Registration Nos. 33_64667
811_07439
==============================================================================
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________
FORM N_1A
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 [ ]
Post_Effective Amendment No. 1 [X]
and/or
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 [ ]
Amendment No. 2 [X]
(Check appropriate box or boxes.)
MANNING & NAPIER INSURANCE FUND, INC.
_________________________________________________
(Exact name of registrant as specified in charter)
1100 Chase Square
Rochester, New York 14604
___________________________________________________
(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, Including Area Code (716) 325-6880
B. Reuben Auspitz
c/o Manning & Napier Insurance Fund, Inc.
1100 Chase Square
Rochester, NY 14604
(Name and Address of Agent For Service)
Copies to:
Judith A. Hasenauer, Esq.
Blazzard, Grodd & Hasenauer, P.C.
P.O. Box 5108
Westport, CT 06881
(203) 226_7866
It is proposed that this filing will become effective on April 15, 1997
pursuant to paragraph (b) of Rule 485. .
Registrants Rule 24f-2 Notice for its fiscal year ended December 31, 1996
was filed on February 21, 1997.
=============================================================================
<PAGE>
MANNING & NAPIER INSURANCE FUND, INC.
<TABLE>
<CAPTION>
CROSS REFERENCE SHEET
(as required by Rule 404(c))
<S> <C> <C>
PART A
N_1A
- --------
Item No. Location
- -------- -------------------------
1. Cover Page........................... Cover Page
2. Synopsis............................. Summary
3. Condensed Financial Information...... Not Applicable
4. General Description of Registrant.... Cover Page; The Fund;
Risk and Investment
Objectives; Appendix
5. Management of the Fund............... Management
6. Capital Stock and Other Securities... Sales and Redemptions;
Net Asset Value; Tax
Status, Dividends, and
Distributions; General
Information
7. Purchase of Securities Being Offered. The Fund; Net Asset
Value; Sales and
Redemptions
8. Redemption or Repurchase............. Sales and Redemptions;
Net Asset Value
9. Pending Legal Proceedings............ Not Applicable
PART B
10. Cover Page........................... Cover Page
11. Table of Contents.................... Cover Page
12. General Information and History...... Not Applicable
13. Investment Objectives and Policies... Investment Objectives,
Policies and Restrictions
of the Fund;
Risk and Investment
Policies; Principal
Investment Restrictions;
Risks and Additional
Information about
Investment Policies;
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CROSS REFERENCE SHEET (CONT'D)
(as required by Rule 404(c))
<S> <C> <C>
N_1A
- --------
Item No. Location
- -------- ---------------------------
Item 14. Management of the Fund............... Management
Item 15. Control Persons and Principal Holders
of Securities................... Management
Item 16. Investment Advisory and Other
Services........................ Management; Custodian
Item 17. Brokerage Allocation................. Management
(Portfolio Transations and
Brokerage)
Item 18. Capital Stock and Other Securities... Redemption of Shares;
Net Asset Value; Taxes;
Dividends and
Distributions; Organiza_
tion and Capitalization
Item 19. Purchase, Redemption and Pricing of
Securities Being Offered........ Net Asset Value;
Redemption of Shares
Item 20. Tax Status........................... Taxes; Dividends and
Distributions
Item 21. Underwriters......................... Not Applicable
Item 22. Calculations of Yield Quotations of
Money Market Funds.............. Not Applicable
Item 23. Financial Statements................. Financial Statements
</TABLE>
PART C
Information required to be included in Part C is set forth under the
appropriate Item, so numbered, in Part C of the Registration Statement.
<PAGE>
Supplemental Prospectus for Manning & Napier Insurance Fund, Inc.
dated April 15, 1997 to the Prospectus for the Manning & Napier
Insurance Fund, Inc. dated November 11, 1996.
<PAGE>
<PAGE>
EXPENSES
SHAREHOLDER TRANSACTION EXPENSES
(as a percentage of offering price)
<TABLE>
<CAPTION>
<S> <C>
Maximum Sales Charge Imposed on Purchases None
Redemption Fees (1) None
Exchange Fees (2) None
</TABLE>
(1) A wire charge, currently $15, will be deducted by the Transfer Agent
from the amount of a wire redemption payment made at the request of a
shareholder. Such amount is not included in the "Annual Operating
Expenses of the Series."
(2) A shareholder may effect up to four (4) exchanges in a twelve (12)
month period without change. Subsequent exchanges are subject to a fee of
$15.
ANNUAL OPERATING EXPENSES
The following information provides (i) a tabular summary of expenses relating
to the annual operating expenses of the Series and (ii) an example
illustrating the dollar cost of such expenses on a $1,000 investment.
Annual Operating Expenses of the Series (as a percentage of average daily net
assets):
<TABLE>
<CAPTION>
<btb>
Manning & Napier Manning & Napier Manning & Napier
Bond Equity Small Cap
Portfolio Portfolio Portfolio
----------------- ----------------- -----------------
<S> <C> <C> <C>
Management Fees After Reduction of Fees (3) 0.00% 0.00% 0.00%
12b-1 Fees None None None
Other Expenses 0.85% 1.20% 1.20%
----------------- ----------------- -----------------
Total Operating Expenses of the Series (3) 0.85% 1.20% 1.20%
----------------- ----------------- -----------------
</TABLE>
<TABLE>
<CAPTION>
<btb>
Manning & Napier Manning & Napier Manning & Napier
Moderate Growth Growth Maximum Horizon
Portfolio Portfolio Portfolio
----------------- ----------------- -----------------
<S> <C> <C> <C>
Management Fees After Reduction of Fees (3) 0.00% 0.00% 0.00%
12b-1 Fees None None None
Other Expenses 1.20% 1.20% 1.20%
----------------- ----------------- -----------------
Total Operating Expenses of the Series (3) 1.20% 1.20% 1.20%
----------------- ----------------- -----------------
</TABLE>
Example
<TABLE>
<CAPTION>
<btb>
You would pay the following expenses on a $1,000 investment, assuming a) 5.0%
annual return and b) redemptions at the end of each time period(4):
1 year 3 years 5 years 10 years
------- -------- -------- ---------
<S> <C> <C> <C> <C>
Bond Portfolio $ 9 $ 27 $ 47 $ 105
Equity Portfolio 12 38 66 145
Small Cap Portfolio 12 38 66 145
Moderate Growth Portfolio 12 38 66 145
Growth Portfolio 12 38 66 145
Maximum Horizon Portfolio 12 38 66 145
</TABLE>
(3) The Series were engaged in active investment operations for the period
November 1, 1996 (commencement of operations) to December 31, 1996;
therefore, actual management fees and other expenses are used above.
(4) The Investment Advisor waived a portion of its management fee and
reimbursed other expenses for the Equity Portfolio, Small Cap Portfolio,
Moderate Growth Portfolio, Growth Portfolio, Maximum Horizon Portfolio
and Bond Portfolio. If the full management fee of 1.00% for the Equity
Portfolio, Small Cap Portfolio, Moderate Growth Portfolio, Growth
Portfolio, Maximum Horizon Portfolio and 0.50% for Bond Portfolio and
other expenses had not been reimbursed, each of the Series total
operating expenses, as a percentage of average daily net assets, would
have been 47.08% for Equity Portfolio, 48.07% for Small Cap Portfolio,
49.44% for Moderate Growth Portfolio, 48.91% for Growth Portfolio, 47.96%
for Maximum Horizon Portfolio and 49.49% for Bond Portfolio, respectively.
Absent the fee waiver and assumption of expenses, the expenses paid on a
$1,000 investment would be:
<TABLE>
<CAPTION>
<btb>
1 year 3 years 5 years 10 years
------- -------- -------- ---------
<S> <C> <C> <C> <C>
Bond Portfolio $ 385 $ 717 $ 819 $ 863
Equity Portfolio 372 712 826 880
Small Cap Portfolio 377 714 823 873
Moderate Growth Portfolio 385 717 820 863
Growth Portfolio 382 716 821 867
Maximum Horizon Portfolio 377 714 824 873
</TABLE>
The fee waiver and assumption of expenses by the Advisor is voluntary and may
be terminated at any time. However, the Advisor has agreed to continue this
fee waiver and assumption of expenses at least throughout the Series' current
fiscal year.
The purpose of the table above is to assist the investor in understanding the
various costs and expenses associated with investing in the Series. For a
more complete description of the various costs and expenses illustrated above,
please refer to the Management section of this Prospectus.
THE EXAMPLE ABOVE SHOULD NOT BE CONSIDERED A REPRESENTATION OF FUTURE
EXPENSES. ACTUAL EXPENSES MAY BE GREATER OR LESSER THAN THOSE SHOWN.
2
<PAGE>
FINANCIAL HIGHLIGHTS
The following tables provide selected per share data and ratios for the Bond
Portfolio, Equity Portfolio, Small Cap Portfolio, Moderate Growth Portfolio,
Growth Portfolio, and Maximum Horizon Portfolio (for a share outstanding
throughout the period for the period November 1, 1996 (commencement of
operations) to December 31, 1996). The table is part of the Funds financial
statement, which is included in the Statement of Additional Information
incorporated by reference into this Prospectus.
<TABLE>
<CAPTION>
MANNING & NAPIER INSURANCE FUND, INC.
