | | | | 1.41 | | | | (6.09 | ) | | | 9.12 | | | | 3.03 | |
| Less distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
| From net investment income | | | (0.19 | ) | | | (0.15 | ) | | | (0.17 | ) | | | (0.08 | ) | | | (0.25 | ) |
| From net realized gain on investments | | | (0.34 | ) | | | (2.15 | ) | | | (4.79 | ) | | | (2.35 | ) | | | (2.95 | ) |
| Total distributions to shareholders | | | (0.53 | ) | | | (2.30 | ) | | | (4.96 | ) | | | (2.43 | ) | | | (3.20 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| Net asset value - End of year | | $ | 26.41 | | | $ | 21.30 | | | $ | 22.19 | | | $ | 33.24 | | | $ | 26.55 | |
| Net assets - End of year (000’s omitted) | | $ | 105,999 | | | $ | 86,866 | | | $ | 86,355 | | | $ | 120,573 | | | $ | 71,034 | |
| Total return3 | | | 26.78 | % | | | 6.42 | % | | | (21.17 | %) | | | 36.17 | % | | | 12.23 | %2 |
| | | | | | | | | | | | | | | | | | | | | |
| Ratios (to average net assets)/Supplemental Data: | | | | | | | | | | | | | | | | | | | | |
| Expenses* | | | 0.85 | % | | | 0.85 | % | | | 0.85 | % | | | 0.85 | % | | | 0.85 | % |
| Net investment income | | | 0.99 | % | | | 0.96 | % | | | 0.58 | % | | | 0.31 | % | | | 0.51 | % |
| Series portfolio turnover | | | 60 | % | | | 56 | % | | | 62 | % | | | 49 | % | | | 88 | % |
| | | | | | | | | | | | | | | | | | | | | |
| *The investment advisor did not impose all or a portion of its management and/or other fees during the years, and may have paid a portion of the Series’ expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: |
| | | | 0.01 | % | | | 0.08 | % | | | 0.05 | % | | | 0.04 | % | | | 0.04 | % |
1Calculated based on average shares outstanding during the years.
2During the reporting period the Fund settled legal claims against an issuer of securities previously held by the Fund. As a result, the net realized and unrealized gain (loss) on investments per share includes proceeds received from the settlement. Without these proceeds the net realized and unrealized gain (loss) on investments per share would have been $2.86. Excluding the proceeds from the settlement, the total return would have been 12.11%.
3Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been waived or reimbursed during the years.
The accompanying notes are an integral part of the financial statements.
Financial Highlights - Pro-Blend® Maximum Term Series - Class R
| | | FOR THE YEAR ENDED | |
| | | 10/31/24 | | | 10/31/23 | | | 10/31/22 | | | 10/31/21 | | | 10/31/20 | |
| Per share data (for a share outstanding throughout each year): | | | | | | | | | | | | | | | | | | | | |
| Net asset value - Beginning of year | | $ | 21.27 | | | $ | 22.17 | | | $ | 31.61 | | | $ | 24.71 | | | $ | 24.10 | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss)1 | | | 0.13 | | | | 0.10 | | | | 0.04 | | | | (0.04 | ) | | | (0.00 | )2 |
| Net realized and unrealized gain (loss) on investments | | | 5.39 | | | | 1.21 | | | | (6.21 | ) | | | 8.52 | | | | 2.683 | |
| Total from investment operations | | | 5.52 | | | | 1.31 | | | | (6.17 | ) | | | 8.48 | | | | 2.68 | |
| Less distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
| From net investment income | | | (0.12 | ) | | | (0.06 | ) | | | (0.04 | ) | | | (0.00 | )2 | | | (0.08 | ) |
| From net realized gain on investments | | | (0.34 | ) | | | (2.15 | ) | | | (3.23 | ) | | | (1.58 | ) | | | (1.99 | ) |
| Total distributions to shareholders | | | (0.46 | ) | | | (2.21 | ) | | | (3.27 | ) | | | (1.58 | ) | | | (2.07 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| Net asset value - End of year | | $ | 26.33 | | | $ | 21.27 | | | $ | 22.17 | | | $ | 31.61 | | | $ | 24.71 | |
| Net assets - End of year (000’s omitted) | | $ | 48,685 | | | $ | 41,847 | | | $ | 42,363 | | | $ | 54,899 | | | $ | 46,036 | |
| Total return4 | | | 26.18 | % | | | 5.96 | % | | | (21.59 | %) | | | 35.60 | % | | | 11.69 | %3 |
| | | | | | | | | | | | | | | | | | | | | |
| Ratios (to average net assets)/Supplemental Data: | | | | | | | | | | | | | | | | | | | | |
| Expenses. | | | 1.30 | % | | | 1.33 | % | | | 1.32 | % | | | 1.29 | % | | | 1.30 | % |
| Net investment income (loss) | | | 0.54 | % | | | 0.48 | % | | | 0.12 | % | | | (0.12 | %) | | | (0.01 | %) |
| Series portfolio turnover | | | 60 | % | | | 56 | % | | | 62 | % | | | 49 | % | | | 88 | % |
1Calculated based on average shares outstanding during the years.
2Less than $(0.01).
3During the reporting period the Fund settled legal claims against an issuer of securities previously held by the Fund. As a result, the net realized and unrealized gain (loss) on investments per share includes proceeds received from the settlement. Without these proceeds the net realized and unrealized gain (loss) on investments per share would have been $2.65. Excluding the proceeds from the settlement, the total return would have been 11.60%.
4Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions.
The accompanying notes are an integral part of the financial statements.
Financial Highlights - Pro-Blend® Maximum Term Series - Class L
| | | FOR THE YEAR ENDED | |
| | | 10/31/24 | | | 10/31/23 | | | 10/31/22 | | | 10/31/21 | | | 10/31/20 | |
| Per share data (for a share outstanding throughout each year): | | | | | | | | | | | | | | | | | | | | |
| Net asset value - Beginning of year | | $ | 21.19 | | | $ | 22.13 | | | $ | 32.87 | | | $ | 26.30 | | | $ | 26.30 | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment loss1 | | | 0.00 | 2 | | | (0.01 | ) | | | (0.10 | ) | | | (0.21 | ) | | | (0.10 | ) |
| Net realized and unrealized gain (loss) on investments | | | 5.35 | | | | 1.22 | | | | (6.23 | ) | | | 8.95 | | | | 2.84 | 3 |
| Total from investment operations | | | 5.35 | | | | 1.21 | | | | (6.33 | ) | | | 8.74 | | | | 2.74 | |
| Less distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
| From net investment income | | | (0.05 | ) | | | — | | | | — | | | | — | | | | (0.03 | ) |
| From net realized gain on investments | | | (0.34 | ) | | | (2.15 | ) | | | (4.41 | ) | | | (2.17 | ) | | | (2.71 | ) |
| Total distributions to shareholders | | | (0.39 | ) | | | (2.15 | ) | | | (4.41 | ) | | | (2.17 | ) | | | (2.74 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| Net asset value - End of year | | $ | 26.15 | | | $ | 21.19 | | | $ | 22.13 | | | $ | 32.87 | | | $ | 26.30 | |
| Net assets - End of year (000’s omitted) | | $ | 56,335 | | | $ | 49,439 | | | $ | 48,415 | | | $ | 62,765 | | | $ | 52,854 | |
| Total return4 | | | 25.44 | % | | | 5.49 | % | | | (21.99 | %) | | | 34.77 | % | | | 11.09 | %3 |
| | | | | | | | | | | | | | | | | | | | | |
| Ratios (to average net assets)/Supplemental Data: | | | | | | | | | | | | | | | | | | | | |
| Expenses* | | | 1.84 | %5 | | | 1.85 | % | | | 1.84 | % | | | 1.82 | % | | | 1.81 | % |
| Net investment income (loss) | | | 0.01 | % | | | (0.04 | %) | | | (0.41 | %) | | | (0.65 | %) | | | (0.46 | %) |
| Series portfolio turnover | | | 60 | % | | | 56 | % | | | 62 | % | | | 49 | % | | | 88 | % |
| | | | | | | | | | | | | | | | | | | | | |
| *For certain years presented, the investment advisor did not impose all or a portion of its management and/or other fees, and in some years may have paid a portion of the Series’ expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: |
| | | | N/A | | | | 0.02 | % | | | N/A | | | | N/A | | | | N/A | |
1Calculated based on average shares outstanding during the years.
2Less than $0.01.
3During the reporting period the Fund settled legal claims against an issuer of securities previously held by the Fund. As a result, the net realized and unrealized gain (loss) on investments per share includes proceeds received from the settlement. Without these proceeds the net realized and unrealized gain (loss) on investments per share would have been $2.81. Excluding the proceeds from the settlement, the total return would have been 10.87%.
4Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been waived or reimbursed during certain years.
5Includes recoupment of past waived and/or reimbursed fees. Excluding this amount, the expense ratio (to average net assets) would have 1.82%.
The accompanying notes are an integral part of the financial statements.
Financial Highlights - Pro-Blend® Maximum Term Series - Class W
| | | FOR THE YEAR ENDED | |
| | | 10/31/24 | | | 10/31/23 | | | 10/31/22 | | | 10/31/21 | | | 10/31/20 | |
| Per share data (for a share outstanding throughout each year): | | | | | | | | | | | | | | | | | | | | |
| Net asset value - Beginning of year | | $ | 21.48 | | | $ | 22.33 | | | $ | 30.11 | | | $ | 22.84 | | | $ | 21.39 | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income1 | | | 0.43 | | | | 0.38 | | | | 0.34 | | | | 0.29 | | | | 0.27 | |
| Net realized and unrealized gain (loss) on investments | | | 5.43 | | | | 1.22 | | | | (6.19 | ) | | | 8.01 | | | | 2.41 | 2 |
| Total from investment operations | | | 5.86 | | | | 1.60 | | | | (5.85 | ) | | | 8.30 | | | | 2.68 | |
| Less distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
| From net investment income | | | (0.35 | ) | | | (0.30 | ) | | | (0.24 | ) | | | (0.20 | ) | | | (0.19 | ) |
| From net realized gain on investments | | | (0.34 | ) | | | (2.15 | ) | | | (1.69 | ) | | | (0.83 | ) | | | (1.04 | ) |
| Total distributions to shareholders | | | (0.69 | ) | | | (2.45 | ) | | | (1.93 | ) | | | (1.03 | ) | | | (1.23 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| Net asset value - End of year | | $ | 26.65 | | | $ | 21.48 | | | $ | 22.33 | | | $ | 30.11 | | | $ | 22.84 | |
| Net assets - End of year (000’s omitted) | | $ | 1,914 | | | $ | 1,264 | | | $ | 1,273 | | | $ | 825 | | | $ | 615 | |
| Total return3 | | | 27.66 | % | | | 7.30 | % | | | (20.58 | %) | | | 37.19 | % | | | 12.97 | %2 |
| | | | | | | | | | | | | | | | | | | | | |
| Ratios (to average net assets)/Supplemental Data: | | | | | | | | | | | | | | | | | | | | |
| Expenses* | | | 0.10 | % | | | 0.10 | % | | | 0.10 | % | | | 0.10 | % | | | 0.10 | % |
| Net investment income | | | 1.72 | % | | | 1.71 | % | | | 1.34 | % | | | 1.06 | % | | | 1.25 | % |
| Series portfolio turnover | | | 60 | % | | | 56 | % | | | 62 | % | | | 49 | % | | | 88 | % |
| | | | | | | | | | | | | | | | | | | | | |
| *The investment advisor did not impose all or a portion of its management and/or other fees during the years, and may have paid a portion of the Series’ expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts: |
| | | | 0.68 | % | | | 0.71 | % | | | 0.69 | % | | | 0.67 | % | | | 0.66 | % |
1Calculated based on average shares outstanding during the years.
2During the reporting period the Fund settled legal claims against an issuer of securities previously held by the Fund. As a result, the net realized and unrealized gain (loss) on investments per share includes proceeds received from the settlement. Without these proceeds the net realized and unrealized gain (loss) on investments per share would have been $2.38. Excluding the proceeds from the settlement, the total return would have been 12.82%.
3Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been waived or reimbursed during the years.
The accompanying notes are an integral part of the financial statements.
Notes to Financial Statements
Pro-Blend® Conservative Term Series, Pro-Blend® Moderate Term Series, Pro-Blend® Extended Term Series and Pro-Blend® Maximum Term Series (each the “Series”) are no-load diversified series of Manning & Napier Fund, Inc. (the “Fund”). The Fund is organized in Maryland and is registered under the Investment Company Act of 1940 (the “1940 Act”), as amended, as an open- end management investment company.
The Series are asset allocation funds. Each invests in a combination of stocks, bonds and cash and is managed according to specific objectives. The objectives are as follows: Pro-Blend® Conservative Term Series - primary objective is preservation of capital; secondary objective is to provide income and long-term growth of capital. Pro-Blend® Moderate Term Series - equal emphasis on long-term growth of capital and preservation of capital. Pro-Blend® Extended Term Series - primary objective is long-term growth of capital; secondary objective is preservation of capital. Pro-Blend® Maximum Term Series - primary objective is long-term growth of capital.
Each Series is authorized to issue six classes of shares (Class S, I, R, L, W, and Z). Each class of shares is substantially the same, except that class-specific distribution and shareholder servicing expenses are borne by the specific class of shares to which they relate.
The Fund’s Advisor is Manning & Napier Advisors, LLC (the “Advisor”). Shares of each Series are offered to investors and employees of the Advisor and its affiliates. The total authorized capital stock of the Fund consists of 15 billion shares of common stock each having a par value of $0.01. As of October 31, 2024, 6.8 billion shares have been designated in total among 15 series, of which 162.5 million have been designated as Pro-Blend® Conservative Term Series Class S common stock, 75 million have been designated as Pro-Blend® Conservative Term Series Class I common stock, 125 million each have been designated as Class S common stock and Class I common stock for Pro-Blend® Moderate Term Series, 125 million each have been designated as Class S common stock for Pro-Blend® Extended Term Series and Pro-Blend® Maximum Term Series, 200 million each have been designated as Class I common stock for Pro-Blend® Extended Term Series and Pro-Blend® Maximum Term Series, 52.5 million have been designated in each of the Series as Class R common stock, 25 million have been designated in each of the Series as Class L common stock, 100 million have been designated in each of the Series as Class W common stock and Class Z common stock. Class Z common stock is not currently offered for sale.
| 2. | Significant Accounting Policies |
The following is a summary of significant accounting policies followed by the Series. Each Series is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 - Investment Companies, which is part of accounting principles generally accepted in the United States of America (“GAAP”).
Security Valuation
Portfolio securities, including domestic equities, foreign equities, warrants and options, listed on an exchange other than the NASDAQ Stock Market are valued at the latest quoted sales price of the exchange on which the security is primarily traded. Securities not traded on valuation date or securities not listed on an exchange are valued at the latest quoted bid price provided by the Fund’s pricing service. Securities listed on the NASDAQ Stock Market are valued in accordance with the NASDAQ Official Closing Price.
Debt securities, including government bonds, foreign bonds, asset-backed securities, structured notes, supranational obligations, sovereign bonds, corporate bonds and mortgage-backed securities will normally be valued on the basis of evaluated bid prices provided directly by an independent pricing service (the “Service”). The pricing services use multiple valuation techniques to determine fair value. In instances where sufficient market activity exists, the pricing services may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services also utilize proprietary valuation models which may consider market characteristics such as benchmark yield curves, option-adjusted spreads, credit spreads, estimated defaulted rates, coupon rates, anticipated timing of principal repayments, underlying collateral and other unique security features in order to estimate the relevant cash flows, which
Notes to Financial Statements (continued)
| 2. | Significant Accounting Policies (continued) |
Security Valuation (continued)
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 an independent pricing 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. In these instances, fair value is measured 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 to value these securities may differ from the value that would be realized if these securities were sold, and the differences could be material.
Fair Value
The Series’ financial instruments are valued at the close of the NYSE and are reported at fair value, which GAAP defines as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Board has designated the Advisor as the Fund’s valuation designee (Valuation Designee) to make all fair value determinations with respect to each Series’ portfolio investments. Subject to oversight by the Board, the Valuation Designee performs the following functions in performing fair value determinations: assesses and manages valuation risks; establishes and applies fair value methodologies; tests fair value methodologies; and evaluates pricing vendors and pricing agents. The Advisor has adopted and implemented policies and procedures to be followed when making fair value determinations, and it has established a Valuation Committee through which the Advisor makes fair value determinations. The Valuation Designee provides periodic reporting to the Board on valuation matters. The Advisor’s determination of a security’s fair value price often involves the consideration of a number of subjective factors, and is therefore subject to the unavoidable risk that the value assigned to a security may be higher or lower than the security’s value would be if a reliable market quotation for the security was readily available. 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. The Advisor may use a pricing service to obtain the value of the Fund’s portfolio securities where the prices provided by such pricing service are believed to reflect the fair market value of such securities. The methods used by the pricing service and the valuations so established will be reviewed by the Advisor under the general supervision of the Fund’s Board of Directors. Several pricing services are available, one or more of which may be used by the Advisor, as approved by the Board. A change in a pricing service or a material change in a pricing methodology for investments with no readily available market quotations will be reported to the Board by the Advisor in accordance with certain requirements.
GAAP establishes the following fair value hierarchy that categorizes the inputs used to measure fair value. Level 1 includes quoted prices (unadjusted) in active markets for identical financial instruments that the Series’ can access at the reporting date. Level 2 includes other significant observable inputs (including, but not limited to, quoted prices for similar financial instruments in active markets, quoted prices for identical or similar financial instruments in inactive markets, interest rates and yield curves, implied volatilities, and credit spreads). Level 3 includes unobservable inputs (including the Valuation Designee’s own assumptions in determining fair value). 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.
Notes to Financial Statements (continued)
| 2. | Significant Accounting Policies (continued) |
Fair Value (continued)
The following is a summary of the valuation levels used for major security types as of October 31, 2024 in valuing the Series’ assets or liabilities carried at fair value:
| PRO-BLEND® CONSERVATIVE TERM SERIES |
| DESCRIPTION | | TOTAL | | | LEVEL 1 | | | LEVEL 2# | | | LEVEL 3 | |
| Assets: | | | | | | | | | | | | |
| Equity securities: | | | | | | | | | | | | | | | | |
| Communication Services | | $ | 7,654,957 | | | $ | 7,338,287 | | | $ | 316,670 | | | $ | — | |
| Consumer Discretionary | | | 6,279,635 | | | | 6,009,801 | | | | 269,834 | | | | — | |
| Consumer Staples | | | 1,904,167 | | | | 1,807,781 | | | | 96,386 | | | | — | |
| Financials | | | 12,760,069 | | | | 12,249,096 | | | | 510,973 | | | | — | |
| Health Care | | | 10,275,996 | | | | 9,998,899 | | | | 277,097 | | | | — | |
| Industrials | | | 14,193,391 | | | | 12,976,560 | | | | 1,216,831 | | | | — | |
| Information Technology | | | 9,572,487 | | | | 9,114,945 | | | | 457,542 | | | | — | |
| Materials | | | 2,081,790 | | | | 1,905,716 | | | | 176,074 | | | | — | |
| Real Estate | | | 2,490,925 | | | | 2,490,925 | | | | — | | | | — | |
| Utilities | | | 1,018,535 | | | | 1,018,535 | | | | — | | | | — | |
| Debt securities: | | | | | | | | | | | | | | | | |
| U.S. Treasury and other U.S. Government agencies | | | 134,308,981 | | | | — | | | | 134,308,981 | | | | — | |
| States and political subdivisions (municipals) | | | 5,274,766 | | | | — | | | | 5,274,766 | | | | — | |
| Corporate debt: | | | | | | | | | | | | | | | | |
| Communication Services | | | 3,679,456 | | | | — | | | | 3,679,456 | | | | — | |
| Consumer Discretionary | | | 2,742,827 | | | | — | | | | 2,742,827 | | | | — | |
| Energy | | | 6,274,808 | | | | — | | | | 6,274,808 | | | | — | |
| Financials | | | 29,821,526 | | | | — | | | | 29,821,526 | | | | — | |
| Industrials | | | 4,402,132 | | | | — | | | | 4,402,132 | | | | — | |
| Materials | | | 1,899,843 | | | | — | | | | 1,899,843 | | | | — | |
| Real Estate | | | 7,032,260 | | | | — | | | | 7,032,260 | | | | — | |
| Utilities | | | 3,985,007 | | | | — | | | | 3,985,007 | | | | — | |
| Asset-backed securities | | | 23,927,870 | | | | — | | | | 23,927,870 | | | | — | |
| Commercial mortgage-backed securities | | | 30,559,876 | | | | — | | | | 30,559,876 | | | | — | |
| Foreign government bonds | | | 1,353,408 | | | | — | | | | 1,353,408 | | | | — | |
| Short-Term Investment | | | 7,792,263 | | | | 7,792,263 | | | | — | | | | — | |
| Total assets | | $ | 331,286,975 | | | $ | 72,702,808 | | | $ | 258,584,167 | | | $ | — | |
| PRO-BLEND® MODERATE TERM SERIES |
| DESCRIPTION | | TOTAL | | | LEVEL 1 | | | LEVEL 2# | | | LEVEL 3 | |
| Assets: | | | | | | | | | | | | |
| Equity securities: | | | | | | | | | | | | | | | | |
| Communication Services | | $ | 15,635,309 | | | $ | 15,048,737 | | | $ | 586,572 | | | $ | — | |
| Consumer Discretionary | | | 13,411,805 | | | | 12,848,416 | | | | 563,389 | | | | — | |
| Consumer Staples | | | 3,705,519 | | | | 3,505,188 | | | | 200,331 | | | | — | |
| Financials | | | 25,169,566 | | | | 24,144,792 | | | | 1,024,774 | | | | — | |
| Health Care | | | 20,153,116 | | | | 19,590,946 | | | | 562,170 | | | | — | |
| Industrials | | | 28,278,799 | | | | 25,789,046 | | | | 2,489,753 | | | | — | |
| Information Technology | | | 18,043,137 | | | | 17,062,123 | | | | 981,014 | | | | — | |
| Materials | | | 4,306,681 | | | | 3,939,651 | | | | 367,030 | | | | — | |
| Real Estate | | | 5,058,216 | | | | 5,058,216 | | | | — | | | | — | |
| Utilities | | | 1,848,316 | | | | 1,848,316 | | | | — | | | | — | |
Notes to Financial Statements (continued)
| 2. | Significant Accounting Policies (continued) |
Fair Value (continued)
| PRO-BLEND® MODERATE TERM SERIES |
| DESCRIPTION | | TOTAL | | | LEVEL 1 | | | LEVEL 2# | | | LEVEL 3 | |
| Debt securities: | | | | | | | | | | | | | | | | |
| U.S. Treasury and other U.S. Government agencies | | $ | 94,675,919 | | | $ | — | | | $ | 94,675,919 | | | $ | — | |
| States and political subdivisions (municipals) | | | 2,272,341 | | | | — | | | | 2,272,341 | | | | — | |
| Corporate debt: | | | | | | | | | | | | | | | | |
| Communication Services | | | 2,731,481 | | | | — | | | | 2,731,481 | | | | — | |
| Consumer Discretionary | | | 1,940,263 | | | | — | | | | 1,940,263 | | | | — | |
| Energy | | | 4,667,196 | | | | — | | | | 4,667,196 | | | | — | |
| Financials | | | 21,169,027 | | | | — | | | | 21,169,027 | | | | — | |
| Industrials | | | 3,256,148 | | | | — | | | | 3,256,148 | | | | — | |
| Materials | | | 1,543,788 | | | | — | | | | 1,543,788 | | | | — | |
| Real Estate | | | 5,500,961 | | | | — | | | | 5,500,961 | | | | — | |
| Utilities | | | 2,804,348 | | | | — | | | | 2,804,348 | | | | — | |
| Asset-backed securities | | | 17,161,697 | | | | — | | | | 17,161,697 | | | | — | |
| Commercial mortgage-backed securities | | | 19,770,652 | | | | — | | | | 19,770,652 | | | | — | |
| Foreign government bonds | | | 1,131,443 | | | | — | | | | 1,131,443 | | | | — | |
| Short-Term Investment | | | 13,222,904 | | | | 13,222,904 | | | | — | | | | — | |
| Total assets | | $ | 327,458,632 | | | $ | 142,058,335 | | | $ | 185,400,297 | | | $ | — | |
| PRO-BLEND® EXTENDED TERM SERIES |
| DESCRIPTION | | TOTAL | | | LEVEL 1 | | | LEVEL 2# | | | LEVEL 3 | |
| Assets: | | | | | | | | | | | | |
| Equity securities: | | | | | | | | | | | | | | | | |
| Communication Services | | $ | 35,332,675 | | | $ | 33,942,938 | | | $ | 1,389,737 | | | $ | — | |
| Consumer Discretionary | | | 30,483,029 | | | | 29,211,349 | | | | 1,271,680 | | | | — | |
| Consumer Staples | | | 8,888,871 | | | | 8,431,782 | | | | 457,089 | | | | — | |
| Financials | | | 56,069,711 | | | | 53,738,337 | | | | 2,331,374 | | | | — | |
| Health Care | | | 46,076,447 | | | | 44,797,661 | | | | 1,278,786 | | | | — | |
| Industrials | | | 63,910,634 | | | | 58,338,695 | | | | 5,571,939 | | | | — | |
| Information Technology | | | 41,302,907 | | | | 39,062,706 | | | | 2,240,201 | | | | — | |
| Materials | | | 9,786,925 | | | | 8,954,429 | | | | 832,496 | | | | — | |
| Real Estate | | | 11,079,216 | | | | 11,079,216 | | | | — | | | | — | |
| Utilities | | | 4,266,883 | | | | 4,266,883 | | | | — | | | | — | |
| Debt securities: | | | | | | | | | | | | | | | | |
| U.S. Treasury and other U.S. Government agencies | | | 121,479,782 | | | | — | | | | 121,479,782 | | | | — | |
| States and political subdivisions (municipals) | | | 1,583,720 | | | | — | | | | 1,583,720 | | | | — | |
| Corporate debt: | | | | | | | | | | | | | | | | |
| Communication Services | | | 3,585,160 | | | | — | | | | 3,585,160 | | | | — | |
| Consumer Discretionary | | | 2,487,065 | | | | — | | | | 2,487,065 | | | | — | |
| Energy | | | 6,320,808 | | | | — | | | | 6,320,808 | | | | — | |
| Financials | | | 26,979,028 | | | | — | | | | 26,979,028 | | | | — | |
| Industrials | | | 4,187,596 | | | | — | | | | 4,187,596 | | | | — | |
| Materials | | | 1,978,429 | | | | — | | | | 1,978,429 | | | | — | |
| Real Estate | | | 6,801,254 | | | | — | | | | 6,801,254 | | | | — | |
| Utilities | | | 3,626,629 | | | | — | | | | 3,626,629 | | | | — | |
| Asset-backed securities | | | 24,534,060 | | | | — | | | | 24,534,060 | | | | — | |
Notes to Financial Statements (continued)
| 2. | Significant Accounting Policies (continued) |
Fair Value (continued)
| PRO-BLEND® EXTENDED TERM SERIES |
| DESCRIPTION | | TOTAL | | | LEVEL 1 | | | LEVEL 2# | | | LEVEL 3 | |
| Commercial mortgage-backed securities | | $ | 25,371,950 | | | $ | — | | | $ | 25,371,950 | | | $ | — | |
| Foreign government bonds | | | 1,421,912 | | | | — | | | | 1,421,912 | | | | — | |
| Short-Term Investment | | | 17,711,916 | | | | 17,711,916 | | | | — | | | | — | |
| Total assets | | $ | 555,266,607 | | | $ | 309,535,912 | | | $ | 245,730,695 | | | $ | — | |
| PRO-BLEND® MAXIMUM TERM SERIES |
| DESCRIPTION | | TOTAL | | | LEVEL 1 | | | LEVEL 2# | | | LEVEL 3 | |
| Assets: | | | | | | | | | | | | |
| Equity securities: | | | | | | | | | | | | | | | | |
| Communication Services | | $ | 38,699,552 | | | $ | 37,515,809 | | | $ | 1,183,743 | | | $ | — | |
| Consumer Discretionary | | | 34,666,714 | | | | 33,651,231 | | | | 1,015,483 | | | | — | |
| Consumer Staples | | | 9,279,029 | | | | 8,918,055 | | | | 360,974 | | | | — | |
| Energy | | | 1,876,158 | | | | 1,876,158 | | | | — | | | | — | |
| Financials | | | 70,885,003 | | | | 68,935,490 | | | | 1,949,513 | | | | — | |
| Health Care | | | 56,984,250 | | | | 55,948,481 | | | | 1,035,769 | | | | — | |
| Industrials | | | 76,808,339 | | | | 72,151,678 | | | | 4,656,661 | | | | — | |
| Information Technology | | | 79,302,364 | | | | 77,522,087 | | | | 1,780,277 | | | | — | |
| Materials | | | 12,873,238 | | | | 12,213,050 | | | | 660,188 | | | | — | |
| Real Estate | | | 12,738,989 | | | | 12,738,989 | | | | — | | | | — | |
| Utilities | | | 6,679,466 | | | | 6,679,466 | | | | — | | | | — | |
| Debt securities: | | | | | | | | | | | | | | | | |
| U.S. Treasury and other U.S. Government agencies | | | 36,022,829 | | | | — | | | | 36,022,829 | | | | — | |
| Corporate debt: | | | | | | | | | | | | | | | | |
| Communication Services | | | 1,432,018 | | | | — | | | | 1,432,018 | | | | — | |
| Consumer Discretionary | | | 1,031,867 | | | | — | | | | 1,031,867 | | | | — | |
| Energy | | | 2,669,974 | | | | — | | | | 2,669,974 | | | | — | |
| Financials | | | 10,617,775 | | | | — | | | | 10,617,775 | | | | — | |
| Industrials | | | 1,537,333 | | | | — | | | | 1,537,333 | | | | — | |
| Materials | | | 543,845 | | | | — | | | | 543,845 | | | | — | |
| Real Estate | | | 1,801,811 | | | | — | | | | 1,801,811 | | | | — | |
| Utilities | | | 1,181,415 | | | | — | | | | 1,181,415 | | | | — | |
| Asset-backed securities | | | 62,628 | | | | — | | | | 62,628 | | | | — | |
| Commercial mortgage-backed securities | | | 43,248 | | | | — | | | | 43,248 | | | | — | |
| Short-Term Investment | | | 15,728,426 | | | | 15,728,426 | | | | — | | | | — | |
| Total assets | | $ | 473,466,271 | | | $ | 403,878,920 | | | $ | 69,587,351 | | | $ | — | |
#Includes certain foreign equity securities for which a factor from a third party vendor was applied to determine the securities’ fair value following the close of local trading.