---------------------------------------
Moderate
Bond Equity Small Cap Growth
Portfolio Portfolio Portfolio Portfolio
Per share data (for a share outstanding
throughout each period):
<S> <C> <C> <C> <C>
NET ASSET VALUE - BEGINNING OF PERIOD $ 10.00 $ 10.00 $ 10.00 $ 10.00
Income from investment operations:
Net investment income 0.062 0.047 0.009 0.065
Net realized and unrealized gain (loss)
on investments (0.122) 0.513 0.711 0.045
Total from investment operations (0.060) 0.560 0.720 0.110
NET ASSET VALUE - END OF PERIOD $ 9.94 $ 10.56 $ 10.72 $ 10.11
Total return: 1 (0.60%) 5.60% 7.20% 1.10%
Ratios of expenses (to average net
assets) / Supplemental Data*:
Expenses 2 0.85% 1.20% 1.20% 1.20%
Net investment income 2 3.92% 2.84% 0.55% 4.08%
Portfolio turnover 0% 29% 9% 0%
Average commision rate paid -- $ 0.0061 $ 0.0356 $ 0.0700
NET ASSETS - END OF PERIOD $ 125,875 $ 136,267 $ 138,374 $ 128,104
* The investment advisor did not impose its management fee and paid a portion
of the Fund's expenses. If these expenses had been incurred by the Fund,
expenses would habe been limited by state securities law and the net
investment income per share and the ratios would have been as follows:
Net Investment Income $ 0.036 $0.025 ($0.012) $0.044
Ratios (to average net assets):
Expenses 2 2.50% 2.50% 2.50% 2.50%
Net investment income 2 2.27% 1.54% (0.75%) 2.78%
1 Total return represents aggregate total return for the period indicated.
2 Annualized.
Maximum
Growth Horizon
Portfolio Portfolio
Per share data (for a share outstanding
throughout each period):
<S> <C> <C>
NET ASSET VALUE - BEGINNING OF PERIOD $ 10.00 $ 10.00
Income from investment operations:
Net investment income 0.050 0.023
Net realized and unrealized gain (loss)
on investments 0.200 0.417
Total from investment operations 0.250 0.440
NET ASSET VALUE - END OF PERIOD $ 10.25 $ 10.44
Total return: 1 2.50% 4.40%
Ratios of expenses (to average net
assets) / Supplemental Data*:
Expenses 2 1.20% 1.20%
Net investment income 2 3.11% 1.43%
Portfolio turnover 3% 4%
Average commision rate paid $ 0.0696 $ 0.0691
NET ASSETS - END OF PERIOD $ 129,874 $ 132,216
* The investment advisor did not impose its management fee and paid a portion
of the Fund's expenses. If these expenses had been incurred by the Fund,
expenses would habe been limited by state securities law and the net
investment income per share and the ratios would have been as follows:
Net Investment Income $0.029 $0.002
Ratios (to average net assets):
Expenses 2 2.50% 2.50%
Net investment income 2 1.81% 0.13%
</TABLE>
1 Total return represents aggregate total return for the period indicated.
2 Annualized.
3
<PAGE>
PART A
The Prospectus for Manning & Napier Insurance Fund, Inc. is hereby
incorporated by reference to the Registration Statement on Form N-1A filed on
November 11, 1996.
<PAGE>
PART B
Supplement to the Statement od Additional Information for the Manning &
Napier Insurance Fund, Inc. dated April 15, 1997 to the Statement of
Additional Information dated November 11, 1996.
<PAGE>
Manning & Napier Insurance Fund, Inc.
Annual Report
December 31, 1996
<PAGE>
Performance Update as of December 31, 1996
BOND PORTFOLIO
During 1996, we saw several periods of rising interest rates when economic
reports indicating strong growth ignited inflation fears. Our analysis,
however, shows that these were short-term situations. We expect inflation to
remain low and for interest rates to be stable to lower. We have weighted the
portfolio toward the longer-end of the maturity spectrum, because long-term
bonds offer the most growth potential in a falling interest rate environment.
Manning & Napier places great emphasis on the quality of the bonds in the
Portfolio. Lower quality bonds may offer higher yields, but the additional
yield is not enough to outweigh the risk added by their increased volatility.
<TABLE>
<CAPTION>
Performance from inception 1
Total Return
Through Growth of $10,000 Average
12/31/96 Investment Cumulative Annual
<S> <C> <C> <C>
Manning & Napier Bond Portfolio $ 9,940 -0.60% N/A
Merrill Lynch Corporate/
Government Bond Index 2 $ 10,076 0.76% N/A
</TABLE>
[GRAPHIC]
LINE CHART
Data for Line Chart to follow:
<TABLE>
<CAPTION>
Manning & Napier Merrill Lynch Corporate/
Date Bond Portfolio Government Bond Index
<S> <C> <C>
11/01/96 $ 10,000 $ 10,000
11/30/96 10,090 10,184
12/31/96 9,940 10,076
</TABLE>
[PIE CHART]
Portfolio Composition - Bond Porfolio - As of 12/31/96
U.S. Treasury Securities - 48%
U.S. Government Agencies - 45%
Cash, short-term investments
and other assets less liabilities - 7%
[PIE CHART]
Effective Maturity - Bond Portfolio - As of 12/31/96 *
1 - 3 Years - 21.4%
3 - 5 Years - 13.3%
5 - 10 Years - 39.2%
Over 10 Years - 26.1%
* As a percentage of Total Investments
Please see Page 8 for Footnotes
2
<PAGE>
Performance Update as of December 31, 1996
EQUITY PORTFOLIO
The Equity Portfolio is designed to provide long-term capital growth, without
regard to interim volatility. Stocks are chosen for inclusion in the
Portfolio through rigorous analysis by our team of stock analysts. We have
built the Portfolio selectively because in this highly-valued stock market
fewer stocks meet our investment strategies and pricing disciplines. Even in
this challenging market environment, our analysts continue to identify
attractively-valued stocks which we believe offer strong growth potential. As
of the end of the year, this Portfolio was approximately 83% invested in
stocks.
The Equity Portfolio has a significant weighting in technology stocks. We
expect the strong growth which this sector has experienced in recent years to
continue, as consumers and businesses expand their use of technology.
<TABLE>
<CAPTION>
Performance from inception 1
Total Return
Through Growth of $10,000 Average
12/31/96 Investment Cumulative Annual
<S> <C> <C> <C>
Manning & Napier Equity Portfolio $ 10,560 5.60% N/A
Standard & Poor's (S&P) 500
Total Return Index 3 $ 10,542 5.42% N/A
</TABLE>
[GRAPHIC]
Line Chart
Data for Line Chart to follow:
<TABLE>
<CAPTION>
Manning & Napier S & P 500
Equity Portfolio Total Return Index
<S> <C> <C>
11/01/96 $ 10,000 $ 10,000
11/30/96 10,720 10,755
12/31/96 10,560 10,542
</TABLE>
[PIE CHART]
Portfolio Composition -Equity Portfolio - As of 12/31/96
Chemicals & Allied Products - 6.2%
Electromedical Apparatus - 4.0%
Electronics & Electrical Equipment - 12.9%
Health Services - 3.9%
Paper & Allied Products - 6.8%
Photographic Equipment & Supplies - 4.4%
Retail - 23.0%
Cash, short-term investments and
other assets less liabilities - 8.1%
U.S. Treasury Securities - 7.7%
Miscellaneous * - 23.0%
* Miscellaneous includes:
Air Transportation
Computer Equipment
Crude Petroleum & Natural Gas
Engineering Services
Fabricated Metal Products
Restaurants
Technical Instruments & Supplies
Utilities - Electric
Please see Page 8 for Footnotes
3
<PAGE>
Performance Updatas of December 31, 1996
SMALL CAP PORTFOLIO
Historically, small company stocks have earned higher returns than those of
larger companies, but they are also typically more volatile. In managing this
Portfolio, we adhere to Manning & Napier's traditional investment
strategies and pricing disciplines. Each stock in the Portfolio is
individually selectedand reviewed by analysts with specific industry
expertise. In addition to searching for promising additions to the Portfolio,
we continually reevaluate the holdings in the portfolio to assess their
fit with our investment strategies. This strategy has proven quite
successful for Manning & Napier's clients over time.
As of December 31, approximately 26.8% of the Small Cap Portfolio was invested
in retail stocks. This sector of the market has been significantly
undervalued, and we took advantage of this opportunity to purchase the stocks
of some strong companies at attractive valuations; several of these holdings
made strong contributions to the Portfolios' return late in the year.
<TABLE>
<CAPTION>
Performance from inception 1
Total Return
Through Growth of $10,000 Average
12/31/96 Investment Cumulative Annual
<S> <C> <C> <C>
Manning & Napier Small Cap Portfolio $ 10,720 7.20% N/A
Standard & Poor's (S&P)
500 Total Return Index 3 $ 10,542 5.42% N/A
</TABLE>
[GRAPHIC]
LINE CHART
Data for Line Chart to follow:
<TABLE>
<CAPTION>
Manning & Napier S & P 500
Small Cap Portfolio Total Return Index
<S> <C> <C>
11/01/96 $ 10,000 $ 10,000
11/30/96 10,380 10,755
12/31/96 10,720 10,542
</TABLE>
[PIE CHART]
Portfolio Composition - Small Cap Portfolio - As of 12/31/96
Fabricated Metal Products - 8.9%
Glass Products - 3.5%
Health Services - 4.7%
Primary Metal Industries - 6.8%
Restaurants - 4.3%
Retail - 26.8%
Software - 7.5%
Cash, short-term investments and
other assets less liabilites - 22.5%
Miscellaneous * - 15.0%
* Miscellaneous includes:
Computer Equipment
Food & Beverages
Holding Companies
Optical Supplies
Printing & Publishing
Surgical & Medical Instruments
Technical Instruments & Supplies
Telecommunication Equipment
Please see Page 8 for Footnotes
4
<PAGE>
Performance Update as of December 31, 1996
OBJECTIVES-BASED PORTFOLIOS
(Moderate Growth Portfolio, Growth Portfolio & Maximum
Horizon Portfolio)
The Insurance Fund includes three Objectives-Based portfolios: the Moderate
Growth Portfolio, the Growth Portfolio, and the Maximum Horizon Portfolio.
Each of these portfolios invests in a combination of stocks, bonds, and cash
with a specific objective relating to its emphasis on growth and tolerance
for short-term volatility. The specific allocation between asset classes, as
well as the individual security selection, is managed by Manning & Napier in
accordance with the objectives of each portfolio.
While our analysts continue to identify attractive long-term investment
opportunities in the stock market, we have positioned the Moderate Growth
Portfolio with a relatively low level of stocks, because this portfolio seeks
to dampen volatility. Given the historically high valuations of the stock
market, this is exactly what investors should expect. Because avoiding
volatility is only a secondary concern of the Growth Portfolio and is not an
objective of the Maximum Horizon Portfolio, these two Portfolios hold larger
stock allocations.
<TABLE>
<CAPTION>
Performance from inception 1
Total Return
Through Growth of $10,000 Average
12/31/96 Investment Cumulative Annual
<S> <C> <C> <C>
Manning & Napier
Moderate Growth Portfolio $ 10,110 1.10% N/A
Lehman Brothers Intermediate
Bond Index 4 $ 10,067 0.67% N/A
30 - 70 Blended Index 5 $ 10,211 2.11% N/A
</TABLE>
[GRAPHIC]
LINE CHART
Data for Line Chart to follow:
<TABLE>
<CAPTION>
Manning & Napier Lehman Brothers 30 - 70 Blended
Moderate Growth Portfolio Intermediate Bond Index Index
<S> <C> <C> <C>
11/01/96 $ 10,000 $ 10,000 $ 10,000
11/30/96 10,200 10,132 10,319
12/31/96 10,110 10,067 10,211
</TABLE>
[PIE CHART]
Portfolio Composition - Moderate Growth Portfolio - As of 12/31/96
Stocks - 14.1%
Bonds - 82.2%
Cash, short-term investments
and other assets less liabilities - 3.7%
Please see Page 8 for Footnotes
5
<PAGE>
Performance Update as of December 31, 1996
OBJECTIVES-BASED PORTFOLIOS
(Moderate Growth Portfolio, Growth Portfolio & Maximum Horizon Portfolio)
<TABLE>
<CAPTION>
Performance from inception 1
Total Return
Through Growth of $10,000 Average
12/31/96 Investment Cumulative Annual
<S> <C> <C> <C>
Manning & Napier Growth Portfolio $ 10,250 2.50% N/A
Lehman Brothers Intermediate
Bond Index 4 $ 10,067 0.67% N/A
50-50 Blended Index 6 $ 10,311 3.11% N/A
</TABLE>
[GRAPHIC]
LINE CHART
Data for Line Chart to follow:
<TABLE>
<CAPTION>
Manning & Napier Lehman Brothers 50-50 Blended
Growth Portfolio Intermediate Bond Index Index
<S> <C> <C> <C>
11/01/96 $ 10,000 $ 10,000 $ 10,000
11/30/96 10,350 10,132 10,463
12/31/96 10,250 10,067 10,311
</TABLE>
[PIE CHART]
Portfolio Composition - Growth Portfolio - As of 12/31/96
Stocks - 39.6%
Bonds - 58.2%
Cash, short-term investments
and other assets less liabilities - 2.2%
Please see Page 8 for Footnotes
6
<PAGE>
Performance Update as of December 31, 1996
OBJECTIVES-BASED PORTFOLIOS
(Moderate Growth Portfolio, Growth Portfolio & Maximum Horizon Portfolio)
<TABLE>
<CAPTION>
Performance from inception 1
Total Return
Through Growth of $10,000 Average
12/31/96 Investment Cumulative Annual
<S> <C> <C> <C>
Manning & Napier
Maximum Horizon Portfolio $ 10,440 4.40% N/A
Standard & Poor's (S&P)
500 Total Return Index 3 $ 10,542 5.42% N/A
</TABLE>
[GRAPHIC]
LINE CHART
Data for Line Chart to follow:
<TABLE>
<CAPTION>
Manning & Napier S & P 500
Maximum Horizon Portfolio Total Return Index
<S> <C> <C>
11/01/96 $ 10,000 $ 10,000
11/30/96 10,640 10,755
12/31/96 10,440 10,542
</TABLE>
[PIE CHART]
Portfolio Composition - Maximum Horizon Portfolio - As of 12/31/96
Stocks - 75.1%
Bonds - 23.1%
Cash,short-term investments and other
and other assets less liabilities - 1.8%
Please see Page 8 for Footnotes
7
<PAGE>
Footnotes to Performance Update
1 Performance numbers for the Portfolios and Indices are calculated from
November 1, 1996, the Portfolios' inception date. The Portfolios'
performance is historical and may not be indicative of future results.
2 The Merrill Lynch Corporate/Government Bond Index is a market value
weighted measure of approximately 4,775 corporate and government bonds. The
Index is comprised of investment grade securities with maturities greater
than one year. The Index returns assume reinvestment of coupons and, unlike
Fund returns, do not reflect any fees or expenses.
3 The Standard & Poor's (S&P) 500 Total Return Index is an unmanaged
capitalization-weighted measure of 500 widely held common stocks listed on the
New York Stock Exchange, American Stock Exchange, and Over-the-Counter
market. The Index returns assume reinvestment of income and, unlike Fund
returns, do not reflect any fees or expenses.
4 The Lehman Brothers Intermediate Bond Index is a market value weighted
measure of approximately 3,500 corporate and government securities. The Index
is comprised of investment grade securities with maturities greater than one
year but less than ten years. The Index returns assume reinvestment of
income and, unlike Fund returns, do not reflect any fees or expenses.
5 The 30-70 Blended Index used for the Moderate Growth Portfolio is 30 % S&P
500 Total Return Index (see note 3) and 70% Lehman Brothers Intermediate
Bond Index (see note 4). The Index returns assume reinvestment of income
and, unlike Fund returns, do not reflect any fees or expenses.
6 The 50-50 Blended Index used for the Growth Portfolio is 50 % S&P 500
Total Return Index (see note 3) and 50% Lehman Brothers Aggregate Bond Index.
The Lehman Brothers Aggregate Bond Index is a market value weighted measure of
approximately 5,700 corporate, government, and mortgage backed securities.
The Index is comprised of investment grade securities with maturities greater
than one year. The Index returns assume reinvestment of income and, unlike
Fund returns, do not reflect any fees or expenses.
8
<PAGE>
Investment Porfolio - December 31, 1996
<TABLE>
<CAPTION>
PRINCIPAL VALUE
Manning & Napier Bond Portfolio AMOUNT/SHARES (NOTE 2)
U.S. TREASURY SECURITIES - 48.3%
<S> <C> <C>
U.S. TREASURY NOTES - 24.0%
U.S.Treasury Note, 6.50%, 10/15/2006 $ 30,000 $ 30,169
U.S. TREASURY BONDS - 24.3%
U.S. Treasury Bond, 6.875%, 8/15/2025 30,000 30,572
TOTAL U.S. TREASURY SECURITIES
(Identified Cost $61,886) 60,741
U.S. GOVERNMENT AGENCIES - 44.7%
Federal Home Loan Bank Bond, 5.905%, 10/23/1998 10,000 9,988
Federal Home Loan Mortgage, 6.130%, 8/19/1999 15,000 15,004
Federal National Mortage Association, 7.550%, 4/22/2002 15,000 15,741
Student Loan Marketing Association, 7.500%, 3/8/2000 15,000 15,556
TOTAL U.S. GOVERNMENT AGENCIES
(Identified Cost $56,716) 56,288
TOTAL INVESTMENTS - 93.0%
(Identified Cost $118,602) 117,029
OTHER ASSETS, LESS LIABILITIES - 7.0% 8,846
NET ASSETS - 100% $125,875
</TABLE>
<TABLE>
<CAPTION>
FEDERAL TAX INFORMATION:
At December 31, 1996, the net unrealized depreciation based on identified cost for
federal income tax purposes of $118,602 was as follows:
<S> <C>
Aggregate gross unrealized appreciation for all investments
in which there was an excess of value over tax cost $ -
Aggregate gross unrealized depreciation for all investments
in which there was an excess of tax cost over value (1,573)
UNREALIZED DEPRECIATION - NET $(1,573)
</TABLE>
The accompanying notes are an integral part of the financial statements.