There were no Level 3 securities held by any of the Pro-Blend® Series as of October 31, 2023 or October 31, 2024.
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
Notes to Financial Statements (continued)
| 2. | Significant Accounting Policies (continued) |
Security Transactions, Investment Income and Expenses (continued)
amortization of premium and accretion of discounts using the effective interest method, is earned from settlement date and accrued daily.
Expenses are recorded on an accrual basis. Most expenses of the Fund can be attributed to a specific series. Expenses which cannot be directly attributed are apportioned among the series in the Fund in such a manner as deemed equitable by the Fund’s Board, taking into consideration, among other things, the nature and type of expense.
Income, expenses (other than class specific expenses), and realized and unrealized gains and losses are prorated among the classes based on the relative net assets of each class. Class specific expenses are directly charged to that Class.
The Series use the identified cost method for determining realized gain or loss on investments for both financial statement and federal income tax reporting purposes.
Foreign Currency Translation
The books and records of the Series are maintained in U.S. dollars. Foreign currencies, investments and other assets and liabilities are translated into U.S. dollars at the current exchange rates. Purchases and sales of investment securities and income and expenses are translated on the respective dates of such transactions. The Series do not isolate realized and unrealized gains and losses attributable to changes in the exchange rates from gains and losses that arise from changes in the fair value of investments. Such fluctuations are included with net realized and unrealized gain or loss on investments. Net realized foreign currency gains and losses represent foreign currency gains and losses between trade date and settlement date on securities transactions, gains and losses on disposition of foreign currencies and the difference between the amount of income and foreign withholding taxes recorded on the books of the Series and the amounts actually received or paid.
Asset-Backed Securities
Each Series may invest in asset-backed securities. Asset-backed securities are generally issued as pass-through certificates or as debt instruments. Asset-backed securities issued as pass-through certificates represent undivided fractional ownership interests in an underlying pool of assets. Asset-backed securities issued as debt instruments, which are also known as collateralized obligations, are typically issued as the debt of a special purpose entity organized solely for the purpose of owning such assets and issuing such debt. Asset-backed securities are often backed by a pool of assets representing the obligations of a number of different parties. The yield characteristics of certain asset-backed securities may differ from traditional debt securities. One such major difference is that all or a principal part of the obligations may be prepaid at any time because the underlying assets (i.e. loans) may be prepaid at any time. As a result, a decrease in interest rates in the market may result in increases in the level of prepayments as borrowers, particularly mortgagors, refinance and repay their loans. An increased prepayment rate with respect to an asset-backed security will have the effect of shortening the maturity of the security. In addition, a Series may subsequently have to reinvest the proceeds at lower interest rates. If a 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
Each Series may invest in mortgage-backed securities (“MBS” or pass-through certificates) that represent an interest in a pool of specific underlying mortgage loans and entitle a 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
Notes to Financial Statements (continued)
| 2. | Significant Accounting Policies (continued) |
Mortgage-Backed Securities (continued)
guarantees of payment and are subject to various risks. Non-agency mortgage loans are obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or entity. The ability of a borrower to repay a loan is dependent upon the income or assets of the borrower. A number of factors, including a general economic downturn, acts of God, terrorism, social unrest and civil disturbances, may impair a borrower’s ability to repay its loans.
Inflation-Indexed Bonds
Each Series may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. If the index measuring inflation rises or falls, the principal value of inflation- indexed bonds will be adjusted upward or downward, and consequently the interest payable on these securities (calculated with respect to a larger or smaller principal amount) will be increased or reduced, respectively. Any upward or downward adjustment in the principal amount of an inflation-indexed bond will be included as interest income in the Statements of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.
Securities Purchased on a When-Issued Basis or Forward Commitment
Each Series may purchase securities on a when-issued basis or forward commitment. These transactions involve a commitment by the Series to purchase securities for a predetermined price with payment and delivery taking place beyond the customary settlement period. When such purchases are outstanding, the Series will designate liquid assets in an amount sufficient to meet the purchase price. When purchasing a security on a delayed delivery basis, the Series assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and take such fluctuations into account when determining their net asset value. The Series may sell the when-issued securities before they are delivered, which may result in a capital gain or loss.
In connection with their ability to purchase or sell securities on a forward commitment basis, the Series may enter into forward roll transactions principally using To Be Announced (TBA) securities. Forward roll transactions require the sale of securities for delivery in the current month, and a simultaneous agreement to repurchase substantially similar (same type, coupon and maturity) securities on a specified future date. Risks of entering into forward roll transactions include the potential inability of the counterparty to meet the terms of the agreement; the potential of the Series to receive inferior securities at redelivery as compared to the securities sold to the counterparty; counterparty credit risk; and the potential pay down speed variance between the mortgage-backed pools. During the roll period, the Series forgoes principal and interest paid on the securities. The Series accounts for such dollar rolls as purchases and sales. No such investments were held by the Series on October 31, 2024.
Interest Only Securities
The Series may invest in stripped mortgage-backed securities issued by the U.S. government, its agencies and instrumentalities. Stripped mortgage-backed securities are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. In certain cases, one class will receive all of the interest (the interest-only or “IO” class), while the other class will receive all of the principal (the principal-only or “PO” class). The yield to maturity on IOs is sensitive to the rate of principal repayments (including prepayments) on the related underlying mortgage assets, and principal payments may have a material effect on yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, a Series may not fully recoup its initial investment in IOs.
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
Notes to Financial Statements (continued)
| 2. | Significant Accounting Policies (continued) |
Federal Taxes (continued)
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 October 31, 2024, the Series have recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken in future tax returns.
The Series file income tax returns in the U.S. federal jurisdiction, various states and foreign jurisdictions, as required. No income tax returns are currently under investigation. The statute of limitations on the Series’ tax returns remains open for the years ended October 31, 2021 through October 31, 2024. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
Foreign Taxes
Based on the Series’ understanding of the tax rules and rates related to income, gains and currency purchase/repatriation transactions for foreign jurisdictions in which they 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 semi-annually. Distributions of net realized gains are made annually. An additional distribution may be necessary to avoid taxation of a Series. Distributions are recorded on the ex-dividend date.
Indemnifications
The Fund’s organizational documents provide former and current directors and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Other
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
| 3. | Transactions with Affiliates |
The Fund has an Investment Advisory Agreement (the “Agreement”) with the Advisor, for which each Series pays a fee, computed daily and payable monthly, at an annual rate of 0.40% for Pro-Blend® Conservative Term Series and 0.60% for Pro-Blend® Moderate Term Series, Pro-Blend® Extended Term Series and Pro-Blend® Maximum Term Series, of the Series’ average daily net assets.
Under the Agreement, personnel of the Advisor provide the Series with advice and assistance in the choice of investments and the execution of securities transactions, and otherwise maintain the Series’ organization. The Advisor also provides the Fund with necessary office space and fund administration and support services. The salaries of all officers of the Fund (except a percentage of the Fund’s Chief Compliance Officer’s salary, which is paid by the Fund), and of all Directors who are “affiliated persons” of the Fund, or of the Advisor, and all personnel of the Fund, or of the Advisor, performing services relating to research, statistical and investment activities, are paid by the Advisor. Each “non-affiliated” Director receives an annual stipend, which is allocated among all the active series of the Fund. In addition, these Directors also receive a fee per Board meeting attended plus a fee for each committee meeting attended and are reimbursed for travel and other out-of-pocket expenses incurred by them in connection with attending such meetings. The Fund also has an Audit Committee Chair, Governance & Nominating Committee Chair and Lead Independent Director who each receive an additional annual stipend for these roles.
Notes to Financial Statements (continued)
| 3. | Transactions with Affiliates (continued) |
The Fund may enter into agreements with financial intermediaries pursuant to which the Fund may pay financial intermediaries for non-distribution related sub-transfer agency, administrative, sub-accounting, and other shareholder services in an amount not to exceed 0.15% of the average daily net assets of the Class S, Class I, Class R and Class L shares. Payments made pursuant to such agreements are generally based on the current assets and/or number of accounts of the Series attributable to the financial intermediary. Any payments made pursuant to such agreements may be in addition to, rather than in lieu of, any Distribution and Shareholder Services Fee payable under the Rule 12b-1 plan of the Fund.
The Advisor has contractually agreed to waive the management fee for the Class W shares. The full management fee will be waived under this agreement because Class W shares are only available to discretionary investment accounts and other accounts managed by the Advisor. These clients pay a management fee to the Advisor that is separate from the Series’ expenses. In addition, pursuant to a separate expense limitation agreement, the Advisor has contractually agreed to limit its fees and reimburse expenses to the extent necessary so that the total direct annual fund operating expenses, exclusive of the shareholder services fee and/or distribution and service (12b-1) fees and waived Class W management fees (collectively, “excluded expenses”), at no more than the amounts presented in the following table, of average daily net assets each year.
| SERIES/CLASS | | EXPENSE LIMIT | |
| Pro-Blend® Conservative Term Series Class S, I, R and L | | | 0.65% | |
| Pro-Blend® Conservative Term Series Class Z | | | 0.50% | |
| Pro-Blend® Conservative Term Series Class W | | | 0.10% | |
| Pro-Blend® Moderate Term Series Class S, I, R and L | | | 0.85% | |
| Pro-Blend® Moderate Term Series Class Z | | | 0.70% | |
| Pro-Blend® Moderate Term Series Class W | | | 0.10% | |
| Pro-Blend® Extended Term Series Class S, I, R and L | | | 0.85% | |
| Pro-Blend® Extended Term Series Class Z | | | 0.70% | |
| Pro-Blend® Extended Term Series Class W | | | 0.10% | |
| Pro-Blend® Maximum Term Series Class S, I, R and L | | | 0.85% | |
| Pro-Blend® Maximum Term Series Class Z | | | 0.70% | |
| Pro-Blend® Maximum Term Series Class W | | | 0.10% | |
The contractual waivers are expected to continue indefinitely, and may not be amended or terminated by the Advisor without the approval of the Series’ Board of Directors. The Advisor’s agreement to limit each Class’s operating expenses is limited to direct operating expenses and, therefore, does not apply to acquired fund fees and expenses, which are indirect expenses incurred by the Series through its investments in other investment companies. The Advisor may receive from a Class the difference between the Class’s total direct annual fund operating expenses, not including excluded expenses, and the Class’s contractual expense limit to recoup all or a portion of its prior fee waivers (other than Class W management fee waivers) or expense reimbursements made during the rolling three-year period preceding the recoupment if at any point the total direct annual fund operating expenses, not including excluded expenses, are below the contractual expense limit (a) at the time of the fee waiver and/or expense reimbursement and (b) at the time of the recoupment.
Notes to Financial Statements (continued)
| 3. | Transactions with Affiliates (continued) |
Pursuant to the advisory fee waiver, the Advisor waived the following management fees for Class W shares for the year ended October 31, 2024. In addition, pursuant to the separate expense limitation agreement, the Advisor waived or reimbursed the following expenses for Class S, Class I, Class R, Class L and Class W shares for the year ended October 31, 2024. These amounts are included as a reduction of expenses on the Statement of Operations:
| SERIES/CLASS | | CLASS W
MANAGEMENT
FEE WAIVER | | | WAIVED
OPERATING
EXPENSES | |
| Pro-Blend® Conservative Term Series | | $ | 7,122 | | | $ | 1,039 | |
| Pro-Blend® Moderate Term Series | | | 364 | | | | 5,191 | |
| Pro-Blend® Extended Term Series | | | 767 | | | | 56 | |
| Pro-Blend® Maximum Term Series | | | 9,821 | | | | 12,987 | |
For the year ended October 31, 2024, the Advisor recouped the following waivers and/or reimbursements previously recorded by the Series:
| SERIES/CLASS | | RECOUPED
AMOUNT | |
| Pro-Blend® Conservative Term Series | | | | |
| Class S | | $ | 32,676 | |
| Class I | | | 11,918 | |
| Pro-Blend® Moderate Term Series | | | | |
| Class S | | | 4,266 | |
| Pro-Blend® Maximum Term Series | | | | |
| Class S | | | 17,213 | |
| Class L | | | 9,713 | |
For the year ended October 31, 2024, the Advisor did not recoup any expenses from Pro-Blend® Extended Term Series that have been previously waived or reimbursed.
As of October 31, 2024, the class specific waivers or reimbursements subject to possible future recoupment under the expense limitation agreement are as follows:
SERIES/CLASS | | EXPIRING OCTOBER 31, | |
| | 2025 | | | 2026 | | | 2027 | | | TOTAL | |
| Pro-Blend® Conservative Term Series | | | | | | | | | | | | | | | | |
| Class S | | $ | — | | | $ | 25,656 | | | $ | — | | | $ | 25,656 | |
| Class I | | | — | | | | 5,397 | | | | — | | | | 5,397 | |
| Class W | | | 651 | | | | 1,125 | | | | 1,039 | | | | 2,815 | |
| Pro-Blend® Moderate Term Series | | | | | | | | | | | | | | | | |
| Class I | | $ | 231 | | | $ | 42,920 | | | $ | 5,150 | | | $ | 48,301 | |
| Class W | | | 65 | | | | 75 | | | | 41 | | | | 181 | |
| Pro-Blend® Extended Term Series | | | | | | | | | | | | | | | | |
| Class W | | $ | 7 | | | $ | 69 | | | $ | 56 | | | $ | 132 | |
| Pro-Blend® Maximum Term Series | | | | | | | | | | | | | | | | |
| Class S | | $ | 63,785 | | | $ | 148,049 | | | $ | — | | | $ | 211,834 | |
| Class I | | | 54,276 | | | | 72,922 | | | | 11,697 | | | | 138,895 | |
| Class W | | | 784 | | | | 1,504 | | | | 1,290 | | | | 3,578 | |
Manning & Napier Investor Services, Inc., a registered broker-dealer affiliate of the Advisor, acts as distributor for the Fund’s shares. Each Series compensates the distributor for distributing and servicing the Series’ Class L, Class R and Class S shares
Notes to Financial Statements (continued)
| 3. | Transactions with Affiliates (continued) |
pursuant to a distribution plan adopted under Rule 12b-1 of the 1940 Act, regardless of expenses actually incurred. Under the agreement, each Series pays distribution and service fees to the distributor at an annual rate of 0.25% of average daily net assets attributable to Class S shares, 1.00% of average daily net assets attributable to Class L shares and an annual rate of 0.50% of daily net assets attributable to Class R shares. There are no distribution and service fees on the Class I, Class W, and Class Z shares of each Series. The fees are accrued daily and paid monthly.
Pursuant to a master services agreement, 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; 0.0075% on the next $15 billion of average daily net assets; and 0.0065% of average daily net assets in excess of $40 billion; plus a base fee of $18,400 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.