9
<PAGE>
Investment Porfolio - December 31, 1996
<TABLE>
<CAPTION>
VALUE
Manning & Napier Equity Portfolio SHARES (NOTE 2)
COMMON STOCK - 83.4%
<S> <C> <C>
AIR TRANSPORTATION - 3.3%
Federal Express Corp.* 100 $ 4,450
CHEMICAL & ALLIED PRODUCTS - 6.2%
Alliance Pharmaceutical Corp.* 275 3,747
Colgate-Palmolive Co. 50 4,612
8,359
COMPUTER EQUIPMENT - 2.7%
Digital Equipment, Corp.* 100 3,638
CRUDE PETROLEUM & NATURAL GAS - 3.2%
YPF Sociedad Anonima - ADR (Note 7) 175 4,419
ELECTROMEDICAL APPARATUS - 4.0%
Nellcor Puritan Bennett, Inc.* 250 5,469
ELECTRONICS & ELECTRICAL EQUIPMENT - 12.9%
SEMICONDUCTORS - 8.3%
Intel Corp. 50 6,547
Texas Instruments, Inc. 75 4,781
11,328
TELECOMMUNICATION EQUIPMENT - 4.6%
BroadBand Technologies, Inc.* 150 2,212
DSC Communications Corp.* 225 4,022
6,234
17,562
ENGINERRING SERVICES - 3.0%
Jacobs Engineering Group, Inc.* 175 4,134
FABRICATED METAL PRODUCTS - 1.7%
Material Sciences Corp.* 125 2,250
HEALTH SERVICES - 3.9%
MedPartners, Inc.* 250 5,250
</TABLE>
The accompanying notes are an integral part of the financial statements.
10
Investment Portfolio - December 31, 1996
<TABLE>
<CAPTION>
Shares /
Principal VALUE
Manning & Napier Equity Portfolio (continued) Amount (NOTE 2)
<S> <C> <C>
PAPER & ALLIED PRODUCTS - 6.8%
Alco Standard Corp. 100 $ 5,162
Fort Howard Corp.* 150 4,153
9,315
PHOTOGRAPHIC EQUIPMENT & SUPPLIES - 4.4%
Eastman Kodak Co. 75 6,019
RESTAURANTS - 3.3%
McDonald's Corp. 100 4,525
RETAIL - 23.0%
RETAIL - DEPARTMENT STORES - 3.9%
Nordstrom, Inc. 150 5,316
RETAIL - SPECIALTY STORES - 15.1%
Fabri-Centers of America - Class B* 200 3,075
Hancock Fabrics, Inc. 450 4,669
Home Depot, Inc. 75 3,759
Office Depot, Inc.* 200 3,550
Tandy Corp. 125 5,500
20,553
RETAIL - WHOLESALE - 4.0%
Coleman Company, Inc.* 400 5,500
31,369
TECHNICAL INSTRUMENTS & SUPPLIES - 3.0%
Millipore Corp. 100 4,138
UTILITIES-ELECTRIC - 2.0%
Enersis S.A.- ADR (Note 7) 100 2,775
TOTAL COMMON STOCK
(Identified Cost $105,580) 113,672
U.S. TREASURY SECURITIES - 7.7%
U.S Treasury Bond, 7.25%, 8/15/2022 $ 10,000 10,578
(Identified Cost $10,611)
SHORT-TERM INVESTMENTS- 3.8%
Dreyfus U.S. Treasury Money Market Reserves
(Identified Cost $5,133 ) 5,133 5,133
</TABLE>
The accompanying notes are an integral part of the financial statements.
11
<PAGE>
Investment Portfolio - December 31, 1996
<TABLE>
<CAPTION>
VALUE
Manning & Napier Equity Portfolio (continues) (NOTE 2)
<S> <C>
TOTAL INVESTMENTS - 94.9%
(Identified Cost $121,324) $129,383
OTHER ASSETS, LESS LIABILITIES - 5.1% 6,884
NET ASSETS - 100% $136,267
</TABLE>
*Non-income producing security
<TABLE>
<CAPTION>
FEDERAL TAX INFORMATION:
At December 31, 1996, the net unrealized appreciation based on identified cost for
federal income tax purposes of $121,494 was as follows:
<S> <C>
Aggregate gross unrealized appreciation for all investments
in which there was an excess of value over tax cost $ 9,321
Aggregate gross unrealized depreciation for all investments
in which there was an excess of tax cost over value (1,432)
UNREALIZED APPRECIATION - NET $ 7,889
</TABLE>
The accompanying notes are an integral part of the financial statements.
12
<PAGE>
Investment Porfolio - December 31, 1996
<TABLE>
<CAPTION>
Value
Manning & Napier Small Cap Portfolio Shares (Note 2)
COMMON STOCK - 77.5%
<S> <C> <C>
COMPUTER EQUIPMENT- 1.3%
Varitronix International Ltd. (Note 7) 1,000 $ 1,810
FABRICATED METAL PRODUCTS - 8.9%
Keystone International, Inc. 300 6,037
Material Sciences Corp.* 350 6,300
12,337
FOOD & BEVERAGES - 2.1%
Canandaigua Wine Company, Inc. - Class A* 100 2,850
GLASS PRODUCTS - 3.5%
Libbey, Inc. 175 4,878
HEALTH SERVICES - 4.7%
RehabCare Group, Inc. 275 5,534
U. S. Physical Therapy, Inc.* 100 975
6,509
HOLDING COMPANIES - 0.9%
EK Chor China Motorcycle Co. Ltd. - ADR (Note 7) 175 1,291
OPTICAL SUPPLIES - 2.1%
Sola International, Inc.* 75 2,850
PRIMARY METAL INDUSTRIES - 6.8%
American Superconductor Corp.* 150 1,594
Gibraltar Steel Corp.* 300 7,875
9,469
PRINTING & PUBLISHING - 3.0%
Playboy Enterprises, Inc. - Class A* 125 1,266
Playboy Enterprises, Inc. - Class B* 150 1,462
Houghton Mifflin Co. 25 1,416
4,144
RESTAURANTS - 4.3%
Mortons Restaurant Group, Inc.* 350 5,906
</TABLE>
The accompanying notes are an integral part of the finacial statements.
13
<PAGE>
Investment Portfolio - December 31, 1996
<TABLE>
<CAPTION>
Value
Manning & Napier Small Cap Portfolio(continued) Shares (Note 2)
<S> <C> <C>
RETAIL - 26.8%
RETAIL - HOME FURNISHING STORES - 5.7%
Pier 1 Imports, Inc. 450 $ 7,931
RETAIL - SPECIALTY STORES - 11.7%
Fabri-Centers of America - Class A* 575 9,272
Fabri-Centers of America - Class B* 250 3,844
Hancock Fabrics, Inc. 300 3,112
16,228
RETAIL - VARIETY STORES - 5.2%
Family Dollar Stores, Inc. 350 7,131
RETAIL - WHOLESALE - 4.2%
Coleman Company, Inc.* 425 5,844
37,134
SOFTWARE - 7.5%
Electronic Arts, Inc.* 100 2,994
Founder Hong Kong Ltd.* (Note 7) 4,000 1,539
Symantec Corp.* 400 5,800
10,333
SURGICAL & MEDICAL INSTRUMENTS - 2.0%
Allied Healthcare Products, Inc. 375 2,766
TECHNICAL INSTRUMENTS & SUPPLIES - 1.5%
Millipore Corp. 50 2,069
TELECOMMUNICATIONS EQUIPMENT - 2.1%
BroadBand Technologies, Inc.* 200 2,950
TOTAL COMMON STOCK
(Identified Cost $97,532) 107,296
</TABLE>
The accompanying notes are an integral part of the finacial statements.
14
<PAGE>
Investment Portfolio - December 31, 1996
<TABLE>
<CAPTION>
Principal
Amount/ Value
Manning & Napier Small Cap Portfolio(continued) Shares (Note 2)
<S> <C> <C>
SHORT-TERM INVESTMENTS - 22.4%
Federal Farm Credit Bank Discount Note, 1/17/1997 $ 5,000 $ 4,988
Federal National Mortgage Corp. Discount Note,
1/17/1997 20,000 19,953
Dreyfus U.S. Treasury Money Market Reserves 6,018 6,018
TOTAL SHORT-TERM INVESTMENTS
(Identified Cost $ 30,959) 30,959
TOTAL INVESTMENTS - 99.9%
(Identified Cost $128,491) 138,255
OTHER ASSETS, LESS LIABILITIES - 0.1% 119
NET ASSETS - 100% $138,374
</TABLE>
*Non-income producing security
<TABLE>
<CAPTION>
FEDERAL TAX INFORMATION:
At December 31, 1996, the net unrealized appreciation based on identified cost for
federal income tax purposes of $128,491 was as follows:
<S> <C>
Aggregate gross unrealized appreciation for all investments
in which there was an excess of value over tax cost $12,325
Aggregate gross unrealized depreciation for all investments
in which there was an excess of tax cost over value (2,561)
UNREALIZED APPRECIATION - NET $ 9,764
</TABLE>
The accompanying notes are an integral part of the financial statements.