| 4. | Purchases and Sales of Securities |
For the year ended October 31, 2024, purchases and sales of securities, including paydowns and other than short-term securities, were as follows:
| SERIES | | PURCHASES
OTHER ISSUERS | | | GOVERNMENT | | | SALES
OTHER ISSUERS | | | GOVERNMENT | |
| Pro-Blend® Conservative Term Series | | $ | 91,190,229 | | | $ | 101,117,679 | | | $ | 89,545,777 | | | $ | 129,256,242 | |
| Pro-Blend® Moderate Term Series | | | 130,656,453 | | | | 61,383,064 | | | | 141,398,489 | | | | 92,682,104 | |
| Pro-Blend® Extended Term Series | | | 272,299,426 | | | | 116,718,592 | | | | 272,346,534 | | | | 181,945,832 | |
| Pro-Blend® Maximum Term Series | | | 231,216,681 | | | | 39,796,465 | | | | 257,632,266 | | | | 64,861,252 | |
| 5. | Capital Stock Transactions |
Transactions in Class S, Class I, Class R, Class L, and Class W shares were:
| PRO-BLEND® CONSERVATIVE TERM SERIES | | | | | | | | | | | | |
| CLASS S | | FOR THE YEAR ENDED 10/31/24 | | | FOR THE YEAR ENDED 10/31/23 | |
| | | SHARES | | | AMOUNT | | | SHARES | | | AMOUNT | |
| Sold | | | 1,085,915 | | | $ | 14,026,150 | | | | 1,317,745 | | | $ | 16,506,416 | |
| Reinvested | | | 418,678 | | | | 5,266,973 | | | | 524,300 | | | | 6,454,706 | |
| Repurchased | | | (3,455,937 | ) | | | (44,428,095 | ) | | | (4,267,764 | ) | | | (53,033,110 | ) |
| Total | | | (1,951,344 | ) | | $ | (25,134,972 | ) | | | (2,425,719 | ) | | $ | (30,071,988 | ) |
| PRO-BLEND® CONSERVATIVE TERM SERIES | | | | | | | | | | | | |
| CLASS I | | FOR THE YEAR ENDED 10/31/24 | | | FOR THE YEAR ENDED 10/31/23 | |
| | | SHARES | | | AMOUNT | | | SHARES | | | AMOUNT | |
| Sold | | | 1,278,203 | | | $ | 16,427,161 | | | | 1,137,091 | | | $ | 14,108,822 | |
| Reinvested | | | 162,888 | | | | 2,047,507 | | | | 225,242 | | | | 2,773,465 | |
| Repurchased | | | (1,517,111 | ) | | | (19,590,959 | ) | | | (2,804,860 | ) | | | (34,726,307 | ) |
| Total | | | (76,020 | ) | | $ | (1,116,291 | ) | | | (1,442,527 | ) | | $ | (17,844,020 | ) |
Notes to Financial Statements (continued)
| 5. | Capital Stock Transactions (continued) |
| PRO-BLEND® CONSERVATIVE TERM SERIES | | | | | | | | | | | | |
| CLASS R | | FOR THE YEAR ENDED 10/31/24 | | | FOR THE YEAR ENDED 10/31/23 | |
| | | SHARES | | | AMOUNT | | | SHARES | | | AMOUNT | |
| Sold | | | 39,433 | | | $ | 502,584 | | | | 52,668 | | | $ | 658,831 | |
| Reinvested | | | 31,640 | | | | 398,985 | | | | 41,762 | | | | 515,500 | |
| Repurchased | | | (215,968 | ) | | | (2,776,565 | ) | | | (420,467 | ) | | | (5,195,772 | ) |
| Total | | | (144,895 | ) | | $ | (1,874,996 | ) | | | (326,037 | ) | | $ | (4,021,441 | ) |
| PRO-BLEND® CONSERVATIVE TERM SERIES | | | | | | | | | | | | |
| CLASS L | | FOR THE YEAR ENDED 10/31/24 | | | FOR THE YEAR ENDED 10/31/23 | |
| | | SHARES | | | AMOUNT | | | SHARES | | | AMOUNT | |
| Sold | | | 215,637 | | | $ | 2,806,795 | | | | 288,517 | | | $ | 3,607,208 | |
| Reinvested | | | 121,376 | | | | 1,537,831 | | | | 112,639 | | | | 1,394,467 | |
| Repurchased | | | (1,090,211 | ) | | | (14,110,711 | ) | | | (1,095,445 | ) | | | (13,662,974 | ) |
| Total | | | (753,198 | ) | | $ | (9,766,085 | ) | | | (694,289 | ) | | $ | (8,661,299 | ) |
| PRO-BLEND® CONSERVATIVE TERM SERIES | | | | | | | | | | | | |
| CLASS W | | FOR THE YEAR ENDED 10/31/24 | | | FOR THE YEAR ENDED 10/31/23 | |
| | | SHARES | | | AMOUNT | | | SHARES | | | AMOUNT | |
| Sold | | | — | | | $ | — | | | | — | | | $ | — | |
| Reinvested | | | 4,308 | | | | 54,109 | | | | 5,633 | | | | 69,306 | |
| Repurchased | | | (468 | ) | | | (5,926 | ) | | | (4,852 | ) | | | (59,792 | ) |
| Total | | | 3,840 | | | $ | 48,183 | | | | 781 | | | $ | 9,514 | |
| PRO-BLEND® MODERATE TERM SERIES CLASS S | | FOR THE YEAR ENDED 10/31/24 | | | FOR THE YEAR ENDED 10/31/23 | |
| | | SHARES | | | AMOUNT | | | SHARES | | | AMOUNT | |
| Sold | | | 617,936 | | | $ | 8,712,917 | | | | 1,126,344 | | | $ | 14,785,809 | |
| Reinvested | | | 203,282 | | | | 2,760,570 | | | | 195,075 | | | | 2,555,685 | |
| Repurchased | | | (2,194,956 | ) | | | (30,653,712 | ) | | | (5,263,613 | ) | | | (69,982,396 | ) |
| Total | | | (1,373,738 | ) | | $ | (19,180,225 | ) | | | (3,942,194 | ) | | $ | (52,640,902 | ) |
| PRO-BLEND® MODERATE TERM SERIES CLASS I | | FOR THE YEAR ENDED 10/31/24 | | | FOR THE YEAR ENDED 10/31/23 | |
| | | SHARES | | | AMOUNT | | | SHARES | | | AMOUNT | |
| Sold | | | 788,465 | | | $ | 11,191,450 | | | | 955,761 | | | $ | 12,618,972 | |
| Reinvested | | | 129,689 | | | | 1,767,662 | | | | 122,857 | | | | 1,613,529 | |
| Repurchased | | | (1,553,547 | ) | | | (21,848,354 | ) | | | (2,309,254 | ) | | | (30,364,633 | ) |
| Total | | | (635,393 | ) | | $ | (8,889,242 | ) | | | (1,230,636 | ) | | $ | (16,132,132 | ) |
Notes to Financial Statements (continued)
| 5. | Capital Stock Transactions (continued) |
| PRO-BLEND® MODERATE TERM SERIES CLASS R | | FOR THE YEAR ENDED 10/31/24 | | | FOR THE YEAR ENDED 10/31/23 | |
| | | SHARES | | | AMOUNT | | | SHARES | | | AMOUNT | |
| Sold | | | 134,939 | | | $ | 1,894,729 | | | | 112,478 | | | $ | 1,486,902 | |
| Reinvested | | | 28,385 | | | | 388,020 | | | | 17,889 | | | | 235,890 | |
| Repurchased | | | (293,266 | ) | | | (4,157,594 | ) | | | (249,894 | ) | | | (3,301,329 | ) |
| Total | | | (129,942 | ) | | $ | (1,874,845 | ) | | | (119,527 | ) | | $ | (1,578,537 | ) |
| PRO-BLEND® MODERATE TERM SERIES CLASS L | | FOR THE YEAR ENDED
10/31/24 | | | FOR THE YEAR ENDED
10/31/23 | |
| | | SHARES | | | AMOUNT | | | SHARES | | | AMOUNT | |
| Sold | | | 235,596 | | | $ | 3,342,454 | | | | 324,252 | | | $ | 4,307,625 | |
| Reinvested | | | 86,903 | | | | 1,192,306 | | | | 15,652 | | | | 207,264 | |
| Repurchased | | | (1,080,925 | ) | | | (15,297,759 | ) | | | (1,181,695 | ) | | | (15,592,479 | ) |
| Total | | | (758,426 | ) | | $ | (10,762,999 | ) | | | (841,791 | ) | | $ | (11,077,590 | ) |
| PRO-BLEND® MODERATE TERM SERIES CLASS W | | FOR THE YEAR ENDED
10/31/24 | | | FOR THE YEAR ENDED
10/31/23 | |
| | | SHARES | | | AMOUNT | | | SHARES | | | AMOUNT | |
| Sold | | | 8,941 | | | $ | 130,033 | | | | — | | | $ | — | |
| Reinvested | | | 184 | | | | 2,497 | | | | 76 | | | | 1,012 | |
| Repurchased | | | (9,008 | ) | | | (125,954 | ) | | | (959 | ) | | | (12,494 | ) |
| Total | | | 117 | | | $ | 6,576 | | | | (883 | ) | | $ | (11,482 | ) |
| PRO-BLEND® EXTENDED TERM SERIES CLASS S | | FOR THE YEAR ENDED
10/31/24 | | | FOR THE YEAR ENDED
10/31/23 | |
| | | SHARES | | | AMOUNT | | | SHARES | | | AMOUNT | |
| Sold | | | 689,704 | | | $ | 13,091,427 | | | | 1,024,205 | | | $ | 18,018,741 | |
| Reinvested | | | 262,376 | | | | 4,814,590 | | | | 586,454 | | | | 10,138,761 | |
| Repurchased | | | (2,687,328 | ) | | | (51,504,389 | ) | | | (2,523,344 | ) | | | (44,116,155 | ) |
| Total | | | (1,735,248 | ) | | $ | (33,598,372 | ) | | | (912,685 | ) | | $ | (15,958,653 | ) |
| PRO-BLEND® EXTENDED TERM SERIES CLASS I | | FOR THE YEAR ENDED
10/31/24 | | | FOR THE YEAR ENDED
10/31/23 | |
| | | SHARES | | | AMOUNT | | | SHARES | | | AMOUNT | |
| Sold | | | 559,178 | | | $ | 10,725,443 | | | | 803,103 | | | $ | 14,095,123 | |
| Reinvested | | | 138,498 | | | | 2,545,600 | | | | 314,720 | | | | 5,455,567 | |
| Repurchased | | | (1,274,477 | ) | | | (24,236,184 | ) | | | (1,580,739 | ) | | | (27,948,925 | ) |
| Total | | | (576,801 | ) | | $ | (10,965,141 | ) | | | (462,916 | ) | | $ | (8,398,235 | ) |
Notes to Financial Statements (continued)
| 5. | Capital Stock Transactions (continued) |
| PRO-BLEND® EXTENDED TERM SERIES CLASS R | | FOR THE YEAR ENDED
10/31/24 | | | FOR THE YEAR ENDED
10/31/23 | |
| | | SHARES | | | AMOUNT | | | SHARES | | | AMOUNT | |
| Sold | | | 118,036 | | | $ | 2,279,066 | | | | 128,606 | | | $ | 2,253,153 | |
| Reinvested | | | 38,043 | | | | 701,507 | | | | 80,919 | | | | 1,404,775 | |
| Repurchased | | | (272,946 | ) | | | (5,212,005 | ) | | | (275,457 | ) | | | (4,860,847 | ) |
| Total | | | (116,867 | ) | | $ | (2,231,432 | ) | | | (65,932 | ) | | $ | (1,202,919 | ) |
| PRO-BLEND® EXTENDED TERM SERIES CLASS L | | FOR THE YEAR ENDED
10/31/24 | | | FOR THE YEAR ENDED
10/31/23 | |
| | | SHARES | | | AMOUNT | | | SHARES | | | AMOUNT | |
| Sold | | | 234,521 | | | $ | 4,463,815 | | | | 399,167 | | | $ | 6,956,834 | |
| Reinvested | | | 64,267 | | | | 1,187,660 | | | | 137,318 | | | | 2,394,825 | |
| Repurchased | | | (785,203 | ) | | | (15,084,124 | ) | | | (794,599 | ) | | | (13,909,932 | ) |
| Total | | | (486,415 | ) | | $ | (9,432,649 | ) | | | (258,114 | ) | | $ | (4,558,273 | ) |
| PRO-BLEND® EXTENDED TERM SERIES CLASS W | | FOR THE YEAR ENDED
10/31/24 | | | FOR THE YEAR ENDED
10/31/23 | |
| | | SHARES | | | AMOUNT | | | SHARES | | | AMOUNT | |
| Sold | | | — | | | $ | — | | | | — | | | $ | — | |
| Reinvested | | | 155 | | | | 2,857 | | | | 214 | | | | 3,748 | |
| Repurchased | | | (623 | ) | | | (11,692 | ) | | | (150 | ) | | | (2,676 | ) |
| Total | | | (468 | ) | | $ | (8,835 | ) | | | 64 | | | $ | 1,072 | |
| PRO-BLEND® MAXIMUM TERM SERIES CLASS S | | FOR THE YEAR ENDED
10/31/24 | | | FOR THE YEAR ENDED
10/31/23 | |
| | | SHARES | | | AMOUNT | | | SHARES | | | AMOUNT | |
| Sold | | | 577,819 | | | $ | 14,153,211 | | | | 789,390 | | | $ | 17,220,994 | |
| Reinvested | | | 218,542 | | | | 5,109,519 | | | | 1,175,658 | | | | 24,852,580 | |
| Repurchased | | | (2,161,502 | ) | | | (52,957,719 | ) | | | (2,150,174 | ) | | | (47,857,115 | ) |
| Total | | | (1,365,141 | ) | | $ | (33,694,989 | ) | | | (185,126 | ) | | $ | (5,783,541 | ) |
| PRO-BLEND® MAXIMUM TERM SERIES CLASS I | | FOR THE YEAR ENDED
10/31/24 | | | FOR THE YEAR ENDED
10/31/23 | |
| | | SHARES | | | AMOUNT | | | SHARES | | | AMOUNT | |
| Sold | | | 938,551 | | | $ | 23,064,714 | | | | 814,351 | | | $ | 17,881,445 | |
| Reinvested | | | 90,512 | | | | 2,130,761 | | | | 406,059 | | | | 8,620,619 | |
| Repurchased | | | (1,092,401 | ) | | | (27,037,454 | ) | | | (1,035,400 | ) | | | (22,767,303 | ) |
| Total | | | (63,338 | ) | | $ | (1,841,979 | ) | | | 185,010 | | | $ | 3,734,761 | |
Notes to Financial Statements (continued)
| 5. | Capital Stock Transactions (continued) |
| PRO-BLEND® MAXIMUM TERM SERIES CLASS R | | FOR THE YEAR ENDED 10/31/24 | | | FOR THE YEAR ENDED 10/31/23 | |
| | | SHARES | | | AMOUNT | | | SHARES | | | AMOUNT | |
| Sold | | | 114,701 | | | $ | 2,835,036 | | | | 135,325 | | | $ | 2,931,185 | |
| Reinvested | | | 37,553 | | | | 881,370 | | | | 198,657 | | | | 4,217,178 | |
| Repurchased | | | (270,203 | ) | | | (6,644,257 | ) | | | (277,679 | ) | | | (6,081,386 | ) |
| Total | | | (117,949 | ) | | $ | (2,927,851 | ) | | | 56,303 | | | $ | 1,066,977 | |
| PRO-BLEND® MAXIMUM TERM SERIES CLASS L | | FOR THE YEAR ENDED 10/31/24 | | | FOR THE YEAR ENDED 10/31/23 | |
| | | SHARES | | | AMOUNT | | | SHARES | | | AMOUNT | |
| Sold | | | 139,373 | | | $ | 3,438,549 | | | | 221,677 | | | $ | 4,840,043 | |
| Reinvested | | | 37,826 | | | | 886,262 | | | | 219,326 | | | | 4,654,100 | |
| Repurchased | | | (356,761 | ) | | | (8,776,857 | ) | | | (294,745 | ) | | | (6,367,456 | ) |
| Total | | | (179,562 | ) | | $ | (4,452,046 | ) | | | 146,258 | | | $ | 3,126,687 | |
| | | | | | | | | | | | | | | | | |
| PRO-BLEND® MAXIMUM TERM SERIES CLASS W | | FOR THE YEAR ENDED 10/31/24 | | | FOR THE YEAR ENDED 10/31/23 | |
| | | SHARES | | | AMOUNT | | | SHARES | | | AMOUNT | |
| Sold | | | 13,117 | | | $ | 324,235 | | | | — | | | $ | — | |
| Reinvested | | | 1,740 | | | | 41,490 | | | | 6,308 | | | | 134,751 | |
| Repurchased | | | (1,883 | ) | | | (45,392 | ) | | | (4,470 | ) | | | (99,043 | ) |
| Total | | | 12,974 | | | $ | 320,333 | | | | 1,838 | | | $ | 35,708 | |
At October 31, 2024, the Advisor and its affiliates owned less than 0.1% of Pro-Blend® Conservative Term Series, 0.2% of Pro-Blend® Moderate Term Series, less than 0.1% of Pro-Blend® Extended Term Series and 0.1% of Pro-Blend® Maximum Term Series.
The Fund has entered into a 364-day, $50 million credit agreement (the “line of credit”) with Bank of New York Mellon. Each series of the Fund may borrow under the line of credit for temporary or emergency purposes, including funding shareholder redemptions and other short-term liquidity purposes. The Fund pays an annual fee on the unused commitment amount, payable quarterly, and is allocated among all the series of the Fund and included in miscellaneous expenses in the Statement of Operations for each series. The line of credit expires in September 2025 unless extended or renewed. During the year ended October 31, 2024, none of the Series borrowed under the line of credit.
| 7. | 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 on October 31, 2024.
Notes to Financial Statements (continued)
| 7. | Financial Instruments and Loan Assignments (continued) |
The Series may invest in a loan assignment of all or a portion of the loans. A Series has direct rights against the borrower on a loan when it purchases an assignment; however, the Series’ rights may be more limited than the lender from which it acquired the assignment and the Series may be able to enforce its rights only through an administrative agent. Loan assignments are vulnerable to market conditions and may become illiquid due to economic conditions or other events may reduce the demand for loan assignments and certain loan assignments which were liquid when purchased may become illiquid. At October 31, 2024, none of the Series held any loan assignments.
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.
| 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. These differences are primarily due to differing book and tax treatments in the timing of the recognition on net investment income or gains and losses, including foreign currency gains and losses, losses deferred due to wash sales, utilization of tax equalization, investments in passive foreign investment companies (PFICs), foreign currency, real estate investment trusts, callable bonds and preferred securities. 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. For the year ended October 31, 2024, amounts were reclassified within the capital accounts to increase Additional Paid in Capital and decrease Total Distributable Earnings (Loss) by $460,000, $449,000, and $1,647,000 for Pro-Blend® Moderate Term Series, Pro-Blend® Extended Term Series and Pro-Blend® Maximum Term Series, respectively. Any such reclassifications are not reflected in the financial highlights.
The tax character of distributions paid were as follows:
| | | PRO-BLEND® CONSERVATIVE TERM SERIES | | | PRO-BLEND® MODERATE TERM SERIES | |
| | | | | | | |
| | | FOR THE YEAR ENDED 10/31/24 | | FOR THE YEAR ENDED 10/31/23 | | | FOR THE YEAR ENDED 10/31/24 | | FOR THE YEAR ENDED 10/31/23 | |
| Ordinary income | | $ | 9,348,507 | | $ | 5,861,434 | | | $ | 6,171,366 | | $ | 4,457,126 | |
| Long-term capital gains | | | — | | | 5,621,881 | | | | — | | | 242,760 | |
| | | PRO-BLEND® EXTENDED TERM SERIES | | | PRO-BLEND® MAXIMUM TERM SERIES | |
| | | | | | | |
| | | FOR THE YEAR ENDED 10/31/24 | | FOR THE YEAR ENDED 10/31/23 | | | FOR THE YEAR ENDED 10/31/24 | | FOR THE YEAR ENDED 10/31/23 | |
| Ordinary income | | $ | 9,356,712 | | $ | 5,709,541 | | | $ | 2,624,538 | | $ | 1,942,129 | |
| Long-term capital gains | | | — | | | 14,045,743 | | | | 6,488,809 | | | 41,269,251 | |
Notes to Financial Statements (continued)
| 9. | Federal Income Tax Information (continued) |
At October 31, 2024, the identified cost of investments for federal income tax purposes, the resulting gross unrealized appreciation and depreciation, and the net unrealized appreciation were as follows:
| | | PRO-BLEND® CONSERVATIVE TERM SERIES | | | PRO-BLEND® MODERATE TERM SERIES | | | PRO-BLEND® EXTENDED TERM SERIES | | | PRO-BLEND® MAXIMUM TERM SERIES | |
| Cost for federal income tax purposes | | $ | 328,092,839 | | | $ | 311,267,658 | | | $ | 509,575,794 | | | $ | 387,224,323 | |
| Unrealized appreciation | | | 13,918,511 | | | | 26,031,692 | | | | 59,965,185 | | | | 91,650,801 | |
| Unrealized depreciation | | | (10,724,375 | ) | | | (9,840,718 | ) | | | (14,274,372 | ) | | | (5,408,853) | |
| | | | | | | | | | | | | | | | | |
| Net unrealized appreciation (depreciation) | | $ | 3,194,136 | | | $ | 16,190,974 | | | $ | 45,690,813 | | | $ | 86,241,948 | |
| Undistributed ordinary income | | $ | 8,697,305 | | | $ | 5,833,727 | | | $ | 8,620,233 | | | $ | 3,026,356 | |
| Undistributed long-term capital gains | | $ | — | | | $ | 6,667,292 | | | $ | 11,475,312 | | | $ | 24,658,787 | |
| Capital loss carryforwards | | $ | (6,613,758 | ) | | $ | — | | | $ | — | | | $ | — | |
At October 31, 2024, Pro-Blend® Conservative Term Series, had net short-term capital loss carryforwards of $2,930,528, and had long-term capital loss carryforwards of $3,683,230, available, to the extent allowed by the Internal Revenue Code, to offset future net capital gain, if any, which may be carried forward indefinitely.
For the year ended October 31, 2024, the capital loss carryover utilized by Pro-Blend® Conservative Term Series, Pro-Blend® Moderate Term Series, and Pro-Blend® Extended Term Series, was $1,496,047, $2,228,090, and $9,261,865, respectively.
Significant disruptions and volatility in the global financial markets and economies, like the current conditions caused by the Russian invasion of Ukraine, the conflict between Hamas and Israel in the Middle East and the COVID-19 pandemic, could negatively impact the investment performance of the Series. The global market and economic climate may become increasingly uncertain due to numerous factors beyond our control, including but not limited to, impacts on business operations in the U.S. related to the COVID-19 pandemic, such as supply chain disruptions and inflation, concerns related to unpredictable global market and economic factors, uncertainty in U.S. federal fiscal, tax, trade or regulatory policy and the fiscal, tax, trade or regulatory policy of foreign governments, rising interest rates, inflation or deflation, the availability of credit, performance of financial markets, armed conflicts, terrorism, natural or biological catastrophes, public health emergencies, or political uncertainty.
Report of Independent Registered Public Accounting Firm
To the Board of Directors of Manning & Napier Fund, Inc. and Shareholders of Pro-Blend® Conservative Term Series, Pro-Blend® Moderate Term Series, Pro-Blend® Extended Term Series and Pro-Blend® Maximum Term Series
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the investment portfolios, of Pro-Blend® Conservative Term Series, Pro-Blend® Moderate Term Series, Pro-Blend® Extended Term Series and Pro-Blend® Maximum Term Series (four of the funds constituting Manning & Napier Fund, Inc., hereafter collectively referred to as the “Funds”) as of October 31, 2024, the related statements of operations for the year ended October 31, 2024, the statements of changes in net assets for each of the two years in the period ended October 31, 2024, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2024, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2024 and each of the financial highlights for each of the five years in the period ended October 31, 2024, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2024 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
New York, New York
December 19, 2024
We have served as the auditor of one or more investment companies in Manning & Napier Mutual Funds since 1992.
{This page intentionally left blank}
Supplemental Tax Information
(unaudited)
All reportings are based on financial information available as of the date of this annual report and, accordingly, are subject to change.
For federal income tax purposes, each of the Series reports for the current fiscal year the amount disclosed below or, if different, the maximum amount allowable under the tax law as qualified dividend income (“QDI”).
| Series | | QDI | |
| Pro-Blend® Conservative Term Series | | $ | 828,791 | |
| Pro-Blend® Moderate Term Series | | | 1,566,061 | |
| Pro-Blend® Extended Term Series | | | 3,618,547 | |
| Pro-Blend® Maximum Term Series | | | 2,624,538 | |
For corporate shareholders, the percentage of investment income (dividend income plus short-term gain, if any) that qualifies for the dividends received deduction (“DRD”) for the current fiscal year is as follows:
| Series | | DRD% | |
| Pro-Blend® Conservative Term Series | | | 4.78 | % |
| Pro-Blend® Moderate Term Series | | | 13.63 | % |
| Pro-Blend® Extended Term Series | | | 20.77 | % |
| Pro-Blend® Maximum Term Series | | | 86.67 | % |
The Series designate Long-Term Capital Gain dividends pursuant to Section 852(b)(3) of the Code for the fiscal year ended October 31, 2024 as follows:
| Series | | | | |
| Pro-Blend® Conservative Term Series | | $ | — | |
| Pro-Blend® Moderate Term Series | | | 7,258,259 | |
| Pro-Blend® Extended Term Series | | | 12,318,293 | |
| Pro-Blend® Maximum Term Series | | | 27,434,841 | |
Renewal of Investment Advisory Agreement
(unaudited)
At the Manning & Napier Fund, Inc. (the “Fund”) Board of Directors’ (the “Board”) meeting, held on May 16, 2024, the Investment Advisory Agreement between the Fund and Manning & Napier Advisors, LLC (the “Advisor”) and on behalf of the Rainier International Discovery Series (the “Rainier Series”), the Investment Advisory Agreement between the Advisor and the Fund and the Sub-Advisory Agreement between Advisor and Rainier Investment Management, LLC (“Rainier”)(together, the “Agreements”), were considered for renewal by the Board, including all of the Directors who are not “interested persons” (“Independent Directors”), within the meaning of the Investment Company Act of 1940, as amended (the “1940 Act”). In connection with the decision whether to renew the Agreements, a variety of material was provided to the Board in advance of the meeting for their review and consideration. The Board also held a working session on May 3, 2024 to review and discuss information provided to the Board, and for the Board to request additional information.
Representatives of the Advisor attended a portion of the working session and attended the Board meeting. The Advisor provided supplemental information requested by the Board and presented additional oral information to the Board to assist the Board in its considerations. In addition to the information furnished by the Advisor, the Board was provided with a legal memorandum discussing its fiduciary duties related to its approval of the continuation of the Agreement. Legal counsel for the Fund discussed with the Board the applicable legal considerations. In addition, the Board received in-person presentations about the Fund throughout the year.
The Independent Directors were advised by independent legal counsel with respect to these matters. The Independent Directors also met separately in an executive session with their legal counsel without any representatives of the Advisor present.
The Directors’ determinations at the meeting were made on the basis of each Director’s business judgment after consideration of all the information presented. In deciding to recommend the renewal of the Agreements with respect to each Series of the Fund, the Independent Directors did not identify any single or particular piece of information that, in isolation, was the controlling factor. Each Independent Director may also have weighed factors differently. This summary describes the most important, but not all, of the factors considered by the Board and the Independent Directors.
Nature, Extent and Quality of Services Provided by the Advisor and Rainier
The Board considered the nature, extent and quality of the services provided by the Advisor and Rainier under the Agreements including, among others: deciding what securities to purchase and sell for each Series; arranging for the purchase and sale of such securities by placing orders with broker-dealers; administering the affairs of the Fund (including the books and records of the Fund not maintained by third party service providers such as the custodian or transfer agent); arranging for the insurance coverage for the Fund; and supervising the preparation of tax returns, SEC filings (including registration statements) and reports to shareholders for the Fund. The Board considered the numerous services performed by the Advisor and its affiliates beyond those stated in the Agreements. The Board also considered the Advisor and Rainier’s personnel who perform services to the Fund, changes in senior or key personnel, industry trends impacting the mutual fund industry, the strength of the Advisor’s compliance infrastructure, policies and procedures relating to compliance with securities regulations, reputation, expertise and resources. The Directors also reviewed the Advisor and Rainier’s investment and risk management approaches for the Series. The most recent investment adviser registration forms (Form ADV) for the Advisor and Rainier were available to the Board. The Directors also considered other services to be provided to the Series by the Advisor specifically, such as monitoring Rainier’s adherence to the Series’ investment restrictions and monitoring compliance with various Fund policies and procedures and with applicable securities laws and regulations. Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that the nature, extent and quality of the services provided to each Series by the Advisor and Rainier supported the renewal of the Agreements.
Investment Performance of the Advisor and Rainier
In connection with their consideration of investment performance, the Board was provided with reports – both proprietary to the Advisor or the Fund and generated by independent providers of investment company data – regarding the performance of each Series over various time periods and comparisons against applicable benchmark indexes as well as peer groups of mutual funds. As part of these meetings, the Advisor and Rainier and their representatives provided information regarding and, as applicable, led discussions of factors impacting the Advisor and Rainier’s performance for the Series, outlining market conditions over various time periods and explaining their expectations and strategies for the future. The Directors determined that it was appropriate to take into account its consideration of the Advisor and Rainier’s performance at the May 3rd working session and during prior quarterly board meetings. The Board also considered the Advisor and Rainier’s investment teams, including changes to the investment teams during the past year, investment team compensation structure and the investment process.
Renewal of Investment Advisory Agreement
(unaudited)
The Directors expressed concerns about the investment performance of certain Series for various periods. The Directors emphasized longer-term performance but remained attentive to shorter periods as well. In response to a request from the Independent Directors relating to Series where the Advisor’s or Rainier’s performance was materially below the performance of a Series’ benchmarks and/or peer group, representatives of the Adviser provided a further explanation to the Board regarding the reasons for the underperformance of these Series and discussed the steps taken or expected to be taken by the Advisor in an effort to improve performance. The Directors acknowledged the Advisor’s agreement to continue its efforts to improve relative performance for certain Series and asked the Advisor to update the Board on these efforts at future meetings. After discussion, the Directors agreed to continue to remain focused in future meetings on overseeing the Advisor’s and Sub-Advisor’s efforts to address underperformance, emphasizing longer-term performance, while staying attentive to short-term performance. After discussion, the Directors concluded, based on the information received and the Advisor’s and Sub-Advisor’s efforts to address the underperformance of certain Series, within the context of its full deliberations, that the investment results that the Advisor and Sub-Advisor had been able to achieve for each Series support renewal of the Agreements.
Costs of Advisory Services, Profitability and Economies of Scale
The Board considered the fees and expenses of the various Series of the Fund. The Advisor presented the advisory fees and total expenses for each Series, including the advisory fee adjusted for any contractual expense waivers or reimbursements paid by the Advisor.
The Board considered whether the Advisor had achieved economies of scale with respect to its services to the Fund. The Board acknowledged the expense caps incorporated in the Fund’s current fee structure, which requires the Advisor to subsidize the expenses of the Series operating above their expense cap, noting that 13 of 15 Series of the Fund are currently receiving expense reimbursements from the Advisor. The Directors noted the Advisor’s investments in, among other areas, investment and research personnel, IT resources and technology upgrades, noting their expected benefits to the Fund. The Board concluded that the Fund would need to grow in assets before the Advisor would be able to achieve meaningful economies of scale.
The Board considered differential advisory fee waivers related to a Series’ Class W shares, which are utilized within the Advisor’s separately managed accounts. The Board took into account the Advisor’s annual process to determine that a Series’ Class W shares do not provide a means for cross-subsidization in contravention of Rule 18f-3 under the 1940 Act, which included an analysis of the advisory fees paid by the separately managed accounts to the Adviser outside of the Series as compared to the advisory fees paid by the Series’ other classes to the Adviser. The Board further took into account that, after completing its annual review, the Advisor concluded that each Series’ Class W shares do not provide a means for cross-subsidization in contravention of Rule 18f-3 under the 1940 Act and the Advisor has implemented reasonable measures to monitor the waivers in the Series’ Class W Shares to guard against cross-subsidization in the Series. Based on the results of the Advisor’s annual review of the differential advisory fee waivers related to the Series’ Class W shares and the Advisor’s conclusions thereto, the Board accepted the Advisor’s assessment, and therefore has made the determination, based on the information and analysis presented to the Board at the meeting, that the Series’ Class W shares do not provide a means for cross-subsidization in contravention of Rule 18f-3 under the 1940 Act.
The Advisor provided the Board with information comparing each Series’ contractual management fees with the Advisor’s standard advisory fees for separate accounts and collective investment trusts. The Board considered that the range of services provided to the Series is more extensive than for the Advisor’s other clients due to additional infrastructure, administrative and regulatory requirements related to operating a mutual fund.
The current advisory fees, 12b-1 Distribution and Service Fees, other expenses (e.g. a combination of Shareholder Services Fees, intermediary sub-TA fees, routine operating expenses and Acquired Fund Fees and Expenses for fund-of-fund Series) and total expense ratios of each Series and share class were compared and ranked (on both a mean and median basis) against respective peer universes. Respective peer universes included funds of a similar size and with similar investment objectives and expense characteristics as disclosed on the Morningstar database. Representatives of the Advisor discussed with the Board the comparisons and rankings of fees and net expense ratios for each Series of the Fund and the methodology behind the comparison. The Board considered that 93% of the Series have at least one share class in the best third of its relevant universe, and approximately half of the funds fall within the lowest expense quartile for at least one share class. The Board was also provided with information related to the sub-advisory fees for the Rainier International Discovery Series and appliable comparisons. The Board will continue to monitor the fees and expenses of the Series compared to peer groups. Based on their review of the information provided, the Board concluded that the current fees and expenses of each Series of the Fund were reasonable on a comparative basis.
Renewal of Investment Advisory Agreement
(unaudited)
The Board considered the costs of the Advisor’s services and the profits of the Advisor as they relate to the Advisor’s services to the Fund and Rainier’s services and profits with respect to services provided to the Rainier Series under the Agreements. The Board noted that since its last review, the Advisor completed a ‘go-private’ transaction whereby it was acquired by the Callodine Group in October 2022. The Board was provided with information on the Advisor’s financial condition and profitability by mutual fund agreement and by Series. Representatives of the Advisor noted a shift to EBITDA (earnings before interest, taxes, depreciation and amortization) as the key performance metric related to profitability and discussed modest improvements in the Advisor’s profitability derived from the Fund. The Board discussed the Advisor’s revenues generated from the Fund and its expenses associated with providing the services under the Agreements. The Advisor presented the Board with information on firm wide investment management profitability to provide a comparison of the Advisor’s profitability from its Fund activities relative to its profitability from its other investment management business. In addition, the Board reviewed the Advisor’s expense allocation methodology used to calculate profitability since many of the Advisor’s resources and expenses are shared across the Advisor’s various investment management vehicles. The Board noted the Advisor’s explanation of the consistent approach taken in calculating profitability, compared to prior periods, including the allocation of expenses as part of that calculation. The Board considered the Advisor’s expenses associated with Fund activities outside of the Agreement (such as expense reimbursements pursuant to expense caps and payments made by the Advisor to third party platforms on which shares of the Fund are available for purchase). After discussing the above costs and profits, the Board concluded that the Advisor and Rainier’s profit margins relating to its services provided under the Agreements were reasonable. The Board also considered the Advisor’s willingness to continue its current expense limitation and fee waiver arrangements with the Series.
The Board also considered the other benefits the Advisor derives from its relationship with the Fund. Such other benefits include participation in a joint insurance program, sharing of compensation expenses for certain shared personnel, relationships with large service providers, the utilization of Series within the Advisor’s separately managed accounts and certain research services provided by soft dollars. The Board concluded that these additional benefits to the Advisor were reasonable.
Conclusion
Based on the Board’s deliberations and their evaluation of the information described above, the Board, including a majority of the Independent Directors, concluded that the compensation under the Agreements was fair and reasonable with respect to each Series in light of the services and expenses and such other matters as the Directors considered to be relevant in the exercise of their reasonable judgment, and that the renewal of the Agreements would be in the best interests of each Series and its shareholders. The Board did not indicate that any single factor was determinative of its decision to approve the Agreements, but indicated that the Board based its determination on the total mix of information available to it.
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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 |
| On Manning & Napier’s web site | | www.manning-napier.com |
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-PORT, and are available, without charge, upon request:
| By phone | | 1-800-466-3863 |
| On the SEC’s web site | | http://www.sec.gov |
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 1-(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 |
| 5. | Financial Statement and Other Information - Annual |
| 6. | Financial Statement and Other Information - 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.
MNPRO-10/24-AR
www.manning-napier.com
Manning & Napier Fund, Inc.
Disciplined Value Series
Disciplined Value Series
Investment Portfolio - October 31, 2024
| | | | | | | |
| | | SHARES | | | VALUE
(NOTE 2) | |
| | | | | | | |
| COMMON STOCKS - 99.4% |
| |
| Communication Services - 1.1% |
| Media - 1.1% |
| Fox Corp. - Class A | | | 14,212 | | | $ | 596,904 | |
| The Interpublic Group of Companies, Inc. | | | 11,873 | | | | 349,066 | |
| Omnicom Group, Inc. | | | 12,009 | | | | 1,212,909 | |
| Total Communication Services | | | | | | | 2,158,879 | |
| Consumer Discretionary - 5.4% |
| Broadline Retail - 0.8% |
| eBay, Inc. | | | 26,489 | | | | 1,523,382 | |
| Distributors - 0.6% |
| Genuine Parts Co. | | | 8,046 | | | | 922,876 | |
| LKQ Corp. | | | 8,016 | | | | 294,909 | |
| | | | | | | | 1,217,785 | |
| Hotels, Restaurants & Leisure - 0.5% |
| Las Vegas Sands Corp. | | | 18,076 | | | | 937,241 | |
| Household Durables - 0.3% |
| Lennar Corp. - Class A | | | 3,143 | | | | 535,253 | |
| Specialty Retail - 2.8% |
| Best Buy Co., Inc. | | | 12,796 | | | | 1,157,142 | |
| Dick’s Sporting Goods, Inc. | | | 4,899 | | | | 958,979 | |
| The Home Depot, Inc. | | | 4,691 | | | | 1,847,081 | |
| Penske Automotive Group, Inc. | | | 2,289 | | | | 344,655 | |
| Williams-Sonoma, Inc. | | | 7,544 | | | | 1,011,877 | |
| | | | | | | | 5,319,734 | |
| Textiles, Apparel & Luxury Goods - 0.4% |
| Ralph Lauren Corp. | | | 2,101 | | | | 415,851 | |
| Tapestry, Inc. | | | 7,772 | | | | 368,781 | |
| | | | | | | | 784,632 | |
| Total Consumer Discretionary | | | | | | | 10,318,027 | |
| Consumer Staples - 8.0% |
| Beverages - 0.3% |
| Brown-Forman Corp. - Class B | | | 6,468 | | | | 284,786 | |
| Molson Coors Beverage Co. - Class B | | | 6,460 | | | | 351,876 | |
| | | | | | | | 636,662 | |
| Consumer Staples Distribution & Retail - 0.9% |
| Sysco Corp. | | | 23,290 | | | | 1,745,586 | |
| Food Products - 5.1% |
| Archer-Daniels-Midland Co. | | | 24,813 | | | | 1,369,926 | |
| Bunge Global S.A. | | | 4,501 | | | | 378,174 | |
| Campbell Soup Co. | | | 9,822 | | | | 458,196 | |
| Conagra Brands, Inc. | | | 15,373 | | | | 444,895 | |
| General Mills, Inc. | | | 27,235 | | | | 1,852,525 | |
| The Hershey Co. | | | 9,419 | | | | 1,672,626 | |
| The Kraft Heinz Co. | | | 53,441 | | | | 1,788,136 | |
| Mondelez International, Inc. - Class A | | | 23,722 | | | | 1,624,482 | |
| | | | | | | | 9,588,960 | |
| Household Products - 1.2% |
| Colgate-Palmolive Co. | | | 7,621 | | | | 714,164 | |
| | | | | | | |
| | | SHARES | | | VALUE
(NOTE 2) | |
| |
| COMMON STOCKS (continued) |
| |
| Consumer Staples (continued) |
| Household Products (continued) |
| Kimberly-Clark Corp. | | | 10,834 | | | $ | 1,453,706 | |
| | | | | | | | 2,167,870 | |
| Personal Care Products - 0.5% |
| Kenvue, Inc. | | | 44,654 | | | | 1,023,916 | |
| Total Consumer Staples | | | | | | | 15,162,994 | |
| Energy - 16.7% |
| Energy Equipment & Services - 1.8% |
| Halliburton Co. | | | 43,127 | | | | 1,196,343 | |
| Schlumberger N.V | | | 53,724 | | | | 2,152,721 | |
| | | | | | | | 3,349,064 | |
| Oil, Gas & Consumable Fuels - 14.9% |
| Chevron Corp. | | | 41,630 | | | | 6,195,377 | |
| ConocoPhillips | | | 35,423 | | | | 3,880,235 | |
| Coterra Energy, Inc. | | | 43,545 | | | | 1,041,596 | |
| Devon Energy Corp. | | | 8,265 | | | | 319,690 | |
| EOG Resources, Inc. | | | 10,780 | | | | 1,314,729 | |
| Expand Energy Corp. | | | 4,318 | | | | 365,821 | |
| Exxon Mobil Corp. | | | 55,207 | | | | 6,447,073 | |
| Hess Corp. | | | 3,518 | | | | 473,101 | |
| HF Sinclair Corp. | | | 6,527 | | | | 252,007 | |
| Marathon Oil Corp. | | | 17,740 | | | | 491,398 | |
| Marathon Petroleum Corp. | | | 14,778 | | | | 2,149,756 | |
| Occidental Petroleum Corp. | | | 19,352 | | | | 969,729 | |
| Ovintiv, Inc. | | | 8,329 | | | | 326,497 | |
| Permian Resources Corp. | | | 24,917 | | | | 339,619 | |
| Phillips 66 | | | 16,280 | | | | 1,983,229 | |
| Valero Energy Corp. | | | 13,246 | | | | 1,718,801 | |
| | | | | | | | 28,268,658 | |
| Total Energy | | | | | | | 31,617,722 | |
| Financials - 22.0% |
| Banks - 17.0% |
| Bank of America Corp. | | | 128,691 | | | | 5,381,858 | |
| Citigroup, Inc. | | | 60,534 | | | | 3,884,467 | |
| East West Bancorp, Inc. | | | 4,409 | | | | 429,833 | |
| Fifth Third Bancorp | | | 35,087 | | | | 1,532,600 | |
| Huntington Bancshares, Inc. | | | 79,903 | | | | 1,245,688 | |
| JPMorgan Chase & Co. | | | 31,462 | | | | 6,982,047 | |
| The PNC Financial Services Group, Inc. | | | 10,963 | | | | 2,064,004 | |
| Truist Financial Corp. | | | 54,189 | | | | 2,332,837 | |
| U.S. Bancorp | | | 56,813 | | | | 2,744,636 | |
| Wells Fargo & Co. | | | 86,134 | | | | 5,591,819 | |
| | | | | | | | 32,189,789 | |
| Capital Markets - 0.2% |
| Cboe Global Markets, Inc. | | | 1,629 | | | | 347,905 | |
| Insurance - 4.8% |
| The Allstate Corp. | | | 5,682 | | | | 1,059,807 | |
| Chubb Ltd. | | | 3,273 | | | | 924,426 | |
| Cincinnati Financial Corp. | | | 8,916 | | | | 1,255,640 | |
The accompanying notes are an integral part of the financial statements.
Disciplined Value Series
Investment Portfolio - October 31, 2024
| | | | | | | |
| | | SHARES | | | VALUE
(NOTE 2) | |
| |
| COMMON STOCKS (continued) |
| |
| Financials (continued) |
| Insurance (continued) |
| Everest Group Ltd. | | | 1,827 | | | $ | 649,700 | |
| The Hartford Financial Services Group, Inc. | | | 14,619 | | | | 1,614,522 | |
| The Travelers Companies, Inc. | | | 9,837 | | | | 2,419,312 | |
| W. R. Berkley Corp. | | | 20,926 | | | | 1,196,339 | |
| | | | | | | | 9,119,746 | |
| Total Financials | | | | | | | 41,657,440 | |
| Health Care - 17.1% |
| Biotechnology - 2.1% |
| Gilead Sciences, Inc. | | | 44,205 | | | | 3,926,288 | |
| Health Care Equipment & Supplies - 3.6% |
| Baxter International, Inc. | | | 15,466 | | | | 552,136 | |
| Becton Dickinson & Co. | | | 10,743 | | | | 2,509,457 | |
| Medtronic plc | | | 42,207 | | | | 3,766,975 | |
| | | | | | | | 6,828,568 | |
| Health Care Providers & Services - 4.4% |
| Elevance Health, Inc. | | | 1,856 | | | | 753,091 | |
| Humana, Inc. | | | 1,398 | | | | 360,446 | |
| Labcorp Holdings, Inc. | | | 2,542 | | | | 580,263 | |
| Quest Diagnostics, Inc. | | | 5,416 | | | | 838,559 | |
| UnitedHealth Group, Inc. | | | 10,372 | | | | 5,854,994 | |
| | | | | | | | 8,387,353 | |
| Pharmaceuticals - 7.0% |
| Bristol-Myers Squibb Co. | | | 69,513 | | | | 3,876,740 | |
| Johnson & Johnson | | | 43,607 | | | | 6,971,015 | |
| Merck & Co., Inc. | | | 15,433 | | | | 1,579,105 | |
| Royalty Pharma plc - Class A | | | 16,951 | | | | 457,677 | |
| Viatris, Inc. | | | 38,020 | | | | 441,032 | |
| | | | | | | | 13,325,569 | |
| Total Health Care | | | | | | | 32,467,778 | |
| Industrials - 19.8% |
| Aerospace & Defense - 4.9% |
| Huntington Ingalls Industries, Inc. | | | 1,283 | | | | 237,304 | |
| Lockheed Martin Corp. | | | 7,734 | | | | 4,223,151 | |
| RTX Corp. | | | 39,640 | | | | 4,796,043 | |
| | | | | | | | 9,256,498 | |
| Air Freight & Logistics - 1.3% |
| FedEx Corp. | | | 9,200 | | | | 2,519,420 | |
| Building Products - 0.8% |
| A. O. Smith Corp. | | | 5,003 | | | | 375,725 | |
| Allegion plc | | | 2,766 | | | | 386,217 | |
| Masco Corp. | | | 9,748 | | | | 778,963 | |
| | | | | | | | 1,540,905 | |
| Electrical Equipment - 0.8% |
| Emerson Electric Co. | | | 11,009 | | | | 1,191,945 | |
| Rockwell Automation, Inc. | | | 1,430 | | | | 381,395 | |
| | | | | | | | 1,573,340 | |
| | | | | | | |
| | | SHARES | | | VALUE
(NOTE 2) | |
| |
| COMMON STOCKS (continued) |
| |
| Industrials (continued) |
| Ground Transportation - 0.7% | | | | | | | | |
| CSX Corp. | | | 36,814 | | | $ | 1,238,423 | |
| Industrial Conglomerates - 3.1% | | | | | | | | |
| 3M Co. | | | 22,184 | | | | 2,849,978 | |
| Honeywell International, Inc. | | | 15,016 | | | | 3,088,491 | |
| | | | | | | | 5,938,469 | |
| Machinery - 7.4% | | | | | | | | |
| Caterpillar, Inc. | | | 15,190 | | | | 5,714,478 | |
| Cummins, Inc. | | | 6,574 | | | | 2,162,715 | |
| Deere & Co. | | | 8,738 | | | | 3,536,181 | |
| PACCAR, Inc. | | | 19,826 | | | | 2,067,455 | |
| Snap-on, Inc. | | | 1,526 | | | | 503,778 | |
| | | | | | | | 13,984,607 | |
| Professional Services - 0.6% | | | | | | | | |
| Broadridge Financial Solutions, Inc. | | | 1,600 | | | | 337,376 | |
| SS&C Technologies Holdings, Inc. | | | 10,936 | | | | 764,754 | |
| | | | | | | | 1,102,130 | |
| Trading Companies & Distributors - 0.2% | | | | | | | | |
| Ferguson Enterprises, Inc. | | | 2,346 | | | | 461,552 | |
| Total Industrials | | | | | | | 37,615,344 | |
| Information Technology - 5.2% | | | | | | | | |
| Communications Equipment - 1.5% | | | | | | | | |
| Cisco Systems, Inc. | | | 52,230 | | | | 2,860,637 | |
| IT Services - 1.7% | | | | | | | | |
| Accenture plc - Class A (Ireland) | | | 4,265 | | | | 1,470,657 | |
| Cognizant Technology Solutions Corp. - Class A | | | 23,333 | | | | 1,740,409 | |
| | | | | | | | 3,211,066 | |
| Semiconductors & Semiconductor Equipment - 2.0% | |
| Analog Devices, Inc. | | | 8,825 | | | | 1,968,946 | |
| Microchip Technology, Inc. | | | 16,696 | | | | 1,224,985 | |
| Skyworks Solutions, Inc. | | | 6,948 | | | | 608,506 | |
| | | | | | | | 3,802,437 | |
| Total Information Technology | | | | | | | 9,874,140 | |
| Materials - 4.1% | | | | | | | | |
| Chemicals - 1.4% | | | | | | | | |
| CF Industries Holdings, Inc. | | | 5,656 | | | | 465,093 | |
| The Mosaic Co. | | | 11,291 | | | | 302,147 | |
| PPG Industries, Inc. | | | 11,642 | | | | 1,449,545 | |
| Westlake Corp. | | | 3,823 | | | | 504,407 | |
| | | | | | | | 2,721,192 | |
| Construction Materials - 0.7% | | | | | | | | |
| CRH plc | | | 13,652 | | | | 1,302,810 | |
| Containers & Packaging - 1.1% | | | | | | | | |
| Avery Dennison Corp. | | | 1,250 | | | | 258,788 | |
| International Paper Co. | | | 11,054 | | | | 613,939 | |
The accompanying notes are an integral part of the financial statements.
Disciplined Value Series
Investment Portfolio - October 31, 2024
| | | | | | | |
| | | SHARES | | | VALUE
(NOTE 2) | |
| |
| COMMON STOCKS (continued) |
| |
| Materials (continued) |
| Containers & Packaging (continued) | | | | | | | | |
| Smurfit WestRock plc | | | 23,035 | | | $ | 1,186,302 | |
| | | | | | | | 2,059,029 | |
| Metals & Mining - 0.9% | | | | | | | | |
| Nucor Corp. | | | 5,538 | | | | 785,510 | |
| Reliance, Inc. | | | 871 | | | | 249,402 | |
| Steel Dynamics, Inc. | | | 4,385 | | | | 572,243 | |
| | | | | | | | 1,607,155 | |
| Total Materials | | | | | | | 7,690,186 | |
TOTAL COMMON STOCKS
(Identified Cost $173,366,445) | | | | | | | 188,562,510 | |
| | | | | | | | | |
| SHORT-TERM INVESTMENT - 0.9% | | | | | | | | |
| | | | | | | | | |
| Dreyfus Government Cash Management, Institutional Shares, 4.76%1 | | | | | | | | |
| (Identified Cost $1,765,527) | | | 1,765,527 | | | | 1,765,527 | |
| | | | | | | | | |
TOTAL INVESTMENTS - 100.3%
(Identified Cost $175,131,972) | | | | | | | 190,328,037 | |
| LIABILITIES, LESS OTHER ASSETS - (0.3%) | | | | | | | (605,982 | ) |
| NET ASSETS - 100% | | | | | | $ | 189,722,055 | |
1Rate shown is the current yield as of October 31, 2024.
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 S&P Global 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.
Disciplined Value Series
Statement of Assets and Liabilities
October 31, 2024
ASSETS:
| Investments, at value (identified cost $175,131,972) (Note 2) | | $ | 190,328,037 | |
| Receivable for fund shares sold | | | 195,477 | |
| Dividends receivable | | | 135,514 | |
| Prepaid expenses | | | 13 | |
| | | | | |
| TOTAL ASSETS | | | 190,659,041 | |
| | | | | |
| LIABILITIES: |
| |
| Accrued management fees1 | | | 50,830 | |
| Accrued sub-transfer agent fees1 | | | 41,420 | |
| Accrued fund accounting and administration fees1 | | | 12,474 | |
| Accrued distribution and service (Rule 12b-1) fees (Class S)1 | | | 9,947 | |
| Directors’ fees payable1 | | | 6,774 | |
| Accrued Chief Compliance Officer service fees1 | | | 2,713 | |
| Payable for fund shares repurchased | | | 759,651 | |
| Other payables and accrued expenses | | | 53,177 | |
| | | | | |
| TOTAL LIABILITIES | | | 936,986 | |
| | | | | |
| TOTAL NET ASSETS | | $ | 189,722,055 | |
| | | | | |
| NET ASSETS CONSIST OF: |
| |
| Capital stock | | $ | 221,095 | |
| Additional paid-in-capital | | | 160,736,715 | |
| Total distributable earnings (loss) | | | 28,764,245 | |
| | | | | |
| TOTAL NET ASSETS | | $ | 189,722,055 | |
| | | | | |
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class S
($46,135,308/5,555,637 shares) | | $ | 8.30 | |
| | | | | |
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class I
($64,385,201/7,231,822 shares) | | $ | 8.90 | |
| | | | | |
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class W
($54,216,725/6,514,915 shares) | | $ | 8.32 | |
| | | | | |
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class Z
($24,984,821/2,807,162 shares) | | $ | 8.90 | |
1 See note 3 in Notes to the Financial Statements.
The accompanying notes are an integral part of the financial statements.
Disciplined Value Series
Statement of Operations
For the Year Ended October 31, 2024
INVESTMENT INCOME:
| Dividends | | $ | 5,916,247 | |
| | | | | |
| EXPENSES: |
| |
| Management fees (Note 3) | | | 614,389 | |
| Distribution and service (Rule 12b-1) fees (Class S) (Note 3) | | | 117,934 | |
| Sub-transfer agent fees (Note 3) | | | 95,700 | |
| Fund accounting and administration fees (Note 3) | | | 73,978 | |
| Directors’ fees (Note 3) | | | 27,278 | |
| Chief Compliance Officer service fees (Note 3) | | | 7,994 | |
| Registration and filing fees | | | 62,481 | |
| Custodian fees | | | 8,573 | |
| Miscellaneous | | | 123,870 | |
| | | | | |
| Total Expenses | | | 1,132,197 | |
| Less reduction of expenses (Note 3) | | | (179,068 | ) |
| | | | | |
| Net Expenses | | | 953,129 | |
| | | | | |
| NET INVESTMENT INCOME | | | 4,963,118 | |
| | | | | |
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: |
| |
| Net realized gain (loss) on investments | | | 15,822,589 | |
| | | | | |
| Net change in unrealized appreciation (depreciation) on investments | | | 28,630,249 | |
| | | | | |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS | | | 44,452,838 | |
| | | | | |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 49,415,956 | |
The accompanying notes are an integral part of the financial statements.
Disciplined Value Series
Statements of Changes in Net Assets
| | | FOR THE
YEAR ENDED
10/31/24 | | | FOR THE
YEAR ENDED
10/31/23 | |
| INCREASE (DECREASE) IN NET ASSETS: |
| |
| OPERATIONS: |
| |
| Net investment income | | $ | 4,963,118 | | | $ | 9,496,553 | |
| Net realized gain (loss) on investments | | | 15,822,589 | | | | 16,674,817 | |
| Net change in unrealized appreciation (depreciation) on investments | | | 28,630,249 | | | | (32,333,819 | ) |
| | | | | | | | | |
| Net increase (decrease) from operations | | | 49,415,956 | | | | (6,162,449 | ) |
| | | | | | | | | |
| DISTRIBUTIONS TO SHAREHOLDERS (Note 8): |
| |
| Class S | | | (4,551,887 | ) | | | (5,938,420 | ) |
| Class I | | | (6,682,681 | ) | | | (7,523,905 | ) |
| Class W | | | (5,947,957 | ) | | | (20,416,273 | ) |
| Class Z | | | (2,110,572 | ) | | | (2,196,572 | ) |
| | | | | | | | | |
| Total distributions to shareholders | | | (19,293,097 | ) | | | (36,075,170 | ) |
| | | | | | | | | |
| CAPITAL STOCK ISSUED AND REPURCHASED: |
| |
| Net increase (decrease) from capital share transactions (Note 5) | | | (50,841,639 | ) | | | (133,314,889 | ) |
| | | | | | | | | |
| Net increase (decrease) in net assets | | | (20,718,780 | ) | | | (175,552,508 | ) |
| | | | | | | | | |
| NET ASSETS: |
| |
| Beginning of year | | | 210,440,835 | | | | 385,993,343 | |
| | | | | | | | | |
| End of year | | $ | 189,722,055 | | | $ | 210,440,835 | |
The accompanying notes are an integral part of the financial statements.
Disciplined Value Series
Financial Highlights - Class S
| | | FOR THE YEAR ENDED |
| | | 10/31/24 | | 10/31/23 | | 10/31/22 | | 10/31/21 | | 10/31/20 |
| Per share data (for a share outstanding throughout each year): | | | | | | | | | | | | | | | | | | | | |
| Net asset value - Beginning of year | | $ | 7.21 | | | $ | 8.23 | | | $ | 9.17 | | | $ | 6.78 | | | $ | 7.67 | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income1 | | | 0.17 | | | | 0.17 | | | | 0.17 | | | | 0.15 | | | | 0.16 | |
| Net realized and unrealized gain (loss) on investments | | | 1.65 | | | | (0.42 | ) | | | (0.45 | ) | | | 2.36 | | | | (0.68 | ) |
| Total from investment operations | | | 1.82 | | | | (0.25 | ) | | | (0.28 | ) | | | 2.51 | | | | (0.52 | ) |
| Less distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
| From net investment income | | | (0.30 | ) | | | (0.16 | ) | | | (0.14 | ) | | | (0.12 | ) | | | (0.14 | ) |
| From net realized gain on investments | | | (0.42 | ) | | | (0.61 | ) | | | (0.52 | ) | | | — | | | | (0.23 | ) |
| Total distributions to shareholders | | | (0.72 | ) | | | (0.77 | ) | | | (0.66 | ) | | | (0.12 | ) | | | (0.37 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| Net asset value - End of year | | $ | 8.30 | | | $ | 7.21 | | | $ | 8.23 | | | $ | 9.17 | | | $ | 6.78 | |
| Net assets - End of year (000’s omitted) | | $ | 46,135 | | | $ | 49,633 | | | $ | 64,323 | | | $ | 72,925 | | | $ | 64,205 | |
| Total return2 | | | 26.33 | % | | | (3.84 | %) | | | (3.39 | %) | | | 37.17 | % | | | (7.09 | %) |
| | | | | | | | | | | | | | | | | | | | | |
| Ratios (to average net assets)/Supplemental Data: | | | | | | | | | | | | | | | | | | | | |
| Expenses | | | 0.75 | % | | | 0.76 | % | | | 0.72 | % | | | 0.72 | % | | | 0.76 | % |
| Net investment income | | | 2.13 | % | | | 2.20 | % | | | 1.98 | % | | | 1.74 | % | | | 2.26 | % |
| Series portfolio turnover | | | 58 | % | | | 35 | % | | | 31 | % | | | 55 | % | | | 29 | % |
1Calculated based on average shares outstanding during the years.
2Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions.
The accompanying notes are an integral part of the financial statements.
Disciplined Value Series
Financial Highlights - Class I
| | | FOR THE YEAR ENDED |
| | | 10/31/24 | | | 10/31/23 | | | 10/31/22 | | | 10/31/21 | | | 10/31/20 | |
| Per share data (for a share outstanding throughout each year): | | | | | | | | | | | | | | | | | | | | |
| Net asset value - Beginning of year | | $ | 7.68 | | | $ | 8.72 | | | $ | 9.68 | | | $ | 7.15 | | | $ | 8.07 | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income1 | | | 0.20 | | | | 0.20 | | | | 0.19 | | | | 0.17 | | | | 0.18 | |
| Net realized and unrealized gain (loss) on investments | | | 1.77 | | | | (0.45 | ) | | | (0.48 | ) | | | 2.49 | | | | (0.71 | ) |
| Total from investment operations | | | 1.97 | | | | (0.25 | ) | | | (0.29 | ) | | | 2.66 | | | | (0.53 | ) |
| Less distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
| From net investment income | | | (0.32 | ) | | | (0.18 | ) | | | (0.15 | ) | | | (0.13 | ) | | | (0.16 | ) |
| From net realized gain on investments | | | (0.42 | ) | | | (0.61 | ) | | | (0.52 | ) | | | — | | | | (0.23 | ) |
| Total distributions to shareholders | | | (0.74 | ) | | | (0.79 | ) | | | (0.67 | ) | | | (0.13 | ) | | | (0.39 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| Net asset value - End of year | | $ | 8.90 | | | $ | 7.68 | | | $ | 8.72 | | | $ | 9.68 | | | $ | 7.15 | |
| Net assets - End of year (000’s omitted) | | $ | 64,385 | | | $ | 73,449 | | | $ | 86,444 | | | $ | 109,845 | | | $ | 120,221 | |
| Total return2 | | | 26.67 | % | | | (3.68 | %) | | | (3.24 | %) | | | 37.44 | % | | | (6.89 | %) |
| | | | | | | | | | | | | | | | | | | | | |
| Ratios (to average net assets)/Supplemental Data: | | | | | | | | | | | | | | | | | | | | |
| Expenses | | | 0.55 | % | | | 0.55 | % | | | 0.52 | % | | | 0.54 | % | | | 0.55 | % |
| Net investment income | | | 2.34 | % | | | 2.40 | % | | | 2.16 | % | | | 1.93 | % | | | 2.45 | % |
| Series portfolio turnover | | | 58 | % | | | 35 | % | | | 31 | % | | | 55 | % | | | 29 | % |
1Calculated based on average shares outstanding during the years.
2Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions.
The accompanying notes are an integral part of the financial statements.
Disciplined Value Series
Financial Highlights - Class W
| | | FOR THE YEAR ENDED | | | | | | | | | | |
| | | 10/31/24 | | | 10/31/23 | | | 10/31/22 | | | 10/31/21 | | | 10/31/20 | |
| Per share data (for a share outstanding throughout each year): | | | | | | | | | | | | | | | | | | | | |
| Net asset value - Beginning of year | | $ | 7.23 | | | $ | 8.26 | | | $ | 9.20 | | | $ | 6.80 | | | $ | 7.69 | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income1 | | | 0.22 | | | | 0.23 | | | | 0.22 | | | | 0.20 | | | | 0.20 | |
| Net realized and unrealized gain (loss) on investments | | | 1.64 | | | | (0.44 | ) | | | (0.45 | ) | | | 2.37 | | | | (0.68 | ) |
| Total from investment operations | | | 1.86 | | | | (0.21 | ) | | | (0.23 | ) | | | 2.57 | | | | (0.48 | ) |
| Less distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
| From net investment income | | | (0.35 | ) | | | (0.21 | ) | | | (0.19 | ) | | | (0.17 | ) | | | (0.18 | ) |
| From net realized gain on investments | | | (0.42 | ) | | | (0.61 | ) | | | (0.52 | ) | | | — | | | | (0.23 | ) |
| Total distributions to shareholders | | | (0.77 | ) | | | (0.82 | ) | | | (0.71 | ) | | | (0.17 | ) | | | (0.41 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| Net asset value - End of year | | $ | 8.32 | | | $ | 7.23 | | | $ | 8.26 | | | $ | 9.20 | | | $ | 6.80 | |
| Net assets - End of year (000’s omitted) | | $ | 54,217 | | | $ | 65,430 | | | $ | 211,178 | | | $ | 244,197 | | | $ | 116,106 | |
| Total return2 | | | 27.15 | % | | | (3.32 | %) | | | (2.75 | %) | | | 37.98 | % | | | (6.45 | %) |
| | | | | | | | | | | | | | | | | | | | | |
| Ratios (to average net assets)/Supplemental Data: | | | | | | | | | | | | | | | | | | | | |
| Expenses* | | | 0.15 | % | | | 0.12 | % | | | 0.11 | % | | | 0.11 | % | | | 0.14 | %3 |
| Net investment income | | | 2.76 | % | | | 2.89 | % | | | 2.58 | % | | | 2.31 | % | | | 2.84 | % |
| Series portfolio turnover | | | 58 | % | | | 35 | % | | | 31 | % | | | 55 | % | | | 29 | % |
*The investment advisor did not impose all or a portion of its management and/or other fees during the years, and may have paid a portion of the Series’ expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts:
| | | | 0.30 | % | | | 0.30 | % | | | 0.30 | % | | | 0.30 | % | | | 0.30 | % |
1Calculated based on average shares outstanding during the years.
2Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been waived or reimbursed during the years.
3Includes recoupment of past waived and/or reimbursed fees. Excluding this amount, the expense ratio (to average net assets) would have decreased by less than 0.01%.
The accompanying notes are an integral part of the financial statements.
Disciplined Value Series
Financial Highlights - Class Z
| | | FOR THE YEAR ENDED | | | | | | | | | | |
| | | 10/31/24 | | | 10/31/23 | | | 10/31/22 | | | 10/31/21 | | | 10/31/20 | |
| Per share data (for a share outstanding throughout each year): | | | | | | | | | | | | | | | | | | | | |
| Net asset value - Beginning of year | | $ | 7.68 | | | $ | 8.72 | | | $ | 9.68 | | | $ | 7.15 | | | $ | 8.07 | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income1 | | | 0.20 | | | | 0.21 | | | | 0.20 | | | | 0.19 | | | | 0.19 | |
| Net realized and unrealized gain (loss) on investments | | | 1.77 | | | | (0.45 | ) | | | (0.48 | ) | | | 2.48 | | | | (0.72 | ) |
| Total from investment operations | | | 1.97 | | | | (0.24 | ) | | | (0.28 | ) | | | 2.67 | | | | (0.53 | ) |
| Less distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
| From net investment income | | | (0.33 | ) | | | (0.19 | ) | | | (0.16 | ) | | | (0.14 | ) | | | (0.16 | ) |
| From net realized gain on investments | | | (0.42 | ) | | | (0.61 | ) | | | (0.52 | ) | | | — | | | | (0.23 | ) |
| Total distributions to shareholders | | | (0.75 | ) | | | (0.80 | ) | | | (0.68 | ) | | | (0.14 | ) | | | (0.39 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| Net asset value - End of year | | $ | 8.90 | | | $ | 7.68 | | | $ | 8.72 | | | $ | 9.68 | | | $ | 7.15 | |
| Net assets - End of year (000’s omitted) | | $ | 24,985 | | | $ | 21,929 | | | $ | 24,049 | | | $ | 24,111 | | | $ | 15,781 | |
| Total return2 | | | 26.83 | % | | | (3.55 | %) | | | (3.12 | %) | | | 37.61 | % | | | (6.77 | %) |
| | | | | | | | | | | | | | | | | | | | | |
| Ratios (to average net assets)/Supplemental Data: | | | | | | | | | | | | | | | | | | | | |
| Expenses* | | | 0.45 | % | | | 0.42 | % | | | 0.41 | % | | | 0.41 | % | | | 0.45 | %3 |
| Net investment income | | | 2.41 | % | | | 2.53 | % | | | 2.27 | % | | | 2.04 | % | | | 2.55 | % |
| Series portfolio turnover | | | 58 | % | | | 35 | % | | | 31 | % | | | 55 | % | | | 29 | % |
1Calculated based on average shares outstanding during the years.
2Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions.
3Includes recoupment of past waived and/or reimbursed fees. Excluding this amount, the expense ratio (to average net assets) would have decreased by 0.01%.
The accompanying notes are an integral part of the financial statements.
Disciplined Value Series
Notes to Financial Statements
Disciplined Value Series (the “Series”) is a no-load diversified series of Manning & Napier Fund, Inc. (the “Fund”). The Fund is organized in Maryland and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company.
The Series’ investment objective is to provide competitive returns consistent with the broad equity market while providing a level of capital protection during market downturns.
The Series is authorized to issue four classes of shares (Class S, I, W, and Z). Each class of shares is substantially the same, except that class-specific distribution and shareholder servicing expenses are borne by the specific class of shares to which they relate.
The Fund’s Advisor is Manning & Napier Advisors, LLC (the “Advisor”). Shares of the Series are offered to investors, clients and employees of the Advisor and its affiliates. The total authorized capital stock of the Fund consists of 15 billion shares of common stock each having a par value of $0.01. As of October 31, 2024, 6.8 billion shares have been designated in total among 15 series, of which 100 million have been designated as Disciplined Value Series Class I common stock, Disciplined Value Series Class S common stock, Disciplined Value Series Class W common stock, and Disciplined Value Series Class Z 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. In these instances, fair value is measured 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 to value these securities may differ from the value that would be realized if these securities were sold, and the differences could be material.
Fair Value
The Series’ financial instruments are valued at the close of the NYSE and are reported at fair value, which GAAP defines as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Board has designated the Advisor as the Fund’s valuation designee (Valuation Designee) to make all fair value determinations with respect to each Series’ portfolio investments. Subject to oversight by the Board, the Valuation Designee performs the following functions in performing fair value determinations: assesses and manages valuation risks; establishes and applies fair value methodologies; tests fair value methodologies; and evaluates pricing vendors and pricing agents. The Advisor has adopted and implemented policies and procedures to be followed when making fair value determinations, and it has established a Valuation Committee through which the Advisor makes fair value determinations. The Valuation Designee
Disciplined Value Series
Notes to Financial Statements (continued)
| 2. | Significant Accounting Policies (continued) |
Fair Value (continued)
provides periodic reporting to the Board on valuation matters. The Advisor’s determination of a security’s fair value price often involves the consideration of a number of subjective factors, and is therefore subject to the unavoidable risk that the value assigned to a security may be higher or lower than the security’s value would be if a reliable market quotation for the security was readily available. 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. The Advisor may use a pricing service to obtain the value of the Fund’s portfolio securities where the prices provided by such pricing service are believed to reflect the fair market value of such securities. The methods used by the pricing service and the valuations so established will be reviewed by the Advisor under the general supervision of the Fund’s Board of Directors. Several pricing services are available, one or more of which may be used by the Advisor, as approved by the Board. A change in a pricing service or a material change in a pricing methodology for investments with no readily available market quotations will be reported to the Board by the Advisor in accordance with certain requirements.
GAAP establishes the following fair value hierarchy that categorizes the inputs used to measure fair value. Level 1 includes quoted prices (unadjusted) in active markets for identical financial instruments that the Series’ can access at the reporting date. Level 2 includes other significant observable inputs (including, but not limited to, quoted prices for similar financial instruments in active markets, quoted prices for identical or similar financial instruments in inactive markets, interest rates and yield curves, implied volatilities, and credit spreads). Level 3 includes unobservable inputs (including the Valuation Designee’s own assumptions in determining fair value). 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 October 31, 2024 in valuing the Series’ assets or liabilities carried at fair value:
| DESCRIPTION | | TOTAL | | | LEVEL 1 | | | LEVEL 2 | | | LEVEL 3 | |
| Assets: | | | | | | | | | | | | |
| Equity securities: | | | | | | | | | | | | | | | | |
| Communication Services | | $ | 2,158,879 | | | $ | 2,158,879 | | | $ | — | | | $ | — | |
| Consumer Discretionary | | | 10,318,027 | | | | 10,318,027 | | | | — | | | | — | |
| Consumer Staples | | | 15,162,994 | | | | 15,162,994 | | | | — | | | | — | |
| Energy | | | 31,617,722 | | | | 31,617,722 | | | | — | | | | — | |
| Financials | | | 41,657,440 | | | | 41,657,440 | | | | — | | | | — | |
| Health Care | | | 32,467,778 | | | | 32,467,778 | | | | — | | | | — | |
| Industrials | | | 37,615,344 | | | | 37,615,344 | | | | — | | | | — | |
| Information Technology | | | 9,874,140 | | | | 9,874,140 | | | | — | | | | — | |
| Materials | | | 7,690,186 | | | | 7,690,186 | | | | — | | | | — | |
| Short-Term Investment | | | 1,765,527 | | | | 1,765,527 | | | | — | | | | — | |
| Total assets | | $ | 190,328,037 | | | $ | 190,328,037 | | | $ | — | | | $ | — | |
There were no Level 2 or Level 3 securities held by the Series as of October 31, 2023 or October 31, 2024.
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.
Disciplined Value Series
Notes to Financial Statements (continued)
| 2. | Significant Accounting Policies (continued) |
Security Transactions, Investment Income and Expenses (continued)
Expenses are recorded on an accrual basis. Most expenses of the Fund can be attributed to a specific series. Expenses which cannot be directly attributed are apportioned among the series in the Fund in such a manner as deemed equitable by the Fund’s Board, taking into consideration, among other things, the nature and type of expense. Income, expenses (other than class specific expenses), and realized and unrealized gains and losses are prorated among the classes based on the relative net assets of each class. Class specific expenses are directly charged to that class.
The Series uses the identified cost method for determining realized gain or loss on investments for both financial statement and federal income tax reporting purposes.
Federal Taxes
The Series’ policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies. The Series is not subject to federal income 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 October 31, 2024, the Series has recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken in future tax returns.
The Series files income tax returns in the U.S. federal jurisdiction, various states and foreign jurisdictions, as required. No income tax returns are currently under investigation. The statute of limitations on the Series’ tax returns remains open for the years ended October 31, 2021 through October 31, 2024. 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.
Disciplined Value Series
Notes to Financial Statements (continued)
| 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 0.30% 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 these roles.
The Fund may enter into agreements with financial intermediaries pursuant to which the Fund may pay financial intermediaries for non-distribution related sub-transfer agency, administrative, sub-accounting, and other shareholder services in an amount not to exceed 0.15% of the average daily net assets of the Class S and Class I shares. Payments made pursuant to such agreements are generally based on the current assets and/or number of accounts of the Series attributable to the financial intermediary. Any payments made pursuant to such agreements may be in addition to, rather than in lieu of, any Distribution and Shareholder Services Fee payable under the Rule 12b-1 plan of the Fund.
The Advisor has contractually agreed to waive the management fee for the Class W shares. The full management fee will be waived under this agreement because Class W shares are only available to discretionary investment accounts and other accounts managed by the Advisor. These clients pay a management fee to the Advisor that is separate from the Series’ expenses. In addition, pursuant to a separate expense limitation agreement, the Advisor has contractually agreed to limit its fees and reimburse expenses to the extent necessary so that the total direct annual fund operating expenses, exclusive of the shareholder services fee and/or distribution and service (12b-1) fees and waived Class W management fees (collectively, “excluded expenses”), to 0.60% of the average daily net assets of the Class I and Class S shares, 0.45% of the average daily net assets of the Class Z shares, and 0.15% of the average daily net assets of the Class W shares. These contractual waivers are expected to continue indefinitely, and may not be amended or terminated by the Advisor without the approval of the Series’ Board of Directors. The Advisor may receive from a Class the difference between the Class’s total direct annual fund operating expenses, not including excluded expenses, and the Class’s contractual expense limit to recoup all or a portion of its prior fee waivers (other than Class W management fee waivers) or expense reimbursements made during the rolling three-year period preceding the recoupment if at any point the total direct annual fund operating expenses, not including excluded expenses, are below the contractual expense limit (a) at the time of the fee waiver and/or expense reimbursement and (b) at the time of the recoupment.
Pursuant to the advisory fee waiver, the Advisor waived $179,068 in management fees for Class W shares for the year ended October 31, 2024.
As of October 31, 2024, there are no expenses eligible to be recouped by the Advisor.
Manning & Napier Investor Services, Inc., a registered broker-dealer affiliate of the Advisor, acts as distributor for the Fund’s shares. The Series compensates the distributor for distributing and servicing the Series’ Class S shares pursuant to a distribution plan adopted under Rule 12b-1 of the 1940 Act, regardless of expenses actually incurred. Under the agreement, the Series pays distribution and service fees to the distributor at an annual rate of 0.25% of average daily net assets attributable to Class S shares. There are no distribution and service fees on the Class I, Class W or Class Z shares. The fees are accrued daily and paid monthly.
Pursuant to a master services agreement, 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; 0.0075% on the next $15 billion of average daily net assets; and 0.0065% of average daily net assets in excess of $40 billion; plus a base fee of $18,400 per series. Additionally, certain transaction
Disciplined Value Series
Notes to Financial Statements (continued)
| 3. | Transactions with Affiliates (continued) |
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.
| 4. | Purchases and Sales of Securities |
For the year ended October 31, 2024, purchases and sales of securities, other than U.S. Government securities and short-term securities, were $117,562,283 and $180,850,527, respectively. There were no purchases or sales of U.S. Government securities.
| 5. | Capital Stock Transactions |
Transactions in Class S, Class I, Class W, and Class Z shares of Disciplined Value Series were:
| CLASS S | | FOR THE YEAR ENDED
10/31/24 | | | FOR THE YEAR ENDED
10/31/23 | |
| | | SHARES | | | AMOUNT | | | SHARES | | | AMOUNT | |
| Sold | | | 423,677 | | | $ | 3,386,664 | | | | 725,128 | | | $ | 5,696,476 | |
| Reinvested | | | 608,748 | | | | 4,521,138 | | | | 716,350 | | | | 5,670,179 | |
| Repurchased | | | (2,362,256 | ) | | | (18,169,637 | ) | | | (2,369,551 | ) | | | (18,164,533 | ) |
| Total | | | (1,329,831 | ) | | $ | (10,261,835 | ) | | | (928,073 | ) | | $ | (6,797,878 | ) |
| CLASS I | | FOR THE YEAR ENDED
10/31/24 | | | FOR THE YEAR ENDED
10/31/23 | |
| | | SHARES | | | AMOUNT | | | SHARES | | | AMOUNT | |
| Sold | | | 1,053,601 | | | $ | 8,817,852 | | | | 1,863,201 | | | $ | 15,201,700 | |
| Reinvested | | | 814,336 | | | | 6,481,643 | | | | 847,978 | | | | 7,149,838 | |
| Repurchased | | | (4,197,921 | ) | | | (35,242,950 | ) | | | (3,059,141 | ) | | | (25,500,754 | ) |
| Total | | | (2,329,984 | ) | | $ | (19,943,455 | ) | | | (347,962 | ) | | $ | (3,149,216 | ) |
| CLASS W | | FOR THE YEAR ENDED
10/31/24 | | | FOR THE YEAR ENDED
10/31/23 | |
| | | SHARES | | | AMOUNT | | | SHARES | | | AMOUNT | |
| Sold | | | 375,427 | | | $ | 2,951,725 | | | | 854,362 | | | $ | 6,586,113 | |
| Reinvested | | | 791,159 | | | | 5,900,054 | | | | 2,519,942 | | | | 19,977,603 | |
| Repurchased | | | (3,701,490 | ) | | | (28,914,122 | ) | | | (19,903,571 | ) | | | (150,802,061 | ) |
| Total | | | (2,534,904 | ) | | $ | (20,062,343 | ) | | | (16,529,267 | ) | | $ | (124,238,345 | ) |
| CLASS Z | | FOR THE YEAR ENDED
10/31/24 | | | FOR THE YEAR ENDED
10/31/23 | |
| | | SHARES | | | AMOUNT | | | SHARES | | | AMOUNT | |
| Sold | | | 72,650 | | | $ | 606,116 | | | | 186,795 | | | $ | 1,532,195 | |
| Reinvested | | | 263,798 | | | | 2,101,853 | | | | 260,732 | | | | 2,195,522 | |
| Repurchased | | | (383,866 | ) | | | (3,281,975 | ) | | | (349,616 | ) | | | (2,857,167 | ) |
| Total | | | (47,418 | ) | | $ | (574,006 | ) | | | 97,911 | | | $ | 870,550 | |
At October 31, 2024, the Advisor and its affiliates owned 0.4% of the Series. Approximately 29% of the shares outstanding (representing Class W) are fiduciary accounts where the Advisor has sole investment discretion.
Disciplined Value Series
Notes to Financial Statements (continued)
The Fund has entered into a 364-day, $50 million credit agreement (the “line of credit”) with Bank of New York Mellon. Each series of the Fund may borrow under the line of credit for temporary or emergency purposes, including funding shareholder redemptions and other short-term liquidity purposes. The Fund pays an annual fee on the unused commitment amount, payable quarterly, and is allocated among all the series of the Fund and included in miscellaneous expenses in the Statement of Operations for each series. The line of credit expires in September 2025 unless extended or renewed. During the year ended October 31, 2024, the Series did not borrow under the line of credit.
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 October 31, 2024.
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 losses deferred due to wash sales and utilization of tax equalization. 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. For the year ended October 31, 2024, amounts were reclassified within the capital accounts to increase Additional Paid in Capital by $1,950,519 and decrease Total Distributable Earnings by $1,950,519. Any such reclassifications are not reflected in the financial highlights.
The tax character of distributions paid were as follows:
| | | FOR THE YEAR
ENDED 10/31/24 | | | FOR THE YEAR
ENDED 10/31/23 | |
| Ordinary income | | $ | 8,263,338 | | | $ | 9,510,274 | |
| Long-term capital gains | | | 11,029,759 | | | | 26,564,896 | |
At October 31, 2024, the identified cost of investments for federal income tax purposes, the resulting gross unrealized appreciation and depreciation, and the net unrealized appreciation were as follows:
| Cost for federal income tax purposes | | $ | 175,886,090 | |
| Unrealized appreciation | | | 19,656,487 | |
| Unrealized depreciation | | | (5,214,540 | ) |
| Net unrealized appreciation | | $ | 14,441,947 | |
| Undistributed ordinary income | | $ | 2,622,942 | |
| Undistributed long-term capital gains | | $ | 11,699,356 | |
Significant disruptions and volatility in the global financial markets and economies, like the current conditions caused by the Russian invasion of Ukraine, the conflict between Hamas and Israel in the Middle East and the COVID-19 pandemic, could
Disciplined Value Series
Notes to Financial Statements (continued)
| 9. | Market Event (continued) |
negatively impact the investment performance of the Series. The global market and economic climate may become increasingly uncertain due to numerous factors beyond our control, including but not limited to, impacts on business operations in the U.S. related to the COVID-19 pandemic, such as supply chain disruptions and inflation, concerns related to unpredictable global market and economic factors, uncertainty in U.S. federal fiscal, tax, trade or regulatory policy and the fiscal, tax, trade or regulatory policy of foreign governments, rising interest rates, inflation or deflation, the availability of credit, performance of financial markets, armed conflicts, terrorism, natural or biological catastrophes, public health emergencies, or political uncertainty.
Disciplined Value Series
Report of Independent Registered Public Accounting Firm
To the Board of Directors of Manning & Napier Fund, Inc. and Shareholders of Disciplined Value Series
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the investment portfolio, of Disciplined Value Series (one of the funds constituting Manning & Napier Fund, Inc., referred to hereafter as the “Fund”) as of October 31, 2024, the related statement of operations for the year ended October 31, 2024, the statement of changes in net assets for each of the two years in the period ended October 31, 2024, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2024 and the financial highlights for each of the five years in the period ended October 31, 2024 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2024 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.
New York, New York
December 19, 2024
We have served as the auditor of one or more investment companies in Manning & Napier Mutual Funds since 1992.
Disciplined Value Series
Supplemental Tax Information
(unaudited)
All reportings are based on financial information available as of the date of this annual report and, accordingly, are subject to change.
For federal income tax purposes, the Series reports for the current fiscal year $7,176,709 or, if different, the maximum amount allowable under the tax law, as qualified dividend income.
For corporate shareholders, the percentage of investment income (dividend income plus short-term gains, if any) that qualifies for the dividends received deduction for the current fiscal year is 85.06%.
The Series designates $13,935,326 as Long-Term Capital Gain dividends pursuant to Section 852(b) of the Code for the fiscal year ended October 31, 2024.
Disciplined Value Series
Renewal of Investment Advisory Agreement
(unaudited)
At the Manning & Napier Fund, Inc. (the “Fund”) Board of Directors’ (the “Board”) meeting, held on May 16, 2024, the Investment Advisory Agreement between the Fund and Manning & Napier Advisors, LLC (the “Advisor”) and on behalf of the Rainier International Discovery Series (the “Rainier Series”), the Investment Advisory Agreement between the Advisor and the Fund and the Sub-Advisory Agreement between Advisor and Rainier Investment Management, LLC (“Rainier”)(together, the “Agreements”), were considered for renewal by the Board, including all of the Directors who are not “interested persons” (“Independent Directors”), within the meaning of the Investment Company Act of 1940, as amended (the “1940 Act”). In connection with the decision whether to renew the Agreements, a variety of material was provided to the Board in advance of the meeting for their review and consideration. The Board also held a working session on May 3, 2024 to review and discuss information provided to the Board, and for the Board to request additional information.
Representatives of the Advisor attended a portion of the working session and attended the Board meeting. The Advisor provided supplemental information requested by the Board and presented additional oral information to the Board to assist the Board in its considerations. In addition to the information furnished by the Advisor, the Board was provided with a legal memorandum discussing its fiduciary duties related to its approval of the continuation of the Agreement. Legal counsel for the Fund discussed with the Board the applicable legal considerations. In addition, the Board received in-person presentations about the Fund throughout the year.