15
<PAGE>
Investment Portfolio - December 31, 1996
<TABLE>
<CAPTION>
Shares/
Principal VALUE
Manning & Napier Moderate Growth Portfolio Amount (NOTE 2)
COMMON STOCK - 14.1%
<S> <C> <C>
AIR TRANSPORTATION- 1.7%
Federal Express Corp.* 50 $ 2,225
COMMUNICATIONS - 0.9%
Stet Societa' Finanziaria Telefonica S.p.A. - ADR (Note 7) 25 1,109
ELECTROMEDICAL APPARATUS - 2.1%
Nellcor Puritan Bennett, Inc.* 125 2,735
ENGINEERING SERVICES - 0.5%
Jacobs Engineering Group, Inc.* 25 591
HEALTH SERVICES - 1.2 %
MedPartners, Inc.* 75 1,575
PHOTOGRAPHIC EQUIPMENT & SUPPLIES - 1.6%
Eastman Kodak Co. 25 2,006
RESTAURANTS - 0.9%
McDonald's Corp. 25 1,131
RETAIL - SPECIALTY STORES - 4.8%
Fabri-Centers of America - Class A* 50 806
Fabri-Centers of America - Class B* 50 769
Fingerhut Companies, Inc. 125 1,531
Hancock Fabrics, Inc. 75 778
Tandy Corp. 50 2,200
6,084
TELECOMMUNICATION EQUIPMENT - 0.4%
General Instrument Corp.* 25 541
TOTAL COMMON STOCK
(Identified Cost $16,809) 17,997
U.S. TREASURY SECURITIES - 47.2%
U.S. TREASURY BONDS - 19.9%
U.S. Treasury Bond, 6.875%, 8/15/2025
(Identified Cost $25,616 ) $ 25,000 25,477
</TABLE>
The accompanying notes are an integral part of the financial statements.
16
<PAGE>
Investment Portfolio - December 31, 1996
<TABLE>
<CAPTION>
Principal
Amount / VALUE
Manning & Napier Moderate Growth Portfolio(continued) Shares (NOTE 2)
<S> <C> <C>
U.S. TREASURY NOTES - 27.3%
U.S. Treasury Note, 6.500%, 10/15/2006 $ 5,000 $ 5,028
U.S. Treasury Note, 6.250%, 10,31,2001 25,000 25,016
U.S. Treasury Note, 5.875%, 10/31/1998 5,000 4,994
TOTAL U.S. TREAURY NOTES 35,038
(Identified Cost $ 35,286 )
TOTAL U.S. TREASURY SECURITIES
(Identified Cost $60,902) 60,515
U.S.GOVERNMENT AGENCIES - 35.0%
Federal Home Loan Bank Bond, 5.950%, 11/05/99 15,000 14,922
Federal National Mortgage Association, 5.375%, 6/10/98 15,000 14,897
Tennessee Valley Authority, 5.950%, 9/15/98 15,000 14,986
TOTAL U.S. GOVERNMENT AGENCIES
(Identified Cost $44,990) 44,805
SHORT-TERM INVESTMENTS - 2.6%
Dreyfus U.S. Treasury Money Market Reserves
(Identified Cost $3,309) 3,309 3,309
TOTAL INVESTMENTS - 98.9%
(Identified Cost $126,010) 126,626
OTHER ASSETS, LESS LIABILTIES - 1.1% 1,478
NET ASSETS - 100% $128,104
</TABLE>
* Non-income producing security
FEDERAL TAX INFORMATION:
At December 31, 1996, the net unrealized appreciation based on identified cost
for federal income tax purposes of $126,010 was as follows:
Aggregate gross unrealized appreciation for all investments
in which there was an excess of value over tax cost $1,544
Aggregate gross unrealized depreciation for all investments
in which there was an excess of tax cost over value (928)
UNREALIZED APPRECIATION - NET $616
The accompanying notes are an integral part of the financial statements.
17
<PAGE>
Investment Portfolio - December 31, 1996
<TABLE>
<CAPTION>
VALUE
Manning & Napier Growth Portfolio SHARES (Note 2)
COMMON STOCK - 39.6%
<S> <C> <C>
AIR TRANSPORTATION- 3.4%
Federal Express Corp.* 100 $ 4,450
APPAREL- 2.6%
VF Corp. 50 3,375
COMMUNICATIONS- 3.0%
Stet Societa' Finanziaria Telefonica S.p.A. - ADR (Note 7) 50 2,219
Telefonica de Espana - ADR (Note 7) 25 1,731
3,950
CRUDE PETROLEUM & NATURAL GAS - 1.5%
YPF Sociedad Anonima - ADR (Note 7) 75 1,894
ELECTROMEDICAL APPARATUS- 2.1%
Nellcor Puritan Bennett, Inc.* 125 2,734
ENGINEERING SERVICES - 0.5%
Jacobs Engineering Group, Inc.* 25 591
HEALTH SERVICES- 2.8%
MedPartners, Inc.* 175 3,675
PAPER & ALLIED PRODUCTS - 1.1%
Fort Howard Corp.* 50 1,384
PHOTOGRAPHIC EQUIPMENT & SUPPLIES- 3.1%
Eastman Kodak Co. 50 4,013
SEMICONDUCTOR - 2.4%
Texas Instruments, Inc. 50 3,188
SOFTWARE - 0.8%
Oracle Corp.* 25 1,044
RESTAURANTS - 3.5%
McDonald's Corp. 100 4,525
</TABLE>
The accompanying notes are an integral part of the finacial statements.
18
<PAGE>
Investment Portfolio - December 31, 1996
<TABLE>
<CAPTION>
Shares /
Principal Value
Manning & Napier Growth Portfolio (continued) Amount (Note 2)
<S> <C> <C>
RETAIL - 8.1%
Fabri-Centers of America - Class A* 50 $ 806
Fabri-Centers of America - Class B* 50 769
Fingerhut Companies, Inc. 125 1,531
Hancock Fabrics, Inc. 75 778
Home Depot, Inc. 50 2,506
Office Depot, Inc.* 50 888
Tandy Corp. 75 3,300
10,578
TELECOMMUNICATIONS EQUIPMENT - 3.6%
General Instrument Corp.* 75 1,622
Motorola, Inc. 50 3,068
4,690
UTILITIES-ELECTRIC- 1.1%
Enersis S.A.- ADR (Note 7) 50 1,388
TOTAL COMMON STOCK
(Identified Cost $48,426) 51,479
U.S. TREASURY SECURITIES- 46.7%
U.S. TREASURY BONDS - 27.5%
U.S. Treasury Bond, 6.875%, 8/15/2025
(Identified Cost $35,862) $35,000 35,667
U.S. TREASURY NOTES - 19.2%
U.S. Treasury Note, 5.875%, 10/31/1998 10,000 9,988
U.S. Treasury Note, 6.25%, 10/15/2001 15,000 15,009
TOTAL U.S. TREASURY NOTES
(Identified Cost $25,154) 24,997
TOTAL U.S. TREASURY SECURITIES
(Identified Cost $61,016) 60,664
</TABLE>
The accompanying notes are an integral part of the finacial statements.
19
<PAGE>
Investment Portfolio - December 31, 1996
<TABLE>
<CAPTION>
Principal
Amount/ Value
Manning & Napier Growth Portfolio (continued) SHARES (Note 2)
<S> <C> <C>
U.S. GOVERNMENT AGENCY - 11.5%
Federal Home Loan Mortgage Corporation, 5.95%,
11/5/1999 (Identified Cost $15,027) $ 15,000 $ 14,922
SHORT-TERM INVESTMENTS - 1.1%
Dreyfus U.S. Treasury Money Market Reserves
(Identified Cost $1,401) 1,401 1,401
TOTAL INVESTMENTS - 98.9%
(Identified Cost $125,870) 128,466
OTHER ASSETS, LESS LIABILITIES - 1.1% 1,408
NET ASSETS - 100% $129,874
</TABLE>
*Non-income producing security
FEDERAL TAX INFORMATION:
At December 31, 1996, the net unrealized appreciation based on identified cost
for federal income tax purposes of $125,870 was as follows:
Aggregate gross unrealized appreciation for all investments
in which ther was an excess of value over tax cost $3,903
Aggregate gross unrealized depreciation for all investments
in which there was an excess of tax cost over value (1,307)
UNREALIZED APPRECIATION - NET $2,596
The accompanying notes are an integral part of the finacial statements.
20
<PAGE>
Investment Portfolio - December 31, 1996
<TABLE>
<CAPTION>
VALUE
Manning & Napier Maximum Horizon Portfolio SHARES (NOTE 2)
COMMON STOCK - 75.1%
<S> <C> <C>
AIR TRANSPORTATION- 3.4%
Federal Express Corp.* 100 $ 4,450
APPAREL - 3.8%
VF Corp. 75 5,063
CHEMICAL & ALLIED PRODUCTS - 6.3%
Alliance Pharmaceutical Corp.* 25 341
Procter & Gamble Co. 75 8,062
8,403
COMMUNICATIONS - 5.1%
Stet Societa' Finanziaria Telefonica S.p.A. - ADR (Note 7) 75 3,328
Telefonica de Espana - ADR (note 7) 50 3,462
6,790
CRUDE PETROLEUM & NATURAL GAS - 2.9%
YPF Sociedad Anonima - ADR (Note 7) 150 3,788
ELECTROMEDICAL APPARATUS - 4.1%
Nellcor Puritan Bennett, Inc.* 250 5,469
ENGINEERING SERVICES - 0.5%
Jacobs Engineering Group, Inc.* 25 591
HEALTH SERVICES - 3.6%
MedPartners, Inc.* 225 4,725
PAPER & ALLIED PRODUCTS - 5.0%
Alco Standard Corp. 75 3,872
Fort Howard Corp.* 100 2,769
6,641
PHOTOGRAPHIC EQUIPMENT & SUPPLIES - 4.6%
Eastman Kodak Co. 75 6,019
RESTAURANTS - 4.3%
McDonald's Corp. 125 5,656
</TABLE>
The accompanying notes are an integral part of the financial statements.