The Independent Directors were advised by independent legal counsel with respect to these matters. The Independent Directors also met separately in an executive session with their legal counsel without any representatives of the Advisor present.
The Directors’ determinations at the meeting were made on the basis of each Director’s business judgment after consideration of all the information presented. In deciding to recommend the renewal of the Agreements with respect to each Series of the Fund, the Independent Directors did not identify any single or particular piece of information that, in isolation, was the controlling factor. Each Independent Director may also have weighed factors differently. This summary describes the most important, but not all, of the factors considered by the Board and the Independent Directors.
Nature, Extent and Quality of Services Provided by the Advisor and Rainier
The Board considered the nature, extent and quality of the services provided by the Advisor and Rainier under the Agreements including, among others: deciding what securities to purchase and sell for each Series; arranging for the purchase and sale of such securities by placing orders with broker-dealers; administering the affairs of the Fund (including the books and records of the Fund not maintained by third party service providers such as the custodian or transfer agent); arranging for the insurance coverage for the Fund; and supervising the preparation of tax returns, SEC filings (including registration statements) and reports to shareholders for the Fund. The Board considered the numerous services performed by the Advisor and its affiliates beyond those stated in the Agreements. The Board also considered the Advisor and Rainier’s personnel who perform services to the Fund, changes in senior or key personnel, industry trends impacting the mutual fund industry, the strength of the Advisor’s compliance infrastructure, policies and procedures relating to compliance with securities regulations, reputation, expertise and resources. The Directors also reviewed the Advisor and Rainier’s investment and risk management approaches for the Series. The most recent investment adviser registration forms (Form ADV) for the Advisor and Rainier were available to the Board. The Directors also considered other services to be provided to the Series by the Advisor specifically, such as monitoring Rainier’s adherence to the Series’ investment restrictions and monitoring compliance with various Fund policies and procedures and with applicable securities laws and regulations. Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that the nature, extent and quality of the services provided to each Series by the Advisor and Rainier supported the renewal of the Agreements.
Investment Performance of the Advisor and Rainier
In connection with their consideration of investment performance, the Board was provided with reports – both proprietary to the Advisor or the Fund and generated by independent providers of investment company data – regarding the performance of each Series over various time periods and comparisons against applicable benchmark indexes as well as peer groups of mutual funds. As part of these meetings, the Advisor and Rainier and their representatives provided information regarding and, as applicable, led discussions of factors impacting the Advisor and Rainier’s performance for the Series, outlining market conditions over various time periods and explaining their expectations and strategies for the future. The Directors determined that it was appropriate to take into account its consideration of the Advisor and Rainier’s performance at the May 3rd working session and during prior quarterly board meetings. The Board also considered the Advisor and Rainier’s investment teams, including changes to the investment teams during the past year, investment team compensation structure and the investment process.
Disciplined Value Series
Renewal of Investment Advisory Agreement
(unaudited)
The Directors expressed concerns about the investment performance of certain Series for various periods. The Directors emphasized longer-term performance but remained attentive to shorter periods as well. In response to a request from the Independent Directors relating to Series where the Advisor’s or Rainier’s performance was materially below the performance of a Series’ benchmarks and/or peer group, representatives of the Adviser provided a further explanation to the Board regarding the reasons for the underperformance of these Series and discussed the steps taken or expected to be taken by the Advisor in an effort to improve performance. The Directors acknowledged the Advisor’s agreement to continue its efforts to improve relative performance for certain Series and asked the Advisor to update the Board on these efforts at future meetings. After discussion, the Directors agreed to continue to remain focused in future meetings on overseeing the Advisor’s and Sub-Advisor’s efforts to address underperformance, emphasizing longer-term performance, while staying attentive to short-term performance. After discussion, the Directors concluded, based on the information received and the Advisor’s and Sub-Advisor’s efforts to address the underperformance of certain Series, within the context of its full deliberations, that the investment results that the Advisor and Sub-Advisor had been able to achieve for each Series support renewal of the Agreements.
Costs of Advisory Services, Profitability and Economies of Scale
The Board considered the fees and expenses of the various Series of the Fund. The Advisor presented the advisory fees and total expenses for each Series, including the advisory fee adjusted for any contractual expense waivers or reimbursements paid by the Advisor.
The Board considered whether the Advisor had achieved economies of scale with respect to its services to the Fund. The Board acknowledged the expense caps incorporated in the Fund’s current fee structure, which requires the Advisor to subsidize the expenses of the Series operating above their expense cap, noting that 13 of 15 Series of the Fund are currently receiving expense reimbursements from the Advisor. The Directors noted the Advisor’s investments in, among other areas, investment and research personnel, IT resources and technology upgrades, noting their expected benefits to the Fund. The Board concluded that the Fund would need to grow in assets before the Advisor would be able to achieve meaningful economies of scale.
The Board considered differential advisory fee waivers related to a Series’ Class W shares, which are utilized within the Advisor’s separately managed accounts. The Board took into account the Advisor’s annual process to determine that a Series’ Class W shares do not provide a means for cross-subsidization in contravention of Rule 18f-3 under the 1940 Act, which included an analysis of the advisory fees paid by the separately managed accounts to the Adviser outside of the Series as compared to the advisory fees paid by the Series’ other classes to the Adviser. The Board further took into account that, after completing its annual review, the Advisor concluded that each Series’ Class W shares do not provide a means for cross-subsidization in contravention of Rule 18f-3 under the 1940 Act and the Advisor has implemented reasonable measures to monitor the waivers in the Series’ Class W Shares to guard against cross-subsidization in the Series. Based on the results of the Advisor’s annual review of the differential advisory fee waivers related to the Series’ Class W shares and the Advisor’s conclusions thereto, the Board accepted the Advisor’s assessment, and therefore has made the determination, based on the information and analysis presented to the Board at the meeting, that the Series’ Class W shares do not provide a means for cross-subsidization in contravention of Rule 18f-3 under the 1940 Act.
The Advisor provided the Board with information comparing each Series’ contractual management fees with the Advisor’s standard advisory fees for separate accounts and collective investment trusts. The Board considered that the range of services provided to the Series is more extensive than for the Advisor’s other clients due to additional infrastructure, administrative and regulatory requirements related to operating a mutual fund.
The current advisory fees, 12b-1 Distribution and Service Fees, other expenses (e.g. a combination of Shareholder Services Fees, intermediary sub-TA fees, routine operating expenses and Acquired Fund Fees and Expenses for fund-of-fund Series) and total expense ratios of each Series and share class were compared and ranked (on both a mean and median basis) against respective peer universes. Respective peer universes included funds of a similar size and with similar investment objectives and expense characteristics as disclosed on the Morningstar database. Representatives of the Advisor discussed with the Board the comparisons and rankings of fees and net expense ratios for each Series of the Fund and the methodology behind the comparison. The Board considered that 93% of the Series have at least one share class in the best third of its relevant universe, and approximately half of the funds fall within the lowest expense quartile for at least one share class. The Board was also provided with information related to the sub-advisory fees for the Rainier International Discovery Series and appliable comparisons. The Board will continue to monitor the fees and expenses of the Series compared to peer groups. Based on their review of the information provided, the Board concluded that the current fees and expenses of each Series of the Fund were reasonable on a comparative basis.
Disciplined Value Series
Renewal of Investment Advisory Agreement
(unaudited)
The Board considered the costs of the Advisor’s services and the profits of the Advisor as they relate to the Advisor’s services to the Fund and Rainier’s services and profits with respect to services provided to the Rainier Series under the Agreements. The Board noted that since its last review, the Advisor completed a ‘go-private’ transaction whereby it was acquired by the Callodine Group in October 2022. The Board was provided with information on the Advisor’s financial condition and profitability by mutual fund agreement and by Series. Representatives of the Advisor noted a shift to EBITDA (earnings before interest, taxes, depreciation and amortization) as the key performance metric related to profitability and discussed modest improvements in the Advisor’s profitability derived from the Fund. The Board discussed the Advisor’s revenues generated from the Fund and its expenses associated with providing the services under the Agreements. The Advisor presented the Board with information on firm wide investment management profitability to provide a comparison of the Advisor’s profitability from its Fund activities relative to its profitability from its other investment management business. In addition, the Board reviewed the Advisor’s expense allocation methodology used to calculate profitability since many of the Advisor’s resources and expenses are shared across the Advisor’s various investment management vehicles. The Board noted the Advisor’s explanation of the consistent approach taken in calculating profitability, compared to prior periods, including the allocation of expenses as part of that calculation. The Board considered the Advisor’s expenses associated with Fund activities outside of the Agreement (such as expense reimbursements pursuant to expense caps and payments made by the Advisor to third party platforms on which shares of the Fund are available for purchase). After discussing the above costs and profits, the Board concluded that the Advisor and Rainier’s profit margins relating to its services provided under the Agreements were reasonable. The Board also considered the Advisor’s willingness to continue its current expense limitation and fee waiver arrangements with the Series.
The Board also considered the other benefits the Advisor derives from its relationship with the Fund. Such other benefits include participation in a joint insurance program, sharing of compensation expenses for certain shared personnel, relationships with large service providers, the utilization of Series within the Advisor’s separately managed accounts and certain research services provided by soft dollars. The Board concluded that these additional benefits to the Advisor were reasonable.
Conclusion
Based on the Board’s deliberations and their evaluation of the information described above, the Board, including a majority of the Independent Directors, concluded that the compensation under the Agreements was fair and reasonable with respect to each Series in light of the services and expenses and such other matters as the Directors considered to be relevant in the exercise of their reasonable judgment, and that the renewal of the Agreements would be in the best interests of each Series and its shareholders. The Board did not indicate that any single factor was determinative of its decision to approve the Agreements, but indicated that the Board based its determination on the total mix of information available to it.
Disciplined Value Series
Literature Requests
(unaudited)
Proxy Voting Policies and Procedures
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, without charge, upon request:
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:
| On the SEC’s web site | http://www.sec.gov |
| On Manning & Napier’s web site | www.manning-napier.com |
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-PORT, and are available, without charge, upon request:
| On the SEC’s web site | http://www.sec.gov |
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 1-(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
5. Financial Statement and Other Information - Annual
6. Financial Statement and Other Information - Semi-Annual
The Fund also offers electronic notification or “e-delivery” when certain documents are available on-line to be downloaded or reviewed. Direct shareholders can elect to receive electronic notification when shareholder reports, prospectus updates, and/or statements are available. If you do not currently have on-line access to your account, you can establish access by going to www.manning-napier.com, click on “Login” in the top corner of the page, and follow the prompts to self-enroll. Once enrolled, you can set your electronic notification preferences by clicking on the Account Options tab located within the green toolbar and then select E-Delivery Option. Should you have any questions on either how to establish on-line access or how to update your account settings, please contact Investor Services at 1-800-466-3863.
The Manning & Napier Fund, Inc. is managed by Manning & Napier Advisors, LLC. Manning & Napier Investor Services, Inc., an affiliate of Manning & Napier Advisors, LLC, is the distributor of the Fund shares.
MNDIV-10/24-AR
www.manning-napier.com
Manning & Napier Fund, Inc.
Rainier International Discovery Series
Rainier International Discovery Series
Investment Portfolio - October 31, 2024
| | | | | | VALUE | |
| | | SHARES | | | (NOTE 2) | |
| | | | | | | |
| COMMON STOCKS - 95.1% | | | | | | |
| | | | | | | |
| Communication Services - 7.9% | | | | | | |
| Diversified Telecommunication Services - 1.3% |
| Internet Initiative Japan, Inc. (Japan) | | | 280,600 | | | $ | 5,387,790 | |
| Entertainment - 1.5% | | | | | | | | |
| CTS Eventim AG & Co. KGaA (Germany) | | | 60,701 | | | | 6,374,529 | |
| Interactive Media & Services - 5.1% | | | | | | | | |
| Auto Trader Group plc (United Kingdom)1 | | | 578,209 | | | | 6,243,206 | |
| CAR Group Ltd. (Australia) | | | 192,944 | | | | 4,752,410 | |
| Rightmove plc (United Kingdom) | | | 781,933 | | | | 5,954,078 | |
| Scout24 SE (Germany)1 | | | 52,196 | | | | 4,508,971 | |
| | | | | | | | 21,458,665 | |
| Total Communication Services | | | | | | | 33,220,984 | |
| Consumer Discretionary - 7.1% | | | | | | | | |
| Automobiles - 0.6% | | | | | | | | |
| Yadea Group Holdings Ltd. (China)1 | | | 1,418,000 | | | | 2,449,250 | |
| Hotels, Restaurants & Leisure - 1.3% | | | | | |
| Indian Hotels Co. Ltd. (India) | | | 287,167 | | | | 2,303,021 | |
| Trainline plc (United Kingdom)*1 | | | 625,940 | | | | 3,110,085 | |
| | | | | | | | 5,413,106 | |
| Household Durables - 2.6% | | | | | | | | |
| Nikon Corp. (Japan) | | | 570,400 | | | | 7,066,227 | |
| Rinnai Corp. (Japan) | | | 168,012 | | | | 3,680,631 | |
| | | | | | | | 10,746,858 | |
| Specialty Retail - 0.8% | | | | | | | | |
| JUMBO S.A. (Greece) | | | 129,740 | | | | 3,462,715 | |
| Textiles, Apparel & Luxury Goods - 1.8% | | | | | |
| Brunello Cucinelli S.p.A. (Italy) | | | 46,618 | | | | 4,611,494 | |
| Eclat Textile Co. Ltd. (Taiwan) | | | 170,000 | | | | 2,841,568 | |
| | | | | | | | 7,453,062 | |
| Total Consumer Discretionary | | | | | | | 29,524,991 | |
| Consumer Staples - 3.2% | | | | | | | | |
| Food Products - 1.3% | | | | | | | | |
| Gruma S.A.B. de C.V. - Class B (Mexico) | | | 129,185 | | | | 2,220,927 | |
| Morinaga & Co. Ltd. (Japan) | | | 177,300 | | | | 3,316,340 | |
| | | | | | | | 5,537,267 | |
| Personal Care Products - 1.9% | | | | | |
| Cosmax, Inc. (South Korea) | | | 37,093 | | | | 4,038,497 | |
| Rohto Pharmaceutical Co. Ltd. (Japan) | | | 166,500 | | | | 3,744,146 | |
| | | | | | | | 7,782,643 | |
| Total Consumer Staples | | | | | | | 13,319,910 | |
| Energy - 2.4% | | | | | | | | |
| Energy Equipment & Services - 1.2% | | | | | |
| Aker Solutions ASA (Norway) | | | 1,053,800 | | | | 4,993,257 | |
| Oil, Gas & Consumable Fuels - 1.2% | | | | | | | | |
| Gaztransport Et Technigaz S.A. (France) | | | 33,532 | | | | 4,878,878 | |
| Total Energy | | | | | | | 9,872,135 | |
| | | | | | VALUE | |
| | | SHARES | | | (NOTE 2) | |
| | | | | | | | | |
| COMMON STOCKS (continued) | | | | | |
| | | | | | | | | |
| Financials - 11.1% | | | | | | | | |
| Banks - 3.6% | | | | | | | | |
| Fukuoka Financial Group, Inc. (Japan) | | | 275,300 | | | $ | 6,280,027 | |
| Kyoto Financial Group, Inc. (Japan) | | | 277,300 | | | | 4,069,759 | |
| Ringkjoebing Landbobank A/S (Denmark) | | | 28,646 | | | | 4,737,908 | |
| | | | | | | | 15,087,694 | |
| Capital Markets - 6.9% | | | | | | | | |
| Euronext N.V. (Netherlands)1 | | | 84,600 | | | | 9,334,305 | |
| Intermediate Capital Group plc (United Kingdom) | | | 217,147 | | | | 5,768,382 | |
| Kfin Technologies Ltd. (India) | | | 238,102 | | | | 2,824,751 | |
| Nordnet AB publ (Sweden) | | | 257,042 | | | | 5,348,470 | |
| Swissquote Group Holding S.A. (Switzerland) | | | 16,852 | | | | 5,732,543 | |
| | | | | | | | 29,008,451 | |
| Insurance - 0.6% | | | | | | | | |
| Steadfast Group Ltd. (Australia) | | | 661,402 | | | | 2,382,012 | |
| Total Financials | | | | | | | 46,478,157 | |
| Health Care - 8.4% | | | | | | | | |
| Biotechnology - 0.6% | | | | | | | | |
| BioGaia AB - Class B (Sweden) | | | 270,730 | | | | 2,680,734 | |
| Health Care Equipment & Supplies - 1.8% | | | | | |
| Asahi Intecc Co. Ltd. (Japan) | | | 232,000 | | | | 3,717,483 | |
| Classys, Inc. (South Korea) | | | 105,143 | | | | 3,836,544 | |
| | | | | | | | 7,554,027 | |
| Health Care Providers & Services - 1.4% | | | | | |
| Hygeia Healthcare Holdings Co. Ltd. (China)*1 | | | 986,200 | | | | 2,230,144 | |
| Max Healthcare Institute Ltd. (India) | | | 299,386 | | | | 3,614,001 | |
| | | | | | | | 5,844,145 | |
| Health Care Technology - 2.3% | | | | | |
| JMDC, Inc. (Japan) | | | 107,900 | | | | 3,006,902 | |
| Pro Medicus Ltd. (Australia) | | | 52,814 | | | | 6,690,230 | |
| | | | | | | | 9,697,132 | |
| Life Sciences Tools & Services - 0.6% | | | | | |
| Gerresheimer AG (Germany) | | | 27,695 | | | | 2,332,468 | |
| Pharmaceuticals - 1.7% | | | | | | | | |
| ALK-Abello A/S (Denmark)* | | | 296,183 | | | | 6,935,242 | |
| Total Health Care | | | | | | | 35,043,748 | |
| Industrials - 31.9% | | | | | | | | |
| Aerospace & Defense - 2.5% | | | | | | | | |
| Babcock International Group plc (United Kingdom). | | | 613,753 | | | | 3,735,426 | |
| Rheinmetall AG (Germany) | | | 5,451 | | | | 2,806,371 | |
| Saab AB - Class B (Sweden) | | | 191,516 | | | | 3,933,507 | |
| | | | | | | | 10,475,304 | |
| Building Products - 1.7% | | | | | | | | |
| Blue Star Ltd. (India) | | | 187,067 | | | | 4,149,045 | |
The accompanying notes are an integral part of the financial statements.
Rainier International Discovery Series
Investment Portfolio - October 31, 2024
| | | | | | VALUE | |
| | | SHARES | | | (NOTE 2) | |
| | | | | | | | | |
| COMMON STOCKS (continued) | | | | | | | | |
| | | | | | | | | |
| Industrials (continued) | | | | | | | | |
| Building Products (continued) | | | | | | | | |
| Munters Group AB (Sweden)1 | | | 186,261 | | | $ | 3,017,350 | |
| | | | | | | | 7,166,395 | |
| Commercial Services & Supplies - 6.3% | | | | | |
| CMS Info Systems Ltd. (India) | | | 602,895 | | | | 3,840,453 | |
| Daiei Kankyo Co. Ltd. (Japan) | | | 280,200 | | | | 5,779,388 | |
| Element Fleet Management Corp. (Canada) | | | 508,629 | | | | 10,407,470 | |
| Japan Elevator Service Holdings Co. Ltd. (Japan) | | | 324,300 | | | | 6,209,501 | |
| | | | | | | | 26,236,812 | |
| Construction & Engineering - 2.3% | | | | | |
| Fugro N.V. (Netherlands) | | | 429,266 | | | | 9,870,383 | |
| Electrical Equipment - 5.3% | | | | | | | | |
| Hammond Power Solutions, Inc. (Canada) | | | 31,288 | | | | 2,711,619 | |
| Hyosung Heavy Industries Corp. (South Korea) | | | 12,301 | | | | 3,537,747 | |
| NKT A/S (Denmark)* | | | 60,716 | | | | 5,692,551 | |
| Triveni Turbine Ltd. (India) | | | 395,479 | | | | 3,242,387 | |
| Voltamp Transformers Ltd. (India) | | | 18,636 | | | | 2,568,923 | |
| Voltronic Power Technology Corp. (Taiwan) | | | 67,498 | | | | 4,438,957 | |
| | | | | | | | 22,192,184 | |
| Ground Transportation - 1.9% | | | | | | | | |
| TFI International, Inc. (Canada) | | | 58,195 | | | | 7,787,894 | |
| Machinery - 3.6% | | | | | | | | |
| Aalberts N.V. (Netherlands) | | | 29,795 | | | | 1,075,162 | |
| Daifuku Co. Ltd. (Japan) | | | 93,700 | | | | 1,761,254 | |
| The Japan Steel Works Ltd. (Japan) | | | 129,100 | | | | 4,378,926 | |
| Konecranes OYJ (Finland) | | | 74,121 | | | | 5,116,972 | |
| Krones AG (Germany) | | | 20,315 | | | | 2,646,156 | |
| | | | | | | | 14,978,470 | |
| Professional Services - 1.4% | | | | | | | | |
| ALS Ltd. (Australia) | | | 408,843 | | | | 3,774,190 | |
| BayCurrent, Inc. (Japan) | | | 60,000 | | | | 1,949,944 | |
| | | | | | | | 5,724,134 | |
| Trading Companies & Distributors - 6.9% | | | | | |
| Ashtead Technology Holdings plc (United Kingdom) | | | 345,556 | | | | 2,459,586 | |
| Diploma plc (United Kingdom) | | | 131,424 | | | | 7,224,866 | |
| Howden Joinery Group plc (United Kingdom) | | | 687,998 | | | | 7,485,489 | |
| Sojitz Corp. (Japan) | | | 279,100 | | | | 5,703,892 | |
| Toromont Industries Ltd. (Canada) | | | 67,399 | | | | 5,954,018 | |
| | | | | | | | 28,827,851 | |
| Total Industrials | | | | | | | 133,259,427 | |
| | | | | | VALUE | |
| | | SHARES | | | (NOTE 2) | |
| | | | | | | |
| COMMON STOCKS (continued) | | | | | | |
| | | | | | | |
| Information Technology - 18.4% | | | | | | |
| Electronic Equipment, Instruments & Components - 8.1% |
| AAC Technologies Holdings, Inc. (China)* | | | 659,500 | | | $ | 2,663,725 | |
| Celestica, Inc. (Canada)* | | | 109,881 | | | | 7,519,274 | |
| E Ink Holdings, Inc. (Taiwan) | | | 510,000 | | | | 4,773,198 | |
| Halma plc (United Kingdom) | | | 160,312 | | | | 5,121,275 | |
| Kaynes Technology India Ltd. (India)* | | | 67,757 | | | | 4,372,921 | |
| Lagercrantz Group AB - Class B (Sweden) | | | 265,397 | | | | 5,197,526 | |
| Oxford Instruments plc (United Kingdom) | | | 111,972 | | | | 3,130,119 | |
| Sinbon Electronics Co. Ltd. (Taiwan) | | | 155,911 | | | | 1,276,235 | |
| | | | | | | | 34,054,273 | |
| IT Services - 2.0% | | | | | | | | |
| Netcompany Group A/S (Denmark)*1 | | | 80,438 | | | | 3,839,252 | |
| Sopra Steria Group (France) | | | 22,937 | | | | 4,411,338 | |
| | | | | | | | 8,250,590 | |
| Semiconductors & Semiconductor Equipment - 2.8% |
| ASPEED Technology, Inc. (Taiwan) | | | 31,000 | | | | 3,931,021 | |
| BE Semiconductor Industries N.V. (Netherlands) | | | 12,003 | | | | 1,277,673 | |
| eMemory Technology, Inc. (Taiwan) | | | 47,000 | | | | 4,570,039 | |
| Nordic Semiconductor ASA (Norway)* | | | 187,918 | | | | 1,867,533 | |
| | | | | | | | 11,646,266 | |
| Software - 5.5% | | | | | | | | |
| The Descartes Systems Group, Inc. (Canada)* | | | 57,779 | | | | 6,002,609 | |
| Fortnox AB (Sweden) | | | 276,890 | | | | 1,690,487 | |
| Kinaxis, Inc. (Canada)* | | | 25,735 | | | | 2,858,233 | |
| KPIT Technologies Ltd. (India) | | | 121,401 | | | | 2,003,710 | |
| QT Group OYJ (Finland)* | | | 33,090 | | | | 2,520,824 | |
| Technology One Ltd. (Australia) | | | 321,453 | | | | 5,123,317 | |
| Yubico AB (Sweden)* | | | 117,955 | | | | 2,861,701 | |
| | | | | | | | 23,060,881 | |
| Total Information Technology | | | | | | | 77,012,010 | |
| Materials - 1.3% | | | | | | | | |
| Construction Materials - 0.3% | | | | | | | | |
| Wienerberger AG (Austria) | | | 46,757 | | | | 1,412,114 | |
| Metals & Mining - 1.0% | | | | | | | | |
| Mitsui Mining & Smelting Co. Ltd. (Japan) | | | 131,900 | | | | 4,190,688 | |
| Total Materials | | | | | | | 5,602,802 | |
| Real Estate - 2.9% | | | | | | | | |
| Hotel & Resort REITs - 0.5% | | | | | | | | |
| Japan Hotel REIT Investment Corp. (Japan) | | | 4,701 | | | | 2,167,629 | |
| Real Estate Management & Development - 2.4% | | | | | | | | |
| Corp. Inmobiliaria Vesta S.A.B. de C.V. (Mexico) | | | 675,400 | | | | 1,758,582 | |
| Nomura Real Estate Holdings, Inc. (Japan) | | | 187,300 | | | | 4,611,274 | |
The accompanying notes are an integral part of the financial statements.