21
<PAGE>
Investment Portfolio - December 31, 1996
<TABLE>
<CAPTION>
VALUE
Manning & Napier Maximum Horizon Portfolio(continued) SHARES (NOTE 2)
<S> <C> <C>
RETAIL - 18.7%
RETAIL - DEPARTMENT STORES - 4.0%
Nordstom, Inc. 150 $ 5,316
RETAIL - SPECIALTY STORES - 10.8%
Fabri-Centers of America - Class A* 50 806
Fabri-Centers of America - Class B* 50 769
Fingerhut Companies, Inc. 125 1,531
Hancock Fabrics, Inc 100 1,037
Home Depot, Inc. 75 3,759
Office Depot, Inc* 50 888
Tandy Corp. 125 5,500
14,290
RETAIL - WHOLESALE - 3.9%
Coleman Company, Inc.* 375 5,156
24,762
SEMICONDUCTORS - 3.6%
Texas Instruments, Inc. 75 4,781
SOFTWARE - 2.4%
Oracle Corp.* 75 3,131
TECHNICAL INSTRUMENTS & SUPPLIES - 1.6%
Millipore Corp. 50 2,069
TELECOMMUNICATIONS EQUIPMENT - 3.1%
Genreal Instrument Corp.* 50 1,081
Motorola, Inc. 50 3,069
4,150
UTILITIES-ELECTRIC - 2.1%
Enersis S.A. - ADR (Note 7) 100 2,775
TOTAL COMMON STOCK
(Identified Cost $93,743) 99,263
</TABLE>
The accompanying notes are an integral part of the financial statements.
22
<PAGE>
Investment Portfolio - December 31, 1996
<TABLE>
<CAPTION>
Principal
Amount/ VALUE
Manning & Napier Maximum Horizon Portfolio(continued) SHARES (NOTE 2)
<S> <C> <C>
U.S. TREASURY SECURITIES - 23.1%
U.S. Treasury Note, 6.250%, 10/31/2001 $ 5,000 $ 5,003
U.S. Treasury Bond, 6.875%, 8/15/2025 25,000 25,476
TOTAL U.S. TREASURY SECURITIES
(Identified Cost $30,656) 30,479
SHORT-TERM INVESTMENTS - 1.2%
Dreyfus U.S. Treasury Money Market Reserves
(Idenfied Cost $1,608) 1,608 1,608
TOTAL INVESTMENTS - 99.4%
(Idendified Cost $126,007) 131,350
OTHER ASSETS, LESS LIABILITIES - 0.6% 866
NET ASSETS - 100% $132,216
</TABLE>
*Non-income producing security
<TABLE>
<CAPTION>
FEDERAL TAX INFORMATION:
At December 31, 1996, the net unrealized appreciation based on identified cost for
federal income tax purposes of $126,007 was as follows:
<S> <C>
Aggregate gross unrealized appreciation for all investments
in which there was an excess of value over tax cost $ 6,840
Aggregate gross unrealized depreciation for all investments
in which there was an excess of tax cost over value (1,497)
UNREALIZED APPRECIATION - NET $ 5,343
</TABLE>
The accompanying notes are an integral part of the financial statements.
23
<PAGE>
Statement of Assets and Liabilities
December 31, 1996
<TABLE>
<CAPTION>
MANNING & NAPIER INSURANCE FUND, INC.
---------------------------------------
Moderate
Bond Equity Small Cap Growth Growth
Portfolio Portfolio Portfolio Portfolio Portfolio
ASSETS:
<S> <C> <C> <C> <C> <C>
Investments in securities (Note 2):
At identified cost $ 118,602 $ 121,324 $ 128,491 $ 126,010 $ 125,870
At value $ 117,029 $ 129,383 $ 138,255 $ 126,626 $ 128,466
Cash 6,730 -- -- -- --
Dividends receivable -- 613 67 26 49
Interest receivable 2,223 274 -- 1,491 1,311
Receivable for securities sold -- 5,940 -- -- --
Receivable from investment advisor 6,585 6,500 6,504 6,513 6,510
TOTAL ASSETS 132,567 142,710 144,826 134,656 136,336
LIABILITIES:
Accrued Directors' fees (Note 3) 1,917 1,917 1,917 1,917 1,917
Audit fee payable 4,000 4,000 4,000 4,000 4,000
Custodian fee payable 50 50 50 50 50
Other payables and accrued expenses 725 476 485 585 495
TOTAL LIABILITIES 6,692 6,443 6,452 6,552 6,462
NET ASSETS $ 125,875 $ 136,267 $ 138,374 $ 128,104 $ 129,874
NET ASSETS CONSIST OF:
Capital stock $ 127 $ 129 $ 129 $ 127 $ 127
Additional paid-in-capital 126,540 129,064 129,052 126,540 126,540
Undistributed net investment income 781 602 113 821 634
Accumulated net realized gain (loss)
on investments -- (1,587) (684) -- (23)
Net unrealized appreciation
(depreciation) on investments (1,573) 8,059 9,764 616 2,596
TOTAL NET ASSETS $ 125,875 $ 136,267 $ 138,374 $ 128,104 $ 129,874
SHARES OUTSTANDING 12,667 12,907 12,913 12,667 12,667
NET ASSET VALUE PER SHARE $ 9.94 $ 10.56 $ 10.72 $ 10.11 $ 10.25
Maximum
Horizon
Portfolio
ASSETS:
<S> <C>
Investments in securities (Note 2):
At identified cost $ 126,007
At value $ 131,350
Cash --
Dividends receivable 80
Interest receivable 703
Receivable for securities sold --
Receivable from investment advisor 6,505
TOTAL ASSETS 138,638
LIABILITIES:
Accrued Directors' fees (Note 3) 1,917
Audit fee payable 4,000
Custodian fee payable 50
Other payables and accrued expenses 455
TOTAL LIABILITIES 6,422
NET ASSETS $ 132,216
NET ASSETS CONSIST OF:
Capital stock $ 127
Additional paid-in-capital 126,540
Undistributed net investment income 296
Accumulated net realized gain (loss)
on investments (90)
Net unrealized appreciation
(depreciation) on investments 5,343
TOTAL NET ASSETS $ 132,216
SHARES OUTSTANDING 12,667
NET ASSET VALUE PER SHARE $ 10.44
</TABLE>
Tha accompanying notes are an integral part of the financial statements.
24
<PAGE>
Statement of Operations
For the Period November 1, 1996 (commencement of operations) to December 31,1996
<TABLE>
<CAPTION>
MANNING & NAPIER INSURANCE FUND, INC.
---------------------------------------
Moderate
Bond Equity Small Cap Growth
Portfolio Portfolio Portfolio Portfolio
INVESTMENT INCOME:
<S> <C> <C> <C> <C>
Interest $ 950 $ 145 $ 212 $ 1,035
Dividends -- 711 150 28
Total Investment Income 950 856 362 1,063
EXPENSES:
Management fees (Note 3) 99 212 208 201
Directors' fees (Note 3) 1,917 1,917 1,917 1,917
Custodian fee 112 361 352 253
Audit fee 4,000 4,000 4,000 4,000
Miscellaneous 725 476 484 585
Total Expenses 6,853 6,966 6,961 6,956
Less Reduction of Expenses (Note 3) (6,684) (6,712) (6,712) (6,714)
Net Expenses 169 254 249 242
NET INVESTMENT INCOME 781 602 113 821
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments
(identified cost basis) -- (1,587) (684) --
Net change in unrealized appreciation
(depreciation) on investments (1,573) 8,059 9,764 616
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS (1,573) 6,472 9,080 616
NET INCREASE (DECREASE) IN NET
ASSETS RESULTING FROM
OPERATIONS $ (792) $ 7,074 $ 9,193 $ 1,437
Maximum
Growth Horizon
Portfolio Portfolio
INVESTMENT INCOME:
<S> <C> <C>
Interest $ 775 $ 345
Dividends 103 200
Total Investment Income 878 545
EXPENSES:
Management fees (Note 3) 203 207
Directors' fees (Note 3) 1,917 1,917
Custodian fee 342 382
Audit fee 4,000 4,000
Miscellaneous 495 455
Total Expenses 6,957 6,961
Less Reduction of Expenses (Note 3) (6,713) (6,712)
Net Expenses 244 249
NET INVESTMENT INCOME 634 296
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments
(identified cost basis) (23) (90)
Net change in unrealized appreciation
(depreciation) on investments 2,596 5,343
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS 2,573 5,253
NET INCREASE (DECREASE) IN NET
ASSETS RESULTING FROM
OPERATIONS $ 3,207 $ 5,549
</TABLE>
The accompanying notes are an integral part of the financial statements.