Rainier International Discovery Series
Investment Portfolio - October 31, 2024
| | | | | | VALUE | |
| | | SHARES | | | (NOTE 2) | |
| | | | | | | | | |
| COMMON STOCKS (continued) | | | | | | | | |
| | | | | | | | | |
| Real Estate (continued) | | | | | | | | |
| Real Estate Management & Development (continued) |
| The Phoenix Mills Ltd. (India) | | | 158,991 | | | $ | 2,872,021 | |
| Sobha Ltd.(India) | | | 33,533 | | | | 631,700 | |
| Sobha Ltd. (India) | | | 22,128 | | | | 197,645 | |
| | | | | | | | 10,071,222 | |
| Total Real Estate | | | | | | | 12,238,851 | |
| | | | | | VALUE | |
| | | SHARES | | | (NOTE 2) | |
| | | | | | | | | |
| COMMON STOCKS (continued) | | | | | | | | |
| | | | | | | | | |
| Utilities - 0.5% | | | | | | | | |
| Independent Power and Renewable Electricity Producers - 0.5% |
| NHPC Ltd. (India) | | | 2,322,255 | | | $ | 2,273,632 | |
| | | | | | | | | |
| TOTAL COMMON STOCKS | | | | | | | | |
| (Identified Cost $318,795,858) | | | | | | | 397,846,647 | |
| | | | | | | | | |
| SHORT-TERM INVESTMENT - 5.0% | | | | | | | | |
| | | | | | | | | |
Dreyfus Government Cash Management, Institutional Shares, 4.76%2
(Identified Cost $20,812,686) | | | 20,812,686 | | | | 20,812,686 | |
| | | | | | | | |
| TOTAL INVESTMENTS - 100.1% | | | | | | | 418,659,333 | |
| (Identified Cost $339,608,544) | | | | | | | | |
| LIABILITIES, LESS OTHER ASSETS - (0.1%) | | | | (549,250 | ) |
| NET ASSETS - 100% | | | | | | $ | 418,110,083 | |
REIT - Real Estate Investment Trust
*Non-income producing security.
1Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”) and determined to be liquid under the Fund’s Liquidity Risk Management Program. The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2024 was $34,732,563, which represented 8.3% of the Series’ Net Assets.
2Rate shown is the current yield as of October 31, 2024.
The Series’ portfolio holds, as a percentage of net assets, greater than 10% in the following countries:
Japan - 18.4%, United Kingdom - 12.0% and Canada - 10.3%.
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 S&P Global 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.
Rainier International Discovery Series
Statement of Assets and Liabilities
October 31, 2024
ASSETS:
| Investments, at value (identified cost $339,608,544) (Note 2) | | $ | 418,659,333 | |
| Foreign currency, at value (identified cost $1,429,441) | | | 1,422,644 | |
| Receivable for securities sold | | | 1,580,378 | |
| Foreign tax reclaims receivable | | | 881,344 | |
| Dividends receivable | | | 735,766 | |
| Receivable for fund shares sold | | | 442,630 | |
| Prepaid expenses | | | 1,197 | |
| | | | | |
| TOTAL ASSETS | | | 423,723,292 | |
| | | | | |
| LIABILITIES: |
| |
| Accrued management fees1 | | | 397,498 | |
| Accrued sub-transfer agent fees1 | | | 104,693 | |
| Accrued fund accounting and administration fees1 | | | 32,187 | |
| Directors’ fees payable1 | | | 15,360 | |
| Accrued distribution and service (Rule 12b-1) fees (Class S)1 | | | 5,265 | |
| Accrued Chief Compliance Officer service fees1 | | | 2,713 | |
| Accrued foreign capital gains tax (Note 2) | | | 1,708,075 | |
| Payable for fund shares repurchased | | | 2,629,841 | |
| Payable for securities purchased | | | 583,832 | |
| Other payables and accrued expenses | | | 133,745 | |
| | | | | |
| TOTAL LIABILITIES | | | 5,613,209 | |
| | | | | |
| Commitments and contingent liabilities1 |
| |
| TOTAL NET ASSETS | | $ | 418,110,083 | |
| | | | | |
| NET ASSETS CONSIST OF: |
| |
| Capital stock | | $ | 179,201 | |
| Additional paid-in-capital | | | 393,627,016 | |
| Total distributable earnings | | | 24,303,866 | |
| | | | | |
| TOTAL NET ASSETS | | $ | 418,110,083 | |
| | | | | |
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class S
($23,388,922/1,023,062 shares) | | $ | 22.86 | |
| | | | | |
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class I
($231,801,806/9,942,384 shares) | | $ | 23.31 | |
| | | | | |
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class W
($23,363,638/998,415 shares) | | $ | 23.40 | |
| | | | | |
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - Class Z
($139,555,717/5,956,260 shares) | | $ | 23.43 | |
1 See note 3 in Notes to the Financial Statements.
The accompanying notes are an integral part of the financial statements.
Rainier International Discovery Series
Statement of Operations
For the Year Ended October 31, 2024
INVESTMENT INCOME:
| Dividends (net of foreign taxes withheld, $983,046) | | $ | 8,780,019 | |
| | | | | |
| EXPENSES: | | | | |
| | | | | |
| Management fees (Note 3) | | | 4,566,210 | |
| Sub-transfer agent fees (Note 3) | | | 227,055 | |
| Fund accounting and administration fees (Note 3) | | | 163,751 | |
| Directors’ fees (Note 3) | | | 75,124 | |
| Distribution and service (Rule 12b-1) fees (Class S) (Note 3) | | | 70,708 | |
| Chief Compliance Officer service fees (Note 3) | | | 7,994 | |
| Custodian fees | | | 146,263 | |
| Recoupment of past waived and/or reimbursed fees | | | 61,382 | |
| Miscellaneous | | | 361,910 | |
| | | | | |
| Total Expenses | | | 5,680,397 | |
| Less reduction of expenses (Note 3) | | | (319,484 | ) |
| | | | | |
| Net Expenses | | | 5,360,913 | |
| | | | | |
| NET INVESTMENT INCOME | | | 3,419,106 | |
| | | | | |
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY: | | | | |
| | | | | |
| Net realized gain (loss) on- | | | | |
| Investments (net of foreign capital gains tax of $5,698,881) | | | 47,393,951 | |
| Foreign currency and translation of other assets and liabilities | | | (328,178 | ) |
| | | | | |
| | | | 47,065,773 | |
| Net change in unrealized appreciation (depreciation) on- | | | | |
| Investments (net of decrease in accrued foreign capital gains tax of $2,346,688) | | | 41,200,338 | |
| Foreign currency and translation of other assets and liabilities | | | 32,157 | |
| | | | | |
| | | | 41,232,495 | |
| | | | | |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY | | | 88,298,268 | |
| | | | | |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 91,717,374 | |
The accompanying notes are an integral part of the financial statements.
Rainier International Discovery Series
Statements of Changes in Net Assets
| | | FOR THE | | | FOR THE |
| | | YEAR ENDED | | | YEAR ENDED | |
| | | 10/31/24 | | | 10/31/23 | |
| INCREASE (DECREASE) IN NET ASSETS: | | | | | | | | |
| | | | | | | | | |
| OPERATIONS: | | | | | | | | |
| | | | | | | | | |
| Net investment income | | $ | 3,419,106 | | | $ | 4,777,111 | |
| Net realized gain (loss) on investments and foreign currency | | | 47,065,773 | | | | (40,345,856 | ) |
| Net change in unrealized appreciation (depreciation) on investments and foreign currency | | | 41,232,495 | | | | 23,735,404 | |
| | | | | | | | | |
| Net increase (decrease) from operations | | | 91,717,374 | | | | (11,833,341 | ) |
| | | | | | | | | |
| DISTRIBUTIONS TO SHAREHOLDERS (Note 9): | | | | | | | | |
| | | | | | | | | |
| Class S | | | (313,094 | ) | | | — | |
| Class I | | | (3,552,679 | ) | | | — | |
| Class W | | | (529,411 | ) | | | (250,430 | ) |
| Class Z | | | (3,357,659 | ) | | | (272,966 | ) |
| | | | | | | | | |
| Total distributions to shareholders | | | (7,752,843 | ) | | | (523,396 | ) |
| | | | | | | | | |
| CAPITAL STOCK ISSUED AND REPURCHASED: | | | | | | | | |
| | | | | | | | | |
| Net increase (decrease) from capital share transactions (Note 5) | | | (183,049,801 | ) | | | (112,298,252 | ) |
| | | | | | | | | |
| Net increase (decrease) in net assets | | | (99,085,270 | ) | | | (124,654,989 | ) |
| | | | | | | | | |
| NET ASSETS: | | | | | | | | |
| | | | | | | | | |
| Beginning of year | | | 517,195,353 | | | | 641,850,342 | |
| | | | | | | | | |
| End of year | | $ | 418,110,083 | | | $ | 517,195,353 | |
| | | | | | | | | |
The accompanying notes are an integral part of the financial statements.
Rainier International Discovery Series
Financial Highlights - Class S
| | | | FOR THE YEAR ENDED | | | | | | | | | | |
| | | | 10/31/24 | | | | 10/31/23 | | | | 10/31/22 | | | | 10/31/21 | | | | 10/31/20 | |
| Per share data (for a share outstanding throughout each year): | | | | | | | | | | | | | | | | | | | | |
| Net asset value - Beginning of year | | $ | 19.64 | | | $ | 20.31 | | | $ | 34.75 | | | $ | 25.62 | | | $ | 20.41 | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss)1 | | | 0.08 | | | | 0.09 | | | | (0.00 | )2 | | | (0.13 | ) | | | (0.11 | ) |
| Net realized and unrealized gain (loss) on investments | | | 3.37 | | | | (0.76 | ) | | | (10.85 | ) | | | 9.77 | | | | 5.32 | |
| Total from investment operations | | | 3.45 | | | | (0.67 | ) | | | (10.85 | ) | | | 9.64 | | | | 5.21 | |
| Less distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
| From net investment income | | | (0.23 | ) | | | — | | | | — | | | | — | | | | — | |
| From net realized gain on investments | | | — | | | | — | | | | (3.59 | ) | | | (0.51 | ) | | | — | |
| Total distributions to shareholders | | | (0.23 | ) | | | — | | | | (3.59 | ) | | | (0.51 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | |
| Net asset value - End of year | | $ | 22.86 | | | $ | 19.64 | | | $ | 20.31 | | | $ | 34.75 | | | $ | 25.62 | |
| Net assets - End of year (000’s omitted) | | $ | 23,389 | | | $ | 28,930 | | | $ | 32,038 | | | $ | 47,911 | | | $ | 36,577 | |
| Total return3 | | | 17.62 | % | | | (3.30 | %) | | | (34.40 | %) | | | 38.06 | % | | | 25.53 | % |
| | | | | | | | | | | | | | | | | | | | | |
| Ratios (to average net assets)/Supplemental Data: | | | | | | | | | | | | | | | | | | | | |
| Expenses* | | | 1.40 | %4 | | | 1.40 | % | | | 1.39 | % | | | 1.40 | % | | | 1.40 | % |
| Net investment income (loss) | | | 0.35 | % | | | 0.42 | % | | | (0.02 | %) | | | (0.41 | %) | | | (0.48 | %) |
| Series portfolio turnover | | | 66 | % | | | 64 | % | | | 76 | % | | | 76 | % | | | 91 | % |
*For certain years presented, the investment advisor did not impose all or a portion of its management and/or other fees, and in some years may have paid a portion of the Series’ expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts:
| | | | N/A | | | | 0.06 | % | | | N/A | | | | 0.00 | %5 | | | 0.05 | % |
1Calculated based on average shares outstanding during the years.
2Less than $(0.01).
3Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been waived or reimbursed during certain years.
4Includes recoupment of past waived and/or reimbursed fees with no financial impact to the expense ratios.
5Less than 0.01%.
The accompanying notes are an integral part of the financial statements.
Rainier International Discovery Series
Financial Highlights - Class I
| | | | FOR THE YEAR ENDED | | | | | | | | | | |
| | | | 10/31/24 | | | | 10/31/23 | | | | 10/31/22 | | | | 10/31/21 | | | | 10/31/20 | |
| Per share data (for a share outstanding throughout each year): | | | | | | | | | | | | | | | | | | | | |
| Net asset value - Beginning of year | | $ | 20.04 | | | $ | 20.66 | | | $ | 35.24 | | | $ | 25.91 | | | $ | 20.64 | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss)1 | | | 0.14 | | | | 0.15 | | | | 0.07 | | | | (0.05 | ) | | | (0.05 | ) |
| Net realized and unrealized gain (loss) on investments | | | 3.44 | | | | (0.77 | ) | | | (11.03 | ) | | | 9.89 | | | | 5.38 | |
| Total from investment operations | | | 3.58 | | | | (0.62 | ) | | | (10.96 | ) | | | 9.84 | | | | 5.33 | |
| Less distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
| From net investment income | | | (0.30 | ) | | | — | | | | (0.03 | ) | | | — | | | | (0.06 | ) |
| From net realized gain on investments | | | — | | | | — | | | | (3.59 | ) | | | (0.51 | ) | | | — | |
| Total distributions to shareholders | | | (0.30 | ) | | | — | | | | (3.62 | ) | | | (0.51 | ) | | | (0.06 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| Net asset value - End of year | | $ | 23.31 | | | $ | 20.04 | | | $ | 20.66 | | | $ | 35.24 | | | $ | 25.91 | |
| Net assets - End of year (000’s omitted) | | $ | 231,802 | | | $ | 257,083 | | | $ | 281,907 | | | $ | 335,259 | | | $ | 174,435 | |
| Total return2 | | | 17.94 | % | | | (3.00 | %) | | | (34.25 | %) | | | 38.41 | % | | | 25.88 | % |
| | | | | | | | | | | | | | | | | | | | | |
| Ratios (to average net assets)/Supplemental Data: | | | | | | | | | | | | | | | | | | | | |
| Expenses* | | | 1.15 | %3 | | | 1.15 | % | | | 1.12 | % | | | 1.13 | %4 | | | 1.15 | % |
| Net investment income (loss) | | | 0.59 | % | | | 0.69 | % | | | 0.28 | % | | | (0.14 | %) | | | (0.22 | %) |
| Series portfolio turnover | | | 66 | % | | | 64 | % | | | 76 | % | | | 76 | % | | | 91 | % |
*For certain years presented, the investment advisor did not impose all or a portion of its management and/or other fees, and in some years may have paid a portion of the Series’ expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts:
1Calculated based on average shares outstanding during the years.
2Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been waived or reimbursed during certain years.
3Includes recoupment of past waived and/or reimbursed fees. Without the recoupment the ratio would have been 1.13%.
4Includes recoupment of past waived and/or reimbursed fees. Without the recoupment the ratio would have been 1.11%.
5Less than 0.01%.
The accompanying notes are an integral part of the financial statements.
Rainier International Discovery Series
Financial Highlights - Class W
| | | | FOR THE YEAR ENDED | | | | | | | | | | |
| | | | 10/31/24 | | | | 10/31/23 | | | | 10/31/22 | | | | 10/31/21 | | | | 10/31/20 | |
| Per share data (for a share outstanding throughout each year): | | | | | | | | | | | | | | | | | | | | |
| Net asset value - Beginning of year | | $ | 20.13 | | | $ | 20.75 | | | $ | 35.39 | | | $ | 25.93 | | | $ | 20.59 | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income1 | | | 0.39 | | | | 0.38 | | | | 0.33 | | | | 0.28 | | | | 0.19 | |
| Net realized and unrealized gain (loss) on investments | | | 3.44 | | | | (0.77 | ) | | | (11.03 | ) | | | 9.90 | | | | 5.36 | |
| Total from investment operations | | | 3.83 | | | | (0.39 | ) | | | (10.70 | ) | | | 10.18 | | | | 5.55 | |
| Less distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
| From net investment income | | | (0.55 | ) | | | (0.23 | ) | | | (0.35 | ) | | | (0.21 | ) | | | (0.21 | ) |
| From net realized gain on investments | | | — | | | | — | | | | (3.59 | ) | | | (0.51 | ) | | | — | |
| Total distributions to shareholders | | | (0.55 | ) | | | (0.23 | ) | | | (3.94 | ) | | | (0.72 | ) | | | (0.21 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| Net asset value - End of year | | $ | 23.40 | | | $ | 20.13 | | | $ | 20.75 | | | $ | 35.39 | | | $ | 25.93 | |
| Net assets - End of year (000’s omitted) | | $ | 23,364 | | | $ | 19,504 | | | $ | 22,552 | | | $ | 32,618 | | | $ | 24,962 | |
| Total return2 | | | 19.13 | % | | | (2.01 | %) | | | (33.57 | %) | | | 39.91 | % | | | 27.17 | % |
| | | | | | | | | | | | | | | | | | | | | |
| Ratios (to average net assets)/Supplemental Data: | | | | | | | | | | | | | | | | | | | | |
| Expenses* | | | 0.10 | % | | | 0.10 | % | | | 0.10 | % | | | 0.10 | % | | | 0.10 | % |
| Net investment income | | | 1.66 | % | | | 1.72 | % | | | 1.28 | % | | | 0.87 | % | | | 0.84 | % |
| Series portfolio turnover | | | 66 | % | | | 64 | % | | | 76 | % | | | 76 | % | | | 91 | % |
*The investment advisor did not impose all or a portion of its management and/or other fees during the years, and may have paid a portion of the Series’ expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts:
| | | | 0.95 | % | | | 0.96 | % | | | 0.92 | % | | | 0.93 | % | | | 0.97 | % |
1Calculated based on average shares outstanding during the years.
2Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been waived or reimbursed during the years.
The accompanying notes are an integral part of the financial statements.
Rainier International Discovery Series
Financial Highlights - Class Z
| | | | FOR THE YEAR ENDED | | | | | | | | | | |
| | | | 10/31/24 | | | | 10/31/23 | | | | 10/31/22 | | | | 10/31/21 | | | | 10/31/20 | |
| Per share data (for a share outstanding throughout each year): | | | | | | | | | | | | | | | | | | | | |
| Net asset value - Beginning of year | | $ | 20.14 | | | $ | 20.75 | | | $ | 35.36 | | | $ | 25.96 | | | $ | 20.67 | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss)1 | | | 0.17 | | | | 0.18 | | | | 0.09 | | | | (0.01 | ) | | | (0.01 | ) |
| Net realized and unrealized gain (loss) on investments | | | 3.45 | | | | (0.77 | ) | | | (11.06 | ) | | | 9.92 | | | | 5.38 | |
| Total from investment operations | | | 3.62 | | | | (0.59 | ) | | | (10.97 | ) | | | 9.91 | | | | 5.37 | |
| Less distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
| From net investment income | | | (0.33 | ) | | | (0.02 | ) | | | (0.05 | ) | | | (0.00 | )2 | | | (0.08 | ) |
| From net realized gain on investments | | | — | | | | — | | | | (3.59 | ) | | | (0.51 | ) | | | — | |
| Total distributions to shareholders | | | (0.33 | ) | | | (0.02 | ) | | | (3.64 | ) | | | (0.51 | ) | | | (0.08 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| Net asset value - End of year | | $ | 23.43 | | | $ | 20.14 | | | $ | 20.75 | | | $ | 35.36 | | | $ | 25.96 | |
| Net assets - End of year (000’s omitted) | | $ | 139,556 | | | $ | 211,678 | | | $ | 305,353 | | | $ | 404,306 | | | $ | 283,566 | |
| Total return3 | | | 18.06 | % | | | (2.86 | %) | | | (34.17 | %) | | | 38.61 | % | | | 26.06 | % |
| | | | | | | | | | | | | | | | | | | | | |
| Ratios (to average net assets)/Supplemental Data: | | | | | | | | | | | | | | | | | | | | |
| Expenses* | | | 1.00 | % | | | 1.00 | % | | | 1.00 | % | | | 1.00 | % | | | 1.00 | % |
| Net investment income (loss) | | | 0.72 | % | | | 0.81 | % | | | 0.34 | % | | | (0.03 | %) | | | (0.05 | %) |
| Series portfolio turnover | | | 66 | % | | | 64 | % | | | 76 | % | | | 76 | % | | | 91 | % |
*The investment advisor did not impose all or a portion of its management and/or other fees during the years, and may have paid a portion of the Series’ expenses. If these expenses had been incurred by the Class, the expense ratio (to average net assets) would have increased by the following amounts:
| | | | 0.05 | % | | | 0.06 | % | | | 0.02 | % | | | 0.03 | % | | | 0.07 | % |
1Calculated based on average shares outstanding during the years.
2Less than $(0.01).
3Represents aggregate total return for the years indicated, and assumes reinvestment of all distributions. Total return would have been lower had certain expenses not been waived or reimbursed during the years.
The accompanying notes are an integral part of the financial statements.
Rainier International Discovery Series
Notes to Financial Statements
Rainier International Discovery Series (the “Series”) is a no-load diversified series of Manning & Napier Fund, Inc. (the “Fund”). The Fund is organized in Maryland and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company.
The Series’ investment objective is to seek long-term capital appreciation.
The Series is authorized to issue four classes of shares (Class S, I, W and Z). Each class is substantially the same, except that class specific distribution and shareholder servicing expenses are borne by the specific class of shares to which they relate.
The Fund’s advisor is Manning & Napier Advisors, LLC (the “Advisor”). The investment sub-advisor of the Series is Rainier Investment Management, LLC (“Rainier” or the “Sub-Advisor”), an affiliate of 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 October 31, 2024, 6.8 billion shares have been designated in total among 15 series, of which 100 million have been designated as Rainier International Discovery Series Class I common stock, Rainier International Discovery Series Class S (formerly Class K) common stock, Rainier International Discovery Series Class W common stock and Rainier International Discovery Series Class Z (formerly Class R6) 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. In these instances, fair value is measured 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 to value these securities may differ from the value that would be realized if these securities were sold, and the differences could be material.
Fair Value
The Series’ financial instruments are valued at the close of the NYSE and are reported at fair value, which GAAP defines as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Board has designated the Advisor as the Fund’s valuation designee (Valuation Designee) to make all fair value determinations with respect to each Series’ portfolio investments. Subject to oversight by the Board, the Valuation Designee performs the following functions in performing fair value determinations: assesses and manages valuation risks; establishes and applies fair value methodologies; tests fair value methodologies; and evaluates pricing vendors and pricing agents. The Advisor has adopted and implemented policies and procedures to be followed when making fair value determinations, and it has established a Valuation Committee through which the Advisor makes fair value determinations. The Valuation Designee
Rainier International Discovery Series
Notes to Financial Statements (continued)
| 2. | Significant Accounting Policies (continued) |
Fair Value (continued)
provides periodic reporting to the Board on valuation matters. The Advisor’s determination of a security’s fair value price often involves the consideration of a number of subjective factors, and is therefore subject to the unavoidable risk that the value assigned to a security may be higher or lower than the security’s value would be if a reliable market quotation for the security was readily available. 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. The Advisor may use a pricing service to obtain the value of the Fund’s portfolio securities where the prices provided by such pricing service are believed to reflect the fair market value of such securities. The methods used by the pricing service and the valuations so established will be reviewed by the Advisor under the general supervision of the Fund’s Board of Directors. Several pricing services are available, one or more of which may be used by the Advisor, as approved by the Board. A change in a pricing service or a material change in a pricing methodology for investments with no readily available market quotations will be reported to the Board by the Advisor in accordance with certain requirements.
GAAP establishes the following fair value hierarchy that categorizes the inputs used to measure fair value. Level 1 includes quoted prices (unadjusted) in active markets for identical financial instruments that the Series’ can access at the reporting date. Level 2 includes other significant observable inputs (including, but not limited to, quoted prices for similar financial instruments in active markets, quoted prices for identical or similar financial instruments in inactive markets, interest rates and yield curves, implied volatilities, and credit spreads). Level 3 includes unobservable inputs (including the Valuation Designee’s own assumptions in determining fair value). 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 October 31, 2024 in valuing the Series’ assets or liabilities carried at fair value:
| DESCRIPTION | | TOTAL | | | LEVEL 1 | | | LEVEL 2# | | | LEVEL 3 | |
| Assets: | | | | | | | | | | | | |
| Equity securities: | | | | | | | | | | | | | | | | |
| Communication Services | | $ | 33,220,984 | | | $ | — | | | $ | 33,220,984 | | | $ | — | |
| Consumer Discretionary | | | 29,524,991 | | | | — | | | | 29,524,991 | | | | — | |
| Consumer Staples | | | 13,319,910 | | | | 2,220,927 | | | | 11,098,983 | | | | — | |
| Energy | | | 9,872,135 | | | | — | | | | 9,872,135 | | | | — | |
| Financials | | | 46,478,157 | | | | — | | | | 46,478,157 | | | | — | |
| Health Care | | | 35,043,748 | | | | — | | | | 35,043,748 | | | | — | |
| Industrials | | | 133,259,427 | | | | 26,861,001 | | | | 106,398,426 | | | | — | |
| Information Technology | | | 77,012,010 | | | | 16,380,116 | | | | 60,631,894 | | | | — | |
| Materials | | | 5,602,802 | | | | — | | | | 5,602,802 | | | | — | |
| Real Estate | | | 12,238,851 | | | | 1,758,582 | | | | 10,480,269 | | | | — | |
| Utilities | | | 2,273,632 | | | | — | | | | 2,273,632 | | | | — | |
| Short-Term Investment | | | 20,812,686 | | | | 20,812,686 | | | | — | | | | — | |
| Total assets | | $ | 418,659,333 | | | $ | 68,033,312 | | | $ | 350,626,021 | | | $ | — | |
#Includes certain foreign equity securities for which a factor from a third party vendor was applied to determine the securities’ fair value following the close of local trading.
There were no Level 3 securities held by the Series as of October 31, 2023 or October 31, 2024.
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
Rainier International Discovery Series
Notes to Financial Statements (continued)
| 2. | Significant Accounting Policies (continued) |
Security Transactions, Investment Income and Expenses (continued)
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.
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 October 31, 2024, the Series has recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken in future tax returns.
The Series files income tax returns in the U.S. federal jurisdiction, various states and foreign jurisdictions, as required. No income tax returns are currently under investigation. The statute of limitations on the Series’ tax returns remains open for the years ended October 31, 2021 through October 31, 2024. 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.
Rainier International Discovery Series
Notes to Financial Statements (continued)
| 2. | Significant Accounting Policies (continued) |
Distributions of Income and Gains
Distributions to shareholders of net investment income and net realized gains are made annually. An additional distribution may be necessary to avoid taxation of the Series. Distributions are recorded on the ex-dividend date.
Indemnifications
The Fund’s organizational documents provide former and current directors and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Other
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
| 3. | Transactions with Affiliates |
The Fund has an Investment Advisory Agreement (the “Agreement”) with the Advisor, for which the Series pays a fee, computed daily and payable monthly, at an annual rate of 0.90% of the Series’ average daily net assets. The Advisor pays the Sub-Advisor out of the fee received from the Series at an annual rate of 0.70% of the Series’ average daily net assets.
Under the Agreement, personnel of the Advisor maintain the Series’ organization and select and oversee the Sub-Advisor, who provides the Series with advice and assistance in the choice of investments and the execution of securities transactions. 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/or Sub-Advisor, and all personnel of the Fund, or of the Advisor, performing services relating to research, statistical and investment activities, are paid by the Advisor and/or Sub-Advisor. Each “non-affiliated” Director receives an annual stipend, which is allocated among all the active series of the Fund. In addition, these Directors also receive a fee per Board meeting attended plus a fee for each committee meeting attended and are reimbursed for travel and other out-of-pocket expenses incurred by them in connection with attending such meetings. The Fund also has an Audit Committee Chair, Governance & Nominating Committee Chair and Lead Independent Director who each receive an additional annual stipend for these roles.
The Fund may enter into agreements with financial intermediaries pursuant to which the Fund may pay financial intermediaries for non-distribution related sub-transfer agency, administrative, sub-accounting, and other shareholder services in an amount not to exceed 0.15% of the average daily net assets of the Class S shares and Class I shares. Payments made pursuant to such agreements are generally based on the current assets and/or number of accounts of the Series attributable to the financial intermediary. Any payments made pursuant to such agreements may be in addition to, rather than in lieu of, any Distribution and Shareholder Services Fee payable under the Rule 12b-1 plan of the Fund.
The Advisor has contractually agreed to waive the management fee for the Class W shares. The full management fee will be waived under this agreement because Class W shares are only available to discretionary investment accounts and other accounts managed by the Advisor. These clients pay a management fee to the Advisor that is separate from the Series’ expenses. In addition, pursuant to a separate expense limitation agreement, the Advisor has contractually agreed to limit its fees and reimburse expenses to the extent necessary so that the total direct annual fund operating expenses, exclusive of distribution and service (12b-1) fees and waived Class W management fees (collectively, “excluded expenses”), to 1.15% of the average daily net assets of the Class I and Class S shares, 1.00% of the average daily net assets of the Class Z shares, and 0.10% of the average daily net assets of the Class W shares. These contractual waivers are expected to continue indefinitely, and may not be amended
Rainier International Discovery Series
Notes to Financial Statements (continued)
| 3. | Transactions with Affiliates (continued) |
or terminated by the Advisor without the approval of the Series’ Board of Directors. The Advisor may receive from a Class the difference between the Class’s total direct annual fund operating expenses, not including excluded expenses, and the Class’s contractual expense limit to recoup all or a portion of its prior fee waivers (other than Class W management fee waivers) or expense reimbursements made during the rolling three-year period preceding the recoupment if at any point the total direct annual fund operating expenses, not including excluded expenses, are below the contractual expense limit (a) at the time of the fee waiver and/or expense reimbursement and (b) at the time of the recoupment.
Pursuant to these agreements, the Advisor waived $206,328 in management fees for Class W shares for the year ended October 31, 2024. In addition, pursuant to the separate expense limitation agreement, the Advisor waived or reimbursed expenses of $10,583, and $102,573, for Class W, and Class Z shares, respectively, for the year ended October 31, 2024. These amounts are included as a reduction of expenses on the Statement of Operations.
For the year ended October 31, 2024, the Advisor recouped the following waivers and/or reimbursements previously recorded by the Series:
| CLASS | | RECOUPED AMOUNT | |
| Class S | | $ | 374 | |
| Class I | | | 61,008 | |
As of October 31, 2024, the class specific waivers or reimbursements subject to possible future recoupment under the expense limitation agreement are as follows:
| CLASS | | EXPIRING OCTOBER 31, | | | | | |
| | | 2025 | | | 2026 | | | 2027 | | | TOTAL | |
| Class S | | $ | — | | | $ | 19,335 | | | $ | — | | | $ | 19,335 | |
| Class I | | | — | | | | 18,363 | | | | — | | | | 18,363 | |
| Class W | | | 6,376 | | | | 14,511 | | | | 10,583 | | | | 31,470 | |
| Class Z | | | 77,934 | | | | 160,927 | | | | 102,573 | | | | 341,434 | |
Manning & Napier Investor Services, Inc., a registered broker-dealer affiliate of the Advisor, acts as distributor for the Fund’s shares. The Series compensates the distributor for distributing and servicing the Series’ Class S shares pursuant to a distribution plan adopted under Rule 12b-1 of the 1940 Act, regardless of expenses actually incurred. Under the agreement, the Series pays distribution and service fees to the distributor at an annual rate of 0.25% of average daily net assets attributable to Class S shares. There are no distribution and service fees on the Class I, Class W or Class Z shares. The fees are accrued daily and paid monthly.
Pursuant to a master services agreement, 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; 0.0075% on the next $15 billion of average daily net assets; and 0.0065% of average daily net assets in excess of $40 billion; plus a base fee of $18,400 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.
| 4. | Purchases and Sales of Securities |
For the year ended October 31, 2024, purchases and sales of securities, other than U.S. Government securities and short-term securities, were $320,171,681 and $502,107,829, respectively. There were no purchases or sales of U.S. Government securities.
Rainier International Discovery Series
Notes to Financial Statements (continued)
| 5. | Capital Stock Transactions |
Transactions in Class S, Class I, Class W and Class Z shares of Rainier International Discovery Series were:
| CLASS S | | FOR THE YEAR ENDED 10/31/24 | | | FOR THE YEAR ENDED 10/31/23 | |
| | | SHARES | | | AMOUNT | | | SHARES | | | AMOUNT | |
| Sold | | | 200,360 | | | $ | 4,543,590 | | | | 559,944 | | | $ | 12,377,330 | |
| Reinvested | | | 12,261 | | | | 266,196 | | | | — | | | | — | |
| Repurchased | | | (662,523 | ) | | | (14,990,453 | ) | | | (664,823 | ) | | | (14,473,567 | ) |
| Total | | | (449,902 | ) | | $ | (10,180,667 | ) | | | (104,879 | ) | | $ | (2,096,237 | ) |
| CLASS I | | FOR THE YEAR ENDED 10/31/24 | | | FOR THE YEAR ENDED 10/31/23 | |
| | | SHARES | | | AMOUNT | | | SHARES | | | AMOUNT | |
| Sold | | | 2,523,600 | | | $ | 58,171,724 | | | | 4,809,971 | | | $ | 107,148,727 | |
| Reinvested | | | 159,090 | | | | 3,514,295 | | | | — | | | | — | |
| Repurchased | | | (5,570,410 | ) | | | (128,129,961 | ) | | | (5,622,411 | ) | | | (123,286,752 | ) |
| Total | | | (2,887,720 | ) | | $ | (66,443,942 | ) | | | (812,440 | ) | | $ | (16,138,025 | ) |
| CLASS W | | FOR THE YEAR ENDED 10/31/24 | | FOR THE YEAR ENDED 10/31/23 | |
| | | SHARES | | | AMOUNT | | | SHARES | | | AMOUNT | |
| Sold | | | 56,897 | | | $ | 1,336,948 | | | | 60,462 | | | $ | 1,343,190 | |
| Reinvested | | | 24,097 | | | | 529,411 | | | | 10,775 | | | | 241,796 | |
| Repurchased | | | (51,664 | ) | | | (1,199,675 | ) | | | (189,265 | ) | | | (4,129,672 | ) |
| Total | | | 29,330 | | | $ | 666,684 | | | | (118,028 | ) | | $ | (2,544,686 | ) |
| CLASS Z | | FOR THE YEAR ENDED 10/31/24 | | FOR THE YEAR ENDED 10/31/23 | |
| | | SHARES | | | AMOUNT | | | SHARES | | | AMOUNT | |
| Sold | | | 786,973 | | | $ | 18,187,004 | | | | 2,836,274 | | | $ | 64,239,847 | |
| Reinvested | | | 102,032 | | | | 2,262,043 | | | | 8,352 | | | | 189,009 | |
| Repurchased | | | (5,445,578 | ) | | | (127,540,923 | ) | | | (7,046,742 | ) | | | (155,948,160 | ) |
| Total | | | (4,556,573 | ) | | $ | (107,091,876 | ) | | | (4,202,116 | ) | | $ | (91,519,304 | ) |
At October 31, 2024, one shareholder account owned 11.8% of the Series. In addition, the Advisor and its affiliates owned 0.1% of the Series. Investment activities of these shareholders may have a material effect on the Series.
The Fund has entered into a 364-day, $50 million credit agreement (the “line of credit”) with Bank of New York Mellon. Each series of the Fund may borrow under the line of credit for temporary or emergency purposes, including funding shareholder redemptions and other short-term liquidity purposes. The Fund pays an annual fee on the unused commitment amount, payable quarterly, and is allocated among all the series of the Fund and included in miscellaneous expenses in the Statement of Operations for each series. The line of credit expires in September 2025 unless extended or renewed. During the year ended October 31, 2024, the Series did not borrow under the line of credit.
Rainier International Discovery Series
Notes to Financial Statements (continued)
The Series may trade in instruments including futures contracts and other derivatives in the normal course of investing activities to assist in managing exposure to various market risks. The Series may be subject to various elements of risk, which may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. These risks include: the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to over the counter derivative counterparties’ failure to perform under contract terms; liquidity risk 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 October 31, 2024.
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.
| 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. These differences are primarily due to losses deferred due to wash sales, foreign currency gains and losses, passive foreign investment companies (PFICs), and foreign capital gain tax. 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 tax character of distributions paid were as follows:
| | | FOR THE YEAR ENDED 10/31/24 | | | FOR THE YEAR ENDED 10/31/23 | |
| Ordinary income | | $ | 7,752,843 | | | $ | 523,396 | |
At October 31, 2024, the identified cost of investments for federal income tax purposes, the resulting gross unrealized appreciation and depreciation, and the net unrealized appreciation were as follows:
| Cost for federal income tax purposes | | $ | 346,643,123 | |
| Unrealized appreciation | | | 88,428,211 | |
| Unrealized depreciation | | | (16,412,001 | ) |
| | | | | |
| Net unrealized appreciation | | $ | 72,016,210 | |
| Undistributed ordinary income | | $ | 91,774 | |
| Capital loss carryforward | | $ | (46,048,149 | ) |
At October 31, 2024, the Series had net short-term capital loss carryforwards of $46,048,149, which may be carried forward indefinitely.
For the year ended October 31, 2024, the capital loss carryover utilized was $45,485,437.
Rainier International Discovery Series
Notes to Financial Statements (continued)
Significant disruptions and volatility in the global financial markets and economies, like the current conditions caused by the Russian invasion of Ukraine, the conflict between Hamas and Israel in the Middle East and the COVID-19 pandemic, could negatively impact the investment performance of the Series. The global market and economic climate may become increasingly uncertain due to numerous factors beyond our control, including but not limited to, impacts on business operations in the U.S. related to the COVID-19 pandemic, such as supply chain disruptions and inflation, concerns related to unpredictable global market and economic factors, uncertainty in U.S. federal fiscal, tax, trade or regulatory policy and the fiscal, tax, trade or regulatory policy of foreign governments, rising interest rates, inflation or deflation, the availability of credit, performance of financial markets, armed conflicts, terrorism, natural or biological catastrophes, public health emergencies, or political uncertainty.
Rainier International Discovery Series
Report of Independent Registered Public Accounting Firm
To the Board of Directors of Manning & Napier Fund, Inc. and Shareholders of Rainier International Discovery Series
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the investment portfolio, of Rainier International Discovery Series (one of the funds constituting Manning & Napier Fund, Inc., referred to hereafter as the “Fund”) as of October 31, 2024, the related statement of operations for the year ended October 31, 2024, the statement of changes in net assets for each of the two years in the period ended October 31, 2024, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2024 and the financial highlights for each of the five years in the period ended October 31, 2024 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2024 by correspondence with the custodian and broker; when replies were not received from the broker, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
New York, New York
December 19, 2024
We have served as the auditor of one or more investment companies in Manning & Napier Mutual Funds since 1992.
Rainier International Discovery Series
Supplemental Tax Information
(unaudited)
All reportings are based on financial information available as of the date of this annual report and, accordingly, are subject to change.
For federal income tax purposes, the Series reports for the current fiscal year $14,247,164 or, if different, the maximum amount allowable under the tax law, as qualified dividend income.
The Series has elected to pass through to its shareholders, foreign source income of $8,593,214 and foreign taxes paid of $6,544,526 for the year ended October 31, 2024.
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Rainier International Discovery Series
Renewal of Investment Advisory Agreement
(unaudited)
At the Manning & Napier Fund, Inc. (the “Fund”) Board of Directors’ (the “Board”) meeting, held on May 16, 2024, the Investment Advisory Agreement between the Fund and Manning & Napier Advisors, LLC (the “Advisor”) and on behalf of the Rainier International Discovery Series (the “Rainier Series”), the Investment Advisory Agreement between the Advisor and the Fund and the Sub-Advisory Agreement between Advisor and Rainier Investment Management, LLC (“Rainier”)(together, the “Agreements”), were considered for renewal by the Board, including all of the Directors who are not “interested persons” (“Independent Directors”), within the meaning of the Investment Company Act of 1940, as amended (the “1940 Act”). In connection with the decision whether to renew the Agreements, a variety of material was provided to the Board in advance of the meeting for their review and consideration. The Board also held a working session on May 3, 2024 to review and discuss information provided to the Board, and for the Board to request additional information.
Representatives of the Advisor attended a portion of the working session and attended the Board meeting. The Advisor provided supplemental information requested by the Board and presented additional oral information to the Board to assist the Board in its considerations. In addition to the information furnished by the Advisor, the Board was provided with a legal memorandum discussing its fiduciary duties related to its approval of the continuation of the Agreement. Legal counsel for the Fund discussed with the Board the applicable legal considerations. In addition, the Board received in-person presentations about the Fund throughout the year.
The Independent Directors were advised by independent legal counsel with respect to these matters. The Independent Directors also met separately in an executive session with their legal counsel without any representatives of the Advisor present.
The Directors’ determinations at the meeting were made on the basis of each Director’s business judgment after consideration of all the information presented. In deciding to recommend the renewal of the Agreements with respect to each Series of the Fund, the Independent Directors did not identify any single or particular piece of information that, in isolation, was the controlling factor. Each Independent Director may also have weighed factors differently. This summary describes the most important, but not all, of the factors considered by the Board and the Independent Directors.
Nature, Extent and Quality of Services Provided by the Advisor and Rainier
The Board considered the nature, extent and quality of the services provided by the Advisor and Rainier under the Agreements including, among others: deciding what securities to purchase and sell for each Series; arranging for the purchase and sale of such securities by placing orders with broker-dealers; administering the affairs of the Fund (including the books and records of the Fund not maintained by third party service providers such as the custodian or transfer agent); arranging for the insurance coverage for the Fund; and supervising the preparation of tax returns, SEC filings (including registration statements) and reports to shareholders for the Fund. The Board considered the numerous services performed by the Advisor and its affiliates beyond those stated in the Agreements. The Board also considered the Advisor and Rainier’s personnel who perform services to the Fund, changes in senior or key personnel, industry trends impacting the mutual fund industry, the strength of the Advisor’s compliance infrastructure, policies and procedures relating to compliance with securities regulations, reputation, expertise and resources. The Directors also reviewed the Advisor and Rainier’s investment and risk management approaches for the Series. The most recent investment adviser registration forms (Form ADV) for the Advisor and Rainier were available to the Board. The Directors also considered other services to be provided to the Series by the Advisor specifically, such as monitoring Rainier’s adherence to the Series’ investment restrictions and monitoring compliance with various Fund policies and procedures and with applicable securities laws and regulations. Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that the nature, extent and quality of the services provided to each Series by the Advisor and Rainier supported the renewal of the Agreements.
Investment Performance of the Advisor and Rainier
In connection with their consideration of investment performance, the Board was provided with reports – both proprietary to the Advisor or the Fund and generated by independent providers of investment company data – regarding the performance of each Series over various time periods and comparisons against applicable benchmark indexes as well as peer groups of mutual funds. As part of these meetings, the Advisor and Rainier and their representatives provided information regarding and, as applicable, led discussions of factors impacting the Advisor and Rainier’s performance for the Series, outlining market conditions over various time periods and explaining their expectations and strategies for the future. The Directors determined that it was appropriate to take into account its consideration of the Advisor and Rainier’s performance at the May 3rd working session and during prior quarterly board meetings. The Board also considered the Advisor and Rainier’s investment teams, including changes to the investment teams during the past year, investment team compensation structure and the investment process.
Rainier International Discovery Series
Renewal of Investment Advisory Agreement
(unaudited)
The Directors expressed concerns about the investment performance of certain Series for various periods. The Directors emphasized longer-term performance but remained attentive to shorter periods as well. In response to a request from the Independent Directors relating to Series where the Advisor’s or Rainier’s performance was materially below the performance of a Series’ benchmarks and/or peer group, representatives of the Adviser provided a further explanation to the Board regarding the reasons for the underperformance of these Series and discussed the steps taken or expected to be taken by the Advisor in an effort to improve performance. The Directors acknowledged the Advisor’s agreement to continue its efforts to improve relative performance for certain Series and asked the Advisor to update the Board on these efforts at future meetings. After discussion, the Directors agreed to continue to remain focused in future meetings on overseeing the Advisor’s and Sub-Advisor’s efforts to address underperformance, emphasizing longer-term performance, while staying attentive to short-term performance. After discussion, the Directors concluded, based on the information received and the Advisor’s and Sub-Advisor’s efforts to address the underperformance of certain Series, within the context of its full deliberations, that the investment results that the Advisor and Sub-Advisor had been able to achieve for each Series support renewal of the Agreements.
Costs of Advisory Services, Profitability and Economies of Scale
The Board considered the fees and expenses of the various Series of the Fund. The Advisor presented the advisory fees and total expenses for each Series, including the advisory fee adjusted for any contractual expense waivers or reimbursements paid by the Advisor.
The Board considered whether the Advisor had achieved economies of scale with respect to its services to the Fund. The Board acknowledged the expense caps incorporated in the Fund’s current fee structure, which requires the Advisor to subsidize the expenses of the Series operating above their expense cap, noting that 13 of 15 Series of the Fund are currently receiving expense reimbursements from the Advisor. The Directors noted the Advisor’s investments in, among other areas, investment and research personnel, IT resources and technology upgrades, noting their expected benefits to the Fund. The Board concluded that the Fund would need to grow in assets before the Advisor would be able to achieve meaningful economies of scale.
The Board considered differential advisory fee waivers related to a Series’ Class W shares, which are utilized within the Advisor’s separately managed accounts. The Board took into account the Advisor’s annual process to determine that a Series’ Class W shares do not provide a means for cross-subsidization in contravention of Rule 18f-3 under the 1940 Act, which included an analysis of the advisory fees paid by the separately managed accounts to the Adviser outside of the Series as compared to the advisory fees paid by the Series’ other classes to the Adviser. The Board further took into account that, after completing its annual review, the Advisor concluded that each Series’ Class W shares do not provide a means for cross-subsidization in contravention of Rule 18f-3 under the 1940 Act and the Advisor has implemented reasonable measures to monitor the waivers in the Series’ Class W Shares to guard against cross-subsidization in the Series. Based on the results of the Advisor’s annual review of the differential advisory fee waivers related to the Series’ Class W shares and the Advisor’s conclusions thereto, the Board accepted the Advisor’s assessment, and therefore has made the determination, based on the information and analysis presented to the Board at the meeting, that the Series’ Class W shares do not provide a means for cross-subsidization in contravention of Rule 18f-3 under the 1940 Act.
The Advisor provided the Board with information comparing each Series’ contractual management fees with the Advisor’s standard advisory fees for separate accounts and collective investment trusts. The Board considered that the range of services provided to the Series is more extensive than for the Advisor’s other clients due to additional infrastructure, administrative and regulatory requirements related to operating a mutual fund.
The current advisory fees, 12b-1 Distribution and Service Fees, other expenses (e.g. a combination of Shareholder Services Fees, intermediary sub-TA fees, routine operating expenses and Acquired Fund Fees and Expenses for fund-of-fund Series) and total expense ratios of each Series and share class were compared and ranked (on both a mean and median basis) against respective peer universes. Respective peer universes included funds of a similar size and with similar investment objectives and expense characteristics as disclosed on the Morningstar database. Representatives of the Advisor discussed with the Board the comparisons and rankings of fees and net expense ratios for each Series of the Fund and the methodology behind the comparison. The Board considered that 93% of the Series have at least one share class in the best third of its relevant universe, and approximately half of the funds fall within the lowest expense quartile for at least one share class. The Board was also provided with information related to the sub-advisory fees for the Rainier International Discovery Series and appliable comparisons. The Board will continue to monitor the fees and expenses of the Series compared to peer groups. Based on their review of the information provided, the Board concluded that the current fees and expenses of each Series of the Fund were reasonable on a comparative basis.
Rainier International Discovery Series
Renewal of Investment Advisory Agreement
(unaudited)
The Board considered the costs of the Advisor’s services and the profits of the Advisor as they relate to the Advisor’s services to the Fund and Rainier’s services and profits with respect to services provided to the Rainier Series under the Agreements. The Board noted that since its last review, the Advisor completed a ‘go-private’ transaction whereby it was acquired by the Callodine Group in October 2022. The Board was provided with information on the Advisor’s financial condition and profitability by mutual fund agreement and by Series. Representatives of the Advisor noted a shift to EBITDA (earnings before interest, taxes, depreciation and amortization) as the key performance metric related to profitability and discussed modest improvements in the Advisor’s profitability derived from the Fund. The Board discussed the Advisor’s revenues generated from the Fund and its expenses associated with providing the services under the Agreements. The Advisor presented the Board with information on firm wide investment management profitability to provide a comparison of the Advisor’s profitability from its Fund activities relative to its profitability from its other investment management business. In addition, the Board reviewed the Advisor’s expense allocation methodology used to calculate profitability since many of the Advisor’s resources and expenses are shared across the Advisor’s various investment management vehicles. The Board noted the Advisor’s explanation of the consistent approach taken in calculating profitability, compared to prior periods, including the allocation of expenses as part of that calculation. The Board considered the Advisor’s expenses associated with Fund activities outside of the Agreement (such as expense reimbursements pursuant to expense caps and payments made by the Advisor to third party platforms on which shares of the Fund are available for purchase). After discussing the above costs and profits, the Board concluded that the Advisor and Rainier’s profit margins relating to its services provided under the Agreements were reasonable. The Board also considered the Advisor’s willingness to continue its current expense limitation and fee waiver arrangements with the Series.
The Board also considered the other benefits the Advisor derives from its relationship with the Fund. Such other benefits include participation in a joint insurance program, sharing of compensation expenses for certain shared personnel, relationships with large service providers, the utilization of Series within the Advisor’s separately managed accounts and certain research services provided by soft dollars. The Board concluded that these additional benefits to the Advisor were reasonable.
Conclusion
Based on the Board’s deliberations and their evaluation of the information described above, the Board, including a majority of the Independent Directors, concluded that the compensation under the Agreements was fair and reasonable with respect to each Series in light of the services and expenses and such other matters as the Directors considered to be relevant in the exercise of their reasonable judgment, and that the renewal of the Agreements would be in the best interests of each Series and its shareholders. The Board did not indicate that any single factor was determinative of its decision to approve the Agreements, but indicated that the Board based its determination on the total mix of information available to it.
Rainier International Discovery Series
Literature Requests
(unaudited)
Proxy Voting Policies and Procedures
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, without charge, upon request:
| By phone | 1-800-466-3863 |
On the Securities and Exchange
Commission’s (SEC) web site | http://www.sec.gov |
Proxy Voting Record
Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30th is available, without charge, upon request:
| By phone | 1-800-466-3863 |
| On the SEC’s web site | http://www.sec.gov |
| On Manning & Napier’s web site | www.manning-napier.com |
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-PORT, and are available, without charge, upon request:
| By phone | 1-800-466-3863 |
| On the SEC’s web site | http://www.sec.gov |
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 1-(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 |
| 5. | Financial Statement and Other Information - Annual |
| 6. | Financial Statement and Other Information - Semi-Annual |
The Fund also offers electronic notification or “e-delivery” when certain documents are available on-line to be downloaded or reviewed. Direct shareholders can elect to receive electronic notification when shareholder reports, prospectus updates, and/or statements are available. If you do not currently have on-line access to your account, you can establish access by going to www.manning-napier.com, click on “Login” in the top corner of the page, and follow the prompts to self-enroll. Once enrolled, you can set your electronic notification preferences by clicking on the Account Options tab located within the green toolbar and then select E-Delivery Option. Should you have any questions on either how to establish on-line access or how to update your account settings, please contact Investor Services at 1-800-466-3863.
The Manning & Napier Fund, Inc. is managed by Manning & Napier Advisors, LLC. Manning & Napier Investor Services, Inc., an affiliate of Manning & Napier Advisors, LLC, is the distributor of the Fund shares.
MNIDS-10/24-AR
| (b) | An open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must file the information required by Item 13 of Form N-1A. |
The Financial Highlights are included with the Financial Statements under Item 7(a).
| ITEM 8: | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| ITEM 9: | PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| ITEM 10: | REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
Included under Item 7.
| ITEM 11: | STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT. |
Included under Item 7.
| ITEM 12: | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| Item 13: | Portfolio Managers of Closed-End Management Investment Companies |
Not applicable.
| Item 14: | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers |
Not applicable.
| Item 15: | 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 16: | 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 period covered by this report, there have been no changes in the Funds’ internal control over financial reporting that the above officers believe to have materially affected, or to be reasonably likely to materially affect, the Funds’ internal control over financial reporting.
| ITEM 17: | DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not Applicable.
| ITEM 18: | RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION. |
Not Applicable.
| (a)(4) | There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons. |
| (a)(5) | There was no change in the Registrant’s independent public accountant during the period covered by the report. |
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/ Paul J. Battaglia
Paul J. Battaglia
President & Principal Executive Officer
Manning & Napier Fund, Inc.
Date: January 3, 2025
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/ Paul J. Battaglia
Paul J. Battaglia
President & Principal Executive Officer
Manning & Napier Fund, Inc.
Date: January 3, 2025
/s/ Jill Peeper
Jill Peeper
Treasurer and Principal Financial Officer
Manning & Napier Fund, Inc.
Date: January 3, 2025