25
<PAGE>
Statement of Changes in Net Assets
For the Period November 1, 1996 (commencement of operations) to December 31,
1996
<TABLE>
<CAPTION>
MANNING & NAPIER INSURANCE FUND, INC.
---------------------------------------
Moderate
Bond Equity Small Cap Growth Growth
Portfolio Portfolio Portfolio Portfolio Portfolio
INCREASE (DECREASE) IN NET
ASSETS:
OPERATIONS:
<S> <C> <C> <C> <C> <C>
Net investment income $ 781 $ 602 $ 113 $ 821 $ 634
Net realized loss on investments -- (1,587) (684) -- (23)
Net change in unrealized appreciation
(depreciation) on investments (1,573) 8,059 9,764 616 2,596
Net increase (decrease) in net assets
from operations (792) 7,074 9,193 1,437 3,207
CAPITAL STOCK ISSUED AND
REDEEMED:
Net increase from capital share
transactions (Note 5) 126,667 129,193 129,181 126,667 126,667
Net increase in net assets 125,875 136,267 138,374 128,104 129,874
NET ASSETS:
Beginning of period -- -- -- -- --
End of period $ 125,875 $ 136,267 $ 138,374 $ 128,104 $ 129,874
Maximum
Horizon
Portfolio
INCREASE (DECREASE) IN NET
ASSETS:
OPERATIONS:
<S> <C>
Net investment income $ 296
Net realized loss on investments (90)
Net change in unrealized appreciation
(depreciation) on investments 5,343
Net increase (decrease) in net assets
from operations 5,549
CAPITAL STOCK ISSUED AND
REDEEMED:
Net increase from capital share
transactions (Note 5) 126,667
Net increase in net assets 132,216
NET ASSETS:
Beginning of period --
End of period $ 132,216
</TABLE>
The accompanying notes are an integral part of the financial statements.
26
<PAGE>
<TABLE>
<CAPTION>
MANNING & NAPIER INSURANCE FUND, INC.
---------------------------------------
Moderate
Bond Equity Small Cap Growth
Portfolio Portfolio Portfolio Portfolio
Per share data (for a share outstanding
throughout each period):
<S> <C> <C> <C> <C>
NET ASSET VALUE - BEGINNING OF PERIOD $ 10.00 $ 10.00 $ 10.00 $ 10.00
Income from investment operations:
Net investment income 0.062 0.047 0.009 0.065
Net realized and unrealized gain (loss)
on investments (0.122) 0.513 0.711 0.045
Total from investment operations (0.060) 0.560 0.720 0.110
NET ASSET VALUE - END OF PERIOD $ 9.94 $ 10.56 $ 10.72 $ 10.11
Total return: 1 (0.60%) 5.60% 7.20% 1.10%
Ratios of expenses (to average net
assets) / Supplemental Data*:
Expenses 2 0.85% 1.20% 1.20% 1.20%
Net investment income 2 3.92% 2.84% 0.55% 4.08%
Portfolio turnover 0% 29% 9% 0%
Average commision rate paid -- $ 0.0061 $ 0.0356 $ 0.0700
NET ASSETS - END OF PERIOD $ 125,875 $ 136,267 $ 138,374 $ 128,104
* The investment advisor did not impose its management fee and paid a portion
of the Fund's expenses. If these expenses had been incurred by the Fund,
expenses would habe been limited by state securities law and the net
investment income per share and the ratios would have been as follows:
Net Investment Income $ 0.036 $0.025 ($0.012) $0.044
Ratios (to average net assets):
Expenses 2 2.50% 2.50% 2.50% 2.50%
Net investment income 2 2.27% 1.54% (0.75%) 2.78%
1 Total return represents aggregate total return for the period indicated.
2 Annualized.
Maximum
Growth Horizon
Portfolio Portfolio
Per share data (for a share outstanding
throughout each period):
<S> <C> <C>
NET ASSET VALUE - BEGINNING OF PERIOD $ 10.00 $ 10.00
Income from investment operations:
Net investment income 0.050 0.023
Net realized and unrealized gain (loss)
on investments 0.200 0.417
Total from investment operations 0.250 0.440
NET ASSET VALUE - END OF PERIOD $ 10.25 $ 10.44
Total return: 1 2.50% 4.40%
Ratios of expenses (to average net
assets) / Supplemental Data*:
Expenses 2 1.20% 1.20%
Net investment income 2 3.11% 1.43%
Portfolio turnover 3% 4%
Average commision rate paid $ 0.0696 $ 0.0691
NET ASSETS - END OF PERIOD $ 129,874 $ 132,216
* The investment advisor did not impose its management fee and paid a portion
of the Fund's expenses. If these expenses had been incurred by the Fund,
expenses would habe been limited by state securities law and the net
investment income per share and the ratios would have been as follows:
Net Investment Income $0.029 $0.002
Ratios (to average net assets):
Expenses 2 2.50% 2.50%
Net investment income 2 1.81% 0.13%
</TABLE>
1 Total return represents aggregate total return for the period indicated.
2 Annualized.
The accompanying notes are an integral part of the financial statements.
27
<PAGE>
Notes to Financial Statements
1. ORGANIZATION
Manning & Napier Bond Portfolio (Bond Portfolio), Manning & Napier Equity
Portfolio (Equity Portfolio), Manning & Napier Small Cap Portfolio (Small Cap
Portfolio), Manning & Napier Moderate Growth Portfolio (Moderate Growth
Portfolio), Manning & Napier Growth Portfolio (Growth Portfolio), and Manning
& Napier Maximum Horizon Portfolio (Maximum Horizon Portfolio) are no-load
diversified series funds (collectively the Funds) of Manning & Napier
Insurance Fund, Inc. (the "Corporation"). The Corporation is organized in
Maryland and is registered under the Investment Company Act of 1940, as
amended, as an open-end management investment company. It was established for
the purpose of providing a vehicle for the investment of assets of various
separate accounts established exclusively for the purpose of providing an
investment vehicle for variable annuity contracts. Currently, shares of the
Corporation are offered only to separate accounts funding variable annuity
contracts issued by Keyport Life Insurance Company.
The total authorized capital stock of the Corporation consists of 550 million
shares of common stock each having a par value of $0.01. As of December 31,
1996, the shares are currently classified into six classes of shares, of
which 50 million have been designated for each of the folllowing: Class A -
Moderate Growth Portfolio, Class B - Growth Portfolio, Class C - Maximum
Horizon Portfolio, Class D - Equtiy Portfolio, Class E - Small Cap Portfolio,
and Class F - Bond Portfolio.
2. SIGNIFICANT ACCOUNTING POLICIES
SECURITY VALUATION
Portfolio securities, including domestic equities, foreign equities, options
and corporate bonds, listed on an exchange are valued at the last 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.
Debt securities, including government bonds and mortgage backed securities,
will normally be valued on the basis of evaluated bid prices.
Securities for which representative prices are not available from the Fund's
pricing service are valued at fair value as determined in good faith by the
Advisor under procedures established by and under the general supervision and
responsibility of the Fund's Board of Directors.
Short-term investments that mature in sixty (60) days or less are valued at
amortized cost which apprixates market value.
28
<PAGE>
Notes to Financail Statements
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
SECURITY TRANSACTIONS, INVESTMENT INCOME AND EXPENSES
Security transactions are accounted for on the date the securities are
purchased or sold. Dividend income is recorded on the ex-dividend date.
Interest income and expenses are recorded on an accrual basis.
Most expenses of the Corporation can be attributed to a specific fund.
Expenses which cannot be directly attributed are apportioned among the funds
in the Corporation.
FEDERAL INCOME TAXES
The Funds policy is to comply with the provisions of the Internal Revenue Code
applicable to regulated investment companies. The Funds are not subject to
federal income tax to the extent the Funds qualify as Regulated Investment
Companies as defined in Subchapter M in the Internal Revenue Code and the
Funds distribute to shareholders each year their taxable incomes, including
any net realized gains on investments in accordance with requirements of the
Internal Revenue Code. Accordingly, no provision for federal income taxes
have been made in the financial statements.
The Funds use the identified cost method for determining realized gains or
losses on investments for both financial statement and federal income tax
reporting purposes.
At December 31, 1996, the following Funds have capital loss carry forwards,
for federal income tax purposes, which will expire on December 31, 2004:
Equity Portfolio $ 1,417
Small Cap Portfolio $ 684
Growth Portfolio $ 23
Maximum Horizon Portfolio $ 90
DISTRIBUTION OF INCOME AND GAINS
Distributions to shareholders of net investment income are made annually.
Distributions are recorded on the ex-dividend date. Distributions of net
realized gains are distributed annually. Additional distributions may be
necessary to avoid taxation of the Funds.
The timing and characterization of certain income and capital gains are
determined in accordance with federal income tax regulations which may differ
from generally accepted accounting principles. The differences may be a
result of deferral of certain losses, foreign denominated investments or
character reclassification between net income and net gains. As a result, net
investment income (loss) and net investment gain (loss) on investment
transactions for a reporting period may differ significantly from
distributions to shareholders during such period. As a result, the Funds may
periodically make reclassification among their capital accounts without
impacting the Funds net asset value.
29
<PAGE>
Notes to Financial Statements
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
FOREIGN CURRENCY TRANSLATION
The accounting records of the Funds are maintained in U.S. dollars. Foreign
currency amounts are translated into U.S. dollars on the following basis: a)
investment securities, other assets and liabilities are converted to U.S.
dollars based upon current exchange rates; and b) purchase and sales of
securities and income and expenses are converted into U.S. dollars based upon
the currency exchange rates prevailing on the respective dates of such
transactions.
Gains and losses attributable to foreign currency exchange rates are recorded
for financial statement purposes as net realized gains and losses on
investments. The portion of both realized and unrealized gains and losses on
investments that results from fluctuations in foreign currency exchange rates
is not separately stated.
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
The Funds may purchase or sell forward foreign currency contracts in order to
hedge a portfolio position or specific transaction. Risks may arise if the
counterparties to a contract are unable to meet the terms of the contract or
if the value of the foreign currency moves unfavorably.
At December 31, 1996, the Funds had no open foreign currency exchange
contracts.
OTHER
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and the disclosure
of contingent assets ans liabilities at the date of the financial statements
and the reported amounts of the revenues and expenses during the repoting
period. Actual results could differ from those estimates.
3. TRANSACTIONS WITH AFFILIATES
The Funds have an investment advisory agreement with Manning & Napier
Advisors, Inc. (the "Advisor"), for which the Fund pays the Advisor a fee,
computed daily and payable monthly, at an annual rate based upon the following
percentages of average daily net assets: 0.50% for Bond Portfolio and 1.00%
for the Equity Portfolio, Small Cap Portfolio, Moderate Growth Portfolio,
Growth Portfolio, and the Maximum Horizon Portfolio. For the period November
1, 1996 (commencement of operations) to December 31, 1996, the fees amounted
to: $99 for the Bond Portfolio; $212 for the Equity Portfolio; $208 for the
Small Cap Portfolio; $201 for the Moderate Growth Portfolio; $203 for the
Growth Portfolio; and $207 for the Maximum Horizon Portfolio.
30
<PAGE>
Notes to Financial Statements
3. TRANSACTIONS WITH AFFILIATES (continued)
Under the Funds Investment Advisory Agreement (the "Agreement"), personnel of
the Advisor provide the Funds with advice and assistance in the choice of
investments and the execution of securities transactions, and otherwise
maintain the Funds organization. The Advisor also provides the Funds with
necessary office space and portfolio accounting and bookkeeping services. The
salaries of all officers of the Funds and of all Directors who are "affiliated
persons" of the Funds or of the Advisor, and all personnel of the Funds or of
the Advisor performing services relating to research, statistical and
investment activities are paid by the Advisor.
The Advisor has voluntarily agreed to waive its fee and, if necessary, pay
other expenses of the Funds in order to maintain total expenses for the Equity
Portfolio, Small Cap Portfolio, Moderate Growth Portfolio, Growth Portfolio,
and Maximum Horizon Portfolio at no more than 1.20%, and for the Bond
Portfolio at no more than 0.85% of average daily net assets each year.
Accordingly, the Advisor did not impose any of its fee and paid expenses
amounting to $6,585 for the Bond Portfolio, $6,500 for the Equity Portfolio,
$6,504 for the Small Cap Portfolio, $6,513 for the Moderate Growth Portfolio,
$6,510 for the Growth Portfolio, and $6,505 for the Maximum Horizon Portfolio,
for the period November 1, 1996 (commencement of operations) to December 31,
1996.
The Advisor also acts as the transfer, dividend paying and shareholder
servicing agent for the Funds. These services are provided at no additional
cost to the Funds.
Manning & Napier Investor Services, Inc., a registered broker-dealer affiliate
of the Advisor, acts as distributor for the Funds shares. The services of
Manning & Napier Investor Services, Inc. are provided at no additional cost to
the Funds.
The compensation of the non-affiliated Directors totaled $1,917 for each Fund
for the period November 1, 1996 (commencement of operations) to December 1,
1996.
4. PURCHASES AND SALES OF SECURITIES
Purchases and sales of securities, other than short-term securities, for the
period November 1, 1996 (commencement of operations) to December 1, 1996, were
as follows:
<TABLE>
<CAPTION>
Purchases Sales
Fund Other Issuers Government Other Issuers Government
<S> <C> <C> <C> <C>
Bond Portfolio -- $ 118,656 -- --
Equity Portfolio $ 132,041 $ 10,613 $ 24,874 --
Small Cap Portfolio $ 104,258 -- $ 6,042 --
Moderate Growth Portfolio $ 16,809 $ 105,906 -- --
Growth Portfolio $ 50,648 $ 76,042 $ 2,199 --
Maximum Horizon Portfolio $ 97,084 $ 30,658 $ 3,251 --
</TABLE>
31
<PAGE>
Notes to Financial Statements
5. CAPITAL STOCK TRANSACTIONS
Transactions in capital shares of Funds were as follows for the period
November 1, 1996 (commencement of operations) to December 31, 1996:
<TABLE>
<CAPTION>
Fund Shares Sold
Fund Shares Amount
<S> <C> <C>
Bond Portfolio 12,667 $126,667
Equity Portfolio 12,907 $129,193
Small Cap Portfolio 12,913 $129,181
Moderate Growth Portfolio 12,667 $126,667
Growth Portfolio 12,667 $126,667
Maximum Horizon Portfolio 12,667 $126,667
</TABLE>
There were no repurchases during the period November 1, 1996 to December 31,
1996.
The Advisor owns 12,667 shares of each of the above funds as of December 31,
1996.
6. FINANCIAL INSTRUMENTS
The Funds may trade in financial instruments with off-balance sheet risk in
the normal course of their investing activities to assist in managing exposure
to various market risks. These financial instruments include written options,
forward foreign currency exchange contracts, and futures contracts and may
involve, to varying degrees, elements of risk in excess of the amounts
recognized for financial statement purposes. No such investments were held by
the Funds on December 31, 1996.
7. FOREIGN SECURITIES
Investing in securities of foreign companies and foreign governments involves
special risks and considerations not typically associated with investing in
securities of U.S. companies and the United States government. These risks
include revaluation of currencies and future adverse political and economic
developments. Moreover, securities of foreign companies and foreign
governments may be less liquid and their prices more volatile than securities
of comparable U.S. companies and the United States government.
32
<PAGE>
Report of Independent Accountants
To the Shareholders and Board of Directors of Manning & Napier Insurance Fund,
Inc.:
We have audited the accompanying statements of assets and liabilities of
Manning & Napier Insurance Fund, Inc. (comprising, respectively, Manning &
Napier Bond Portfolio, Manning & Napier Equity Portfolio, Manning & Napier
Small Cap Portfolio, Manning & Napier Moderate Growth Portfolio, Manning &
Napier Growth Portfolio, and Manning & Napier Maximum Horizon Portfolio - the
"Funds"), including the schedules of portfolio investments, as of December 31,
1996, and the related statemenst of operations, the statements of changes in
net assets, and the financial highlights for the period November 1, 1996
(commencement of operations) to December 31, 1996. These financial statements
are the responsibility of the Funds' management. Our responsibility is to
express an opinion on these financial statements and financial highlights
based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the finacial statements and financial
highlights are free of material misstatement. An audit includes examining, on
a test basis, evidence supporting the amounts and disclosures in the financial
statement. Our procedures included confirmation of securities owned as of
December 31, 1996 by correspondence with the custodian and brokers. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provides a reasonable
basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above presents fairly, in all material respects, the financial position of
each of the respective Funds constituting Manning & Napier Insurance Fund,
Inc. as of December 31, 1996, the results of the Funds' operations, the changes
in the Funds' net assets, and the financial highlights for the period November
1, 1996 (commencement of operations) to December 31, 1996 in conformity with
generally accepted accounting principles.
Coopers & Lybrand L.L.P.
Boston, Massachusetts
January 23, 1997
33
<PAGE>
<PAGE>
PART C
Part C is hereby incorporated by referency to the Registration Statement
on Form N-1A filed on November 11, 1996.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the Investment
Company Act of 1940, the Registrant certifies that it meets all fo the
requirments for effectiveness of the Registration Statment pursuant to Rule
485(b) under the Securities Act of 1933 and has duly caused this
Post-Effective Amdnment No. 1 to the Registration Statement to be
signed on its behalf of the undersigned, threunto duly authroized, in the City
of Rochester and State of New York on the 14th day of April, 1997.
MANNING & NAPIER INSURANCE FUND, INC.
By: /s/B. Reuben Auspitz
B. Reuben Auspitz, President
Pursuant to the requirements of the Securities Act of 1933, this
Post-Effective Amendment No. 1 to the Registration Statment has been
signed below by the following persons in the capacities and on the date
indicated.
SIGNATURE TITLE DATE
/s/B. Reuben Auspitz
B. Reuben Auspitz Principal Executive Officer and Director 4-15-97
/s/Martin F. Birmingham
Martin F. Birmingham Director 4-15-97
/s/Harris H. Rusitzky
Harris H. Rusitzky Director 4-15-97
/s/Peter L. Faber
Peter L. Faber Director 4-15-97
/s/Stephen B.Ashley
Stephen B. Ashley Director 4-15-97
/s/Timothy P. Mullaney
Timothy P. Mullaney Treasurer 4-15-97
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